Mayfield Group Holdings (MYG) H1 2026 earnings summary

Executive summary

• Achieved record 1H FY26 revenue of $79.5m, up 53% year-over-year, with EBITDA of $8.0m, up 121% year-over-year, and NPAT of $4.5m, up 128% year-over-year.

• Revenue for the half-year ended 31 December 2025 rose 52.8% year-over-year to $79.5 million, driven by strong manufacturing and product sales, while services revenue declined slightly.

• Net profit after tax increased 127.6% to $4.51 million, with profit growth outpacing revenue due to improved execution and cost management.

• Order book grew to $114m at December year-end, up 16% year-over-year.

• Robust operational cash flows and a successful $33.5 million capital raise supported strategic growth and future acquisitions.

Financial highlights

• Revenue reached $79.5m for 1H FY26, a 53% increase compared to 1H FY25.

• EBITDA margin expanded to 10.0% from 6.9% year-over-year; EBIT margin rose to 8.6% from 5.1%.

• NPAT margin improved to 5.7% from 3.8% year-over-year.

• Earnings per share increased 110% to 4.5 cps; dividends per share rose 10% to 2.2 cps.

• Net tangible assets per share: 59.08 cents, up from 33.24 cents.

Outlook and guidance

• 2H FY26 margins expected to moderate due to project lifecycle mix and timing of contract awards.

• Manufacturing order book remains strong, supporting capacity expansion in South Australia and Western Australia into 2026 and 2027.

• SMEC acquisition expected to add pro forma FY26 EBITDA of $6m and EPS accretion of over 20%.

• Organic growth initiatives include facility expansions in WA and SA, LEAN implementation targeting 15% efficiency gains, and service growth for recurring revenue.

• Telecommunications segment expects improved results in the second half as delayed project revenue is recognized.