NRW Holdings
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NRW Holdings (NWH) investor relations material

NRW Holdings H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary19 Feb, 2026

Executive summary

  • Revenue for the half-year reached AUD 2 billion, up 19.5% year-over-year, with underlying NPAT of AUD 83.1 million, up 42.3% from the prior period.

  • Underlying EBITDA/EBITA rose 36.5% to AUD 132.3 million, with margin improvements across Mining and MET segments.

  • Workforce expanded to over 12,000, reflecting increased activity across 150+ projects and diversified business segments.

  • Completed Fredon acquisition for an effective outlay of up to AUD 200 million, expanding capabilities and market reach.

  • Record cash holdings reached AUD 342.4 million.

Financial highlights

  • Revenue increased 19.5% year-over-year to AUD 2 billion.

  • Underlying EBITDA/EBITA rose 36.5% to AUD 132.3 million; underlying NPAT up 42.3% to AUD 83.1 million.

  • Underlying EPS at AUD 0.181; interim dividend of 8.5c per share, up 21.4% year-over-year.

  • Record cash holdings of AUD 342.4 million and strong cash conversion at 114.1%.

  • Net debt increased to AUD 200.4 million, mainly due to Fredon acquisition.

Outlook and guidance

  • Upgraded FY26 full-year guidance: revenue now AUD 4.1–4.2 billion, underlying EBITDA/EBITA AUD 275–285 million.

  • Pipeline of projects to be tendered/awarded within 12 months at AUD 25.2 billion; active tenders at AUD 9.2 billion.

  • Order book at AUD 7.5 billion, supporting strong growth outlook into FY27 and beyond.

  • Positive outlook across all segments, with robust demand in infrastructure, mining, and energy transition sectors.

Fredon retention payable: purpose and impact?
OneSteel receivable recovery: current status?
Progress on Scope 3 emissions reporting for FY27?
Fredon's path to 6% EBIT margin
Mining: capital-light strategy and margins
Lithium processing technology commercialization
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Frequently asked questions

NRW Holdings Limited is an Australian diversified services company providing civil construction, mining, and maintenance services. The company’s operations cover a range of industries, including resources, infrastructure, and energy. NRW Holdings offers services such as mine development, bulk earthworks, drill and blast operations, and equipment maintenance. Through its various subsidiaries, the company supports large-scale projects, delivering end-to-end solutions that span from construction to project management in both remote and urban locations. The company is headquartered in Perth, Western Australia, and its shares are listed on the Australian Securities Exchange.

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