Dowlais Group (DWL) Q4 2025 TU earnings summary

Executive summary

• 2025 performance exceeded previous guidance, with stronger trading and cash flow since the Q3 update.

• Both Automotive and Powder Metallurgy segments contributed to growth and margin expansion.

Financial highlights

• Adjusted revenue for 2025 expected to be approximately £5 billion, up 3.1% year-on-year at constant currency.

• Translational FX headwinds of about £90 million reduce reported adjusted revenue growth to 1.3%.

• Adjusted operating profit likely no less than £370 million, a 14% increase year-on-year.

• Adjusted operating margin expected to be at least 7.4%, up at least 80bps year-on-year.

• Adjusted free cash flow likely no less than £100 million, ahead of prior year.

Outlook and guidance

• Full year adjusted revenue, operating profit margin, and free cash flow all expected to surpass previous guidance.

• Forward-looking statements caution that actual results may differ due to risks and uncertainties.