MaxiPARTS (MXI) H2 2025 earnings summary

Executive summary

• Revenue increased 9.5% to $267.1 million, driven by organic growth and acquisitions, with EBITDA up 18.4% to $27.3 million and margin reaching 10.2% for the first time.

• Net profit before tax from continuing operations rose 38% to $12.7 million; NPAT from continuing operations increased 57% to $8.8 million; EPS from continuing operations up 43.9% to 15.4 cps.

• Delivered on FY2024 commitments, including margin improvement, business diversification, and systems integration.

• Completed acquisition of remaining 20% of Förch Australia and extended distribution rights to 2032.

• Full-year dividend increased 20% to 6.17 cps, with a final dividend of 3.12 cps.

Financial highlights

• EBITDA margin improved by 70 bps to 10.2% year-over-year, with EBITDA at $27.3 million.

• Net profit before tax and amortization increased 23.8% to $13.5 million.

• Reported profit for the group was $7.9 million, up from $2.8 million, reflecting resolution of discontinued operations.

• Operating cash flow conversion was 84%, with cash flow rising to $23.0 million.

• Net debt reduced to $7.2 million from $15.9 million, leverage ratio improved to 0.3x.

Outlook and guidance

• End customer markets expected to remain consistent with FY2025, with ongoing softness in transport activity, especially on the East Coast, but resilience in WA and mining logistics.

• Focus remains on organic programs to grow EBITDA margins and revenue, particularly in Förch Australia, Japanese product range, and Kalgoorlie store.

• Anticipates continued delivery of improved financial metrics and margin growth into low double digits.

• Förch Australia to drive revenue growth through sales force expansion and key customer focus.

• New MaxiPARTS store opening in Kalgoorlie in July 2025.