• Delivered strong FY25 results despite challenges
• Acquired Fredon Industries, expanding into new sectors
• Forecasting FY26 revenue of ~$4.1B and EBITA of $260-265M
• Secured $7.1B in work in hand, $7B in active tenders, $20.9B pipeline

NRW Holdings CEO Jules Pemberton opened the company's 2025 Annual General Meeting by providing an overview of the business, noting that FY25 was another significant year as NRW further built on strong foundations, added a fourth strategic pillar, and delivered significant returns to shareholders. Despite challenges such as record rainfall in Queensland and events surrounding OneSteel in South Australia, NRW's underlying performance was excellent, with several business units delivering record numbers. This allowed the Board to declare a final dividend of 9.5 cents per share, for a fully franked payout of 16.5 cents per share for the year. Pemberton highlighted NRW's diversification strategy, which has served the company well, with the Civil, Mining, and Minerals, Energy & Technologies divisions all contributing to the strong FY25 results. Looking ahead, Pemberton provided an update on the company's FY26 outlook, noting a strong start to the year, particularly in the Queensland mining business. With the Fredon acquisition also performing well, the CEO expressed confidence in the group's ability to deliver revenue of around $4.1 billion and underlying EBITA between $260 million and $265 million in FY26. NRW has secured $7.1 billion in work in hand, with $7 billion in active tenders and a $20.9 billion pipeline, providing a positive outlook for the year ahead.

For FY26, NRW is forecasting revenue of approximately $4.1 billion and underlying EBITA between $260 million and $265 million.

NRW has had a strong start to FY26, with the Queensland mining business outperforming internal expectations. The Fredon acquisition has also had a strong start, and the company is well-positioned for a strong second half of the year with high levels of tendering activity across many sectors.