MaxiPARTS (MXI) H2 2025 earnings summary

Executive summary

• Achieved revenue of $267.1 million, up 9.5% year-over-year, with EBITDA of $27.3 million, up 18.4%, and EBITDA margin reaching 10.2% for the first time.

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

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

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

Financial highlights

• Operating cash flow conversion was 84%, rising to $17.3 million, up 95.1% year-over-year.

• Net debt reduced by $8.7 million to $7.2 million, leverage ratio improved to 0.3x.

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

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

• Dividend yield at 2.7%, with franking credits of $3.2 million post final dividend.

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.

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

• Anticipates continued delivery of improved financial metrics, with potential incremental benefits as the market recovers.

• New MaxiPARTS store opening in Kalgoorlie in July 2025.