IVE Group (ASX: IGL) has reported a solid first half performance for the six months ending 31 December 2025, with margin expansion and disciplined cost control offsetting softer revenue conditions.
Key financial highlights include:
- Revenue of $476.5 million, down 6.2% from the prior year.
- Underlying EBITDA of $75.4 million, up 1.8%.
- Underlying NPAT of $28.4 million.
- EBITDA margin of 15.8%, up from 14.6%.
- Operating cash flow conversion of 84.0%.
- Net debt of $172.3 million, with gearing at 1.59x pre AASB 16 EBITDA.
- Interim dividend of 9.5 cents per share, maintained.
The result reflects continued margin discipline, improved buying efficiencies and contributions from recent acquisitions, alongside ongoing investment in capacity and capability.
Looking ahead, FY26 capex is expected to remain around $45 million net of disposals, net debt at 30 June 2026 is forecast below 1.5 times pre AASB 16 EBITDA, and underlying NPAT guidance is around $50 million, excluding the favourable impact of recent acquisitions.
