IMDEX Limited (ASX:IMD), MAAS Group Holdings Limited (ASX:MGH) and Mader Group Limited (ASX:MAD) operate across different parts of Australia’s resources and infrastructure Supply chain. IMDEX supplies Mining technology and data solutions, MAAS Group combines civil, electrical and property activities while reshaping its portfolio, and Mader provides equipment maintenance and technical services to mining, energy and industrial customers.
Their FY2026 results reflected different strategic priorities entering FY2027. IMDEX is integrating acquisitions while lifting Investment in research and development, MAAS Group is progressing the sale of its construction materials Business and directing Capital toward electrical infrastructure, while Mader is expanding its technical workforce and international operations.
2026 Operating Context
Mining services activity continues to be influenced by exploration spending, Commodity markets and the availability of skilled labour. Higher exploration activity can support Demand for drilling technology, sensors, data platforms and specialist services, although the pace of spending varies across commodities and regions.
Construction and infrastructure businesses are operating against a large pipeline of transport, utilities and building projects. Labour availability remains an important constraint, particularly for companies requiring specialised electrical, engineering and technical skills.
Demand is also broadening into data centres, electrification and energy infrastructure. These projects create opportunities for contractors and service providers but can increase exposure to large individual customers, complex project delivery and higher capital requirements.
IMDEX Limited (ASX:IMD)
Business Profile
IMDEX provides mining technology used across exploration, development and production. Its products and services include drilling optimisation technologies, directional drilling, rock knowledge sensors, cloud-connected data tools and geoscience analytics.
The company operates across more than 50 countries and has been increasing the contribution from software, analytics and platform-enabled products alongside its established equipment and consumables businesses.
FY2026 Performance
IMDEX reported FY2026 Revenue of AUD 520 million and normalised EBITDA of AUD 163 million, producing a normalised EBITDA Margin of approximately 31.3%.
Normalised net profit after tax was AUD 59 million, while normalised NPATA reached AUD 70 million. Statutory net profit after tax was AUD 79 million.
The Americas remained the largest regional contributor with AUD 260 million of revenue, while Asia-Pacific generated AUD 118 million and Europe, the Middle East and Africa contributed AUD 123 million.
Digital Earth Knowledge generated AUD 19 million of revenue, while platform-enabled revenue represented 47% of the group total. This increasing platform contribution supports IMDEX’s strategy of generating a larger share of revenue from connected technology and subscription-style products.
Cash Flow and Balance Sheet
Operating Cash Flow reached AUD 126 million, or AUD 135 million on a normalised basis. Capital Expenditure totalled AUD 69 million and Research and Development spending was AUD 43 million.
IMDEX ended FY2026 with net Debt of AUD 199 million and Leverage of approximately 1.3 times. The increase in debt reflected investment in acquisitions as the company expanded its software, analytics and technology capabilities.
The company has outlined a capital framework targeting leverage between 1.0 and 1.5 times and a Dividend payout range of 25% to 35% of normalised NPATA. A fully franked final dividend of 1.75 cents per share took FY2026 dividends to 3.4 cents per share.
Acquisition Strategy
IMDEX completed five acquisitions during FY2026 across geoscience analytics, artificial intelligence, borehole logging and drilling-data management.
FY2027 Outlook
Management has indicated that FY2027 will involve higher investment in integration and research. Research and development expenditure is targeted at approximately 10% of revenue, while depreciation, Amortisation and financing expenses are also expected to increase.
The operating question is whether revenue growth from the acquired businesses and existing platform can offset the higher investment base while maintaining margins.
Risks
IMDEX remains exposed to global exploration budgets and mining investment activity. A slowdown in exploration programmes could affect utilisation of drilling technology and related services.
Integration risk has also increased following multiple acquisitions. The company must combine the acquired technologies and teams without allowing operating costs to grow faster than revenue.
Higher net debt and financing expenses create another consideration, while the international revenue base introduces foreign exchange exposure.
What Investors May Monitor Through the Rest of 2026
Integration progress across the acquired businesses will remain an important operating indicator. Research spending and the pace of platform revenue growth may also show whether IMDEX is moving further toward recurring technology-led earnings.
The company’s Annual General Meeting is scheduled for 16 October 2026 and may provide further information on early FY2027 trading, investment levels and demand across major mining regions.
MAAS Group Holdings Limited (ASX:MGH)
Business Profile
MAAS Group operates across civil construction, electrical infrastructure, equipment activities, residential real estate and commercial property.
The company is undergoing a significant portfolio transformation following its decision to sell its construction materials division. The transaction would leave MAAS more concentrated on electrical infrastructure, property and investment activities.
Its JLE Group business provides electrical and civil infrastructure services and has become increasingly relevant as MAAS expands into data-centre and power-related projects.
FY2026 Performance
MAAS reported FY2026 group revenue of AUD 1.26 billion and underlying EBITDA of AUD 300.3 million.
Underlying EBITDA from continuing operations, excluding the construction materials business being sold, was AUD 143.3 million.
Underlying net profit after tax reached AUD 123.4 million, while statutory net profit after tax was AUD 136.1 million.
Civil construction and hire generated AUD 424.9 million of revenue and AUD 65.1 million of EBITDA. Residential real estate settled 264 lots and generated EBITDA of AUD 28.8 million excluding fair-value movements, while Commercial Real Estate contributed EBITDA of AUD 59.4 million.
The result also included property and investment valuation movements, meaning cash generation remains an important measure alongside reported earnings.
Cash Flow and Balance Sheet
Operating cash flow was AUD 183.5 million, representing cash conversion of approximately 93%.
MAAS finished FY2026 with net debt of AUD 826 million, or AUD 745 million on a continuing-operations basis. Leverage was approximately 2.6 times, while total Liquidity stood at around AUD 479 million including undrawn facilities.
No final FY2026 dividend was declared. The company instead allocated capital toward its on-market share buyback while preparing for the construction materials transaction.
Risks
Completion of the construction materials divestment remains a major corporate dependency. Until settlement occurs, the Balance Sheet and future Capital Structure remain partly linked to the transaction.
The growing electrical business also introduces customer concentration risk because large projects can materially influence revenue and earnings.
Data-centre infrastructure demand is another variable. Delays in customer projects, financing or power connections could affect the timing of contracted work.
Property valuations and settlement timing remain relevant because real estate continues to form part of MAAS Group’s Earnings base.
What Investors May Monitor Through the Rest of 2026
The 24 September annual general meeting will be an important milestone for the proposed construction materials sale.
If the transaction proceeds to settlement, attention is likely to shift toward debt reduction, the use of approximately AUD 1.3 billion of anticipated net proceeds and investment in electrical infrastructure.
Execution against the AUD 1.2 billion electrical work pipeline and progress under the Firmus agreement may also provide information on the shape of the post-divestment business.
Mader Group Limited (ASX:MAD)
Business Profile
Mader Group provides specialist equipment maintenance and technical services to mining, energy and industrial customers.
The company deploys skilled technicians to customer sites rather than owning the mining equipment being serviced. Its workforce supports mobile and fixed mining equipment, infrastructure maintenance, road transport and electrical activities.
At 30 June 2026, Mader operated across 10 countries and more than 685 locations, with over 2,000 service vehicles and more than 520 customers.
FY2026 Performance
Mader reported FY2026 revenue of AUD 1.00 billion and EBITDA of AUD 120.7 million. EBIT was AUD 95.0 million, while net profit after tax reached AUD 65.4 million.
Australia generated AUD 797.7 million of revenue and remained the largest operating region. North America contributed AUD 186.6 million and continues to represent an important expansion market.
The group employed more than 4,500 people at year-end following a substantial increase in workforce capacity during FY2026.
Cash Flow and Capital Position
Operating cash flow reached AUD 85.0 million, while free cash flow was AUD 57.5 million.
Mader ended June 2026 with net cash of AUD 35.7 million and cash and equivalents of AUD 39.5 million. The net cash position provides capacity to fund expansion without relying heavily on external debt.
The company did not declare an FY2026 dividend. Management elected to retain capital to support organic expansion and potential acquisitions under its longer-term growth plan.
Expansion Strategy
Mader continues to expand its North American operations and sees further opportunity to increase workforce and customer penetration in that market.
The company is also broadening into adjacent service areas including infrastructure, electrical work and defence. During FY2026, it acquired capability supporting defence accreditations and began pursuing opportunities in the sector.
Investment is also being directed toward fleet, workshops and Training technicians across multiple technical disciplines.
FY2027 Outlook
Mader has guided to FY2027 revenue of at least AUD 1.13 billion and net profit after tax of at least AUD 72.5 million.
Management expects the result to absorb several million dollars of investment in expansion initiatives and long-term employee incentives.
Capital expenditure is expected to remain between AUD 30 million and AUD 35 million as the company continues expanding fleet and operational capacity.
Risks
Labour availability is central to Mader’s business model. Growth requires the recruitment, training and retention of skilled technicians, and shortages could constrain the pace at which customer demand is serviced.
Expansion into new countries and industries also carries execution risk. Defence and infrastructure services have different contractual and compliance requirements from traditional mining maintenance.
Margin management will remain important as Mader invests in additional capacity before new initiatives reach scale.
What Investors May Monitor Through the Rest of 2026
North American workforce growth and revenue will remain useful measures of Mader’s international expansion.
Investors may also monitor new contract wins across infrastructure, electrical and defence services and whether these businesses begin making a larger contribution to group earnings.
Progress against FY2027 revenue and profit guidance will indicate whether the company can absorb expansion investment while maintaining its earnings profile.
Risks to Watch
IMDEX faces exploration-cycle, integration and financing risks as it combines acquired technology businesses and increases research expenditure.
MAAS Group faces transaction, project execution and customer concentration risks. Completion of the construction materials sale will determine the timing of debt reduction and future capital deployment.
Mader faces labour availability and expansion risks. Its model depends on increasing the skilled workforce while maintaining utilisation and margins across a broader geographical and service footprint.
All three are exposed in different ways to mining, infrastructure and construction activity, making customer investment decisions and workforce capacity important external variables.
Outlook Through the Rest of 2026
IMDEX enters FY2027 with FY2026 revenue of AUD 520 million and normalised EBITDA of AUD 163 million. The next phase will centre on integrating acquisitions, increasing research investment and maintaining margins as its technology platform expands.
MAAS Group enters FY2027 with a proposed AUD 1.703 billion construction materials transaction and approximately AUD 1.2 billion of electrical work in hand. Completion of the divestment and allocation of the proceeds could materially change the group’s balance sheet and future earnings mix.
Mader enters FY2027 after revenue exceeded AUD 1 billion, supported by a net cash balance and further expansion plans. North America, electrical services, infrastructure and defence are expected to remain important areas of development.
The three companies therefore enter the remainder of 2026 with different priorities: IMDEX is focused on technology integration and research, MAAS Group on portfolio transformation and electrical infrastructure, and Mader on workforce-led international and service expansion.