Mader cracks $1 billion revenue as it delivers five-year plan and eyes global expansion
In its FY26 full-year results presentation, Mader Group reported record revenue of $1,001.1M, up 15% on the prior corresponding period ($872.2M), crossing the $1 billion mark for the first time in the company’s history.
Net profit after tax (NPAT) reached $65.4M, up 15% from $57.1M, while the balance sheet swung to $35.7M net cash from $8.3M net debt a year earlier.
The presentation marked the completion of Mader’s first five-year strategic plan, with all five annual NPAT targets exceeded, and the launch of its next five-year phase. Shares closed at $7.24 on 24 August 2026, giving the specialist maintenance provider a market capitalisation of $1.47B.
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FY26 results: record revenue and a strengthened balance sheet
Management reported group revenue growth of 15%, earnings growth of 14%, and earnings per share (EPS) up 14% to 32.18 cents. The result was supported by a net headcount increase of more than 600 employees globally and improving customer demand across key markets.
The balance sheet transformation was a defining feature of the period. Borrowings fell from $32.6M to $3.8M, and the company reported more than $100M in funding flexibility through available growth facilities.
Notably, the dividend was set at 0.00 cents per share, down from 8.80 cents in FY25.
| Metric (A$) | FY25 | FY26 |
|---|---|---|
| Revenue | $872.2M | $1,001.1M |
| Gross Margin | 18.8% | 19.5% |
| EBITDA | $109.5M | $120.7M |
| NPAT | $57.1M | $65.4M |
| EPS (cents) | 28.35 | 32.18 |
| Net Cash / (Debt) | ($8.3M) | $35.7M |
Segment performance: Australia leads, North America builds
The three operating segments delivered contrasting performances, with Australia driving the headline result and North America continuing to build scale.
- Australia: $797.7M, up 16%
- North America: $186.6M, up 12% reported (+17% on a constant currency basis)
- Rest of World: $16.8M, down from $19.9M in FY25
Australia
The Australian segment generated revenue of $797.7M, up 16% on the prior period. Growth was led by the Infrastructure division, which recorded a 45% revenue increase, and the Ancillary division, up 37%.
North America
North America reported revenue of $186.6M, representing 12% growth as reported and 17% on a constant currency basis. The segment reached a record headcount of more than 660 employees supporting US and Canadian customers, with over 240 highly skilled technicians deployed during the year through the Global Pathways initiative.
Rest of World
The Rest of World segment recorded $16.8M in revenue across 7 active countries in Africa, Asia and Oceania, down from $19.9M in FY25. Around 50 technicians were deployed across the region.
Why the Mader model matters to investors
Mader operates a reactive maintenance service model, providing flexible technical support to customers on demand rather than under fixed volume commitments. Management noted this structure provides growth opportunities throughout commodity cycles, as maintenance is required regardless of whether producers are expanding or contracting output.
The employment model is also structured to give employees upside while providing what management described as margin downside protection to the Group. Because labour costs flex with demand, the business is designed to remain resilient when activity slows.
A key growth theme outlined in the presentation is the downstream opportunity. Approximately 93% of group revenue ($929M) is currently generated from “the pit”, the extraction stage of mining, while only around 7% ($72M) comes from downstream processing, rail, road transport and port operations. Management framed this concentration as untapped runway, with the investment thesis centred on replicating a proven model into adjacent verticals and geographies.
Delivering the plan: five targets, five beats
The presentation confirmed the completion of Mader’s first five-year strategic plan, with every annual NPAT target exceeded. The programme culminated in an FY26 actual result of $65M, matching the Year 5 target of $65M.
| Period | NPAT Target | Actual | Status |
|---|---|---|---|
| Year 1 (FY22) | $24M | $28M | Exceeded |
| Year 2 (FY23) | $32M | $39M | Exceeded |
| Year 3 (FY24) | $40M | $50M | Exceeded |
| Year 4 (FY25) | $51M | $57M | Exceeded |
| Year 5 (FY26) | $65M | $65M | Exceeded |
Luke Mader, Executive Chairman & Founder
“Our growth has always been driven by our people, and as we look to the future, the opportunity before us is significant. With the strength of our team, culture and foundations, we are well positioned to continue building a diversified business that pushes boundaries and delivers long-term value for our team, customers and shareholders.”
The next five years: building a globally diversified conglomerate
Management outlined the next phase of growth, describing an ambition to build a globally diversified industrial conglomerate. The strategy is culture-led and focused on new industry verticals, downstream revenue, deeper North America market penetration, and a combination of organic and selective inorganic growth.
While organic growth remains the primary focus, management indicated small acquisitions would be considered where they add value and accelerate entry into new markets, a philosophy summarised as “acquire small, scale hard”.
The company set out its FY27 guidance and new strategic deliverables:
- FY27 revenue of at least $1.13B
- FY27 NPAT of at least $72.5M
- Targeted EPS growth of approximately 15% per annum
- Capital investment of $30M–$50M per annum
- Building an “opportunity warchest” while maintaining a market-leading return on capital
Justin Nuich, Executive Director & CEO
“FY27 is a year of significant early investment in high-growth opportunities, laying the foundation for accelerated growth while enabling us to pursue multiple addressable market opportunities simultaneously.”
With FY27 positioned as a year of heavy early investment, capital is being directed towards growth initiatives and the opportunity warchest.
The investment case
Mader closed the presentation by anchoring its investment case to long-term share price appreciation. The stock has risen from $1.07 at 30 June 2019 to $7.92 at 30 June 2026, with market capitalisation now at $1.47B.
Management pointed to the North American opportunity as a key runway. Australia currently delivers around four times the revenue of North America, with the North American market described as still in its infancy, suggesting significant scope to scale.
Key investment highlights outlined include:
- Proven track record
- Capital-light operations
- Large addressable markets
- Simple balance sheet and financial flexibility
- Unique workplace culture
The overarching positioning presented to investors is Mader’s strategic ambition to develop into a globally diversified industrial conglomerate over the next five years, building on the foundations delivered through its first strategic plan.
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