Morgan Sindall Group (MGNS) investor relations material

Trading performance and outlook

• Group profit before tax for 2026 is expected to be significantly ahead of previous expectations, driven by strong trading in Construction and Fit Out divisions.

• Fit Out profits are now forecast to exceed the top end of the medium-term target (£80m–£100m), with increased confidence in converting preferred bidder work.

• Construction revenues are projected to reach around £1.4bn, with operating margin at the top end of the 3.0%–3.5% target range.

• Infrastructure operating margin is expected at the top end of its 3.75%–4.25% target range, with revenues unchanged.

Divisional performance and capital allocation

• Partnership Housing profits are expected to show modest growth over FY 2025 (£42m), despite subdued consumer sentiment.

• Mixed Use Partnerships profits are in line with guidance, with 4 projects started in Q1 and 13 more planned for the year.

• Average capital employed for the Group is expected between £490m–£550m, and for Mixed Use Partnerships between £135m–£150m.

Cash position and financial discipline

• Daily average net cash from 1 Jan to 14 Apr 2026 was £445m, up from £372m in the prior year.

• Full-year average daily net cash is expected to exceed £400m, supporting long-term growth ambitions.