Mader Group (MAD) H1 2026 earnings summary

Executive summary

• Achieved record half-year revenue of $485.2 million, up 18% year-over-year, with strong growth across Australia, North America, and Rest of World, including expansion into New Zealand and a global workforce increase of over 250.

• Net profit after tax rose 17% to $30.5 million, maintaining a 6.3% margin and representing 47% of full-year NPAT guidance.

• Strategic plan execution remains on track, focused on geographical and service line diversification, with guidance reaffirmed and continued momentum in Australia, North America, and new markets.

• Workforce development initiatives, safety improvements, and community engagement programs supported operational performance.

• Net debt reduced by 57% to $3.6 million, reflecting strong cashflow conversion and supporting future growth.

Financial highlights

• Revenue increased 18% year-over-year to $485.2 million for the half year.

• EBITDA grew to $56.2 million, up 9% year-over-year, with margin declining to 11.6% from 12.5%.

• NPAT margin held steady at 6.3%, with basic EPS up 16% to 15.02 cents per share.

• Net debt reduced to $3.6 million, net leverage at 0.03x, and days sales outstanding reduced to 50.

• Free cash flow increased to $15.8 million, marking the sixth consecutive half of positive free cash flow.

Outlook and guidance

• FY26 guidance reaffirmed: targeting at least $1 billion in revenue and $65 million NPAT, with a positive outlook for all segments and a new five-year plan to be released.

• Strong demand and robust pipelines in all regions, especially North America and Australia.

• Targeting a net cash position by FY26, with ongoing business growth initiatives and consistent dividend payout ratio expected.