Daily Roundup

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Aussie Broadband Completes Major Acquisition and Maps Out Migration Timeline

Aussie Broadband has wrapped up its acquisition of AGL Energy's telecommunications business, marking a significant expansion of its customer base. The company will migrate AGL's 350,000 NBN services and mobile connections during Q2 FY27, with the deal expected to deliver $21 million in underlying EBITDA within the first 12 months post-migration. The integration of More and Tangerine Telecom is also progressing smoothly, with migration completion targeted for the end of June 2026 and an anticipated $12 million in annualized EBITDA from FY27 onwards. For the current financial year, Aussie Broadband is guiding for earnings in the middle of the $162 million to $167 million range, with capital expenditure expected at the upper end of $55 million to $60 million.

Takeover Drama Unfolds at Accent Group

Things are heating up in the retail sector as Frasers Group makes its move on Accent Group. The UK-listed company has launched an on-market takeover bid at A$0.65 per share—a price that matches Accent's last closing price and comes without any premium. Frasers already holds approximately 22.9% of Accent and has been making recent purchases at higher prices, a detail the Accent board hasn't overlooked. The bid period runs from June 30 to July 30, 2026, and Accent's board is urging shareholders to hold tight and wait for a formal recommendation before making any decisions. The board has appointed Luminis Partners and Arnold Bloch Leibler as advisers while it considers the offer.

Southern Cross Electrical Engineering Riding Wave of New Contracts

Southern Cross Electrical Engineering has landed over $150 million in new works awards, prompting the company to raise its FY26 underlying EBITDA guidance to at least $75 million. Looking ahead, the company is forecasting FY27 EBITDA of at least $100 million, signaling strong momentum in the market. To support this growth trajectory, Southern Cross is raising capital through a fully underwritten institutional placement worth $150 million and a non-underwritten share purchase plan targeting up to $15 million. Key wins include initial electrical and communications work for Multiplex at NEXTDC's S4 Data Centre and switchboard orders for Trivantage Manufacturing. The company is also strengthening its executive leadership team and increasing its financing facilities to support expansion. Trading in the company's shares has been halted pending announcement of the equity raising results, with trading expected to resume on June 16, 2026.

EOS Reports Elevated Demand and Secures New Contracts

Electro Optic Systems is capitalizing on heightened global tensions, reporting elevated enquiry levels for its Remote Weapon Systems, High Energy Laser Weapons, and counter-drone technologies. The company has secured a £85 million contract with a Middle Eastern customer and a $5 million order with L3Harris for a counter-drone weapon system. EOS is also making waves internationally, launching its combined EOS and MARSS business at the Eurosatory Defence and Security Exhibition in Paris, with MARSS headquarters now based in Nice, France. For 2026, EOS expects full-year revenue of $240 million to $270 million from its base business, excluding MARSS. The company is still assessing revenue recognition timing for MARSS contracts and plans to provide a further update on the MARSS business outlook within two months.

GR Engineering Lands $233 Million Project

GR Engineering Services has secured a $233 million engineering, procurement, and construction contract with Ora Banda Mining for a 3.0 Mtpa Process Plant as part of the Davyhurst Expansion Project. The award builds on GR Engineering's appointment as Preferred Contractor and reinforces the company's reputation for process design and EPC delivery capability. The contract is expected to bolster GR Engineering's contracted pipeline for FY27 and FY28.