Intelligent Monitoring Group (IMB) H1 2026 earnings summary

Executive summary

• Underlying EBITDA for the half was $19.2 million, up 9.7% year-over-year, with a 20% margin, driven by strong organic growth in Australia (+8.3%) and a significant pipeline increase (+36% QoQ).

• Revenue rose to $98.0 million for the half-year ended 31 Dec 2025, up 21% year-over-year, supported by organic growth and acquisitions.

• New Zealand EBITDA declined due to delayed project starts but began recovering in November, with the pipeline expected to remain strong.

• Acquisitions of BNP, Western Advance, and the pending Tyco NZ (Wormald) are contributing to growth and scale, with Tyco NZ expected to close by May 2026.

• The business model is defensive, cash-generative, and focused on recurring monitoring and service revenue.

Financial highlights

• Revenue for 1H26 was $98.0 million, up from $80.8 million in 1H25.

• Underlying EBITDA: $19.2 million for the half, up 9.7% year-over-year, with a 20% margin.

• Profit before abnormal costs and amortization: $10.6 million, up 36% year-over-year.

• Reported EBITDA: $14.7 million, with $4.6 million in abnormal costs (acquisition, share-based payments, impairment of receivables).

• Net loss after tax narrowed to $2.43 million from $9.07 million in the prior year period.

Outlook and guidance

• On track to deliver pro forma EPS greater than $0.062 per share, with Tyco NZ expected to contribute $10 million EBITDA post-settlement.

• Full-year underlying EBITDA guidance: $43–47 million, pro forma with Tyco NZ: $53–57 million.

• NPAT guidance: $26–29 million, pro forma EPS: $0.062–0.07.

• Expecting organic growth to accelerate, especially as video monitoring (ADT Guard) gains traction.

• Tax rate expected to normalize to 25–28% as tax losses are utilized.