IMG returns to statutory profit on record $203.7m revenue as UK expansion looms
In its FY26 full year results presentation, Intelligent Monitoring Group (ASX: IMB) reported record revenue of $203.7m, up 16.5%, and Underlying EBITDA of $44.0m, up 14.5%. The security monitoring group swung to a reported profit of $1.0m from a $21.9m loss in FY25, capping a scale-up year built around three growth catalysts: Wormald NZ, Red Wolf (known as “Waka”) and the proposed ADT UK acquisition.
Management framed FY26 as a foundation-building period, with Adjusted Underlying NPAT reaching $23.6m and the company positioned for what it described as significant headline growth in FY27 and FY28.
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FY26 financial highlights at a glance
Underlying EBITDA landed at the lower end of the company’s $43–47m guidance range, reflecting roughly $1m of strategic ADT Guard operating expenditure to support future scale and a roughly $0.5m adverse New Zealand currency headwind. Adjusted Underlying NPAT and EPS(a), however, came in at or above guidance.
The presentation clarified that Underlying EBITDA removes $11.5m of one-off costs, while Adjusted Underlying NPAT additionally strips out amortisation of acquired intangible assets.
| Metric | FY26 | Change vs FY25 | Note |
|---|---|---|---|
| Revenue | $203.7m | +16.5% | Record |
| Underlying EBITDA | $44.0m | +14.5% | Removes $11.5m one-off costs |
| Adjusted Underlying NPAT / EPS | $23.6m / 6.01cps | +442% / +363% | Excludes acquired intangible amortisation |
| Operating Cash Flow | $22.0m | +107.5% | More than doubled |
| Free Cash Flow | $8.1m | +>100% | |
| Net Debt / EBITDA | 2.26x | up from 1.87x |
The company presented its outcome against guidance as follows:
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Underlying EBITDA guidance $43–47m → actual $44.0m
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Adjusted Underlying NPAT guidance $19.9–22.8m → actual $23.6m
Guidance was set pre-Tyco NZ acquisition; the actual result includes one month of Tyco NZ, contributing $0.6m of EBITDA.
Inside the numbers: divisional performance and cash generation
Australia delivered 12.5% organic like-for-like EBITDA growth to $31.4m, driven by a growing pipeline of commercial work and rising ADT Guard sales. Acquisitions across WAPL, BNP, Wormald and Red Wolf contributed a further $5.6m of EBITDA.
New Zealand EBITDA fell 33.4% to $7.0m on a weak first quarter. The company noted the division is gaining traction following its strategic reset, with second-half NZ earnings up 42% versus the first half.
The Tyco NZ acquisition closed on 29 May 2026, adding more than 300 staff and 12 branch locations to IMG’s New Zealand footprint and lifting the combined NZ workforce above 500 employees, with both Tyco NZ and Red Wolf operating recurring revenue profiles across critical infrastructure markets.
Operating cash flow more than doubled to $22.0m, up 107.5% from $10.6m, with free cash flow of $8.1m. On the balance sheet, cash stood at $42.7m and equity rose 64.8% to $52.9m, with the current facility term extending to March 2028.
Where the growth came from
| EBITDA Source | FY26 | FY25 | Change |
|---|---|---|---|
| Group EBITDA | $44.0m | $38.4m | +14.5% |
| Australia (organic) | $31.4m | $27.9m | +12.5% |
| Acquisition earnings | $5.6m | — | WAPL, BNP, Wormald, Red Wolf |
| New Zealand | $7.0m | $10.5m | -33.4% |
What is remote video guarding, and why it matters
Remote video guarding, marketed by the company as ADT Guard, uses cameras, trailers and poles monitored remotely from control rooms to replace or supplement on-site security guards. The presentation positioned this as a strategic shift beyond traditional intrusion alarm monitoring into a larger addressable market with recurring revenue.
ADT Guard surpassed 1,000 installed sites across Australia and New Zealand during FY26, growing from 301 sites in Q1 to 1,029 by Q4. Monitoring assisted police in apprehending more than 75 offenders during active incidents and delivers 15+ deterrence events monthly.
The company highlighted early wins in the education and childcare sectors, alongside construction demand for poles and trailers, achieved without additional marketing spend. Quarterly Video Guard site growth was set out as:
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Q1: 301
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Q2: 705
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Q3: 823
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Q4: 1,029
A growing commercial pipeline and a A$9bn addressable market
The company pointed to its growing commercial security secured pipeline as a forward revenue indicator. IMG defines a company-derived total addressable market (TAM) of A$9.0bn within a broader A$13.6bn Australian security-services market, citing IBISWorld.
The secured pipeline grew each quarter through FY26:
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Q1: $36.6m
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Q2: $49.8m (+36%)
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Q3: $63.2m (+27%)
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Q4: $72.4m (+15%)
Australia’s commercial pipeline grew approximately 26% quarter-on-quarter, providing forward revenue visibility into FY27.
The UK play: ADT UK and a pro forma step-change
The presentation detailed the proposed ADT UK acquisition as the transformational Phase III move, subject to completion. ADT UK reported last-twelve-month revenue to July 2025 of GBP £87m, a 49% EBITDA margin and 93% recurring revenue, serving roughly 160,000 residential customers from a heritage dating to 1874, across two branches with more than 400 employees.
The UK residential security sector is expected to grow at a CAGR of 6–8%. The company presented a pro forma earnings bridge combining FY26 actuals with disclosed figures for Waka and the UK business. These are pro forma figures assuming full tax and current exchange rates, not FY26 actuals.
| Metric | FY26 | Waka | UK | Group Proforma |
|---|---|---|---|---|
| Revenue ($m) | 203.7 | 87.2 | 164.6 | 455.5 |
| Group Underlying EBITDA ($m) | 44.0 | 10.0 | 79.0 | 133.0 |
| Adjusted NPAT ($m) | 23.6 | — | — | 38.1 |
| EPSa ($) | 0.06 | — | — | 0.08 |
The three-phase strategy driving IMG’s growth
Management outlined a three-phase corporate strategy. Phase I builds the Australasian monitoring platform through the ADT brand. Phase II uses that platform to enter larger markets via remote video guarding, commercial security and fire services, and AI-enabled monitoring. Phase III replicates the model internationally, with the UK acquisition set to double group scale.
The presentation noted a scaled platform of more than 200,000 monitored and serviced sites, around 900 employees, and three monitoring rooms in Australia plus one in New Zealand.
Management framed FY26 as a year that established scale across Australasia and set the platform to accelerate growth through deeper penetration of higher-value security and life safety markets, with the proposed UK acquisition positioned to move IMG from a regional operator towards an international security services company.
FY27 and beyond: what investors should watch
Management set out four priorities for FY27:
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Convert the growing commercial pipeline into new customer wins.
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Scale ADT Guard and remote video monitoring.
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Drive growth from Wormald New Zealand and Red Wolf.
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Complete ADT UK and establish a platform for long-term growth.
The company flagged FY27 and FY28 as significant headline growth years from the additions of Wormald NZ, Red Wolf and ADT UK. The presentation framed the investment case around a defensive, high-quality recurring revenue base combined with growth optionality via the UK expansion and remote video guarding.
Ready to Explore IMG’s International Expansion and Record Growth Story?
Intelligent Monitoring Group has delivered record revenue of $203.7m, swung to statutory profit, and is poised for a transformational step-change with the proposed ADT UK acquisition — a business generating a 49% EBITDA margin and 93% recurring revenue that could more than double group scale.
Investors seeking a deeper understanding of the company’s three-phase strategy, pro forma earnings potential, and Australasian platform can visit the Intelligent Monitoring Group investor centre to access the full details behind the FY26 results and the road ahead.