MAAS Group Holdings has delivered a record half-year underlying EBITDA of $115.3 million, driven by strong growth in construction and real estate segments. The company also announced a major $1.7 billion divestment of its Construction Materials portfolio and a strategic $100 million investment in digital infrastructure.
- Record underlying EBITDA of $115.3 million, up 21.4%
- Statutory revenue surged 34.9% to $639.3 million
- Strong earnings growth in Construction Materials, Civil Construction and Residential Real Estate
- Binding agreement to divest Construction Materials portfolio for up to $1.7 billion
- Strategic $100 million minority investment in Firmus Grid Limited for digital infrastructure exposure
Robust Half-Year Performance
MAAS Group Holdings Limited (ASX: MGH) reported a standout financial performance for the half-year ended 31 December 2025, posting a record underlying EBITDA of $115.3 million, a 21.4% increase compared to the prior corresponding period. Statutory revenue jumped 34.9% to $639.3 million, reflecting strong demand and operational execution across key segments.
The company’s profit after tax attributable to owners rose 21.1% to $37.9 million, supported by organic growth and contributions from acquisitions completed in the prior year. Earnings per share also improved, with underlying basic EPS reaching 11.2 cents, up from 9.7 cents.
Segment Highlights Drive Growth
Three of MAAS Group’s five operating segments delivered notable earnings growth. The Construction Materials division saw underlying revenue increase by 48.2% to $318 million, boosted by the acquisition of Cleary Bros and operational synergies in asphalt operations. Civil Construction and Hire revenue rose 54.5% to $219.5 million, driven by strong electrical infrastructure contracts, including a major $200 million agreement with Firmus Grid Limited.
Residential Real Estate also posted solid gains, with underlying revenue up 40.8% to $47.7 million, supported by increased land settlements and improved buyer sentiment following interest rate reductions. Conversely, Manufacturing and Equipment Sales experienced a decline due to lower machine sales and an exit from US operations.
Strategic Portfolio Transformation
Post-reporting period, MAAS Group announced a binding agreement to divest its existing Construction Materials portfolio to Heidelberg Materials Australia for up to $1.703 billion. This transaction, subject to regulatory and shareholder approvals, marks a significant milestone in the company’s capital recycling strategy, allowing it to redeploy capital into higher-growth and technology-enabled infrastructure sectors.
In line with this strategic pivot, MAAS also completed a $100 million minority investment in Firmus Grid Limited, a developer of next-generation AI infrastructure platforms. This move signals MAAS’s intent to diversify into digital infrastructure and technology-enabled assets, complementing its existing electrical and civil infrastructure businesses.
Financial Position and Dividend
The Group maintained a strong balance sheet with underlying net debt slightly reduced to $639.6 million. Operating cash flow before land inventory payments more than doubled to $71.4 million, reflecting disciplined credit management and cash collection. The Board declared a fully franked interim dividend of 3.5 cents per share, consistent with the prior period.
Outlook and Risks
MAAS Group remains cautiously optimistic about demand conditions for the remainder of the year, expecting stable trading environments and operational risks similar to the first half. Key risks include project delays, interest rate fluctuations impacting residential real estate demand, and regulatory approvals for the divestment. The company continues to embed environmental, social, and governance (ESG) considerations into its operations, with ongoing enhancements planned for future disclosures.
Bottom Line?
MAAS Group’s strategic divestment and digital infrastructure investment set the stage for a new growth chapter amid evolving market dynamics.
Questions in the middle?
- Will regulatory and shareholder approvals for the $1.7 billion divestment proceed smoothly and on what timeline?
- How will MAAS deploy proceeds from the Construction Materials sale to accelerate growth in digital and electrical infrastructure?
- What impact might interest rate volatility have on residential real estate settlements and overall earnings in 2H26?