Alumasc Group (ALU) Trading update summary

Q3 performance and trading update

• Q3 revenues rose 2% year-on-year, with monthly run-rate 8% above H1 FY25/26.

• Order book at March 2026 was 28% higher than March 2025 and 8% above December 2025.

• Building Envelope and Housebuilding Products divisions outperformed their markets; Water Management division saw revenue below expectations due to project delays.

• Strong order intake momentum continued, but overall Q3 performance was slightly below expectations due to Middle East events.

Outlook and strategic initiatives

• Commercial market conditions remain subdued, with delays in large projects and slower decision-making due to geopolitical instability.

• FY25/26 underlying profit before tax now expected to be approximately £11m.

• Net bank debt leverage ratio expected at 0.4x, supporting future opportunities.

• Strategic initiatives in Water Management division aim to drive performance, productivity, and cost efficiencies, with benefits expected from FY26/27.

Management commentary and focus areas

• Management is focused on operational efficiency, service levels, customer relationships, and selective investment in innovation and sustainability.

• Resilient demand in regulation and specification-led markets supports ongoing order book growth.

• Confidence in navigating current challenges and emerging stronger as market conditions improve.