Macquarie Group Boosts Stake in NRW Holdings to 6.26% as of June 26, 2026

Macquarie Group Raises Voting Power in NRW Holdings from 5.19% to 6.26%

The latest filing confirms that Macquarie Group Limited and its network of controlled entities, collectively known as the Macquarie Group Entities, hold a relevant interest in 28,773,577 fully paid ordinary shares of NRW Holdings Limited. This represents an increase of approximately 5,082,430 shares compared to the 23,691,147 shares noted in the previous substantial holding notice. The voting power percentage has risen from 5.19% to 6.26%, based on total voting shares at the time each notice was lodged. The change was formally recorded on 26 June 2026, with the prior notice dated 26 March 2026 and lodged on 31 March 2026. The current disclosure was submitted to the ASX on 1 July 2026 and signed by Simone Kovacic as Company Secretary of Macquarie Group Limited.

Distribution of NRW Holdings Shares Among Macquarie’s Controlled Entities

The substantial holding is spread across several Macquarie subsidiaries and investment management vehicles, each holding shares under different legal bases. Macquarie Investment Management Australia Limited (MIMAL) holds shares through its power to control voting rights and disposal of securities as investment manager. Shares under MIMAL’s relevant interest are registered with custodians including BNP Paribas Securities Services (Australia), JPMorgan Chase Bank N.A., Citigroup Pty Limited, The Northern Trust Company London, State Street Bank and Trust, The Northern Trust Company, HSBC Bank Australia Limited, and Mitsubishi UFJ Investor Services and Banking (Lux).

MIMAL’s individual holdings include parcels of 10,289,533; 1,958,926; 2,402,799; 1,296,132; 2,443,531; 1,959,028; 87,333; and 103,147 shares across these custodians. Macquarie Bank Limited (MBL) holds 2,984,736 shares directly as registered holder and an additional 4,071,032 shares related to control over disposal rights arising from stock borrowing and lending activities as detailed in Annexure C of the original filing. Macquarie Investment Management Global Limited (MIMGL) holds 903,731 shares as investment manager.

Macquarie Investment Management Limited’s Role with Superannuation and IDPS Mandates

Macquarie Investment Management Limited (MIML) appears twice in the disclosure. First, it acts as Trustee of APRA-regulated superannuation funds, controlling voting and disposal rights for those shares. Second, MIML manages investor directed portfolio services (IDPS) where beneficial owners direct voting and disposal. Bond Street Custodians Limited is the registered holder for both categories, holding 94,418 shares and 179,231 shares respectively.

This dual role highlights the complexity of institutional holdings, where the legal holder, beneficial owner, and controlling entity may differ. Some shares within Macquarie’s aggregate position represent fiduciary or service obligations to clients such as superannuation fund members and IDPS investors rather than Macquarie’s own capital investments.

Contribution from Macquarie Investment Services Limited’s Separately Managed Account

Macquarie Investment Services Limited (MISL) is identified as the Responsible Entity for the Macquarie Separately Managed Account, holding voting and disposal control in that capacity. Bond Street Custodians Limited is also the registered holder for this parcel. This structure pools client assets under one administrative umbrella while maintaining individual client records. MISL’s inclusion demonstrates the broad scope of Macquarie’s asset management platforms, which can independently accumulate relevant interests in ASX-listed companies through client mandate execution and portfolio rebalancing, without necessarily reflecting a unified group investment strategy in NRW Holdings.

Macquarie Bank Limited’s Stock Lending and Its Impact on Shareholding

A significant portion of Macquarie Group’s NRW Holdings position relates to stock borrowing and lending activities by Macquarie Bank Limited. Annexure C of the original filing provides details on MBL’s power to control disposal of shares under these arrangements, which cover 4,071,032 shares.

Stock lending involves temporarily transferring legal title of shares to borrowers in exchange for collateral and fees, with an obligation to return equivalent securities later. Under Australian law, lenders may retain relevant interest in lent securities under certain conditions, explaining why these shares remain included in Macquarie Bank Limited’s total relevant interest. This portion does not necessarily indicate a long-term strategic accumulation of NRW Holdings shares by Macquarie Bank itself.

Overview of NRW Holdings Limited

NRW Holdings Limited (ASX:NRW), in which Macquarie Group now holds a 6.26% relevant interest, is an Australian company specializing in civil construction, mining, and urban development services. The company’s ACN is 95 118 300 217. NRW Holdings is active in major infrastructure and resources projects across Australia, and the fully paid ordinary shares (FPO class) are the subject of this substantial holder notice.

The disclosure does not include any statement from Macquarie Group regarding its intentions for the NRW Holdings stake or plans for further accumulation or disposal. Australian securities law requires disclosure when voting power changes by 1% or more; the increase from below 6% to 6.26% triggered this notice. Investors will be watching to see if Macquarie continues to build its position or if this change reflects normal managed fund activity.

Macquarie Group’s Extensive Controlled Entity Network

Annexure A of the filing lists Macquarie Group’s controlled bodies corporate, which include hundreds of entities across Australia, the United States, the United Kingdom, Germany, Spain, Singapore, the Philippines, the Netherlands, Brazil, and more. These range from infrastructure investment vehicles and renewable energy projects to financial services subsidiaries, custodians, and property holdings. Most of these entities are unrelated to the NRW Holdings position but are included to comply with Corporations Act 2001 aggregation requirements.

Notable Australian entities include Bond Street Custodians Limited (ACN 008 607 065), B2R No. 1 Pty Limited, B2R No. 2 Pty Limited, B2R No. 3 Pty Limited, and Belike Nominees Pty Limited. This diverse structure reflects Macquarie’s status as one of Australia’s largest and most globally diversified financial groups, spanning asset management, banking, infrastructure, and capital markets. Changes in consolidated relevant interest in companies like NRW Holdings can arise from activity across any number of these entities.

Insights from the Change in Association Section

The disclosure’s change in association section identifies Macquarie Group Limited and its controlled bodies corporate as relevant associates, collectively called Macquarie Group Entities. No new associations or cessations are noted, indicating the group structure remains consistent with the previous notice. The increase in voting power is attributable to shareholding changes rather than structural reorganisation.

All named entities share the registered address Level 1, 1 Elizabeth Street, Sydney, NSW 2000, Australia, including Macquarie Group Limited, Macquarie Bank Limited, Macquarie Investment Management Australia Limited, Macquarie Investment Management Global Limited, Macquarie Investment Management Limited, and Macquarie Investment Services Limited. This consolidated address underscores the unified group despite distinct legal roles across entities.

Investor Implications of Macquarie’s Increased Stake in NRW Holdings

The rise in Macquarie Group’s relevant interest from 5.19% to 6.26% represents a significant increase in institutional ownership of NRW Holdings. Held across multiple managed funds, superannuation vehicles, and stock lending programs, Macquarie is now among the largest disclosed shareholders. This suggests aggregate demand for NRW Holdings shares through Macquarie’s investment platforms grew substantially during the March to June 2026 quarter.

There was no immediate clear impact on NRW Holdings’ share price at the time of this report. Investors will likely monitor for further substantial holder notices indicating accumulation beyond the 7% threshold or any formal statements from Macquarie regarding strategic intentions. Key future developments to watch include whether Macquarie’s relevant interest continues to rise, stabilizes, or declines due to portfolio rebalancing, fund outflows, or unwinding of stock lending arrangements across its entities.