MaxiPARTS (MXI) H1 2026 earnings summary

Executive summary

• Revenue increased 1.8% year-over-year to $139.3m for H1 FY26, with EBITDA up slightly to $13.9m and a stable 10.0% margin.

• Interim fully franked dividend of 4.15 cents per share, up 36% from H1 FY25, reflecting improved results and a change in dividend policy.

• EPS from continued operations rose 8.8% to 8.3 cents per share.

• Completed acquisition of the remaining 20% minority shareholding in Förch Australia, now holding 100% ownership.

• Investments in organic growth initiatives, including the Kalgoorlie greenfield site and sales team expansion, are expected to drive stronger H2 results.

Financial highlights

• EBITDA (excluding significant items & discontinued operations) was $13.9m, up from $13.8m year-over-year, maintaining a 10% margin.

• Profit before income tax from continuing operations was $6.5m, up slightly from $6.4m.

• Earnings per share (total) was 6.57 cents, down from 6.73 cents year-over-year, while EPS from continuing operations rose 8.8%.

• Operating cash flow was $7.0m, down 16% year-over-year, with gross operating cash conversion at 65%.

• Net debt increased to $8.7m, leverage ratio at 0.3x, well below the group's threshold.

Outlook and guidance

• H2 FY26 expected to deliver stronger results, with focus on revenue and margin improvement from new sites and expanded sales teams.

• Cash conversion rates expected to return to above 80% in H2, supporting further debt reduction and higher dividends.

• Market conditions from H1 expected to persist into H2, with ongoing competitive pricing and regional disparities.

• No abnormal CapEx or investment projects expected in H2.

• All banking covenants were satisfied as at 31 December 2025 and throughout the period.