• Underlying EBITDA of $95m, cash conversion of 81% and capital recycling proceeds of $90.7m
• Construction Materials division accounted for 42% of Group EBITDA with recent acquisitions strengthening position
• Civil Construction and Hire division impacted by project delays and losses, renewable energy pipeline remains strong

Maas Group Holdings Limited (MGH) announced its financial results for the half year ended 31 December 2024 (1H25). The company delivered results in line with guidance, with the Construction Materials and Commercial Real Estate divisions largely offsetting declines from the Civil Construction and Hire (CC&H) and Residential Real Estate divisions. Underlying Revenue was $458.6m, Underlying EBITDA was $95.0m, and Underlying NPAT was $32.2m. The company declared an interim dividend of 3.5 cents per share, fully franked. The Construction Materials division reported EBITDA of $45.0m, an increase of 24% on the prior corresponding period (pcp), driven by contributions from Melbourne quarries and concrete operations. The CC&H division reported EBITDA of $20.5m, down 47% on pcp, due to extended procurement periods in the renewable energy sector and challenging weather and ground conditions impacting two civil projects. The Commercial Real Estate division reported EBITDA inclusive of fair value gains of $29.8m, an increase of 91% on pcp, driven by an increase in fair value gains and a gain on sale of a surplus land parcel. The Residential Real Estate division reported revenue of $41.6m, down 23% on pcp, with EBITDA of $7.3m, down 20% on pcp. MGH provided FY25 guidance for Underlying EBITDA in the range of $215m-$245m, inclusive of acquisitions expected to contribute $10m-$12m in 2H25.

FY25 Underlying EBITDA guidance of $215m - $245m, inclusive of acquisitions expected to contribute $10m - $12m in 2H25.

Factors affecting the FY25 guidance and outlook include continued growth in the Construction Materials division, improved momentum in renewable energy projects in the second half of FY25 and into FY26, normalised weather outlook, stable competitive intensity, residential settlements in the range of 150 - 180, and consistent fair value gains on investment properties. Growth beyond FY25 is expected to be driven by full year contribution from acquisitions, continued growth in the Construction Materials division, delayed renewable projects coming online, establishment of the Ellida Estate in Rockhampton, and an easing rate cycle providing impetus for strong residential settlement growth.