Acrow Delivers Record Revenue but Margin Pressure Hits First-Half Profit

Acrow Formwork and Construction Services Limited ( (AU:ACF) ) has provided an announcement.

Acrow reported record first-half FY26 revenue of $155.9 million, up 23% year on year, driven predominantly by a 54% surge in its Industrial Access division, which now contributes 62% of group revenue. Despite the top-line growth, underlying EBITDA fell 3%, EBIT dropped 15% and NPAT declined 22%, as margins compressed due to a shift in earnings mix, higher depreciation and interest, and weaker trading in Queensland construction.

The Construction Services division saw a 7% revenue decline amid a lull between major Queensland projects, partially offset by stronger activity in New South Wales, South Australia and Western Australia. Acrow increased net debt to $151.5 million to fund growth capital in Jumpform, Screens and Industrial Access, while maintaining solid momentum in these specialist businesses and guiding to FY26 revenue growth of 22% and EBITDA growth of 2%, underscoring a strategic pivot toward scale and recurring industrial work despite near-term margin pressure.

The most recent analyst rating on (AU:ACF) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Acrow Formwork and Construction Services Limited stock, see the AU:ACF Stock Forecast page.

More about Acrow Formwork and Construction Services Limited

Acrow Limited is an Australian provider of formwork, scaffolding and related construction services, operating through its Industrial Access and Construction Services divisions. The company focuses on supplying equipment, labour and integrated access solutions to large infrastructure, industrial and commercial projects nationwide, with growing specialisations in jumpform and screens systems for high-rise and complex builds.

Average Trading Volume: 210,510

Technical Sentiment Signal: Buy

Current Market Cap: A$336.5M

See more insights into ACF stock on TipRanks’ Stock Analysis page.