Acrow has raised its FY27 earnings guidance after four months of trading, forecasting underlying NPAT growth of 74% at the midpoint. The upgrade combines stronger organic demand with contributions from SuperDeck and AusGroup Industrial Services, while planned capital expenditure remains unchanged.
- FY27 revenue guidance lifted to $440 million-$470 million
- Underlying EBITDA guidance raised to $110 million-$120 million
- Underlying NPAT forecast at $44 million-$52 million, up 74% at midpoint
- AGIS contribution began after 1 September acquisition completion
- Net debt to EBITDA expected to fall to approximately 1.3 times
FY27 earnings guidance rises across every key measure
Acrow Limited (ASX:ACF) has raised its FY27 outlook after four months of trading, with the company now guiding to underlying net profit after tax of $44 million-$52 million. At the midpoint, that represents growth of 74% on FY26, while underlying EBITDA is expected to reach $110 million-$120 million, up 43%.
Revenue guidance has moved to $440 million-$470 million from $410 million-$430 million. Acrow has also introduced full-year guidance for underlying EBIT of $76 million-$87 million and earnings per share of 10.5-12.3 cents. First-half EBITDA guidance has been narrowed upward to $52 million-$55 million, compared with the previous $50 million-$55 million range.
Industrial access and Queensland formwork drive the upgrade
The company attributed the revised outlook to organic growth in both Industrial Access and Construction Services, alongside a full-quarter contribution from SuperDeck and one month of earnings from AusGroup Industrial Services, acquired with completion effective 1 September 2026.
Acrow said the Industrial Access division benefited from expanded scopes on its Snowy 2.0 scaffold and Perdaman contracts, as well as continued maintenance and shutdown activity across the eastern seaboard and Western Australia. Queensland formwork activity has also continued its recovery, with the company citing cross-selling across its Jumpform, Screens and SuperDeck fleets.
AGIS integration adds scale without changing the spending plan
The AGIS contribution follows the AusGroup acquisition clearance, which cleared the regulatory path for completion. Acrow said integration is proceeding to plan, while its AGM presentation positioned the acquisition as a way to deepen its North Queensland presence, add industrial services capability and expand cross-selling opportunities.
The stronger forecast also marks a substantial reset from the initial FY27 EBITDA guidance of $105 million-$115 million issued after FY26. That earlier outlook followed a year in which revenue reached $336.0 million, but underlying NPAT fell to $27.6 million as Acrow invested in people, equipment and acquisitions.
Lower capital spending supports expected deleveraging
Capital expenditure remains budgeted at $30 million for FY27, down from $36.5 million in FY26. Acrow expects net debt to EBITDA to decline to approximately 1.3 times by 30 June 2027, from 1.6 times at 30 June 2026 on a pro-forma basis for the FY26 acquisitions.
That forecast depends on the order book converting as expected and current operating conditions continuing. The company has not separately quantified the earnings contribution from AGIS or SuperDeck, leaving the first-half result as the next practical test of how much of the upgraded outlook is organic momentum and how much is acquisition-led.
Bottom Line?
The upgrade raises the earnings bar, but the next test is whether first-half cash generation and AGIS integration keep pace with the forecast.
Questions in the middle?
- How much of FY27 earnings growth will come from AGIS and SuperDeck rather than organic operations?
- Will Queensland formwork recovery continue strongly enough to support the full-year guidance range?
- Can Acrow reduce leverage to approximately 1.3 times while funding its infrastructure pipeline and maintaining $30 million of capital expenditure?