Macmahon (MAH) Investor presentation summary

Business overview and 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 a 1H26 underlying EBIT(A) of $91.0m and a 7.0% EBIT margin.

• 1H26 ROACE was 21.2%, up from 17.5% annualised in 1H25.

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

• 1H26 free cash flow was $39.3m, with net debt at $144.1m.

Growth, diversification, and order book

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

• Order book stands at $5.1bn as of December 2025, with $2.5bn of FY26 revenue already secured.

• Tender pipeline is $25.6bn, with $14.4bn expected to be awarded in the next 12 months.

• Revenue mix is diversified by service, commodity, region, and client, with a strategic target for Indonesia to contribute 15–20% of group revenue.

• ROACE target increased to over 25%, with 1H26 ROACE at 21.2%.

Recent contract wins and operational highlights

• Surface mining: 1H26 included $824m in new work; 2H26 added $150m contract at Mt Carlton and $190m LOI at Wonawinta.

• Underground: 1H26 included $124m in new work; 2H26 added $38m Groundrush project, Majestic extension, and $100m LOI at Mt Carlton.

• Civil infrastructure: 1H26 included $350m in new work; 2H26 added $150m Western Angeles Bulk Earthworks and NPI.