Investors are still finding reasons to buy NRW Holdings Ltd (ASX: NWH) after a huge 12-month run.
The contractor's shares are up 2.08% to $7.35 on Tuesday after the company announced a fresh batch of project wins.
It has already been a massive period for shareholders.
NRW shares have gained around 42% in 2026 and about 164% over the past year, putting the stock among the stronger performers on the ASX.
Here's what was in the update.
Image source: Getty Images
Fredon locks in new work
According to the release, NRW's wholly owned subsidiary Fredon has secured a suite of contracts across Victoria and Western Australia.
The contracts have a combined value of about $120 million.
Fredon provides electrical, communications, technology, and maintenance services across infrastructure, resources, commercial, and industrial markets.
The work is spread across several projects, rather than being tied to just one large contract.
It also spreads the risk and gives Fredon exposure to a mix of data centres, hospitals, student accommodation, and commercial infrastructure.
What the contracts cover
The biggest part of the update is tied to an existing data centre project in Leederville.
Fredon has secured an additional $9 million electrical package on the project, lifting its total contract value there to about $55 million. Completion is expected in August 2027.
The company has also won a $26 million electrical and communications package for the Bunbury Hospital redevelopment in Western Australia. NRW said the project will deliver one of the most modern hospital facilities in regional Australia, with work due to begin in April 2026.
Fredon has picked up a $16 million electrical, communications, ICT, and security package for a University of Western Australia project in Nedlands. Construction on the 14-storey development started in October 2025 and is scheduled to finish in June 2027.
It has also secured a $10 million electrical and security package at the 609 Wellington Street student accommodation project in Perth. The development will provide 835 student beds and is due to be completed in June 2027.
Why the work is getting noticed
NRW has long been known for its mining and civil infrastructure work, but Fredon adds another source of contract revenue.
Today's update shows the group is also picking up work across areas outside traditional mining activity.
Hospitals, data centres, student accommodation, and commercial buildings all require large, complex electrical and technology packages.
Fredon CEO Scott Olsen said the awards reflect the business' ability to deliver critical infrastructure projects in live operating environments across Australia.
NRW chief executive Jules Pemberton said the contracts highlight Fredon's diversity and strength in regional communities.
After such a strong share price run, investors will still be watching whether NRW can keep adding work at attractive margins.
The stock now has a market cap of about $3.4 billion and trades on a high price-to-earnings ratio (P/E) of 70.
