Macmahon (ASX:MAH) is proceeding with a solid order book and pipeline despite broader economic uncertainties, adding confidence that it will meet fiscal 2026 forecasts, Euroz Hartleys said in a note on Wednesday.

The investment firm said the miner has AU$25.6 billion in tender pipeline, of which AU$14.4 billion is expected to convert over the next 12 months, providing additional support for its 2027 outlook, which Euroz Hartleys is now rolling forward.

The brokerage expects the company to log in annual revenue of AU$2.6 billion to AU$2.8 billion and EBITA of between AU$180 million and AU$195 million.

Macmahon is targeting AU$750 million in underground revenue and 15% to 20% of total revenue coming in from its Indonesia business by the end of fiscal 2028.

If surface mining holds steady at around AU$1 billion and civil works eventually reach about $1 billion over the medium term, total revenue could potentially rise to around $3.5 billion, leading to EBITA of over AU$250 million, the firm added.

Euroz Hartleys maintained its buy rating and raised price target to AU$1.10 from AU$0.76.