Morgan Sindall Group (MGNS) Q4 2025 TU earnings summary

Executive summary

• Achieved record performance in 2025, with all divisions performing well and results in line with expectations.

• Entered 2026 with a record secured orderbook and increased work at preferred bidder stage, up 17% to £19.1bn year-over-year.

Outlook and guidance

• 2026 is expected to be ahead of previous expectations, driven by strong performance in the Fit Out division.

• Fit Out division profits for 2026 are projected to significantly exceed both expectations and the medium-term target of £80-100m.

• All other divisions are expected to perform in line with prior guidance.

Segment performance

• Fit Out division has seen increased confidence in converting preferred bidder work and future tender opportunities.

• Other divisions continue to perform as anticipated, supporting overall group stability.