MAAS Group (MGH) H1 2026 earnings summary

Executive summary

• Underlying NPAT grew by 26% year-over-year in 1H26, with strong momentum in Construction Materials, Civil Construction & Hire, and Residential Real Estate segments.

• Underlying EBITDA reached $115.3m, up 21% year-over-year, driven by organic growth, acquisitions, and improved project activity.

• Upgraded FY26 underlying EBITDA guidance to $250m–$280m, reflecting robust operational performance and capital discipline.

• Sale of Construction Materials portfolio to Heidelberg for up to $1.703b is progressing, with completion expected in 2H CY26.

• Disciplined capital recycling and deployment support reinvestment into infrastructure, digital, and residential sectors.

Financial highlights

• Revenue for 1H26 rose 33% to $607.7m, with underlying EBITDA up 21% to $115.3m and margin at 19%.

• Underlying NPAT was $40.6m, up 26% year-over-year; underlying EPS increased 16% to 11.2 cents.

• Cash flow conversion reached 100%, a 19 percentage point improvement year-over-year.

• Interim dividend of 3.5 cents per share, fully franked, was declared.

• Net debt (excl. AASB 16) was $616.9m–$640m, with a gearing ratio of 2.6x, within target range.

Outlook and guidance

• FY26 underlying EBITDA guidance upgraded to $250m–$280m.

• Construction Materials will contribute to group earnings through FY26; transaction completion expected in 2H CY26.

• Non-Construction Materials businesses expected to deliver $120m–$140m EBITDA in FY26.

• Residential settlements targeted at 240–260 lots for FY26, with strong backlog and secured sales.

• Major electrical contract with Firmus Technologies (~$200m) expected to boost Civil Construction & Hire in 2H26 and FY27.