Monadelphous Group (MND) H2 2025 earnings summary

Executive summary

• Revenue reached AUD 2.27 billion for FY2025, up 12% year-over-year, driven by increased construction activity and strong maintenance demand, especially in energy and resources sectors.

• Net profit after tax rose 34.6% to AUD 83.7 million, with EPS at 0.85 and a fully franked dividend of 0.72 per share, up 24%.

• Secured a record AUD 2.5 billion in new contracts and extensions, expanding presence in energy transition and renewables, providing a robust pipeline for FY2026.

• Workforce grew 23% to over 9,000, with record total numbers and expanded diversity and inclusion initiatives.

• Acquired High Energy Service, strengthening high-voltage electrical capabilities.

Financial highlights

• EBITDA was AUD 158.2 million, up 24.2% year-over-year, with margin improving to 6.98% from 6.28%.

• EPS rose 32.7% to 85.0 cps; fully franked dividend up 24.1% to 72.0 cps.

• Cash balance at year-end was AUD 206 million; cash flow from operations was AUD 81 million, with a 77% conversion rate.

• About one-third of EBITDA variance was due to non-operating items, notably insurance proceeds.

• Revenue from contracts with customers reached AUD 2,265.9 million, up 11.6% year-over-year.

Outlook and guidance

• Entered FY2026 with a strong committed work pipeline and rising activity levels, positioning for growth.

• Longer-term demand in resources and energy remains robust, with continued investment in iron ore and energy transition metals.

• Maintenance revenue expected to be stronger in the first half of FY2026 due to turnaround activity.

• Engineering construction revenue in the second half of FY2025 seen as a floor for FY2026.

• Skilled labour shortages persist; company remains focused on sustainable growth and targeted acquisitions.