Halma (HLMA) H2 24/25 earnings summary

Executive summary

• Delivered record revenue and profit for FY2025, marking the 22nd consecutive year of profit growth and the 46th consecutive year of dividend growth of 5% or more.

• Strong organic growth above long-term average, with robust performance across all sectors and geographies.

• Margins and returns increased, with cash generation supporting substantial investments in R&D, acquisitions, and shareholder returns.

Financial highlights

• Revenue up 11% year-over-year to £2,248m; organic revenue up 9.4%; adjusted EBIT up 15% to £486.3m; EBIT margin increased 80 bps to 21.6%.

• ROTIC improved to 15% (up 60 bps); cash conversion at 112%; net debt to EBITDA reduced to 0.97x.

• Dividend increased by 7% to 23.12p; R&D investment of £108m (4.8% of revenue); seven acquisitions completed for £157m.

Outlook and guidance

• FY2026 expected to deliver upper single-digit percentage organic revenue growth, including continued premium growth in photonics.

• Adjusted EBIT margin anticipated to be modestly above the middle of the 19–23% target range.

• Order book and intake ahead of last year; positive start to FY2026 despite ongoing geopolitical and economic uncertainty.