• NRW completes acquisition of Fredon Industries Pty Ltd
• Earn-out payment of up to $60M tied to Fredon's CY25 results
• Fredon's capabilities in HVAC and electrical services to expand NRW's offerings
• NRW updates FY26 guidance: revenue >$4B, underlying EBITA $255M-$265M

NRW Holdings Limited (ASX: NWH) has completed the acquisition of Fredon Industries Pty Ltd, as previously announced on 2 September 2025. The completion payment was funded through NRW's existing finance facilities, and an additional earn-out payment of up to $60 million in cash is payable after Fredon's CY25 results, subject to performance hurdles. NRW Managing Director Jules Pemberton welcomed the 2,500 strong workforce from Fredon who have now joined the company. He highlighted the significant positive feedback and interaction with Fredon and their clients, and the future prospects for the group through Fredon's capabilities in HVAC and electrical services across major emerging markets in data centers, as well as its long history of high-quality delivery across defence, hospitals, airports, and other major industrial and infrastructure sectors. The acquisition of Fredon creates a new 'EMIT' pillar for NRW, expanding the company's service offering, delivering new capabilities, and entering new addressable markets. NRW is providing updated guidance for FY26, with revenue expected to be in excess of $4 billion and underlying EBITA between $255 million to $265 million. The first three months of FY26 have provided NRW with a solid start to the financial year, with improved activity levels and opportunities across all sectors of the business. Fredon has also had a solid start to the year and is seeing increasing tender activity associated with growing demand for its electrical and mechanical offerings.

Revenue to be in excess of $4 billion, Underlying EBITA of between $255 million to $265 million for FY26.

The acquisition of Fredon creates a new 'EMIT' pillar for NRW, expanding the company's service offering, delivering new capabilities, and entering new addressable markets. NRW is seeing improved activity levels and opportunities across all sectors of the business, and Fredon is also experiencing a solid start to the year with increasing tender activity.