NRW Holdings (NWH) H2 2026 earnings summary

Executive summary

• Achieved record revenue of $4.3 billion for FY26, up 31.4% year-over-year, driven by strong activity, the Fredon acquisition, and the establishment of the EMIT pillar.

• Underlying EBITA rose 38.8% to $288.6 million, with margin improvement to 6.7%.

• Underlying NPAT increased 43.6% to $182.7 million; underlying EPS up 42.9% to 39.8 cents.

• Workforce expanded to approximately 14,000 by end of July 2026.

• Fully franked final dividend of 14.5 cents per share, up 53% year-over-year.

Financial highlights

• Revenue reached $4,293.3 million, up 31.4% year-over-year.

• Underlying EBITDA increased 24.3% to $486.2 million; underlying EBITA margin improved to 6.7%.

• Statutory NPAT surged 454.3% to $153.4 million.

• Cash holdings at $319.7 million; operating cash conversion at 94%.

• Capital expenditure at $146 million; free cash flow after all capital was $181.3 million, up 75.2%.

Outlook and guidance

• FY27 revenue guidance set at $4.6–$4.8 billion, with ~85% already secured.

• Underlying EBITA expected between $320–$330 million.

• Strong pipeline of $29.1 billion and active tenders of $11.1 billion.

• Cash conversion anticipated to remain consistent with long-term averages.

• Positive outlook for all divisions, with MET and Fredon expected to maintain or grow earnings.