NRW Holdings showcased strong FY25 proforma results and ambitious FY26 guidance at the UBS Conference, underpinned by strategic acquisitions and a diversified portfolio. The company’s growth strategy focuses on expanding capabilities in energy transition and infrastructure markets across Australia, New Zealand, and North America.
- FY25 proforma revenue of $4.1 billion and underlying EBITA of $246.5 million
- FY26 guidance targets revenue exceeding $4.0 billion and EBITA between $255 million and $265 million
- Strong $7.1 billion order book and $20.9 billion project pipeline
- Strategic acquisitions including Fredon enhance exposure to energy transition and digital innovation
- Diversified operations across civil, mining, MET, and EMIT segments with geographic expansion
A Diversified Engineering and Mining Powerhouse
NRW Holdings, a Perth-based ASX-listed company, presented a comprehensive update at the UBS Conference in November 2025, highlighting its evolution into a diversified engineering, construction, and mining services group. With a workforce of approximately 11,500 people and a portfolio spanning civil infrastructure, mining services, multi-disciplinary engineering (MET), and electrical-mechanical-infrastructure-technology (EMIT) services, NRW has positioned itself as a resilient player across multiple sectors.
The company’s FY25 proforma results, which include the recent acquisition of Fredon, demonstrated robust financial health with $4.1 billion in revenue and an underlying EBITA of $246.5 million. This performance reflects NRW’s disciplined growth strategy, combining organic expansion with targeted acquisitions to access future-focused markets driven by energy transition and digital innovation.
Strategic Acquisitions Fuel Growth and Diversification
NRW’s acquisition of Fredon in 2025 marked a significant step into electrical, mechanical, and technology services, complementing its existing capabilities in mining and civil construction. This move broadens NRW’s addressable markets, particularly in infrastructure and energy sectors, and supports its sustainability ambitions, including a 60% reduction target in Scope 1 and 2 greenhouse gas emissions by 2030.
Other acquisitions such as Primero, OFI, Golding, and RCR Mining Technologies have expanded NRW’s engineering and operational footprint across Australia and internationally, including the USA and Canada. These strategic moves have enhanced the company’s ability to deliver integrated solutions, from feasibility and design through to construction and ongoing maintenance.
Robust Order Book and Pipeline Signal Strong FY26 Prospects
NRW reported a strong order book of $7.1 billion with $3.8 billion secured for FY26, including $0.8 billion from Fredon. The broader project pipeline stands at $20.9 billion, supported by $7.6 billion in active tenders. This backlog underpins the company’s FY26 guidance, which anticipates revenue exceeding $4.0 billion and underlying EBITA between $255 million and $265 million.
Key segments such as mining and civil infrastructure continue to benefit from sustained demand driven by commodity markets, government infrastructure investment, and major events like the 2032 Brisbane Olympics. NRW’s mining segment, its largest, is supported by long-term contracts and diversified commodity exposure, including iron ore, gold, copper, and emerging battery minerals.
Sustainability and Workforce Development at the Core
NRW has embedded sustainability into its growth strategy, targeting significant emissions reductions and emphasizing safety and inclusivity. The company reported a female workforce participation rate of 16.43% and invests heavily in apprenticeships and graduate programs, with over 470 trainees and undergraduates as of September 2025.
Leadership continuity and experience underpin NRW’s operational execution, with a seasoned executive team driving the integration of acquisitions and expansion into new geographies. The company’s capital-light model and disciplined cash management further support its resilience and capacity to pursue value-accretive growth.
Outlook, Positioned for Sustainable Growth
Looking ahead, NRW is well positioned to capitalise on infrastructure booms in Western Australia and Queensland, mining extensions, and diversification into new commodities and international markets. The company’s strategic focus on energy transition and digital innovation, combined with a strong order book and pipeline, suggests a promising trajectory for continued shareholder value creation.
Bottom Line?
NRW Holdings’ disciplined expansion and diversified portfolio set the stage for sustained growth amid evolving market dynamics.
Questions in the middle?
- How will NRW’s recent acquisitions, especially Fredon, impact its margin profile and integration risks?
- What are the key risks to achieving the ambitious FY26 EBITA guidance amid global economic uncertainties?
- How effectively can NRW leverage its patented lithium processing technology to unlock new growth avenues?