MLG Oz (MLG) H1 2026 earnings summary

Executive summary

• Delivered record revenue and strong financial performance for the half year ended 31 December 2025, with significant growth in key profitability metrics and net profit after tax up 73.3% to $7.1 million.

• Proactive safety management led to a material reduction in LTIFR, now below industry standards, following a $750,000 fine related to a 2022 safety incident.

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

• Early period operations were disrupted by heavy rainfall, but conditions normalized from September, leading to a strong recovery in haulage and site services.

• Service quality and operational discipline continue to drive client demand and margin recovery.

Financial highlights

• Revenue increased by 6% to $287.2 million, EBITDA rose 24.5% to $36.5 million, and net profit after tax surged 90.2% to $7.8 million year-over-year (pro forma), with statutory NPAT up 73.3% to $7.1 million.

• EBITDA margin improved to 12.8% from 10.9% year-over-year.

• Gross profit rose to $49.6 million from $40.8 million year-over-year.

• Net tangible assets per share increased to $1.06, and gearing ratio reduced to 0.84x.

• Fully franked interim dividend of 1.25 cents per share declared, resuming dividend payments.

Outlook and guidance

• Full-year outlook remains robust, with the second half expected to be broadly in line with the first, supported by high gold prices and ongoing expansion opportunities in iron ore.

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

• Improved visibility across the crushing pipeline and further growth expected as new contracts ramp up.

• Anticipates material growth over the next two years, leveraging new project opportunities and value chain expansion.

• Actively pursuing opportunities to establish own gold processing capability.