K&S (KSC) H1 2026 earnings summary

Executive summary

• Operating revenue for the half-year ended 31 December 2025 was $359.7 million, down 6.2% year-over-year.

• Statutory profit after tax was $11.2 million, a decrease of 30.2% compared to the prior year.

• Underlying profit before tax was $15.9 million, down 32.2% year-over-year.

• Interim dividend declared at 5.0 cents per share, down from 8.0 cents per share in the prior period.

Financial highlights

• EBIT for the period was $18.2 million, down 26.9% year-over-year.

• EBITDA was $39.4 million, a 14.7% decrease from the prior year.

• Net borrowings (excluding lease liabilities) increased to $62.96 million, up 37.3% from June 2025.

• Operating cash flow was $27.9 million, up 4.7% year-over-year.

• Net tangible assets per share rose to $2.70 from $2.60.

Outlook and guidance

• Second half result for FY2026 is anticipated to be lower than the prior comparative period.

• Persistently low growth economic environment and margin pressure in Australian Transport segment expected.

• No specific earnings guidance provided due to economic uncertainty.