SRG Global Limited posted a robust half-year result for December 2025, driven by strong segment growth and the acquisition of Total AMS Pty Ltd. The company also raised its interim dividend, signalling confidence in its outlook.
- Revenue increased 20% to $743.9 million in H1 FY26
- EBITDA rose 24% to $67 million, reflecting operational strength
- Acquisition of Total AMS Pty Ltd completed, contributing $5.2 million profit before tax
- Interim dividend increased to 3.0 cents per share, fully franked
- Board refreshed with two new non-executive directors appointed
Strong Financial Performance
SRG Global Limited has delivered a solid financial performance for the half-year ended 31 December 2025, with revenue climbing 20% to $743.9 million. This growth was underpinned by a 30% surge in the Maintenance and Industrial Services segment, which generated $504.3 million in revenue, while the Engineering and Construction segment posted a modest 3.4% increase to $239.6 million.
EBITDA rose 24% to $67 million, reflecting improved operational efficiencies and the benefits of scale. Profit before tax increased 41% to $38.4 million, with net profit after tax attributable to members reaching $26.6 million, up 41% from the prior corresponding period. Earnings per share rose to 4.3 cents, supported by the company’s expanding earnings base.
Strategic Acquisition Bolsters Growth
A key highlight of the period was the acquisition of Total AMS Pty Ltd and its associated entities, completed on 31 October 2025. This strategic move expanded SRG Global’s geographic footprint and service capabilities, particularly within the Maintenance and Industrial Services segment. Total AMS contributed $33.6 million in revenue and $5.2 million in profit before tax during the two months under SRG ownership.
The acquisition consideration totalled $141 million, comprising cash, contingent consideration, and shares issued to Total AMS shareholders. Goodwill recognised on the acquisition stood at $87.6 million, reflecting anticipated synergies and future growth opportunities. The integration costs of approximately $4 million were included in administrative expenses.
Dividend and Capital Management
Reflecting confidence in its financial position and outlook, SRG Global declared a fully franked interim dividend of 3.0 cents per share, up from 2.5 cents in the previous corresponding period. The record date for the dividend is 13 March 2026, with payment scheduled for 10 April 2026. The company does not operate a dividend reinvestment plan.
Issued capital increased to 626.6 million shares, boosted by the share consideration issued for the Total AMS acquisition and the exercise of performance rights. Net tangible assets per security decreased slightly due to the new shares issued but remain robust at $0.70 per share.
Governance and Leadership Updates
Post-period, SRG Global announced board changes effective 17 February 2026, with the retirement of Non-Executive Directors Peter McMorrow and Michael Atkins. They were succeeded by Mark Foster and Alan Rule, signalling a refreshed governance structure to support the company’s next growth phase.
Additionally, the company issued 7.5 million performance rights to key management and employees as part of its long-term incentive plan, aligning leadership incentives with shareholder returns.
Outlook and Considerations
SRG Global’s half-year results demonstrate strong momentum across its core business segments, underpinned by strategic acquisition and operational execution. While the acquisition accounting remains provisional, the expanded scale and capabilities position the company well to capitalise on infrastructure and industrial services demand.
Investors will be watching closely how the integration of Total AMS progresses and how the company manages its increased borrowings and goodwill. The board refresh also suggests a focus on governance and strategic oversight as SRG Global navigates its next growth chapter.
Bottom Line?
SRG Global’s strong half-year growth and strategic acquisition set the stage for an ambitious second half, but integration and capital management will be key to sustaining momentum.
Questions in the middle?
- How will SRG Global manage integration risks and realise synergies from the Total AMS acquisition?
- What impact will the increased borrowings and goodwill have on future earnings and cash flow?
- How might the new board appointments influence strategic direction and risk oversight?