SRG Global Limited (ASX:SRG) entered the S&P/ASX 200 during 2026 while continuing to expand its infrastructure, maintenance and engineering operations. FY26 delivered record Revenue and earnings, supported by organic growth and the integration of marine infrastructure specialist TAMS. The company also increased its secured work to A$5.1 billion and upgraded FY27 guidance, giving greater visibility over future activity.

Revenue Rises 27%

FY26 revenue increased 27% to A$1.6755 billion.

Growth came from both Maintenance & Industrial Services and Engineering & Construction, alongside an eight-month contribution from TAMS.

The expanded revenue base reflects SRG’s broader exposure across water, energy, resources, transport, defence, ports and marine, health, education and data centres.

This Diversification reduces reliance on any single end market.

Underlying EBITDA Reaches A$170.1 Million

Underlying EBITDA increased 34% to A$170.1 million.

The EBITDA Margin improved to 10.2%.

EBIT(A) rose 41% to A$131.8 million, with the EBIT(A) margin reaching 7.9%.

The result exceeded the top end of SRG’s upgraded FY26 EBITDA guidance of A$164 million to A$168 million.

Higher Earnings therefore reflected both revenue growth and improved operating margins.

Adjusted Profit Measures Improve

Statutory NPAT was A$71.9 million.

SRG also reported adjusted NPAT(A) of A$85.3 million, up 40%.

EPS(A) increased 34% to 13.8 cents per share.

The adjusted measures exclude Amortisation of acquired intangibles and are used by the company to assess underlying operating performance following acquisitions.

Cash Conversion Remains High

SRG reported EBITDA-to-cash conversion of 101% in FY26.

The group ended the financial year with net cash of A$6.2 million excluding Lease liabilities.

This compared with pro forma net Debt of A$52.5 million immediately after the TAMS transaction.

Available Liquidity was approximately A$288.4 million, providing capacity for Working Capital and additional growth opportunities.

TAMS Delivers Above Its Business Case

SRG completed the TAMS Acquisition in October 2025.

TAMS provides marine infrastructure maintenance, engineering, construction and asset-lifecycle services.

During its first eight months within SRG, the business performed around 10% above its original business case.

It has now been fully integrated and expands SRG’s presence in ports, marine, resources, transport, energy and defence infrastructure.

Work in Hand Reaches A$5.1 Billion

Work in hand reached a record A$5.1 billion at 30 June 2026.

This represented growth of 42% from FY25.

Around 85% of the secured work relates to Maintenance & Industrial Services, with the balance in Engineering & Construction.

The mix provides significant exposure to recurring and long-duration maintenance activity rather than relying solely on shorter construction projects.

Opportunity Pipeline Remains Large

SRG reported an opportunity pipeline of approximately A$11.5 billion.

Around 80% of the pipeline relates to Maintenance & Industrial Services and 20% to Engineering & Construction.

During FY26, SRG announced approximately A$2.5 billion of new contract wins across ten sectors.

Conversion of this pipeline into secured work will remain important for sustaining earnings growth beyond the current order book.

FY27 EBITDA Guidance Increases

SRG upgraded FY27 EBITDA guidance to A$195 million to A$205 million.

This compares with earlier guidance of A$190 million to A$200 million.

EBIT(A) is expected to range from A$150 million to A$160 million.

The guidance reflects a full 12-month contribution from TAMS, continued organic growth and the size of SRG’s existing work in hand.

TAMS Adds a Full-Year Contribution in FY27

FY26 included only eight months of TAMS ownership.

FY27 will therefore include a full 12-month contribution.

This creates an automatic earnings uplift before considering additional contract wins or organic growth elsewhere in the group.

However, actual performance will still depend on project timing, labour availability, cost control and delivery against client schedules.

Dividend Increases

SRG declared a fully franked final Dividend of 4 cents per share.

This took total FY26 dividends to 7 cents per share, up 27% from FY25.

The higher distribution was supported by increased earnings and cash conversion.

Future dividends will continue to depend on profit, cash generation, acquisition activity and capital requirements.

ASX 200 Inclusion Marks a Scale Shift

SRG was added to the S&P/ASX 200 in March 2026.

The inclusion followed several years of revenue growth, acquisitions and expansion in recurring infrastructure services.

While index membership does not change operating fundamentals, it reflects the increase in SRG’s market scale and liquidity as the business has expanded.

Key Risks and Areas to Watch

Execution remains the main operational risk because fixed-price or complex projects can experience cost overruns or delays.

Labour availability, wage Inflation and client project timing can also affect margins.

TAMS integration is substantially complete, but the group must still deliver the expected full-year earnings contribution.

Conversion of the A$11.5 billion opportunity pipeline and maintenance of cash conversion will be important FY27 indicators.