NRW Holdings (NWH) AGM 2025 Presentation summary

Business overview and strategy

• Diversified group with nine businesses, 11,500 employees, and a market cap of ~$2.3B as of November 2025.

• Operates across engineering, manufacturing, construction, operations, and maintenance in resources, infrastructure, and government sectors.

• Focus on disciplined growth through value-accretive M&A, expanding into energy transition and digital innovation markets.

• Delivered a 52.4% 10-year total shareholder return, ranking in the top 10 ASX stocks over the last decade.

• Four strategic pillars: Civil, Mining, MET (multi-disciplinary engineering), and EMIT (electrical/mechanical services).

Recent acquisitions and expanded capabilities

• Acquired Fredon Industries in September 2025 for up to $200M, adding 2,500 staff and expanding electrical, HVAC, infrastructure, and technology services.

• Fredon enhances presence on Australia's East Coast and New Zealand, serving sectors like commercial, data centers, government, health, and transport.

• Recent acquisitions also include OFI, Primero, BGC Contracting, DIAB Engineering, and RCR Mining Technologies, broadening engineering and maintenance capabilities.

Financial performance and segment results

• FY25 revenue reached $3.3B with underlying EBITA of $207.9M and cash holdings of $265.7M; order book stands at $6.1B.

• Civil segment revenue grew 25.7% to $823.7M; MET segment revenue was $932.0M with EBITA up 48.3%.

• Mining segment delivered $1,541.2M in revenue; EMIT (Fredon) contributed $840M in revenue, up 50%.

• Fully franked final dividend of 9.5cps and underlying earnings per share of 27.9cps.