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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.
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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