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Macmahon Holdings (MAH) investor relations material

Macmahon Holdings H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary19 Aug, 2025

Executive summary

  • Achieved record revenue of $2.4B for FY2025, up 20% year-over-year, with EBITDA of $171M and EBITDA margin rising to 7.1% from 6.9% year-over-year.

  • Underlying EBITDA rose 10% to $387.4M, and underlying EBIT(A) increased 22% to $171.4M, driven by acquisitions and organic growth.

  • Free cash flow increased 89% to $141M, supporting a 43% increase in total dividends and a payout ratio of 31% on underlying EPS.

  • Order book grew to $5.4B at June 30, 2025, with a $24.2B tender pipeline and $2.1B locked in for FY2026.

  • Acquisition and integration of Decmil/Deckmill contributed to revenue and margin expansion.

Financial highlights

  • Revenue up 20% and EBITA up 22% year-over-year, driven by acquisitions and new project commencements.

  • Underlying operating cash flow rose 35% to $407M; cash conversion at 105%.

  • Net debt at $162.5M, gearing at 19%, and ROACE at 20.5%, exceeding the FY25 target.

  • Reported NPAT was $74M; underlying NPAT(A) was $102M, excluding $28.4M in adjusting items.

  • CapEx for FY2025 was $221M, with a target of $245M for FY2026.

Outlook and guidance

  • FY2026 revenue guidance: $2.6B–$2.8B; underlying EBITDA/EBIT(A): $180M–$195M, with $2.1B already secured.

  • Priorities include safety, operational improvements, growth in underground and civil, and strong free cash flow.

  • Robust tender pipeline of $24.2B, with $8.2B in outstanding tenders expected to be awarded in the next 12 months.

  • Positive market conditions in Australia and Indonesia, with diversified commodity and customer exposure.

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Frequently asked questions

Macmahon Holdings Limited is an Australian company providing mining and construction services to the resources sector. The company offers a comprehensive suite of services, including mine planning, drilling and blasting, loading and hauling, and equipment maintenance. Macmahon supports both surface and underground mining operations, working with clients in commodities such as gold, iron ore, and coal. In addition to mining services, the company provides civil construction solutions for infrastructure projects linked to mining activities. The company is headquartered in Perth, Australia, and its shares are listed on the ASX.

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