IVE releases half-year results

IVE Group has announced its financial results for the six months to 31 December 2025.

The company says it has made “good progress” against the Group’s ‘Now to 2030’ strategy while delivering a solid half-year result. Further margin expansion reflecting the leveraging of IVE’s scale coupled with strict cost control has seen MGM, EBITDA and NPAT margin increase in line with the Group’s ‘Now to 2030’ strategic ambition.

The uplift in margins largely offset revenue softness in the retail and media sectors, particularly impacting IVE’s catalogue and publishing business, as foreshadowed at the Group’s AGM in late November 2025.
Underlying NPAT declined 3.0% to $28.4m from $29.3m pcp.

Pre-AASB 16 underlying NPAT was broadly unchanged at $28.7m compared with $29.0m pcp.

IFRS NPAT declined to $24.3m from $27.1m pcp, reflecting an increase in non-operating items largely associated with the 3PL Dandenong and Kemps Creek relocations coupled with acquisition expenses.

Key underlying financial performance indicators for the half include:
•    Revenue $476.5m, down 6.2% from $507.8m pcp
•    Material gross profit margin of 50.7%, up from 48.5% pcp
•    EBITDA $75.4m, up 1.8% from $74.1m pcp
•    EPS (NPAT) 18.4¢ps, down 2.9% from 19.0¢ps pcp
•    EPS (NPATA) 19.7¢ps, down 2.0% from 20.1¢ps pcp
•    Operating cash conversion remains strong at 84.0% compared with 92.0% pcp
•    Net debt $172.3m, up from $114.4m at 30 June 2025, reflecting the funding of the Impressu, Budget Mail Services (BMS) and Daily Press acquisitions coupled with peak working capital seasonality and capex associated with the packaging capacity build-out
•    On-market buyback resulted in the cancellation of a further 992,167 shares or ~0.6% of issued capital at an average cost of $2.72ps
•    Fully franked interim dividend of 9.5¢ps, unchanged from pcp, consistent with guidance indicating a stable dividend in FY26

The fully franked interim dividend of 9.5¢ per share will be paid on 2 April 2026. The ex date is 11 March 2026 and the record date is 12 March 2026. The dividend is payable in AUD and is franked at 100% at a corporate tax rate of 30%.

Commenting on IVE Group’s half-year performance, Managing Director, Matt Aitken said: “Despite softer revenue in catalogues and publishing, I am pleased with IVE Group’s continued margin resilience which underpinned a solid half-year performance. During the first half the Company made good progress on the 2030 strategy - having recently completed the Dandenong 3PL relocation, the operational focus for the remainder of FY26 includes completion of the Kemps Creek supersite, completion of site consolidations in Victoria and leveraging the recent acquisitions of Impressu, BMS and Daily Press.”