Full Year 2026 Imdex Ltd Earnings Call Transcript
Key Points
- Record revenue of $520 million, up 21%, with broad-based growth across all regions and market share gains accounting for over half of the growth.
- Record normalized EBITDA of $163 million, up 29%, with margin expansion to 31%, demonstrating strong operating leverage.
- Strong cash generation with 83% cash conversion, enabling continued investment and a 36% increase in the full-year dividend.
- Digital Earth Knowledge (DEK) segment delivered an 85% revenue increase, with platform revenue now 47% of group revenue, up from 33% five years ago.
- FY27 started strongly with July setting a record revenue month, and the company expects continued growth above market, supported by a full year contribution from five acquisitions.
- Net debt increased to $199 million following five acquisitions, with leverage at 1.3 times, though within target range.
- Integration and transaction costs of $15 million in FY26 are expected to continue into FY27, impacting near-term earnings.
- Rising operating costs and inflation, including impacts from geopolitical events, are expected to persist and pressure margins in FY27.
- Exploration spending growth is expected to be tempered by challenges such as permitting and supply chain issues, potentially delaying activity.
- Higher depreciation, amortization, and financing costs are anticipated in FY27, which may offset some margin expansion.
Thank you, and welcome, everyone, to Imdex's FY26 Full Year Results Presentation. Today, I'm joined by Linda Lim, our Chief Financial Officer; Shaun Southwell, our Chief of Exploration and Production; and Michelle Carey, our Chief of Digital Earth Knowledge. Linda and I will take you through the presentation. And at the conclusion of our prepared remarks, Shaun and Michelle will also be available for any questions.
FY26 was the strongest financial year in Imdex's history. We delivered record revenue, record earnings, strong cash generation and made significant progress in building a larger and more diversified earnings engine through both organic growth and targeted acquisitions. Throughout this call, we will refer to the FY26 results presentation released to the ASX this morning. Our agenda on slide 3 outlines the focus areas for today. We'll begin with an overview of the FY26 results.
Linda will take you through the financial performance in more detail. And I will then return to discuss the industry
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