Maas Group Holdings Ltd. · ASX:MGH
Maas — Merger or Acquisition (February 2026)
13 slides from Maas's merger presentation, Feb 5, 2026
Slide 1: Construction Materials Divestment & Strategy Update
Maas Group Holdings Construction Materials Divestment & Strategy Update
Slide 2: MGH Evolution: A proven model of growth, diversification and capital recycling
MGH EVOLUTION A proven model of growth, diversification and capital recycling • 20+ year track record of disciplined growth and reinvestment • Business has evolved through multiple infrastructure cycles • Construction Materials divestment crystallises An aligned, founder-led team focused attractive
Slide 3: MGH Evolution Timeline
MGH EVOLUTION TIMELINE Disciplined evolution across EBITDA ($m) infrastructure cycles 300 240-275 250 200 • Founded as a civil construction and hire business 150 • Scaled national plant hire platform 100 163 207 219 • Diversified into materials, property and underground 50 65 76 125 • ASX Listing an
Slide 4: Transaction Overview
TRANSACTION OVERVIEW Construction Materials Divestment • Buyer: Heidelberg Materials Australia (HMA) • Asset sold1: Construction Materials division • Gross proceeds: $1.703 billion • Contingent consideration: $120.0 million • Retained assets: Selected freehold land leased to HMA under long-term comm
Slide 5: Why This Transaction, Why Now?
WHY THIS TRANSACTION, WHY NOW? Crystallising value to re-focus on next generation infrastructure Construction Materials business has reached scale Strong operating performance and asset quality Valuation achieved: • Premium to MGH trading multiple An aligned, founder-led team focused • Above c
Slide 6: Strategic Benefits
STRATEGIC BENEFITS What the transaction unlocks Crystallises value from a high-quality, at-scale asset Strengthens balance sheet and reduces net debt An aligned, founder-led team focused on being a low-cost provider in each Enhances financial flexibility end market. Enables disciplined redeployment
Slide 7: Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK Post-transaction priorities • Balance sheet strength • Net debt reduction • Increased resilience and flexibility • Growth investment • Electrification • Digital infrastructure An aligned, founder-led team focused Industrial on •being services a low-cost provider in each
Slide 8: Strategic Development: Positioning for next-generation infrastructure
STRATEGIC DEVELOPMENT Positioning for next-generation infrastructure MGH is expanding beyond traditional infrastructure into: • Digital infrastructure • Hyperscale and next-generation data centres (AI factories) An aligned, founder-led team focused • High-density power and fibre connectivity on bein
Slide 9: Strategic Investment: Firmus
STRATEGIC INVESTMENT: FIRMUS Targeted exposure to AI infrastructure • Investment: $100 million • Equity interest: ~1.7% • Structure: Minority, non-controlling • Accounting: Financial asset Firmus overview • Vertically integrated developer and operator of AI infrastructure • Purpose-built, high-densi
Slide 10: Strategic Rationale: Firmus
STRATEGIC RATIONALE: FIRMUS More than a financial investment • Supports closer strategic alignment between MGH and Firmus including focus on building sovereign advanced manufacturing capability in Australia • Reflects MGH’s intention to develop a longer-term relationship beyond a single project, whe
Slide 11: Key Messages
KEY MESSAGES A logical next step in MGH’s evolution • MGH has consistently built, scaled and recycled capital across infrastructure cycles • Construction Materials achieved critical scale and value is being crystalised at a premium • Transaction strengthens the balance sheet and enhances strategic a
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Slide 13: Disclaimer
DISCLAIMER Important information The purpose of this presentation is to provide general information about MAAS Group Holdings Ltd (Maas or the Company) and its subsidiaries and business. The information in this presentation is current as at 5 February 2026. It is in summary form and is not necessari
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