MAAS Group Holdings reported a record underlying EBITDA of $300.3 million for the fiscal year ended June 30, 2026, a 37% increase from the prior year and in line with guidance. Revenue grew 27% to $1.26 billion, driven by gains across quarries, concrete, asphalt, and electrical segments.
Underlying net profit after tax surged 57% to $123.4 million, while statutory NPAT attributable to owners rose 89% to $136.1 million. Earnings per share climbed 51% to 34.2 cents. Operating cash flow reached $183.5 million, with a cash conversion ratio of 93% of EBITDA excluding fair value gains.
The company’s Construction Materials portfolio, including quarries, concrete, asphalt, and associated operations, was sold to Heidelberg Materials Australia for $1.7 billion. Settlement is expected in October 2026, subject to Foreign Investment Review Board approval and shareholder consent. Net proceeds after tax, minority interests, and debt transfer are projected at approximately $1.3 billion. The divested segment generated $115.4 million in EBITDA, flat year-over-year despite a 24% revenue increase to $629.6 million, as margins compressed to 18.3% due to fuel cost inflation and softer demand.
MAAS will realign its business into four segments from FY27: Electrical, Residential Real Estate, Commercial Real Estate, and MGH Investments. The electrical segment, now a key focus, contributed $71.6 million to revenue and recorded $65.1 million in EBITDA for civil construction and hire, a 64% jump. The company also secured $1.2 billion in electrical work-in-hand, including an $855 million contract with JLE Electrical and Firmus Technologies to be delivered over 18 months starting in FY27.
Total liquidity stood at $479 million as of June 30, 2026, including $400 million in undrawn facilities. Leverage remained within the 2–3x target range at 2.6x, expected to decline further post-sale. Shareholders will vote on expanding the on-market buyback program to 20% of issued capital over 12 months, up from the current 10%. No final dividend was declared for FY26.
CEO Wes Maas described FY26 as a transition to the next phase of growth, emphasizing the electrical segment’s expanding role in the group’s strategy.
