MLG Posts 14% Revenue Growth and 19% EBITDA Increase in FY2025

Strong Financial Momentum

MLG has reported a solid set of full-year results for FY2025, showcasing sustained growth across key financial metrics. Revenue increased to $540.4 million, up from $474.8 million in the prior year, driven by heightened demand from clients in the gold sector and Tier 1 iron ore producers. EBITDA rose 19% to $66.1 million, with margins improving to 12.2%, reflecting operational efficiencies and higher pricing across site services and haulage.

Net profit after tax also edged higher to $12.1 million, underscoring the company’s ability to convert top-line growth into bottom-line gains despite the end of certain tax incentives. The company’s net tangible assets per share rose to 107 cents, a 7% increase, signaling enhanced shareholder value.

Operational Highlights and Strategic Investments

The second half of FY2025 was particularly strong, with EBITDA margins reaching 13.5% as MLG fully mobilised its crushing fleet and secured new contracts. Capital expenditure totalled $56.9 million, split between sustaining investments and growth initiatives including preparations for the Rio Tinto project, ramping up Genesis operations, and expanding Evolution’s scope.

This fleet expansion and modernisation underpin MLG’s competitive edge in providing critical infrastructure services such as bulk material transfer, haulage, crushing, and site services. The company’s footprint now spans 34 sites with over 1,000 employees, servicing top-tier gold producers and leveraging a hub-and-spoke model that feeds large processing facilities from multiple satellite mines.

Balance Sheet Strength and Cash Flow

MLG’s balance sheet has strengthened notably, with net debt reduced to $57.8 million and gearing falling to 0.88 times EBITDA, down from 1.4 times at the end of 2024. The company maintains $29 million in available working capital, combining cash and overdraft facilities, providing flexibility to fund ongoing growth.

Operating cash flow remained robust at $57.8 million despite the resumption of income tax payments following the expiry of instant asset write-offs. The company achieved a strong cash conversion ratio, although some late customer receipts slightly impacted timing.

Outlook and Market Position

Looking ahead, MLG is well positioned to capitalise on sustained demand in the gold sector, which accounts for 94% of its revenue, alongside growing opportunities in iron ore haulage. Recent contract wins with industry heavyweights such as Rio Tinto, Fortescue, and New Murchison Gold reinforce its strategic market position.

The company is focused on long-term margin sustainability and portfolio optimisation, exploring avenues to move up the value chain by linking mine operations to processing and potentially sharing in gold profits. This approach could unlock new revenue streams and deepen client partnerships.