Shares in NRW Holdings Ltd (ASX: NWH) hit a fresh all-time high, up almost 200% from their lows over the past 12 months, after the company delivered a solid set of first-half results and a profit outlook upgrade.
The diversified mining services company said in a statement to the ASX on Thursday that its revenue came in at $2 billion for the half, up 19.5% compared with the previous corresponding period, while net profit was 40.8% higher at $72.8 million.
NRW said that during the half, it successfully acquired and integrated the Fredon business – a national provider of electrical, mechanical infrastructure, technology, and maintenance services – and had now incorporated its results into its own figures.
The company said the growth in revenue was driven by strong performance in its civil and MET division, which supplies a diversified range of mining services, while revenue in the mining division was down due to the completion of several projects.
The company added:
Looking ahead, Civil is well positioned, supported by a robust tender pipeline, sustained demand from tier‑one miners and major infrastructure programs emerging across Western Australia, Queensland and South Australia. Additionally, the outlook for Civil's Urban development business in Queensland remains strong. Mining continues to benefit from favourable market and weather conditions, including growing opportunities in gold, copper and battery metals, and a solid base of long‑term contracts that underpin stable volumes and disciplined capital returns. MET is building on its strong first‑half performance, with notable tender activity, expanding national and international opportunities, and continued investment in innovation. Our newest division, EMIT, through Fredon, is set for strong growth as demand accelerates across data centres, health, aged care, defence and renewables.
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Outlook looking good
NRW said it had an order book of $7.5 billion across the group and was bidding on $9.2 billion in future tenders.
The company said it ended the half with $342.4 million in cash.
NRW managing director Jules Pemberton said it was a solid result.
I am delighted to present a very strong set of financial results for the first half of FY26, reflecting the strength of our diversified business model and the disciplined execution of key projects delivered across the Group. We have delivered earnings growth and a strong cash performance while positioning NRW to benefit from a broad range of future opportunities. Following the successfully executed acquisition of Fredon, I have been very impressed by the business and the people that make up that business, and I see significant upside opportunities from their exposure to several growth sectors including data and defence.
The company declared a fully franked dividend of 8.5 cents per share, up from 7 cents for the same period last year.
The company also upgraded its full-year EBITDA guidance to $275-$285 million, up from $260-$265 million previously.
NRW shares were 8.5% higher on Thursday at $6.11 after hitting an all-time high of $6.57 earlier in the day. The shares have almost tripled from lows of $2.21 they hit during the past 12 months.
