MAAS Group Holdings reported a record second half for fiscal 2026, with underlying EBITDA rising 37% to AUD 300.3 million, in line with updated guidance. Continuing operations underlying EBITDA reached AUD 143.3 million, exceeding the prior guidance range of AUD 130 million to AUD 135 million.
Underlying net profit after tax climbed 57% to AUD 123.4 million, while underlying earnings per share increased 51% to AUD 0.342. Statutory net profit attributable to owners rose 89% to AUD 136.1 million. Revenue grew 27% to approximately AUD 1.3 billion.
Return on capital employed improved to 14% from 11% a year earlier, with continuing operations ROCE reaching 19% compared with 10% in the prior period. Operating cash flow before inventory, interest and tax totaled AUD 183.5 million, with a cash conversion ratio of 93%. Total liquidity stood at about AUD 479 million, including AUD 400 million in undrawn facilities. The group’s leverage ratio was 2.6 times, within its 2x–3x target range.
The company secured an AUD 855 million electrical manufacturing contract with Firmus, bringing total historical electrical work secured to AUD 1.2 billion over the next 18 months. MAAS also approved the sale of its construction materials business to Heidelberg Materials Australia, with expected gross proceeds of AUD 1.7 billion, including AUD 120 million in contingent consideration. Settlement is scheduled for October 2026, with net proceeds estimated at AUD 1.3 billion after tax, minority interest and debt transfer.
MAAS announced plans to expand its on-market share buyback program to up to 20% of issued capital over a 12-month period, subject to shareholder approval. Between February 2026 and the earnings call, AUD 55.1 million was allocated to buybacks. The board did not declare a final dividend for fiscal 2026.
Starting in fiscal 2027, the group will report under four operating segments: Electrical, Residential Real Estate, Commercial Real Estate, and MGH Investments. The company plans to refinance syndicated debt facilities in the first half of fiscal 2027 following the completion of the materials sale, which is expected to reduce leverage below its 2x–3x target range.
