IMDEX Hits Record FY26, Accelerating Digital Shift

Record FY26: Record Revenue, Record Earnings

IMDEX Limited delivered its strongest financial year in history, with revenue up 21% to $520 million and normalized EBITDA up 29% to $163 million, expanding margins to 31%. The company's exploration activity tailwind, combined with deliberate market share gains, drove broad-based growth across all regions. As Paul House highlighted, “record revenue, record earnings, strong cash generation” set the tone for the year.

Importantly, the quality of growth is improving: “Revenue increased 21% to $520 million, and growth was broad-based across all regions, driven by both exploration activity and market share gains.” — Paul House, Managing Director and CEO · 2026-08-16 The company also completed five acquisitions during the year, integrating them into its physical-to-digital platform. The new DEK segment (Digital Earth Knowledge) posted an 85% revenue increase, and platform revenue now accounts for 47% of group revenue, up from 33% five years ago.

Strategic Levers and Market Share Gains

Management emphasized that both June and July set record revenue months, with July surpassing June, signaling strong momentum into FY27. “We are comparing apples with apples in July over June simply because all of the acquisitions happened in earlier months.” — Paul House, Managing Director and CEO · 2026-08-16 This underscores that organic growth remains the primary driver.

The company's Share of wallet expansion is a key theme, rising to $2.40 per $100 of global exploration spend from $2.20. As Paul House explained,

I think, John, it's worth remembering that that share of wallet calculation is an extremely raw honest measure in that it is IMDEX exploration revenue over S&P published exploration spend, and we make no adjustment in that calculation.

Geographically, South America presents a significant opportunity. “We're starting to see junior financings, for example, have started to go into the ground in places like Canada. And probably looking forward, I think our view is that the South American region, which would currently be the second largest exploration region in the world by dollar spend, is probably likely to be the largest region by dollar spend within the next 12 to 24 months.” — Paul House, Managing Director and CEO · 2026-08-16 The company is well-positioned to capture this growth through its global network and integrated solutions.

Outlook and Priorities

IMDEX is focused on integrating its acquisitions during FY and leveraging a broader portfolio of sensor technologies and digital solutions. Management reiterated a disciplined capital allocation approach, with leverage at 1.3x and a refreshed dividend policy of 25–35% of NPATA normalized. The company is investing in AI-enabled geoscience products and expects FY27 to be a year of investment that sets up future margin accretion.

As Paul House concluded,

Obviously, FY '26 has been a fairly defining year for IMDEX with record revenue, earnings, the strength of our cash generation and the continuation of our market share wins has been a bit of a highlight.