Mader Group's (ASX:MAD) fiscal first-half North American revenue slowdown has been overlooked for now, with market sentiment focusing on second-half and long-term growth prospects, fueled by expanding headcount in new sectors and regions, Euroz Hartleys said in a note Tuesday.

On Tuesday the company reported that its earnings per diluted share in the fiscal first half rose to AU$0.1233, from AU$0.1144 per diluted share a year earlier.

Revenue for the six months ended Dec. 31, 2024, was AU$411.5 million, up 10% from AU$374.4 million in the same period last year, the company said.

However, Euroz notes that in North America, revenue decreased by 15% to AU$79.8 million, as headcount was added in preparation for future work.

Despite the slowdown in North America, the impact on the markets has been minimal, as the second-half outlook remains positive with the headcount build-up expected to contribute "meaningfully" to growth in the coming months and into fiscal 2026.

Euroz maintained the company's buy rating and its price target of AU$6.45.

Shares of the company fell 5% in recent Wednesday trade.