MLG Oz (MLG) H1 2026 earnings summary

Executive summary

• Delivered record revenue and strong EBITDA, with significant growth in EBIT and net profit after tax for the first half of 2026, reflecting robust operational execution and disciplined management.

• Achieved strong financial performance across all key metrics for the half year ended 31 December 2025, with significant growth in revenue, EBITDA, and NPAT year-over-year.

• Organic growth and service quality, especially in the gold sector, drove performance, with no M&A activity contributing to results.

• Safety performance improved, with LTIFR now below industry standards due to investments in people, systems, and training; a $750,000 fine was incurred for a 2022 safety incident, with significant improvements made since.

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

Financial highlights

• Revenue increased by 6% to $287.2 million compared to the same period last year.

• EBITDA rose by 24.5% to $36.5 million, with margin improving to 12.8% from 10.9%.

• EBIT margin improved by 60%, and net profit after tax surged by 90.2% year-over-year to $7.8 million (excluding a $750,000 fine); statutory NPAT up 73.3% to $7.1 million.

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

• CapEx for the half was $25.7 million, with full-year guidance of $50–55 million.

Outlook and guidance

• Outlook described as bullish, driven by continued strength in the gold sector and expansion projects coming online.

• Targeting EBITDA margin improvement from 12.8% toward 15% over the next two years.

• Second half expected to be in line with the first, with upside dependent on timing of civil project approvals.

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

• Focused on moving up the value chain by providing processing capacity as a service, not taking on geology risk.