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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.H1 2026 earnings summary5 Nov, 2025
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, but business resilience and diversification supported performance.
Underlying operating profit fell 29–30% to £5.1m–£5.6m, with statutory profit before tax at £0.9m, down 74%.
Board expectations for FY26 remain unchanged, with optimism for H2 due to market recovery and a strong forward order book.
Strategic progress includes global expansion, new trading facilities, and key senior hires.
Interim dividend of 2.5p per share declared, reflecting confidence in outlook.
Financial highlights
Group revenue for H1/HY26 was £63.9m, down 16% year-over-year from £76.0m, mainly due to weaker chartering, especially in tankers.
Underlying operating profit before acquisition-related items was £5.1m–£5.6m, down 29–30% year-over-year; margin at 8–9%.
Statutory profit before tax was £0.9m, down 74% from HY25.
Interim dividend declared at 2.5p per share, down from 4.5p.
Net debt at period end was £5.6m, returning to net cash by end of October.
Outlook and guidance
FY26 guidance remains unchanged, with a strong forward order book and improving H2 market conditions.
Forward order book at $81.2m in September 2025, up from $73.8m at end of August.
Strategic targets include £200m group revenue and 15% operating margin by FY2030.
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.
Acquisition strategy for 2030 revenue target
Capital allocation framework priorities
Drivers of H1 segmental performance divergence
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Frequently asked questions
Braemar Plc is a UK-based company that provides shipbroking and advisory services to the global shipping and offshore industries. The company offers services including chartering, sale and purchase, valuations, market research, and strategic consultancy across sectors such as tankers, dry bulk, gas, and offshore. Braemar serves shipowners, operators, financiers, and energy companies through a network of offices worldwide. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE.
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