Renew Holdings (RNWH) H1 2026 earnings summary

Executive summary

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

• Order book reached a record high of £945m, supporting confidence in meeting full-year expectations.

• Business model focuses on mission-critical infrastructure services in regulated, non-discretionary markets.

• 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; organic growth was 2.2%.

• Adjusted operating profit increased to £33.4m, up 4.4% from H1 2025.

• Adjusted EPS grew 10% to 30.9p; interim dividend increased 4.9% to 7.00p per share.

• Free cash flow conversion remained strong at 71% for H1, with a five-year average of 69%.

• Net cash position improved to £10.6m at period end.

Outlook and guidance

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

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

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

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