MLG Oz (MLG) H1 2026 earnings summary

Executive summary

• Achieved record revenue and strong financial performance for the half year ended 31 December 2025, with significant growth in key profitability metrics and robust demand from gold sector clients.

• Management transition and operational discipline contributed to improved team performance and margin recovery.

• Proactive safety management led to a material reduction in LTIFR, with a $750,000 fine for a 2022 safety incident normalized in results.

• Early period operations were disrupted by weather, but conditions normalized from September, supporting a strong recovery in haulage and site services.

• Business model focuses on integrated infrastructure support, primarily servicing the gold sector, with growing exposure to iron ore.

Financial highlights

• Revenue increased by 6% to $284.6m (pro forma) and 5.3% to $287.2m (statutory) year-over-year.

• EBITDA rose by 24.5% to $36.5m, with margin improving to 12.8% from 10.9% year-over-year.

• Net profit after tax surged by 90.2% to $7.8m (pro forma) and 73.3% to $7.1m (statutory), excluding a $750,000 safety fine.

• Declared a fully franked interim dividend of 1.25 cents per share, resuming dividend payments.

• Net assets increased to $153.4m, with gearing ratio reduced to 0.84x and NTA per share rising to $1.06.

Outlook and guidance

• Bullish outlook driven by continued strength in the gold sector and expansion opportunities in iron ore.

• Second half expected to be in line with the first, with upside dependent on civil project approvals and new contract ramp-ups.

• Targeting an EBITDA margin of 15%, currently at 12.8%, with ongoing focus on sustainable margin improvement.

• Actively pursuing opportunities to establish own gold processing capability and value chain expansion.

• Improved visibility across the crushing pipeline supports further growth.