Chemring Group (CHG) Q4 2026 TU earnings summary

Executive summary

• Record order book of £1.4bn at 31 Oct 2026, up from £1.3bn a year earlier, with strategic multi-year wins improving visibility.

• FY26 underlying operating profit expected to be ~£79m, subject to audit; outlook remains for strong YoY earnings growth in FY27.

Financial highlights

• FY26 underlying operating profit expected at ~£79m; more than £50m was delivered in H2.

• FY26 underlying EPS expected to benefit from modestly lower interest costs than previously expected.

• Net debt at 31 Oct 2026 was ~£145m, with the improvement on expectations largely driven by capital expenditure timing.

• Analyst forecasts for FY26 underlying operating profit were £77.2m–£81.8m, with £80.3m consensus; net debt consensus was £174m.

Outlook and guidance

• FY27 strong YoY earnings growth expected, supported by the deliverable order book; underlying operating profit expected to be more evenly weighted between H1 and H2.

• Further detail on FY27 earnings drivers is due with the full-year results; Roke awards remain subject to customer procurement timing.

• Scotland and Norway Energetics expansion projects are expected to enter production in 2027 and 2028, respectively, supporting sustained growth.