Speedy Hire (SDY) Trading update summary

Strategic progress and commercial agreements

• Achieved significant strategic progress in FY2026, including a major commercial agreement with ProService, expected to generate £50-55m in revenue and be significantly earnings accretive in its first full year.

• Successfully completed the 'Enable' phase of the Velocity strategy, positioning the business for future growth.

Market conditions and financial performance

• Market conditions worsened in Q4 due to UK Budget uncertainty and geopolitical events in the Middle East.

• Customer-led delays impacted hire and service revenues, with positive effects expected in the near term.

• FY2026 EBITDA is now expected to be approximately £90m.

Balance sheet and outlook

• Net debt at 31 March 2026 is expected to be around £159m, including a £35m investment in ProService.

• Meaningful deleverage anticipated in FY2027 due to strong operating cash flow.

• Board remains confident in the outlook for FY2027 and beyond despite ongoing economic and geopolitical uncertainties.