MLG Oz (MLG) H2 2025 earnings summary

Executive summary

• Revenue increased to $548.3 million, up 15.5% year-over-year, driven by strong second-half performance, higher volumes, and new contract wins, especially in the gold sector.

• EBITDA rose 19.5% to $66.1 million, with margins improving to 12.2% for the year and 13.5% in the second half.

• Net profit after tax increased 10% to $12.1 million, supported by improved margins and operational scale.

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

• Several new contracts with major clients, including Rio Tinto, Fortescue, New Murchison Gold, Northern Star, and Westgold, expanded the operational footprint.

Financial highlights

• Revenue: $548.3 million (FY2025), up 15.5% year-over-year; EBITDA: $66.1 million, up 19.5%; EBIT: $23.4 million, up 15.9%; NPAT: $12.1 million, up 10%.

• Net tangible assets per share increased 7% to 107.0c; net assets rose 11% to $145.2 million.

• Gearing ratio reduced to 0.88x from 1.4x, with net debt falling to $57.8 million.

• Strong cash generation with cash conversion at 87.5% and available liquidity of $29–30 million at year-end.

• No dividend declared for FY2025 to support future growth opportunities.

Outlook and guidance

• FY2026 outlook remains strong, with high customer demand, full-year impact of new projects, and robust contract pipeline.

• Focus on sustainable margin improvement, disciplined cost control, and expanding service offerings.

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

• Opportunities to move up the value chain and pursue significant profit-share projects for future earnings growth.