• Underlying NPAT up by 26% on pcp
• CM sale to Heidelberg transaction progressing, with 56% pa ROCE delivered since listing in CM and 28% pa ROCE at MGH level since listing
• Upgraded FY26 guidance to $250m-$280m Underlying EBITDA

Maas Group Holdings Ltd (MGH) has reported strong 1H26 results, with Underlying NPAT up 26% on the prior corresponding period. The company's Construction Materials business sale to Heidelberg Materials Australia (HMA) is progressing, with settlement expected in 2H CY26 and 56% pa ROCE delivered since listing in the Construction Materials business. At the MGH level, the company has achieved 28% pa ROCE since listing. 1H26 Underlying EBITDA increased by 21% to $115.3m, driven by strong growth in the Electrical business and disciplined working capital management. The company has upgraded its FY26 guidance to $250m-$280m Underlying EBITDA, factoring in the ongoing contribution from the Construction Materials business prior to completion of the divestment, as well as growth in the non-Construction Materials operations. Key drivers of the FY26 guidance include a normalised weather outlook, stable competitive intensity, 240-260 residential settlements, and the commencement of the Firmus contract. The company has also provided an update on its capital recycling program, with $171m already secured or settled towards the $200m+ target over the remainder of CY26.

Upgraded FY26 guidance for Underlying EBITDA in the range of $250m-$280m, with the Construction Materials business expected to continue contributing to Group earnings prior to completion of the divestment to HMA in 2H CY26.

The divestment of the Construction Materials portfolio to HMA is expected to occur in 2H CY26, pending regulatory approvals. The Electrical infrastructure project for Firmus is underway and expected to provide a significant contribution in 2H26 and FY27, while the company sees a solid pipeline of electrical projects to drive continued growth. In Residential, the company is targeting 240-260 lot settlements for FY26 with a strong carry-in of 90 lots already secured for FY27.