Highlights

• Fredon, NRW's wholly owned subsidiary, has won the first stage of the Design and Construct Mechanical scope for Stack's MEL03 data centre in Melbourne.
• The first-stage package is valued at about AU$115 million and covers off-site fabrication.
• The award is part of a larger package of about AU$300 million, with Fredon as Preferred Contractor.

A New Win in the Data Centre Market

On 24 September 2026, NRW Holdings Limited (ASX: NWH) announced that its subsidiary Fredon has secured another major contract in Australia's growing data centre sector. Fredon has been awarded the first stage of the Design and Construct Mechanical works for Stack Data Centre's MEL03 facility in Melbourne. This first-stage package is worth about AU$115 million. It covers the off-site fabrication part of the mechanical scope. Work will begin in September 2026 and is expected to finish by March 2028.

Scale of the Project

The contract will help deliver Mechanical Systems for 432MW of the planned 864MW hyperscale campus. It builds on Fredon's earlier work for Stack Data Centres in Melbourne, which shows that the client continues to trust the subsidiary's delivery record. The first-stage award sits within a broader program of works worth about AU$300 million. Fredon will deliver that program as Preferred Contractor, with completion scheduled for 2028. This gives NRW good revenue visibility over the next two years.

Management Commentary

NRW Chief Executive Officer Jules Pemberton welcomed the award as another major data centre win for Fredon. He said Melbourne is quickly becoming one of Australia's key locations for hyperscale data centres. He added that the contract shows Fredon's strength in delivering complex technical projects for its clients.

Strategic Significance

Fredon is part of NRW's EMIT division and provides electrical, mechanical (HVAC), infrastructure, technology and maintenance services. The contract adds to NRW's efforts to diversify beyond its traditional civil and mining businesses. Rising demand for digital infrastructure and cloud computing continues to drive investment in large data centres, which creates opportunities for specialist contractors. NRW Holdings shares last traded at AU$8.150, up AU$0.030 or 0.369%. Investors are likely to watch how the group's growing technology-related work adds to its order book and future earnings.

Note- All data presented is based on information available at the time of writing.

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