Highlights:

  • Underlying Revenue increased 27% to $1.2638 billion in FY26, while underlying EBITDA rose 37% to $300.3 million.
  • Underlying NPAT climbed 57% to $123.4 million and underlying EPS increased 51% to 34.2 cents.
  • Operating cashflow conversion declined to 93% from 97% in FY25.
  • No final Dividend was declared as Maas Group shifts Capital allocation towards share Buybacks and other initiatives.

Maas Group Holdings Limited (ASX:MGH) reported a record FY26 result for the year ended 30 June 2026, with higher revenue, Earnings and Underlying Profit across its continuing operations. Underlying revenue reached $1,263.8 million, an increase of 27% from $997.4 million in FY25. Underlying EBITDA rose 37% to $300.3 million from $219.4 million, while underlying EBIT increased 47% to $230.0 million.

Underlying NPAT rose 57% to $123.4 million from $78.5 million, and underlying EPS increased 51% to 34.2 cents from 22.7 cents. Statutory NPAT was $136.1 million, representing an 89% increase from the prior corresponding period. Operating cashflow conversion, however, declined to 93% from 97% in FY25. At 10:15 am on 20 August 2026, MGH shares were quoted at $5.99, up 5.83%, or $0.33, on the day.

Electrical Business drives continuing operations

Civil Construction and Hire generated underlying EBITDA of $65.1 million, up 64%, on revenue of $424.9 million, which increased 47%. The segment benefited from increased electrical activity and higher plant utilisation as renewable energy and transmission projects expanded.

Electrical infrastructure has become an increasingly significant component of the group's earnings profile. Work in hand for the electrical business stood at approximately $1.2 billion for delivery over the next 18 months. This includes an $855 million Firmus purchase order announced in August, while the existing $200 million Firmus project was more than 40% complete at the end of FY26.

Real estate earnings increase

Commercial Real Estate delivered underlying EBITDA of $59.4 million, up 20%, including $57.4 million of investment-property Fair Value gains compared with $38.3 million in FY25. Approximately 62% of the FY26 fair value gain relates to properties already under contract for settlement during FY27 and the first half of FY28.

Residential Real Estate recorded underlying EBITDA of $31.8 million, an increase of 44%. Excluding fair value gains, EBITDA rose 64% to $28.8 million. The business settled 264 lots during FY26, compared with 201 in FY25. However, land Gross Profit per lot declined to approximately $105,000 from $112,000.

Construction Materials revenue rises but EBITDA is unchanged

Construction Materials generated underlying EBITDA of $115.4 million, broadly unchanged from FY25, despite segment revenue increasing 24% to $629.6 million. The higher revenue reflected the full-year contribution from businesses acquired during the previous year.

The Quarries and Concrete operations recorded a softer contribution than in FY25, with weather, fuel costs and other operational factors affecting performance. The Construction Materials portfolio is being sold to Heidelberg Materials Australia for up to $1.703 billion, with settlement expected in October 2026 subject to remaining conditions and Shareholder approval.

Capital allocation shifts towards buybacks

Maas Group has introduced an enhanced capital management framework and has invested $55.1 million in share buybacks since February 2026. Shareholder approval will be sought to increase the buyback capacity to 20% of Issued Capital over a 12-month period.

No final dividend has been declared for FY26. The company said capital allocation will place greater emphasis on share buybacks, organic growth, acquisitions, balance-sheet optimisation and other strategic initiatives.

The Construction Materials transaction is expected to generate approximately $1.3 billion of net proceeds after tax, minority interests and Debt transfer. Separately, the capital recycling program generated $99.3 million of proceeds during FY26, with another $158.3 million of property under contract for settlement over the following 18 months.

FY27 operating outlook

Maas Group expects revenue and profit growth from continuing operations in FY27. Electrical is expected to become the dominant revenue and earnings driver within the group's operating structure, supported by approximately $1.2 billion of work in hand.

The company also enters FY27 with about 200 secured residential land lots carried forward for settlement and $158.3 million of property sales under contract. From FY27, reporting will be presented across Electrical, Residential Real Estate, Commercial Real Estate and MGH Investments.

Conclusion

Maas Group's FY26 results show substantial increases in revenue, EBITDA, statutory NPAT, underlying NPAT and EPS, although operating cashflow conversion and residential land gross profit per lot moved lower. Construction Materials EBITDA was also unchanged despite higher revenue. The company is simultaneously repositioning its portfolio through the proposed Heidelberg Materials transaction and increasing its emphasis on capital recycling and share buybacks, while no final dividend has been declared for FY26.