NRW Holdings (NWH) H1 2026 earnings summary

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.