NRW shareholders made their feelings known around several key resolutions during Thursday's AGM.
NRW shareholders vented their frustration at today's AGM, with big votes against its remuneration report, the grant of performance rights and the re-election of two directors.
A mammoth 73 per cent of shares voted against acceptance of the 2025 remuneration report.
This was up from 26 per cent against the FY24 report and was the eighth year in a row it has recorded a strike against the report.
The strike triggered a resolution to spill the board, but as on previous occasions this has occurred, the conditional spill resolution was resoundingly defeated, with 97 per cent voting against.
NRW chair Michael Arnett and Jeff Dowling were also re-elected to the company's board despite 48.6 per cent and 41.6 per cent respectively of shareholders voting against the resolutions.
A more significant vote was on the resolution to grant around one million performance rights to Mr Pemberton, with 73 per cent voting against, which will mean the performance rights will not be issued.
Business News understands Mr Arnett told the meeting he felt the voting results overall were disappointing.
Mr Pemberton's total remuneration package during FY25 was $2.85 million, down from $3.54 million in FY24.
Although the total package was less in FY25, Mr Pemberton's base salary and fees rose by $141,791 to $1.46 million.
Prior to the meeting, NRW announced it had raised its FY26 guidance for a third time, as its Fredon acquisition begins to bear fruit.
After initially anticipating a FY26 revenue guidance of $3.4 billion and an EBITDA target range of $218-228 million, the company announced early last month that this had been raised its revenue guidance marker to more than $4 billion, with an underlying EBITA of $255-265 million.
Prior to Thursday’s AGM, the mining services contractor said its group revenue guidance had now been updated to $4.1 million along with an underlying EBITA of $260-265 million.
“Whilst holding the higher end of underlying EBITA guidance for now, we have lifted the bottom end of guidance, reflecting the strong position of the group to date in FY26,” NRW said.
In his CEO’s address, Mr Pemberton flagged a strong second half for the company, citing high tender activity.
“I can say with confidence that the strong start to the financial year for the group will see our half-year result trending to the top end of the range required to position us well for the balance of the year,” he said.
“This strong first-half performance and the depth and quality of work in hand, coupled with the strength of opportunities in all markets in which we play, augurs well for FY26 and beyond.
“Remembering, the second half will see a step up as we get the benefit from a full 6 months of Fredon, the benefit of the step up in scope at South Walker Creek, and the continued strong performance of all 9 businesses that make up NRW.”
Mr Pemberton also described FY25 as an “excellent one” for the company.
“FY25 has been an excellent one for NRW and for our shareholders – and the outlook for FY26 and beyond is very positive,” he said.
“On behalf of the board, I want to express my gratitude to our dedicated and committed employees for their hard work.”
Despite the company’s revenue increasing 12.2 per cent to $3.26 billion, NRW’s statutory profit fell from $105.1 million to $27.7 million – a drop of 73.7 per cent.
This was primarily due to the recording an impairment provision of $110.5 million as a non-underlying item, relating to the administration of both OneSteel and Whyalla Ports, which impacted its subsidiary Golding.
On Wednesday, it was also announced that NRW had penned a 10-year lease for 219 St George’s Terrace from June next year.
Aside from relocating from Belmont, NRW’s subsidiaries Fredon and Primero will also join them in the same building.
NRW shares closed trade up 4 per cent at $5.30 - a record price for the company since listing on the ASX back in September 2007.
