Key Highlights

  • Revenue reached $1.69 billion, up 13% on FY25 and moderately above pro forma prospectus forecast.
  • Statutory NPAT was a loss of $58.2 million, reflecting one-off listing costs including legacy ESS share-based payments and reorganisation expenses.
  • Normalised NPAT was $70.8 million, up 14% on FY25, while Normalised EBIT rose 19% to $91.7 million, both above pro forma prospectus forecasts.
  • The company closed the year with a net cash position of $362.5 million and $2.5 billion of Work in Hand supporting 89% of FY27 forecast revenue.

FDC Consolidated Holdings Limited (ASX:FDC) released its results for FY26, the company's first as a listed entity, reporting Revenue of $1.69 billion, up 13% on FY25 and moderately above its pro forma prospectus forecast. The company reported a statutory net loss after tax of $58.2 million, which it said reflected the impact of one-off costs disclosed in the prospectus, including legacy ESS share-based payments and reorganisation costs associated with the listing.

Excluding these one-off items, Normalised EBIT was $91.7 million, up 19% on FY25 and $2.3 million above the pro forma prospectus forecast, with Normalised EBIT Margin increasing to 5.4% from 5.2%. Normalised NPAT was $70.8 million, up 14% on FY25 and moderately above the pro forma prospectus forecast. CEO Russell Grady said the results reflected Earnings growth achieved across both Business segments and multiple sectors nationally through disciplined project selection, execution and risk management.

Segment Performance and Margin Trends

Revenue in FDC's Construction segment grew 14.4% to $1,018 million, delivering gross margins of 10.6%, up from 9.7% as presented in the prospectus. Fitout and Refurbishment revenue increased 11.5% to $672 million, underpinned by what the company described as strong repeat demand, though margins moderated to 8.9% from 10.0% in the prospectus as non-NSW states contributed a greater proportion of Group revenue. Overall gross margin remained at 9.9% for the Group, supported by disciplined project selection and growing contribution from negotiated and Early Contractor Involvement (ECI) work outside NSW.

The company reported continued Diversification of its project work during FY26, with commercial projects accounting for 31% of revenue, industrial 24%, data centres rising to 13% from 6% the prior year, education 11%, accommodation 7% and retail 4%. Approximately two-thirds of the company's work is secured through ECI or negotiated pathways, and the portfolio remains deliberately diversified, with construction projects under $100 million in contract value representing 70% of gross margin.

Cash Generation and Balance Sheet Strength

Strong cash generation continued through FY26, with operating cash conversion above 100% and a net cash position of $362.5 million at 30 June 2026. The company reported no borrowings at year end. Table 1 in the results shows the reconciliation between the statutory net loss and normalised profit measures, with the largest single adjustment being $131.3 million in legacy ESS share-based payment expense, alongside $4.7 million in group reorganisation expenses.

The company's safety performance was highlighted as a defining strength, with a lost time injury frequency rate of 1.69 across FY22 to FY26, which the company said was well below the industry benchmark of 12.0. Projects delivered during the year included the $130 million Macquarie University Engineering Innovation Building in NSW, the $150 million Visy advanced Manufacturing Facility at Stapylton in Queensland, Westpac's workplace at One Festival Tower in Adelaide, and the Australian Institute of Company Directors' new Melbourne premises.

FY27 Guidance Reaffirmed

FDC reaffirmed its FY27 pro forma prospectus forecasts, supported by $2.5 billion of Work in Hand at 30 June 2026, representing 89% of FY27 forecast revenue. FY27 guidance includes revenue of $1.9 billion, Normalised EBIT of $100 million, Normalised EBIT margin of 5.3%, and a Dividend Payout Ratio of 70% to 90% of NPAT.

Mr Grady said the company enters FY27 with strong momentum, with the level of secured Work in Hand providing a foundation as the company reaffirms its prospectus forecast. He said the results reflected the collective efforts of the company's more than 730 people and the strength of its relationships with clients and subcontractors, with the company's Made Personal client proposition remaining central to how it delivers projects and its overall performance.

Conclusion

FDC Consolidated Holdings' maiden results as a listed company show normalised earnings running moderately ahead of prospectus forecasts, with revenue growth achieved across both its Construction and Fitout and Refurbishment segments despite a statutory net loss driven by one-off listing-related costs. With $2.5 billion of Work in Hand supporting 89% of FY27 forecast revenue and a net cash balance sheet with no borrowings, the company enters FY27 having reaffirmed its prospectus guidance, positioning its near-term performance around continued diversification across geographies, sectors and project sizes.