Revenue — no API Ninjas consensus estimate for this event
Verdict
Mader cleared A$1bn of annual revenue for the first time, reporting A$1,001.1m for FY26, up 15% on A$872.2m, which the company describes as in line with market guidance.
NPAT of A$65.4m also grew 15%, so margin held rather than expanded: NPAT margin slipped to 6.5% from 6.6%.
EBITDA grew only 10% to A$120.7m and EBITDA margin fell 40 basis points to 12.1%, the one line where growth lagged revenue.
The balance sheet flipped to A$35.7m net cash from A$8.3m net debt, a A$44.0m swing, and free cash flow rose 35% to A$57.5m.
Key metrics
Metric
Reported
Prior year
Change
Total revenue (FY26)
A$1,001.1m
A$872.2m
+15%
NPAT (FY26)
A$65.4m
A$57.1m
+15%
EBITDA (FY26)
A$120.7m
A$109.5m
+10%
Australia segment revenue
A$797.7m
A$686.2m
+16%
Net cash / (debt)
A$35.7m net cash
A$8.3m net debt
A$44.0m improvement
Free cash flow
A$57.5m
—
+35%
Guidance changes
Item
New guidance
Prior guidance
FY27 revenue
at least $1.13b (+13% vs PCP)
—
FY27 NPAT
at least $72.5m (+11% vs PCP)
—
FY27 growth capital expenditure
$30m to $35m
—
Quality of earnings
EBITDA growth of 10% trailed the 15% revenue and NPAT growth, so the EBITDA-margin decline of 40 basis points is where the operating cost of scaling shows.
North American revenue grew 12% as reported but approximately 17% in constant currency, meaning about 5 points of that segment's growth was lost to the currency.
Free cash flow of A$57.5m grew 35%, well ahead of earnings, which the company attributes to expansion into less capital-intensive service lines.
Gotchas & watch items
No dividend was declared for FY26, with the board reserving capital for long-term growth initiatives.
Rest of World revenue fell 16% to A$16.8m following the completion of a large contract in December 2025.
FY27 guidance of at least A$1.13bn revenue and A$72.5m NPAT implies 13% revenue growth against 11% NPAT growth -- margin is guided to compress again.
FY27 growth capital expenditure of A$30m-A$35m will absorb more than half the A$57.5m of free cash flow just reported.