SRG Global (ASX:SRG): FY26 Revenue, Cash Generation and the FY27 Guidance Upgrade

Aditi Sarkar

12 November 2026 09:36 PM AEDT

SRG Global (ASX:SRG): FY26 Revenue, Cash Generation and the FY27 Guidance Upgrade

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Highlights

SRG Global Limited (ASX:SRG) closed at AUD 3.52 on 12 November 2026.
FY26 Revenue rose 27% to AUD 1,675.5 million.
FY27 EBITDA guidance stands at AUD 195–205 million.
Financial and operational milestones remain important monitoring areas.

SRG Global Limited (ASX:SRG) provides maintenance, engineering and infrastructure services. Its securities closed at AUD 3.52 on 12 November 2026. The company’s recent disclosures include operational, financial or strategic developments relevant to its business. Reported developments distinguish completed activity from future milestones.

Company Business

SRG Global provides diversified infrastructure services across Australia and New Zealand. Its operations span maintenance and industrial services, engineering and construction, inspection, asset monitoring, remediation and specialist infrastructure works. Customers operate in resources, energy, water, transport, defence, health and education. The Business mixes project-based construction activity with maintenance and recurring service contracts. SRG Global (ASX:SRG) describes approximately 80% of its Earnings profile as Annuity or recurring, a characterisation of service activity rather than a guarantee of fixed future revenue.

Recent Development

In August 2026, SRG Global (ASX:SRG) reported its full-year financial result and increased its FY27 guidance. Its revenue reached AUD 1,675.5 million for FY26, a 27% increase from AUD 1,323.3 million in FY25. Earnings before interest, tax, Depreciation and Amortisation rose 34% to AUD 170.1 million, while EBITA increased 41% to AUD 131.8 million. The report followed integration of the TAMS marine infrastructure services acquisition. Management described TAMS as fully integrated and said its contribution exceeded the FY26 Acquisition business case.

Financial Performance and Sector Context

Underlying net profit after tax before amortisation was AUD 85.3 million, up from AUD 61.0 million. The reported EBITDA Margin increased from 9.6% to 10.2%, while the EBITA margin moved from 7.1% to 7.9%. Earnings Per Share before amortisation were 13.8 Australian cents, compared with 10.3 cents in FY25. These adjusted measures have specific definitions and should not be presented as identical to statutory net profit. Infrastructure maintenance and project completion cycles influence revenue recognition, margins, cash collection and the timing of customer work.

Cash, Contracts and Guidance

The company reported Operating Cash Flow before interest and tax of AUD 166.7 million and EBITDA cash conversion of 101% in FY26. Its Balance Sheet showed net cash of AUD 6.2 million, compared with pro forma net Debt of AUD 52.5 million following the TAMS acquisition. Work in hand reached AUD 5.1 billion, up 42% from FY25. For FY27, SRG Global (ASX:SRG) guided to EBITDA between AUD 195 million and AUD 205 million and EBITA between AUD 150 million and AUD 160 million. These are forecasts rather than completed earnings.

Risks to Consider

Delivery risks include delayed projects, contract variations, workforce availability, subcontractor performance and safety requirements on operating sites. Acquisition integration and the commercial performance of marine infrastructure contracts are additional areas to monitor. Work in hand is not equivalent to earned revenue, and contracts may be delivered over different timeframes. Profit margins may vary with customer mix and the balance of recurring maintenance versus construction projects. The FY27 earnings range remains subject to the company’s operating conditions and the actual timing of work.

What to Watch Next

Upcoming reporting can test whether FY27 revenue conversion and earnings align with guidance. The maintenance and industrial-services segment delivered FY26 revenue of AUD 1,149.8 million, while engineering and construction generated AUD 525.7 million; segment contributions provide an important framework for monitoring the mix. Investors can also review contract awards, cash conversion, Operating Margin and the TAMS contribution. SRG Global (ASX:SRG) will need to manage work scheduling and Capital commitments while maintaining reported service delivery across a broad customer base.

Key Insights

SRG Global (ASX:SRG) reported higher FY26 revenue, adjusted earnings and cash conversion, alongside a larger contracted work portfolio. The FY27 guidance increase is a management forecast supported by the company’s reported business position, not a realised result. Contract conversion, operating margins, marine services and cash flow remain relevant monitoring points.

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