Ventia Services Group (ASX: VNT) reported a record 9.4% EBITDA margin in the first half of 2026, up from 8.3% in the prior-year period, as the infrastructure services provider navigated a 4.7% decline in revenue to $2.89 billion.
EBITDA rose 8.2% to $273.3 million, while net profit after tax and amortization increased 7.4% to $128.2 million. Earnings per share climbed 14.4% to 15.8 cents, supported by a 93.8% cash conversion rate, up from 93.2% in HY25. The company’s work in hand grew 2.5% to $21.1 billion, providing an average revenue visibility of 6.2 years for contracts above $100 million.
Total revenue fell to $2.89 billion from $3.04 billion in HY25, reflecting a 20% drop in the Defence and Social Infrastructure segment to $999.4 million. Infrastructure Services revenue rose 6.3% to $733.9 million, while Telecommunications and Transport segments declined 5.9% and 5.3%, respectively. The Infrastructure Services segment also posted the highest EBITDA margin at 10.3%, up 1.5 percentage points year-over-year.
Ventia reaffirmed its full-year guidance for NPATA growth of 7–10%, alongside expectations to maintain an EBITDA margin above 9.0% and cash conversion exceeding 90%. Managing Director and Group CEO Dean Banks highlighted a 140% increase in the Net Promoter Score to 12 and a 98.5% customer renewal rate in the first half. Safety metrics improved, with total recordable injury frequency down 17% since HY22.
Capital allocation included a $300 million Australian Medium-Term Note issuance, oversubscribed by more than three times, and a $300 million share buyback program, with $185.8 million repurchased at an average price of $4.93 per share. The company’s net debt to EBITDA stood at 1.4 times as of June 30, 2026. Ventia also outlined $53.6 million in capital investment for the period, including a SAP system upgrade, with expenditure projected to rise toward 2.5% of revenue in FY26 before normalizing to 1–2% from FY27 onward.
Strategic growth markets were highlighted, with addressable opportunities totaling $16.0 billion in Defence, $19.8 billion in Digital Infrastructure, $21.9 billion in Energy, and $13.6 billion in Water by FY30. Recent contract wins included a $405 million, nine-year renewal with Yarra Valley Water and $340 million in new Victorian road maintenance contracts.
