MAAS Group (MGH) H2 2025 earnings summary

Executive summary

• Underlying EBITDA for FY 2025 reached $219.4 million, up 6% year-over-year, driven by strong performance in construction materials and successful acquisitions.

• Construction materials delivered $110.7 million EBITDA, a 38% increase, with 9% organic growth and significant contributions from acquisitions.

• Cash flow conversion improved to 97%, reflecting disciplined working capital management.

• Capital recycling initiatives generated $107.6 million in proceeds, exceeding guidance, with further asset sales planned for FY26.

• Full year dividend increased by 8% to $0.07 per share, fully franked.

Financial highlights

• Revenue increased by 13% year-over-year to $991.8 million, mainly from construction materials (up 37%).

• EBITDA margin was 22%, slightly down due to CC&H performance.

• Net profit after tax (NPAT) was $78.5 million, down 7% year-over-year; underlying basic EPS was 22.7 cents.

• Tangible assets grew 20% to $1.7 billion.

• Net debt (excluding leases) at year-end was $646.6 million; leverage ratio at 2.7x, within target range.

Outlook and guidance

• FY 2026 expected to see solid revenue and profit growth, with full-year contributions from FY 2025 acquisitions.

• Construction materials and CC&H segments forecast to drive EBITDA growth; residential land sales momentum to accelerate.

• Residential settlements expected to grow at least 20% to around 250 lots, supported by strong demand and new estate launches.

• Capital recycling proceeds expected to exceed $100 million, with $71 million already contracted.

• Ongoing focus on disciplined investment in land inventory and capital recycling.