Luceco (LUCE) Q4 2025 TU earnings summary

Executive summary

• 2025 revenue reached approximately £271m, up 12% year-over-year, surpassing upgraded expectations.

• Adjusted Operating Profit expected to be at least £33.5m, a 15% increase over 2024 and above the top end of market consensus.

• Second half like-for-like revenue growth accelerated to over 6%, compared to 2% in the first half.

• Strong momentum continues into 2026, with improved outlook and increased exposure to the energy transition sector.

Financial highlights

• EV charging sales grew approximately 85% to £18m in 2025 (2024: £9.8m).

• Wiring accessories and LED segments delivered low single-digit percentage growth.

• Adjusted Operating Profit Margin expected to exceed 12% (2024: 12.0%).

• Adjusted Free Cash Flow generation of about £30m, reversing prior year working capital outflow.

Outlook and guidance

• Board raises 2026 revenue and Adjusted Operating Profit expectations to comfortably exceed current market consensus.

• Manufacturing efficiency improvements and acquisition synergies expected to support further margin expansion.

• Strong sales momentum and significant exposure to structural growth in energy transition underpin positive outlook.