Mastermyne Group (MYE) H1 2026 earnings summary

Executive summary

• Achieved strong earnings growth and operational recovery in H1 FY26, with underlying EBITDA up 5–6% year-over-year and 41% sequentially, and net cash increasing to $33.1 million.

• Overcame prior disruptions at Moranbah North, Grosvenor, and Integra mines, returning to revenue growth and improved margins.

• Divested non-core MyneSight training business and completed sale of a non-core mine, focusing on core mining services and leaner operations.

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

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

Financial highlights

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

• Underlying EBITDA reached $8.3 million (7.6% margin), up from $5.9 million in H2 FY25 and $7.9 million year-over-year.

• Underlying NPAT was $4.1 million, more than double the prior comparable period.

• Net operating cash flow was $5.5 million, with cash and equivalents rising to $34.1 million.

• Net tangible assets rose to $64.8 million (21 cents per share), with minimal debt and $40 million undrawn facilities.

Outlook and guidance

• FY26 revenue guidance set at $220–230 million; underlying EBITDA expected at $17–18 million.

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

• Board declared nil interim dividend to prioritize capital for organic and inorganic growth.

• Focus remains on disciplined capital deployment and growth through both organic and acquisition opportunities.