Key Highlights

  • SRG Global (ASX: SRG) reported FY26 Revenue of $1.68 billion, up 27%, while underlying EBITDA rose 34% to $170.1 million.
  • Underlying EBIT(A) increased 41% to $131.8 million, with EPS(A) rising 34% to 13.8 cents per share.
  • The company returned to a net cash position of $6.2 million and reported EBITDA-to-cash conversion of 101%.
  • Work in Hand reached a record $5.1 billion, while FY27 EBITDA guidance was upgraded to $195 million-$205 million.

SRG Global (ASX:SRG) delivered a significant increase in financial performance during FY26, with revenue reaching $1,675.5 million for the year ended 30 June 2026. Revenue increased 27% from the previous financial year, reflecting continued activity across the company's infrastructure services operations.

Underlying EBITDA rose 34% to $170.1 million, exceeding the upper end of the company's upgraded FY26 guidance range of $164 million to $168 million. Underlying EBIT(A) increased 41% to $131.8 million, while underlying Earnings Per Share attributable to shareholders increased 34% to 13.8 cents.

The improvement extended across the company's operating activities, with management reporting continued Margin performance and operational delivery in both Maintenance & Industrial Services and Engineering & Construction.

Cash Flow and Balance Sheet Improve

Cash generation was another notable component of the FY26 result. SRG Global reported EBITDA-to-cash conversion of 101%, supporting a substantial improvement in its balance sheet position.

The company finished FY26 with net cash of $6.2 million, compared with pro forma net Debt of $52.5 million following the Acquisition of TAMS. The TAMS acquisition became effective on 1 November 2025, adding a marine infrastructure services Business to SRG Global's existing operations.

The return to a net cash position occurred alongside continued Investment in the company's expansion strategy and the integration of TAMS. The acquisition was reported to have delivered approximately 10% above its business case during its first eight months with SRG Global and has now been integrated into the broader business.

Work in Hand Reaches Record Level

SRG Global entered FY27 with Work in Hand of $5.1 billion, an increase of 42% from FY25. The order position provides visibility across infrastructure-related activities spanning water, energy, resources, transport, defence, health, education, data centres and ports and marine services.

The company also reported an opportunity pipeline of $11.5 billion. Together, the existing Work in Hand and prospective opportunities form the basis of its stated growth outlook across its diversified infrastructure services platform.

The business also reported that approximately 80% of its earnings profile is expected to comprise Annuity or recurring earnings in FY26 and beyond, reflecting the contribution of longer-term maintenance and infrastructure service activities.

Dividend Increases as Earnings Rise

The improved financial performance was accompanied by a higher Shareholder distribution. The Board declared a fully franked second-half Dividend of 4.0 cents per share, an increase of 33% compared with the corresponding period.

The FY26 total dividend therefore reached 7.0 cents per share, representing a 27% increase from FY25. The second-half dividend has a Record Date of 28 August 2026 and a payment date of 11 September 2026.

The dividend outcome indicates that the company continued to allocate part of its improved cash generation toward shareholder distributions while maintaining investment in its growth strategy.

FY27 Guidance Upgraded

SRG Global has raised its FY27 earnings expectations following the FY26 result. EBITDA guidance is now $195 million to $205 million, while underlying EBIT(A) guidance is $150 million to $160 million.

The revised guidance compares with the company's FY26 underlying EBITDA of $170.1 million and underlying EBIT(A) of $131.8 million. The outlook is supported by the $5.1 billion Work in Hand position and exposure to infrastructure sectors including water, energy, transport, defence and data centres.

SRG Global's transformation into a diversified infrastructure services company is expected to remain central to its operating strategy, with TAMS contributing to the marine infrastructure offering and the wider portfolio providing exposure across multiple end markets.

Conclusion

SRG Global's FY26 results show higher revenue, earnings, cash generation and shareholder distributions, alongside a return to net cash and a record Work in Hand position. The company also exceeded its upgraded FY26 EBITDA guidance and increased its FY27 earnings targets. At the same time, its expanding exposure across infrastructure and recurring service activities remains an important feature of the business. The FY27 outcome will depend on the conversion of its existing Work in Hand and opportunity pipeline into revenue and earnings while maintaining cash generation and operational execution.