MAAS Group (MGH) H1 2026 earnings summary

Executive summary

• Underlying group NPAT grew by 26% year-over-year in the first half of 2026, with strong momentum in Civil Construction & Hire, Construction Materials, and Residential Real Estate segments.

• Upgraded FY 2026 underlying EBITDA guidance to AUD 250–280 million, reflecting robust operational performance and capital discipline.

• Sale of Construction Materials portfolio to Heidelberg, expected to complete in H2 2026, will crystallize significant value and free capital for reinvestment.

• Disciplined capital deployment and recycling initiatives continue to enhance ROCE and support future growth.

• Growth supported by organic performance, FY25 acquisitions, and improved project activity.

Financial highlights

• Underlying EBITDA for H1 2026 was AUD 115.3 million, up 21% year-over-year; revenue grew 33%.

• Statutory NPAT attributable to owners was AUD 37.9 million, up 21% year-over-year.

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

• EPS increased by 15% for the period; underlying basic EPS was 11.2 cents.

• Net debt (excl. AASB 16) was AUD 640 million, with a gearing ratio of 2.6x, within the target range.

Outlook and guidance

• FY 2026 underlying EBITDA guidance upgraded to AUD 250–280 million.

• Construction Materials will contribute to group earnings through FY 2026; transaction completion expected in H2 2026.

• Non-Construction Materials businesses expected to deliver 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.

• Additional electrical infrastructure project awards anticipated in 2026, including Firmus contract.