NRW Holdings H1 2026 Loss Tests Bullish Margin Recovery Narrative

Simply Wall St.

Feb 20

NRW Holdings (ASX:NWH) has just put out its H1 2026 scorecard, with total revenue for the half at about A$1.6 billion and a basic EPS loss of A$0.05 per share, setting the tone for a period where ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNRW Holdings H1 2026 Loss Tests Bullish Margin Recovery Narrative\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-20 06:33 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://simplywall.st/stocks/au/capital-goods/asx-nwh/nrw-holdings-shares/news/nrw-holdings-h1-2026-loss-tests-bullish-margin-recovery-narr><strong>Simply Wall St.</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NRW Holdings (ASX:NWH) has just put out its H1 2026 scorecard, with total revenue for the half at about A$1.6 billion and a basic EPS loss of A$0.05 per share, setting the tone for a period where ...</p>\n\n<a href=\"https://simplywall.st/stocks/au/capital-goods/asx-nwh/nrw-holdings-shares/news/nrw-holdings-h1-2026-loss-tests-bullish-margin-recovery-narr\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK7055","symbol_name":"建筑与工程","start_time":0,"source_url":"https://simplywall.st/stocks/au/capital-goods/asx-nwh/nrw-holdings-shares/news/nrw-holdings-h1-2026-loss-tests-bullish-margin-recovery-narr","article_id":"2612231715","we_media_id":null,"thumbnails":["https://images.simplywall.st/asset/industry/3041000-choice1-main-header/1585186744280"],"rights":{"source":"simplywall_highlight","url":"https://simplywall.st/stocks/au/capital-goods/asx-nwh/nrw-holdings-shares/news/nrw-holdings-h1-2026-loss-tests-bullish-margin-recovery-narr","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2612231715","pubTimestamp":1771540423,"columns":[],"sourceInfo":{"source_id":"simplywall_highlight","name":"Simply Wall St."},"weMediaInfo":null,"summary":"NRW Holdings (ASX:NWH) has just put out its H1 2026 scorecard, with total revenue for the half at about A$1.6 billion and a basic EPS loss of A$0.05 per share, setting the tone for a period where profitability drew as much attention as top line scale. The company has seen revenue move from A$1.49 billion in H2 2024 to A$1.65 billion in H1 2025 and A$1.62 billion in H2 2025, while basic EPS shifted from A$0.14 to A$0.11, then into a loss of A$0.05. This sets up a story that sits between growth...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK7055":"建筑与工程","NWH.AU":"NRW HOLDINGS LTD","BLSG":"2倍做多BLSH ETF-Leverage Shares","BK4112":"金融交易所和数据","BLSX":"Tradr 2X Long BLSH Daily ETF"},"translate_title":"NRW Holdings 2026年上半年亏损测试看涨利润率复苏叙事","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NWH.AU":1.96,"BLSX":0.6,"BLSG":0.6},"content_text":"NRW Holdings (ASX:NWH) has just put out its H1 2026 scorecard, with total revenue for the half at about A$1.6 billion and a basic EPS loss of A$0.05 per share, setting the tone for a period where profitability drew as much attention as top line scale. The company has seen revenue move from A$1.49 billion in H2 2024 to A$1.65 billion in H1 2025 and A$1.62 billion in H2 2025, while basic EPS shifted from A$0.14 to A$0.11, then into a loss of A$0.05. This sets up a story that sits between growth expectations and pressure on earnings. With trailing 12 month EPS at A$0.11 per share and net profit margins tighter than a year ago, the latest numbers keep the spotlight firmly on how quickly margins can stabilise or rebuild. See our full analysis for NRW Holdings. With the headline figures on the table, the next step is to line these results up against the key narratives around NRW Holdings to see which stories the numbers support and which ones they start to question. See what the community is saying about NRW Holdings ASX:NWH Earnings & Revenue History as at Feb 2026 AdvertisementMargins Squeezed, Net Margin At 1.4%  On a trailing 12 month basis, NRW has A$3.6b of revenue and A$48.8 million of net income, which works out to a 1.4% net profit margin compared with 3.7% a year earlier. Analysts' consensus view talks about a strong project pipeline and diversification supporting margin stability across mining and civil work. However, the move from a 3.7% to 1.4% net margin shows how exposed those margins still are to issues like competitive bidding and weather impacts highlighted in the risk list.\n     Consensus points to recurring services and diversification as tools to smooth earnings. At the same time, the trailing 12 month basic EPS of A$0.11 and the H2 2025 loss both show that short term contract mix and execution can still drive meaningful swings. The focus on long term ESG credentials and contract retention in the consensus narrative sits next to the recent A$24.0 million net loss in H2 2025, which illustrates that even with good contract visibility, near term profitability can be tight.    P/E Of 57.7x Versus Industry 15.7x  NRW is trading on a trailing P/E of 57.7x compared with a peer average of 27.4x and a global construction industry average of 15.7x, while forecasts point to 28.2% yearly earnings growth and 8.2% yearly revenue growth over the periods referenced. Consensus narrative sees diversified operations and acquisitions as a way to support more stable earnings. However, the combination of a high P/E and a 1.4% trailing net margin means the market is paying a much richer multiple today than the broader industry for a business that has had slightly negative 5 year earnings growth of 0.3% per year.\n     Bulls who lean on the strong project pipeline and expected margin improvement are relying on that 28.2% earnings growth assumption. If it does not play out, the current 57.7x P/E could look stretched next to peers on 27.4x. Skeptics pointing to tight margins and exposure to weather or client issues can see some support in the weak trailing margin, even though the same data set flags a DCF fair value of A$10.38 against a share price of A$6.12.    On these numbers, bulls and bears are looking at the same P/E and margin profile but telling very different stories about what happens next. This is why many investors cross check it with a full bull case view before deciding how much weight to give the growth forecasts. 🐂 NRW Holdings Bull Case DCF Fair Value A$10.38 Vs A$6.12 Price  The DCF fair value cited here is A$10.38 per share compared with a current share price of A$6.12, while the trailing 12 month net profit margin is 1.4% and dividends yield 2.7% but are not well covered by trailing earnings. Bears highlight weather exposure, client insolvency risk, lower margin civil work, and higher financial leverage as reasons to question how dependable that DCF fair value gap is when trailing net income over the last 12 months is A$48.8 million on A$3.6b of revenue.\n     Concerns about tight margins and capital needs line up with the data showing a recent period of A$24.0 million net loss and dividend coverage described as not well supported by current earnings. At the same time, the modelled gap between A$6.12 and A$10.38 relies on those forecast growth and margin improvements, which could be sensitive to the very risks bears are focused on, such as contract concentration and funding costs.    For anyone weighing that A$10.38 DCF fair value against the recent loss and tighter margins, skeptics often drill into a detailed bear case first to understand how those risks interact with leverage and contract exposure. 🐻 NRW Holdings Bear Case Next Steps To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for NRW Holdings on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves. All of this leaves a mixed picture, so if you want to move quickly and shape your own view, it helps to weigh both sides of the story by looking at 2 key rewards and 2 important warning signs. See What Else Is Out There NRW Holdings is wrestling with a 1.4% net margin, a recent A$24.0 million loss and a 57.7x P/E that relies on forecasts. If tight margins and that premium P/E make you cautious, you could review companies with stronger earnings support using our 6 resilient stocks with low risk scores today to compare alternatives side by side.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.Valuation is complex, but we're here to simplify it.Discover if NRW Holdings might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.Access Free AnalysisHave feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}