What is the strategic logic behind the NZ$24 million Infrawork acquisition?

Management is pivoting the company toward "high-growth and resilient" sectors like infrastructure and food services while divesting lower-growth assets. By acquiring Infrawork, PeopleIN (ASX:PPE) gains a dominant position in New Zealand and a specialized pipeline of skilled migrant workers to address the acute construction labour shortage in the Asia Pacific region.

How did PeopleIN (ASX:PPE) perform financially in H1 FY26?

For the half-year ended December 31, 2025, PeopleIN reported revenue of $394.0 million (down 8.2% vs prior period) and a normalised EBITDA of $10.5 million (down 9.2%).

Why did PeopleIN’s revenue and EBITDA drop compared to last year?

The year-on-year decline was primarily caused by temporary administrative bottlenecks in PALM (Pacific Australia Labour Mobility) worker visa processing. These delays slowed the placement of workers in sectors like agriculture and food processing; however, management noted that worker arrivals are now increasing, which should lead to a rebound in H2 FY26.

What are the key bull points for PeopleIN (ASX:PPE) after this news?

The strongest "bull" signal is the 44% organic growth in the Engineering, Trades, and Labour segment, driven by aggressive infrastructure spending in Queensland.

What are the main risks or "bear" points for investors to consider?

A primary risk is the company’s sensitivity to government policy and visa processing (such as the PALM scheme), which directly impacted H1 results.

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PeopleIN acquires NZ Infrawork in NZ$24M deal

Written by Mahathir BayenaPublished Feb 20, 2026, 6:44 AMLast Updated Jul 6, 2026, 10:45 AM

PeopleIN (ASX:PPE) announced the strategic acquisition of New Zealand-based Infrawork for NZ$24 million.

The cash deal, announced alongside the company's H1 FY26 financial results, marks a transformative pivot toward high-growth verticals, including infrastructure construction, manufacturing, and food services.

Despite a challenging first half that saw revenue dip 8.2% to $394 million and normalised EBITDA fall 9.2% to $10.5 million, the company remains optimistic.

The year-on-year declines were largely attributed to temporary bottlenecks in PALM (Pacific Australia Labour Mobility) worker visa processing.

However, management expects these numbers to rebound in the second half of the year as processing delays ease.

The standout performer of the period was the Engineering, Trades, and Labour division, which delivered an impressive 44% organic growth.

The surge was primarily fueled by robust operations in Queensland and the state's aggressive building infrastructure investment.

Incoming Managing Director and Co-Founder, Tom Reardon, emphasised that the company is intentionally divesting lower-growth assets to "double down" on resilient sectors.

At the time of reporting, PeopleIN's share price was $0.68.

PeopleIN acquires NZ Infrawork in NZ$24M deal

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