Monadelphous Group Ltd
ASX:MND
Monadelphous Group Ltd
Monadelphous Group Ltd. operates as a holding company. The company is headquartered in Perth, Western Australia and currently employs 7,347 full-time employees. The firm covers a range of markets, which include iron ore, oil and gas, mineral processing, coal, power, water, rail and light industrial. The firm service includes fabrication, modularization, offsite pre-assembly, procurement and installation of structural steel, tankage, mechanical and process equipment, piping, demolition and remediation works. The company also provides multi-disciplined construction services, plant commissioning, electrical and instrumentation services, water and wastewater asset construction and maintenance, heavy lift and specialist transport, access solutions, dewatering services, corrosion management services, front-end scoping, shutdown planning, management and execution, rail maintenance services and specialist coatings.
Monadelphous Group Ltd. operates as a holding company. The company is headquartered in Perth, Western Australia and currently employs 7,347 full-time employees. The firm covers a range of markets, which include iron ore, oil and gas, mineral processing, coal, power, water, rail and light industrial. The firm service includes fabrication, modularization, offsite pre-assembly, procurement and installation of structural steel, tankage, mechanical and process equipment, piping, demolition and remediation works. The company also provides multi-disciplined construction services, plant commissioning, electrical and instrumentation services, water and wastewater asset construction and maintenance, heavy lift and specialist transport, access solutions, dewatering services, corrosion management services, front-end scoping, shutdown planning, management and execution, rail maintenance services and specialist coatings.
Revenue: Record H1 revenue of $1.53 billion, up 46% year-on-year.
Profitability: EBITDA of $116.2 million (7.59% margin) and NPAT of $64.9 million, up ~53% year-on-year; management expects H2 margins to be maintained.
Guidance: Full-year revenue for FY '26 is forecast to be approximately 30% higher than FY '25, with first‑half operating margins maintained.
Cash & flow: Strong balance sheet with $322 million cash and $171 million cash from operations; cash flow conversion of 186% for the half.
Contract wins: More than $1.4 billion of new contracts and extensions secured since 1 July 2025, including major awards with BHP and Rio Tinto and a 5‑year Rio maintenance contract (~$300 million).
M&A / capability: Three small acquisitions (Kerman Contracting, APIP, High Energy Service) to broaden electrical, high‑voltage and nonprocess infrastructure capabilities and accelerate participation in energy transition work.
Risks / market: Management sees generally strong demand across resources and energy but acknowledges timing risk on some projects, ongoing tightness in the labour market (notably electrical trades), and the need to manage growth execution.
