Senior (SNR) H1 2026 earnings summary

Executive summary

• Strong half-year performance with adjusted profit before tax up 38% year-over-year, driven by both Aerospace and Flexonics divisions.

• Group operating margin reached 10.0%, up 170 bps, and ROCE improved by 260 bps to 14.5%.

• Shareholders approved the recommended cash acquisition by Zeus UK Bidco Limited; completion expected by end of 2026.

Financial highlights

• Revenue rose 7% year-over-year to £390.8m; adjusted operating profit up 28% to £39.1m.

• Adjusted earnings per share increased 27% to 6.46p; free cash flow up 54% to £16.3m.

• Reported loss before tax of £5.6m due to £38.9m one-off acquisition costs; adjusted profit before tax £34.8m.

• Net debt (excl. leases) increased to £89.4m; leverage stable at 0.9x net debt/EBITDA.

Outlook and guidance

• Full-year expectations unchanged and in line with upgraded July 2026 guidance.

• Aerospace outlook positive, supported by rising civil aircraft build rates and robust demand in core markets.

• Flexonics outlook improved, driven by strong North American heavy-duty truck market and operational execution.