IVE Group went into these results with a stock drifting lower. The share price is down about 9% over the past week and closed today at A$2.67, even as the business reported full year numbers that held earnings together in a tougher revenue backdrop.
Revenue for FY26 came in at A$937.4m, slightly lower than last year. Pre AASB 16 EBITDA increased to A$112.6m and pre AASB 16 net profit after tax rose to A$52.5m. The story this quarter is clear: profitability improved even while top line momentum cooled. The rest of the earnings detail shows how IVE Group achieved that mix.
Is IVE Group trading at a genuine discount, or just wearing a cheap label because margins have softened and revenue is slower than earnings? See how the current P/E and DCF gap line up in our valuation analysis for IVE Group
FY 2026 Earnings Summary
- Revenue FY 2026 vs. FY 2025: A$937.4m vs. A$954.7m (declined 1.8%)
- Net Income FY 2026 vs. FY 2025 (pre AASB 16 NPAT): A$52.5m vs. A$51.0m (up 3%)
- Basic EPS FY 2026 vs. FY 2025 (pre AASB 16 EPS): A$0.342 vs. A$0.330 (up ~3.7%)
- EBITDA Margin FY 2026 vs. FY 2025 (post AASB 16 EBITDA margin): ~15.6% vs. ~14.7% (expanded, supported by higher material gross margin of approximately 51.4% to 51.7% vs. approximately 49.3%)
Prefer clean charts instead of scrolling through earnings tables and PDF footnotes? See IVE Group’s full financial picture, including an at-a-glance view of its valuation, in the visual company report for IVE Group.
IVE Group earnings and the upbeat case
For a positive thesis, IVE Group gives you earnings resilience. Revenue dipped 1.8% to A$937.4m, yet pre AASB 16 EBITDA rose to A$112.6m and pre AASB 16 NPAT edged up to A$52.5m. That points to a business that can protect profit even when top line conditions are tougher. Margin expansion, helped by material gross margin moving to a range of about 51.4% to 51.7%, supports the idea that broader services across data, packaging and logistics are offsetting pressure in catalogues and publishing.
IVE Group risks the results do and do not support
For a cautious view, there are still flags. Revenue fell and catalogues and publishing were soft, which fits concerns about print heavy exposure. Post AASB 16 NPAT fell 1.7% to A$51.2m and Lasoo recorded a A$6.6m loss, so newer growth projects are not yet profit contributors. Net debt increased to A$173.2m after acquisitions and higher CapEx, although operating cash conversion of about 94% and undrawn debt capacity indicate near term balance sheet risk looks contained rather than acute.
After increased net debt, a loss making Lasoo and mixed dividend signals, review whether these issues mask deeper structural warnings in our risk analysis for IVE Group which shows 2 important warning signs.Level Up Your Investing Decisions
If the mix of softer revenue and firmer margins at IVE Group has you watching for a better entry point, register for free with Simply Wall St and add it to a Watchlist so you can track price against fair value before acting. When you do hold IVE Group or other stocks, use the Portfolio Command Center to cut through noise and focus on the key updates that matter to your thesis. For longer term conviction, lean on the Community to see how other investors are thinking about similar risks and opportunities. This combination helps you spot hidden catalysts or early warning signs sooner and stay ahead of the market.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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