Macmahon (MAH) AGM 2026 summary

Opening remarks and agenda

• Virtual AGM notice issued September 21, 2026; proceedings covered FY26 reports, five ordinary resolutions and other business, with voting by poll and results to be announced through the ASX.

• Shareholders could vote and submit written or verbal questions through the meeting platform.

• Acknowledgement of Whadjuk Noongar people and Traditional Custodians across Australia, with respect extended to Aboriginal and Torres Strait Islander peoples.

Financial performance review

• Met guidance for the 10th consecutive year, with record revenue and underlying earnings; FY26 revenue was $2.6bn, up 8%, underlying EBITDA $393.8m at a 15.0% margin, and underlying EBIT(A) $190.1m at a 7.3% margin.

• Underlying operating cash flow was $387.4m, down 5%, with 98.4% cash conversion; free cash flow was $103.1m, down 27%, partly reflecting FY25 income tax and FY26 provisional tax paid in FY26.

• Net debt fell 32% to $111.1m, with 13.1% gearing and 0.28x leverage; ROACE was 22.0%, up 7%, against a long-term target above 25%.

• FY27 guidance was revenue of $2.85bn–$3.05bn and underlying EBIT(A) of $205m–$225m; secured revenue was $2.2bn as at August 18, 2026.

Board and executive committee updates

• Suzan Pervan, Tom Quinn and Arief Sidarto joined the Board during the year and stood for re-election; David Gibbs resigned in September 2026 after serving as an Amman nominee director.

• Pervan chairs the Audit and Risk Committee; Quinn serves on Audit and Risk and Nomination; Sidarto is President Director of PT Amman Mineral Internasional Tbk.

• CEO Michael Finnegan proposed selling some ordinary shares by end-2026 for personal tax and financial commitments, subject to trading policies; he will retain a significant shareholding and performance rights.