AJ Lucas Group Limited (ASX:AJL) FY2026 Results and Drilling Services Update

Aditi Sarkar

23 September 2026 05:51 AM AEST

AJ Lucas Group Limited (ASX:AJL) FY2026 Results and Drilling Services Update

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Highlights

AJ Lucas recorded net profit after tax of approximately $28.5 million in FY2026 compared with a loss in FY2025.
Group Revenue was $119.6 million during FY2026.
Net Debt reduced by approximately $35.8 million during the year.
The company commissioned the WEI D100S multipurpose drilling rig.

AJ Lucas Group Limited (ASX:AJL) is a specialist drilling and engineering services provider operating across energy, Mining and infrastructure sectors. The company provides exploration, production and Directional Drilling services along with engineering support including well design, drilling optimisation, geosteering and specialised equipment solutions. During FY2026, AJ Lucas focused on operational efficiency, Balance Sheet management and development of its drilling capabilities.

FY2026 Financial Performance and Balance Sheet Position

AJ Lucas reported a net profit after tax of approximately $28.5 million for FY2026 compared with a net loss of $15.0 million in FY2025. The result was primarily influenced by settlement proceeds associated with UK operations. Group EBITDA was $40.7 million compared with $14.5 million in the prior year. Revenue declined to $119.6 million from $145.6 million as Australian drilling activity remained affected by customer delays and suspended operations.

Australian Drilling Operations and Fleet Development

Australian operations generated EBITDA of $17.0 million during FY2026. The Business continued delivering drilling services for metallurgical coal customers while managing lower activity levels. A key operational milestone was commissioning the WEI D100S multipurpose rig, which completed goaf hole, gas riser, steered service hole and surface-to-inseam programs. The company also continued developing geophysical data Acquisition capabilities during drilling operations.

UK Operations and Future Priorities

AJ Lucas received a cash payment of £12.5 million, approximately A$25.9 million, following settlement of a dispute relating to UK shale gas exploration licences. Cuadrilla continued maintaining UK oil and gas interests while evaluating opportunities related to its licence portfolio. FY2027 priorities include operational execution, fleet modernisation, customer diversification, technology-enabled services and further balance sheet improvement.

Key Insights

AJ Lucas entered FY2027 with a changed financial position following debt reduction and continued Investment in drilling capability. The company remains focused on specialist drilling services, operational efficiency and technology-supported solutions across its markets.

FAQs

Q:What does AJ Lucas Group do?

A:AJ Lucas provides drilling and engineering services to energy, mining and infrastructure sectors.

Q:What was AJ Lucas FY2026 net profit?

A:AJ Lucas reported net profit after tax of approximately $28.5 million for FY2026.

Q:What is the WEI D100S rig?

A:The WEI D100S is a multipurpose drilling rig commissioned during FY2026.

Q:What were AJ Lucas revenue and EBITDA in FY2026?

A:Revenue was $119.6 million and reported EBITDA was $40.7 million.

Q:What are AJ Lucas FY2027 priorities?

A:The company is focused on operational execution, fleet modernisation, diversification and balance sheet improvement.

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