MAAS Group (MGH) AGM 2025 summary

Opening remarks and agenda

• The meeting was formally opened with a quorum present, held both in-person and virtually, and included an acknowledgment of traditional land owners.

• Attendees were briefed on housekeeping, voting procedures, and how to participate both in-person and online.

• Directors, key executives, and the auditor were introduced, with the CEO and CFO joining online.

Board and executive committee updates

• CEO and Managing Director is Wes Maas, with Stephen Bizzell as Independent Non-Executive Chairman and a diverse board including Tanya Gale, David Keir, and Michael Medway.

• Executive team includes CFO Craig Bellamy, COO Andrew Letfallah, and leaders across business development, operations, safety, and finance.

• The board emphasized maintaining a diverse mix of skills and experience, with support for the re-election of Tanya Gale.

• The executive team was commended for delivering record results and implementing strategic priorities.

Financial performance review

• Underlying EBITDA for FY 2025 reached $219.4 million, a 6% increase from FY 2024, and a 28% CAGR since listing.

• Construction Materials EBITDA grew 38%, with 9% organic growth and strong acquisition contributions.

• Tangible assets increased 20% to $1.7bn; cashflow conversion at 97%, reflecting disciplined management.

• Leverage ratio at 2.7x, well within covenants; residential land lot settlements up 34%.

• The company raised $150 million in equity, deploying capital into strategic acquisitions and organic growth.