Hill & Smith (HILS) Investor presentation summary

Change in reporting currency

• Financial results will be reported in US dollars from H1 2026 to enhance transparency and reduce FX volatility.

• Dividends will be declared in USD from the 2026 interim dividend, with shareholders able to receive payments in sterling or USD.

• Historical financials from 2022 to 2025 have been re-presented in USD for comparability.

• FX sensitivities and retranslation methods are disclosed to clarify the impact of currency movements.

Group financial performance

• Revenue grew from $907.8m in 2022 to $1,146.8m in 2025, with operating profit rising from $120.4m to $199.7m.

• Operating margin improved from 13.3% in 2022 to 17.4% in 2025.

• Earnings per share increased from 105.9 cents in 2022 to 174.6 cents in 2025.

• Dividend per share rose from 43.4 cents in 2022 to 64.7 cents in 2025.

Cash flow and leverage

• Free cash flow increased from $24.8m in 2022 to $128.2m in 2025.

• Underlying cash conversion remained strong, reaching 91% in 2025.

• Net debt reduced from $143.6m in 2022 to $68.6m in 2025.

• Covenant leverage decreased to 0.1x by 2025, well below the 1-2x target.