Acrow Ltd reported a 27% year-over-year increase in full-year revenue to $336.0 million for FY26, driven by a 53% surge in Industrial Access revenue to $200.9 million. However, underlying net profit after tax fell 20% to $27.6 million as EBITDA margins compressed by 640 basis points to 23.9%, reflecting a shift in business mix and higher depreciation.
Underlying EBITDA was virtually unchanged at $80.3 million versus $80.2 million in FY25, while earnings per share declined 21% to 8.86 cents. The company declared a final dividend of 1.42 cents per share, bringing the full-year payout to 3.42 cents, down 42% from the prior year. Acrow also introduced a new payout ratio target of 50% of underlying net profit after tax, up from its previous policy.
The Industrial Access division accounted for 60% of group revenue, up from 50%, with EBITDA rising 19% to $36.9 million but margins contracting to 18% from 23%. Construction Services revenue was essentially flat at $135.2 million, with EBITDA down 8% to $56.6 million and margins easing to 42% from 46%. Depreciation expense climbed 21% to $29.1 million, while net interest expense rose 28% to $12.9 million as average debt levels increased to $144.7 million.
Major projects contributed to revenue growth, including a $42 million contract at the Perdaman Urea Plant in Karratha, Western Australia, which generated $28.0 million in FY26. The Snowy Hydro 2.0 project contributed $15.8 million, while the Ampol Kent refinery works added $11.7 million. The company also highlighted the launch of its internally developed Powershore 60 propping system in February 2026 and the national rollout of the Uni-Ring Industrial Scaffold System.
Acrow completed the acquisition of Ausgroup Industrial Services (AGIS) in August 2026, with AGIS expected to contribute $40.0 million in revenue and $6.5 million in EBITDA for FY26. The acquisition is projected to deliver $1.25 million in synergies over 12 months.
For FY27, Acrow guided revenue to $410–430 million, up 30% at the midpoint, with EBITDA forecast at $105–115 million, a 37% increase at the midpoint. Underlying net profit is expected to rise more than 50%, while earnings per share are projected to increase by more than 20%. The company also expects its pro forma net debt to EBITDA ratio to improve to around 1.3x by the end of FY27, supported by a $30.0 million capital expenditure budget.
Shares in Acrow fell 5.15% to $0.92 on the announcement, leaving the stock roughly 21% below its 52-week high of $1.165.
