Macmahon Holdings Limited · ASX:MAH
Macmahon — FY2026 Earnings Presentation
28 slides from Macmahon's earnings presentation, Aug 18, 2026
Slide 1: Full Year Results FY26
FULL YEAR RESULTS FY26 18 August 2026
Slide 2: FY26 Financial Highlights
FY26 Financial Highlights Record revenue and earnings Revenue Underlying EBITDA 1 Underlying EBIT(A) 1 $2.6bn 8% 5 $393.8m 2 % $190.1m 11% FY2 7 Secured Revenue of $2.2bn 15.0% EBITDA margin 7.3% EBIT(A) margin Underlying Operating Cash Flow 2 Free Cash Flow 3 Total Dividend $387.4m 5 % $103.1m
Slide 3: Guidance Performance
Guidance Performance Long term track record of achieving guidance Revenue ($m) Underlying EBIT(A) ($m) 1 2,619 2,427 190 2,031 171 1,906 1,698 140 1,380 117 1,351 96 101 1,103 92 75 710 42 360 Guidance Guidance Guidance Guidance Guidance Guidance Guidance Guidance Guidance Guidance Guidance Guidance
Slide 4: Our Business
Our Business Highly experienced and specialised team providing the full suite of surface and underground mining development and production se rvices Surface Underground Civil Infrastructure Corporate • A global leader in surface • Leaders in underground • Decmil provides complex, • Achieved S&P/ASX3
Slide 5: Mining Highlights
Mining Highlights Highly experienced and specialised team providing the full suite of surface and underground mining development and production se rvices Surface Mining Revenue Underlying EBITDA • Awarded $792m 3 -year extension contract at Byerwen with 2 -year • extension option to increase value t
Slide 6: Civil Infrastructure Highlights
Civil Infrastructure Highlights Over 40 years experience delivering integrated construction and engineering solutions Civil Infrastructure Revenue Underlying EBITDA • $ 500m of new work awarded: - $51m Waddi Wind Farm - $104m Marble Bar Road Upgrade $672m $42m FY25: $437m 54% FY25: $30m 41% - $2
Slide 7: Our Surface Mining Projects
Our Surface Mining Projects PROJECT CONTRACT ASSUMED COST CLIENT PROJECT COMMODITY SINCE TERM LOM 1 CURVE 1 Tropicana, WA Gold 2012 Life of mine 2033 Q3 Telfer, WA Gold 2016 Life of mine 2028 Q4 Byerwen, QLD Met Coal 2017 Nov 2028 2040 Q2 Batu Hijau, Indonesia Copper / Gold 2017 Life of mine 2030 Q2
Slide 8: Our Underground Mining Projects
Our Underground Mining Projects PROJECT CONTRACT ASSUMED CLIENT PROJECT COMMODITY SINCE TERM LOM 1 COST CURVE 1 Boston Shaker, WA Gold 2012 May 2027 2033 Q3 Mt Marion, WA Lithium 2026 Jul 2029 N/A N/A Majestic, WA Gold 2026 Aug 2027 2028 N/A King of the Hills, WA Gold 2022 Mar 2027 2038 Q4 Daisy Mil
Slide 9: Our Civil Infrastructure Projects
Our Civil Infrastructure Projects CONTRACT % EXPECTED CLIENT PROJECT SCOPE 1 SIZE COMPLETE COMPLETION Marble Bar Road Sections 5 and 2B, WA Construct Only $100m – $200m 100% Q1 FY27 Warradarge Wind Farm, WA Design & Construct $25m – $50m 100% FY26 Marble Bar Road Section 3, WA Construct Only $50m –
Slide 10: FY26 Revenue Diversification (%)
FY26 Revenue Diversification (%) Business revenue mix is diversified by service, commodity, region and client Service Offering Commodity Region Client 12 10 10 18 26 6 Indonesia 21 long term 17 11 50 target of 52 15% to 20% of revenue 9 24 8 6 7 90 7 8 8 Surface Underground Civil Infrastructure Gold
Slide 11: People and Safety
People and Safety Focused on the safety and development of our people SAFETY INJURY FREQUENCY • Group TRIFR decreased from 2.99 in FY25 to 1.98 in FY26 RATES & WORKFORCE 10,220 10,004 • Successfully implemented and embedded Evotix as the Group’s HSEQ system of record, 9,676 improving reporting consi
Slide 12: Together.Works
Together.Works . Investing in our people and creating a winning culture 30 June 2026 Full Year Results 12
Slide 13: Sustainability
Sustainability Creating value through sustainability First mandatory climate- First Scope 3 emissions Completed climate Strengthened Group-wide ENVIRONMENT related financial disclosures inventory prepared for FY27 scenario analysis and environmental and under AASB S2 published disclosure and assuran
Slide 14: FY26 Results
| | MACMAHON FY26 Results
Slide 15: Group Financial Performance
Group Financia l Performance Maintaining positive track record of sustainable growth Revenue ($m) Underlying EBIT(A) ($m) 2,619 2,427 190 2,031 171 1,906 1,698 140 1,380 1,351 117 96 101 1,103 92 75 710 (2) 42 360 EBIT(A) (0.5%) 5.9% 6.8% 6.7% 7.0% 5.9% 6.1% 6.9% 7.1% 7.3% Margin FY17 FY18 FY19 FY20
Slide 16: Profit and Loss
Profit and Loss Delivered another year of improved performance $ Millions FY25 FY26 Change • Revenue and Operating costs (before depreciation) increased by 8% and 9% respectively . This is primarily due to new work awards in Civil and Revenue 2,427 2,619 8% Underground, and is partially offset by t
Slide 17: Cash Flow – Net Debt Waterfall
Cash Flow – Net Debt Waterfall Strong, consistent cash generation improved net debt Underlying Interest and NET DEBT Net Capex Free Cash Flow Operating Cash Flow Tax $200.5m $103.1m $ 387 .4m $ 83.8 m • Reduction in net debt to $111.1 million through strong cash flow generation CASH FLOW 394 • FY26
Slide 18: Balance Sheet
Balance Sheet Solid financial position $ Millions FY25 FY26 Cash 264 • Net assets increased marginally and total liabilities reduced by $ 49m 310 Receivables 507 496 • Total assets increased marginally with new work commencing , increasing Inventories 104 110 both inventory and cash due to lower cap
Slide 19: Strategy and Outlook
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Slide 20: Strategic Journey Diversification and Improved ROACE
Strategic Journey Diversification and Improved ROACE FY17 Revenue Mix FY26 Revenue Mix Indonesian Growth TARGETING 11% Our Strategic Target 15- 20% OF GROUP REVENUE 26% $360m $2.6bn 50% 24% 89% Revenue Mix FY17 Pipeline FY26 Pipeline 5% 35% 40% $6.1bn $25.0bn ROACE TARGET >25% 25% 95% Surface Underg
Slide 21: Work in Hand & Tender Pipeline
Work in Hand & Tender Pipeline Growth in orderbook with good long - term visibility $ 5 .9bn Order Book Run Off ($m) 1 Tender Pipeline 2 • $2.2 billion 1 of FY27 revenue secured • $5.9 billion Order Book as at 30 June 2026, includes projects secured and projects under Letter Of Intent to the date of
Slide 22: Capital Allocation to Balance Growth and Shareholder Returns
Capital Allocation to Balance Growth and Shareholder Returns Consistent and disciplined allocation of capital Our Priorities Our Record Maintain resilient Maintain Financial Strength Investment in Growth Return Cash to Shareholders balance sheet, Continue to reduce gearing and net debt Growing civil
Slide 23: FY27 Guidance & Priorities
FY27 Guidance & Priorities Outlook for further growth in FY27 FY27 PRIORITIES • No life changing events, reduction in TRIFR FY27 GUIDANCE • Continuing to drive operational improvements • Remain focused on increasing ROACE, generating Free Cash Revenue Underlying EBIT(A) Flow and reducing Net Debt •
Slide 24: Thank You
Thank You www.macmahon.com.au 24
Slide 25: Appendix
| | MACMAHON Appendix
Slide 26: Cash Flow
Cash Flow $ Millions FY25 FY26 1 Underlying EBITDA 387.4 393.8 Movement in receivables (14.6) 6.1 Movement in inventory 0.0 (6.5) Movement in payables and provisions 38.2 (9.2) Cash payments for SaaS customisation costs (6.8) (2.6) Other (3.6) 3.2 Net Interest and tax (paid) / received (58.1) (83.8)
Slide 27: Reconciliation of Non-IFRS Financial Information
Reconciliation of Non - IFRS Financial Information $ Millions FY25 FY26 Profit for the year (as reported) 73.9 101.1 Add back: • LTI share based payment expense 7.2 5.0 • Corporate development / acquisition costs 8.5 0.2 • Customer contracts amortisation (A) 5.9 5.9 • SaaS customization costs 6.8 2.
Slide 28: Important Notice and Disclaimer
Important Notice and Disclaimer Disclaimer as to forward looking statements extent required by law. You are cautioned not to place This presentation does not take into account the individual undue reliance on any forward looking statement. investment objectives, financial or tax situation or particu