Nrw Holdings Limited · ASX:NWH
Nrw — Merger or Acquisition (September 2025)
24 slides from Nrw's merger presentation, Sep 2, 2025
Slide 1: Acquisition of Fredon Industries
Acquisition of Fredon Industries 2 September 2025
Slide 2: Important Notices & Disclaimer
Important Notices & Disclaimer IMPORTANT: You must read the following before continuing This investor presentation (“Presentation”) has been prepared by NRW Holdings Limited (ABN 95 118 300 217) (“NRW” or “Company”). This Presentation has been prepared in relation to NRW’s conditional acquisition of
Slide 3: Acquisition Delivers a Strategic 4th Pillar – EMIT
Fredon | Acquisition Delivers a Strategic 4th Pillar – “EMIT” • Fredon is a 100% Australian owned multi-service Electrical, Mechanical (HVAC), Infrastructure, Technology and Maintenance services provider with a long track record of strong revenue growth and cashflow generation, supported by a capita
Slide 4: Acquisition & Funding Overview
Acquisition & Funding Overview • NRW has executed an agreement to acquire 100% of Fredon. • Enterprise value of up to $200M with an assumed economic effective date of 1 July 2025. • Fredon achieved FY25 revenue of $840M and normalised EBIT of $38.6M1. Acquisition Terms • Implied acquisition multiple
Slide 5: Strategic Rationale
Strategic Rationale • Acquisition of Fredon represents another transformational milestone in implementing NRW’s growth strategy and delivers benefits for all NRW shareholders including: o Expanded service offerings, new capabilities and addressable markets via a new 4th Pillar. o Proven delivery pla
Slide 6: Overview
Fredon Overview
Slide 7: Overview
Fredon Overview • Established in 1968 and with a head office in Sydney, Fredon is a 100% Australian owned multi-service Electrical, Mechanical (HVAC), Infrastructure, Technology and Maintenance services provider. • Long track record of strong revenue growth and cashflow generation, supported by a ca
Slide 8: Key Markets
Fredon Key Markets • Fredon's broad technical expertise covers design, installation, maintenance, and turnkey solutions, supporting industry leaders and complex projects across Australia. • Fredon divisions collaborate to deliver effective design, installation and service from project conception to
Slide 9: Financials
Fredon Financials • Fredon has a history of achieving consistently profitable revenue through-the-cycle. ~2,500 Strong Workforce • FY25 normalised results1. o Revenue – $840M. Sophisticated Excellent safety Deep supplier and o EBIT – $38.6M. workforce with record sub-contractor strong culture relati
Slide 10: Pipeline
Fredon Pipeline1 • Fredon is well positioned to continue to drive organic growth with ~$1B work in hand. • Pipeline of $3.6B, with submitted tender’s of ~$2B. 1,000 Pipeline by Sector ($M) 750 500 250 0 Industrial Health & Aged Commercial Defence Sports and Transport Education Residential Retail Jus
Slide 11: Favourable End Market Dynamics
Favourable End Market Dynamics • Significant level of expenditure across target infrastructure and non-residential building markets supported by ongoing government and private sector investment. National Non-Residential Building1 - $B National Engineering Construction (Excluding Mining)1 - $B 70 140
Slide 12: Combined Business
Combined Business Westmead Hospital Paediatric Services Building – Electrical NSW
Slide 13: Outlook and Guidance
Outlook and Guidance Pipeline* Outlook - NRW Enlarged Group $3.6B Remains strong as: • Total Group pipeline is $20.9B. $8.4B $1.9B • Current active tenders of $7.6B. $20.9B June 25 • $7.1B of Work In Hand, with circa $3.8B (including $0.8B from Fredon2) already secured for FY26, which is either in t
Slide 14: Summary
Summary • Acquisition of Fredon represents another transformational milestone in implementing NRW’s growth strategy. • New 4th Pillar – Fredon expanded service offerings, new capabilities and addressable markets. • Proven delivery platform with scale to access opportunities driven by energy transiti
Slide 15: Industry Experience
Fredon | Industry Experience
Slide 16: Data Centres
Fredon | Data Centres SA Data Centre Stack MEL01 Data Centre MEL064 Data Centre ELECTRICAL & HVAC SA HVAC VIC ELECTRICAL VIC Client: Lendlease Client: Erilyan Client: Lendlease Location: RAAF Edinburgh, SA Location: Truganuna, VIC Location: Cobblebank VIC Completion: September 2027 Completion: May 2
Slide 17: Defence
Fredon | Defence Docklands HMAS Stirling Garden Island ELECTRICAL VIC HVAC WA ELECTRICAL NSW Client: Lendlease Client: Lendlease Client: Lendlease Location: Docklands, VIC Location: Garden Island, WA Location: Garden Island, NSW Completion: Completed Completion: Completed Completion: Completed Scope
Slide 18: Health
Fredon | Health Sydney Children's Hospital Westmead Hospital Paediatric St John of God ELECTRICAL NSW JOINT ELECTRICAL & HVAC NSW ELECTRICAL & HVAC WA Client: John Holland Client: Roberts Co Client: Multiplex Location: Randwick, NSW Location: Westmead, NSW Location: Subiaco WA Completion: August 202
Slide 19: Transport
Fredon | Transport Western Harbour Tunnel Sydney Metro Western Sydney Airport INFRASTRUCTURE NSW INFRASTRUCTURE NSW INFRASTRUCTURE NSW Client: Acciona Client: CPB UGL JV Client: Acciona/ CPB Joint Venture Location: Sydney, NSW Location: Various, NSW Location: Badgerys Creek, NSW Completion: August 2
Slide 20: Commercial
Fredon | Commercial Circular Quay Tower Martin Place Martin Place ELECTRICAL NSW TECHNOLOGY NSW TECHNOLOGY NSW Client: Lendlease Client: Lendlease Client: Shape Location: Sydney, NSW Location: Sydney, NSW Location: Sydney, NSW Completion: Completed Completion: Completed Completion: Completed Scope:
Slide 21: Retail / Entertainment
Fredon | Retail / Entertainment JB Hi Fi Queens Wharf Sydney Football Stadium ELECTRICAL STURDIE ELECTRICAL QLD ELECTRICAL & INFRASTRUCTURE NSW Client: JB HiFi Client: Multiplex Client: John Hollard Location: Australia Wide Location: Brisbane, QLD Location: Moore Park, NSW Completion: Ongoing Comple
Slide 22: Education
Fredon | Education Sydney Biomedical Accelerator Sydney University Canberra Institute of Technology JOINT ELECTRICAL, HVAC & TECHNOLOGY HVAC SERVICE & MAINTENANCE NSW TECHNOLOGY ACT Client: Richard Crookes Construction Client: University of Sydney Client: Lendlease Location: Camperdown, NSW Location
Slide 23: Correctional
Fredon | Correctional Southern QLD Clarence Correctional Chisolm Road Prison ELECTRICAL QLD ELECTRICAL NSW TECHNOLOGY VIC Client: John Holland Client: John Holland Client: Department of Justice (VIC) Location: Gatton, QLD Location: Lavadia, NSW Location: Lara, VIC Completion: Completed Completion: C
Slide 24: Stack Infrastructure MEL01 Australia Data Centre
Stack Infrastructure MEL01 Australia Data Centre – HVAC VIC
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