Macmahon (MAH) Investor Presentation summary

Business overview

• Provides integrated mining and civil infrastructure services in Australia and Indonesia, including surface and underground mining, and civil construction.

• Employs over 8,000 workers across major mining projects and 1,300+ in underground mining.

• Civil infrastructure division operates across multiple Australian states with 700+ workers.

• Maintains long-term relationships with Tier 1 clients and targets growth in Indonesia.

Financial highlights (FY25)

• Achieved record revenue of $2.4bn and underlying EBITDA of $387.4m, with a 16% EBITDA margin.

• Underlying operating cash flow reached $407.4m, with cash conversion at 105.2%.

• Free cash flow increased 89% to $140.7m; net debt at $162.5m with 19% gearing.

• Underlying EBIT(A) was $171.4m (7.1% margin); total dividend of 1.50cps, up 43%.

• Order book at $5.4bn and tender pipeline at $24.2bn, both showing strong growth.

Operational highlights (FY25-26)

• Secured $1.4bn in new surface mining contracts and extensions; major alliance signed at Nifty Copper Complex.

• Underground mining awarded $579m in new work and extensions; new contracts in Indonesia and Australia.

• Civil infrastructure secured $600m+ in new work post-acquisition, with major road projects.

• Monetised non-core asset and replaced finance facilities with a $550m syndicated debt facility.

• Implemented a new corporate operating model.