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Stelrad Group
Stelrad Group (SRAD) investor relations material
Stelrad Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary13 Mar, 2026
Executive summary
Maintained market leadership in Europe with a 15.7% overall share and 24.2% in steel panels, operating in 40+ countries with 500+ customers, and continued progress despite challenging macroeconomic conditions.
Achieved eighth consecutive year of growth in contribution per radiator, reaching £20.50, driven by operational efficiencies and higher-margin sales mix.
Strategic focus on premiumization, decarbonization, operational efficiency, and cost management drove profitability improvements, with premium steel panel mix at a record 6.4% and strong growth in electric radiator volumes.
Embedded operational and commercial excellence, with 98% OTIF delivery and leading customer service.
Exited a significant loss-making contract in DL Radiators S.p.A., positioning for improved margins and future growth.
Financial highlights
Group revenue declined 3.8% year-over-year to £279.6m due to lower sales volumes, partially offset by favourable product mix and price increases.
Adjusted operating profit rose by 3% to £32.5 million, with margin up to 11.6%.
Adjusted EPS was 13.08p, up slightly from 13.05p, while total dividend per share increased 3.9% to 8.09p.
Adjusted operating cash flow conversion reached 111.4%, up from 80.3% in 2024, and leverage reduced to 1.16x EBITDA.
Return on capital employed improved by 3 percentage points to 30.1%.
Outlook and guidance
Trading in early 2026 is steady and in line with expectations, but subdued demand is expected to persist through H1 2026; end markets remain stable but subdued.
No significant market recovery expected in H1 2026; positioned to capture share and profit from any upturn.
Steel prices are expected to rise in 2026, while other input costs remain stable; capital expenditure will increase slightly for IT and Turkish factory investments.
New build market expected to grow 4-5% and RMI by 1.5% in 2026, both second-half weighted.
Adjusted tax rate guidance for FY 2026 is 34%.
Explain the Radiators SpA contract exit impact
Detail the strategy for 2026 steel price rises
Drivers of the 34% effective tax rate guidance
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Latest events from Stelrad Group
- Adjusted operating profit up 12.8% and market share at 20.8% despite revenue decline.SRAD
H1 20241 Feb 2026 - Adjusted operating profit rose 3% to £32.5m, with improved margins and lower net debt.SRADQ4 2025 TU30 Jan 2026
- Premiumization and decarbonization drive growth, margin, and market leadership in core markets.SRADInvestor & Trading Update14 Jan 2026
- Profit and margins rose despite lower revenue, with a 2% dividend increase and strong outlook.SRADH2 202426 Dec 2025
- Adjusted profit up 1.1% to £15.9m, dividend raised, SPA impairment, outlook steady.SRADH1 202523 Nov 2025
- Margin management and cost controls drive profit growth despite subdued market demand.SRADTrading Update17 Nov 2025
- Adjusted operating profit exceeds expectations as margin gains offset lower volumes.SRADTrading Update6 Jun 2025
Stelrad Group
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Frequently asked questions
Stelrad Group PLC is a United Kingdom-based company that manufactures and distributes radiators in the United Kingdom, Ireland, Europe, Turkey, and internationally. The company distributes steel panel radiators, low surface temperature radiators, towel warmers, decorative steel tubular radiators, and other steel column radiators under the Stelrad, Henrad, Termo Teknik and Hudevad brands. Founded in 1936 and headquartered in Newcastle Upon Tyne, the United Kingdom
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