Maas Group Holdings Ltd. · ASX:MGH
Maas — FY2025 Earnings Presentation
37 slides from Maas's earnings presentation, Aug 21, 2025
Slide 1: FY25 Results Presentation
FY25 RESULTS PRESENTATION
Slide 2: Agenda
AGENDA PRESENTERS BUSINESS STRATEGY, PERFORMANCE & OUTLOOK 3 – 11 BUSINESS UNIT REVIEWS 12 - 20 GROUP FINANCIAL RESULTS & REVIEW 21 – 28 Wes Maas CEO & Managing Director KEY MESSAGES 29 APPENDICES 32 – 38 Craig Bellamy Chief Financial Officer 2
Slide 3: Financial Highlights
FINANCIAL $219.4M $110.7M $107.6M Underlying EBITDA Construction Materials Capital Recycled HIGHLIGHTS Increase of 6% on pcp and in line with guidance Underlying EBITDA Increase of 38% on pcp, 9% organic growth6 and strong Exceeded guidance with additional $41.0m in proceeds received since contribut
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
STRATEGIC FOCUS WHAT MAKES Strategically positioned for long-term growth. MAAS DIFFERENT? Our investment framework is underpinned by a disciplined focus on return on capital employed Sharp focus on return on capital has underpinned (ROCE). over 20 years of growth. A substantial and growing asset bas
Slide 6: Strategically Located
STRATEGICALLY LOCATED Located within close proximity to many of the largest infrastructure and renewable energy projects on the East Coast, our hubs are strategically positioned. The Group continued to pursue strategic acquisitions and expand into new, complementary geographic areas during FY25. Thi
Slide 7: Sustainability Initiatives
INITIATIVES SUSTAINABILITY Low Carbon Offerings The Company has continued its investment in developing lower carbon product lines, including: Maas remains committed to minimising environmental • Dandy’s CarbonCrete, CarbonCrete Plus and CarbonCrete Max products and use of recycled materials as aggre
Slide 8: Health & Safety
HEALTH & SAFETY Total Recordable Injury Frequency Rate (TRIFR) 18 15.9 In FY25, our Lost Time Injury Frequency Rate (LTIFR) 15.4 15.8 15.8 15.3 increased while our Total Recordable Injury Frequency 16 Rate (TRIFR) improved slightly, decreasing by 0.1 to return to the same level as FY23. This indicat
Slide 9: People, Culture & Community
PEOPLE, CULTURE & COMMUNITY HIGHLIGHTS Ongoing commitment to 'growing our own' by empowering our people through a blend of supported external training and development opportunities, internal mentorship, and hands-on learning experiences, including the MGH leadership development program. In FY25 we e
Slide 10: Market Overview
MARKET OVERVIEW TRADING CONDITIONS • Infrastructure and renewable energy related projects continue to underpin demand for Construction Materials. Softer end demand persists in Melbourne impacting volumes. • Renewable energy projects including commencement of delayed transmission projects driving imp
Slide 11: Business Unit Overview
BUSINESS UNIT OVERVIEW INDUSTRIAL OPERATING SEGMENTS REAL ESTATE OPERATING SEGMENTS CONSTRUCTION CIVIL CONSTRUCTION MANUFACTURING COMMERCIAL RESIDENTIAL MATERIALS & HIRE & EQUIPMENT SALES REAL ESTATE REAL ESTATE • Quarries • Equipment hire • Equipment sales & • Commercial • Residential developments
Slide 12: Construction Materials
CONSTRUCTION MATERIALS Quarries Concrete Asphalt Geotechnical Engineering Logistics Recycling 12 12
Slide 13: Business Unit Performance: Construction Materials
FY25 HIGHLIGHTS • Revenue increased significantly on FY24 driven by organic BUSINESS UNIT PERFORMANCE quarry growth and positive contributions from acquired businesses CONSTRUCTION MATERIALS • EBITDA growth in FY25 of 38% (9% organic growth2) driven by growth from quarries, concrete and asphalt busi
Slide 14: Civil Construction & Hire
CIVIL CONSTRUCTION & HIRE Equipment Hire Civil Construction Electrical Transmission & Distribution 14 14
Slide 15: Business Unit Performance: Civil Construction and Hire
BUSINESS UNIT PERFORMANCE CIVIL CONSTRUCTION AND HIRE FY25 HIGHLIGHTS • Revenue decreased on FY25 driven by a reduction in Civil & plant hire revenues impacted by timing on key renewable and $ Million (Underlying) FY24 FY25 Movement transmission projects. Gross Segment Revenue 391.0 362.5 (7%) • EBI
Slide 16: Residential Real Estate
RESIDENTIAL REAL ESTATE Residential Developments Home Building Build-to-Rent Land Lease Developments 16
Slide 17: Business Unit Performance: Residential Real Estate
FY25 HIGHLIGHTS BUSINESS UNIT PERFORMANCE • Ex prior period englobo sale revenue was marginally lower with reduced homebuild completions (FY25:101 vs FY24:179) partially RESIDENTIAL REAL ESTATE • offset by increased land lot settlements. EBITDA excluding fair value gains decreased by 9% driven by an
Slide 18: Commercial Real Estate
COMMERCIAL REAL ESTATE Commercial Developments Commercial Construction Insurance repairs Building Materials 18 18
Slide 19: Business Unit Performance: Commercial Real Estate
BUSINESS UNIT PERFORMANCE FY25 HIGHLIGHTS COMMERCIAL REAL ESTATE • Revenue decreased marginally on FY24 driven by reduced revenue from Commercial Construction and Building Supplies. • EBITDA increased by 35% driven by an increase in fair value $ Million (Underlying) FY24 FY25 Movement gain on invest
Slide 20: Group Financial Results and Review
GROUP FINANCIAL RESULTS AND REVIEW Craig Bellamy Chief Financial Officer 20 20
Slide 21: Group Underlying Profit & Loss
GROUP UNDERLYING PROFIT & LOSS • Revenue increase of 13%. Key drivers of the increase: $ Million (Underlying) FY24 FY25 Revenue 875.8 991.8 • Increased Concrete ($50.7m), Asphalt ($49.0m), Quarry ($31.3m), Transport ($18.7m), Electrical ($12.6m) and Manufacturing ($8.3m) revenue. Other Revenue 6.1 5
Slide 22: Expenses
EXPENSES Movement Operating expenses increased by 16%, driven by: $ Million FY24 FY25 • % Revenue 881.9 997.4 13% • $101.2m from businesses acquired in FY24 and FY25. Materials & consumables1 410.2 492.5 20% • $2.5m from expected credit losses. Employee benefits expense1 201.7 234.0 16% • $7.7m incr
Slide 23: Underlying Cash Flow
UNDERLYING CASH FLOW $ million (Underlying) FY24 FY25 • Operating Cash Flow (pre-land inventory, interest & tax) for FY25 is EBITDA 207.3 219.4 $170.8m, representing a cash conversion of EBITDA ratio of 97% driven by Fair value gains (FV gains) (31.8) (42.8) strong working capital management across
Slide 24: Underlying Cashflow by Segment
UNDERLYING CASHFLOW BY SEGMENT Construction Civil Construction Residential Commercial Corporate & $ million (Underlying) Manufacturing Group Materials & Hire Real Estate Real Estate Eliminations EBITDA 110.7 48.8 22.0 50.7 5.1 (17.8) 219.4 Fair value gains - - (4.4) (38.3) - (0.0) (42.8) EBITDA excl
Slide 25: Capital Investments
CAPITAL INVESTMENTS FY25 Capital Investments $ million FY24 FY25 • Acquisitions for FY25 include the 75% acquisition of 2 Asphalt businesses, Cleary Bros Construction materials acquisitions1 76.6 242.2 Bros, Aerolite Quarries and Cardinia Environmental Recycling. The acquisition of Cleary Bros inclu
Slide 26: Capital Management
CAPITAL MANAGEMENT Net Debt as at 30 June 20251 Banking Facilities as at 30 June 20251 $ Million 30 June 2025 $ Million Limit Drawn Undrawn Borrowings Cash Advance Facility 505.0 505.0 - Current 81.7 Asset Finance Facility 80.0 48.1 31.9 Non-current 711.2 Multi-option Facility4 75.0 32.1 42.9 Total
Slide 27: Capital Employed
CAPITAL EMPLOYED Capital Employed by Segment Capital Balance 30 Business Working Land Balance 30 Underlying FY25 FY24 $ million Other1 Employed June 2024 Acquisitions capital Inventory June 2025 EBIT ROCE2 ROCE2 During FY25 Civil Construction & Hire 253.2 25.5 (12.2) - (14.8) (1.5) 251.7 31.1 12% 21
Slide 28: Key Messages
KEY MESSAGES • FY25 EBITDA of $219.4m in line with guidance range driven by strong Construction Materials contribution. • Construction Materials delivered YoY growth of 38% and now 47% of overall EBITDA, with recent acquisitions to provide full year contribution in FY26. • Strong cash conversion at
Slide 29: 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 21 August 2025. It is in summary form and is not necessaril
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Slide 31: Appendix
APPENDIX MAAS
Slide 32: Group Statutory Profit & Loss
GROUP STATUTORY PROFIT & LOSS Statutory Net Profit after Tax (NPAT) Reconciliation of Statutory to Underlying NPAT $ Million FY24 FY25 $ Million FY24 FY25 Revenue 902.4 1,034.3 Statutory NPAT attributable to owners of MGH 73.0 72.0 Other Revenue 6.1 5.7 Share based payments 1.8 0.9 Revenue 908.5 1,0
Slide 33: Underlying Segment Performance
UNDERLYING SEGMENT PERFORMANCE Strong growth from Construction Materials, Commercial Real Estate and Manufacturing offsetting project delay headwinds in CC&H and timing of englobo sale in Residential Real Estate Revenue ($m) EBITDA ($m) EBIT ($m) 1200 1,048.0 237.3 200.0 175.5 225.2 173.2 33.6 250.0
Slide 34: Group Balance Sheet
GROUP BALANCE SHEET Balance Sheet1 • Property, plant and equipment increased by $187.6m from 30 June 2024 driven primarily $ million 30 June 2024 30 June 2025 by the acquisitions of Cleary Bros, Aerolite Quarries, Cardinia Environmental Recycling and Assets 2x asphalt businesses at 75%. Cash and cas
Slide 35: 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 from $ million Residential Commercial Other Group land acquired pre-April 2021. • Residential inventory development during
Slide 36: Capital Recycling
CAPITAL RECYCLING FY25 Capital Recycling Total Gains on FY25 FV Gains & Prior Year FV $ Million Proceeds properties gain on sale1 Gains crystalised disposed Commercial Properties2 81.3 5.1 9.1 14.2 Residential Built to rent 26.3 1.2 5.0 6.2 disposals Total 107.6 6.4 14.1 20.5 1H26 Capital Recycling
Slide 37: Historical Financial Performance
HISTORICAL FINANCIAL PERFORMANCE Revenue ($m)1 EBITDA ($m)1 EBIT ($m)1 250 180 1200 160 1000 200 140 120 800 150 100 600 80 219 154 156 999 100 207 882 163 60 120 400 795 94 125 40 539 50 60 200 65 76 20 50 283 50 36 196 225 0 0 0 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY19 FY20 FY21 FY22 FY23 FY24 FY25