Macmahon (MAH) Investor Presentation summary

Business overview and financial performance

• Leading mining services and civil infrastructure provider in Australia and Indonesia, with a diversified and integrated service offering and long-term client relationships.

• Achieved record FY24 financial results, with 1H25 revenue of $1.2bn (up 22%) and underlying EBIT(A) of $78.1m (up 14.7%).

• 1H25 ROACE at 17.5% (annualised 18.2%), 1H25 free cash flow of $49.0m, and net debt at $236.9m.

• 1H25 fully franked dividend of 0.55cps (up 22.2%), with 9,605 employees split 54% Australia, 46% Indonesia.

• FY25 secured revenue at $2.2bn and order book at $4.3bn, with a $24.8bn tender pipeline.

Growth track record and guidance

• Consistent revenue and EBIT(A) growth since FY17, with FY25 revenue guidance of $2.4bn–$2.5bn and EBIT(A) guidance of $160m–$175m.

• Growth supported by new projects in Decmil and Indonesia, renegotiated underground contracts, and organic expansion.

• Achieved guidance for eight consecutive years and on track for FY25.

Operational highlights

• Secured $900m Byerwen extension and over $500m of new work in Indonesia, including gold projects.

• Underground division targeting over 50% revenue growth in 2–3 years, with major new contracts and a $7.2bn tender pipeline.

• Completed Decmil acquisition and integration, with $400m+ of new civil work awarded post-acquisition.

• Focus on monetising non-core Homeground asset and implementing a new corporate operating model.