NRW Holdings (ASX: NWH) – Files Full Year Statutory Accounts

NRW Holdings delivered a strong full year result with revenue up 31.4% to $4,293.3 million and underlying earnings before interest, tax and amortisation (EBITA) up 38.8% to $288.6 million, with the Fredon Industries acquisition in October 2025 contributing nine months of earnings. The company returned underlying net profit after tax of $182.7 million, a 43.5% increase on the prior year. The Fredon acquisition added the new EMIT segment (electrical, mechanical and infrastructure services) and roughly 2,500 employees, expanding NRW’s addressable market significantly beyond its historical focus on mining and civil contracting.

The organic performance across the existing three segments remained resilient. Mining underlying EBITA rose 15.6% to $139.9 million, driven by improved productivity and normal weather conditions in Queensland, while the Minerals, Energy and Technologies segment delivered a standout result with EBITA up 40.5% to $96.0 million, underpinned by record performance at Primero on the KCGM Fimiston Growth Project. Civil EBITA increased slightly despite headwinds including a project loss in the first half and softer conditions in Queensland resources work. The Fredon integration exceeded acquisition assumptions, contributing $684.3 million in revenue at a 5.3% EBITA margin in just nine months of ownership.

The balance sheet strengthened on an operating basis, with cash rising to $319.7 million and the company reporting 93.8% operating cash conversion. However, net debt increased to $265.8 million from $145.4 million, as management drew down the revolving credit facilities to fund the Fredon acquisition on a 100% debt basis. Gearing excluding lease debt sits at 26.1% and leverage at 0.37x, both within stated internal targets. The board declared a final fully franked dividend of 14.5 cents per share, bringing the total fully franked payout for the year to 23.0 cents. On 31 July 2026, NRW expanded its banking facilities by $300 million to $700 million total committed facilities, refinancing on improved terms across a five-bank syndicate with three-year and four-year maturity tranches.

The work-in-hand pipeline appears strong. NRW reports $7.5 billion in secured work including repeat business, $11.1 billion in active tenders, and a $29.1 billion pipeline expected to reach the market within the next 12 months. Management identified data centre investment, renewable energy, defence and aged care as growth drivers for EMIT, while Mining stands to benefit from continued resource development and rising demand for critical minerals. Primero’s proprietary lithium processing technology (ALi) was endorsed by a third party in June 2026 as a preferred pathway, which the company flagged as a potential long-term growth opportunity.

Investors should watch how quickly NRW achieves its stated cost synergies and margin targets from the Fredon integration, whether the $29 billion pipeline converts into signed contracts at the margins the company is bidding, and whether rising labour costs and competitive intensity in skilled trades impact near-term delivery performance and margins across the group.

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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