Highlights

• Underlying EBITDA rose 37% to $300.3 million on revenue of $1,263.8 million, in line with updated guidance.

• Heidelberg Materials Australia agreed to buy Construction Materials for up to $1.703 billion, with settlement expected in October 2026.

• JLE Group secured an $855 million Firmus purchase order, lifting electrical work in hand to about $1.2 billion.

• Directors declared no final dividend and have invested $55.1 million in share buybacks since February 2026.

MAAS Group Holdings Limited (ASX:MGH) is trading its biggest legacy business for a bet on electrical infrastructure. The Dubbo-based group has agreed to sell its Construction Materials division to Heidelberg Materials Australia for up to $1.703 billion, while its JLE electrical arm has landed an $855 million order from AI infrastructure developer Firmus. Shares were trading at A$3.57 on 23 October 2026, down 6.05%.

A Sale That Changes the Shape of the Group

The Heidelberg price comprises $1.583 billion payable at settlement, subject to adjustments, and $120 million linked to commercial milestones. MAAS expects net proceeds of about $1.3 billion after tax, minority interests and debt transfer, and about 1,140 employees would move to the buyer.

The competition regulator cleared the deal on 31 July 2026, with conditions requiring Heidelberg to divest three ready-mix concrete plants and one quarry. Foreign investment approval and shareholder approval at the 24 September 2026 annual general meeting were still required, and settlement was expected in October 2026. The founding Maas shareholders, who hold just over half the shares, said they intend to vote in favour.

Record Earnings, With a Firmus Lift

For the year to 30 June 2026, underlying revenue climbed 27% to $1,263.8 million. Underlying EBITDA rose 37% to $300.3 million, EBIT rose 47% to $230.0 million and underlying net profit after tax grew 57% to $123.4 million. Statutory net profit after tax was $136.1 million, up 89%.

The EBITDA figure includes a fair value uplift on the group's Firmus investment. Continuing operations delivered underlying EBITDA of $143.3 million, up 37%, excluding that uplift. Civil Construction and Hire lifted EBITDA 64% to $65.1 million, Commercial Real Estate reached $59.4 million, and Residential Real Estate reached $31.8 million after 264 lots settled. Construction Materials was flat at $115.4 million, with weather, fuel costs and operational factors weighing on quarries and concrete.

Powering the AI Build-Out

The Firmus order, secured in August 2026, covers modular power cube solutions and high-voltage infrastructure, to be delivered over 18 months. Under a master services agreement, JLE becomes exclusive supplier of power train units for Firmus' Australian pipeline. JLE's work in hand now exceeds $1.2 billion. An earlier $200 million contract for Firmus' 100MW Launceston AI Factory was more than 40% complete at 30 June, with delivery expected in the first half of FY27.

MAAS has also deepened its ownership stake. It committed a further $300 million to Firmus shares and preference shares at $230 each, taking total payments to $410 million and an approximate 3.2% fully diluted interest. The board noted that an entity associated with chief executive Wes Maas holds a separate Firmus investment, and he did not take part in the decision.

Capital Management and the Road Ahead

No final dividend was declared. Instead, the group has spent $55.1 million on buybacks since February 2026 and sought approval to lift buyback capacity to 20% of issued capital over 12 months. Lender conditions cap distributions at 60% of underlying profit, excluding the gain on sale.

Management expects strong revenue and profit growth from continuing operations in FY27. From that year, the group plans to report four segments: Electrical, Residential Real Estate, Commercial Real Estate and MGH Investments. The company flagged risks including project delays or cancellations, competition, higher interest rates, adverse weather and a slowdown in AI demand.