Maas Group secures $855m electrical contract and lifts FY26 EBITDA guidance to $310m
MAAS Group Holdings (ASX: MGH) has delivered a triple corporate update on 4 August 2026, headlined by a new $855 million electrical infrastructure order for AI developer Firmus. The diversified industrial group also lifted its FY26 Group underlying EBITDA guidance to $300m–$310m and committed a further $300 million to its strategic Firmus stake.
Together, the developments validate MGH’s pivot toward next-generation AI and digital infrastructure. Total work in hand for its electrical subsidiary, JLE Group, now exceeds $1.2 billion.
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$855m electrical infrastructure order lifts work in hand past $1.2 billion
MGH has received a further purchase order for the delivery of modular electrical infrastructure for Firmus, with an estimated total value of $855 million to be delivered over the next 18 months. The scope covers the manufacture, supply and delivery of modular Firmus Power Cube solutions and associated high-voltage infrastructure.
The order is made under the Master Services Agreement (MSA) between Firmus and MGH subsidiary JLE Manufacturing & Hire Pty Ltd (JLE). Under the MSA, JLE is the exclusive supplier of power train units for Firmus’ Australian pipeline, supplying products and services on a call-off basis across Firmus’ AI factory roll-out.
The MSA also governs the existing A$200 million manufacturing and services supply arrangements JLE is delivering for Firmus’ 100 MW Launceston AI Factory. With the new order, JLE Group’s total work in hand from Firmus and other customers now reaches $1.2 billion over the next 18 months.
The three tranches of JLE’s Firmus-related and broader work can be summarised as follows:
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Existing $200 million manufacturing and services arrangements for the 100 MW Launceston AI Factory
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New $855 million purchase order for modular electrical infrastructure over 18 months
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$1.2 billion total JLE Group work in hand from Firmus and other customers
Beyond the new order, MGH noted it has a significant tender pipeline within its electrical business and continues to progress other opportunities within Firmus’ proposed 3.3GW Australian AI factory roll-out. Management framed the current work position as a strong endorsement of JLE’s technical and delivery capability.
FY26 EBITDA guidance raised — the numbers behind the uplift
MGH now expects Group underlying EBITDA of $300m–$310m for the financial year ended 30 June 2026 (FY26). Importantly, this range includes a fair value uplift on the Company’s investment in Firmus as at 30 June 2026.
MGH’s earlier five-front guidance update, published in May 2026, had pegged FY26 underlying EBITDA at $250M-$280M with the Launceston AI Factory approximately 35% complete by value, making the now-lifted $300M-$310M range a material step-up from that baseline.
The Firmus investment is required to be measured at fair value, with movements recorded through profit and loss at each reporting date. According to MGH, the fair value has increased materially since acquisition, evidenced by the pricing of subsequent Firmus capital raising rounds and secondary market trading in Firmus shares.
Excluding the Firmus fair value gain, MGH expects an operating result of $245m–$250m EBITDA. Of that, continuing businesses are expected to contribute $130m–$135m, in line with the previous guidance for continuing operations of $120m–$140m dated 24 February 2026.
The electrical, residential and commercial real estate businesses each performed well. The non-continuing business, being the Construction Materials operations subject to the sale to Heidelberg Materials Australia (HMA), is expected to contribute approximately $115 million. This result was impacted by underperformance in the Quarries and Concrete business, affected by adverse weather, higher fuel costs and other operational factors.
| Metric | FY26 Guidance | Notes |
|---|---|---|
| Group underlying EBITDA | $300m–$310m | Includes Firmus fair value uplift |
| Operating result (ex-Firmus) | $245m–$250m | Excludes fair value gain |
| Continuing businesses | $130m–$135m | In line with 24 Feb 2026 guidance |
| Non-continuing / Construction Materials | ~$115m | Subject to HMA sale |
On the HMA sale, MGH will receive cash consideration of up to $1.703 billion, with $1.583 billion payable at settlement (subject to applicable purchase price adjustments) and a further $120 million linked to the achievement of commercial milestones. Settlement is expected to occur in October 2026, with the ACCC having cleared the transaction.
Guidance is based on preliminary unaudited financial estimates and remains subject to completion of year-end audit procedures. MGH expects to release its FY26 audited financial results on 20 August 2026.
MGH deepens its Firmus stake with a further $300m investment
MGH has entered into agreements to acquire a further $300 million of Firmus shares and preference shares, at a price of $230 per share and preference share. Following the transaction, MGH will own 1,088,861 shares and 1,091,100 preference shares, having paid a total of $410 million for an approximate 3.2% interest in Firmus.
The ownership figure is presented on a fully diluted basis, assuming all Firmus Investor Preference Shares convert to ordinary shares on a one-for-one basis. As an entity associated with MGH CEO Wes Maas separately holds a material investment in Firmus, Mr Maas did not participate in the MGH Board’s consideration of, or decision to proceed with, the acquisition of additional shares.
Firmus is described as a vertically integrated developer and operator of next-generation AI infrastructure, focused on the design, development and operation of purpose-built platforms to support high-density artificial intelligence workloads. MGH stated the investment supports its long-term strategy to participate in the development and delivery of digital infrastructure assets.
Why AI infrastructure is reshaping MGH’s growth story
“AI factories” are large-scale data-centre facilities purpose-built to run the intensive computing workloads required for artificial intelligence.
MGH is exposed to this theme in two distinct ways. As a supplier and manufacturer, JLE produces the Power Cubes and associated electrical infrastructure that power these facilities. As an equity investor, MGH holds a growing stake in Firmus itself.
For investors, the significance lies in the redeployment of capital. MGH is channelling proceeds and strategic focus from its traditional construction materials business into higher-growth digital infrastructure, giving shareholders exposure to a rapidly expanding segment of the technology build-out.
Capital redeployment and what comes next
The strategic pivot is anchored by proceeds from the Construction Materials sale to Heidelberg Materials being redeployed into next-generation infrastructure. The $855 million order will be delivered over the next 18 months, supporting continued growth in the electrical division.
The original HMA divestment announcement in February 2026 flagged this capital redeployment intent explicitly, with MGH identifying hyperscale data centres, electrification projects and AI-led growth as the strategic destinations for the $1.703 billion in proceeds.
Near-term catalysts for investors include:
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Audited FY26 results — 20 August 2026
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HMA settlement expected October 2026
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Ongoing tender pipeline and further Firmus 3.3GW roll-out opportunities
Wes Maas, Chief Executive Officer, MAAS Group Holdings
“The new electrical infrastructure work orders will underpin continued strong growth in a key segment of our business. As well as a strong endorsement our technical and delivery capability, this work order to be delivered over the next 18 months strengthens the Group’s position as partner-of-choice in the development of next-generation AI and data infrastructure in Australia. With a significant tender pipeline and the ongoing progression of other opportunities within Firmus’s proposed 3.3GW Australian AI factory roll-out, we anticipate we will provide further updates as appropriate as further work is secured”.
Mr Maas added that, following the ACCC’s recent clearance of the Construction Materials sale, the Company remains focused on the disciplined redeployment of capital into the next generation of infrastructure.
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