NRW Holdings has delivered record financial results for FY26, reporting underlying EBITA of $288.6 million, up 38.8% year-on-year, while simultaneously expanding operating margins to 6.7% from 6.4% in the prior year. Revenue climbed 31.4% to $4.3 billion, with underlying net profit after tax reaching $182.7 million, a 43.6% increase. The combination of strong organic momentum and the nine-month contribution from Fredon, acquired in October 2025, drove this substantial earnings expansion.
The Fredon acquisition stands as the headline development, establishing EMIT (Electrical, Mechanical, Infrastructure and Technology & Maintenance) as NRW’s fourth operating pillar. The acquired business generated $684.3 million in revenue and $36.1 million in underlying EBITA during its nine months within the Group, while opening exposure to higher-growth sectors including defence, data centres, health and infrastructure. Management has signalled that Fredon has exceeded acquisition expectations, suggesting synergies and integration are progressing ahead of initial plans.
Underlying organic performance has also strengthened materially. The MET segment continued its growth trajectory through major project delivery and strong performances from Primero, DIAB and RCR. Mining operations delivered significantly improved profitability through better productivity and lower weather disruption in Queensland. Civil maintained resilient margins despite softening conditions in parts of the Queensland resources market, demonstrating the benefit of business diversification.
The company returned capital to shareholders with a fully franked final dividend of 14.5 cents per share, representing a 53% increase on the FY25 final dividend. Combined with a $7.5 billion secured revenue base and a $29.1 billion pipeline containing $11.1 billion in submitted tenders, NRW management has positioned itself confidently for sustained earnings growth. These pipeline metrics suggest the company is well-positioned to underpin both operational activity and ongoing capital returns.
Looking ahead, management has guided FY27 underlying EBITA to a range of $320 million to $330 million, implying growth of 11 to 14 percent. This guidance assumes continued strength across resources, defence and infrastructure while the EMIT segment continues integrating within the Group. Investors should monitor the pace of tender conversion within the $11.1 billion submitted pipeline, execution against secured contracts, and any further portfolio developments that could enhance the Group’s diversification. This announcement has been classified as price sensitive and flagged as material by the Australian Securities Exchange.
View the full ASX announcement (PDF)
About NRW Holdings Limited (ASX: NWH)
NRW Holdings Limited provides diversified contract services to the resources and infrastructure sectors in Australia. The company operates through three segments: Civil, Mining, and Minerals, Energy and Technologies, offering services including civil infrastructure, mine management, contract mining, and related industrial services. The company is headquartered in Belmont, Western Australia.
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