Acrow Confirms Strong 1H FY26 Revenue Growth Amid Regional Market Shifts
Acrow Limited reaffirms its first half FY26 revenue guidance with a 22% increase year-on-year, driven by robust demand in key Australian regions and strategic capital investments.
- 1H FY26 revenue guidance confirmed at $153-$157 million, up 22%
- EBITDA guidance slightly down by 1% to $37-$40 million
- Industrial Access division on track for $200 million full-year revenue
- Strong formwork market growth in South Australia and Western Australia
- Capital expenditure accelerated to $25 million in 1H FY26 to meet high order demand
Guidance Confirmation and Financial Outlook
Acrow Limited (ASX, ACF) has confirmed its financial guidance for the first half of fiscal year 2026, signalling continued momentum in its core construction services. The company expects revenue to land between $153 million and $157 million, marking a significant 22% increase compared to the same period last year. However, EBITDA is forecasted to be slightly lower, ranging from $37 million to $40 million, reflecting a modest 1% decline.
Industrial Access Division Driving Growth
The Industrial Access division remains a standout performer, with Acrow on track to achieve approximately $200 million in revenue for the full year. This division’s strong performance is underpinned by recent acquisitions and buoyant market conditions, positioning Acrow well within the competitive landscape of integrated construction systems.
Regional Market Dynamics
Geographically, Acrow is experiencing varied market conditions across Australia. South Australia and Western Australia’s formwork markets are currently at record levels, contributing positively to the company’s growth. Meanwhile, Queensland’s general formwork sector has faced project delays, dampening near-term activity. Encouragingly, signs of recovery are emerging with an anticipated uptick in the fourth quarter of FY26, suggesting a potential rebound in this key market.
Capital Expenditure and Forward Order Book
To support a strong forward order book, particularly in the Screens and Jumpform divisions, Acrow has accelerated capital expenditure to approximately $25 million in the first half of FY26. This proactive investment aims to address equipment lead times and anticipated contract wins. The company expects total capital expenditure for the full year to range between $30 million and $36 million, with a marked reduction in spending in the second half.
Looking Ahead
Acrow’s management team, including CEO Steven Boland, CFO Andrew Crowther, and COO Matt Caporella, will provide further insights during the upcoming investor briefing following the release of the half-year results on 24 February. The company’s strategic positioning and regional market developments will be key areas to watch as it navigates the remainder of FY26.
Bottom Line?
Acrow’s solid revenue growth and strategic capital deployment set the stage for a pivotal second half amid evolving regional market conditions.
Questions in the middle?
- Will Queensland’s formwork market sustain its anticipated Q4 recovery?
- How will the increased capital expenditure impact Acrow’s cash flow and margins in FY26?
- What are the risks if the forward order book growth slows unexpectedly?
