Macmahon (MAH) Investor presentation summary

Business overview and financial performance

• Operates as a diversified mining services and civil infrastructure provider in Australia and Indonesia, with a proven track record in surface and underground mining and civil projects.

• 1H26 revenue reached $1.3bn, up 11%, with underlying EBIT(A) of $91.0m and a 7.0% EBIT margin.

• 1H26 ROACE was 21.2%, up from 17.5% annualised in 1H25, and free cash flow was $39.3m.

• Order book stood at $5.1bn and tender pipeline at $25.6bn as of early 2026.

• Workforce of 10,168, split 48% Australia and 52% Indonesia.

Growth, diversification, and strategic direction

• Revenue and EBIT have shown consistent growth, with FY26 revenue guidance at $2.6bn–$2.8bn and EBIT(A) guidance at $180m–$195m.

• Strategic focus on increasing Indonesian revenue share to 15–20% and raising ROACE target to over 25%.

• Business mix has shifted from 3% Indonesian revenue in FY18 to 23% in 1H26, with a more balanced split across surface, underground, and civil segments.

• Tender pipeline has expanded from $5.4bn in FY18 to $25.6bn in 1H26, supporting long-term growth.

Operational highlights and contract wins

• Secured a $792m three-year extension at Byerwen (surface), with potential to increase to $1.32bn, and a $32m seven-year extension at Langkawi.

• Underground contracts include $55m at Majestic (Australia) and $33m at Kopra (Indonesia), plus a $36m contract at Kucing Liar.

• Civil infrastructure awarded $350m in 1H26, including major projects like Waddi Wind Farm and Marble Bar Road Upgrade, with $150m more awarded post-1H26.

• Actively pursuing $9.6bn surface, $8.1bn underground, and $7.9bn civil infrastructure pipelines, with significant awards expected in the next 12 months.