Imdex Limited

IMDEX reported FY '26 revenue of $520 million, up 21% year over year. EBITDA normalized was $163 million, up 29%, with margin expanding to just over 31%; NPAT normalized was a record $59 million and EPS normalized rose 37% to $0.115 per share. Operating cash flow was $126 million, or $135 million normalized, and cash conversion was 83%. Net debt finished at $199 million and leverage was 1.3x, after 5 acquisitions during the year. For FY '27, management said revenue should benefit from a full-year contribution from those 5 acquisitions, expects demand to be broad-based with the Americas leading, and characterized the outlook as one for continued growth above market. Linda Lim also said FY '27 integration costs will continue, normalized tax rate should stay at 32%, 50% of revenues are U.S. dollar denominated, and a 1% move in USD FX affects revenue by about $2.5 million to $3 million and roughly half that at EBITDA.

Paul House framed FY '26 as a defining year for IMDEX, saying the company now has multiple growth engines beyond pure exploration activity. He emphasized share of wallet gains, broader customer adoption of integrated solutions, and the acquisitions that expanded IMDEX's physical-to-digital platform. His tone was confident but measured: he repeatedly pointed to a favorable macro backdrop, while noting customers still need time to deploy exploration funding.

Linda Lim highlighted the quality of the year’s earnings, noting record normalized NPAT of $59 million, NPATA of $70 million, and EPS of $0.115. She pointed to $43 million of R&D investment and $69 million of capex, both tied to future growth and fleet modernization, and said operating cash flow was $126 million, or $135 million normalized, with 83% cash conversion. She also explained that FY '27 will carry more integration costs as the 5 acquisitions are absorbed, while leverage ended at 1.3x and the dividend policy was updated to 25% to 35% of NPATA normalized.

Analysts focused on whether strong June and July trading signaled continued organic momentum into FY '27, and management said both months were record revenue months and that July beat June on a like-for-like basis. Questions also probed higher D&A and net interest; Linda Lim said those reflect the expanded capital profile, higher borrowings from acquisitions, and a possible small rate rise assumption, while also noting the refinancing in June last year lowered rates versus before. Other questions addressed South America, integration timing, and margin outlook; management said South America is underpenetrated on technology adoption, integration of the digital acquisitions is expected to take about 2 years, and FY '27 is a year of investment that should set up future margin accretion.