• Underlying EBITDA of $219.4m, cash conversion of 97% and capital recycling proceeds of $107.6m
• Construction Materials division contributed almost half of overall Group EBITDA
• Completed strategic acquisitions to expand geographic footprint and strengthen Melbourne hub

Maas Group Holdings Limited (MGH) has announced its financial results for the financial year ended 30 June 2025 (FY25). The company delivered a solid result with underlying EBITDA of $219.4m, in line with previous guidance, driven by another strong contribution from its Construction Materials division which accounted for almost half of overall Group EBITDA. MGH achieved cash conversion of 97%, reflecting continued working capital discipline. The company's capital recycling initiatives yielded $107.6m in proceeds, which incorporated $14m of previously recognised fair value gains. A further $70.3m in developments were either contracted (but not settled at 30 June 2025) or have been contracted post year end, with settlements in FY26 expected to drive the realisation of incremental fair value gains. FY25 has been a pivotal year for the Construction Materials division, which continued to gain momentum through both organic growth and transformative acquisitions, expanding the company's geographic footprint and strengthening its Melbourne hub. Over the six-year period from FY20 to FY25, MGH has achieved an underlying EBITDA CAGR of 28%, reflecting the values and owner mindset embedded in the company's culture and a strategically located asset base well-positioned for the substantial renewable energy and infrastructure investment trends.

MGH expects to deliver continued solid revenue and profit growth in FY26, driven by the full-year contribution from FY25 acquisitions, a solid external project pipeline across Civil Construction & Hire and Commercial Construction, and strategically located quarries to take advantage of key infrastructure and renewable energy projects. The company also expects ongoing improvement in residential land lot settlements, with Ellida Estate (Rockhampton) contributing in the second half of FY26.

MGH expects to provide further updates on trading conditions and outlook at the Annual General Meeting. Risks to the outlook include project delays/cancellations, intensifying competition causing market share loss or price pressure, sustained/higher interest rates further depressing residential property activity, and adverse weather.