DUG Technology - Strong start to the year

DUG Technology reported Q126 year-on-year revenue growth of 19% and new services project awards growth of 9% y-o-y, maintaining a flat services order book versus end-FY25. Progress with international expansion was evident in the first revenue from Brazil and a growing contribution from the Middle East. The EBITDA margin of 25.1% (Q125 18.6%) included an element of costs relating to the new Petronas contract. We expect this contract to start to contribute revenue from Q226, ramping up to the full run rate in FY27. We maintain our forecasts.

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