Imdex (IMD) H2 2025 earnings summary

Executive summary

• FY 2025 revenue was $431 million, down 3% year-over-year, but with market share gains, strong Q4 sequential growth, and increased contribution from new technologies and services.

• Delivered strong EBITDA growth and margin expansion, with robust cash conversion and a resilient balance sheet supporting continued investment in innovation and growth.

• The business is structured into Drill Site Technologies and Digital Earth Knowledge, each with distinct growth levers.

• Strategic focus on digital transformation, SaaS revenue acceleration, and expansion into new geographies and market segments, underpinned by disciplined capital management and targeted M&A.

Financial highlights

• Group revenue was $431 million, down 3% on FY24; normalized EBITDA margin remained above 29%; reported EBITDA was $130 million, up 15% year-over-year.

• NPAT reported at $55.2 million, up 70% year-over-year; normalized NPAT at $43 million, down 8%.

• EPS increased 69% to 10.8 cents; normalized EPS down 9% to 8.4 cents.

• Operating cash flow was $120 million; cash conversion rate was 95%; net debt reduced by 63% to $13 million; leverage at 0.1x.

• Fully-franked dividend of $0.025 per share, maintaining a 30% payout of normalized NPAT.

Outlook and guidance

• Entering FY 2026 with optimism, expecting continued momentum in IMT, SaaS, and next-gen technologies, with Americas expected to lead growth.

• Q4 revenue strength has carried into Q1 FY 2026, with tools on hire up 4% year-over-year.

• APAC region shows steady production and emerging exploration growth; demand for AI-powered solutions rising.

• EBITDA margin guidance remains at 28%-30%.

• Continued investment in R&D and digital platforms to drive future growth.