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Sep 16, 2026
Mayank Bansal
Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.

Ventia Reports Strong HY26 Earnings as Work in Hand Reaches AU$21.1 Billion

Ventia Reports Strong HY26 Earnings as Work in Hand Reaches AU$21.1 Billion Source: Kapitales Research

Highlights

  • Ventia delivered 8.2% growth in underlying EBITDA to AU$273.3 million, with the EBITDA margin improving to 9.4%.
  • Work in hand increased 2.5% to AU$21.1 billion, supporting visibility across its diversified infrastructure portfolio.
  • The company maintained its FY26 outlook, targeting 7–10% NPATA growth, alongside strong cash generation and shareholder returns.

Ventia Reports Resilient HY26 Performance

Ventia Services Group Limited (ASX: VNT) reported its HY26 financial results on 24 August 2026, highlighting continued earnings growth, strong cash conversion and solid contract momentum. The company also lodged its half-year report with the Australian Securities Exchange on 24 August 2026. For the half year, total revenue declined 4.7% to AU$2.89 billion, reflecting the transition to new Base Services Contracts. However, this was partly offset by growth across the company’s other operating sectors. Underlying EBITDA increased 8.2% to AU$273.3 million, while the EBITDA margin expanded by 1.1 percentage points to 9.4%. Underlying NPATA rose 7.4% to AU$128.2 million. Cash conversion remained strong at 93.8%, while work in hand increased 2.5% year-on-year to AU$21.1 billion as of 30 June 2026. The average contract tenure for contracts above AU$100 million reached 6.2 years, compared with 5.5 years in HY22.

Diversified Operations Support Growth

Ventia recorded improved performance across three of its four operating sectors. Transport revenue increased 5.3% to AU$341.7 million, while EBITDA climbed 29.3% to AU$31.8 million. Infrastructure Services generated revenue of AU$733.9 million, up 6.3%, with EBITDA rising 24.6% to AU$75.5 million. Telecommunications revenue grew 5.9% to AU$818.6 million, while EBITDA reached AU$97.9 million. Revenue from Ventia’s Defence and Social Infrastructure segment fell 20.0%, primarily reflecting the transition to new Defence Base Services contracts.

Outlook Remains Positive

Ventia maintained its FY26 guidance for 7–10% NPATA growth, supported by cash conversion above 90%, an EBITDA margin above 9.0% and renewal rates exceeding 90%. The company also continues to target a 75% NPATA dividend payout and a AU$300 million buyback program for 2025–2027.

Note- All data presented is based on information available at the time of writing.

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