MAAS Group Holdings has secured a major $855 million electrical infrastructure contract, marking a significant expansion of its work in hand and triggering an increase to full-year earnings guidance. The contract, valued at $855 million and to be delivered over the next 18 months, takes the work pipeline for MGH’s wholly owned electrical infrastructure subsidiary JLE Group to over $1.2 billion, positioning the group as a key supplier in Australia’s emerging AI infrastructure buildout.
The contract is particularly significant because it flows from a master services agreement with Firmus, a company developing modular power solutions for data centres and AI facilities. Under the arrangement, JLE becomes the exclusive supplier of power train units for Firmus’ Australian pipeline, including the manufacture, supply and delivery of modular Firmus Power Cube solutions. The group already has $200 million in manufacturing and services arrangements underway for Firmus’ 100 MW Launceston AI Factory, and this new order represents a substantial expansion of that relationship as Firmus scales its proposed 3.3 GW Australian AI factory rollout. The arrangement essentially locks MGH into a significant portion of the power infrastructure requirements for Firmus’ growth strategy across Australia.
The contract win has prompted management to increase FY26 Group underlying EBITDA guidance to $300 million to $310 million. The guidance increase is substantially driven by a fair value uplift on the company’s investment in Firmus as at 30 June 2026, with earnings from continuing operations, excluding the Construction Materials business being sold and the Firmus investment revaluation, remaining in line with previous guidance at $130 million to $135 million EBITDA. The operational earnings contribution from the actual delivery of the $855 million contract should flow through primarily in future periods rather than the current year guidance.
Alongside the contract news, MGH has committed to a further strategic investment of $300 million in Firmus, acquiring additional shares and preference shares at $230 per share. This second major investment underscores management’s conviction in Firmus’ growth trajectory and positions MGH as a strategic partner in Australia’s AI infrastructure development, not merely a contractor or supplier.
For investors, the key question now becomes the pace of execution on the $1.2 billion work in hand and whether contract wins continue to flow from Firmus’ broader AI factory rollout across Australia. The tender pipeline within MGH’s electrical business remains significant, and management has committed to providing further updates as the Firmus Australian AI factory development progresses. This announcement has been designated as price sensitive by the ASX and constitutes material information.
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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