Intelligent Monitoring Group Ltd (ASX:IMB) says it is tracking to an underlying EBITDA of $19.2 million for the six months to December 31, 2025, up 9.2%, after what it described as a busy half that included a weaker first quarter in New Zealand and continued momentum in Australia.
The company said the Australian business delivered 8.3% underlying growth (before acquisition effects), while the group’s forward pipeline of installation work rose 36.0% from Q1 to $49.8 million in Q2.
IMG also pointed to improving cash conversion, with underlying operating cash flow up 25.3% to $9.4 million and cash at bank ending the period at about $36.2 million.
“IMG is really beginning to become an enterprise of significance. I am most excited that, through ADT, IMG's IMS bureau customers, and its Signature Security partnerships, we have collectively caught >40 criminals in collaboration with the police using our next-generation security solutions. This really is a new era for the security industry, and we are focused on leading it and keeping more business and people safe," IMG managing director Dennison Hambling said.
The first half result is solid, but with the NZ business now coming back on track, our significantly growing order book, and the pending settlement of Tyco NZ, we look forward to the FY26 results with confidence, and then into what will be a bigger still FY27”.
New Zealand slow start reverses as order book builds
IMG said its New Zealand business experienced a “surprisingly slow start” to work won, which weighed on profitability through August to October, before conditions improved as the pipeline “kicked into gear”. The company said it expected “a good push through to June”, noting that large commercial and government customers typically seek to complete work by June 30.
In its half-year financial statements, IMG reported revenue from ordinary activities of $98.029 million (up from $80.842 million), which it attributed to organic growth and contributions from acquisitions completed in the prior period. The group reported a statutory loss after tax of $2.431 million, compared with a $9.065 million loss a year earlier.
IMG’s reconciliation showed reported EBITDA of $14.666 million, with adjustments (including acquisition and integration costs, impairments and share-based payments) taking adjusted EBITDA to $19.225 million.
Looking ahead, IMG remains comfortable with AGM guidance for FY26 underlying EBITDA of $43–$47 million, and flagged an expected pro forma EBITDA of $53–$57 million once the Tyco NZ transaction settles (expected during Q4).
IMG also outlined an expected pro forma EPS range of $0.062–$0.069 cps at that EBITDA level.