MaxiPARTS (MXI) H2 2026 earnings summary

Executive summary

• Delivered above-consensus FY26 results with strong cash generation and operational performance despite significant market disruption from the Iranian conflict and fuel price volatility.

• Operates in two divisions: commercial vehicle spare parts and workshop consumables, with a leading market position and attractive growth profile.

• Growth driven by organic programs (Japanese parts, Förch Australia), strategic acquisitions, and network expansion, supported by a strong balance sheet.

• Completed acquisition of the remaining minority holding in Förch Australia and expanded the network with a new profitable Kalgoorlie store.

• Dividend payout ratio increased to 55% for FY26, with a full-year dividend of 9.61 cps, up over 55% year-over-year.

Financial highlights

• Revenue grew 2.7% year-over-year to $274.4m, with all segments contributing.

• EBITDA increased 5.5% year-over-year to $28.8m, with margin expansion of 30 basis points to 10.5%.

• Operating NPBT reached $14.2m, up 11.8% from the prior year.

• Net cash position of $7.0m at year-end, a $14.2m improvement from prior year.

• Operating cash flow of $29.8m and cash conversion rate of 118%.

Outlook and guidance

• Expects continued growth in FY27, leveraging normalized earnings from new stores and ongoing expansion of Japanese parts and Förch businesses.

• Focus on market share gains, additional site rollouts, supplier cost benefits, and disciplined cost control.

• Plans to sustain higher dividend distributions and fund both organic and inorganic growth initiatives.