• Underlying EBITDA reached a record $219.4 million, up 28% CAGR since listing
• Completed strategic acquisitions to expand Construction Materials division
• Exceeded $100 million in asset recycling, demonstrating capital discipline

Maas Group Holdings Limited (ASX: MGH) has delivered another milestone year, with Underlying EBITDA reaching a record $219.4 million in FY25, representing a 28% compound annual growth rate since listing. This result underscores the success of the company's strategic focus and disciplined capital allocation, underpinned by a strong culture of accountability, alignment, and care. While the year faced some challenges, particularly in the Civil Construction and Hire division, the diversified model and solid balance sheet helped mitigate these impacts. FY25 was a pivotal year for the Construction Materials division, which continued to expand through both organic growth and transformative acquisitions, including Cleary Bros, Aerolite Quarries, Cardinia Environmental Recycling, and controlling interests in asphalt operations across Melbourne and Canberra. These additions significantly increased the company's scale and capability, enhancing its integrated offering across quarry, concrete, asphalt, and recycling operations. Maas Group also completed a $150 million capital raise, welcoming new and existing investors who share the company's conviction in the long-term potential of its growth strategy. The company's commitment to capital discipline remains central, with over $100 million in assets recycled in FY25, selling at or above book value and reinvesting into higher-return opportunities. This approach ensures Maas Group maintains flexibility, strengthens its balance sheet, and continues to grow from a position of strength.

Maas Group has provided FY26 Underlying EBITDA guidance in the range of $240 million to $270 million. This range reflects a balanced view of the current operating environment, including a normalised weather outlook, stable competitive intensity in Construction Materials, continued improvement in Civil Construction and Hire, and an expectation of 240 to 260 residential external land lot settlements. The company also expects to realise in excess of $200 million from its capital recycling program, with the majority of proceeds to be received within FY26.

Maas Group enters FY26 with positive momentum, a clear strategy, and confidence in its ability to continue delivering long-term, sustainable value. The company remains focused on disciplined capital deployment, operational excellence, and maintaining the culture that has underpinned its success since listing.