NRW Holdings (NWH) H1 2025 earnings summary

Executive summary

• Revenue increased 15.8% year-over-year to $1.65 billion, with strong growth in Civil and MET segments and boosted by the South Walker Creek contract acquisition.

• EBITDA rose 20.1% to $188.8 million, and EBITA grew 5.3% to $96.9 million compared to HY24.

• Net profit after tax and non-controlling interests (NPATN) was $58.4 million; net profit after tax rose 24.1% to $51.7 million.

• Order book reached $6.8 billion, with a robust pipeline of $15.1 billion and $6.2 billion in active tenders.

• Fully franked interim dividend of 7.0 cents per share declared, up 7.7% year-over-year.

Financial highlights

• Cash holdings at $284.4 million with 83.7% cash conversion.

• Net debt increased to $159.3 million, with gearing at 23.9% (16.0% excluding leases).

• Financial debt rose due to HSE mining fleet acquisition and working capital for South Walker Creek contract.

• Depreciation and amortisation increased 41.1% to $91.9 million, mainly due to HSE fleet acquisition.

• Earnings per share rose to 11.3 cents basic and 11.2 cents diluted.

Outlook and guidance

• FY25 full-year revenue expected between $3.2 billion and $3.3 billion.

• FY25 EBITA guidance set at $205 million to $215 million.

• 95% of secured revenue on updated FY25 revenue guidance.

• Civil segment expects full-year revenue to be significantly higher than prior year, with margins in line with current performance.

• MET segment sees strong tender activity and expects incremental organic growth, with new technology initiatives underway.