Renew Holdings (RNWH) H2 2025 earnings summary

Executive summary

• Achieved record financial results for the year, with strong revenue and profit growth despite challenges in the rail sector and successful delivery of strategic objectives, including key acquisitions and market entries.

• Completed strategic disposals and acquisitions, enhancing market position and expanding into new markets.

• Maintained a record order book and advanced training/talent development programs, supporting future growth.

• Business model focuses on mission-critical services in regulated environments with high barriers to entry and low risk profile.

• Embedded in critical infrastructure programs, with a long track record of compounding growth and reliable earnings.

Financial highlights

• Revenue reached £1,116.1 million, up 5.6% year-over-year; operating profit of £72.1 million, up 1.7%.

• Operating margin at 6.5%, within the 6%-7% target range.

• EPS increased by 1.8% to 67.1p; full-year dividend increased to 20p.

• Order book reached £915 million, up from £889 million.

• Pre-IFRS 16 net cash at £6.2 million; IFRS 16 net debt at £21.5 million.

Outlook and guidance

• Entering FY26 as a pure play engineering services provider with a resilient, diversified model and strong order book.

• End markets remain resilient and diverse, with strong demand for renewal and maintenance services driven by regulatory and climate factors.

• New growth opportunities in renewables and electricity distribution and transmission.

• Strong M&A pipeline underpins confidence for further strategic and financial progress.