• Fredon is a 100% Australian owned multi-service provider with expertise in electrical, mechanical (HVAC), infrastructure, and technology services
• Acquisition delivers a new 4th pillar 'EMIT' that aligns with NRW's strategy to expand service offerings and capabilities
• Fredon generated $840M revenue and $38.6M EBIT in FY25, with a strong order book and visibility on future earnings

NRW Holdings has executed an agreement to acquire 100% of Fredon Industries, a 100% Australian owned multi-service provider with expertise in electrical, mechanical (HVAC), infrastructure, and technology services. Established in 1968, Fredon employs around 2,500 technicians, project managers, engineers and operational staff, with a broad footprint across Australia and an expanding presence in South Australia, Western Australia and New Zealand.Fredon generated revenue of $840M and normalized EBIT of $38.6M in FY25, with a strong track record of delivering a positive earnings contribution. The company has good visibility on future earnings, with around $840M of revenue scheduled for delivery in FY26 and a step-up expected in FY27. The acquisition of Fredon represents a transformational milestone in implementing NRW's growth strategy, delivering benefits for shareholders through expanded service offerings, new capabilities and entry into new addressable markets. Fredon's capital-light, cash-generative model with exposure to major infrastructure projects offers a stable and scalable growth profile across several key sectors.The acquisition will be funded from NRW's existing corporate facilities, with an enterprise value of up to $200M and an assumed economic effective date of 1 July 2025. NRW expects completion to occur on or before 30 September 2025 and will update its group guidance post completion.

Fredon generated revenue of $840M and normalized EBIT of $38.6M in FY25. Fredon is expected to generate revenue of approximately $840M and EBIT of approximately $40M in FY26, before any synergies.

Fredon has a pipeline of $3.6B, with submitted tenders of around $2B, and is well-positioned to continue driving organic growth. The acquisition of Fredon aligns with NRW's strategy to expand its service offerings and capabilities, delivering a new 4th pillar 'EMIT' that complements its existing civil, mining, and minerals processing businesses.