Highlights

  • FY26 Revenue reached $4,293.3 million, while underlying EBITDA was $486.2 million.
  • The group ended FY26 with $7.5 billion of secured revenue across Mining, EMIT, Civil and MET.
  • FY27 revenue guidance is $4.6 billion to $4.8 billion, with about 85% already secured.
  • Underlying EBITA guidance for FY27 is $320 million to $330 million.
  • Cash, Liquidity and contract execution remain central factors as the group converts its Backlog into earnings.

NRW Holdings Limited (ASX:NWH) is a diversified products and services group delivering engineering, manufacturing, construction, operations and maintenance capabilities across multiple sectors. Its FY26 result highlights how the group is translating a broad contract base into revenue and earnings, while its sizeable secured workload provides a measurable foundation for FY27. The key issue is not simply the scale of the order book, but how efficiently secured projects move through delivery across Mining, Civil, Minerals, Energy & Technologies (MET), and Electrical, Mechanical, Infrastructure and Technology (EMIT).

FY26 Earnings Reflect a Broader Services Mix

For the year ended 30 June 2026, NRW reported revenue of $4,293.3 million and underlying EBITDA of $486.2 million. Underlying net profit after tax was $182.7 million, while underlying EBITA reached $288.6 million at a Margin of 6.7%. Underlying Earnings Per Share were 39.8 cents. The final Dividend was 14.5 cents per share, fully franked.

Mining and MET Remain Important Earnings Contributors

Mining remained the largest operating segment by revenue, generating $1,539.5 million and underlying EBITA of $139.9 million. MET delivered revenue of $1,259.2 million and EBITA of $96.0 million, while Civil recorded $862.5 million of revenue and $46.9 million of EBITA. EMIT contributed $684.3 million of revenue and $36.1 million of EBITA during approximately nine months of FY26. Mining also represented the largest share of secured work.

Secured Work Provides Visibility Into FY27

NRW finished FY26 with $7.5 billion of secured revenue, including approximately $4.4 billion in Mining, $1.4 billion in EMIT, $0.9 billion in Civil and $0.8 billion in MET. The company also reported $11.1 billion of submitted tenders and a total opportunity pipeline of $29.1 billion. For FY27, management expects revenue of $4.6 billion to $4.8 billion, with about 85% already secured at the time of the results.

Cash Position Supports Ongoing Delivery

Cash at 30 June 2026 was $319.7 million, while net Debt before Lease accounting was $180.5 million. Total available liquidity was $718.0 million, including $398.3 million of undrawn corporate facilities. Net Capital Expenditure was $146.0 million, operating cash conversion was 93.8%, and free Cash Flow after all capital was $181.3 million. These measures provide context for funding project mobilisation and working-capital requirements.

FY27 Guidance Shifts Attention to Execution

For FY27, NRW guided to underlying EBITA of $320 million to $330 million alongside revenue of $4.6 billion to $4.8 billion. Delivery depends on contracted work progressing to schedule and within expected cost parameters. Labour, materials, equipment, subcontractor costs and project timing can all influence margins. The breadth of NRW’s workload provides diversification, but also requires consistent operational control across different sectors and project structures.

Key Insights

NRW Holdings enters FY27 with a large secured workload, defined revenue guidance and a diversified operating structure. The $7.5 billion order book provides visibility over future activity, while the FY27 EBITA range creates a reference point for execution. Project delivery, margin discipline, cash conversion and the conversion of tenders into secured contracts remain the main operational variables.