Vp (VP) Q2 2026 TU earnings summary

Executive summary

• Delivered a solid first half performance despite challenging macro-economic conditions, with particular strength in Germany and Ireland.

• Diverse business model demonstrated resilience, with optimism for increased activity in the second half of the year.

Financial highlights

• Analyst consensus for FY 2025/2026: Revenue of £386.1m, profit before tax, amortisation, impairment, and exceptional items of £37.3m, and pre-IFRS 16 net debt of £137.3m.

• Revenue and profit expected to be modestly weighted towards the second half of the financial year.

Outlook and guidance

• Performance for the year ending 31 March 2026 anticipated to be in line with market expectations.

• Increased activity levels expected in Rail and Water as long-term investment programmes progress.

• Infrastructure to benefit from UK Government revitalisation initiatives.