Civmec (ASX:CVL) H1 2026 earnings summary

Executive summary

• Achieved revenue of A$380.4m and EBITDA of A$46.0m for 1H FY26, with a 12.1% EBITDA margin and net profit after tax of A$21.4m (5.6% net profit margin).

• Revenue for the half year ended 31 December 2025 was down 24.2% year-over-year, mainly due to reduced activity and lower interest income.

• Net profit after tax (NPAT) was A$21.4 million, a 19.0% decrease compared to the same period last year.

• Maintains a record order book of A$1.35b as of 31 December 2025, reflecting strong contracted work across diversified sectors.

• Acquisition of Luerssen Australia Pty Ltd (now Civmec Defence Industries Pty Ltd) completed on 1 July 2025, strengthening naval shipbuilding capabilities.

Financial highlights

• Cash on hand of A$87.6m and net cash position of A$27.6m as of 31 December 2025, up 136.7% from the prior year.

• EBITDA was A$46.0 million, down 13.1% year-over-year; EBIT was A$34.7 million, down 17.9%.

• Net assets of A$534.6m (A$1.05 per share).

• Dividends paid during the period totaled A$17.8 million (3.5 cents per share, fully franked).

• Completed price purchase adjustment for Luerssen Australia acquisition, impacting receivables and payables.

Outlook and guidance

• Strong, diversified order book with a mix of short- and long-term contracts across energy, resources, infrastructure, marine, and defence.

• Increased early contractor involvement and buoyant tendering activity position the group for continued growth.

• Well positioned to benefit from energy transition and critical minerals projects, and to participate in future large-scale defence contracts.

• No significant subsequent events or changes in outlook reported post-period end.