IPD Group Eyes 18% Earnings Growth in FY26 Backed by 10 Months of Actuals
IPD Group (ASX: IPG) has issued FY26 earnings guidance pointing to statutory EBITDA of $54.5m–$55.3m, representing approximately 18% growth on the $46.4m reported in FY25. Statutory EBIT is guided at $46.3m–$47.1m, up approximately 19% on FY25’s $39.2m. The guidance is based on 10 months of unaudited actuals to April 2026, combined with management forecasts for May and June.
FY26 guidance in detail: statutory and underlying performance
The full guidance range spans both statutory and underlying metrics, with a separate underlying view that strips out the contribution from Platinum Cables, which IPD acquired on 31 December 2025. This ex-Platinum Cables view provides a cleaner read on the organic performance of the pre-existing group.
| Metric | FY25 Reported | FY26 Guidance | FY26 vs FY25 (%) | Underlying ex Platinum Cables FY26 Guidance |
|---|---|---|---|---|
| EBITDA | $46.4m | $54.5m–$55.3m | +18% | $50.5m–$51.3m |
| EBIT | $39.2m | $46.3m–$47.1m | +19% | $42.7m–$43.5m |
The underlying ex-Platinum Cables figures reflect approximately +10% growth on FY25 statutory results across both EBITDA and EBIT, with growth percentages based on the midpoint of the guidance range. Underlying metrics exclude acquisition-related costs for the financial year ending 30 June 2026.
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What’s driving the result: operational momentum across the group
Several operational factors are underpinning the upgraded earnings profile heading into year-end:
- Revenue growth on the prior corresponding period (pcp): Driven by the core IPD business and EX Engineering, with CMI expected to post a record result where revenues are expected to exceed pre-IPD acquisition levels.
- Data Centre Revenue up 25% on the pcp: A standout result that reflects strong structural demand in this segment.
- Gross Profit Margins holding firm: Expected to remain consistent with 1H26 levels, even as the order book pivots toward more complex and competitive orders.
- Operating Expenses as a % of Revenue declining: The completion of planned investment in the operating cost base has improved operating leverage, positioning the group to service future growth more efficiently while navigating complex macroeconomic challenges, including volatility in freight and logistics costs.
Understanding earnings guidance: what it means for ASX investors
Earnings guidance is a company’s forward estimate of its financial performance before the end of the financial year. Rather than waiting until results are formally audited and reported, management provides investors with a range of expected outcomes based on current data and near-term forecasts.
Issuing guidance at this stage of the year, with 10 months of unaudited actuals in hand, carries a degree of management confidence. It signals that the company has sufficient visibility over the remaining two months to put a number range on the table. A wider range would typically indicate more uncertainty; a tighter range suggests the result is largely locked in.
The statutory versus underlying distinction is worth understanding before drawing conclusions from the numbers. Statutory figures are prepared in accordance with Australian Accounting Standards (IFRS) and capture the full reported result, including any acquisition-related costs. Underlying figures adjust for those one-off or non-recurring items to provide a cleaner view of recurring operational performance.
The additional ex-Platinum Cables underlying view goes one step further. Because Platinum Cables was only acquired on 31 December 2025, it contributes roughly half a year of earnings to FY26. Isolating that contribution helps investors assess how the pre-existing IPD business is performing on a like-for-like basis, independent of the acquisition’s earnings uplift. The +10% organic underlying growth implied by this view is the most directly comparable figure when evaluating the core business’s trajectory.
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CEO’s perspective and outlook to August results
IPD Group CEO Michael Sainsbury offered the following commentary alongside the guidance release:
Michael Sainsbury, CEO, IPD Group
“We are very pleased to once again be on track to deliver a strong full year performance. Previous acquisitions are showing clear signs of top line synergies as sales teams are increasingly aligned, helping drive further improvement in the Group’s overall value proposition. Our balance sheet position leaves us well placed to execute on our M&A pipeline. IPD Group is attached to a number of long-term structural tailwinds that we remain highly confident will continue to underpin ongoing growth. We look forward to providing more details around today’s update at the upcoming full year results announcement in August 2026.”
Three themes emerge from Sainsbury’s commentary:
- Acquisition synergies materialising: Sales team alignment across previously acquired businesses is translating into top-line revenue uplift, reinforcing the strategic rationale for the group’s acquisition-led growth model.
- M&A pipeline remains active: Management has indicated the balance sheet is in a position to support further transactions, suggesting the inorganic growth strategy is ongoing rather than concluded.
- Structural tailwinds intact: IPD’s exposure to electrification and decarbonisation themes continues to underpin management’s confidence in the long-term growth outlook. Further detail on FY26 performance is expected at the full-year results announcement scheduled for August 2026.
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