Tristel (TSTL) H2 2026 earnings summary

Executive summary

• FY26 turnover reached a record £51.1m, up 10% YoY; adjusted EBITDA rose 20% to £15.7m, with a 31% margin.

• Results were in line with expectations, with the business described as on track to meet its FY25–FY30 financial commitments.

Financial highlights

• Gross profit rose 12% to £41.9m; gross margin increased to 82% from 81%, supported by completed in-house wipe manufacturing.

• Adjusted PBT increased 15% to £11.7m; reported PBT rose 30% to £11.0m and profit after tax increased 20% to £8.0m.

• Adjusted EPS was 18.19p, up 6%; reported basic EPS was 16.68p, up 20%.

• Revenue growth comprised £4.3m from volume and £0.3m from price; 94% of the increase came from volume.

Outlook and guidance

• FY25–FY30 commitments: double-digit annual revenue growth, EBITDA margin of at least 25% annually excluding share-based payments, and progressive YoY dividend growth.

• Priorities include accelerating US investment, increasing penetration in current markets, assessing geographic expansion and commercialising Unifoam and 3T Pro.

• Reaching internal penetration benchmarks across current markets represents ~£60m of additional medical-device disinfection revenue potential.

• Unifoam Phase 1 market launch is planned for January 2027, following trials requested by 14 NHS Trusts after the September 2026 soft launch.