Acrow FY26 Results: Record Revenue and Strong FY27 Outlook

ACF is growing its business through record revenue, industrial growth, acquisitions, capital investment and improving opportunities across construction and infrastructure markets.

Acrow Limited (ASX: ACF)

On 24 August 2026, announced FY26 results, reporting record revenue of $336.0 million, up 27% on PCP. Underlying EBITDA was $80.3 million, flat on PCP, while underlying NPAT fell 20% to $27.6 million. Underlying EBIT declined 9% to $51.3 million, mainly due to higher depreciation from the capital spending program and the full-year effect of acquisitions. Gross profit increased 11% to $160.4 million, although the group gross profit margin decreased 7.2 ppts to 47.7%. Underlying earnings per share decreased 21%. The final dividend was 1.42 cps, fully franked, compared with 2.95 cps in PCP, while the full-year dividend was 3.42 cps versus 5.85 cps in FY25. The company also upgraded FY27 revenue and EBITDA guidance by 2% and 4%, respectively, to 30% and 37% growth on PCP.

Division Results

Industrial Access revenue exceeded $200 million, rising 53%. EBITDA rose 19% and its margin declined 5.1 ppts to 18.4%. The division benefited from major projects including Perdaman Urea, Snowy 2.0 and Ampol. Its top five national labour contracts represented 43% of divisional revenue, compared with 31% in FY25. MI Scaffold delivered an exceptional result, triggering a $4.95 million earn-out. Construction Services revenue increased 1% for the full year, after 9% growth in the second half. Formwork revenue reached a record $66.7 million in 2H, up 33% from the previous half.

Capital Position

On 18 June 2026, Acrow announced the proposed acquisitions of Preston’s SuperDeck platform system business and Ausgroup Industrial Services (AGIS), for combined consideration of $54.5 million. AGIS was expected to generate $40 million revenue and $6.5 million EBITDA in FY26. Acrow completed a fully underwritten $70 million two-tranche placement and increased its Share Purchase Plan from $10 million to $16 million following strong shareholder participation. At 30 June 2026, net debt was $133.0 million and net debt/EBITDA was 1.9 times. Proforma net debt was expected at $133.6 million, with the ratio reducing to 1.6 times after including $13.0 million of annualised FY26 EBITDA from the acquisitions. FY26 capital expenditure totalled $36.5 million, including $31.1 million growth spending and $5.4 million stay-in-business expenditure.

Growth Outlook

For FY27, Acrow is budgeting around $30.0 million in capital expenditure. Industrial Access growth is expected from AGIS integration, existing contract expansion, new secured contracts and Above Scaffolding. Further opportunities include maintenance, shutdown and sustaining capital work, defence, energy and critical infrastructure. The Brisbane 2032 Olympics offers a multi year pipeline with major venue projects progressing toward builder awards during Jul-Dec 2026 and construction ramp-up from Jan-Mar 2027. Queensland and national civil infrastructure programs also provide opportunities across transport, rail, road, water and energy. Jumpform is supported by its electric, computer controlled system and Column Climber, while Screens aims to expand in under represented states. Preston’s SuperDeck also creates cross-selling opportunities with Jumpforms, Screens and slab formwork systems.

(Source: Company Report)