Highlights

  • For the year ended 30 June 2026, Revenue was A$4,293.3 million, an increase of 31.4%.
  • The Mining segment recorded revenue of A$1,539.5 million and underlying EBITA of A$139.9 million.
  • NRW Holdings (ASX:NWH) reported work in hand of A$7.5 billion and an active tender pipeline of A$11.1 billion.
  • NRW Holdings Limited (ASX:NWH) faces operational, financial and execution risks as plans progress.

NRW Holdings Limited (ASX:NWH) provides mining, civil construction, engineering and maintenance services across resources and infrastructure markets. Its 2026 financial results reflect activity across several contracting divisions, alongside the addition of electrical and technology-related services. The group’s operating mix creates different revenue and Margin drivers, while working capital, project delivery and Debt remain relevant considerations.

FY26 operating results

For the year ended 30 June 2026, revenue was A$4,293.3 million, an increase of 31.4%. Underlying EBITA rose 38.8% to A$288.6 million, while underlying net profit after tax was A$182.7 million. The underlying EBITA margin was 6.7%, compared with 6.4% in the previous period. These are company-defined underlying measures and should be distinguished from statutory profit of A$153.4 million.

Project timing can affect when revenue is recognised. The distinction between contracted work and potential tenders is particularly important when considering the outlook. Different divisions also have different cost structures, making the group margin dependent on the proportion of activity delivered by each business.

Business mix and contract delivery

The Mining segment recorded revenue of A$1,539.5 million and underlying EBITA of A$139.9 million. Minerals, Energy and Technologies generated A$1,259.2 million in revenue and A$96.0 million in EBITA. Civil reported A$862.5 million in revenue and A$46.9 million in EBITA, with a project loss affecting the period. The newer electrical, mechanical, infrastructure and technology segment contributed A$684.3 million in revenue and A$36.1 million in EBITA during its consolidated period.

Project timing can affect when revenue is recognised. The distinction between contracted work and potential tenders is particularly important when considering the outlook. Different divisions also have different cost structures, making the group margin dependent on the proportion of activity delivered by each business.

Order book and financial commitments

NRW Holdings (ASX:NWH) reported work in hand of A$7.5 billion and an active tender pipeline of A$11.1 billion. The wider tender pipeline of A$29.1 billion is not contracted revenue and may not convert into awarded projects. FY27 guidance called for revenue of A$4.6 billion to A$4.8 billion and underlying EBITA of A$320 million to A$330 million. Net debt increased to A$265.8 million at year-end, reflecting acquisitions and Working Capital movements. Contract margins remain dependent on project execution, labour availability and client schedules.

Project timing can affect when revenue is recognised. The distinction between contracted work and potential tenders is particularly important when considering the outlook. Different divisions also have different cost structures, making the group margin dependent on the proportion of activity delivered by each business.

Key Insights

NRW Holdings Limited (ASX:NWH) reported material operating and financial developments during 2026, but the available figures describe different aspects of performance. Reported outcomes should be separated from management targets and from projects that remain under development. The pace of delivery, operating costs and cash requirements will shape the next reporting periods. These uncertainties remain relevant alongside the progress disclosed to date.