Trifast (TRI) H2 2025 earnings summary

Executive summary

• Achieved strong FY 2025 performance, driven by execution of four strategic self-help initiatives: margin management, focused growth, operational efficiency, and organizational effectiveness.

• Delivered 300 basis points improvement in gross margin and increased EBIT margin to 6.8%, with a 30% rise in EBIT to GBP 15.6 million.

• Focused on three core markets: automotive, smart infrastructure, and medical equipment, with notable progress in smart infrastructure.

• Completed the recover phase of transformation, now entering the rebuild phase with positive momentum.

Financial highlights

• Revenue for FY 2025 was GBP 227.4 million, a 4.4% decline year-over-year, mainly due to the sale of the Norwegian operation and exit from low-margin customers.

• Gross margin rose by 300 basis points; EBIT increased 30% to GBP 15.6 million.

• Underlying profit before tax increased by 69%; underlying diluted EPS doubled to GBP 0.0431.

• Achieved GBP 3 million in annualized savings from operational improvements.

• North America revenue grew 15.2%, driven by automotive and smart infrastructure demand.

• Smart infrastructure revenue grew 10%, led by demand for data centers and smart grids.

• EBIT margin in North America rose to 8.8% (from 5.3%); Italy's EBIT margin improved from 2.2% to 8.6%.

• Achieved 100% cash conversion of EBITDA; leverage reduced below 1x.

Outlook and guidance

• FY 2026 faces significant macroeconomic headwinds, including U.S. trade tariffs and a weakening U.S. dollar.

• Q1 FY 2026 revenues are behind expectations, especially in automotive.

• Confident in continued margin growth and on track to achieve medium-term double-digit EBIT margin target.

• Focus remains on raising profitability standards, accelerating growth in core sectors, and leveraging technology for efficiency.