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Mistras Group (MG) investor relations material

Mistras Group Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary5 Nov, 2025

Executive summary

  • Q3 2025 revenue reached $195.5 million, up 7% year-over-year, with net income more than doubling to $13.1 million ($0.41 per diluted share), and record adjusted EBITDA of $30.2 million, a 29.6% increase.

  • Growth was broad-based across all major industry verticals, with double-digit gains in Aerospace & Defense, Industrials, Infrastructure, and Power Generation.

  • Gross profit margin improved by 300 basis points to 29.8%, reflecting operational efficiencies and cost controls.

  • Strategic plan "Vision 2030" focuses on integrated solutions, diversification into new markets, and operational leverage.

  • Operating income rose 71.9% to $20.4 million, with non-GAAP operating income before special items up 70.1% to $22.3 million.

Financial highlights

  • Q3 2025 revenue was $195.5 million (+7.0% YoY); gross profit was $58.2 million (+19.0%), with gross margin expanding to 29.8%.

  • Adjusted EBITDA margin rose to 15.4% from 12.7% in the prior year quarter.

  • GAAP net income doubled to $13.1 million ($0.41 per diluted share) from $6.4 million ($0.20 per share) year-over-year.

  • Interest expense decreased to $3.4 million from $4.3 million, a 21.4% reduction.

  • Cash and cash equivalents at quarter-end were $27.8 million, with $86.4 million in unused credit facility commitments.

Outlook and guidance

  • Full-year 2025 revenue expected between $716–$720 million, essentially flat year-over-year after adjusting for Laboratory consolidations and exit from unprofitable business.

  • Full-year adjusted EBITDA guidance raised to $86–$88 million, above 2024’s $82.5 million.

  • Positive free cash flow and debt paydowns anticipated in Q4 2025, with normalization of free cash flow expected in the first half of 2026.

  • Management expects continued impact from oil price volatility on Oil & Gas segment demand.

  • Sufficient liquidity and credit remain available to fund operations for the foreseeable future.

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Frequently asked questions

Mistras Group Inc is a provider of technology-enabled asset protection solutions, specializing in non-destructive testing (NDT) and inspection services. The company helps clients in industries such as oil and gas, aerospace, power generation, and infrastructure to monitor and assess the integrity of critical assets, including pipelines, pressure vessels, and bridges. Mistras offers a wide range of services, including acoustic emission testing, radiography, and advanced data analytics, to detect flaws, prevent failures, and extend the lifespan of equipment and structures. The company is headquartered in Princeton Junction, New Jersey, and its shares are listed on the NYSE.

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