• Revenue up 0.6% to $77.4 million
• Underlying EBITDA up 13% to $9.4 million
• Underlying NPAT up 20% to $3.4 million
• Interim dividend of 1.45 cents per share declared

Adrad Holdings Limited reported a 0.6% increase in revenue to $77.4 million for the half-year ended 31 December 2025. EBITDA was $8.3 million, down slightly from $8.4 million in the prior corresponding period. However, underlying EBITDA increased 13% to $9.4 million, reflecting improved operating performance, particularly in the Heat Transfer Solutions segment, as well as early benefits from a leadership restructuring. Net Profit After Tax (NPAT) for the reporting period was $2.6 million, down 7.9% compared to the prior period. Underlying NPAT increased 20% to $3.4 million, excluding non-recurring restructuring costs. The Heat Transfer Solutions segment delivered strong growth, with revenue up 3.6% to $45.2 million and underlying EBITDA increasing 36.7% to $6.6 million. This was driven by growth in data centre work, improving off-highway volumes, and manufacturing efficiency initiatives. The Distribution segment experienced a transitional first half, with revenue down 3.5% to $32.2 million and underlying EBITDA down 14% to $2.8 million, reflecting leadership changes and management initiatives. The company declared a fully franked interim dividend of 1.45 cents per share, representing approximately 45% of statutory NPAT.

The company provided the following forward-looking financial guidance: Underlying EBITDA for the full 2026 financial year is expected to increase by 13-15% compared to the 2025 financial year.

The company expects continued growth in the Heat Transfer Solutions segment, driven by increasing demand in data centres, mining, and power generation. The Distribution segment is positioned for improved performance in the second half of the 2026 financial year as operational initiatives take effect. Overall, the company is focused on driving operational efficiencies and growth across both business segments.