NRW Holdings caps FY26 with $4.3B revenue and 53% dividend hike
NRW Holdings delivered a strong full year in its FY26 results presentation dated 20 August 2026, reporting revenue of $4.3 billion, up 31.4% on FY25, alongside Underlying EBITA of $288.6 million, up 38.8% and Underlying NPAT of $182.7 million, up 43.6%.
The clearest shareholder signal came at the dividend line, with the company declaring a fully franked final dividend of 14.5 cents per share, up 53% on FY25.
The result reflected an enlarged, diversified group operating across civil, mining, and minerals markets, with the acquisition of Fredon specifically expanding its exposure into electrical and mechanical services.
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FY26 financial results at a glance
At the group level, the presentation detailed a sharp uplift in statutory earnings, with Statutory NPAT reaching $153.4 million, up 454.3% on FY25. The movement was driven partly by a reduction in non-underlying transactions, which fell from -$142.1 million in FY25 to -$26.0 million in FY26.
The company reported operating cash conversion of 93.8% and closed the period with cash holdings of $319.7 million. Underlying earnings per share came in at 39.8 cents, up 42.9% on the prior year.
| Metric | FY26 ($M) | FY25 ($M) | Movement |
|---|---|---|---|
| Revenue | 4,293.3 | 3,267.7 | 31.4% |
| Underlying EBITA | 288.6 | 207.9 | 38.8% |
| Statutory EBIT | 245.1 | 58.3 | 320.6% |
| Statutory NPAT | 153.4 | 27.7 | 454.3% |
| Underlying EPS | 39.8c | 27.9c | 42.9% |
Balance sheet and leverage highlights from the presentation included:
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Net debt of $265.8 million, with leverage excluding AASB 16 at 0.37x. This rose from 0.25x in FY25 but, per the company, “remains well below targeted leverage levels”.
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Financial debt increased to $499.6 million due to funding the Fredon acquisition.
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Free cash flow of $181.3 million, up 75.2% on FY25.
Why the order book and pipeline matter to investors
For a contractor like NRW Holdings, three measures help investors gauge future earnings. The order book, sometimes called work in hand, represents contracted future revenue that has already been secured. Active tenders are bids the company has submitted but not yet won, while the pipeline covers identified opportunities the business expects to compete for.
A strong order book gives earnings visibility because a portion of future revenue is effectively locked in. Active tenders and the broader pipeline indicate potential for future growth beyond what is already secured.
The presentation anchored these measures with substantial figures: $7.5 billion of work in hand (including repeat business), $11.1 billion of active tenders, and a $29.1 billion pipeline within 12 months.
This underpins FY27 guidance, with approximately 85% of forecast revenue already secured. High revenue visibility of this kind helps de-risk the forward outlook.
Recent Golding contract awards, including a $150 million equipment hire agreement in South Australia and a $41-$45 million Anglo American rail diversion in Queensland, illustrate the capital-light structure through which NRW has been building its FY27 order book without materially straining the balance sheet.
Diversified segment performance drives the result
The result was spread across four operating segments: Civil, Mining, MET (Minerals, Energy & Technologies) and EMIT (Electrical, Mechanical (HVAC), Infrastructure, Technology). The company positioned itself as having created “the most diversified Australian listed industrial service provider”.
| Segment | Revenue | Underlying EBITA | Movement (EBITA) | Order Book |
|---|---|---|---|---|
| Civil | $862.5M | $46.9M | +6.2% | $0.9B |
| Mining | $1,539.5M | $139.9M | +15.6% | $4.4B |
| MET | $1,259.2M | $96.0M | +40.5% | $0.8B |
| EMIT | $684.3M | $36.1M | n/a (first period) | $1.4B |
Mining and MET lead the charge
The Mining segment delivered Underlying EBITA up 15.6% to $139.9 million, with the EBITA margin expanding to 9.1%. Management noted the business is set to benefit from the commencement of the Meandu project and the expansion of Castle Hill.
The Mining segment’s order book of $4.4 billion reflects a sustained run of capital-light award activity, including $270 million in Pilbara contract wins spanning Rio Tinto mining operations, government roads, and port infrastructure secured earlier in FY26.
MET recorded revenue up 35.1% and Underlying EBITA up 40.5% to $96.0 million, supported by a record performance from Primero on the KCGM Fimiston Growth Project. The segment ended the period with a record $2.2 billion of active tenders.
Fredon delivers a strong maiden contribution
The EMIT segment reflected Fredon’s first nine months as part of the Group. It contributed $684.3 million in revenue at a 5.3% underlying EBITA margin, exceeding the acquisition assumptions.
Key contract wins detailed in the presentation included:
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Four data centre contracts awarded in December 2025, with a combined value of approximately $150 million.
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An electrical works package on a major Commonwealth of Australia infrastructure project in Northern Australia, valued at approximately $110 million, with completion planned for mid-2028.
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Completed projects including the Westmead Hospital Paediatric Services Building, Geraldton Hospital and the Victoria Cross Tower – Over Station.
Strengthened balance sheet and expanded liquidity
The presentation flagged a post-period event, with the Group executing amendments to its senior banking facilities on 31 July 2026 that increased total committed facility limits by $300 million.
The refinancing was completed on “improved terms and pricing”, comprising a $500 million three-year revolving facility, a $150 million four-year revolving facility, and a $50 million one-year working capital facility. A $100 million uncommitted accordion was also negotiated, which if exercised would take total available bank facilities to $800 million.
Proforma available liquidity, excluding equipment finance, stood at $718.0 million, comprising $319.7 million in cash and $398.3 million in undrawn corporate debt facilities. The company positioned the amendments as enhancing liquidity flexibility and extending its debt maturity profile to help fund the growth pipeline.
FY27 guidance points to continued growth
Management set out forward guidance for FY27, framed around the enlarged group’s order book and pipeline:
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Full year revenue is expected to be between $4.6 billion and $4.8 billion, of which approximately 85% is secured.
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Underlying EBITA is expected to be between $320.0 million and $330.0 million.
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Cash conversion is expected to be consistent with long-term averages.
These targets are supported by a $29.1 billion pipeline, $11.1 billion of active tenders, and $7.5 billion of work in hand. On sustainability, the company reported an improved Total Recordable Injury Frequency Rate (TRIFR) of 4.12, down from 6.05 in FY25, and a 50% reduction in Scope 1 and Scope 2 emissions intensity across managed facilities against the FY20 baseline.
From the FY26 results presentation
“The outlook remains strong for the enlarged group.”
What FY26 means for the NRW investment case
FY26 combined strong earnings growth with a materially higher dividend, up 53%, and high revenue visibility, with approximately 85% of FY27 forecast revenue already secured. The successful integration of Fredon added a new dimension to the group’s earnings mix, while the July 2026 facility amendments strengthened and expanded its liquidity position. Together, these disclosed figures frame an enlarged, diversified business entering FY27 with a substantial secured order book.
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