• Normalised EBITDA results to Dec 25 in line with expectations at $16.1m
• Ongoing business $10.5m (vs $11.5m Dec 24) with return to growth in Engineering and Trades
• Transformative disposal of lower growth businesses to recycle capital to higher growth initiatives

Peoplein Ltd reported its H1 FY26 results, with normalised EBITDA of $16.1m, in line with expectations. The ongoing business delivered $10.5m in normalised EBITDA, up 46.5% from H2 FY25, driven by organic growth in Engineering, Trades and Labour roles in South-East Queensland. This offset softer performance in Regional Workforce Management due to lower net visa arrivals and hours, though this stabilised and started to grow in November. The company also reported improved billing rates and continued positive workers' compensation experience. The company announced a transformative disposal of lower growth businesses to recycle capital to higher growth initiatives, including an agreement to acquire Infrawork in New Zealand to expand its infrastructure construction recruitment across the Asia Pacific region. This transaction is expected to add significant scale and synergies to Peoplein's Asia Pacific recruitment and labour mobility capabilities.Looking ahead, Peoplein outlined a focused strategy centred on targeted market leadership, strategic accretive acquisitions, and operational excellence. This includes capturing increased demand from Queensland's infrastructure pipeline, continuing to grow international staffing solutions, and driving cross-selling and technology-enabled productivity improvements.

Peoplein expects its ongoing operations to deliver normalised EBITDA of $22.0m in the 12 months to December 2025, including the contribution from the Infrawork acquisition.

Peoplein is well-positioned to capture growth opportunities, with a simplified operating model, strong balance sheet, and strategic focus on higher-growth markets and capabilities. The company sees significant potential to drive further operational improvements and synergies through targeted acquisitions in key growth areas.