Stock Analysis

• Statutory NPAT rose 51.2% to $225.4 million, with underlying NPATA increasing 9.8% to $306.7 million.

• The Property Maintenance Services Contract covers responsive maintenance for social housing across the East Division for up to nine years

• FY2026 committedRevenuereached $261 million as at 12 October 2026, the midpoint of the $250–$270 million outlook

• Available cash stood at $204 million as of 23 October 2026, recovering from $133 million at 30 September following receipts on Middle East contracts

• Residential and Development division remained under pressure, particularly in the Auckland market

• The company secured approximately $255 million in aggregate contract awards with Western Power and Fortescue

• Maas Group'sSubsidiaryJLE Group has received work orders from Firmus totalling approximately $1.1 billion during FY26 and FY27 for modular Power Cubes and electrical scope