Highlights

• Half-year revenue rose 1.8% to A$139.3 million, while EBITDA edged up 0.7% to A$13.9 million at a 10.0% margin.

• Continuing operations net profit after tax grew 7.0% to A$4.6 million, and earnings per share rose 8.8% to 8.3 cents.

• The board declared a fully franked interim dividend of 4.15 cents per share, up 36% from 3.05 cents.

• The Kalgoorlie greenfield store turned profitable in September 2025, and Förch extended its exclusive Australian distribution agreement to 2032.

A 36% jump in the interim dividend headlined the half-year result from MaxiPARTS Limited (ASX:MXI), even as revenue growth stayed modest. The commercial vehicle parts and workshop consumables supplier declared a fully franked payout of 4.15 cents per share for the six months to 31 December 2025, up from 3.05 cents a year earlier. Shares were trading at A$1.900 on 23 October 2026, up 3.26%.

Steady Revenue, Firmer Profit

Group revenue for the first half of FY26 was A$139.3 million, up 1.8%. EBITDA of A$13.9 million was up 0.7%, holding a 10.0% margin. Net profit before tax and amortisation rose 1.5% to A$6.9 million.

Net profit after tax from continuing operations climbed 7.0% to A$4.6 million, lifting earnings per share 8.8% to 8.3 cents. Reportable profit was A$3.6 million, down 5.3%, reflecting a A$0.96 million loss from discontinued operations. The company said that loss was driven by a one-off, non-cash under-provision of FY25 taxes and an over-provision of carried-forward tax losses in FY25 deferred tax assets.

The interim dividend carries a record date of 26 February 2026 and was payable on 18 March 2026. The dividend reinvestment plan is available again, with shares issued at no discount.

Inside the Two Businesses

The core MaxiPARTS operation generated revenue of A$128.4 million, up 1.2%, or 2.6% excluding the effect of a prior-year supply agreement with the trailer business it previously owned. Management pointed to inconsistent performance across geographic markets and changes in spending by key customers. EBITDA margin improved to 9.8% from 9.7%, despite start-up costs at a new site.

That site is the Kalgoorlie greenfield store, which opened in July 2025 and reached profitability in September 2025, ahead of expectations. The Japanese parts program grew more than 15% year on year, and Queensland grew more than 10%.

Förch Australia, the workshop consumables distributor, lifted revenue 8.8% to A$11.5 million. Its EBITDA margin eased to 10.9% from 13.1%, which the company said was expected given its sales force expansion and operational consolidation. New sales staff were added in Central Queensland, Geraldton, Geelong and Perth, and the exclusive Australian distribution agreement was extended to 2032. MaxiPARTS also completed the purchase of the remaining 20% of Förch Australia in July 2025.

Second-Half Goals Set at the Half-Year

At the time of the result, management said it was on track for its full-year profit expectations, with higher second-half results expected after first-half investment in organic initiatives. Market conditions were expected to stay broadly consistent with FY25, including softer general transport activity on the east coast and ongoing competitive pricing pressure, with Western Australia and Queensland seen as pockets of strength.

The stated second-half priorities included a higher contribution from Kalgoorlie, continued key customer projects, further growth in Japanese parts, and Förch revenue growth returning to above 10% with improved margins. The company also targeted full-year cash conversion above 80% and reduced net debt, which it said could allow higher dividends in future.