Maas Group Holdings Limited (MGH), an ASX-listed diversified industrial group operating across construction materials, civil construction, real estate, and electrical infrastructure, has announced a major new electrical infrastructure contract. The company’s electrical division designs and manufactures mission-critical power distribution equipment for data centre, utility, and infrastructure customers across Australia. MGH confirmed on 4 August 2026, it has secured an $855 million work order for the delivery of modular electrical infrastructure for Firmus, to be completed over the next 18 months.
This significant new order elevates the total electrical infrastructure work in hand for MGH’s wholly-owned subsidiary, JLE Group, to more than $1.2 billion. The work involves the manufacture, supply, and delivery of modular Firmus Power Cube solutions and associated high-voltage infrastructure, under an existing Master Services Agreement that positions JLE as the exclusive supplier of power train units for Firmus’ Australian pipeline. The prior agreement includes manufacturing and services for Firmus’ 100 MW Launceston AI Factory.
In conjunction with the new contract, MGH has increased its FY26 Group Underlying EBITDA guidance range to between $300 million and $310 million. This updated forecast incorporates a fair value uplift on the Company’s investment in Firmus as at 30 June 2026. Excluding this uplift and the contribution from the Construction Materials business being sold, MGH’s operating result from continuing businesses is expected to be $130 million to $135 million EBITDA, consistent with previous guidance. The non-continuing Construction Materials business is forecast to contribute approximately $115 million for FY26, with its sale to Heidelberg Materials Australia expected to settle in October 2026.
Furthermore, MGH has made a strategic investment of an additional $300 million in Firmus Grid Limited, a vertically integrated developer and operator of next-generation AI infrastructure, focused on designing, developing, and operating purpose-built platforms for high-density artificial intelligence workloads. This brings MGH’s total investment in Firmus to $410 million, equating to an approximate 3.2 per cent interest. Due to a separate material investment by an entity associated with MGH CEO Wes Maas, Mr Maas recused himself from the Board’s consideration and decision on this latest acquisition of Firmus shares.
