Mastermyne Beats Its Own Guidance With $237.7M Revenue and 47% EBITDA Jump
Mastermyne beats FY26 guidance with $237.7m revenue and $20.3m EBITDA
Mastermyne Group (ASX: MYE) has delivered unaudited FY26 results that exceeded the upper end of its guidance on both revenue and earnings. The underground mining services provider reported revenue of $237.7m and underlying EBITDA of $20.3m, topping the previously upgraded guidance ranges of $230m and $18.0m respectively. All figures remain subject to final audit review and Board approval.
The result marks a material step-up from FY25 and reflects strong second-half acceleration. The company closed the period with net cash of $46.5m at 30 June 2026, up from $33.1m at 31 December 2025, positioning it with a strengthened balance sheet heading into FY27.
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The numbers behind the beat
Mastermyne’s FY26 performance represents a progression from its initial guidance ranges announced on 25 February 2026 ($220m–$230m revenue, $17.0m–$18.0m EBITDA) through to the 20 May 2026 update, when management indicated results would land at the upper end of those ranges. The final result surpassed even that upgraded view.
The second-half acceleration was driven by high strata consolidation activity and increased production across several of the company’s larger projects, supported by favourable market conditions. This represented a material lift from FY25, which delivered $210.0m in revenue and $13.8m in underlying EBITDA.
| Metric (A$m) | 1H FY26 | FY25 | FY26 (Unaudited) |
|---|---|---|---|
| Revenue | 108.9 | 210.0 | 237.7 |
| Underlying EBITDA | 8.3 | 13.8 | 20.3 |
| Net Cash | 33.1 | 29.1 | 46.5 |
Beating an already-upgraded guidance range signals operational momentum rather than a one-off favourable circumstance. The revenue increase from $210.0m to $237.7m year-on-year and the increase in underlying EBITDA from $13.8m to $20.3m point to both volume growth and improved project margins.
Balance sheet strength
Net cash rose to $46.5m at 30 June 2026 from $33.1m at 31 December 2025, reflecting strong cash conversion over the period. The company also maintains $40m in facilities.
The net cash figure excludes the impact of a $7.0m financial penalty plus $0.3m in regulator costs imposed by the District Court of Queensland on 1 May 2026 relating to an incident at Crinum mine in September 2021. The company has filed a notice of appeal against the conviction.
What is strata consolidation — and why it’s driving results
Strata consolidation refers to the process of stabilising the ground and roof in underground coal mines to maintain safe and productive operations. It involves injecting materials into voids and weak zones to prevent collapses, control ground movement, and support mining equipment and personnel.
For Mastermyne, this capability sits alongside development, longwall and outbye support, technical services, and products. The company operates under two brands — Mastermyne and Wilson Mining — with coverage across all three major coal basins in New South Wales and Queensland. Founded in 1996, the business has built market-leading expertise in underground mining solutions.
High demand for strata consolidation is a direct revenue driver. When mining conditions require intensive ground support, activity levels increase, translating into higher service volumes and stronger earnings. Investors should understand that this activity is not discretionary maintenance but a core operational requirement for underground coal production.
A growing order book and $1.5bn pipeline
Mastermyne’s forward-looking demand signals underpin confidence heading into FY27. The company distinguishes between its order book (secured work, including contract extension options) and its pipeline (targeted opportunities yet to be awarded).
- Order book: $432m, up from $314m at 30 June 2025
- Pipeline of targeted opportunities: $1.5bn, up from $1.1bn at 1H
- Near-term pipeline: $823m (contracts where an award decision is expected within 12 months)
- Contract extension options are included in the order book and not duplicated in the pipeline
The 38% increase in the order book year-on-year and the expansion of the pipeline to $1.5bn provide strong forward visibility. The near-term pipeline of $823m suggests potential for further order book growth over the next 12 months, supporting earnings durability into FY27.
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Management’s view and the road ahead
Jeff Whiteman, Managing Director & CEO
“We are very pleased with the Company’s performance in FY26, delivering revenue and EBITDA above our guidance ranges and a material step-up from FY25. The acceleration in the second half is particularly encouraging and reflects the strength of our team and capabilities, and the markets we operate in. We enter FY27 with a strong order book, a pipeline of near-term opportunities and a healthy balance sheet.”
The company will release its audited FY26 results and Annual Report on Wednesday, 26 August 2026. Until then, the figures remain unaudited and subject to final Board approval.
The guidance beat, combined with a record order book, a $1.5bn pipeline, and a net cash position that strengthened through the second half, positions Mastermyne well entering FY27. The company’s ability to exceed upgraded guidance while converting earnings to cash provides a foundation for sustained operational momentum. Investors will watch the audited results release in August for confirmation of these preliminary figures and any commentary on FY27 expectations.
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