Key Highlights

  • NRW's 14.5 cent fully franked final Dividend went ex on 2 October 2026, and the dividend rose 53%.
  • FY26 Revenue reached a record $4,293.3 million.
  • Underlying net profit rose 43.6%.
  • FY27 revenue guidance is $4.6–4.8 billion, with about 85% secured.

NRW Holdings Limited (ASX:NWH) rounds out this set of ex Dividend Dates on the ASX, with its 14.5 cent fully franked final dividend having gone ex on 2 October 2026 and been paid on 16 October. The dividend was up 53% on the prior year. The Mining and civil contractor reported record revenue of $4,293.3 million for FY26, up 31.4%, along with underlying net profit after tax of $182.7 million, up 43.6%. FY27 guidance points to revenue of $4.6–4.8 billion, with about 85% already secured.

The Dividend Timetable

The final dividend was declared with the FY26 result on 20 August 2026. Shares traded ex-dividend on 2 October, and the payment was made two weeks later on 16 October. Under the standard ASX timetable, the Record Date falls one Business day after the ex-dividend date. Shareholders can review the company's dividend notice for the exact record date and any reinvestment plan terms.

A 53% increase in the dividend reflects the rapid growth in profit during the year. Underlying Earnings Per Share rose 42.9% to 39.8 cents, so the dividend grew somewhat faster than earnings. Investors may also consider free Cash Flow when assessing dividends, and NRW's free cash flow rose 75.2% to $181.3 million in FY26, with operating cash conversion of 93.8%.

Record FY26 Results

Underlying EBITA reached $288.6 million, up 38.8%, while statutory EBIT was $245.1 million and statutory net profit after tax was $153.4 million. The difference between underlying and statutory results comes from items that the company excludes in its underlying numbers, and the detailed reasons are set out in its results documents.

Work in hand stood at $7.5 billion at the time of the result, with active tenders of $11.1 billion and a pipeline of $29.1 billion within 12 months. A large order book provides some visibility of future work, although contract terms and execution risk matter, since cost overruns can reduce the profit earned on any given project.

FY27 Guidance

NRW has guided to FY27 revenue of $4.6–4.8 billion, with about 85% already secured, and to underlying EBITA of $320–330 million. Cash conversion is expected to be consistent with long-term averages. The guidance implies continued growth, though at a slower pace than the 31.4% revenue increase in FY26.

Having most of its forecast revenue secured gives the company a measure of certainty entering the year. Remaining revenue depends on winning and starting additional contracts. Timing is also a factor, as delays in project starts can shift revenue into later periods. The half-year result will show the company's progress and offer a further reading on margins.

Balance Sheet

NRW had cash of $319.7 million and net Debt of $265.8 million at the end of FY26, with leverage, excluding the effect of accounting standard AASB 16, at 0.37 times. Pro forma available Liquidity was $718.0 million. On 31 July 2026, senior banking facilities were amended to add $300 million in committed limits, giving the company additional capacity to fund Working Capital and equipment.

Contractors need financial flexibility because large projects can require working capital and Investment in plant. With the Reserve Bank raising the cash rate to 4.85% on 3 November, the cost of floating-rate debt is relevant, though NRW's Leverage is modest. How the company balances growth investment against dividends and debt will influence its future capital decisions.

Sector Exposure

NRW provides services to mining and civil infrastructure customers, so activity depends on resource company spending and on government infrastructure programs. Major resource companies continue to invest, with BHP expecting about US$11 billion in capital and exploration expenditure in FY27, while Fortescue's metals Capital Expenditure guidance is US$3.7–4.7 billion. These figures indicate the scale of activity in the broader sector, not specific NRW contracts.

Cost Inflation is a key consideration for contractors. Fuel and labour costs have risen, and annual inflation was 4.3% in September. Contractors with rise-and-fall clauses may pass on some costs, while fixed-price contracts may expose them to Margin pressure. The Reserve Bank has also pointed to capacity pressures in the domestic economy, which can affect the availability and cost of skilled labour.

What to Watch Next

Upcoming items include contract announcements, work in hand and progress toward FY27 guidance. The half-year result in early 2027 will also bring the next Interim Dividend decision and an associated ex-dividend date. Investors will be watching margins relative to EBITA guidance of $320–330 million, along with cash conversion and the size of the tender pipeline, which provides an early indication of work beyond FY27.

Mining services contractors can also be affected by Commodity cycles, since resource companies may delay or accelerate projects as prices change. High copper and gold prices may encourage some development, while softer iron ore prices may lead to tighter budgets in that sector. The composition of NRW's order book across mining, civil and maintenance work can help investors understand how exposed it is to any single type of customer spending. Its results materials set out these segments in more detail.

Safety is also a major consideration for contractors, given the nature of mining and civil work. Client relationships and tendering success often depend on safety performance, as well as price and capability. Reporting on injury rates and project execution can therefore provide additional information on the quality of the order book.

The company's half-year report will provide updated details on each of these points.

Key Takeaways

NRW's 14.5 cent fully franked final dividend went ex on 2 October 2026 and was paid on 16 October, up 53%. FY26 revenue reached a record $4,293.3 million, and underlying net profit rose 43.6%. FY27 revenue guidance is $4.6–4.8 billion, with about 85% secured. Contract delivery, cost inflation and the next interim dividend are the main items to follow.