NRW Holdings Limited (ASX: NWH) has announced the completion of its acquisition of Fredon Industries Pty Ltd, initially announced on 2 September 2025. NRW is a leading provider of diversified contract services to the government, resources, industrial and infrastructure sectors in Australia. The completion payment was funded through NRW’s existing finance facilities, with a potential further earn-out payment of up to $60 million in cash payable after Fredon’s CY25 results, contingent on performance targets being met.
NRW Managing Director Jules Pemberton expressed his enthusiasm for the completion of the acquisition and welcomed Fredon’s 2,500 employees to NRW. Pemberton highlighted the positive feedback received since the initial announcement and anticipates supporting Fredon’s growth initiatives, which align with NRW’s goal of creating long-term shareholder value. He further noted Fredon’s capabilities in HVAC and electrical services, particularly within the data centre market, as well as its track record in defence, hospitals, airports, and other major industrial and infrastructure sectors.
As NRW will consolidate Fredon’s results from the completion date, the company has provided updated guidance for FY26. The first three months of FY26 have shown a strong start, with favourable weather conditions in Queensland and increased activity across all business sectors. Fredon has also reported a solid start to the year, with increasing tender activity related to its electrical and mechanical offerings.
NRW’s updated guidance for FY26 includes revenue expected to exceed $4 billion and underlying EBITA projected to be between $255 million and $265 million. Preliminary purchase price accounting outcomes will be incorporated in the half-year reporting for 31 December 2025, with finalisation in the full-year accounts.
