MAAS Group (MGH) H2 2026 earnings summary

Executive summary

• Achieved record FY26 performance with revenue up 27% to $1,263.8m and underlying EBITDA up 37% to $300.3m, both in line with guidance, driven by strong continuing operations and investment uplift from Firmus holding.

• Underlying EPS rose 51% to 34.2c, and statutory NPAT attributable to owners increased 89% to $136.1m, reflecting robust operational performance and reversal of held-for-sale depreciation.

• The sale of the Construction Materials business to Heidelberg for up to $1.703bn was approved and is set to settle in October 2026, crystallizing significant value and positioning the group for its next growth phase.

• Secured ~$1.2bn Electrical work in hand, underpinning earnings growth for FY27 and beyond, with major contracts such as the $855m Firmus order.

• New capital management framework prioritizes share buybacks over dividends, with no final dividend declared for FY26 and $55.1m allocated to buybacks since February 2026.

Financial highlights

• Group revenue increased 27% to $1,263.8m, driven by growth in Civil Construction, Electrical, Plant Hire, and Residential segments.

• Underlying EBITDA reached $300.3m, up 37% year-over-year, with a 93% cash flow conversion rate.

• Statutory NPAT attributable to owners increased 89% to $136.1m; underlying NPAT reached $123.4m, up 57% year-over-year.

• Total capital investment for the year was $140m, including $121m in unlisted companies and $45m in commercial real estate development.

• Leverage ratio at year-end was 2.6x, within the 2x-3x target range, with net debt at $826m and liquidity of $479m.

Outlook and guidance

• Strong revenue and profit growth expected to continue in FY27, supported by $1.2bn secured Electrical work and robust demand in residential and commercial real estate.

• $158.3m of property sales under contract to settle over next 18 months, supporting capital recycling and monetizing gains as properties settle through FY28.

• Post-sale of Construction Materials, significant balance sheet strength will support earnings-accretive redeployment of capital.

• Strategic focus remains on disciplined capital allocation, organic growth, and accretive acquisitions, particularly in Electrical and infrastructure markets.

• Risks include delays in Construction Materials sale, project delays/cancellations, competition, and higher interest rates impacting residential property.