Maas Group Holdings has delivered a record financial result for FY26 that validates the quality of its core businesses and sets up a significant earnings inflection for the coming year. Underlying EBITDA reached $300.3 million, up 37% on the prior year and tracking in line with updated guidance, while continuing operations EBITDA of $143.3 million exceeded the guidance range of $130 million to $135 million. This outperformance on continuing operations is the announcement’s most significant detail, as it demonstrates the company’s underlying operational momentum independent of asset sales and portfolio adjustments.
Revenue climbed 27% to $1,263.8 million, supported by strong performance from the electrical infrastructure business, which has emerged as the standout performer. The company now carries approximately $1.2 billion in work in hand across its electrical division, including the substantial $855 million Firmus purchase order secured in August for AI and digital infrastructure projects. The original $200 million Firmus contract for the 100MW Launceston AI Factory was already 40% complete by year end, positioning it for delivery in the first half of FY27. This combination of contracted revenue and project momentum provides clear visibility into earnings for the next 12 to 18 months.
Beyond operational metrics, the company’s approach to capital management has shifted meaningfully. Rather than declaring a final dividend, Maas Group is prioritising share buybacks, having already invested $55.1 million since February 2026. Management is seeking shareholder approval at the upcoming annual general meeting to expand buyback capacity to 20% of issued capital, signalling conviction that the current market price does not reflect the underlying value of the business. This strategy coincides with proceeds from the sale of the Construction Materials portfolio to Heidelberg Materials Australia for up to $1.703 billion, expected to complete in October 2026.
The capital recycling strategy extends beyond the Heidelberg transaction. The company has realised $99.3 million through prior capital recycling initiatives, with a further $158.3 million of property contracted to settle over the next 18 months. Statutory net profit after tax reached $136.1 million, up 89% on the prior year, while underlying NPAT rose 57% to $123.4 million. Underlying earnings per share increased 51% to 34.2 cents, reflecting both operational improvement and the accretive impact of the buyback program.
Investors should monitor the execution of the Firmus contracts and the timing of the Heidelberg transaction completion in October 2026, as both events will materially influence the company’s balance sheet and capital deployment options. The shareholder vote on increased buyback capacity will also provide clarity on the scale of future capital returns. This announcement is flagged as price sensitive material by the ASX.
View the full ASX announcement (PDF)
About MAAS Group Holdings Limited (ASX: MGH)
MAAS Group Holdings Limited is an Australian industrial services and real estate company with diversified operations across property development, civil construction, plant hire, and manufacturing. The company develops and sells residential and commercial properties, provides civil construction and electrical services, and manufactures underground construction and mining equipment. It is headquartered in Dubbo, Australia.
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