Q1 FY27 highlights: $504.6 million in project wins and backlog up 21%
In its Q1 FY27 trading update, SHAPE Australia reported $504.6 million in project wins secured during the quarter, compared to $336 million in the prior corresponding period (pcp). Quarter-end backlog orders reached $762.7 million, up 21% since 30 June 2026 (FY26: $628.4 million).
The backlog figure does not include Arden Fitout & Maintenance Pty Ltd and Australian Professional Shopfitters Pty Ltd. The company said the result demonstrated growth ahead of the DigiCo award.
Key points from the update:
- $504.6 million in project wins in Q1, against $336 million in the pcp
- Quarter-end backlog orders of $762.7 million, up 21% since 30 June 2026
- Modular construction revenue of $20.6 million, against $14.5 million in the pcp
- Headcount reached 1,000 people in October 2026
- A 120-day pipeline of known project opportunities of more than $1.7 billion, with an overall pipeline in excess of $4.5 billion as at 19 October 2026
| Metric | Q1 FY27 | Comparison |
|---|---|---|
| Project wins | $504.6M | $336M (pcp) |
| Backlog orders | $762.7M | $628.4M (30 June 2026, up 21%) |
| Modular construction revenue | $20.6M | $14.5M (pcp) |
Chief Executive Officer Peter Marix-Evans described the quarter as a strong start to the year.
Peter Marix-Evans, SHAPE CEO
“We made a strong start to FY27, with first-quarter project wins of $504.6 million lifting backlog orders to $762.7 million, up 21% since 30 June, reflecting our continued success in converting high-quality opportunities into secured work.”
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~$800 million DigiCo data centre contract lifts backlog above $1.5 billion
After the quarter ended, SHAPE was awarded a data centre project of approximately $800 million in October by DigiCo Infrastructure REIT (ASX: DGT) through an Early Contractor Involvement (ECI) procurement methodology. Together with other awards after quarter end, it lifted project wins to more than $1.4 billion and backlog orders above $1.5 billion as at 19 October 2026.
The project is expected to contribute approximately $200 million in accretive revenue in each of FY27 and FY28, above SHAPE’s pre-DigiCo forecasts for those years. DigiCo’s expansion remains fully funded from existing liquidity, available debt facilities and proceeds from US asset sales.
Why DigiCo trusted SHAPE
The award builds on SHAPE’s delivery of the 20 MW Stage 1 upgrade at SYD1. It also follows an ECI process to scope, design and price the next phase alongside DigiCo before committing to a fixed price.
DigiCo has confirmed execution of the customer contract, with approved grid capacity, water access and State Significant Development Approval in place.
For readers wanting the contract specifics, our full explainer on the SYD1 data centre contract sets out the 52 MW expansion scope, the fixed price design and construct structure, and the site approvals that allow works to start immediately.
Delivery and risk controls
SHAPE outlined the following controls around delivery of the project:
- A dedicated delivery team of 50-plus people, combining experienced Stage 1 personnel with specialists recruited for their data centre experience
- Pricing and terms secured on all major subcontracts back-to-back with SHAPE’s head contract commitments
- General Manager NSW James Fitzgerald accountable to the Chief Executive Officer for delivery
- Regular executive steering group reviews of progress, cost, cash flow and risk, plus Board reporting
For investors weighing fixed-price execution risk, these arrangements show how the company says it is managing delivery and commercial exposure.
Diversification pillars: modular, regional and data centres
SHAPE said all three growth and diversification pillars are performing well. ECI is a process where a contractor works with the client early to scope, design and price a project before a fixed price is agreed. Modular construction involves building project components in a manufacturing facility rather than entirely on site.
Spreading work across modular, regional and data centre projects, alongside the core office sector, gives the company several sources of earnings.
The completed APS shopfitting acquisition added in-house design, manufacturing and procurement to SHAPE’s retail fitout offering, broadening the sources of earnings that sit alongside the modular, regional and data centre pillars.
Modular construction delivered Q1 revenue of $20.6 million, compared to $14.5 million in the pcp. Modular by SHAPE launched its Western Australian facility and branch, its third facility nationally, and has already secured an education project through the Western Australian Government’s modular panel.
That first project win followed inclusion on the panel supporting the Department of Education Modular Building Program. The company said this supports the opening of its new manufacturing facility in Perth in October 2026.
Regional operations also contributed strong project wins, with notable contributions from Tasmania. SHAPE reached the milestone of 1,000 people in October 2026, and has assembled a specialist team to optimise on the increase in the data centre refurbishment pipeline.
Pipeline and what happens next for SHAPE
As at 19 October 2026, SHAPE’s 120-day pipeline of known project opportunities sat at more than $1.7 billion, with the overall pipeline in excess of $4.5 billion. The company said the 120-day pipeline continues to expand.
Stated items to watch:
- The new Perth manufacturing facility for Modular by SHAPE WA, which the company said supports an opening in October 2026.
- The DigiCo project, expected to contribute approximately $200 million in accretive revenue in each of FY27 and FY28.
- More than $1.7 billion of known opportunities over the next 120 days from 19 October 2026.
Mr Marix-Evans pointed to the pipeline and people as priorities for the rest of the year.
Peter Marix-Evans, SHAPE CEO
“With more than $1.7 billion of known opportunities over the next 120 days and a total pipeline of more than $4.5 billion as at 19 October, we are well positioned for the remainder of FY27.”
He added that “Attracting and retaining high-quality people remains our top priority as our secured work and pipeline expand.”
The investment case set out in the update rests on diversified wins, an expanded backlog and a deep pipeline, with the DigiCo contract expected to add to FY27 and FY28 revenue.
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