Key Highlights

• FDC's first full-year result as a listed company covers the year to 30 June 2026.

• It reported A$2.5 billion of construction work in hand.

• Normalised Earnings grew and the company has net cash.

• It is an Australian non-residential construction and building business.

FDC Consolidated Holdings (ASX:FDC) is in focus because its first full-year result as a listed company, for the year to 30 June 2026, showed normalised earnings growth, net cash and A$2.5 billion of work in hand, in a sector where margins are thin.

What the Business does

FDC is an Australian non-residential construction and building services contractor, founded in 1990. It reports under the ASX industrials sector, in the Capital Goods industry group.

The company works mainly in New South Wales, Queensland and Victoria. Its Construction division handles new-build and major development projects, while Fitout and Refurbishment covers interiors, refurbishments, adaptive re-use and heritage work.

The FY26 numbers

On 26 August 2026 FDC lodged its Appendix 4E and presented results. Revenue was A$1.69 billion, up 13 per cent on FY25. Normalised EBIT rose about 19 per cent to A$91.7 million, a Margin of 5.4 per cent, and normalised net profit after tax was A$70.8 million against A$62.2 million.

The statutory result was very different: a net loss after tax of A$58.2 million. The company attributed this to one-off items, chiefly a A$131.3 million expense from settling a legacy employee share scheme at the initial public offering, plus A$4.7 million of group reorganisation costs.

Normalised and statutory figures answer different questions. The normalised numbers show how the contracting operations performed; the statutory loss shows the cost of moving from a privately held group, in which staff owned shares through a legacy scheme, to a listed company.

The company says the scheme has been settled and terminated, so no ongoing Liability remains. Statutory net Assets were negative A$94.2 million at 30 June 2026, while normalised net assets were A$54.4 million.

Order book and cash

Work in hand stood at A$2.5 billion at 30 June 2026, which FDC says covers 89 per cent of its FY27 revenue forecast. Roughly A$2.0 billion sits in Construction and A$0.5 billion in Fitout and Refurbishment. About two-thirds of work is secured through early contractor involvement or negotiated arrangements rather than open tender.

FDC reported net cash of A$362.5 million and no borrowings at year end, with operating cash conversion above 100 per cent. For a contractor, that cash typically reflects payment terms and progress claims, and it can unwind if projects finish and are not replaced.

Where the work comes from

Commercial projects made up 31 per cent of FY26 revenue and industrial 24 per cent. Data centres rose to 13 per cent from 6 per cent, education was 11 per cent and accommodation 7 per cent. The Diversification matters because a slowdown in any single property type would not hit the whole book equally.

Construction revenue was A$1,018 million with a gross margin of 10.6 per cent. Fitout and Refurbishment revenue was A$672 million at 8.9 per cent, lower than the prospectus assumed as states outside New South Wales grew as a share of revenue.

Risks and what comes next

FDC reaffirmed its prospectus forecasts for FY27: revenue of A$1.9 billion, normalised EBIT of A$100 million and a margin of 5.3 per cent, slightly below FY26. It also set a Dividend payout range of 70 to 90 per cent of net profit after tax from FY27.

Its own presentation flags several risks: clients focused on cost, subcontractor conditions affected by Middle East factors, and margin moderation as growth comes from newer geographies. Fixed-price contracting also leaves a builder exposed to cost overruns.