First Sentier Group takes substantial stake in NRW Holdings

First Sentier Group Limited, alongside its related bodies corporate and associates, has become a substantial holder in NRW Holdings Ltd. The group acquired a relevant interest on December 12, 2025, culminating in a total voting power of 5.01%. This interest encompasses 23,039,787 fully paid ordinary shares.

The substantial holding is primarily driven by First Sentier Investors RQI Pty Ltd and First Sentier Investors (Australia) IM Ltd, which hold 22,902,740 and 1,737,812 shares, respectively. Additionally, Mitsubishi UFJ Financial Group, Inc., the ultimate parent of First Sentier Group, has a relevant interest in 137,047 shares.

The acquisitions leading to this substantial holding occurred through various transactions, with numerous purchases of fully paid ordinary shares between August 14, 2025, and December 12, 2025. Significant transactions include 1,862,244 shares acquired for A$9,385,709.76 on November 11, 2025, and 1,065,151 shares acquired for A$5,347,058.02 on December 9, 2025.