Australian engineering services company Monadelphous says it is on track to surpass last year’s A$2.27 billion full-year revenue by 30% after reporting record FY26 first-half revenue of $1.53 billion and securing a swag of new orders.
The FY26 half-year total was 45.6% higher than the same time last year.
ASX-listed Monadelphous says its committed pipeline remains strong, with more than $1.4 billion in new contracts secured since the beginning of the financial year.
“Western Australia’s iron ore sector continued to experience strong demand for construction and maintenance services during the period, with more than $1 billion of contracts and extensions secured with blue-chip customers Rio Tinto and BHP,” the company said.
WA’s iron ore sector also continued to drive robust demand for maintenance services. Monadelphous had picked up contracts to provide fixed plant maintenance services and sustaining capital projects to Rio Tinto, fixed plant services to Fortescue and general maintenance services to BHP.
“Subsequent to the end of the period Monadelphous was awarded a five-year contract to continue providing maintenance services to Rio Tinto,” the company said.
“Under the contract, which totals approximately $300 million, the company will provide fixed plant and shutdown services, delivering generalist mechanical and access services across Rio Tinto’s iron ore operations in the Pilbara region of WA.
“High production levels across most commodities continue to drive demand for sustaining capital works and maintenance services. Iron ore prices remain firm, supporting current production rates and underpinning ongoing investment in both new projects and existing operations across WA’s iron ore sector, with a continued focus on productivity to maintain competitiveness.
“The outlook for energy transition metals continues to strengthen, with battery metal prices recovering.
“Over the medium- to long-term, development in the mining and mineral processing sector, particularly for copper, other base metals and critical minerals, is expected to accelerate to meet growing demand, driving significant investment.”
Monadelphous engineering construction arm delivered revenue of $677.8 million for the first six months of FY26, up 67% year-on-year, while its maintenance and industrial services division reported a record half year revenue result of $852 million, up 32.1% yoy.
Earnings before interest, tax, depreciation and amortisation (EBITDA) for the first half was $116.2 million, up 45.6% yoy.
Monadelphous’ share price is up about 22% so far in 2026, giving the company a current market value around $3.24 billion.
