Monadelphous Group has reported record revenue of $2.98 billion for FY2026, representing 31 percent growth from the prior year. This performance reflects strong operating conditions across all sectors, with construction revenue particularly robust at up 48 percent as the group’s service expansion and integrated services delivery strategy continues to gain traction. Maintenance revenue also performed well, increasing 20 percent on the back of elevated activity levels in energy and iron ore sectors.
The earnings outcome demonstrates the quality of this revenue growth. Net profit after tax climbed 52 percent to $127.3 million, significantly outpacing the revenue growth rate and reflecting both operational discipline and meaningful economies of scale. The EBITDA margin expanded notably to 7.58 percent, the result of both top-line leverage and improved cost management across the enlarged business.
Shareholders will take note of the full-year dividend increase to 127.6 cents per share, underpinned by a strong cash position of $294 million and robust cash generation. Operating cash flow reached $245 million, translating to a conversion rate of 147 percent of net profit, a metric that underscores the cash-generative nature of the business and signals management confidence in the underlying quality of earnings.
The group’s growth trajectory is further supported by $2.7 billion in contracts secured over the period and recent acquisitions of Kerman Contracting, Australian Power Industry Partners, and High Energy Service. These bolt-on additions broaden the service offering within the construction and maintenance segments and position Monadelphous to capture emerging opportunities in energy transition and renewable sectors.
Record headcount of 9,365 across the group speaks to capacity expansion, though investors will want to monitor recruitment and retention costs in an increasingly competitive labour market. The company has maintained 97 percent key talent retention and continues to invest in employee development and leadership capability. Safety metrics show solid improvement, with the total recordable injury frequency rate declining 19 percent, and the high potential incident frequency rate remains at historically low levels.
The broad-based growth across energy, iron ore, and infrastructure end markets, coupled with the $2.7 billion contract book, provides reasonable visibility into near-term activity. Investors should monitor the integration progress of recent acquisitions, margin trajectory as these bolt-ons scale, and whether the elevated EBITDA margin can be sustained as the group matures. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About Monadelphous Group Limited (ASX: MND)
Monadelphous is an Australian engineering services company that provides construction, maintenance, and industrial services to the resources, energy, and infrastructure sectors. The company operates through two divisions: Engineering Construction, which delivers large-scale project management and construction services, and Maintenance and Industrial Services, which provides mechanical and electrical services for plant and equipment management. It operates primarily in Australia with additional operations in China, Mongolia, Papua New Guinea, and the Philippines.
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