MND +5.91%: rallied after delivering a strong 1H result and upgrading full-year revenue guidance, with momentum building across both services and engineering construction.
1H26 Highlights
- Revenue (incl. JVs) $1.53bn, +46% y/y – consensus was $1.44bn
- EBITDA $116.2m, +46% y/y – consensus was $101.5m
- Interim dividend $0.49 vs. $0.33 y/y
Both divisions outperformed expectations, with engineering construction particularly strong, while services revenue also came in well ahead of consensus. The dividend beat added to the positive tone.
Importantly, MND has secured more than $1.4bn in new contracts since the start of the financial year, keeping the pipeline well supported. With FY26 revenue guidance +30% (from +20–25%) and strong execution, the earnings trajectory has clearly stepped up into the second half.
MM is bullish toward MND
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