NRW Holdings (NWH) H1 2026 earnings summary

Executive summary

• Revenue for HY26 reached $2.0 billion, up 19.5% year-over-year, driven by strong Civil and MET segment performance and the integration of Fredon Industries into the EMIT segment.

• Underlying EBITA increased 36.4% to $132.3 million, with margin improvement across Mining and MET segments.

• Underlying NPAT rose 42.3% to $83.1 million, with statutory NPAT at $72.8 million and underlying EPS up 41.4% to 18.1 cents.

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

• Completed Fredon acquisition for $191.3–$200 million, expanding capabilities and adding 2,500 employees.

Financial highlights

• Revenue increased 19.5% year-over-year to $2.0 billion; underlying EBITA up 36.4% to $132.3 million.

• Statutory NPAT increased 40.8% to $72.8 million; underlying NPAT up 42.3% to $83.1 million.

• Record cash holdings of $342.4 million, with operating cash conversion at 114.1%.

• Net debt increased to $200.4 million, with gearing at 22.1% (31.2% including leases) due to Fredon acquisition.

• Fully franked interim dividend of 8.5 cents per share, up 21.4% from prior period.

Outlook and guidance

• Upgraded FY26 full-year guidance: revenue now $4.1–$4.2 billion, underlying EBITA at $275–$285 million.

• Strong growth expected in FY27, underpinned by a robust pipeline and $7.5 billion order book.

• Pipeline of projects to be tendered/awarded within 12 months at $25.2 billion; active tenders at $9.2 billion.

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