NRW Holdings (ASX: NWH) – Files 2026 Annual Report to Shareholders

NRW Holdings delivered record financial results for the year ended 30 June 2026, with revenue reaching $4.3 billion, representing growth of 31.4% compared to the prior year. The performance reflected strong operational execution across the company’s established businesses, combined with nine months of contribution from the acquisition of Fredon Industries in October 2025. Underlying earnings before interest, tax, depreciation and amortisation of acquisition intangibles (EBITA) climbed 38.8% to $288.6 million, while underlying net profit after tax increased 43.6% to $182.7 million.

The acquisition of Fredon marked a strategic inflection point for NRW, establishing the company’s fourth operating segment, EMIT (Electrical, Mechanical, Infrastructure and Technology and Maintenance Services), and providing exposure to secular growth markets including data centres, defence, health, energy transition and critical infrastructure. In its first nine months as part of the Group, Fredon contributed revenue of $684.3 million and delivered an underlying EBITA margin of 5.3%, exceeding the acquisition assumptions. The integration demonstrates NRW’s operational capability and positions the business for participation in higher-growth, less commodity-intensive sectors.

Performance across the company’s established segments remained robust. The Mining segment delivered underlying EBITA of $139.9 million, up 15.6% year-on-year, supported by strong operational performance and higher fleet utilisation. The Minerals, Energy and Technologies segment achieved record revenue of $1.26 billion with underlying EBITA of $96 million, reflecting record execution at Primero and strong delivery across the portfolio. The Civil segment, while facing some headwinds from fuel costs and a one-off project loss, sustained activity through major projects including work at BHP’s Saraji and the EDQ Gladstone project, securing a substantial pipeline of future work including a $300 million Tonkin Highway project with Main Roads Western Australia.

The company’s balance sheet strengthened during the period despite funding the Fredon acquisition through debt. Cash balances reached $319.7 million, with operating cash conversion of 93.8%, demonstrating strong working capital management. Net leverage increased to 0.55x on an AASB 16 basis but remained conservative at 0.37x excluding lease obligations. Management declared a fully franked final dividend of 14.5 cents per share, representing a 53% increase on the prior year, signalling management confidence in cash generation and the sustainability of earnings.

As NRW enters FY27, the company enters with a larger, more diversified earnings base, a workforce exceeding 14,000 people and substantial order books across all four segments. Safety performance improved with the Total Recordable Injury Frequency Rate declining to 4.12 from 6.05 in the prior year. Investors should monitor the company’s ability to realise synergies from the Fredon integration, execution on the elevated order book, and the pace of demand in data centre and energy transition infrastructure markets, where NRW is positioning for growth.

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.

If you would like to discuss this announcement, request a callback or call us on 1300 889 603.