• Record half-year revenue of $411.5m, up 10% vs PCP
• EBITDA of $51.5m at 13% margin, up 6% vs PCP
• NPAT of $26.0m at 6.3% margin, up 7% vs PCP
• Interim dividend of 4.0 cents per share, up 5% vs PCP

Mader Group Limited (ASX:MAD), a leading global provider of specialist technical services, has reported its financial results for the first half of the 2025 financial year (1H FY25). The company delivered record half-year revenue of $411.5 million, a 10% increase compared to the prior corresponding period (PCP). This strong revenue performance was achieved with largely consistent profit margins, with EBITDA of $51.5 million at a margin of 13% (6% increase vs PCP) and NPAT of $26.0 million at a margin of 6.3% (7% increase vs PCP). The NPAT delivered equates to 46% of FY25 NPAT guidance, reflecting consistent 1H/2H ratios as per previous financial years. 1H margins were impacted by strategic labour holding costs, which position the Group well for 2H FY25 as customer demand returns. The company's operations across nine countries were supported by a global team that grew to over 3,500 personnel, with continued positive net headcount growth of approximately 300 in 1H FY25. The Australian segment successfully navigated unstable market conditions during the half, with the labour market now largely stabilized and a positive outlook for 2H FY25. The North American segment returned to headcount growth, delivering average net headcount growth of around 15 per month, with a positive outlook driven by strengthening commodity prices. The Group's Rest of World operations delivered a 53% increase in revenue versus PCP, with the successful acquisition of a new 12-month contract in Africa. Net debt closed at $23.2 million, a 26% decrease from 30 June 2024, and the company is targeting a net cash position within the next 12 months. An interim fully franked dividend of 4.0 cents per share has been declared, an increase of 5% versus PCP.

The Group reaffirms its FY25 guidance of delivering revenue of at least $870 million and NPAT of at least $57 million.

The outlook for all segments for 2H FY25 and FY26 is increasingly positive. The labour market within Australia has now largely stabilised, and customer demand has increased in early 2H FY25. In North America, net headcount continues to grow, and new customers are being acquired. The Rest of World segment is positioned well for 2H FY25, having recently secured a major contract in Africa.