Wagners Holdings Rides a Brisbane Olympics and Power Pole Boom

Strong construction materials volumes and an inflecting fibreglass power pole business have Wagners positioned as the most leveraged ASX play on the 2032 Olympics.

7 Sep 2026 · 3 min read

Wagners Holdings, a founder-led diversified construction materials and composite fibre technology business, delivered strong cement, concrete and quarry volume growth alongside a promising fibreglass power pole business benefiting from a global pole problem replacing ageing electricity infrastructure, with fund managers seeing it as the most leveraged ASX exposure to the 2032 Brisbane Olympics construction boom.

A founder-led diversified business with strong FY25 momentum

Balmoral Investors said Wagners is typical for its fund, founded in 1989, a diversified construction materials business including quarries and a composite fibre technology business, still chaired by one of the four founding brothers, who collectively still have a significant holding, with FY25 a year of strong performance, though EBITDA of $66 million was flat on FY24 as the previous year included a large contract wind-down.

An earnings upgrade driven by construction materials and power pole inflection

Ellerston Capital said Wagners was a key contributor to performance as the company delivered a strong FY26 year-to-date trading update and upgraded its earnings outlook, benefiting from robust demand across its Construction Materials division, with significant cement, concrete and quarry volume growth translating to strong margin expansion through better plant utilisation and operational efficiency. Perpetual Asset Management said Wagners significantly contributed to portfolio performance, up 31.1 percent following a positive trading update at the company's Annual General Meeting, delivering a strong start to FY26 with growing demand across Construction Materials and Composite Fibre Technologies, where power pole sales were expected to double. Ausbil Investment Management said the stock increased 31.1 percent following the AGM trading update, with strong concrete volumes, good concrete price realisation and the CFT power pole business on the cusp of inflecting the key drivers of the upgrade, with the revised guidance range materially above consensus.

Strong concrete volumes (cement pullthrough), good concrete price realisation and a CFT power pole business which is on the cusp of inflecting were the key drivers of the upgrade. While the revised guidance range was materially above consensus, our analysis continues to suggest further upside.

— Ausbil Investment Management, Monthly Report, November 2025

The most leveraged Brisbane Olympics exposure on the ASX

1851 Capital, a clear buy, said Wagners is the most leveraged exposure on the ASX over the next five to six years into the 2032 Brisbane Olympics, with its primary businesses located in Southeast Queensland, which will be the fastest growing economy in Australia over that period primarily due to the Olympic build.

Wagners is the most leveraged exposure on the ASX over the next five to six years into the 2032 Brisbane Olympics. Their primary businesses are in Southeast Queensland, which will be the fastest growing economy in Australia over the next five to six years for the Olympic build primarily.

— 1851 Capital, Article, May 2026

A global pole problem creates a promising fibreglass niche

Firetrail Investments said Keelan is particularly excited by Wagners, up about 20 percent this year, because there is a global pole problem from replacing ageing electricity transmission infrastructure, and Wagner makes fibreglass power poles with a lower carbon footprint than traditional alternatives, though it was noted Wagners also produces cement, a heavy carbon-emitting process.

There is a global 'pole problem' from replacing ageing electricity transmission infrastructure, and Wagner just so happens to make fibreglass power poles that have a lower carbon footprint than traditional alternatives.

— Firetrail Investments, Article, September 2026

What fund managers say they are watching next is continued doubling of power pole sales as the Composite Fibre Technologies business inflects, delivery of the Brisbane Olympics-driven Southeast Queensland construction boom, continued cement, concrete and quarry volume growth, and whether the global pole replacement thematic continues supporting demand for Wagners' fibreglass alternative.