Bisalloy Steel Group (BIS) H1 2026 earnings summary

Executive summary

• Revenue increased 0.3% year-over-year to $71.1m for the half-year ended 31 December 2025, driven by higher Armour & Protection sales, partially offset by lower Indonesian sales due to import restrictions.

• Profit after tax decreased 5.8% year-over-year to $8.5m, reflecting higher overheads and increased investment in sales and marketing.

• Maintained leadership in high-performance steel for mining and defence sectors.

• Safety performance remained robust, with zero harm in overseas operations and no lost time injuries in Australia.

• No significant changes in the state of affairs during the half-year.

Financial highlights

• Revenue for the six months ended 31 Dec 2025 was $71.1m, up 0.3% year-over-year.

• Profit before tax was $12.5m, down 2.3% from the prior year; profit after tax was $8.5m, down from $9.0m.

• Operating EBITDA (excluding FX) declined 3.1% year-over-year to $14.2m.

• Net operating cash inflow was $1.9m, slightly higher than $1.8m in the prior year.

• Net debt increased to $8.3m from net cash of $3.4m at 31 Dec 2024, mainly due to special dividend payments.

Outlook and guidance

• H2 FY26 expected to remain challenging, with continued strong performance anticipated from Armour & Protection business.

• Finalisation of the Australian SSN-AUKUS Hull Steel Qualification contract expected in H2.

• Ongoing investment in Optiwear trials and commercialisation.

• Interim dividend of 8.0 cents per share declared, reflecting a stable dividend policy.