IPD Group (IPG) H1 2026 earnings summary

Executive summary

• Achieved record revenue and profits for H1 FY2026, exceeding the top end of guidance, with revenue at AUD 192.7 million, up 8.9% year-over-year, and underlying NPAT of AUD 14.4 million, up 8.3% year-over-year.

• Growth driven by strong performance in core IPD (11%), EX Engineering (55%), and CMI (2%), as well as expansion in data centers, mining, and infrastructure sectors.

• Completed acquisition of Platinum Cables, expanding mining and resources exposure and strengthening customer relationships.

• Interim fully franked dividend of AUD 0.068 per share declared, up 6.3% year-over-year.

• Robust order book and opportunity pipeline support positive outlook.

Financial highlights

• Revenue reached AUD 192.7 million, up from AUD 176.9 million year-over-year; underlying EBITDA rose 7.6% to AUD 25.4 million; underlying EBIT up 7.4% to AUD 21.7 million.

• Underlying NPAT at AUD 14.4 million, up 8.3% year-over-year; underlying EPS at AUD 0.138, up 7% year-over-year.

• Gross margin for H1 FY2026 at 33.3%, down 190bps year-over-year but up 20bps sequentially; operating expenses as a percentage of revenue decreased by 1.9%.

• Operating free cash flow of AUD 17.1 million; rolling 12-month conversion at 92.2%.

• Net debt at AUD 24.4 million after AUD 37.5 million new debt for Platinum Cables acquisition.

Outlook and guidance

• Board expects continued revenue and earnings growth, supported by a healthy order book, robust opportunity pipeline, and positive trading momentum into 2H FY26.

• Recently acquired Platinum business contributing to growth; strong tailwinds in data centers, mining, and infrastructure sectors.

• M&A pipeline remains robust, with ongoing focus on strategic acquisitions.