MAAS Group (MGH) H1 2026 earnings summary

Executive summary

• Underlying NPAT grew by 26% year-over-year in H1 2026, with strong momentum in Civil Construction & Hire, Construction Materials, and Residential Real Estate segments.

• Underlying group EBITDA reached AUD 115.3 million, up 21.4% year-over-year, driven by organic growth, acquisitions, and improved project activity.

• The divestment of the Construction Materials portfolio to Heidelberg, valued at over AUD 1.7 billion, is expected to complete in H2 2026, unlocking significant value and capital for redeployment.

• The business focuses on sectors with structural growth tailwinds, including electrical infrastructure, renewables, digital infrastructure, and residential property.

• Capital recycling and disciplined capital deployment continue to enhance ROCE and support future growth.

Financial highlights

• Revenue increased by up to 34.9% year-over-year, reaching as high as AUD 639.3 million in H1 2026.

• Underlying EBITDA for H1 2026 was AUD 115.3 million, up 21% year-over-year, with a margin of 19%.

• Underlying NPAT grew 26% to AUD 40.6 million; statutory NPAT attributable to owners up 21% to AUD 37.9 million.

• EPS increased by 15% for the period; underlying basic EPS was 11.2 cents.

• Cash flow conversion reached 100%, a 19 percentage point improvement year-over-year.

Outlook and guidance

• FY 2026 underlying EBITDA guidance upgraded to AUD 250–280 million.

• Non-Construction Materials businesses expected to contribute AUD 120–140 million EBITDA in FY 2026.

• Residential settlements targeted at 240–260 lots for FY 2026, with strong backlog and secured sales into FY 2027.

• Electrical division expected to double in size over 3–5 years, excluding Firmus and data center opportunities.

• Additional electrical infrastructure project awards anticipated in 2026, subject to tendering and award processes.