Bisalloy Steel Group (BIS) H2 2025 earnings summary

Executive summary

• Achieved record profit after tax attributable to members of $19.6m, up 24.4% year-over-year, driven by strong performance in Armour & Protection plate and one-off AUKUS contract gains.

• Revenue remained flat at $152.8m, with Australian production and sales down due to weak WA demand, offset by higher gold prices and defence sector growth.

• International subsidiaries in Indonesia and Thailand contributed positively, and the Chinese joint venture delivered improved sales, revenue, and profit.

• Declared a record fully franked final dividend of 16.5 cps, up 43.5% from last year, with total dividends paid in FY25 at 32.5 cps.

Financial highlights

• EBITDA reached $31.9m, net profit after tax $20.0m, and basic EPS rose to 40.9 cps from 33.0 cps year-over-year.

• Gross margin improved due to a favourable product mix and lower input costs in H2.

• Net tangible asset backing per share increased to 168.3 cps from 151.8 cps.

• Return on equity rose to 23.3% (from 21.0%), and gearing remained at 0%.

Outlook and guidance

• FY26 outlook is positive but expects softer results without one-off AUKUS gains; focus remains on China/SE Asia expansion, global Armour & Protection growth, and commercialisation of OptiWear sensor technology.

• Ongoing commitment to carbon neutrality by 2030 and continued investment in innovation and process improvements.