Maas Group Holdings Ltd. · ASX:MGH
Maas — FY2026 Earnings Presentation
44 slides from Maas's earnings presentation, Aug 20, 2026
Slide 1: FY26 Results presentation
Slide 2: Agenda
AGENDA PRESENTERS BUSINESS STRATEGY, PERFORMANCE & OUTLOOK 3 - 13 BUSINESS UNIT REVIEWS 14 - 23 Wes Maas GROUP FINANCIAL RESULTS & REVIEW 24 - 33 CEO & Managing Director KEY MESSAGES 34 APPENDICES 37 - 44 Craig Bellamy Chief Financial Officer 2
Slide 3: Financial Highlights
FINANCIAL HIGHLIGHTS Another record performance in FY26, ~$1.2bn Electrical work in $300.3M $143.3M 34.2c hand providing locked-in Underlying EBITDA Continuing Operations Underlying Underlying EPS continuing business Increase on pcp (37%) in line with EBITDA ex investment uplift3 51% increase on pcp
Slide 4: Values Driven
VALUES DRIVEN TRUST TEAMWORK only earned through action focused on safety and solutions COMMITMENT LEADERSHIP deliver on commitments to customers the courage to strive for excellence CANDOUR OWNERSHIP transparent conversations to get it right empowered to get it right and be accountable for the resu
Slide 5: Strategic Focus: What Sets Maas Apart?
STRATEGIC FOCUS WHAT SETS MAAS APART? Strategically positioned for long-term growth. Our investment framework is underpinned by a disciplined focus on return on capital employed (ROCE), supported by the following strategic fundamentals: A strong focus on return on capital has driven 1. more than 20
Slide 6: Investment Highlights
INVESTMENT HIGHLIGHTS New capital management framework focused on capital allocation initiatives that maximise long- term shareholder value including an expanded on-market share buyback program FY26 Underlying NPAT and EPS up by 57% and 51% respectively on pcp FY26 Underlying EBITDA of $300.3m in li
Slide 7: MGH Evolution
MGH EVOLUTION Disciplined evolution across infrastructure cycles • Founded as a civil construction and hire business • Scaled national plant hire platform • Diversified into materials, property and underground • ASX Listing and scaled Construction Materials Expansion of on-market share buyback progr
Slide 8: A Journey of Continued Growth
A JOURNEY OF CONTINUED GROWTH 8
Slide 9: Capital Allocation
CAPITAL ALLOCATION Capital allocation maximising long-term shareholder return Capital Operating cash flow · divestment proceeds · debt capacity • New capital management framework announced focused on capital allocation initiatives that maximise long-term shareholder value including: Maximise long-te
Slide 10: Sustainability Initiatives
INITIATIVES Low Carbon Offerings SUSTAINABILITY The Company has continued its investment in developing lower carbon product lines, including: • Dandy’s CarbonCrete, CarbonCrete Plus and CarbonCrete Max products and use of recycled materials as aggregate replacements in its concrete mixes. The acquis
Slide 11: Health & Safety
HEALTH & SAFETY Total Recordable Injury Frequency Rate (TRIFR) 16.7 18 15.9 In FY26, the Group recorded an LTIFR of 5.6, compared 15.4 15.8 15.8 15.3 with 4.7 in FY25, and a TRIFR of 16.7, compared with 15.8 in 16 FY25. These results remain above the Group’s benchmark targets and are a clear area of
Slide 12: People, Culture & Community
PEOPLE, CULTURE & COMMUNITY HIGHLIGHTS Proudly supporting: 33% 1. In FY26 we supported 80 trade apprenticeship positions, including 37 trainees in accredited programs, reflecting our FEMALE REPRESENTATION commitment to a capable, future-ready workforce. IN SENIOR EXECUTIVE TEAM 2. We build capabilit
Slide 13: Market Overview
MARKET OVERVIEW TRADING CONDITIONS • Strong digital infrastructure demand driving growth in the Electrical division coupled with tailwind opportunities across other businesses. • Demand and pricing for Self-storage and Industrial projects remains robust supporting capital recycling initiatives. • Pe
Slide 14: Business Unit Overview
Industrial Operating Segments BUSINESS UNIT Civil Construction & Hire OVERVIEW • Electrical manufacturing, transmission and distribution Real Estate Operating Segments • Civil construction Residential Real Estate • Equipment hire 23% • Residential developments Construction • Home building Materials
Slide 15: Civil Construction and Hire
CIVIL CONSTRUCTION AND HIRE Electrical Manufacturing, Transmission & Distribution Civil Construction Equipment Hire 15
Slide 16: Business Unit Performance: Civil Construction and Hire
FY26 HIGHLIGHTS BUSINESS UNIT PERFORMANCE • Revenue increased significantly on FY25 driven by growth CIVIL CONSTRUCTION AND HIRE across all streams with the segment benefiting from contract wins in 2H25 & 1H26 on data centre, renewable and $ Million (Underlying) FY25 FY26 Movement transmission proje
Slide 17: Residential Real Estate
RESIDENTIAL REAL ESTATE Residential Developments Home Building 17
Slide 18: Business Unit Performance: Residential Real Estate
FY26 HIGHLIGHTS BUSINESS UNIT PERFORMANCE • Revenue increased on FY25 driven by additional land settlements (FY26: 253 vs FY25:151 excluding built to rent RESIDENTIAL REAL ESTATE properties) coupled with increased housing revenue. • EBITDA excluding fair value gains increased by 64% driven by additi
Slide 19: Commercial Real Estate
COMMERCIAL REAL ESTATE Commercial Developments Commercial Construction Insurance repairs Building Materials 19
Slide 20: Business Unit Performance: Commercial Real Estate
BUSINESS UNIT PERFORMANCE FY26 HIGHLIGHTS COMMERCIAL REAL ESTATE • Revenue decreased on FY25 driven by a land inventory sale made in FY25 comprising ~13% of FY25 revenue. • External revenue from Commercial Construction subdued on FY25 $ Million (Underlying) FY25 FY26 Movement driven by delivery of i
Slide 21: Construction Materials
CONSTRUCTION MATERIALS Quarries Concrete Asphalt Geotechnical Engineering Logistics Recycling 21
Slide 22: Business Unit Performance: Construction Materials
FY26 HIGHLIGHTS BUSINESS UNIT PERFORMANCE • Revenue increased on FY25 driven by contribution from CONSTRUCTION MATERIALS businesses acquired in the prior year. • EBITDA largely in line with FY25 with a softer contribution from $ Million (Underlying) FY25 FY26 Movement the Quarries & Concrete busines
Slide 23: Heidelberg Transaction
HEIDELBERG TRANSACTION Construction Materials Portfolio Sale • Buyer: Heidelberg Materials Australia (HMA) • Asset sold1: Construction Materials portfolio • Gross proceeds2: $1.703 billion • Contingent consideration: $120.0 million (included in gross proceeds) • Retained assets: Selected freehold la
Slide 24: Group Financial Results and Review
GROUP FINANCIAL RESULTS AND REVIEW Craig Bellamy Chief Financial Officer 24
Slide 25: Group Underlying Profit & Loss
GROUP UNDERLYING PROFIT & LOSS $ Million (Underlying) FY25 FY26 • Revenue increase of 27%. Key drivers of the increase: Revenue 991.8 1,256.7 • Increased Quarry & Concrete ($61.7m), Asphalt ($79.4m), Electrical ($71.6m), and Civil Construction ($68.5m). Other Revenue 5.6 7.1 Revenue 997.4 1,263.8 •
Slide 26: Expenses
EXPENSES Movement $ Million FY25 FY26 • Operating expenses increased by 30%, driven by: % Revenue 997.4 1,263.8 27% • $76.0m from businesses acquired in FY25 and FY26. Materials & consumables1 492.5 683.0 39% • $169.0m increase in expenses from organic business in line with revenue Employee benefits
Slide 27: Underlying Cash Flow
UNDERLYING CASH FLOW $ million (Underlying) FY25 FY26 • Operating Cash Flow (pre-land inventory, interest & tax) for FY26 is EBITDA 219.4 300.3 $183.5m, representing a cash conversion of EBITDA ratio of 93% driven by Fair value gains (FV gains) (42.8) (102.1) strong working capital management across
Slide 28: Underlying Cashflow by Segment
UNDERLYING CASHFLOW BY SEGMENT Civil Corporate, Construction Residential Commercial $ million (Underlying) Construction & Manufacturing Eliminations & Group Materials Real Estate Real Estate Hire Other EBITDA 115.4 65.1 31.8 59.4 6.4 22.2 300.3 Fair value gains - - (3.0) (57.4) - (41.7) (102.1) EBIT
Slide 29: Capital Investments
CAPITAL INVESTMENTS FY26 Capital Investments $ million FY25 FY26 • Construction Materials acquisitions includes the joint venture acquisition of Coltek Asphalt (50%) and the acquisition of the Colas Tomago hot-mix asphalt and paving business (100%), both via 84.7% Construction materials acquisitions
Slide 30: Capital Recycling
CAPITAL RECYCLING FY26 Capital Recycling Prior Year FV Total Gains on FY26 FV Gains & $ Million Proceeds Gains properties gain on sale1 crystallised disposed Commercial Properties2 93.6 1.9 24.9 26.8 Residential Built to rent 5.7 0.6 1.2 1.8 disposals Total 99.3 2.5 26.1 28.6 Capital Recycling Updat
Slide 31: Net Debt and Liquidity
NET DEBT AND LIQUIDITY Net Debt as at 30 June 20261 Banking Facilities as at 30 June 20261 Cont. Disc. MGH Group $ Million Limit Drawn Undrawn $ Million operations Operation1 (Underlying) Cash Advance Facility 705.0 505.0 200.0 Borrowings Asset Finance Facility 80.0 80.0 - Current 400.2 112.2 512.4
Slide 32: Capital Employed
CAPITAL EMPLOYED Capital Employed by Segment Capital Balance 30 Business Working Land Balance 30 Underlying FY26 FY25 $ million Other1 Employed June 2025 Acquisitions capital Inventory June 2026 EBIT ROCE2 ROCE2 During FY26 Civil Construction & Hire 219.9 - 8.3 - (2.6) 5.7 225.5 47.6 21% 10% Constru
Slide 33: Segment Realignment
SEGMENT REALIGNMENT From FY27, MGH will report across four segments, led by Electrical RENAMED FROM CCH UNCHANGED Electrical Residential Real Estate Electrical, Civil & Hire led by electrical Residential real estate development manufacturing UNCHANGED NEW SEGMENT Commercial Real MGH Investments Esta
Slide 34: Key Messages
KEY MESSAGES • Record FY26 result in line with guidance including 93% cashflow conversion • ~$1.2bn secured electrical work in hand to drive FY27 and beyond • Proven operating model aligned to powerful structural tailwinds • Sale of CM portfolio to Heidelberg crystallises premium value demonstrating
Slide 35: 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 20 August 2026. It is in summary form and is not necessaril
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Slide 37: Appendix
APPENDIX MAAS
Slide 38: Group Statutory Profit & Loss
GROUP STATUTORY PROFIT & LOSS Statutory Net Profit after Tax (NPAT) Reconciliation of Statutory to Underlying NPAT $ Million FY25 FY26 $ Million FY25 FY26 Revenue 484.5 631.1 Statutory NPAT attributable to owners of MGH 72.0 136.1 Other Revenue 3.9 3.1 Share based payments 0.9 0.2 Revenue 488.4 634.
Slide 39: Underlying Profit & Loss Split
UNDERLYING PROFIT & LOSS SPLIT Group Continuing Discontinued $ Million (Underlying) FY25 FY26 Movement % FY25 FY26 Movement % FY25 FY26 Movement % Revenue 991.8 1,256.7 27% 484.5 631.1 30% 507.3 625.6 23% Other Revenue 5.6 7.1 27% 3.9 3.1 -22% 1.6 4.0 144% Revenue 997.4 1,263.8 27% 488.4 634.2 30% 5
Slide 40: Historical Financial Performance
HISTORICAL FINANCIAL PERFORMANCE Revenue ($m)1 EBITDA ($m)1 EBIT ($m)1 350 250 1400 1200 300 200 1000 250 150 800 200 230 600 1264 150 300 100 997 154 156 882 207 219 400 795 100 163 120 50 94 539 125 200 50 60 65 76 50 225 283 50 36 196 0 0 0 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY19 FY20 FY21 F
Slide 41: Underlying Segment Performance
UNDERLYING SEGMENT PERFORMANCE Strong growth from Civil Construction and Hire and Residential Real Estate supported by consistent performance from Commercial Real Estate and Manufacturing Revenue ($m) EBITDA ($m) EBIT ($m) 1500 1,314.1 250.0 300.0 278.1 210.3 39.5 6.4 1300 231.4 5.2 1,027.0 95.8 250
Slide 42: Group Balance Sheet
GROUP BALANCE SHEET Balance Sheet MGH Group1 Cont. Ops • Property, plant and equipment decreased by $6.8m from 30 June 2025 $ million 30 June 2025 30 June 2026 30 June 2026 driven primarily by depreciation partially offset by net maintenance CAPEX Assets of $22.2m and growth CAPEX of $22.8m. Cash an
Slide 43: Land Inventory
LAND INVENTORY Land Inventory movement • Residential land multi-year lag between englobo acquisition to land settlements as estates are developed. Land settlements to date made $ million Residential Commercial Other Group from land acquired pre-April 2021. Opening Land Inventory 139.3 6.7 (2.1) 143.
Slide 44: Western Sydney Aerotropolis
WESTERN SYDNEY AEROTROPOLIS Structure, security & returns • MGH to lend up to A$625m ($375m drawn at 30 June) to Bull Capital, secured by mortgage • Funded back-to-back by a A$625m non-revolving, limited-recourse Metrics facility, capital-light • Borrowing sits outside MGH syndicated borrowing group