Nrw Holdings Limited · ASX:NWH
Nrw — H1 FY2026 Earnings Presentation
22 slides from Nrw's earnings presentation, Feb 19, 2026
Slide 1: FY26 Half-Year Results
FY26 Half-Year Results February 2026 NRW Holdings | FY26 Half-Year Results
Slide 2: Half-Year Highlights
Half-Year Highlights $2.0B $7.5B Revenue Strong Order Book $342.4M $132.3M Cash Holdings EBITA ~12,000 150+ Workforce Projects NRW Holdings | FY26 Half-Year Results 2
Slide 3: FY26 Half-Year Financial Results
FY26 Half-Year Financial Results Financial Overview • Revenue $2.0 billion, up 19.5% on HY25. • Underlying EBITDA $225.2 million, up 19.2% on HY25. • Underlying EBITA $132.3 million, up 36.4% on HY25. • Underlying NPAT $83.1 million, up 42.3% on HY25. • Cash holdings of $342.4 million, 114.1% conver
Slide 4: Sustainability Overview
Sustainability Overview 5.11 TRIFR (FY25) = 6.05 Implementation of Critical Risk Management 3.3% Indigenous nearing participation in the completion workforce (FY25 = 4.2%) 16.4% Female participation in the workforce (FY25 = 18.7%) NRW Holdings | FY26 Half-Year Results 4
Slide 5: FY26 Half-Year Profit & Loss
FY26 Half-Year Profit & Loss FH FY26 FH FY25 Movement $M $M Revenue 1,974.2 1,651.8 19.5% Underlying EBITDA 225.2 188.8 19.2% Underlying EBITA 132.3 96.9 36.4% Amortisation of acquisition intangibles (7.7) (3.7) 111.7% Non-underlying transactions (10.3) (8.6) 19.9% Statutory EBIT 114.2 84.6 34.9% In
Slide 6: Impact of Purchase Price Accounting - Fredon
Impact of Purchase Price Accounting - Fredon • On 2 September 2025, NRW announced that the Company had 6 Months 6 Months 12 Months executed a Share Price Agreement for 100% of the issued capital of 1 July 2025 to 31 1 July 2025 to 1 July 2025 to Fredon for an enterprise value of $200 million on a de
Slide 7: Balance Sheet
Balance Sheet Dec 25 Jun 25 $M $M • Financial debt increased to $484.3 million largely utilised to fund Cash 342.4 265.7 the Fredon acquisition. Financial debt (484.3) (364.2) • Net debt increased to $200.4 million, with gearing increasing to Lease debt (58.5) (46.9) 22.1% (31.2% including AASB16 le
Slide 8: Cash Flow
Cash Flow Dec 25 Dec 24 Movement $M $M • Cash balances increased to $342.4 million with cash conversion Operating cash flows (before interest 249.6 156.3 59.7% of 114.1%. and tax) Operating cash conversion(1) 114.1% 82.7% 31.4% • $69.2 million tax payments reflects the resumption of normal Net inter
Slide 9: Debt & Available Liquidity
Debt & Available Liquidity Group Debt Dec 25 Jun 25 Borrowing Facilities Drawn Undrawn Total $M $M $M $M $M Revolving credit facility (255.9) (99.3) Revolving credit facility 252.0 178.0 430.0 Asset finance debt (228.4) (264.8) Equipment finance 228.4 408.8 637.3 Lease debt (AASB16) (58.5) (46.9) Gu
Slide 10: Strategic Sector Exposures
Strategic Sector Exposures Our strategy has successfully created a diversified business model This model provides comprehensive capabilities throughout the project lifecycle, spanning engineering, manufacturing, construction, operations, maintenance and the supply of OEM products. Civil Mining MET E
Slide 11: Segment Financial Overview
Segment Financial Overview Revenue Underlying EBITA Civil $444.3M $22.3M 6.3% 4.3% Mining $764.9M $68.7M 5.0% 7.8% MET $599.1M $46.0M 32.0% 69.4% EMIT $206.9M $9.5M NRW Holdings | FY26 Half-Year Results 11
Slide 12: Civil
Civil NRW Holdings | FY26 Half-Year Results 12
Slide 13: Civil
Civil • Revenue increased by 6.3%, with growth largely driven by the Urban business delivering above expectations, reflecting disciplined operational performance and benefits of scale in the South East Queensland market. FH FY26 FH FY25 Movement • In WA key contributors to the results were the deliv
Slide 14: Mining
Mining NRW Holdings | FY26 Half-Year Results 14
Slide 15: Mining
Mining • The segment delivered a strong underlying EBITA margin percentage of 9.0% in the first half of FY26, supported by favourable weather conditions in QLD. FH FY26 FH FY25 Movement • Revenue was lower by 5.0%, due to the completion of the Mt Cattlin Lithium, Mt Webber and Isaac Downs $M $M % pr
Slide 16: Minerals, Energy & Technology
Minerals, Energy & Technology NRW Holdings | FY26 Half-Year Results 16
Slide 17: Minerals, Energy & Technologies
Minerals, Energy & Technologies • MET revenue increased by 32% at an improved margin from 6.0% to 7.7%, reflecting strong growth in revenue at Primero and RCR, and increased contribution from DIAB and OFI delivered in line with expectations. FH FY26 FH FY25 Movement • Primero’s revenue growth was du
Slide 18: Electrical, Mechanical (HVAC), Infrastructure, Technology
Electrical, Mechanical (HVAC), Infrastructure, Technology NRW Holdings | FY26 Half-Year Results 18
Slide 19: Electrical, Mechanical (HVAC), Infrastructure, Technology
Electrical, Mechanical (HVAC), Infrastructure, Technology • The acquisition of Fredon Industries was successfully completed on 7 October 2025. The integration of Fredon’s 2,500 employees, systems, and operations has been successful with minimal disruption. FH FY26 FH FY25 • Fredon has delivered a so
Slide 20: Outlook & Guidance
Outlook & Guidance The outlook remains strong for the enlarged group Pipeline(2) Outlook $3.6B Continued strong growth will be delivered in FY27 $9.0B $3.8B underpinned by: $25.2B • Growing Group pipeline currently $25.2 billion. • Current active tenders of $9.2 billion. $8.8B • $7.5 billion of work
Slide 21: Disclaimer
Disclaimer Summary Information Future and Past Performance Disclaimer • This Presentation contains summary information • To the extent this Presentation contains certain • No representation or warranty, express or implied, about NRW and its associated entities and their “forward-looking statements”
Slide 22: nrw.com.au
«(NRW >» Holdings nrw.com.au