Dowlais Group (DWL) Q3 2025 TU earnings summary

Executive summary

• Operational execution remained strong, with full-year performance expected at the top end of prior guidance for 2025.

• Adjusted revenue for the nine months to 30 September 2025 was £3.7 billion, up 1.1% year-over-year at constant currency.

• Adjusted operating margin improved by 120bps year-over-year to 6.6%.

Financial highlights

• Adjusted revenue reached £3.7 billion, a 1.1% increase year-over-year at constant currency, but a 1.2% decline on a reported basis due to £84 million in FX headwinds.

• Adjusted operating margin rose to 6.6%, up 120bps year-over-year.

• Adjusted free cash flow is expected to be slightly ahead of the prior year.

Outlook and guidance

• Full-year performance is now expected towards the top end of guidance: flat to mid-single digit adjusted revenue decline and adjusted operating margin between 6.5% and 7.0% in constant currency.

• Adjusted free cash flow is forecast to be slightly ahead of the prior year.

• Macroeconomic uncertainty from U.S. tariffs has eased, and industry forecasts for light vehicle production have been revised upwards.

• Full recovery of tariff costs from customers is expected, though timing may extend into 2026.