Chair's Business Update to Shareholders
Released
Released
Announcement PDF
2026 Annual
General
Meeting
O U R B R A N D S
Tuesday 20 October 2026
2:00 pm (AEDT) | Jones Day Boardroom, Sydney
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2
FY26 FINANCIAL HIGHLIGHTS
3
Delivering another year of profitable growth, strong cash generation and disciplined
execution, reinforcing our platform for long-term value creation.
REVENUE
$203.7m
+16.5% vs FY25
ADJUSTED EBITDA
$44.0m
+14.5% vs FY25
OPERATING CASH FLOW
$22.0m
+107.5% vs FY25
FREE CASH FLOW
$8.1m
>100% growth vs FY25
EBITDA MARGIN
21.6%
FY25: 21.9%
NET DEBT / EBITDA
2.26x
FY25: 1.87x
Adjusted EBITDA $44.0m delivered within $43–47m guidance range
Adjusted EBITDA excludes $11.5m of one-off costs. Net debt includes lease liabilities. Guidance pre-Tyco NZ acquisition.
FY26 OVERVIEW
4
Strong underlying growth, disciplined execution and strategic expansion through Wormald NZ,
Red Wolf and the proposed ADT UK acquisition.
Strong momentum across the existing portfolio
validated IMG’s strategy and operating model.
WAPL strengthened IMG’s Western Australian
commercial security footprint, while BNP
provided a platform to target the physical
security market through ADT Guard.
Remote video monitoring gained traction,
surpassing 1,000 installed sites across Australia
and New Zealand.
IMG’s monitoring capabilities assisted police in
apprehending 75 offenders during active
incidents.
Continued investment in technology, people
and operating capabilities strengthened IMG’s
customer proposition.
Wormald NZ and Red Wolf strengthened IMG’s
position across fire, security and life safety.
The announced ADT UK acquisition marked a transformational expansion into a major
global security market.
FY27Q1 TRADING UPDATE
5
Q1 FY26 Q1 FY27 %
$m
Revenue 43.93 66.23 51%
Adjusted Operating EBITDA 6.91 9.46 37%
AASB16 lease costs 1.21 2.29 89%
Adjusted EBITDA* 8.11 11.76 45%
EBITDA adjusted for acquisitions** 8.11 9.42 16%
*Adjusted EBITDA excludes one off costs for M&A and restructuring costs which total $6.1m at end of Sept 2026 (including KOBE earnout.
Employee share scheme costs also excluded.)
** EBITDA adjusted for acquisitions excludes WAKA / BNP and WAPL which were acquired after or during Q1 FY26
Top line revenue
growth with
acquisitions
51%
Increase in AEBITDA
45%
Increase in AEBITDA
adjusting for
acquisitions
16%
NAB JOINS AS SUPER SENIOR LENDER
A$62.5m super senior tranche at half a turn of EBITDA on the UK acquisition facility saves
IMG ~ A$1.5m in year one
W H A T IT D E L IV E R S F O R IM G
9.89%
All-in cost of funds, down from
10.12% Ares-only (–22bp)
A$1.0m p.a.
O ng oing interest saving to IMG
A$0.56m
O ne-off establishment fee saving
Gross saving A$1.56m p.a. (A$62.5m × 2.50% ); Ares’ share paid as + 15bp on its marg in (~ A$0.58m)
Key term Ares unitranche N AB super senior
Facility size A$383.6m (£155m + A$87.5m) A$62.5m (~ 0.5x EBITDA)
Opening all-in rate 9.90% GBP / 10.99% AUD 8.34%
Establishment fee 2.50% of hold (A$9.6m) 1.60% (A$1.0m)
Covenants (N et Leverag e / DSCR) 4.85x / ≥ 1.30x Hig her than Ares
Opening position at ~3.1x pro forma net leverage. 3-month BBSY Bid 4.84% (ASX, 15 Oct 2026), SONIA 3.75%, GBP/AUD 1.91; A$446m drawn term debt;
excludes PIK and commitment/BG fees. Ares approval conditional on an intermediate holdco (condition subsequent).
6
FY27 GUIDANCE
7
FY27 Range core
6 months of UK
operations
Total
Revenue 288-304 77-81 365-385
Adjusted Operating EBITDA 42-45 37-40 79-85
AASB16 lease costs 8-9 1-3 9-12
Adjusted EBITDA 51-54 40-42 91-96
CAPEX 6-8 12-14 18-22
Interest 8-9 18-19* 26-28
*UK interest is the incremental interest on debt with the new facility
Adjusted EBITDA excludes one off costs for M&A and restructuring costs in
relation to, KOBE, WAKA and Amsterdam acquisitions which total $6.1m at
end of Sept 2026. Employee share scheme costs also excluded.
Assumes completion of the UK business on 4 January 2027
Blended interest rate is 7.5% pre-UK acquisition and 10% post
acquisition
FX rate for NZD to AUD is 0.86
FX rate for GBP to AUD is 1.88
FY27 & BEYOND
8
Entering FY27 with strong momentum
FY27 PRIORITIES
Convert the commercial
pipeline
Scale ADT Guard &
remote video
Grow Wormald NZ & Red
Wolf
Complete & integrate
ADT UK
Commercial pipeline ($m)
2.3x
Q1 FY26 → Q1 FY27
36.6
49.8
63.2
72.4
82.7
Q1 FY26 Q2 Q3 Q4 Q1 FY27
Video Guard sites
3.8x
Q1 FY26 → Q1 FY27
301
705
823
1,029
1,147
Q1 FY26 Q2 Q3 Q4 Q1 FY27
G E T I N
T O U C H
Dennison Hambling
Managing Director
• dhambling@theimg.com.au
• +61 418 173 232
Shenin Singh
Head of Business Intelligence
• ssingh@theimg.com.au
• +61 437 953 017
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