• Revenue up 12.2% to $3.3 billion, driven by double-digit growth in Civil and MET segments
• Underlying EBITA up 6.6% to $207.9 million, despite challenging weather conditions
• Statutory EBIT impacted by $110.5 million impairment related to OneSteel

NRW Holdings Ltd has announced its financial results for the year ended 30 June 2025 (FY25), delivering consolidated revenue and underlying EBITA growth across the period. The company reported revenue of $3.3 billion for the year, an increase of 12.2% compared to the prior financial year. All three operating segments - Civil, Mining, and Minerals, Energy & Technologies (MET) - experienced annual growth in revenue, with Civil ($823.7 million, up 25.7%) and MET ($932.0 million, up 17.7%) reporting double-digit revenue growth. The growth in activity across the Group resulted in an underlying EBITA of $207.9 million, 6.6% higher than FY24, with Civil and MET delivering notably improved EBITA margins. However, the Statutory EBIT for FY25 was negatively impacted by a $110.5 million impairment of the receivable balance due from OneSteel, following the SA State Government's unprecedented move to retrospectively appropriate assets over which the group held security. The company's Managing Director and CEO, Jules Pemberton, acknowledged the challenges faced but highlighted the strength and resilience of NRW's diversified business model, which delivered solid revenue and earnings growth. Looking ahead, the company expects continued strength in the Civil and MET segments, supported by a robust order book and pipeline of active tenders. The Mining segment is also well-positioned, with work in hand covering over 90% of expected FY26 segment revenue and a strong pipeline of coal tenders. NRW has provided guidance for FY26, expecting revenue in excess of $3.4 billion and EBITA between $218.0 million and $228.0 million.

• Revenue expected to be in excess of $3.4 billion in FY26
• Earnings (EBITA) for FY26 expected to be between $218.0 million to $228.0 million
• Cash conversion consistent with long-term averages

The Civil and MET segments are expected to continue experiencing heightened levels of tendering activity, providing strong visibility over future pipeline. The Mining segment is also well-placed to deliver a sustained period of success, with visibility of future revenue across various long-term customer relationships and multi-period contracts. The company's innovation initiatives across MET are also expected to enhance competitiveness and potentially deliver major new sources of revenue and profitability outside of direct contracting.