Mastermyne Surpasses FY26 Revenue and EBITDA Guidance on Strong Second Half
Mastermyne delivered FY26 revenue of $237.7 million and underlying EBITDA of $20.3 million, beating its own guidance amid robust strata consolidation activity. The company’s order book and near-term pipeline have expanded, while net cash rose to $46.5 million despite a pending legal penalty.
- FY26 revenue of $237.7m and EBITDA of $20.3m exceeded guidance
- Strong second half driven by strata consolidation and market conditions
- Order book increased to $432m with $823m near-term pipeline
- Net cash improved to $46.5m despite $7.3m penalty appeal
- Audited results due 26 August 2026
Financial Results Beat Expectations
Mastermyne Group Limited (ASX:MYE) has posted unaudited FY26 revenue of $237.7 million and underlying EBITDA of $20.3 million, comfortably surpassing the upper end of its guidance ranges of $230 million and $18 million respectively. This represents a significant uplift from FY25’s $210 million revenue and $13.8 million EBITDA.
The company credits a strong second half to elevated strata consolidation activity and increased production across major projects, buoyed by favourable market conditions. This acceleration helped underpin the robust financial performance, with first half revenue at $108.9 million and EBITDA at $8.3 million.
Expanding Order Book and Pipeline
Mastermyne’s order book has grown to $432 million, up from $314 million at the end of FY25, reflecting contract extensions and new awards. The pipeline of targeted opportunities has also expanded to $1.5 billion, with $823 million classified as near-term; contracts expected to be awarded within the next 12 months.
This strong backlog provides a solid foundation for FY27, supporting the company’s confidence in continued revenue and earnings growth.
Balance Sheet Strength Amid Legal Uncertainty
The company’s net cash position improved to $46.5 million at 30 June 2026, up from $33.1 million at the end of December 2025, reflecting strong cash conversion. This is despite a $7.3 million financial penalty imposed by the District Court of Queensland relating to a 2021 incident at the Crinum mine. Mastermyne has filed an appeal against this conviction, leaving the final financial impact uncertain.
Additionally, Mastermyne holds $40 million in available facilities, providing further liquidity flexibility.
Outlook and Next Steps
Managing Director Jeff Whiteman highlighted the company’s positive momentum, noting the strong second half performance and healthy order book as key strengths going into FY27. The firm plans to release its audited FY26 results and Annual Report on 26 August 2026, which will provide a more detailed picture of its financial and operational position.
Bottom Line?
Mastermyne’s FY26 results signal operational resilience and growth potential, but the outcome of its legal appeal remains a notable variable for investors.
Questions in the middle?
- How will the legal appeal outcome affect Mastermyne’s financial position and risk profile?
- Can the company sustain its second half momentum into FY27 amid evolving market conditions?
- What proportion of the $823 million near-term pipeline will convert into firm contracts within 12 months?
