Mader Group (MAD) H1 2025 earnings summary

Executive summary

• Achieved record 1H FY25 revenue of AUD 411.5 million, up 10% year-over-year, with net profit after tax of AUD 26 million, up 7% year-over-year, and basic EPS increasing to 12.93 cents.

• Net headcount grew by 300+ globally, with North America reaching a record 530 personnel and returning to growth in Q2, contributing 19% of group revenue.

• Net debt reduced by 26% to AUD 23.2 million, supported by strong free cash flow and a clear path to a net cash position within 12 months.

• Strategic plan focuses on geographical and service line diversification, with expansion into energy, transport logistics, and new international markets.

• Guidance and strategic plan remain on track, with positive outlook and continued investment in workforce and service expansion.

Financial highlights

• Revenue for 1H FY25 was AUD 411.5 million, up 10% year-over-year; EBITDA rose to AUD 51.5 million, with EBITDA margin at 12.5%.

• Net profit after tax was AUD 26 million, up 7% year-over-year; basic EPS increased to 12.93 cents.

• Net debt reduced by 26% to AUD 23.2 million; net assets at AUD 191.7 million.

• Operating cash flow was AUD 37.1 million, with strong cash conversion at 109%.

• Interim fully franked dividend of 4.0 cents per share declared, totaling AUD 8.1 million.

Outlook and guidance

• FY25 guidance reaffirmed: at least AUD 870 million in revenue and at least AUD 57 million EBITDA; long-term target of AUD 1 billion revenue and AUD 65 million EBITDA in FY26.

• Group expects to achieve a net cash position within 12 months while maintaining growth and dividend payout.

• Positive outlook for North America and continued strong performance expected in Australia, with improved customer sentiment and a strong order book.