NRW Holdings (NWH) UBS Conference Presentation summary

Business overview and growth strategy

• Operates a diversified group of nine businesses across engineering, construction, mining, and maintenance, with a $2.2B market cap and ~11,500 employees as of November 2025.

• Achieved a 52.4% 10-year total shareholder return, ranking among the top 10 ASX stocks over the past decade.

• Pursues disciplined, value-accretive M&A, expanding into energy transition and digital innovation markets.

• Recent acquisitions (Fredon, OFI, Primero) have diversified capabilities and geographic reach, supporting long-term growth.

• FY26 revenue guidance exceeds $4B, with underlying EBITA expected between $255M and $265M.

Financial performance and outlook

• FY25 proforma revenue reached $4.1B, with a $246.5M underlying EBITA and a $7.1B order book.

• Total pipeline stands at $20.9B, with $7.6B in active tenders and $3.8B of FY26 work already secured.

• Revenue is well-diversified by segment, commodity, and geography, supporting stable earnings.

• Cash conversion remains consistent with long-term averages.

• Final dividend for FY25 is 9.5cps, fully franked.

Segment highlights and capabilities

• Civil: $823.7M FY25 revenue, 5.4% EBITA margin, major projects in WA and QLD, strong government and urban developer relationships.

• Mining: $1,541.2M FY25 revenue, 7.9% EBITA margin, $4.2B order book, diversified commodity exposure, new $1.6B contract at South Walker Creek.

• MET: $932M FY25 revenue, 7.3% EBITA margin, $1.3B order book, growth in minerals processing and infrastructure, expansion into uranium studies.

• EMIT: $840M FY25 revenue, ~5% EBITA margin, $1B order book, focus on electrical, mechanical, and technology services, strong repeat business.