MAAS Wins $855m Firmus Order, Lifts FY26 EBITDA Guidance

MAAS Group (ASX:MGH) Holdings announced that it has received a further purchase order from Firmus Grid Limited (Firmus) for the delivery of modular electrical infrastructure, with an estimated total value of $855 million to be delivered over the next 18 months. The order incorporates the manufacture, supply and delivery of modular Firmus Power Cube solutions and associated high-voltage infrastructure, and is made pursuant to a Master Services Agreement between Firmus and MGH subsidiary JLE Manufacturing & Hire Pty Ltd, under which JLE is the exclusive supplier of power train units for Firmus' Australian pipeline. With the new order, work in hand for MGH's wholly owned electrical infrastructure subsidiary JLE Group, from Firmus and other customers, to $1.2 billion to be delivered over the next 18 months. The company said it also 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.

MGH increased its FY26 Group underlying EBITDA guidance to a range of $300 million to $310 million, with the increase including a fair value uplift on the company's investment in Firmus as at 30 June 2026. Excluding the Firmus fair value gain, MGH expects an FY26 operating result of $245 million to $250 million EBITDA, of which continuing businesses are expected to contribute $130 million to $135 million, in line with the previous guidance for continuing operations of $120 million to $140 million issued on 24 February 2026, while the non-continuing construction materials business being sold to Heidelberg Materials Australia is expected to contribute approximately $115 million. The company said the revised guidance is based on preliminary unaudited financial estimates and remains subject to completion of year-end audit procedures, with audited FY26 results expected on 20 August 2026. Separately, MGH has entered into agreements to acquire a further $300 million of Firmus shares and preference shares at $230 per share and preference share, taking its total paid to $410 million for an approximate 3.2 per cent interest, presented on a fully diluted basis assuming all Firmus investor preference shares on issue convert to ordinary shares one for one. CEO Wes Maas did not participate in the Board's consideration of the acquisition, as an entity associated with him separately holds a material investment in Firmus.