Maas Group Holdings Ltd. · ASX:MGH
Maas — H1 2026 Earnings Presentation
37 slides from Maas's earnings presentation, Feb 24, 2026
Slide 1: 1H26 Results - Positioned for the next phase of growth
1H26 RESULTS - Positioned for the next phase of growth
Slide 2: Investment Highlights
INVESTMENT HIGHLIGHTS 1H26 Underlying NPAT up by 26% on pcp Upgraded FY26 guidance to $250m-$280m Underlying EBITDA Building a strong Electrical pipeline into FY27 CM sale to Heidelberg transaction progressing • Settlement expected 2H CY261 • 56% pa ROCE2 delivered since listing in CM • 28% pa ROCE3
Slide 3: 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 • 2026 marks the transition to the next ph
Slide 4: Align With Macro Tailwinds
ALIGN WITH MACRO TAILWINDS Over 20+ years, MGH has deployed capital into infrastructure sectors benefiting from long- term structural demand drivers and expanded into adjacent activities across the value chain SECTOR STRUCTURAL TAILWIND Civil Construction & Plant Hire Transport & logistics investmen
Slide 5: Deploying Capital to Enhance ROCE
DEPLOYING CAPITAL TO ENHANCE ROCE An aligned, founder-led team focused on being a low-cost provider in each end market. Our management team is highly committed, passionate and experienced to support growth. 4 |
Slide 6: Operating Footprint - Continuing Operations
OPERATING FOOTPRINT – CONTINUING OPERATIONS Ongoing operations are strategically located within close proximity to many of the largest infrastructure and renewable energy projects on the East Coast. 5 |
Slide 7: Financial Highlights
FINANCIAL $115.3M $34.1M $56.0M Underlying EBITDA CC&H Underlying Capital Recycled HIGHLIGHTS Increase of 21% on pcp EBITDA Increase of 66% on pcp, increased contribution and Crystalising ~$11.2m of prior year fair value gains with ~$114.7m contracted to strong momentum from sell in CY26 Guidance up
Slide 8: FY 2026 Guidance
FY 2026 GUIDANCE • Upgraded guidance for FY26 is for Underlying EBITDA in the range of $250m-$280m • Factors affecting the FY26 guidance and outlook include: • The Construction Materials businesses included in the announced divestment to HMA will continue to be owned and contribute to Group FY26 ear
Slide 9: 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 • Electrical manufacturing, • Equipment sales & • Commercial • Residential de
Slide 10: Construction Materials
CONSTRUCTION MATERIALS Quarries Concrete Asphalt Geotechnical Engineering Logistics Recycling 9 | 10
Slide 11: Business Unit Performance: Construction Materials
BUSINESS UNIT PERFORMANCE H1 2026 HIGHLIGHTS CONSTRUCTION MATERIALS • Revenue increased significantly on 1H25 driven by organic quarry and asphalt growth and positive contributions from $ Million (Underlying) 1H25 1H26 Movement acquired businesses. Gross Segment Revenue 233.6 344.5 47% • EBITDA grow
Slide 12: 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 • Retained assets: Selected freehold land leased to HMA under long-t
Slide 13: Civil Construction and Hire
CIVIL CONSTRUCTION AND HIRE Electrical Manufacturing, Transmission & Distribution Civil Construction Equipment Hire 12 | 13
Slide 14: Business Unit Performance: Civil Construction and Hire
BUSINESS UNIT PERFORMANCE H1 2026 HIGHLIGHTS CIVIL CONSTRUCTION AND HIRE • Revenue increased significantly on 1H25 driven by growth across all streams with the segment benefiting from contract $ Million (Underlying) 1H25 1H26 Movement wins in 2H25 on renewable and transmission projects. Gross Segmen
Slide 15: Firmus Contract
FIRMUS CONTRACT Firmus AI Factory Contract • Awarded by Firmus Technologies • Contract Value: ~$200m • Scope: Manufacture of Containerised PTUs (PowerCubes) + Backup Diesel Generator Modules • Status: Contract Commenced January 2026 • Capacity: Initial 100MW Deployment • Delivery: Completion by end-
Slide 16: Residential Real Estate
RESIDENTIAL REAL ESTATE Residential Developments Home Building 15 |
Slide 17: Business Unit Performance: Residential Real Estate
H1 2026 HIGHLIGHTS BUSINESS UNIT PERFORMANCE • Revenue increased on 1H25 driven by additional land settlements (1H26: 80 vs 1H25:61 excluding built to rent RESIDENTIAL REAL ESTATE properties) coupled with increased housing revenue • EBITDA excluding fair value gains increased by 51% driven by additi
Slide 18: Commercial Real Estate
COMMERCIAL REAL ESTATE Commercial Developments Commercial Construction Insurance repairs Building Materials 17 | 18
Slide 19: Business Unit Performance: Commercial Real Estate
H1 2026 HIGHLIGHTS BUSINESS UNIT PERFORMANCE • Revenue decreased on 1H25 driven by a land inventory sale made in 1H25 comprising ~20% of 1H25 revenue. COMMERCIAL REAL ESTATE • Revenue from Commercial Construction and Building supplies improved on 1H25 driven by a strong pipeline of works secured $ M
Slide 20: Group Financial Results and Review
GROUP FINANCIAL RESULTS AND REVIEW Craig Bellamy Chief Financial Officer 19 | 20
Slide 21: Group Underlying Profit & Loss
GROUP UNDERLYING PROFIT & LOSS $ Million (Underlying) 1H25 1H26 • Revenue increase of 33%. Key drivers of the increase: Revenue 454.9 604.9 • Increased Quarry & Concrete ($50.4m), Asphalt ($48.5m), Civil Construction Other Revenue 3.7 2.8 ($47.4m) and Electrical ($16.2m) Revenue 458.6 607.7 Other In
Slide 22: Underlying Cash Flow
UNDERLYING CASH FLOW $ million (Underlying) 1H25 1H26 • Operating Cash Flow (pre-land inventory, interest & tax) for 1H26 is $95.7m, EBITDA 95.0 115.3 representing a cash conversion of EBITDA ratio of 100% driven by strong Fair value gains (FV gains) (21.1) (19.2) working capital management across t
Slide 23: Underlying Cashflow by Segment
UNDERLYING CASHFLOW BY SEGMENT Civil Construction Residential Commercial Corporate & $ million (Underlying) Construction & Manufacturing Group Materials Real Estate Real Estate Eliminations Hire EBITDA 62.2 34.1 10.1 22.7 1.7 (15.6) 115.3 Fair value gains - - (0.1) (19.1) - 0.0 (19.2) EBITDA excl. f
Slide 24: Capital Investments
CAPITAL INVESTMENTS 1H26 Capital Investments $ million 1H25 1H26 • Development of Commercial Property portfolio continued in 1H26 on industrial, Construction materials acquisitions1 17.8 - childcare and self-storage sites. Total acquisitions1 17.8 - • Proceeds on sale of Investments includes 4x comm
Slide 25: Capital Recycling
CAPITAL RECYCLING 1H26 Capital Recycling Total Gains on 1H26FV Gains & Prior Year FV $ Million Proceeds properties gain on sale1 Gains crystalised disposed Commercial Properties2 52.5 2.0 10.6 12.6 Residential Built to rent 3.5 0.3 0.6 0.9 disposals Total 56.0 2.3 11.2 13.5 CY26 Capital Recycling Up
Slide 26: Capital Management
CAPITAL MANAGEMENT Net Debt as at 31 December 20251 Banking Facilities as at 31 December 20251 $ Million 31 December 2025 $ Million Limit Drawn Undrawn Borrowings Cash Advance Facility 505.0 505.0 - Current 75.8 Asset Finance Facility 80.0 48.1 31.9 Non-current 700.6 Multi-option Facility4 75.0 31.6
Slide 27: Capital Employed
CAPITAL EMPLOYED Capital Employed by Segment Capital Balance 31 Balance 30 Business Working Land Underlying 1H26 1H25 $ million Other1 Employed December June 2025 Acquisitions capital Inventory EBIT ROCE2 ROCE2 During 1H26 2025 Civil Construction & Hire 251.7 - (2.5) - 2.0 (0.5) 251.3 24.8 20% 9% Co
Slide 28: Key Messages
KEY MESSAGES • Strong 1H26 performance including 100% cashflow conversion supports upgraded FY26 guidance • Retained businesses well positioned for accelerated growth • Proven operating model aligned to powerful structural tailwinds • Sale of CM portfolio to Heidelberg crystallises premium value dem
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 24 February 2026. It is in summary form and is not necessar
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Slide 31: Appendix
APPENDIX
Slide 32: Group Statutory Profit & Loss
GROUP STATUTORY PROFIT & LOSS Statutory Net Profit after Tax (NPAT) Reconciliation of Statutory to Underlying NPAT $ Million 1H25 1H26 $ Million 1H25 1H26 Revenue 470.3 636.2 Statutory NPAT attributable to owners of MGH 31.3 37.9 Other Revenue 3.7 3.1 Share based payments 0.6 0.2 Revenue 473.9 639.3
Slide 33: Expenses
EXPENSES • Operating expenses increased by 33%, driven by: Movement $ Million 1H25 1H26 • $86.2m from businesses acquired in FY24 and FY25. % Revenue 458.6 607.7 33% • $41.7m increase in expenses from organic business in line with revenue Materials & consumables1 223.7 320.0 43% growth. Employee ben
Slide 34: Historical Financial Performance
HISTORICAL FINANCIAL PERFORMANCE Revenue ($m)1 EBITDA ($m)1 EBIT ($m)1 140 100 700 90 600 120 80 500 100 70 60 400 80 50 91 60 124 83 300 608 110 115 40 75 81 539 97 97 67 71 469 95 30 65 446 459 40 85 200 413 355 66 45 323 20 37 20 46 40 26 27 100 216 35 10 24 23 149 30 30 104 121 135 0 0 0 NPAT ($
Slide 35: Underlying Segment Performance
UNDERLYING SEGMENT PERFORMANCE Strong growth from Civil Construction and Hire, Construction Materials and Residential Real Estate partially offset by capital recycling gains from Commercial Real Estate in PCP Revenue ($m) EBITDA ($m) EBIT ($m) 650.8 130.9 700 120.0 14 140.0 97.0 1.7 600 51.6 106.8 4
Slide 36: Group Balance Sheet
GROUP BALANCE SHEET Balance Sheet1 • Property, plant and equipment increased by $5.0m from 30 June 2025 driven primarily $ million 31 December net maintenance CAPEX of $15.6m and growth CAPEX of $10.0m partially offset by 30 June 2025 2025 depreciation. Assets Cash and cash equivalents 98.4 88.6 • I
Slide 37: 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.