Highlights:

  • Revenue increased 31.4% to $4.3 billion, while underlying EBITA rose 38.8% to $288.6 million.
  • Underlying NPAT increased 43.6% to $182.7 million and underlying EPS rose 42.9% to 39.8 cents.
  • Fredon contributed $684.3 million of Revenue and $36.1 million of underlying EBITA during its first nine months within NRW.
  • The company declared a 14.5-cent fully franked final dividend, up 53% from FY25, and expects FY27 EBITA of $320 million to $330 million.

NRW Holdings Limited (ASX:NWH) reported record financial results for FY26, with revenue and underlying Earnings increasing across its diversified operations. Revenue rose 31.4% to $4,293.3 million from $3,267.7 million in FY25. Underlying EBITA increased 38.8% to $288.6 million from $207.9 million, while the underlying EBITA Margin improved to 6.7% from 6.4%.

Underlying NPAT increased 43.6% to $182.7 million from $127.2 million, while underlying EPS rose 42.9% to 39.8 cents from 27.9 cents. Statutory NPAT increased 454.3% to $153.4 million, compared with $27.7 million in FY25. At 10:17 am on 20 August 2026, NWH shares were trading at $6.79, down 5.83%, or $0.42, on the day.

Fredon establishes fourth operating pillar

The Acquisition of Fredon, completed during FY26, expanded NRW's operations into electrical, mechanical, infrastructure, technology and maintenance services through the new EMIT segment.

Fredon contributed $684.3 million of revenue and $36.1 million of underlying EBITA during its nine months within the group. The Business increased NRW's exposure to health, defence, data centres, commercial construction and infrastructure markets.

NRW said the acquisition exceeded its expectations during its first nine months and has broadened the group's operating base beyond its traditional resources and civil construction activities.

Mining and MET support earnings growth

The MET segment continued to expand through major project delivery and contributions from Primero, DIAB and RCR. Mining also recorded a significant improvement in profitability, supported by higher productivity and fewer disruptions from adverse weather conditions in Queensland.

Civil maintained its margins despite softer conditions in parts of the Queensland resources market. The performance across these businesses contributed to the improvement in the group's underlying EBITA margin from 6.4% to 6.7%.

Statutory earnings improve sharply

Underlying EBITDA increased 24.3% to $486.2 million from $391.0 million. Statutory EBIT increased 320.6% to $245.1 million from $58.3 million.

Amortisation of acquisition intangibles increased 132.3% to $17.5 million from $7.5 million, reflecting the expanded acquisition base. However, non-underlying items declined 81.7% to $26.0 million from $142.1 million in FY25, contributing to the substantial increase in statutory earnings.

Dividend increases 53%

NRW's Directors declared a final fully franked Dividend of 14.5 cents per share, payable in October 2026. The final dividend is 53% higher than the FY25 final dividend.

The increase follows the company's higher underlying earnings and reflects the broader financial performance delivered during FY26. The company enters FY27 with a substantial secured order book and an expanded operating footprint following the Fredon acquisition.

Secured work provides FY27 revenue visibility

NRW reported $7.5 billion of secured revenue and a total pipeline of $29.1 billion. Of the pipeline, $11.1 billion comprises submitted tenders.

The pipeline spans resources, infrastructure, data centres, health, defence and energy markets. The company also highlighted opportunities associated with Australia's expanding data centre sector and infrastructure investment.

NRW refinanced and increased its bank facilities in July 2026. Combined with existing equipment finance facilities and cash holdings, the company said this provides additional funding capacity for potential acquisitions and other growth opportunities.

FY27 guidance points to further growth

NRW expects FY27 revenue of between $4.6 billion and $4.8 billion, with approximately 85% already secured. Underlying EBITA is forecast at $320 million to $330 million, representing further earnings growth from the $288.6 million achieved in FY26.

The company expects cash conversion to remain consistent with its long-term averages. The FY27 outlook incorporates the increasingly diversified order book and activity across resources, infrastructure, defence, energy and technology-related markets.

Conclusion

NRW Holdings delivered substantial growth across FY26, with revenue increasing 31.4%, underlying EBITA rising 38.8% and underlying NPAT increasing 43.6%. The integration of Fredon added a fourth operating pillar and expanded exposure to several infrastructure and technology-related markets, while Mining and MET also contributed to higher earnings. Although acquisition-related Amortisation increased, non-underlying items fell significantly, supporting a much higher statutory profit. With $7.5 billion of secured revenue and FY27 EBITA guidance of $320 million to $330 million, the company enters the new financial year with a larger and more diversified operating base.