NRW Holdings (NWH) H1 2026 earnings summary

Executive summary

• Revenue for the half-year rose 19.5% to AUD 2 billion, with underlying NPAT up 42.3% to AUD 83.1 million and underlying EBITA up 36.4% to AUD 132.3 million, driven by strong Civil and MET performance and Fredon integration.

• Workforce expanded to over 12,000 across 150+ projects, reflecting increased activity and operational reach.

• Order book at AUD 7.5 billion and pipeline of AUD 25.2 billion, with AUD 9.2 billion in active tenders.

• Completed Fredon acquisition for effective outlay of AUD 191.3–200 million, expanding EMIT segment and adding 2,500 employees.

• Declared fully franked interim dividend of AUD 0.085 per share, up 20–21.4% on prior period.

Financial highlights

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

• Underlying EBITDA up 36.5% to AUD 132.3 million; underlying EBITA margin at 6.7%; underlying NPAT up 42.3% to AUD 83.1 million.

• Statutory NPAT increased 40.8% to AUD 72.8 million.

• Cash holdings at AUD 342.4 million, with cash conversion at 114.1%.

• Net debt increased to AUD 200.4 million; gearing at 22.1% pre-AASB 16.

Outlook and guidance

• Upgraded FY2026 full-year guidance: revenue AUD 4.1–4.2 billion, underlying EBITDA/EBITA raised to AUD 275–285 million.

• Strong growth expected in FY27, underpinned by robust pipeline and work in hand.

• Cash conversion expected to normalize to high 80s–90s percent for the full year.

• Civil, Mining, MET, and EMIT segments all have significant work in hand and active tenders supporting positive outlook.