Mader Group Limited (ASX: MAD) posted FY26 revenue of $1,001.1 million, crossing the $1 billion threshold for the first time, up 15% from $872.2 million a year earlier. Net profit after tax rose 15% to $65.4 million, while earnings per share increased 14% to 32.18 cents. The company maintained a 6.5% net profit after tax margin, unchanged from FY25 despite five years of expansion.
Cash generation strengthened, with operating cash flow before interest and tax reaching $85.0 million, a 99% conversion of EBITDA. Free cash flow rose 35% to $57.5 million, while the group shifted from net debt of $8.3 million in FY25 to net cash of $35.7 million. Total assets grew to $390.3 million, and liabilities declined to $122.8 million.
Australia remained the largest segment, generating $797.7 million in revenue, up 16% from $686.2 million. Ancillary business revenue surged 37%, and infrastructure maintenance grew 45%. North America revenue reached $186.6 million, a 17% increase on a constant currency basis, supported by a record 660 employees and 240 technicians deployed under the Global Pathways program. The segment’s six-year compound annual growth rate stands at approximately 54%. Rest of World revenue fell to $16.8 million due to the completion of a large ArcelorMittal contract.
The group operates a global workforce of over 4,500 employees across 10 countries, supported by 2,000 service vehicles from 685 locations. Mader highlighted structural labor shortages in Australia’s mining sector, estimating a need for 24,500 additional qualified workers by 2035.
FY27 guidance calls for revenue of at least $1.13 billion, up 12.8%, and NPAT of at least $72.5 million, a 10.9% increase. Capital expenditure is expected in the $30–50 million range annually, with a long-term target of approximately 15% annual EPS growth.
Shares fell 4.35% to $6.93 following the presentation, extending a decline from the 52-week high of $9.63. Market capitalization stands at about $1.47 billion. Analyst price targets range from $6.40 to $7.29. The company reported a Piotroski Score of 9 out of 9 and an Altman Z-Score of 10.63, reflecting strong financial health.
CEO Justin Nuich said the group had successfully completed its first five-year strategic plan as a listed company, while CFO Paul Hegarty emphasized strong cash conversion. Executive Chairman Luke Mader noted the company’s growth had been driven by its workforce and positioned the group to continue expanding in diversified markets.
