Civmec has started FY27 with a sharp rise in activity, lifting quarterly revenue about 70% to A$324 million and NPAT about 75% to A$18.4 million. Its order book stands at approximately A$1.4 billion as major resources, infrastructure and defence projects ramp up.
- Q1 revenue rises approximately 70% to A$324 million
- NPAT increases approximately 75% to A$18.4 million
- Order book reaches approximately A$1.4 billion
- Wagerup Gallium construction contract awarded
- Fully franked FY26 final dividend of 3.5 cents per share paid
Civmec starts FY27 with steep earnings growth
Civmec Limited (ASX:CVL) has opened FY27 at a much higher level of activity, reporting quarterly revenue of A$324 million for the three months to 30 September 2026. That was approximately 70% above the A$190.4 million recorded in Q1 FY26, while EBITDA reached A$35.1 million and NPAT rose approximately 75% to A$18.4 million.
The company reported an EBITDA margin of 10.8% and an NPAT margin of 5.7%. The figures are quarterly operating metrics rather than a full financial result, but they show the effect of work moving into construction across Civmec's resources, energy, infrastructure and defence portfolio.
Order book holds at A$1.4 billion as projects convert
Civmec's order book stood at approximately A$1.4 billion at the date of the announcement, up from A$1.15 billion at the same time last year. The company said the position was supported by more than A$220 million of contract awards and extensions announced on 5 October, with delivery scheduled across FY27 and FY28.
The latest quarter has now begun converting those awards into operational activity. The October contract awards included the Wagerup Gallium project, while Civmec said tendering and early contractor involvement activity remained robust across critical minerals, alumina, gold, copper, port and transport infrastructure.
Wagerup gallium plant expands critical minerals exposure
The Wagerup Gallium project is the most prominent new award. Civmec will build the process plant at Alcoa's Wagerup Alumina Refinery in Western Australia, covering civil, structural, mechanical, piping, electrical and instrumentation works, as well as the process building, tanks, laboratory and supporting infrastructure. The company will also support commissioning.
The project follows a final investment decision in July and a groundbreaking ceremony in August. Civmec said the development is expected to support up to 200 local construction jobs and adds to its expanding involvement in Western Australia's critical minerals processing sector.
Resources and defence work provide the operating lift
Construction activity also increased on BHP's Port Debottlenecking Project 2 and Iluka Resources' Eneabba Rare Earths Refinery. Civmec is progressing piling, earthworks and concrete work at BHP's Nelson Point site, while ramping up its structural, mechanical, piping, electrical and instrumentation package at Eneabba. The quarter also saw the company complete packages on Fortescue's Green Iron plant and a major CSBP sodium cyanide expansion shutdown.
At Henderson, shipbuilding continued on all four remaining Arafura Class Offshore Patrol Vessels. The Commonwealth accepted the baseline schedule for the remainder of the program through 2029, giving Civmec greater clarity on delivery milestones. The company also loaded out a 1,900-tonne Dalrymple Bay shiploader and BHP's 500-tonne Car Dumper 4, highlighting the scale of its fabrication and assembly operations.
Defence precinct decision preserves Henderson flexibility
The Western Australian and Commonwealth governments have confirmed the zone allocation for the Henderson Defence Precinct. Defence expansion, including shipbuilding, sustainment and nuclear-powered submarine sustainment, is planned to the north of Civmec's facility, while the area directly in front of its site is allocated to non-defence industry.
Civmec said the arrangement allows it to continue operating across its sectors from Henderson with minimal interference while remaining positioned for potential defence and infrastructure work. The company has not provided further detail on the scope or timing of investment linked to the precinct. It paid its 3.5 cents per share fully franked FY26 final dividend on 23 October.
Bottom Line?
The early numbers are strong, but the investment question now shifts from order intake to whether Civmec can execute several large projects at the reported margins.
Questions in the middle?
- Can Civmec sustain the 10.8% EBITDA margin as Wagerup, PDP2 and Eneabba move further into delivery?
- How much additional work will emerge from the company's active critical minerals and infrastructure tender pipeline?
- What scope and timing will eventually attach to the planned Henderson Defence Precinct expansion?