SPC Global has reiterated FY26 guidance of 25% growth in normalised EBITDA. The synergy realisation program has highlighted further savings. We increase our total savings from $16 million to $19 million. Following the equity raise in May 2026, leverage will fall from 4.0x to <2.0x at FY26e and could be less than 1.0x in FY27e.

SPC Global reiterated guidance of full year normalised EBITDA growth of 25%. SPC Global 1H26 EBITDA of $13 million implies 2H25e EBITDA of $25 million with full year FY26e EBITDA of $38 million. We forecast that the EBITDA improvement in 1H26 benefitted from the delivery of synergies and the exit of low margin contracts offset missed international sales impacted by timing differences.