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2026-11-06
◂ Monitor MAH ASX

MACMAHON HOLDINGS LIMITED

Producer · Gold · Copper · Lithium · Others · AU · ID · MY Rating locked: sign in to view v8 · mah-20261024t204114-full
Last 2026-11-06
A$0.93
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$2B
EV
A$2.1B
Cash
A$309.7M
Debt
A$326M
2 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$309.7M2025-06-30: 263,893,000 A$2025-12-31: 282,123,000 A$2026-06-30: 309,653,000 A$ Self Funding
Debt A$326M2025-06-30: 426,347,000 A$2025-12-31: 426,195,000 A$2026-06-30: 420,738,000 A$ Net cash A$-16.3M
Basic shares 2.2B 2026-10-12
Runway Self Funding Positive audited FY26 operating cash flow AUD300.758m; burn/runway formula is not informative for an operating contractor.

Liquidity

Financial position

Audited June30 cash309.653m, loans325.961m, leases94.777m and undrawn facilities256.732m. Facility extended June2030, covenant compliant. October13 cash is estimated separately from guided operating economics and the October12 dividend; bridge held fixed under future shocks. Original debt amortisation/expiry, acquisition payments and liquidity buffer are traced in the model.

Inventory composition1

AUD110.361m contractor inventory net of obsolescence. No owned ore, concentrate or finished metal inventory. Supplies are working capital in the service cashflows; no separate equity-bridge addition.

Contractor materials and consumables
A$110.4M carrying

Capital structure

Ownership and dilution

Ordinary shares
2.2B
Fully diluted
2.2B

October12 Appendix3H lists2,154,985,818 ordinary,41,297,629 performance and310,745 share rights; sum2,196,594,192 maximum potential shares. September1 awards transferred existing shares. The denominator includes full current awards, while future compensation expense covers only post-cutoff grants over a three-year phase-in; no exercise proceeds credited for zero-strike rights.

Security classes3
ClassTypeQuantityStrikeExpiry
Ordinary fully paid listed sharesOrdinary Share2.2B——
Outstanding performance rights; full vesting conservative maximumPerformance Right41.3MA$0—
Outstanding share rightsPerformance Right310.7KA$0—

KPI history

Operating metrics

Comparable series use a shared scale

Borrowings including leases · Company · Point In Time

AUD

3 periods
  1. 2025-06-30426,347,000 AUD
    Reported
  2. 2025-12-31426,195,000 AUD
    Reported
  3. 2026-06-30420,738,000 AUD
    Reported

Cash · Company · Point In Time

AUD

3 periods
  1. 2025-06-30263,893,000 AUD
    Reported
  2. 2025-12-31282,123,000 AUD
    Reported
  3. 2026-06-30309,653,000 AUD
    Reported

Cash PP&E payments · Company · Year

AUD

2 periods
  1. FY25178,538,000 AUD
    Reported
  2. FY26145,173,000 AUD
    Reported

Operating cash flow · Company · Year

AUD

2 periods
  1. FY25334,003,000 AUD
    Reported
  2. FY26300,758,000 AUD
    Reported

Revenue · Company · Year

AUD

2 periods
  1. FY252,427,458,000 AUD
    Reported
  2. FY262,619,243,000 AUD
    Reported

Statutory NPAT · Company · Year

AUD

2 periods
  1. FY2573,944,000 AUD
    Reported
  2. FY26101,135,000 AUD
    Reported

Underlying EBITDA · Company · Year

AUD

2 periods
  1. FY25387,422,000 AUD
    Reported
  2. FY26393,800,000 AUD
    Reported
Operating metric source table16
MetricProjectPeriodPeriod typeValueStatus
RevenueCompanyFY25Year2,427,458,000 AUDReported
Underlying EBITDACompanyFY25Year387,422,000 AUDReported
Statutory NPATCompanyFY25Year73,944,000 AUDReported
Operating cash flowCompanyFY25Year334,003,000 AUDReported
Cash PP&E paymentsCompanyFY25Year178,538,000 AUDReported
RevenueCompanyFY26Year2,619,243,000 AUDReported
Underlying EBITDACompanyFY26Year393,800,000 AUDReported
Statutory NPATCompanyFY26Year101,135,000 AUDReported
Operating cash flowCompanyFY26Year300,758,000 AUDReported
Cash PP&E paymentsCompanyFY26Year145,173,000 AUDReported
CashCompany2025-06-30Point In Time263,893,000 AUDReported
Borrowings including leasesCompany2025-06-30Point In Time426,347,000 AUDReported
CashCompany2025-12-31Point In Time282,123,000 AUDReported
Borrowings including leasesCompany2025-12-31Point In Time426,195,000 AUDReported
CashCompany2026-06-30Point In Time309,653,000 AUDReported
Borrowings including leasesCompany2026-06-30Point In Time420,738,000 AUDReported
Company guidance3
MetricProjectPeriodLowHighStatus
Service Revenuemah-servicesFY272,850,000,0003,050,000,000 AUDCurrent
Underlying Ebitamah-servicesFY27205,000,000225,000,000 AUDCurrent
Capital Expendituremah-servicesFY27266,000,000266,000,000 AUDCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-12Ann. 2026-08-18DividendA$26.9M——Announced—
2026-06-30Ann. 2026-08-18DebtA$550M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-13

Audited consolidation, borrowings and related-party/JV notes; issuer FY26 guidance/order book, Oct5 contract extension, Aug preferred contract and Homeground partnership, Sep18 conditional acquisition reviewed. Private contract pricing/renewal economics not fully disclosed.

Client service contracts drive fees, capital requirements and renewals. Rates based on work undertaken, with civil completion accounting. Order book is future revenue, not earnings or MAH-owned mineral inventory.

Other · Active
Counterparties
Mining and civil customers
Applies to
Macmahon consolidated service franchise · Gold · Copper · Lithium · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Order book: 5,900,000,000 AUD
FY27 secured billings: 2,200,000,000 AUD
Tender pipeline: 25,000,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Macmahon Underground extension with Vault at Daisy Milano to October 2028. FY27 revenue, EBITA and capex guidance unchanged; included through consolidated cashflow assumptions without separate contract NAV.

Other · Active
Counterparties
Vault Minerals
Applies to
Macmahon consolidated service franchise · Gold
Economic direction
Mixed
Period
Through 2028-10-31; start date not stated
Key terms
Additional contract billings: 98,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Medallion Ravensthorpe underground preferred contractor appointment is excluded from issuer firm order book. No independent project mineral ownership or capitalised pipeline value is assigned.

Other · Conditional
Counterparties
Medallion Metals
Applies to
Macmahon consolidated service franchise · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Indicative initial contract billings: 240,000,000 AUD
Initial term: 36 months
How it affects our valuation

No valuation treatment is available for this arrangement.

Signed20% disposal at disclosed valuation, further30% option to December2029. Homeground cash income excluded from contractor DCF; property valued once as separate NAV. Partial sale exchanges property interest for cash at agreed NAV, with no extra cooperation pipeline value.

Strategic Partnership · Conditional
Counterparties
Allcap Securities · Inter-Port Global Consolidated Holdings
Applies to
Macmahon consolidated service franchise · Others
Economic direction
Mixed
Period
Through 2029-12-31; start date not stated
Key terms
Initial interest sale: 20 %
Further option: 30 %
Reported property book value: 51,666,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional acquisition: current target ownership0%. Signed future buyer economics are valued net of upfront30m, annual6m retention for5years and scenario earnout0/15/30m overyears3-5. Current asset line carries zero because net conditional SPA value is captured once in equity bridge; no duplicate acquired enterprise value.

Other · Conditional
Counterparties
Aspect Engineering Solutions shareholders
Applies to
Aspect Engineering Solutions conditional acquisition · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Target interest: 100 %
Headline enterprise consideration: 75,000,000 AUD
Upfront cash: 30,000,000 AUD
Annual retention: 6,000,000 AUD/year
Base earnout: 15,000,000 AUD
Maximum earnout: 30,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Equity-accounted interests: consolidated349k share of profit excluded from contractor DCF; combined carrying value1.403m added once in bridge. Individual value split not disclosed.

Joint Venture · Active
Counterparties
PT Macmahon Labour Services Indonesia
Applies to
Macmahon consolidated service franchise · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Interest: 49 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Equity-accounted interests: consolidated349k share of profit excluded from contractor DCF; combined carrying value1.403m added once in bridge. Individual value split not disclosed.

Joint Venture · Active
Counterparties
MAHBYS Fleet Rental Pty Ltd
Applies to
Macmahon consolidated service franchise · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Interest: 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.

MBMS Contractors Pty Ltd is 50% held but fully consolidated under disclosed control. Group profit attributable to owners drives the consolidated valuation; no client ore attributed and no duplicate add-on.

Joint Venture · Active
Counterparties
MBMS Contractors Pty Ltd
Applies to
Macmahon consolidated service franchise · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Legal interest: 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.