What Is Behind Acrow's (ASX:ACF) Upgraded FY27 Earnings Guidance?

Sonal Goyal

12 November 2026 11:33 AM AEDT

What Is Behind Acrow's (ASX:ACF) Upgraded FY27 Earnings Guidance?

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Key Highlights

FY27 Revenue guidance was upgraded to $440 million to $470 million, from $410 million to $430 million.
FY27 underlying EBITDA guidance rose to $110 million to $120 million, representing 43 percent growth at the mid-point.
For the first time, the company provided FY27 guidance for underlying EBIT of $76 million to $87 million, NPAT of $44 million to $52 million and EPS of 10.5 to 12.3 cents.
Capital expenditure remains budgeted at $30 million, with net Debt to EBITDA expected to fall to about 1.3 times by FY27 year-end.

Acrow Limited (ASX:ACF) has issued a trading update for the first four months of FY27 and upgraded its first-half and full-year Earnings guidance, according to an announcement dated 11 November 2026. The company says the upgrade reflects organic growth in both its Industrial Access and Construction Services divisions, a full-quarter contribution from its SuperDeck Business and one month of contribution from AusGroup Industrial Services, acquired effective 1 September 2026.

Drivers of the upgrade

The company points to higher-than-anticipated organic growth in Industrial Access, including expanded scope on the Snowy 2.0 scaffold contract and the Perdaman contract, along with growth in maintenance and shutdown work. Formwork activity in Queensland has continued to recover, and the company says it is cross-selling its Jumpform, Screens and SuperDeck fleets. Integration of AGIS is proceeding to plan.

The board has taken the opportunity to provide guidance for EBIT, underlying NPAT and EPS for the first time. The guidance is based on trading to date, the order book and current market conditions.

Guidance figures and capital

First-half underlying EBITDA guidance was narrowed upward to $52 million to $55 million, from $50 million to $55 million. FY26 underlying EBITDA was $80.3 million. Capital Expenditure is budgeted at $30.0 million for FY27, down from $36.5 million in FY26. Net debt to EBITDA is expected to fall to approximately 1.3 times at 30 June 2027, from 1.6 times at 30 June 2026 on a pro forma basis. Net debt excludes Lease liabilities, and the EBITDA measure is after lease principal repayments.

Final Word

Acrow's upgrade combines organic growth, a contribution from recent acquisitions and a lower capital budget, which together support the higher forecast. The new guidance for EBIT, NPAT and EPS gives investors a fuller view of profitability. The outcome will depend on integration of AGIS, the continuation of Queensland formwork recovery and the delivery of the Snowy 2.0 and Perdaman work.

FAQs

Q: How much did FY27 revenue guidance change?

A: Revenue guidance was upgraded to $440 million to $470 million, from $410 million to $430 million.

Q: What is the first-time FY27 guidance?

A: The company guided underlying EBIT of $76 million to $87 million, NPAT of $44 million to $52 million and EPS of 10.5 to 12.3 cents.

Q: What is the capital expenditure budget?

A: Budgeted capital expenditure is $30 million for FY27, unchanged from the prior guidance and down from $36.5 million in FY26.

Q: When did the AGIS acquisition take effect?

A: AusGroup Industrial Services was acquired effective 1 September 2026.

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