What Did SGH (ASX:SGH) Report for FY26, and How Did Boral, WesTrac and Coates Perform?

Sonal Goyal

21 October 2026 05:31 PM AEDT

What Did SGH (ASX:SGH) Report for FY26, and How Did Boral, WesTrac and Coates Perform?

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Key highlights

SGH reported FY26 EBIT of $1,554 million, up 1%, with the EBIT margin up 40 basis points to 14.7%, in its 11 August 2026 release.
Underlying NPAT was $920 million, broadly flat, and statutory NPAT was $655 million, up 35%.
Full-year dividends were 64 cents per share, fully franked, and an on-market buy-back of up to $500 million was announced.

Shares in SGH Ltd (ASX:SGH) ended 21 October 2026 at $39.29, down 0.05%. The S&P/ASX 200 Industrials [XNJ] index stood at 8,113.90, a rise of 0.99% (79.50 points), while the S&P/ASX 200 [XJO] was at 8,831.30, a rise of 0.16% (14.40 points), at 4:25 pm GMT+11. SGH is an Australian company with businesses in building materials, heavy equipment, equipment rental and other industrial services.

What SGH does

SGH Ltd is a diversified group whose main businesses are Boral (construction materials), WesTrac (Caterpillar dealerships in Western Australia, New South Wales and the ACT) and Coates (equipment hire). Its Industrial Services segment combines these businesses.

FY26 financial results

In an ASX release dated 11 August 2026, SGH reported revenue of $10.6 billion, broadly in line with the prior year ($10,564 million versus $10,744 million), with underlying growth at Boral offset by normalisation of capital sales at WesTrac. EBITDA was $2,084 million, EBIT was $1,554 million and underlying EPS was $2.26. Operating cash flow was $2.1 billion, a 99% EBITDA cash conversion, and adjusted net debt to EBITDA improved 12% to 1.8 times.

Divisional results

Boral EBIT was $535 million, up 14%, with margin up 113 basis points. WesTrac EBIT was $647 million, up 1%, with margin up 76 basis points. Coates EBIT was $270 million, down 7% from $290 million. Industrial Services segment EBIT was $1,453 million, up 4%. Significant items of $265 million reduced statutory NPAT of $655 million relative to underlying NPAT.

Dividends and buy-back

SGH declared a fully franked final dividend of 32 cents per share, bringing full-year dividends to 64 cents, up 3%. The company announced on 22 June 2026 an on-market buy-back of up to $500 million, which commences following the FY26 result.

Sector context

Industrial companies span transport, infrastructure, engineering, services and manufacturing, and they are tracked through the S&P/ASX 200 Industrials index, which closed at 8,113.90, up 0.99%, on 21 October 2026 alongside a 0.16% rise in the S&P/ASX 200 to 8,831.30. SGH’s businesses relate to construction activity, mining equipment demand and equipment hire, and the release noted a normalisation of WesTrac capital sales.

Risks and uncertainties

Revenue was 2% lower and underlying NPAT and EPS were flat, with Coates EBIT down 7%. WesTrac capital sales normalised from earlier levels, and construction and mining demand, input costs, weather and interest rates can affect results. Significant items of $265 million reduced statutory profit.

Catalysts to watch

Items to watch include the buy-back progress, Boral and WesTrac margin trends, Coates earnings, leverage and the FY27 half-year result.

Closing perspective

SGH’s 11 August 2026 release recorded marginally higher EBIT, flat underlying profit, lower leverage and a larger capital return. The next result will show how the divisions develop.

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