Halma (HLMA) Trading update summary

Trading performance and guidance

• Achieved broad-based growth in the first half amid ongoing economic and geopolitical uncertainty.

• Maintains expectation for low double-digit percentage organic constant currency revenue growth for the full year.

• Photonics business expected to deliver approximately 30% organic constant currency growth, contributing a five percentage point premium to group revenue growth.

• Adjusted EBIT margin guidance for FY2027 raised to 23.5%-24%, up from previous guidance of 22.7%, reflecting operational delivery and favorable product mix.

• Order intake remains ahead of both revenue and the comparable period last year.

Currency and financial impacts

• Recent Sterling appreciation against the US Dollar and Euro is expected to negatively impact revenue by £8m and profit by £2m in FY2027.

Acquisitions and disposals

• Completed six acquisitions year-to-date, investing a record £515m, with a healthy pipeline across all sectors.

• Notable acquisitions include itemedical, Näslund Medical, Dreampath Diagnostics, and Pyxis, totaling significant investments in digital health and water quality monitoring.

• Completed three disposals, realizing approximately £83m net of costs, including the sale of NovaBone for $56m.