SRG Global Limited (ASX:SRG): What Do FY26 Results and the AUD 5.1bn Order Book Show?

Aditi Sarkar

27 October 2026 06:56 PM AEDT

SRG Global Limited (ASX:SRG): What Do FY26 Results and the AUD 5.1bn Order Book Show?

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Highlights

SRG Global (ASX:SRG) recorded FY26 revenue of AUD 1,675.5mn, up 27% YoY.
Underlying FY26 EBITDA increased 34% YoY to AUD 170.1mn, with a 10.2% margin.
Work in hand reached AUD 5.1bn at FY26 year-end, representing a 42% annual increase.
FY27 underlying EBITDA guidance was increased to AUD 195mn–205mn.

SRG Global Limited provides maintenance, engineering and construction services for infrastructure and industrial customers across Australia and New Zealand. Following the release of its FY26 financial results and updated FY27 guidance, SRG Global Limited (ASX:SRG) shares finished at AUD 3.42 on 27 October 2026. Its annual disclosures detailed higher maintenance revenue, a larger contracted workload and the integration of acquired marine services capabilities.

Company Business

SRG Global Limited (ASX:SRG) operates through Maintenance & Industrial Services and Engineering & Construction. Its services include asset inspection and maintenance, remediation, utilities work, specialist drilling and geotechnical activities, engineered products, and infrastructure construction. The maintenance segment addresses the operation and upkeep of existing assets, while engineering and construction work covers project-based delivery across sectors such as water, transport and energy.

Recent Development

In August 2026, SRG Global Limited (ASX:SRG) reported its full-year performance for the 12 months ended 30 June 2026. Management stated that the TAMS business had been fully integrated following the acquisition, and that the broader services platform secured contracts across water, defence, transport, energy, industrial, resources, ports, data centres, health and education.

The company reported AUD 2.5bn of contract awards during FY26 and work in hand of AUD 5.1bn at year-end, up 42% YoY. Work in hand reflects contracted activity rather than revenue recognised immediately: the timing of earnings depends on contract commencement, delivery schedules and the completion of obligations. Its FY27 underlying EBITDA guidance was lifted from AUD 190mn–200mn to AUD 195mn–205mn, alongside underlying EBIT(A) guidance of AUD 150mn–160mn.

Financial Performance and Sector Context

SRG Global Limited (ASX:SRG) recorded FY26 revenue of AUD 1,675.5mn versus AUD 1,323.3mn in FY25, a 27% YoY increase. Underlying EBITDA rose to AUD 170.1mn from AUD 127.1mn, an increase of 34%, while underlying EBIT(A) advanced 41% to AUD 131.8mn from AUD 93.8mn. Underlying NPAT(A) reached AUD 85.3mn against AUD 61.0mn, up 40% YoY.

Statutory FY26 profit after tax attributable to members was AUD 71.9mn, compared with AUD 47.5mn in FY25. The company reported an underlying EBITDA margin of 10.2%, compared with 9.6% in FY25, and underlying earnings per share of 13.8 cents, up from 10.3 cents. The FY26 dividend total was 7.0 cents per share, compared with 5.5 cents in FY25.

Maintenance & Industrial Services generated FY26 revenue of AUD 1,149.8mn against AUD 867.4mn in FY25, while segment EBITDA increased to AUD 164.7mn from AUD 121.3mn. Engineering & Construction recorded FY26 revenue of AUD 525.7mn, compared with AUD 455.9mn, and segment EBITDA of AUD 40.6mn versus AUD 36.2mn. SRG Global Limited (ASX:SRG) also reported 101% EBITDA-to-cash conversion and net cash of AUD 6.2mn excluding lease liabilities at 30 June 2026.

Risks to Consider

SRG Global Limited (ASX:SRG) faces execution and margin risks on fixed-scope projects, alongside labour, subcontractor and materials cost exposure. Although contracted work provides a degree of visibility, projects may be delayed, rescheduled or varied. The integration of acquired operations, safety obligations, customer spending patterns and working-capital demands can also influence financial outcomes. Order-book growth does not eliminate the possibility of project delays or cost overruns.

What to Watch Next

Attention will turn to FY27 trading updates, progression of the AUD 5.1bn contracted workload and performance across the expanded maintenance and marine services operations. Investors following SRG Global Limited (ASX:SRG) can also monitor whether the company maintains cash conversion while delivering its FY27 underlying EBITDA guidance of AUD 195mn–205mn and underlying EBIT(A) guidance of AUD 150mn–160mn.

Key Insights

SRG Global Limited (ASX:SRG) reported FY26 revenue and adjusted earnings growth, supported by increased Maintenance & Industrial Services activity and a larger work-in-hand position. The company ended FY26 with net cash excluding lease liabilities and increased FY27 guidance. Contract execution, margins, cash conversion and progress across infrastructure sectors remain the principal measurable developments for subsequent reporting periods.

FAQs

Q: What services does SRG Global provide?

A: It delivers industrial maintenance, asset services, engineering and infrastructure construction across Australia and New Zealand.

Q: How much revenue did SRG Global report in FY26?

A: FY26 revenue was AUD 1,675.5mn, up 27% from AUD 1,323.3mn in FY25.

Q: What was the company’s FY26 underlying EBITDA?

A: Underlying EBITDA reached AUD 170.1mn, compared with AUD 127.1mn in FY25.

Q: How large was work in hand at FY26 year-end?

A: The company reported AUD 5.1bn in work in hand, an increase of 42% YoY.

Q: What is the FY27 earnings guidance?

A: The company guided to underlying EBITDA of AUD 195mn–205mn and EBIT(A) of AUD 150mn–160mn.

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