Trifast (TRI) Investor update summary

Executive summary

• Delivered resilient first-half results despite a challenging macroeconomic environment, with improved gross and EBIT margins driven by strategic focus and operational discipline.

• Strategic pivot to key sectors, especially smart infrastructure, resulted in double-digit growth for the second consecutive year.

• Maintained strong balance sheet discipline, with leverage ratio consistently below 1 and robust liquidity.

Financial highlights

• Gross margin improved by 150 basis points to 28.9% year-over-year.

• EBIT margin increased from 6.0% to 6.2%, and underlying EBIT margin reached 7.2% excluding FX impacts.

• Revenue declined in the U.K., Ireland, Europe, and Asia due to external disruptions, but North America saw strong growth, especially in smart infrastructure (+15%) and medical equipment (+32%).

• Automotive revenue fell 12.2% to £38.1m, while smart infrastructure revenue rose 11.5% to £19.4m, now 18% of total revenue.

• ROCE improved to 7.8% from 6.3% year-over-year; net debt at £17.4m with leverage at 0.9x.

Outlook and guidance

• Full-year expectations remain unchanged, with confidence in delivering medium-term double-digit EBIT margins.

• Continued focus on self-help initiatives and operational excellence to position for recovery and sustained growth as market conditions stabilize.