Renishaw (RSW) H2 2025 (Q&A) earnings summary

Executive summary

• Industrial metrology and shop floor systems show high growth potential, while automotive and machine tool sectors remain weak.

• Achieved record revenue and increased adjusted profit despite challenging market conditions.

• Additive manufacturing revenue declined in FY 2025 but ended with a strong order book, especially in defense markets.

• Consumer electronics improved in H2 after a tough first half, with cautious optimism for further recovery.

• Accelerated innovation with several key new product launches, including Equator-X, Dual Laser RenAM, and ASTRiA inductive encoder.

Financial highlights

• Revenue reached £713.0m, up 3.7% year-over-year at constant exchange rates.

• Adjusted profit before tax was £127.2m, up 3.8% year-over-year.

• Adjusted operating profit margin held steady at 15.7%.

• Adjusted earnings per share increased to 137.8p from 133.2p.

• Proposed full year dividend per share rose 2.5% to 78.1p.

Outlook and guidance

• Positive outlook for shop floor metrology and systems business, with ongoing monitoring of market conditions.

• Steady start to FY2026, with expectations for continued steady growth and confidence in long-term sustainable growth model.

• Additive manufacturing expected to benefit from strong defense demand, but variability remains.

• Consumer electronics investment expected to increase as customers are compelled to make decisions.

• No significant net currency impact expected in FY 2026 due to hedging.