• Return to growth and improved margins
• Operating cash flow added to net cash available for growth strategies
• Order book up 79% on pcp
• FY26 guidance reflecting continued growth

Metarock Group Ltd (ASX: MYE) has reported a strong half-year result for the six months ending 31 December 2025. Revenue for H1 FY26 was $108.9 million, reflecting a 17% increase on H2 FY25 ($93.3 million), driven by increased activity levels following the commencement of the Appin contract. Revenue was 7% lower than the prior corresponding period (H1 FY25: $116.9 million), as a result of the continuing impact of ignition events on activity levels at Grosvenor and Moranbah North mines. Underlying EBITDA increased by 5% to $8.3 million (H1 FY25: $7.9 million) and was 41% higher than H2 FY25, reflecting improved operating leverage and disciplined cost management. Underlying EBITDA margin improved to 7.6% (H1 FY25: 6.8%), demonstrating a return to more usual margins. Underlying net profit after tax from continuing operations more than doubled to $4.1 million (H1 FY25: $1.8 million), supported by stronger operating performance and improved margins. The Group's order book increased materially to $441 million, up 79% on the prior corresponding period (H1 FY25: $246 million), underpinned by new contract awards and extensions with tier 1 clients, Anglo American, Yancoal and Glencore. Net operating cash flow for H1 FY26 was $5.5 million, and cash and cash equivalents increased by 12% to $34.1 million at 31 December 2025 (30 June 2025: $30.4 million). Net cash at period end was $33.1 million, up $4.0 million from June 2025, with minimal debt and strong liquidity.

FY26 revenue guidance in the range $220m to $230m (FY25: $214m) and underlying EBITDA guidance in the range $17.0m to $18.0m (FY25: $13.2m).

The Company expects to show further growth in the second half, underpinned by the significant orderbook.