Maas Group (ASX:MGH) Updates Firmus Work Orders After IPO Withdrawal

Sonal Goyal

13 October 2026 04:31 PM AEDT

Maas Group (ASX:MGH) Updates Firmus Work Orders After IPO Withdrawal

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Highlights

Firmus withdrew its proposed ASX IPO and will pursue private capital.
JLE’s Firmus work orders total approximately AUD 1.1 billion across FY26 and FY27.
Maas reported AUD 373 million received and expected completion by the end of calendar 2027.

Maas Group Holdings Limited (ASX:MGH) operates electrical infrastructure, civil and real estate businesses. Its 9 October 2026 announcement addressed its work for Firmus after the artificial intelligence infrastructure developer withdrew its proposed ASX initial public offering.

Firmus Funding Path

Firmus said it would pursue private capital following the IPO withdrawal. The Maas announcement identified private capital as Firmus’s intended funding path.

JLE Contract Scope

JLE, a subsidiary of Maas Group (ASX:MGH), supplies modular Power Cubes and associated electrical infrastructure for the Firmus AI Factory. The contracts relate to the power and electrical systems required for the AI Factory.

Work Orders and Receipts

Maas Group (ASX:MGH) reported approximately AUD 1.1 billion of Firmus work orders across FY26 and FY27 and AUD 373 million received. The work order value covers the contracted scope, while the receipt figure records amounts received at the announcement date.

Completion Timetable

Maas Group (ASX:MGH) expected the work to be completed by the end of calendar 2027. This was an expected delivery timetable at the announcement date.

Key Insights

The Maas Group (ASX:MGH) disclosure provides the scope, value and expected timing of the JLE work. Firmus’s move towards private capital is separate from the expected delivery timetable.

FAQs

Q: What is JLE supplying?

A:Modular Power Cubes and associated electrical infrastructure for the Firmus AI Factory.

Q: How much has Maas received?

A:The announcement reported AUD 373 million received against approximately AUD 1.1 billion of work orders.

Q: When is completion expected?

A:By the end of calendar 2027, according to the 9 October announcement.

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