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 $13.2 million, down from $29.4 million, with operating cash flow steady at $16.9 million.

• Net cash at year-end was $29.1 million, reflecting strong liquidity and a robust capital position.

• Order book expanded to $314 million, supported by new project wins at Centurion and Appin despite industry headwinds.

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

Financial highlights

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

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

• Operating cash flow remained steady at $16.9 million, and year-end cash increased to $30.4 million.

• Net tangible assets held at $63 million, or $0.20 per share.

• Underlying NPAT was $3.2 million, down from $19.6 million.

Outlook and guidance

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

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

• Focus on targeted work-winning strategies, internal efficiency projects, and leveraging a strong balance sheet for organic and M&A growth.