AJ Lucas Group (AJL) H1 2026 earnings summary

Executive summary

• Net profit after tax of $38.9 million for H1 FY26, reversing a $11.5 million loss in H1 FY25, driven by a $25.9 million UK settlement and improved Australian operations.

• Revenue from continuing operations declined 11.8% year-over-year to $66.9 million due to subdued metallurgical coal markets and suspended mining at two client sites.

• EBITDA rose 335.8% to $38.5 million, reflecting the UK settlement and operational efficiencies in Australia.

Financial highlights

• Revenue: $66.9 million (down 11.8% YoY).

• EBITDA: $38.5 million (up 335.8% YoY).

• EBIT: $35.3 million (up 655.5% YoY).

• Net finance income: $3.6 million (vs. $16.1 million net cost prior year), mainly from interest concessions on related party loans.

• Net tangible asset backing improved to -3.1 cents/share from -6.3 cents/share at June 2025.

• No interim dividend declared.

Outlook and guidance

• Australian operations will focus on servicing customers and exploring new drilling market opportunities.

• UK operations will maintain cost-effective compliance and pursue removal of the shale gas moratorium, while evaluating conventional gas development.