Mastermyne Group (MYE) H1 2025 earnings summary

Executive summary

• Achieved stability after internal turnaround, focusing on core operations, cost and debt reduction, and recapitalisation, including the sale of PYBAR Holdings.

• Revenue and profitability declined due to the Grosvenor mine fire, reduced manning at Aquila, Integra mine closure, and tightening market conditions.

• Net cash position strengthened, enabling future growth opportunities and resumption of dividends.

• Operational resilience maintained despite external headwinds and margin compression.

Financial highlights

• 1H FY2025 revenue: $119M, down from $147M in 1H FY2024, mainly due to reduced workforce and contract suspensions.

• Statutory NPAT: $0.9M, down from $11.0M year-over-year; basic EPS: 0.3 cents (1H FY24: 3.6 cents).

• Normalised EBITDA: $7.6M (1H FY24: $14.9M); EBITDA margin: 5.8% (1H FY24: 12.3%).

• Net cash at Dec 2024: $31.9M, up from $21.8M at June 2024.

• Fully franked interim dividend of 0.5 cents per share for FY25 declared.

Outlook and guidance

• Order book at $190M, with a pipeline of contract opportunities worth ~$1.0bn.

• Market headwinds persist: lower coal prices, cost inflation, and legislative changes impacting margins.

• Focus on higher value-added projects, disciplined project selection, and maintaining financial stability.

• Growth opportunities include new contracts at Centurion, GM3's Appin and Dendrobrium, and Whitehaven's Narrabri mines.