This afternoon. Today, as stated, we will be presenting our FY 2026 results and discussing why this year for Mayfield represents another significant step in our company's evolution. 2026 has been a transformational year for us. We have delivered record revenue, record earnings, completed two strategic acquisitions, and expanded our manufacturing footprint, strengthened our balance sheet, and we are entering into FY 2027 with a position of considerable momentum. Just turning to the results themselves, which you can now see up on the screen. Revenue was a record year across all metrics. Revenue increased 43% to AUD 169 million. Underlying EBITDA increased 54% to AUD 18.5 million. Underlying NPAT increased 50% to AUD 10.9 million, with NPATA up 55.8% to AUD 11.4 million. And our underlying earnings per share increased almost 29%. These results really demonstrate the leverage inherent within our operating model, and as we grow revenue, we continue to convert a greater proportion into earnings.
Importantly, the performance indicates contributions for both organic and inorganic growth, which we will touch on as the presentation proceeds. Our shareholders also benefited from a 37.5% increase in ordinary dividends to AUD 0.044. So throughout the webinar, we will be touching on what drove that. We will be talking about the key milestones, including the acquisitions of BE Switchcraft and SMEC. We will also talk about the raising of AUD 33.5 million of growth capital in November, expanding our manufacturing footprint in Adelaide and Perth, and also substantially completing and signing off on the Nilsen Switchboards acquisition, which was an event subsequent to FY 2026. As we enter into FY 2027, we have got strong visibility. We have issued some guidance about where we think we are going to land between AUD 224 million and AUD 229 million, representing growth of about 33% - 36%. But look, honestly, everyone, the key takeaway is pretty clear.
Mayfield has emerged from 2026 materially larger, stronger, and a better positioned company for growth into the future. Thanks, Mel. For those that do not know or are new to Mayfield, who are we and what we do? Fundamentally, we provide a diverse suite of critical electrical infrastructure right across Australia from our Adelaide headquarters. Our core capability, or what we are famous for, is the design, manufacture, and delivery of switchboards and switch rooms, together with kiosk style or skid-mounted substations and other electrical manufactured solutions. We operate as five business units across Australia, Mayfield Industries, which is the turn-key switch rooms and control room division of the business or the foundation company within Mayfield Group. BE Switchcraft, which is commercial industrial switchboards, SMEC, which specializes in mining electrical solutions, ATI for telecommunications, and Power Parameters for electrical test gear and measurement equipment.
We operate around Australia, again, from our Adelaide headquarters. Our second largest manufacturing site is in Perth, along with a side office out in Kalgoorlie, and we have a national footprint with Sydney, Brisbane, and Melbourne as well. The sectors we serve, data centers, mining and resources, utilities, renewable energy, defense, telecommunications, [put the T back in], transport and infrastructure. Our diversification of product and our coverage of market sectors really offers a competitive advantage and allows us to participate in some of the major tailwinds that are just driving Australian economies at the moment around electrification. Thanks, Mel. What this slide really indicates is this is not a one-year story. This has been a four-year story. The growth trajectory of the business, when we look back at FY 2023, we can see from that base of four years ago, we have increased revenue from AUD 78 million to AUD 169 million.
Our profit before tax has risen from AUD 3.9 million up to AUD 12.8 million. Our underlying EBITDA has grown AUD 6.7 million to AUD 18.5 million. The earnings per share are steady about AUD 0.0738 , but that is a bit of a function of the acquisitions and the increase in the share base. It has really been a very tremendous growth story, not only in revenue growth, but EBITDA efficiency growth over the last four years. Thanks, Mel. Comparing 2026 to 2025, we can see again, that growth story continued throughout the year. Revenue is up by 43%, but even more impressively, we have grown that revenue by 43% and increased our underlying EBITDA by 54% from AUD 12 million to AUD 18.5 million. That EBITDA margin has expanded 80 basis points from 10.1% to 10.9%, and our underlying earnings per share is up by 29%. Underlying NPAT is up by 50%.
Positive contributions with manufacturing, which has really been the engine room of the business, and also great contributions from our critical communications business and product solutions. As a business scale, everyone knows that maintaining or improving margins is often more difficult. Our ability to grow earnings faster than revenue reflects a combination of operating leverage, project selection discipline, and increasingly efficient operations. It really demonstrates that our organic strategies and inorganic strategies are sound and our strategy is repeatable going into the future. Thanks, Mel. The revenue bridge from AUD 118 million to AUD 169 million, and just hold the AUD 204 million for the minute, please, everyone on the call. We can see that not all of our growth in FY 2026 came from acquisitions. 40% of that revenue growth, around AUD 20 million, was just organic revenue in the foundation businesses. A 10-month contribution of BE Switchcraft added AUD 19 million.
Just a three-month contribution of SMEC added AUD 12 million. That gets us to the AUD 169 million. It demonstrates that we are not just reliant on acquisitions to grow, we have got a good organic base for growth as well. If we take the full year contributions of 12 months of SMEC, i.e. another nine months, and 12 months of BE, that means another two months, we would have hit a number that looks more like about AUD 204 million this year. Again, only having 10 months of BE and three months of SMEC, we came in around the AUD 169 million. It really just demonstrates our growth story is well-balanced and we have got strong organic growth complemented by well-executed acquisitions. Just on the next slide, please, Mel, turning to the NPAT bridge, AUD 7.3 million through to AUD 10.9 million.
Approximately AUD 1.6 million of that, again, came from organic growth through the foundation businesses, which translate to about 22% of organic growth. BE Switchcraft and SMEC added a further AUD 2 million to the NPAT contribution. While the acquisitions have accelerated growth, the core Mayfield businesses, I want to just reiterate and emphasize, also perform exceptionally well in their own right. Thanks, Mel. The acquisitions, I think we have spoken about this broadly and largely. BE Switchcraft, which was September last year, AUD 18.6 million of revenue contribution for AUD 1.4 million profit after tax. Had some really big wins in the year with the Osborne Shipyards, Mt Barker Hospital, and a whole bunch of infrastructure projects. They will also incorporate and house what will become Nilsen Switchboards division in our co-located facility at Old Port Road in Royal Park, South Australia. It is a bit of a tongue twister.
SMEC, with three months of contribution, AUD 11.9 million for AUD 0.6 million profit after tax. Underground mining specialists with a Perth and Kalgoorlie base. The contingent consideration, which I won't talk about that, I'll let Carel talk about that a bit later, but that just shows how they've come into the business. SMEC is also a really interesting one for us because they've got real parallels into what's happening across electrification broadly with skid mounted substations, which is one of their core products for the underground market, and also for microgrids where small scale battery, solar, wind, and transformers all come together to provide an islanded power grid. Lots of exciting things to be happening with both those businesses, and honestly, they've performed exceptionally well under our ownership, and they're integrating very well. Couldn't be happier with the way those two are going. Just turning over now to cash flow.
I'll pass over to Carel to talk a bit about cash conversion and what happened throughout the year.
Yeah, so as you can see from the slide, the cash conversion FY 2025 was 79% and it dropped to 27%, and there's a few reasons for that. Midway through the year, we've now exhausted all our tax losses, so we're starting to pay tax, and so that had a good impact on the conversion factor. If you add that back, that would be 46%. We also had to make a payment to a trust account in relation to a legacy legal matter for the reverse acquisition of the Stream Group. So that's also included in that 46% conversion. The biggest portion of this is that we've purchased the SMEC business, basically debt-free, and cash free. Then with no trade payables or trade receivables coming through. They have delivered in Q4, delivering nearly AUD 11.9 million in revenue. All of that had to be funded within that cycle.
So that is the big portion of that cash conversion. Obviously also then the add backs that we have in relation to the contingent consideration as well as the acquisition cost that you can see. Then just offsetting those two were some interest income, and share-based payments. The majority of it is relation to SMEC working capital funding, and also, the tax payments. Now obviously, we believe that this will improve over coming years. So if you look at annually from year to year on an annual basis, that conversion should improve. The 79% that we have in FY 2025 was never going to survive two acquisitions, 43% increase in revenue, and still getting back to a cash position of AUD 21.8 million, and being debt-free.
I think, overall, the cash conversion that you see there in terms of the 46% is really telling you a story of timing until the working capital for SMEC work through and the once-off payments and add backs in relation to the acquisition is finalized.
Thanks, Carel. Can we go the next slide, please, Mel? Just quick notes on the balance sheet. As Carel said, we finished off the year with AUD 21.8 million cash, up from AUD 16.9 million. If you think about the fact that we're now paying tax, we've got the property plant equipment expenses plus the acquisitions going through. Our net cap position is still really good. I just wanted to draw to attention that our assets are up 118% and our net assets doubled to AUD 80 million. So a very good, strong balance sheet and we're still well-funded and well-positioned to continue our growth and thinking about acquisitions into the future. Thanks, Mel. What's driving our growth? I don't think this is going to come to any surprises to anyone sitting in the room. AI data centers, large scale computing are just big power-hungry beasts.
Not only do they need power in the data hall, they also need power outside to fuel their load. These things are now coming up to 800 MW, almost up to 1 GW . So there's extra generation that's needed to power them, and they consume a lot of power themselves. As I've touched on previously, mining electrification. A lot of diesel in mining. They're moving madly to decarbonize. There's renewables, battery systems going in, as well as fleet migrations that are going over to electric fleet, which is all driving the electrification inside mining. Energy transition links to AI data centers and mining and electrification because we just simply need more generation. That's coming through renewables, BESS, which all need kiosk substations, ring main units, control panels, and other things that we make.
There's also projects that we're working on as well for more gas-fired generation to support the grid to supplement coal coming out. We're also going through an infrastructure redevelopment at the moment. There's tunnels going in, ports, power lines, transmission lines, precinct developments, hospitals. Everything is powered by electricity, and it all needs switchgear. In that, we can see our work in hand has been rising steadily over since December 2024, from AUD 99 million. We closed up at year-end at AUD 135 million. We peaked a little bit before that at about AUD 150 million, but then you have a really high revenue month, and that sort of dropped back a bit. AUD 135 million is a really good number. AUD 135 million is good for us. It gives us a very good runway of what is in front of us and what we need to do.
The conversion aspects also of companies like BE Switchcraft and SMEC. They typically convert everything in a month, because they work on four to six-week manufacturing cycles. While they do not add a lot to the work in hand, they have got a steady run rate of converted work that all just stabilizes the business and helps us move on going forward. Thanks, Mel. We will just pass on to some completed projects. So what were we doing in 2026, and what are we going to be doing in 2027? The two major projects we finished in 2026 are on the left. That was Rio Tinto's Cape Lambert High Density Ore Project, nine switch rooms and 30 boards. Around about AUD 26 million all for Rio's Cape Lambert port in the Pilbara. That was finished early this calendar year. And the M3 Melbourne data center stages one and two.
18 switch rooms and 96 switchboards for stages one and two of the M3 data facility in West Footscray. I am tongue-tied. What we kicked off last year and is continuing into this year, the Central-West Orana Renewable Energy Zone, 26 control rooms and 200 protection panels for the renewable energy zone in Central-West Orana in middle New South Wales, just outside of Orange. We are also doing a lot of work with GE on the Brigalow project for their power station there. So there is a lot of major projects in mining, data, renewables, power generation, all coming through the mix into 2027. Thanks, Mel. The great thing that has underpinned us is our consistency. At the end of 2025, we outlined several key objectives, and we have kicked goals, or we like to think we have kicked goals on all of them.
We said that we would be acquisitional, and we completed the acquisitions of BE and SMEC. The details which you can see up on the screen. We funded growth while preserving the balance sheet. We have raised AUD 33.5 million in November through the placement and the share purchase plan. We have maintained no draw on borrowings right throughout the year, and we have closed basically debt-free at the end of FY 2026. We needed more capacity to meet the demand, and we have expanded our facilities. Old Port Road here in South Australia, which we acquired in January. That comes now into FY 2027. We spent five months basically renovating and getting it ready. That is now fully operational and is in production. Hope Valley, we signed a build-to-lease agreement for a new 20,000 sq m facility to offhire the two rented facilities and move into that.
That will be ready and up and operational December this year. We have continued paying dividends, an interim of AUD 0.02 and AUD 0.024 at the end of the year, making AUD 0.044 for 2026. So whilst still maintaining the balance sheet, funding growth, investing ourselves, we are still ongoing with our dividends. We are now providing outlooks and guidance for where we see the business going into 2027 and beyond. Just one other point. To support that growth, sorry, Mel, if we can just go back. Also to support our growth into 2027, while we are increasing our manufacturing capacity, we have got our supply chains in China and Malaysia, so we can start to pre-build and pre-assemble switchgear so we can operate in Australia much more efficiently.
We've deepened our management team with the introduction of a chief operating officer, chief technical and innovation officer, and a general manager commercial, legal, and risk to help us manage our portfolio and the general areas around the business and to also help improve the business through digitization. We've continued and expanded our employee share option plan, so we can lock in our senior executives in critical roles to make sure they're maintaining and motivated to stay with Mayfield now and into the future. We can't do anything without excellent people, and we're continuing to invest in our people through ongoing training and development to make sure we've got everyone shipshape and ready to support growth into 2027 and beyond. Thanks, Mel. In terms of our ESG and being responsible, environmentally friendly, and safe. Lost time injury frequency rate for the year of zero. Gee, that's a tongue twister.
LTIFR of zero. We've maintained our certifications for ISO 45001, as well as our safety and our environmental accreditations. We've appointed a dedicated environmental specialist to help with our ESG obligations and reporting that we'll need to bring to account at the end of FY 2027. That and above can constantly and consistently monitoring our Scope 1 and Scope 2 emissions and reporting those through. Installation of solar and looking at the batteries that we're going to put into SA to try and be net zero as far as practical. Our employee base is now sitting at 535 at year-end, up from about 250 at the start of the year. Again, spending money on apprentices and technical training to bring them up, and the employee share plan for all the things I just touched on previously. Thank you, Mel. What does it look like going into 2027?
The outlook, yeah, sitting here today, the outlook for 2027 is really positive. We're looking at a guidance of about AUD 224 million - AUD 229 million, which is about 33% - 36% growth. That's supported by our very strong work in hand, which underpins a lot of that, plus the recurring work that we get through BE Switchcraft and SMEC. Also supporting that are the full-year contributions from BE and SMEC. We're also supporting that with the recent acquisition that came into this year of the Nilsen Switchboard division, which we flagged to the market is contributing about 10 - 15 as well on top of that pipeline. Our order book, our project pipeline, and our manufacturing capacity that we've increased, along with the acquisitions, really give us confidence that we're going to be up around that level at the end of the year. Thank you, Mel.
What are our priorities? Again, I sound a bit repetitious. It's bringing those new facilities at Hope Valley and Royal Park in and online as quickly as possible to expand our manufacturing capacity, alongside bringing in the Nilsen Switchboards acquisition, which is progressive from now through to the end of October, and getting all that plant, people, and product in as quickly as possible. We're looking at our East Coast footprint. We're pursuing an East Coast expansion. Largely or predominantly, that would be an acquisitional play. We'd be looking at buying a business over there to expand our footprint. It's a much quicker and risk-free way of doing it than an organic opening. Again, more growth through product development. There's plenty more we can do in medium voltage switchgear through relationships we have with companies like Lucy Electric.
We are looking at our transformer partnerships and how we can bring those into skid-mounted substations. What we need to be doing to do more with the battery energy storage, kiosk, and other related energy infrastructures like soft starters, power converters and conditioners, and charging equipment. The LEAN program, which we have embarked on in Edinburgh, the next stage of that is driving digitization into operational excellence. While we have done that at a macro level and at a factory level, it is the systems and everything that sits behind the advanced manufacturing to digitize our operations from end to end to make the connectivity as seamless as possible. That will be a big focus of what Chris will be looking at, our Chief Technical Officer, in the coming year. It is taking the LEAN principles that we have established in Edinburgh and applying them across all aspects of our business.
LEAN, I will talk a lot about throughout the year. LEAN is not a one-off process. LEAN is continuous improvement, and we will be continually looking how we can get better efficiency and efficacy into our manufacturing operations. As we grow, we want to strengthen our market positions. There is plenty more that we can be doing in the data center space, utilities, renewable energy, and utilities. Resources infrastructure is always there, and there are real green shoots coming through in our portfolio in the defense sector. In doing that, we will be looking at our market position to integrate and scale BE Switchcraft, SMEC, and the Switchboard division of Nilsen, and there are plenty of cross-selling opportunities that we want to be able to capture going into FY 2027. Thank you, Mel. Just rounding out on the Nilsen Switchboard division.
We concluded that on the 31st of July for AUD 4 million in cash. The way it works, it is a bit of a tricky one. They are running down their Switchboard division as Nilsen, and as they run it down, we pick it up. There is a transfer of people, projects, and plant that is happening now all the way through to the 31st of October. Why is it staged? When you pick up a business and move it down the road and you are halfway through building switchboards, it does not make sense to pick it up and move it. They are better off finishing what they have got, and we will start all the new work. What it does do, though, is it really supports the rapid utilization of the Old Port Road facility here in Royal Park, South Australia, and it just gets it up and running quickly.
If I could show you what is happening out there now, I think a lot of your eyes would pop out of your head because it is a pretty. From a factory that was empty about three weeks ago, it is a pretty busy place. Through this acquisition, we are expecting it to contribute about AUD 10 million-AUD 15 million of revenue in FY 2027. As a switchboard division inside Nilsen, it was doing about AUD 25 million-AUD 30 million year -on -year, and that is the sort of size and scale we see it when it is up and running full speed when it comes into Mayfield. Thanks, Mel. The real story and one of the most important things is our capacity to grow. This slide is one of the most important ones inside the presentation because it demonstrates the investments we have made over the last 12 months.
Now, when we say our capacity to grow is going from 55,000 sq m to 73,000 sq m, don't forget we started the financial year 2026 without SMEC and without BE Switchcraft. Our footprint at the beginning of the year was about 40,000 sq m. The acquisitions through the year took us to 55,000 sq m, and bringing on the new facilities in Royal Park, South Australia, and Hope Valley, Western Australia, increase our footprint to 73,000 sq m. I've written this on the context of year-end at 55,000 sq m to 73,000 sq m, but over the year, we've gone from 40,000 sq m to 73,000 sq m. I hope that makes sense. It's quite a staggering expansion. The important thing also for investors is that capacity is already secured, already funded, already being worked through in FY 2027. 2026, I beg your pardon.
The opportunity now for us is to execute, get it up, get it running, and bring that into production as quickly as possible. Setting our sights further, we're light on the East Coast, and again, I've mentioned previously, we're looking for acquisitions for Mayfield-aligned industries that would help us accelerate and provide a presence on the East Coast. Thank you, Mel. To summarize, why invest in Mayfield? Why us? Pretty simple. We're a pure-play exposure in terms of electrical manufacturing. We offer exposure to the long-term electrification trends and tailwinds that come with them. We've got strong market and demand. We've got a proven acquisitional strategy and a capacity to compound. We're growing earnings and dividends. We're growing our profitability, and we're becoming a significant and scaled-up manufacturing company. We believe we occupy a unique position. We've got really good structural tailwinds.
We've got a stellar delivery record over the next four years, and we think the next four years are going to be even better. In closing, I suppose, before I open up back to Mel for questions, 2026 was a transformational year. We delivered our record revenue, record earnings, completed two acquisitions, expanded capacity, strengthened and bolstered the balance sheet, and laid the foundations for continued growth. As we enter 2027, we've got strong visibility of our record work in hand position, our expanded national footprint, and the tailwinds that are driving electrification are just going to keep on blowing. Carel and I, on behalf of all the board, we'd like to thank you for your continued support. Now I'd like to open up to questions, if we may.
Andrew, we've got a couple of the analysts online. Max Andrews from Unified Capital Partners. Max, would you like to ask your questions?
Hi, can you guys hear me okay?
Yes.
Yes, Max. Loud and clear.
Awesome. Congrats on the result, guys.
Thank you.
Talk us through the second half. Obviously, you called out slower Q3 and that picked up in Q4. Just talk through the momentum during the half and if that's carried into the first half of 2027.
You want to take that one?
Yeah. I guess, we did have a slow start for Q3 in FY 2026, but that certainly accelerated quite a bit into Q4. We had good support also from the acquisition from SMEC in terms of their delivery in that quarter. We have now very, very good momentum going forward into Q1 and Q2, and for the rest of the year. I think that variability that we probably saw in the past where we talked about the life cycle management of projects, we think we're trying to mitigate that as much as possible, and I think we will be successful in doing this by having BE Switchcraft and SMEC and the growth that we also see in Mayfield and also with Nilsen Switchboards division coming on board.
As long as we get more diversification in terms of the product range, and the contracts coming through and the short conversion factor that we have for SMEC and BE Switchcraft, we believe that we are now much more stable in relation to our revenue and our earnings throughput.
Awesome. Just one more on SMEC. It looks to be sort of annualizing AUD 48 million of revenue. You bought it looking to do AUD 41 million. Is there any sort of seasonality in that Q4 number, or do you think you've seen a bit of growth since you've picked it up?
Look, so we only had it for three months. I think if you annualize that, it's roughly about AUD 44 million. That's how we looked at it. So that AUD 44 million will probably land in FY 2027. So, it's a little bit too early to talk about growth if we only had three months of that sitting within FY 2026.
No worries. Thanks, guys.
Thanks, Max.
We have Joseph from Bell Potter. Joseph, would you like to ask your questions?
Yeah. Can you guys hear me okay?
Yes.
Yes, Joseph. Hello again.
Hello, and congrats on a good result.
Thank you.
Firstly, just on SMEC, just would like to know how far along the integration journey you are here, and just has this acquisition been good cultural fit with the rest of the group? Maybe just an extension to that question, is it too early to be thinking about a cross-selling opportunity realization over FY 2027?
In terms of the cultural fit and the integration, on a humanistic level, it is going absolutely fantastic. Already we are working between SMEC and Mayfield Industries W.A. Characteristically, we say that the SMEC guys do the blue boxes, which is the 1,000 V AC boxes that are required for electrical distribution. The orange boxes, which are the 415 V boards, are being done by Mayfield Industries in sort of supporting what they are doing. So there is already that integration and working together there. The two facilities between Naval Base and Rivervale are only about 15 minutes apart from each other, so that is working quite well. Yes, we are looking at a number of cross-selling activities, particularly with the kiosks and skids in terms of what they have a core product in. In terms of the integration itself, we will be migrating them in this financial year over to our group ERP.
We are not going to rush into that. It is working as it is at the moment, so we will migrate them over slowly and carefully. We are also putting them onto other corporate systems to do with safety reporting and other compliance issues. It is all going fantastic.
These additions are also more complementary than overlapping.
Yeah.
As such, it's less disruptive than it would've been otherwise. I think, we've got a good runway in front of us to actually integrate them well.
Excellent. Good to hear. Maybe, I remember you mentioned, you're starting to see some green shoots in the defense sector. I know this sector's generally commercial insensitive, but are you able to elaborate, how you're seeing the opportunities in the defense sector going forward?
In the here and now, a lot of it is in the commercial industrial space, which is being done with BE Switchcraft. They're doing quite a number of switchboards and distribution boards for the Osborne Shipyards here in South Australia. With Mayfield Industries, we make a range of customized cabinets that have specific insulation resistance to certain frequencies and electromagnetic interference. We're making a range of those for clients like Lockheed and BAE, but I can't really talk too much about that. We've also been doing some other switchboard work for RAAF bases. Again, that's out of BE, and ATI, our telecommunications business, also does some critical communications work in some of the defense sector as well.
But we are seeing more to be happening there. Again, anything with defense, to everyone in the room, you all know, it is coming, but it takes a long time to get up and running.
Yeah, that generally is the consensus I have heard from speaking with other companies as well. Thank you. Just lastly, I know some input cost inflation has been noted across the industry, particularly copper wiring. Have you been able to pass on these higher input costs pretty well through your tendering?
Yeah, look, we try to, but it is always a hedge. We have taken a lot of copper to inventory, sort of like from three months ago. So we are always sort of using yesterday's copper price or today's copper price based on what we bought it on three months ago, if that makes sense. That is sort of a natural hedge that we can do there. But then some of the copper is different lengths and thicknesses, so you have got to be a bit careful about there. Look, generally, when we are doing a tender, we will be pricing right up to the point of award and refreshing, updating our switchgear prices, our copper prices, and our sheet metal prices. Usually the award cycle, once we do have the job, we have locked in those prices. It is pretty quick, and then we can place those awards pretty much straight away.
So that helps us manage that. Yes, we are managing to pass them through because we are tendering and pricing right up to the 11th hour, and then we are placing those awards pretty much on award of the contract.
Great. Thank you. That's all from me.
Thanks, Joseph.
Thanks. We have Lachlan from Canaccord. Lachlan, would you like to ask your questions?
Thanks, guys, and thanks for taking the time for my question. I guess the first one is just like, can you help us think through what you look for in terms of acquisitions? Is it IP? Is it the product suite they have, or is it manufacturing capacity? Just like what is, I guess, the most important kind of metric that you guys look at?
Yeah, good question. I suppose the A, B, and C of it is that we are predominantly looking for manufacturing companies that have, sorry, just got something in my throat. Manufacturing companies that have IP or intellectual property that makes them unique and bespoke. We are not looking for modular builders that are just buying things off the shelf and putting them together. We are looking for companies that have type tests, certified product, and intellectual property that is slightly unique, i.e., like the Nilsen Switchboards division that has their own N-Series board. That is one of the key reasons we bought it. We are also looking for a business that is undercapitalized and seeking to grow and has a clear and demonstrable strategy about how they want to grow and what they need to do it.
Typically, these private businesses are at their wits' end when it comes to working capital and going back into bad debt. So that is another good thematic that we are looking for. Again, we are not looking to buy companies and displace the management team. We are looking for a management team within the business. People like Martin, Laura, and Anthony Spadavecchia, that just want to liberate their business, get on and grow, and want to stay with Mayfield and become part of our overall executive as we go into the future. So really, yeah, manufacturing, IP, a unique point of difference, a strong management team, and a business that we feel is undercapitalized and we can help grow.
That is super helpful. Just given the strength of, I guess, the end market where all three of your key verticals are firing, just how easy is it to acquire a business? Is there many left, or is it kind of everyone in the sector is kind of focusing on doing roll-ups at this point?
Lachlan, I do not want to say this one out loud. It is never easy to acquire a business because there is always a human at the other end of it, right? Humans are emotional beings, so you have got to work through all that. Look, we are trying to do things around about the 4x-5x EBITDA level in terms of the acquisitions. There are businesses out there that have stars in their eyes and are looking for multiples that have got many zeros in them. Yeah, look, there is plenty out there to look at, but we are really looking for the ones that have the IP, and approach that would help our thematics. So I am not sure if that directly answered your question, but there are still things to look at there.
No, that's super helpful. Then final one from me, just so I don't take up all the time. Just in terms of pricing, putting copper to the side, just given that I guess all end markets are firing, are you seeing much pricing benefits in terms of margins? Or, is the increased demand kind of just going overseas? Just help us think through that.
In terms of pricing, it's still a price-sensitive market. It's very hard to get your margins up by ratcheting up prices, because it's still a competitive market and the price point is quite discoverable. We are seeing some of the larger scale projects start to look at fully importing from overseas. I won't comment too much on that other than the early track record of that has not been fantastic. Then again, looking at capacity and getting better margins, we can also import from overseas with our pre-builds that we do out of China and Malaysia as well. It's something that we're quite adept at doing. But yeah, it's the squeeze at both ends. Customers are always trying to get price down and suppliers are always trying to get their prices up, and you've just got to manage the two competitive forces as best you can.
That's super helpful. Thanks for the time, guys.
Thank you.
Andrew, we have one last question here from Gina at Moelis. Could you say more about what you've seen so far integrating N-Series and ramping up that workflow?
Yeah, sure. What we're seeing with N-Series is that it's like Noah's Ark. We're bringing over the teams and the projects two-by-two, week-by-week. What we've brought over at the moment is just the first team that's working on a specific set of boards for a particular client in Victoria. That was the first group of people that have come over. What we're expecting to see in the next few weeks, as they finish with their sheet metal and production facilities, is the sheet metal guys coming over, along with some of the other mining projects that we already have through N-Series, for projects in the West and also some of the other infrastructure projects that they have.
I'm not really at liberty to talk about what those jobs specifically are, but what we did pick up with the acquisition was AUD 4 million worth of new work that was already won by Nilsen Switchboards. That's been novated and handed over to us. That's sort of like the free kick we get to start going from there. Then, of course, we picked up their current tender pipeline and all the offers that they've made to the market, and we're busy now talking to those clients about how we would deliver the N-Series switchboards, i.e. the Nilsen switchboards, as N-Series by Mayfield.
Andrew, that's taken us to the end of the Q&A. I'll pass back to you for final comments.
Okay. Thanks, Mel. I think I sort of made my final comments at the end. It's been a record year. I am really proud of the team and everything we have achieved. It's been great. It was really a combination of all the parts of the business pulling together. A great efficiency to get those projects through and then, of course, bringing in the acquisitions just was the icing on the cake that made it a great year. So we have invested in ourselves. We have expanded our capacity and capability. We have deepened our management team. We have got our systems in place. And we are looking forward to a ripper FY 2027.