MAAS Group (MGH) investor relations material

Executive summary

• Achieved record FY26 results with underlying revenue of $1,263.8m, up 27% year-over-year, and underlying EBITDA of $300.3m, up 37%, both in line with guidance, driven by strong continuing operations and investment uplift from Firmus.

• Underlying EPS rose 51% to 34.2c and statutory NPAT attributable to owners increased 89% to $136.1m, reflecting robust operational performance and reversal of held-for-sale depreciation.

• Sale of Construction Materials business to Heidelberg for up to $1.703bn approved by ACCC, with settlement expected in October 2026, crystallizing significant value and positioning for next growth phase.

• Secured ~$1.2bn Electrical work order book, providing earnings visibility for FY27 and beyond.

• New capital management framework prioritizes share buybacks over dividends to maximize shareholder returns.

Financial highlights

• Group revenue increased 27% to $1,263.8m, led by Civil Construction, Electrical, Plant Hire, and Residential segments.

• Underlying EBITDA reached $300.3m, up 37% year-over-year, with a 93% cash flow conversion rate.

• Underlying NPAT reached $123.4m, up 57% year-over-year; statutory NPAT at $136.1m, up 89%.

• Underlying EPS at 34.2c, up 51%.

• Leverage ratio at 2.6x, within target range, with net debt of $777.5m–$826m and liquidity of $479m at year-end.

Outlook and guidance

• Expectation of strong revenue and profit growth in FY27, supported by record electrical work in hand and residential land settlements.

• $158.3m of property sales under contract to settle over next 18 months, supporting capital recycling.

• Sale of Construction Materials to bolster balance sheet and enable redeployment of capital.

• Positive outlook for Residential Real Estate with 200 lots secured for FY27 and strong demand in key markets.

• Risks include delays in HMA sale, project delays/cancellations, competition, and higher interest rates impacting residential property.