Johns Lyng Group (JLG) H1 2025 earnings summary

Executive summary

• First half FY25 revenue was AUD 573.1 million with EBITDA at AUD 54.2 million; revenue declined 6.1% year-over-year due to an AUD 81.6 million drop in CAT revenue, partially offset by a AUD 44.1 million increase in BAU revenue.

• Net profit attributable to owners was AUD 14.5 million, down from AUD 23.4 million in the prior period.

• Guidance for FY25 was revised down: EBITDA now expected at AUD 126.5 million (down 4.5%) and revenue at AUD 1.16 billion (down 5%), marking the first guidance revision in seven years.

• Several strategic acquisitions completed, including Keystone Group, Chill-Rite, SSKB, RIZON, Remeed Solutions, Orvex, and Your Local Strata, expanding scale and service capabilities.

• Stronger performance is anticipated in the second half, supported by recent severe weather events, operational improvements, and new contracts.

Financial highlights

• BAU revenue increased 9% year-over-year to AUD 534.3 million; BAU EBITDA up 6% to AUD 50.3 million.

• CAT revenue dropped to AUD 38.8 million and CAT EBITDA to AUD 3.8 million, well below the prior year.

• Net profit after tax was AUD 20.8 million (down from AUD 31.1 million year-over-year); basic EPS was 5.17 cents (down from 8.47 cents year-over-year).

• Strata Management revenue grew 48.4% to AUD 49.7 million, with underlying growth of 9.3%.

• Essential Compliance and Home Services revenue rose 55.4% to AUD 52.4 million, with underlying growth of 12.9%.

Outlook and guidance

• FY25 Group revenue forecast at AUD 1.16 billion and EBITDA at AUD 126.5 million, both revised down from previous guidance.

• BAU revenue and EBITDA expected to grow 15.9% and 17.4% respectively over FY24.

• Interim dividend of 2.5 cents per share (fully franked) declared, representing 48.6% of NPAT attributable to owners.

• Anticipates stronger second half performance due to improved weather-driven demand, cost savings, and NSW recovery.

• No guidance uplift yet from recent surge events; upside possible if volumes materialize.