Key Highlights

  • Revenue rose 31.4% to A$4,293.3 million for the year to 30 June 2026.
  • Work in hand stood at A$7.5 billion at the time of the result.
  • FY27 Revenue guidance of A$4.6 billion to A$4.8 billion was given.
  • The Acquisition of Fredon, an electrical, mechanical and technology business, was included for about nine months of FY26.

What does it mean when a Mining contractor reports record revenue and then guides to more of the same? NRW Holdings Limited (ASX:NWH) released its FY26 results on 20 August 2026, reporting revenue of A$4,293.3 million for the year to 30 June 2026, up 31.4% on FY25, alongside work in hand of A$7.5 billion and FY27 guidance for revenue of A$4.6 billion to A$4.8 billion. The result matters because it shows how far NRW has moved beyond its civil and mining roots, helped by the acquisition of Fredon, an electrical, mechanical and technology business.

What NRW does

NRW is an Australian contractor that reports across four segments. Civil builds earthworks, bulk infrastructure and similar projects. Mining provides contract mining services for coal and other miners. Minerals, Energy and Technologies (MET) covers processing plant construction and maintenance, drilling and equipment businesses, including DIAB, RCR and Primero. The newest segment, EMIT (Electrical, Mechanical, HVAC, Infrastructure and Technology), contains Fredon and was included for roughly nine months of FY26.

The FY26 result

On the company's numbers, reported results for the year to 30 June 2026 were:

Revenue A$4,293.3 million, against A$3,267.7 million in FY25 (up 31.4%).

Underlying EBITDA A$486.2 million (up 24.3%) and underlying EBITA A$288.6 million (up 38.8%).

Underlying net profit after tax A$182.7 million (up 43.6%), with underlying Earnings Per Share of 39.8 cents against 27.9 cents.

Statutory net profit after tax A$153.4 million, compared with A$27.7 million in FY25.

A final fully Franked Dividend of 14.5 cents per share, which the company describes as up 53%.

The presentation does not report NPATA, so underlying NPAT is the closest comparable measure.

Where the growth came from

Segment figures show a broad contribution, though not an even one. Mining revenue was A$1,539.5 million, essentially flat, but underlying EBITA rose 15.6% to A$139.9 million at a 9.1% margin. The company attributes the profit gain to encouraging operations and an absence of adverse Queensland weather, while revenue was held back by reduced scope at Golding's South Australian operations.

MET was the fastest organic grower, with revenue of A$1,259.2 million (up 35.1%) and underlying EBITA of A$96.0 million (up 40.5%). The company points to the KCGM Fimiston Growth Project and encouraging performances from DIAB, RCR and Primero. Civil revenue was A$862.5 million, with underlying EBITA of A$46.9 million at a 5.4% margin, and the segment absorbed a one-off project loss in the first half. EMIT contributed A$684.3 million of revenue and A$36.1 million of underlying EBITA over roughly nine months at a 5.3% margin.

Fredon and the data centre angle

The Fredon acquisition is the central structural change. Management cites four data centre contracts awarded in December 2025 worth about A$150 million combined and an electrical package on a Commonwealth infrastructure project in Northern Australia worth about A$110 million, due for completion in mid-2028.

Balance sheet and cash flow

At 30 June 2026 NRW held cash of A$319.7 million and financial Debt of A$499.6 million, giving net debt of A$265.8 million (FY25: A$145.4 million). The company attributes the increase mainly to the Fredon acquisition. Leverage was 0.55 times, or 0.37 times excluding AASB 16 Lease accounting.

Two cash-flow details deserve context. Tax payments were A$92.9 million as normal instalments resumed, and Working Capital was negative by A$100.3 million, which the company attributes to upfront client payments at Fredon. Negative working capital helps cash while it lasts but can reverse as projects complete. On 31 July 2026 the company increased its bank facilities by A$300 million to A$700 million in total, with a further A$100 million uncommitted accordion.

Order book and FY27 guidance

Work in hand was A$7.5 billion including repeat business. By segment, Mining holds A$4.4 billion, EMIT A$1.4 billion, Civil A$0.9 billion and MET A$0.8 billion.

FY27 guidance is for revenue of A$4.6 billion to A$4.8 billion, about 85% of which the company says is already secured, and underlying EBITA of A$320 million to A$330 million, compared with A$288.6 million in FY26. Cash conversion is expected to be consistent with long-term averages. These are management expectations, not outcomes, and they depend on contract execution and client activity.

Competitive position

NRW competes with other Australian contractors in mining services and civil construction, where margins are typically thinner than at the mining companies it serves, and where winning and retaining multi-year contracts matters. Its spread of segments is a differentiator, and its workforce of about 14,000 as at 31 July 2026 gives it scale.

Risks and what to watch

Project execution: the one-off Civil loss in the first half shows that fixed-price contracts can cost more than expected.

Integration: Fredon is new to the group, and the EMIT Margin of 5.3% is below Mining and MET.

Leverage and cash: net debt rose and negative working capital could unwind.

Client concentration: Mining relies on large, long-term contracts with a limited number of miners, and Queensland weather can affect results.

Upcoming items include contract awards against the A$8.4 billion near-term pipeline, trading commentary at the annual general meeting, Fredon's data centre delivery, and the half-year result, which will show whether the FY27 guidance is on track.