SRG Global reported record FY26 results driven by strong operational delivery, strategic acquisition of TAMS, and enhanced sustainability governance. The company upgraded its FY27 EBITDA guidance to $195–205 million, supported by a $5.1 billion work in hand and $11.5 billion opportunity pipeline.
- Record FY26 revenue of $1.675 billion, up 27%
- Underlying EBITDA increased 34% to $170.1 million
- TAMS acquisition delivers 10% above business case
- 80% of earnings now from recurring revenue streams
- FY27 EBITDA guidance upgraded to $195–205 million
Record FY26 Financial Performance and Strategic Acquisition
SRG Global Limited (ASX:SRG) has posted a landmark year for the 2026 financial period, delivering record revenue of $1.675 billion, a 27% increase from FY25, and underlying EBITDA of $170.1 million, up 34%. Earnings per share climbed 34% to 13.8 cents, while the company declared a fully franked total dividend of 7.0 cents per share, marking a 27% uplift.
Central to this performance was the strategic acquisition of Total AMS Pty Ltd (TAMS), completed in October 2025. The marine infrastructure services provider integrated seamlessly, contributing $141 million in revenue and $22 million in profit before tax within eight months, exceeding business case expectations by approximately 10%. This acquisition expanded SRG Global’s footprint in the ports and marine sector, complementing its diversified infrastructure services portfolio.
Robust Business Model with Strong Recurring Earnings
SRG Global’s transformation into a diversified infrastructure services business is underscored by approximately 80% of earnings now derived from annuity-style recurring revenue streams. This shift enhances earnings visibility and reduces risk, supporting sustainable long-term growth.
The Maintenance & Industrial Services segment led FY26 growth, with revenue reaching $1.15 billion and EBITDA of $164.7 million, reflecting a 33% and 36% increase respectively. This segment now includes TAMS and continues to secure long-term contracts with blue-chip clients such as Fortescue, Origin Energy, and Alcoa, underpinning a resilient earnings base.
The Engineering & Construction segment posted solid results with $525.7 million in revenue and $40.6 million EBITDA, maintaining margins amid ongoing project delivery across water, transport, defence, and renewable energy sectors.
Financial Strength and Upgraded FY27 Guidance
SRG Global strengthened its balance sheet during FY26, transitioning back to a net cash position of $6.2 million from a proforma net debt of $52.5 million post-TAMS. Liquidity remains robust at approximately $288 million, providing flexibility to pursue growth opportunities.
With a record work in hand of $5.1 billion, up 42% year-on-year, and an opportunity pipeline of $11.5 billion, the company upgraded its FY27 EBITDA guidance to between $195 million and $205 million, with EBIT(A) expected in the range of $150 million to $160 million. This reflects confidence in continued organic growth and strategic execution.
Sustainability Governance and Climate Risk Management
FY26 marked SRG Global’s inaugural reporting under the Australian Accounting Standard AASB S2 Climate-related Disclosures, with the establishment of an executive-led Sustainability Committee enhancing governance and oversight.
The company has identified key climate-related risks, including the need for a fleet decarbonisation strategy and potential supply chain disruptions due to increasing climate events. Opportunities arise from the energy transition, client investments in climate-resilient infrastructure, and growing demand for critical minerals supporting clean energy technologies.
SRG Global’s capital-light, diversified business model and integrated asset lifecycle capabilities position it to navigate these challenges and capitalize on emerging market trends.
Leadership and Board Developments
The Board saw changes with the appointment of Mark Foster as Non-Executive Director and Chair of the Audit & Risk Committee, enhancing financial and governance expertise. Amber Banfield assumed the role of Non-Executive Chair in October 2025, succeeding Peter McMorrow.
Executive remuneration reflects the company’s performance, with Managing Director David Macgeorge’s fixed remuneration adjusted to $1.54 million in recognition of the expanded scope and complexity of the business. Both Macgeorge and CFO Roger Lee received strong short-term and long-term incentive outcomes aligned with record earnings and shareholder returns.
What to Watch Next
Investors should monitor the integration and performance of TAMS in FY27, the execution of the upgraded EBITDA guidance, and progress on sustainability initiatives, particularly the development of a fleet decarbonisation plan. The company’s ability to secure and execute long-term contracts across its diversified sectors, including water, energy transition, and marine infrastructure, will be critical to sustaining growth momentum.
Bottom Line?
SRG Global’s record FY26 and upgraded FY27 guidance underscore its successful diversification and acquisition strategy, but execution on climate-related risks and TAMS integration will be pivotal.
Questions in the middle?
- How will SRG Global’s fleet decarbonisation plan evolve amid emerging regulatory and client demands?
- What synergies and cross-selling opportunities will materialise from the TAMS acquisition in FY27?
- How will SRG Global balance growth in annuity contracts with project-based earnings to sustain margins?