Mastermyne Group (MYE) H2 2025 earnings summary

Executive summary

• Revenue declined 27% year-over-year to $214m, mainly due to mine suspensions, closures, and external disruptions at key mining sites.

• Underlying EBITDA was $13.2m, down from $29.4m, with operating cash flow steady at $16.9m and net cash at year-end rising to $29.1m.

• The order book expanded to $314m, supported by new project wins at Centurion and Appin mines.

• Safety performance improved significantly, with TRIFR dropping from 9.85 to 5.09 and zero life-changing incidents.

• Focus remains on safety, disciplined bid management, and fiscal discipline to position for future growth.

Financial highlights

• Revenue: $214m, down 27% from $294m year-over-year, mainly due to production halts at Grosvenor, Integra, and Moranbah North mines.

• Underlying EBITDA: $13.2m (down from $29.4m); EBITDA margin 6.2% (down from 10.0%).

• Underlying NPAT: $3.2m, down from $19.6m year-over-year.

• Operating cash flow remained steady at $16.9m, and year-end net cash increased to $29.1m.

• Net tangible assets: $63m, or $0.20 per share.

Outlook and guidance

• Order book stands at $314m, up from $280m, with full-year benefits from new contracts at Centurion and Appin expected in FY 2025.

• Pipeline of contract opportunities valued at approximately $900m.

• No large increase in CapEx anticipated for FY 2026; focus remains on maintaining a strong capital position and exploring both organic and M&A growth.

• Targeted work-winning strategies and internal efficiency projects to offset market headwinds.

• Interim dividend of 0.5c per share paid; no final dividend to accelerate cash build for growth.