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MAAS Group (MGH) investor relations material
MAAS Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Underlying NPAT grew by 26% year-over-year in H1 2026, with strong momentum in Civil Construction & Hire, Construction Materials, and Residential Real Estate segments.
Underlying group EBITDA reached AUD 115.3 million, up 21.4% year-over-year, driven by organic growth, acquisitions, and improved project activity.
The divestment of the Construction Materials portfolio to Heidelberg, valued at over AUD 1.7 billion, is expected to complete in H2 2026, unlocking significant value and capital for redeployment.
The business focuses on sectors with structural growth tailwinds, including electrical infrastructure, renewables, digital infrastructure, and residential property.
Capital recycling and disciplined capital deployment continue to enhance ROCE and support future growth.
Financial highlights
Revenue increased by up to 34.9% year-over-year, reaching as high as AUD 639.3 million in H1 2026.
Underlying EBITDA for H1 2026 was AUD 115.3 million, up 21% year-over-year, with a margin of 19%.
Underlying NPAT grew 26% to AUD 40.6 million; statutory NPAT attributable to owners up 21% to AUD 37.9 million.
EPS increased by 15% for the period; underlying basic EPS was 11.2 cents.
Cash flow conversion reached 100%, a 19 percentage point improvement year-over-year.
Outlook and guidance
FY 2026 underlying EBITDA guidance upgraded to AUD 250–280 million.
Non-Construction Materials businesses expected to contribute AUD 120–140 million EBITDA in FY 2026.
Residential settlements targeted at 240–260 lots for FY 2026, with strong backlog and secured sales into FY 2027.
Electrical division expected to double in size over 3–5 years, excluding Firmus and data center opportunities.
Additional electrical infrastructure project awards anticipated in 2026, subject to tendering and award processes.
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