• Record revenue of $1.53 billion, up 45.6% on pcp
• EBITDA of $116.2 million, up 45.6% on pcp
• Net profit after tax of $64.9 million, up 52.6% on pcp

Monadelphous Group Limited (ASX: MND) reported its results for the half year ended 31 December 2025, recording a record revenue of $1.53 billion, an increase of 45.6% on the prior corresponding period. The strong operating conditions were supported by the record level of work secured during the previous financial year. The Engineering Construction division delivered revenue of $677.8 million, up around 67%, while the Maintenance and Industrial Services division reported a record half-year revenue of $852 million, up 32.1%. Earnings before interest, tax, depreciation and amortisation (EBITDA) was $116.2 million, an increase of 45.6%, delivering an EBITDA margin of 7.59%. Net profit after tax for the six months was $64.9 million, up 52.6%, delivering earnings per share of 65.2 cents. The Board declared an interim dividend of 49 cents per share, fully franked. The Company ended the half year with a cash balance of $322 million, and a very strong cash flow from operations of $171.1 million, delivering a cash flow conversion rate of 186% for the six months. Monadelphous continued to progress its markets and growth strategy, securing $1.4 billion in new contracts and contract extensions since the beginning of the 2026 financial year, including major contracts with BHP and Rio Tinto in the iron ore sector, as well as expanding its energy sector customer base.

Monadelphous is currently forecasting FY26 full year revenue to be approximately 30% higher than the prior period, with 1H26 operating margins maintained.

Long-term demand in the resources and energy sectors is expected to continue, supported by an improved global economic growth outlook. Continued investment in new and existing operations in Western Australia's iron ore sector is driving demand for both maintenance and construction services, with the energy sector to offer substantial prospects. The outlook for energy transition metals is strengthening, and Australia's Net Zero emissions objective continues to drive long-term investment in energy generation, storage and transmission infrastructure.