Highlights

  • SRG Global reported FY26 Revenue of AUD 1.676 billion, up 27% from FY25.
  • EBITDA increased 34% to AUD 170.1 million, while NPATA rose 40% to AUD 85.3 million.
  • Work in Hand reached a record AUD 5.1 billion, with approximately 80% of Earnings described as Annuity or recurring.
  • Management upgraded FY27 guidance to EBITDA of AUD 195 million–AUD 205 million and EBITA of AUD 150 million–AUD 160 million.

SRG Global Limited (ASX:SRG) has developed into a diversified infrastructure services group operating across maintenance, industrial services, engineering and construction. Its activities span water, transport, energy, industrial and resources, defence, health, education, data centres and ports and marine infrastructure.

The company’s operating model has increasingly shifted toward recurring service revenue rather than relying heavily on one-off construction work. Around 80% of its FY26 earnings profile was described by management as annuity or recurring, providing a higher degree of visibility across long-term contracts.

SRG Global’s August 2026 full-year result showed the benefits of this strategy. Revenue, earnings and margins all increased, while the group moved back into a net-cash position despite completing the Acquisition of marine infrastructure specialist TAMS during the year.

FY26 Performance

For the year ended 30 June 2026, SRG Global reported revenue of AUD 1.6755 billion, representing growth of 27% from AUD 1.3233 billion in FY25.

EBITDA increased 34% to AUD 170.1 million, while EBITA advanced 41% to AUD 131.8 million. NPATA increased 40% to AUD 85.3 million.

Margins also improved. EBITDA Margin expanded to 10.2% from 9.6%, while EBITA margin increased to 7.9% from 7.1%.

Adjusted Earnings Per Share reached 13.8 cents, up 34%, while total FY26 dividends increased to 7.0 cents per share from 5.5 cents in FY25.

The result exceeded the top end of the company’s upgraded FY26 EBITDA guidance of AUD 164 million–AUD 168 million.

Cash generation was another important feature. Operating Cash Flow before interest and tax reached AUD 166.7 million, representing EBITDA cash conversion of 101%.

Maintenance Growth

Maintenance and Industrial Services was the largest operating segment during FY26.

The division generated revenue of AUD 1.1498 billion and EBITDA of AUD 164.7 million, producing an EBITDA margin of 14.3%.

EBITA reached AUD 137.1 million, equivalent to an EBITA margin of 11.9%.

The Business provides asset program management, monitoring, inspection, maintenance, remediation, specialist drill and blast, geotechnical services and engineered access services.

Its client base includes major companies across resources, energy, transport, water and industrial markets.

During FY26, SRG secured long-term work with customers including Origin Energy, Fortescue, South32, Alcoa, Rio Tinto, Roy Hill, Water Corporation and other infrastructure owners.

The recurring nature of these contracts is strategically important. Maintenance work can continue across economic cycles because industrial Assets still require inspection, repair and operational support even when customers moderate spending on large new projects.

TAMS Integration

The acquisition of Total AMS, or TAMS, expanded SRG’s capabilities in ports and marine infrastructure.

The transaction became effective on 1 November 2025, giving SRG access to specialist marine construction and maintenance capabilities across Australia.

By the FY26 result, management said TAMS had been fully integrated into the group’s systems and processes.

TAMS delivered approximately 10% above its FY26 business-case expectations during its first eight months within the group.

The acquisition is important because it adds another recurring infrastructure-services market to SRG’s portfolio.

Ports, marine facilities and related industrial infrastructure require ongoing inspection, maintenance, upgrades and rehabilitation. This aligns well with SRG’s broader strategy of increasing exposure to long-duration asset-management work.

Management has also identified a meaningful pipeline of opportunities across ports and marine infrastructure entering FY27.

Construction Platform

Engineering and Construction generated FY26 revenue of AUD 525.7 million and EBITDA of AUD 40.6 million.

EBITA reached AUD 31.8 million, with an EBITA margin of 6.0%.

The division operates across specialist water infrastructure, transport, defence, renewables, facades, health, education and data centres.

SRG continued to use an early-contractor-engagement model during FY26, which management believes improves project execution and commercial outcomes.

Recent activity included dam-strengthening and water-infrastructure projects for customers such as Seqwater, Hunter Water, SA Water and Water Corporation.

The company also secured transport and defence work, renewable-energy infrastructure and specialist facade contracts.

For investors, the project-based division provides additional growth opportunities but typically carries a different risk profile from long-term maintenance work. Project selection, commercial terms, labour availability and execution therefore remain important.

Work in Hand

SRG ended FY26 with record Work in Hand of AUD 5.1 billion, up 42% from FY25.

The company also reported an opportunity pipeline of AUD 11.5 billion.

These figures provide considerable visibility entering FY27, although the timing and profitability of contract conversion remain important.

Management’s focus has increasingly shifted toward high-quality recurring work with repeat, Blue-Chip customers rather than maximising headline contract volume.

This approach is reflected in the current earnings mix, with around 80% of revenue expected to come from annuity or recurring activities.

The group’s broad sector exposure also reduces reliance on any single industrial market.

Water security, energy infrastructure, transport, defence, resources, data centres and ports all provide potential sources of future demand.

Balance Sheet

SRG finished FY26 with AUD 144.7 million of cash and net cash of AUD 6.2 million.

This represented a significant improvement from the pro-forma net Debt position of AUD 52.5 million following the TAMS acquisition.

Available Liquidity stood at AUD 288.4 million, including undrawn working-capital and equipment-finance facilities.

The improved Balance Sheet gives SRG flexibility to continue pursuing organic opportunities while considering selective acquisitions that add capability or geographic reach.

Management has made clear that future acquisitions are expected to complement the existing infrastructure-services platform rather than alter its core strategy.

FY27 Focus

The latest FY26 update also included upgraded FY27 guidance.

SRG now expects EBITDA of AUD 195 million–AUD 205 million and EBITA of AUD 150 million–AUD 160 million.

The EBITDA guidance was increased from the AUD 190 million–AUD 200 million range provided in June 2026.

Growth is expected to be supported by recurring maintenance contracts, TAMS, water infrastructure, resources activity and broader exposure to transport, defence, energy and data centres.

For investors, several areas will remain important: Work in Hand conversion, margin discipline, TAMS performance, cash generation and the ability to maintain high contract-renewal and customer-retention levels.

Final Takeaway

SRG Global’s FY26 result reflected a business that has increasingly shifted toward recurring infrastructure-services earnings.

Revenue increased 27% to AUD 1.676 billion, while EBITDA rose 34% to AUD 170.1 million and NPATA increased 40% to AUD 85.3 million. Record Work in Hand of AUD 5.1 billion provides substantial visibility entering FY27.

For SRG Global (ASX:SRG), the next phase will centre on converting that pipeline into profitable growth while maintaining the margins and cash conversion achieved during FY26.

The integration of TAMS, continued expansion across maintenance services and exposure to infrastructure markets including water, energy, defence and transport provide several avenues for growth as management targets another increase in earnings during FY27.