Renew Holdings (RNWH) H1 2026 earnings summary

Executive summary

• Achieved record first half and full-year results, with revenue up 3.5% year-over-year to £589m and adjusted operating profit up 4.4% to £33.4m, driven by diversified end markets, organic growth, and successful integration of acquisitions such as Emerald Power, EDS, and PWR-X.

• Order book reached a record high (£945m), supporting strong visibility and confidence in meeting full-year expectations.

• Business model focuses on mission-critical, short-duration projects in regulated, non-discretionary markets, with high barriers to entry and resilient cash generation.

• Maintained robust cash generation and increased interim dividend by 4.9% to 7.0p per share.

Financial highlights

• Revenue rose to £589m, up 3.5% year-over-year, with organic growth of 2.2% and contributions from Emerald Power acquisition.

• Adjusted operating profit increased to £33.4m, up 4.4% from H1 2025; adjusted EPS grew 10% to 30.9p.

• Interim dividend increased by 4.9% to 7.0p per share.

• Net cash position at period end was £10.6m; net debt to EBITDA consistently below 1x.

• Free cash flow conversion at 71% for H1, above the five-year average.

Outlook and guidance

• Confident in delivering full-year expectations, underpinned by a record order book, robust M&A pipeline, and operational efficiencies.

• Expect organic growth to accelerate in H2, supported by recent acquisitions and diversified business model.

• Well positioned to leverage expanded capabilities in high-growth water and electricity transmission & distribution markets.

• End markets supported by long-term, non-discretionary renewal and maintenance demand.