PWR Holdings Limited

Revenue was $170.7 million, up 31.2% year over year, driven by higher volumes in Motorsports and A&D. EBITDA was $40.7 million, with EBITDA margin of 23.8%, up 4.2 percentage points, and statutory NPAT was $17.9 million, up 83.2%, with NPAT margin improving to 10.5%. Motorsports revenue increased 45.4% to $102 million; A&D revenue increased 31% to $35 million; OEM revenue was $14.6 million; and aftermarket revenue was $16 million. Free cash flow returned to positive $10.6 million, operating cash conversion on EBITDA was 104.9%, and net debt ended at $5.6 million, with gross debt reduced from around $28 million at the second-quarter peak to $12.8 million at year-end. For FY27, management expects Motorsports to maintain its higher baseline, A&D revenue growth of around 30% to continue, OEM growth of around 20%, and modest aftermarket growth. FY27 CapEx is expected to normalize to approximately $14 million to $16 million, including initial investment in Poland, and Poland is expected to reduce statutory NPAT by less than $1 million in FY27.

Sharyn Williams framed FY26 as a defining year marked by record revenue, meaningful margin expansion, and successful completion of the company’s largest investment cycle and factory relocation. She emphasized that the business is now seeing operating leverage from prior investments, with stronger capacity, capability, and a record FY27 opening order book. Her tone was confident and upbeat, while staying grounded in execution, customer accreditations, and selective growth in higher-complexity markets.

Robert Shore highlighted the hard numbers behind the improvement: revenue of $170.7 million, EBITDA of $40.7 million, NPAT of $17.9 million, free cash flow of $10.6 million, and net debt of $5.6 million. He pointed to cost pressure from U.S. tariffs, raw material inflation, fuel surcharges, higher employee costs, and occupancy expenses from the new facility, but said these were being managed through U.S. production and pricing. He also noted CapEx of $22.7 million in FY26, with FY27 expected to normalize to about $14 million to $16 million, and reiterated the dividend policy of 40% to 60% of NPAT, with the full-year dividend at $0.08.

Analysts focused heavily on the new Poland facility, asking whether it is mainly for European A&D, how it complements the UK site, and whether geopolitical risk near Ukraine was acceptable; management said it is primarily for European aerospace and defense, that UK capacity was already full, and that due diligence gave them comfort on the location. Questions also centered on the A&D order book and whether the $40 million could translate into more FY27 revenue; management said the full amount is for FY27 delivery, but timing depends on customer schedules and that revenue guidance remains around 30% growth rather than simply annualizing the order book. On Motorsports, management said FY27 benefits from the 2026 regulation changes should continue, and on OEM they said the new hypercar program should drive growth into FY28.