NRW Holdings (ASX:NWH) fiscal first-half results missed expectations, hampered by the weather and structural changes of the company's mining fleet, but the outlook for the coming years remains positive, with growth projected in fiscal 2026, according to a Feb.28 note by Euroz Hartleys.

NWH reported Friday that its earnings per diluted share in the fiscal first half rose to AU$0.112 from AU$0.09 per diluted share a year earlier. Analysts polled by Visible Alpha were expecting an EPS of AU$0.138.

The civil and mining contractor now anticipates full fiscal year revenue of AU$3.2 billion to AU$3.3 billion, compared with its previous guidance of AU$3.1 billion.

The company also said that its unit, Golding Contractors, is owed about AU$113.3 million under a mining services agreement with OneSteel Manufacturing.

While the immediate market reaction is uncertain, Euroz notes that NWH's stock is backed by strong fundamentals.

Euroz believes that while the outcome of the money owed is uncertain, it is optimistic about NWH recovering a "good chunk" of the receivable.

NRW Holdings' second-half run rate and on track to meet Euroz's previous guidance for fiscal 2026, the firm added.

Euroz maintained NRW's buy rating but lowered its price target to AU$4.23 from AU$4.49.

Shares of the company fell 11% in recent Monday trade.