)

NRW Holdings (NWH) investor relations material
NRW Holdings M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Deal rationale and strategic fit
Acquisition adds a strategic fourth pillar (EMIT), expanding capabilities in electrical, mechanical, HVAC, infrastructure, and technology services, and diversifying into high-growth sectors like energy transition, electrification, automation, and digital innovation.
The deal enables entry into new addressable markets, leveraging existing relationships for cross-selling, and enhances exposure to major infrastructure projects.
Fredon/Freedom brings a capital-light, cash-generative model with a strong track record, national footprint, and 2,500 skilled staff, supporting stable, scalable growth and annuity-style revenues.
Strong cultural alignment and complementary capabilities enhance the combined group’s reach across Australia, New Zealand, Canada, and the US.
Management views the acquisition as transformational, with significant long-term growth potential and robust market positioning.
Financial terms and conditions
Maximum consideration of up to $200 million, including $122 million initial cash, $45–$60 million earn-out based on FY25 EBIT, and up to $18 million deferred for two years post-completion.
Implied acquisition multiple is 5.2x normalized EBIT/EV, considered attractive relative to sector peers.
Funded from undrawn/existing debt facilities and business-generated cash; short-term increase in gearing expected, with a return to target levels (below 30%) due to strong cash flow.
CapEx requirements are light, running $3–$5 million annually, with similar depreciation.
Economic effective date is 1 July 2025, with anticipated completion on or before 30 September 2025.
Synergies and expected cost savings
No cost synergies or management changes planned; focus is on revenue synergies, leveraging relationships, and cross-sector growth.
Immediate EPS accretion anticipated, with clear visibility on FY26 earnings and high cashflow generation to support deleveraging.
Targeting a 6% EBIT margin for Freedom/Fredon over time, in line with sector peers.
Significant opportunity to expand services into the resources sector and cross-sell across the combined client base.
Enhanced ability to leverage combined capabilities for expanded service delivery.
Next NRW Holdings earnings date

Next NRW Holdings earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage