How Did SRG Global (ASX:SRG) Increase FY26 Earnings and Work in Hand?

Sonal Goyal

27 October 2026 12:37 AM AEDT

How Did SRG Global (ASX:SRG) Increase FY26 Earnings and Work in Hand?

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Highlights

SRG Global (ASX:SRG) reported FY26 revenue of AUD 1,675.5mn, up 27% YoY, in its full-year release dated 18 August 2026.
Underlying EBITDA increased 34% YoY to AUD 170.1mn; EBIT(A) rose 41% YoY to AUD 131.8mn.
Record work in hand reached AUD 5.1bn; the company upgraded FY27 EBITDA guidance to AUD 195mn–205mn. SRG Global (ASX:SRG) provides engineering, construction, maintenance and asset-management services across infrastructure, energy and resources. Its FY26 results, released on 18 August 2026, showed revenue increasing 27% YoY to AUD 1,675.5mn and reported statutory net profit attributable to members of AUD 71.9mn. The company also reported a stronger forward contract position. No unverified current-session share price is included in this article.

FY26 Earnings and Margins — 18 August 2026

Underlying EBITDA increased to AUD 170.1mn from AUD 127.1mn in FY25, a 34% YoY improvement. The related EBITDA margin moved from 9.6% to 10.2%. SRG Global (ASX:SRG) reported EBIT(A), its adjusted earnings-before-interest-and-tax measure, of AUD 131.8mn, up 41% YoY. Adjusted NPAT(A) reached AUD 85.3mn, up 40% YoY. Statutory net profit attributable to members was AUD 71.9mn, an increase of 51% YoY. These measures have different accounting bases and are therefore presented separately.

Contract Visibility and Cash Generation

The FY26 results announcement reported work in hand of AUD 5.1bn, up 42% on FY25. This contract position spans project delivery and long-duration maintenance work. SRG Global (ASX:SRG) reported underlying EBITDA-to-cash conversion of 101% in FY26. Its financial position returned to AUD 6.2mn net cash excluding lease liabilities at year-end, following acquisition-related investment. The company indicated that approximately 80% of its earnings profile is now annuity or recurring in nature.

Updated FY27 Guidance and Execution Priorities

Alongside the FY26 results, SRG Global (ASX:SRG) upgraded its FY27 guidance to underlying EBITDA of AUD 195mn–205mn and EBIT(A) of AUD 150mn–160mn. The outlook relates to management expectations, not completed earnings. Execution of existing contracts, mobilisation schedules, acquisition integration and operating margins are relevant to whether guidance is achieved. The company reported that the TAMS acquisition was integrated and contributed during FY26.

Company Overview

SRG Global (ASX:SRG) works across asset maintenance, specialist construction and engineering services for infrastructure and industrial clients. The company’s operations include recurring service programs and project-based work. Its disclosed financial measures distinguish statutory NPAT from adjusted NPAT(A), EBITDA and EBIT(A), which are not interchangeable.

Risks and Catalysts on Watch

Contract timing, labour availability, project margin variability and integration costs remain operational considerations. Growth in work in hand indicates contracted or awarded opportunities but should not be confused with revenue recognised during FY26. FY27 guidance, cash conversion and the pace of mobilisation are among the next measurable updates.

Key Insights

The principal FY26 developments were 27% YoY revenue growth, 34% YoY growth in underlying EBITDA, and a record work-in-hand position of AUD 5.1bn. The full-year report and the October 2026 AGM presentation discuss these outcomes. No causal link is drawn between the financial announcement and any share-price movement.

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