Highlights

  • SRG Global has upgraded FY27 EBITDA guidance to $195–$205 million and underlying EBIT(A) guidance to $150–$160 million, above FY26’s $170.1 million and $131.8 million respectively.
  • Work in Hand reached a record $5.1 billion, up 42% from FY25, providing forward Revenue visibility across water, energy, transport, defence and data centre sectors.
  • Approximately 80% of the company’s Earnings profile is expected to comprise Annuity or recurring earnings in FY26 and beyond.
  • The TAMS marine infrastructure acquisition, integrated since November 2025, has delivered approximately 10% above its Business case in its first eight months.

SRG Global (ASX:SRG) is heading into FY27 with upgraded earnings guidance and a record order book, positioning the company’s diversified infrastructure services platform for another year of growth. The key questions for the stock are how efficiently that record Work in Hand position converts into earnings, and whether the recently upgraded FY27 targets prove achievable.

Record Work in Hand Underpins Upgraded Guidance

SRG Global enters FY27 with Work in Hand of $5.1 billion, up 42% from FY25, plus an $11.5 billion opportunity pipeline spanning water, energy, resources, transport, defence, health, education, data centres and marine services. That order book supports the company’s upgraded FY27 guidance of $195–$205 million in EBITDA and $150–$160 million in underlying EBIT(A) — both materially above FY26’s already-strong result.

Recurring Earnings Base Adds Resilience

Approximately 80% of SRG Global’s 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 across both its Maintenance & Industrial Services and Engineering & Construction segments. That recurring earnings tilt is a key Factor supporting the credibility of the company’s forward guidance, since it reduces reliance on winning new large one-off projects each year.

TAMS Integration Provides an Additional Growth Platform

The TAMS marine infrastructure acquisition, effective since 1 November 2025, has already delivered approximately 10% above its original business case during its first eight months with SRG Global and is now fully integrated into the broader business. TAMS adds a new service line to the company’s diversified infrastructure platform, broadening its addressable market beyond its traditional maintenance and construction activities.

Balance Sheet Strength Supports Continued Expansion

SRG Global returned to a net cash position of $6.2 million in FY26, compared with pro forma net Debt of $52.5 million following the TAMS acquisition, with EBITDA-to-cash conversion of 101%. That improved Balance Sheet gives the company flexibility to continue funding growth and Shareholder distributions, with the FY26 total Dividend up 27% to 7.0 cents per share.

What to Watch

Conversion of the $5.1 billion Work in Hand position and $11.5 billion opportunity pipeline into recognised revenue, continued performance from the TAMS integration, and progress against the upgraded $195–$205 million FY27 EBITDA guidance are the key markers for the year ahead.

Conclusion

SRG Global’s outlook for FY27 is underpinned by a record order book, a growing recurring earnings base and upgraded earnings guidance following a strong FY26. The pace at which the company converts its substantial Work in Hand and opportunity pipeline into delivered revenue and earnings will be central to whether it meets its raised targets.