NRW Holdings (NWH) H1 2025 earnings summary

Executive summary

• Revenue increased 15.8% to $1.65 billion, driven by strong growth in Civil and MET segments and the acquisition of the South Walker Creek contract in Mining.

• EBITDA rose 20.1% to $188.8 million, and EBITA grew 5.3% to $96.9 million year-over-year.

• Net profit after tax and non-controlling interests (NPATN) was $58.4 million, with normalised EPS at 12.8 cents per share.

• Cash holdings reached $284.4 million, supporting a fully franked interim dividend of 7.0 cents per share, up 7.7%.

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

Financial highlights

• Civil segment revenue rose 40.6% to $417.9 million, MET up 15.6% to $454.0 million, Mining up 4.3% to $805.1 million year-over-year.

• EBITDA margin improved to 11.4% from 11.0% year-over-year.

• Cash position of $284.4 million, with $330 million in undrawn debt facilities available.

• Interim dividend of 7.0 cents per share, fully franked.

• Normalised EPS at 12.8 cents per share.

Outlook and guidance

• FY25 full-year revenue expected between $3.2 billion and $3.3 billion, with EBITA guidance at $205 million to $215 million.

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

• Mining segment has secured over 95% of expected H2 revenue; margins expected to return to historical levels barring abnormal rainfall.

• MET segment anticipates continued diversification and growth, with high tender activity and innovation initiatives.

• Cash conversion and gearing expected to remain consistent with long-term averages.