Imdex (IMD) H2 2025 earnings summary

Executive summary

• FY25 revenue was $431 million, down 3% year-over-year, but with record Q4 revenue of $119 million, strong market share gains, and increased digital and SaaS contributions.

• EBITDA grew to $130 million (up 15% year-over-year), with normalized EBITDA at $126 million and margin maintained at 29%.

• The business operates two units: Drill Site Technologies and Digital Earth Knowledge, each driving growth through innovation and digital transformation.

• Strategic acquisitions (Devico, Krux, Datarock, ESA) accelerated digital expansion and SaaS portfolio growth.

• Disciplined capital management and a resilient balance sheet supported continued investment in innovation and M&A.

Financial highlights

• Group revenue was $431 million, down 3% year-over-year; normalized EBITDA was $126 million, reported EBITDA $130 million (29% margin).

• Reported NPAT was $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.

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

• Fully-franked dividend of 2.5 cents per share, maintaining a 30% payout of normalized NPAT.

Outlook and guidance

• Entering FY26 with optimism, expecting continued momentum in IMT, SaaS, and next-gen technologies.

• Q4 revenue strength has carried into Q1 FY26, with tools on hire up 4% year-over-year.

• Americas expected to lead growth, especially in copper and gold; Europe, Africa, and APAC regions show steady to growing activity, with some regional risks.

• Ongoing digital adoption and recurring revenue streams expected to drive future growth.

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