People Infrastructure Ltd reported a 1.6% increase in normalized EBITDA to AUD 19.0 million for the full year ended FY 2026, with second-half EBITDA up 19% year-over-year to AUD 8.5 million. The company’s net revenue rose 1.3% to AUD 101.9 million, while ongoing operations revenue declined 4.3% to AUD 788.7 million.
Queensland accounted for 51% of group revenue, with 60% of engineering, trades, and labor revenue tied to the state. Management highlighted an AUD 119 billion infrastructure pipeline in Queensland, with pre-Olympic and infrastructure projects expected to peak between FY 2029 and FY 2030. The company’s engineering, trades, and labor division delivered the strongest performance, with normalized EBITDA up 74.8% for the full year and 122.7% in H2 alone. Billing rates across the business increased 9.4%, while billed hours rose 6.3% overall, accelerating to 15.2% in the second half.
The food and agriculture division reported a normalized EBITDA decline of 18.3% year-over-year, with billed hours down 15.3%. The professional services division saw normalized EBITDA fall 7.8% for the full year, though permanent placement fees rose 9.4% across FY 2026 and 37.5% in H2. Overheads increased 1.2% organically, excluding Infrawork, while cash collections reached 101.7% of normalized EBITDA.
Peoplein completed the acquisition of Infrawork in New Zealand on March 1, 2026, integrating the business within four weeks and tracking ahead of internal targets. The company also divested its Health division and sold Techforce to fund the Infrawork acquisition. Total net debt at year-end stood at AUD 29.6 million, with cash balances of AUD 35.7 million and a net debt ratio of 1.37 times pro forma normalized EBITDA. The share buyback program was fulfilled at AUD 6 million during the year.
