Mastermyne Group (MYE) H1 2026 earnings summary

Executive summary

• Achieved strong earnings growth and operational recovery in H1 FY26, with underlying EBITDA up 5% year-over-year and 41% sequentially, and net cash increasing to $33.1 million.

• Returned to growth after overcoming FY25 disruptions, supported by disciplined cost management and diversification of the project portfolio.

• Divested non-core MyneSight training business and completed sale of a non-core mine to focus on core mining services.

• Secured exclusive distribution rights for critical strata consolidation products through 2047.

• Well-capitalized balance sheet supports further growth and entry into adjacent activities.

Financial highlights

• H1 FY26 revenue was $108.9 million, up 17% sequentially from H2 FY25 but down 7% year-over-year.

• Underlying EBITDA reached $8.3 million (7.6% margin), up from $5.9 million in H2 FY25 and 5–6% higher year-over-year.

• Underlying NPAT more than doubled year-over-year to $4.1 million; profit before tax increased 74% to $6.0 million.

• Net operating cash flow was $5.5 million, with net cash rising to $33.1 million at period end.

• Order book surged 79% year-over-year to $441 million, with a pipeline exceeding $1 billion.

Outlook and guidance

• FY26 revenue guidance is $220–230 million, with underlying EBITDA expected at $17–18 million.

• Growth outlook underpinned by a $441 million order book and $1 billion+ pipeline, with revenue growth weighted to H2 FY26.

• Board declared no interim dividend to prioritize capital for organic and inorganic growth.