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Braemar (BMS) investor relations material
Braemar H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue declined 16% year-over-year to £63.9m for H1/HY26, mainly due to weaker chartering rates and a softer US dollar.
Underlying operating profit fell 29–30% to £5.1m–£5.6m, with statutory profit before tax at £0.9m, down 74%.
Despite H1 challenges, the board maintains full-year expectations, citing improved H2 market conditions and a strong forward order book.
Strategic progress includes global expansion, new office in Africa, key senior hires, and launch of UK OTF; EU and Dubai licenses in progress.
Interim dividend of 2.5p per share declared, reflecting confidence in outlook.
Financial highlights
Group revenue: £63.9m (HY25: £76.0m), down 16% (13% in USD terms), mainly due to weaker chartering.
Underlying operating profit: £5.1m–£5.6m, down 29–30%; margin at 8–9%.
Statutory profit after tax: £0.2m (HY25: £2.1m), down 90%.
Underlying EPS: 9.30p, down 36% year-over-year.
Net debt at period end: £5.6m, returning to net cash by October.
Outlook and guidance
FY26 board expectations unchanged; H2 market conditions improving.
Forward order book at $81.2m as of 30 September 2025, up from $73.8m at 31 August.
Market fundamentals remain strong, with positive forecasts for global GDP, China industrial output, and oil demand.
Risk advisory segment continues to perform well; acquisition opportunities under evaluation.
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