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Melrose Industries (MRO) investor relations material

Melrose Industries H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary1 Aug, 2025

Executive summary

  • Achieved strong H1 2025 performance with 6% revenue growth, 29% higher operating profit, and improved free cash flow, despite supply chain and tariff disruptions.

  • Multi-year transformation and restructuring programme nearing completion, supporting margin expansion and value creation.

  • Structurally growing aerospace and defence markets, with a unique portfolio supporting OE and aftermarket growth.

  • Safety and operational metrics improved, with a 14% reduction in incident rate and 22% fewer customer quality escapes.

  • Interim dividend increased 20% to 2.4p per share; £71m of £250m share buyback completed.

Financial highlights

  • Revenue up 6% year-over-year to £1.72bn, led by 11% growth in the engines division.

  • Adjusted operating profit increased 29% to £310m, with margin expansion in both divisions.

  • Free cash outflow improved by £91m to £54m, with cash flow supported by higher earnings and lower restructuring costs.

  • Diluted EPS grew 30% to 15.1p; interim dividend of 2.4p per share, up 20%.

  • Net debt at £1,404m, leverage at 2.0x EBITDA, after funding growth and buybacks.

Outlook and guidance

  • Full-year 2025 guidance maintained at constant currency; revenue expected at £3,425–£3,575m, with 7% like-for-like growth.

  • Aerospace operating profit guidance at £650m–£680m, representing ~25% growth and margins above 19%.

  • Free cash flow guidance maintained at £100m+ for 2025, with clear path to £600m by 2029.

  • Margin targets: >32% for engines, ~9% for structures; group operating profit guidance at £620m–£650m.

  • Medium-term targets include £5bn revenue and £1.2bn+ adjusted operating profit by 2029.

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Frequently asked questions

Melrose Industries PLC is a United Kingdom-based investment company specializing in acquiring, improving, and selling manufacturing businesses. The company focuses on identifying underperforming industrial businesses, implementing operational and strategic enhancements, and generating value through eventual disposals. Melrose operates across various sectors, including aerospace, automotive, and energy. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE (London Stock Exchange).

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