MLG Oz (MLG) H2 2025 earnings summary

Executive summary

• Revenue increased to $540.4 million, up 15.3% year-over-year, driven by strong demand and higher volumes, especially in the gold sector, with a strong second half driving material profit uplift and improved margins.

• EBITDA increased to $66.1 million, up 19.5% from FY2024, with margins improving to 12.2% for the year and 13.5% in H2.

• Strategic focus on supporting critical processing infrastructure, especially in the gold sector, with growing exposure to iron ore and base metals.

• Business model leverages annuity-style earnings from long-term processing hubs, providing resilience through commodity cycles.

• Significant investment in fleet and growth capex supported operational expansion and margin improvement.

Financial highlights

• Revenue: $540.4m (FY2025) vs $474.8m (FY2024), up 13.8%.

• EBITDA: $66.1m (FY2025) vs $55.3m (FY2024), up 19.5%.

• EBIT: $23.4m (FY2025) vs $20.1m (FY2024), up 15.9%.

• Net assets rose 11% to $145.2m; NTA/share increased to 107.0c.

• Net debt reduced to $57.8m, lowering gearing to 0.88x as of June 30.

Outlook and guidance

• Expectation of continued revenue and margin growth, supported by a robust customer base and new contracts in gold and iron ore.

• CapEx to remain consistent and spread throughout the year, with assets immediately deployed to awarded projects.

• Focus on improving return on capital, targeting late teens to 20% range as margins rise.

• Opportunities to move up the value chain and provide integrated services for Tier 2 producers.

• Anticipation of further growth through unlocking processing infrastructure and potential profit share opportunities.