• Fredon acquisition successfully completed
• Revenue up 19.5% to $2.0 billion
• Underlying EBITA up 36.4% to $132.3 million
• Interim dividend up 21.4% to 8.5 cents per share
• Guidance upgraded for FY26 underlying EBITA

NRW Holdings Ltd has announced its financial results for the half-year ended 31 December 2025 (HY26), reporting a strong performance across the group. Revenue grew by 19.5% to $2.0 billion, driven by solid performances in the Civil and MET divisions, as well as a three-month contribution from the recently acquired Fredon business. Underlying EBITA increased by 36.4% to $132.3 million, reflecting the strong lift in activity across the group and improved margins. The Mining segment delivered a notable uplift in EBITA margins to 9.0%, while MET achieved margin growth to 7.7% and Civil maintained stable margins at 5.0%. The Fredon acquisition, which was successfully completed during the half, has further strengthened NRW's diversified platform and provided additional growth opportunities, particularly in the data centre, health, aged care, defence and renewables sectors. The group secured a number of significant project wins across its Civil, Mining, MET and EMIT divisions, totaling around $2.0 billion. Looking ahead, NRW remains optimistic about the outlook across all four segments, with a robust $7.5 billion order book and $9.2 billion in active tenders. The company has also upgraded its FY26 guidance, expecting underlying EBITA to be between $275.0 million and $285.0 million.

Revenue expected to be in the range of $4.1 billion - $4.2 billion; Earnings (Underlying EBITA) expected to be between $275.0 million - $285.0 million; Cash conversion consistent with long-term averages.

NRW remains optimistic about the outlook across all four segments, with a robust $7.5 billion order book and $9.2 billion in active tenders. The company is well-positioned to benefit from a broad range of future opportunities, including in the civil, mining, MET and EMIT divisions.