Monadelphous Group (MND) H1 2025 earnings summary

Executive summary

• Revenue for the half-year ended 31 December 2024 was AUD 1.051 billion, up 4.2% year-over-year, driven by strong demand in maintenance and industrial services and significant growth in engineering construction revenue.

• Net profit after tax rose 41.3% to AUD 42.5 million, with improved operating margins and a benefit from non-operating items.

• Approximately AUD 1.7 billion in new contracts and extensions were secured since the start of FY 2025 across energy, iron ore, minerals, and renewables.

• Interim dividend of 33 cents per share, fully franked, was declared, up from 25 cents in the prior period.

• Workforce totaled just under 7,300, with strong retention, talent development, and increased First Nations participation.

Financial highlights

• Revenue: AUD 1.051 billion, up 4.2% year-over-year.

• Net profit after tax: AUD 42.5 million, up 41.3% year-over-year.

• EBITDA: AUD 79.8 million, up 30.2% year-over-year; EBITDA margin increased to 7.59% from 6.08%.

• Earnings per share: 43.3 cents; interim dividend of 33 cents per share, fully franked.

• Cash balance: AUD 272.5 million; cash flow from operations AUD 93.1 million, with a 145% cash flow conversion rate.

Outlook and guidance

• High single-digit revenue growth and improved operating margins anticipated for FY 2025 compared to FY 2024.

• Resources and energy demand expected to remain strong, with robust long-term fundamentals in critical minerals and energy transition metals.

• Significant pipeline of opportunities in iron ore, energy, and renewables, with continued focus on sustainable growth and quality of earnings.

• Skilled labor shortages persist but have moderated; workforce development remains a priority.

• Company is well positioned for opportunities in decarbonisation, renewables, and decommissioning of oil and gas assets.