NRW Holdings hikes guidance again as Fredon outperforms
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The news: Construction and mining contractor NRW Holdings has upgraded its FY26 guidance for the second time in two months, with its Queensland mining business continuing to outperform internal expectations.
The numbers: NRW is now guiding full-year revenue of $4.1 billion, up from its upgraded target of $4 billion and 21% higher than its original guidance of $3.4 billion.
The group has raised its underlying EBITA guidance to $260-265 million from $255-265 million. That is up from its initial range of $218-228 million.
The context: NRW chief executive and managing director Jules Pemberton said its Queensland mining business has benefitted from a "positive weather environment" coupled with a "very strong operational performance".
NRW's recently acquired engineering group Fredon Industries has also had a strong start to the financial year, Pemberton said, hitting first-half earnout targets that formed part of the purchase agreement.
The new subsidiary has seen "high levels of tendering activity" across many sectors, particularly in data centres, he noted.
What they said: "As we head into the wet season, which we factor into our thinking, we have our fingers crossed that expected weather patterns prevail, and the strong start to FY26 will continue in the second half," Pemberton said.
The source: ASX
