Downer EDI (ASX:DOW), NRW Holdings (ASX:NWH) and SRG Global (ASX:SRG) operate across engineering, infrastructure, Mining services and asset maintenance. Downer provides transport, utilities and facilities services, NRW is exposed to mining, civil and technology-related contracting, while SRG delivers engineering and asset services across resources and infrastructure markets.

Their FY26 results provide updates on margins, order books, cash conversion and secured work heading into FY27.

Downer EDI (ASX:DOW)

Downer EDI (ASX:DOW) provides integrated services across transport, energy and utilities, and facilities management in Australia and New Zealand.

For FY26, Downer reported total Revenue of approximately A$9.9 billion and statutory net profit after tax of A$225.4 million. Underlying NPATA reached A$306.7 million, while the group EBITA Margin was 5.1%. Cash conversion was 91%.

The company ended FY26 with work in hand of approximately A$38.5 billion. Major programs include a defence base-services contract valued at around A$3.05 billion and work associated with the Queensland Train Manufacturing Program.

Downer has indicated that FY27 Earnings are expected to be more weighted toward the second half as major contracts move through mobilisation and transition phases.

NRW Holdings (ASX:NWH)

NRW Holdings (ASX:NWH) provides mining services, civil construction, drilling, minerals processing, electrical services and maintenance, with a substantial proportion of its activity linked to Australia’s resources sector.

For FY26, NRW reported revenue of approximately A$4.29 billion and underlying EBITA of A$288.6 million. Underlying net profit after tax was A$182.7 million, while statutory net profit after tax reached A$153.4 million.

The Mining division generated approximately A$1.54 billion in revenue, while the Minerals, Energy and Technology division generated around A$1.26 billion. Civil contributed approximately A$862.5 million, while the electrical and communications operations contributed A$684.3 million during the period reported.

For FY27, NRW has guided to revenue of A$4.6 billion to A$4.8 billion and underlying EBITA of A$320 million to A$330 million.

SRG Global (ASX:SRG)

SRG Global (ASX:SRG) provides engineering-led asset services, maintenance, remediation, access, infrastructure and mining-related services.

For FY26, SRG reported revenue of A$1.68 billion, underlying EBITDA of A$170.1 million and underlying EBIT of A$131.8 million. Underlying net profit after tax reached A$85.3 million, while statutory net profit after tax was A$71.9 million. EBITDA cash conversion was 101%.

SRG ended the financial year with net cash of approximately A$6.2 million. The company also continued integrating TAMS, its marine infrastructure business, and declared total FY26 dividends of 7 cents per share, fully franked.

SRG has provided FY27 guidance for underlying EBITDA of A$195 million to A$205 million and EBIT of A$150 million to A$160 million.

Engineering and Services Activity

Downer EDI (ASX:DOW), NRW Holdings (ASX:NWH) and SRG Global (ASX:SRG) operate across different segments of infrastructure and resource-related contracting.

Downer has broad exposure to transport, utilities and facilities services. NRW has substantial exposure to mining and resources projects alongside civil and electrical work. SRG combines recurring asset-maintenance contracts with engineering and project services.

Order-book conversion, contract timing, labour availability and project margins remain relevant across all three companies.

Key Risks

Downer remains exposed to execution across large contracts, project mobilisation and maintaining margins as its work program progresses through FY27.

NRW faces risks associated with resources-sector capital expenditure, contract timing, labour and equipment costs and integration across its expanded service offering.

SRG remains exposed to contract execution and integration of acquired businesses. Its Acquisition program also requires continued management of project delivery and operating costs.

Across the sector, cost inflation, labour availability and changes in infrastructure or resources spending can affect project activity and margins.

What Investors May Watch Next

For Downer EDI (ASX:DOW), future updates will provide information on the mobilisation of major contracts, work-in-hand conversion and the expected weighting of FY27 earnings.

For NRW Holdings (ASX:NWH), FY27 reporting will provide further information on contract awards, revenue conversion from its project pipeline and progress against its A$4.6 billion to A$4.8 billion revenue guidance.

For SRG Global (ASX:SRG), upcoming disclosures will provide information on order-book conversion, TAMS integration and progress toward FY27 EBITDA guidance of A$195 million to A$205 million.