Intelligent Monitoring Group (IMB) H1 2025 earnings summary

Executive summary

• Adjusted EBITDA reached $17.5 million for 1H25, up 22–23% year-over-year, with EBITDA margin at 22% and revenue growth of 43–45%, driven by acquisitions and organic expansion in Australia (+6%) and New Zealand (+4%).

• Guidance for FY25 adjusted EBITDA reaffirmed at over $38 million (pre-acquisitions) and over $40 million including acquisitions, representing a 48.7% increase from FY24.

• Major refinancing reduced funding costs from 15% to under 7% per annum, with a new NAB facility and $35 million acquisition facility available.

• Net loss after tax widened to $9.1 million, impacted by non-cash impairments and acquisition-related costs.

• Business transformation from turnaround to growth phase, now the largest security monitoring service in Australasia with over 210,000 customers and nearly 600 staff.

Financial highlights

• Revenue for 1H25 was $80.8 million, up from $55.7 million year-over-year; gross profit ranged from $25.5 million to $30.6 million.

• Adjusted EBITDA increased to $17.5 million (from $14.2–$14.3 million), with a margin of 22%.

• Net loss reported at $9.1 million, impacted by $7.6 million in non-recurring items and $9.0 million in amortisation.

• Adjusted cash flow increased 44% year-over-year; operating cash flow before non-recurring items was $7.5 million.

• Net debt to FY25 EBITDA at 1.4x, with cash in bank at $26.2 million and gross debt at $83.7 million.

Outlook and guidance

• FY25 adjusted EBITDA guidance reaffirmed at over $38 million (pre-acquisitions) and over $40 million including acquisitions.

• Post-refinancing, underlying annualised profit and cash flow expected to reach $27.2 million, with an 81% uplift.

• Focus on organic growth, pipeline expansion, and further margin improvement toward 25–30% EBITDA margin over time.

• Management anticipates further profitability lift in FY26 as demand grows.

• Guarding business (video monitoring) expected to become a significant group-level contributor in 6–12 months.