FLUENCE CORPORATION LIMITED (FLC)
Share Price Analysis and Chart

01/05/2026

3

Hold

$0.11

29.41%

Following March quarter results, Bell Potter describes a mixed start to FY26 for Fluence, with modest revenue growth and continued margin improvement, driven by higher-margin business segments.

Cash flow was weak due to delayed customer receipts and project timing issues, the analysts explain, while order intake was also softer, albeit with delays rather than cancellations.

Upside risk to valuation is noted from a potential award of the Ivory Coast project (IVC) operations and maintenance (O&M) contract, expected in 3Q 2026, which is not currently included in the broker's current forecasts.

Bell Potter retains a Hold (Speculative) rating and target of $0.11.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.15 cents.

03/03/2026

-1

No Rating

29.41%

Fluence delivered a 2025 full year result in line with previous updates. Research as a Service (RaaS) notes successful delivery of the IVC Addendum project was the most material financial driver of revenue and adjusted EBITDA that were ahead of forecasts.

This was complemented by ongoing success in the strategically important SPS revenue segment, which grew 15.2%. The broker believes the business is well-positioned for further growth although no numerical guidance was provided.

The backlog of the contracted order book sits at US$75m, US$54m of which is expected to be recognised in FY26. Valluation is steady at $0.18. 

Research as a Service (RaaS) research doesn't carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.

FORECAST
Research as a Service (RaaS) forecasts a full year FY26 EPS of 50.89 cents.
Research as a Service (RaaS) forecasts a full year FY27 EPS of 104.78 cents.