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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.
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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