SHAPE Backlog Tops $1.5bn After ~$800m DigiCo Contract

SHAPE (ASX:SHA) issued a Q1 FY27 trading update to report higher project wins and backlog, and to set out the revenue it expects from the data centre contract awarded by DigiCo Infrastructure REIT in October.

Project wins in Q1 were $504.6 million, compared with $336 million in the pcp, and quarter-end backlog orders were $762.7 million, up 21% since 30 June 2026. The ~$800 million DigiCo data centre contract, awarded through an ECI procurement methodology, increased project wins to more than $1.4 billion and backlog orders above $1.5 billion as at 19 October 2026. SHAPE expects the project to contribute approximately $200 million in revenue in each of FY27 and FY28, above its pre-DigiCo forecasts, and says pricing and terms have been secured on all major subcontracts back-to-back with its head contract commitments. Modular construction revenue was $20.6 million in Q1, compared with $14.5 million in the pcp, and Modular by SHAPE WA secured its first project win through a Western Australian Government modular panel. The 120-day pipeline of known project opportunities is more than $1.7 billion and the overall pipeline exceeds $4.5 billion.

The update gives no earnings figures or FY27 earnings guidance. Backlog and pipeline figures exclude Arden Fitout & Maintenance Pty Ltd and Australian Professional Shopfitters Pty Ltd.