Maas Group Reaffirms $250M–$280M EBITDA Guidance Across Five Growth Fronts

Maas Group reconfirms FY26 guidance as Firmus contract hits 35% and capital platform expands

Maas Group Holdings (ASX: MGH) has issued a corporate update covering five simultaneous developments: reconfirmation of FY26 underlying EBITDA guidance at A$250 million to A$280 million, the Firmus A$200 million Launceston AI Factory contract now approximately 35% complete and on track for CY26 commissioning, the A$1.703 billion HMA construction materials sale progressing towards CY26 settlement, a A$450 million syndicated debt facility upsize taking total capacity to A$1.18 billion, and a new secured debt facility of up to A$625 million for the Western Sydney Aerotropolis precinct.

Wes Maas, Founder & Chief Executive Officer, MAAS Group Holdings

“Today’s announcements bring together the threads we have been working on for some time…The execution we are demonstrating is a clear marker of MGH’s ability to deliver across all aspects of our business.”

Five fronts of progress — what each update means for MGH

The 18 May 2026 announcement spans five distinct corporate developments, each carrying material implications for MGH’s financial position and growth outlook.

1. FY26 EBITDA guidance reconfirmed at A$250 million to A$280 million, consistent with prior guidance. Performance across the group remains in line with expectations, supported by continued momentum across the electrical, commercial development, and residential businesses.

2. Firmus A$200 million contract (100MW Launceston AI Factory) is now approximately 35% complete by value. Manufacturing of modular Power Cubes and associated electrical scope is progressing in line with the agreed delivery programme. Delivery and commissioning remain on track for completion within calendar year 2026, with revenue recognition continuing progressively across the manufacturing and delivery profile.

3. HMA sale of the construction materials business for cash proceeds of up to A$1.703 billion is progressing well through regulatory approval processes. Settlement is targeted for Q3 or Q4 of calendar year 2026, with net proceeds earmarked to reduce net debt and support deployment into the group’s growth pipeline.

4. Syndicated debt facility upsized by A$450 million, taking the total facility from A$730 million to A$1.18 billion on existing terms. The participating lenders include Commonwealth Bank of Australia, Westpac Banking Corporation, and Bank of Queensland.

5. Western Sydney Aerotropolis: MGH has executed a secured debt facility of up to A$625 million for Bull Capital, covering approximately 193 hectares of land within the precinct. The facility is funded back-to-back via a non-revolving limited recourse debt facility with Metrics Credit Partners, with the first A$320 million already advanced and a similar amount drawn on the Metrics facility.

Understanding MGH’s electrical division and the Firmus opportunity

What JLE Group delivers and why AI factories need it

JLE Group is MGH’s electrical division and the entity through which the Firmus contract is being executed. JLE holds an exclusive electrical delivery partnership with Firmus Technologies for their broader 3.3GW Australian AI Factory portfolio, giving the division a clearly defined role in what is a large and growing infrastructure rollout.

AI factories require substantial, highly reliable electrical infrastructure to operate. JLE Group delivers the complete electrical powertrain for these facilities, covering utility grid connection, high voltage substation and switchyard, custom transformers and switchgear, high voltage testing and commissioning, and backup power and standby generation. This end-to-end capability positions JLE as a specialist provider across the full electrical lifecycle of each project, rather than a single-scope subcontractor.

The revenue formula — A$200m per 100MW

The Launceston contract provides a reference benchmark for the financial scale of future work within the Firmus partnership. According to the announcement, each 100MW of deployed AI factory capacity is expected to generate approximately A$200 million of revenue for MGH’s electrical division.

To contextualise the potential scale: Firmus has outlined a 3.3GW Australian AI factory portfolio, which is equivalent to 3,300MW of capacity. At the A$200 million per 100MW benchmark, the indicative pipeline across that portfolio is very large. It is important to note, however, that these figures represent potential future opportunities rather than contracted revenue. MGH has stated it continues to progress further opportunities within the Firmus pipeline and expects to provide material updates on additional contracts over coming periods.

Balance sheet transformation and strategic positioning

Construction materials exit unlocks a cleaner growth story

The pending sale of the construction materials business to Heidelberg Materials Australia for up to A$1.703 billion represents a significant portfolio transformation for MGH. By exiting this segment, the group stands to generate substantial cash proceeds, the net amount of which is intended to reduce net debt and redeploy capital into the growth pipeline, with the ramp-up of electrical division activity specifically referenced in the announcement.

Settlement is targeted for Q3 or Q4 of calendar year 2026, with regulatory and customary counterparty workstreams described as advancing in line with expectations. MGH has indicated it will provide further updates on settlement timing and use of proceeds as the transaction progresses.

Debt capacity and the Aerotropolis play

The A$450 million upsize to the syndicated debt facility, taking total capacity to A$1.18 billion, provides MGH with meaningfully enhanced financial flexibility as it navigates a period of concurrent growth initiatives. The facility remains on existing terms, with a high-quality domestic lender group comprising Commonwealth Bank of Australia, Westpac Banking Corporation, and Bank of Queensland.

The Western Sydney Aerotropolis transaction represents a distinct capital deployment opportunity. MGH has provided a secured debt facility of up to A$625 million to Bull Capital, covering approximately 193 hectares of land within the precinct. This is funded back-to-back through a non-revolving limited recourse facility entered into with Metrics Credit Partners, with the first A$320 million already advanced and drawn.

The precinct itself is anchored by the Western Sydney International Airport and is described in the announcement as adjacent to the rapidly expanding digital infrastructure corridor. End users anticipated within the precinct include:

• Freight and logistics
• Cold storage
• Manufacturing and warehousing
• Data centre providers
• Substantial electrical infrastructure, including a new dedicated transmission switching yard and downstream substations

MGH’s involvement provides the group with exposure to this precinct in what the announcement characterises as a capital-efficient, risk-adjusted manner. The transaction also holds relevance for the electrical division, given the anticipated infrastructure buildout and the concentration of data-intensive end users within the precinct.

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