Vysarn (VYS) H1 2026 earnings summary

Executive summary

• Achieved profit after tax of $7.25M for the half year ended 31 December 2025, up from $3.56M year-over-year, and record half-year earnings with revenue of $66.81M, up 63% year-over-year.

• Net profit before tax reached $10.05M, up 92% year-over-year, and $19.8M NPBT over the 12 months ending December 2025.

• Positive operating cash flow of $9.48M, impacted by project timing and first material income tax payment.

• Completed acquisitions of CMP Consulting Group and Waste Water Services, expanding water infrastructure and services capabilities.

Financial highlights

• Revenue: $66.81M (up from $41.02M year-over-year).

• Net profit after tax: $7.25M (up from $3.56M year-over-year).

• Gross profit: $22.14M (up from $14.13M year-over-year).

• EBITDA rose 71% to $13.87M; net tangible assets increased to $59.10M.

• Basic EPS: 1.37 cents (up from 0.75 cents year-over-year).

• Cash and cash equivalents: $13.77M as of 31 December 2025.

• Net assets: $107.71M (up from $99.37M at 30 June 2025).

• No interim dividend declared for the period.

Outlook and guidance

• Management reaffirmed FY26 NPBT target of $20M, with anticipated earnings skew to 2H due to project timing.

• Management reassessed likelihood of achieving future earn-out targets for CMP acquisition, with updated probabilities for Year 2 (10%) and Year 3 (60%).

• Continued strong demand in the industrial segment and further growth expected from organic and acquisitive initiatives.

• Technology segment expected to replicate or exceed 1H earnings in 2H, supported by potential new project awards.