SRG Global (ASX:SRG) delivered "a terrific set" of fiscal 2026 numbers, with normalized earnings before interest, taxes, depreciation, and amortization beating both guidance that was upgraded in June as well as consensus forecasts, Euroz Hartleys said in a Wednesday note.

Post its acquisition of Total AMS, the construction engineering company has transitioned from a pro forma net debt position of around AU$52.5 million to net cash of AU$6.2 million, supported by operating cash conversion of 101%, the equity research firm said.

SRG Global also declared its largest dividend on record of AU$0.07 per share for fiscal 2026.

The company's "exposure to multiple structural infrastructure tailwinds and a lower level of execution risk compared with peers supports continued earnings growth and, in our view, supports a higher level of capitalization multiple as earnings continue to grow," Euroz Hartleys said.

It maintained a buy recommendation on SRG Global while raising the target price to AU$4.55 per share from AU$4.18.

SRG Global shares rose 3% in recent Wednesday trade.