Trifast (TRI) H1 2026 earnings summary

Executive summary

• Delivered resilient first-half performance amid challenging macroeconomic conditions, including UK automotive sector issues and global tariff impacts, with improved gross and EBIT margins driven by strategic focus and operational discipline.

• Strategic pivot to key sectors, especially smart infrastructure and medical equipment, resulted in double-digit growth for the second consecutive year.

• Maintained strong balance sheet discipline, with leverage ratio consistently below 1 and robust liquidity.

• Continued execution of self-help actions, operational efficiencies, and digital transformation initiatives.

Financial highlights

• Revenue declined 7.0% year-over-year to £105.9m, mainly due to softer demand and tariff disruptions.

• Gross margin improved by 150 basis points to 28.9% year-over-year.

• EBIT margin increased from 6.0% to 6.2%, and underlying EBIT margin reached 7.2% excluding FX impacts.

• ROCE improved to 7.8% from 6.3% year-over-year.

• Adjusted net debt at £17.4m with leverage at 0.9x; working capital as % of sales increased to 41.0%.

Outlook and guidance

• Full-year underlying earnings expectations remain unchanged, with confidence in delivering medium-term double-digit EBIT margins.

• Continued focus on self-help initiatives, operational excellence, and working capital improvements to position for recovery and sustained growth.