Press Releases - Half Year Results 2025/26

Half Year Results 2025/26

20 November 2025

Record first half results; broad-based strength; guidance increased

Halma, the global group of life-saving technology companies focused on growing a safer, cleaner, healthier future for everyone, every day, today announces results for the 6 months to 30 September 2025.

Marc Ronchetti, Group Chief Executive, commented:

“We made excellent progress in the first half, further extending our track record of delivering strong and compounding growth and returns, while growing a safer, cleaner, healthier future for everyone, every day. We delivered record revenue and profit, a very strong Adjusted¹ EBIT margin and returns well above our cost of capital, while making further substantial investments to support our growth over the longer term. The strength and breadth of our first half performance and our current expectations for the remainder of the year support a further upgrade to our guidance.

Our continued success reflects the fundamental strengths of our Sustainable Growth Model, including the long-term drivers that underpin growth in our portfolio, our ability to respond with agility to changing markets, and the continued commitment of our people to delivering our purpose. I would like to thank everyone at Halma for their contributions in the first half. We are well positioned to make further progress in the remainder of the year and for decades to come.”

Highlights

• Strong organic⁶ revenue growth: +16.7%⁷, includes photonics premium growth of c.8pp.
• Very strong Adjusted¹ EBIT growth +22.8%⁷ and Adjusted¹ EBIT margin up 160bps⁷.
• Revenue and Adjusted¹ profit growth in all sectors; margin increased in all sectors⁷.
• Continued high returns: ROTIC⁵ increased 190bps to 16.2% (2024/25: 14.3%).
• Cash conversion⁹ of 79% (2024/25: 108%):
  • Continue to expect full year cash conversion⁹ more in line with 90% KPI.
• Further strategic investment to support future growth:
  • R&D investment increased to £59.1m (2024/25: £54.1m), representing 4.8% of revenue;
  • Two acquisitions completed in the financial year to date for £129m total consideration; healthy pipeline of potential acquisitions.
• Continued balance sheet strength: net debt/EBITDA⁸ of 1.03 times (end March 2025: 0.97 times), well within operating range of up to 2 times.
• Interim dividend⁴ +7%: reflects the Board’s continued confidence in the Group’s growth prospects.

Outlook for the 2026 financial year

We have made a good start to the second half of the year. Our companies continue to experience varied conditions in their end markets and the economic and geopolitical environment remains uncertain. However, the strength and breadth of our first half performance, which included premium growth in photonics, and our current expectations for the remainder of the year, support a further upgrade to our guidance for the full year.

We now expect to deliver, for the year as a whole, mid-teens percentage organic constant currency⁶ revenue growth, including a continued benefit from the premium growth in photonics within the Environmental & Analysis Sector, and an Adjusted¹ EBIT margin (excluding the one-off profit in the first half) of around 22%¹⁰. This is supported by our Group order intake, which remains ahead of both revenue in the year to date and the comparable period last year.

Notes:

1. Adjusted to remove the amortisation and impairment of acquired intangible assets; acquisition items; significant restructuring costs; profit or (loss) on disposal of operations, and impairment of associates, totalling £28.7m (2024/25: £35.2m). See note 2 to the Condensed Interim Financial Statements for details.
2. Adjusted to remove the amortisation and impairment of acquired intangible assets, acquisition items, significant restructuring loss, profit on disposal of operations, impairment of associates, and the associated taxation thereon. See note 2 to the Condensed Interim Financial Statements for details.
3. On 15 May 2025, Nuvonic, an Environmental & Analysis Sector company, granted FluidSmile Fluid Tech Ltd (FluidSmile), a longstanding partner of Nuvonic in China, an exclusive trademark licence and related manufacturing and distribution rights to sell certain Nuvonic products in China and other agreed southeastern Asian markets, for RMB95m (£9.3m). Nuvonic also acquired a 35% associate investment in FluidSmile for RMB95m on the same date. As a result of these transactions, one-off revenue of £9.3m and profit of £8.6m were recognised in the current financial year, which constitute a 0.9pp and 3.9pp increase in reported and organic⁶ revenue and Adjusted¹ EBIT growth respectively.
4. Interim dividend declared per share.
5. Return on Total Invested Capital (ROTIC) is defined as post-tax Adjusted¹ Profit as a percentage of average Total Invested Capital. See note 9 to the Condensed Interim Financial Statements for details.
6. Organic constant currency (OCCY or organic) measures exclude the effect of movements in foreign exchange rates on the translation of revenue and Adjusted¹ Profit into Sterling, as well as acquisitions in the year following completion and disposals. See note 9 to the Condensed Interim Financial Statements for details.
7. Excluding the one-off from the Nuvonic transaction.
8. Adjusted¹ Earnings before Interest and Taxation, Adjusted¹ Profit before Taxation, Adjusted² Earnings per Share, organic⁶ growth rates, ROTIC and net debt are alternative performance measures used by management. See notes 2, 6 and 9 to the Condensed Interim Financial Statements for details.
9. Cash conversion is defined as Adjusted¹ operating cash flow as a percentage of Adjusted¹ operating profit. See note 9 to the Condensed Interim Financial Statements for details.
10. Our Adjusted¹ EBIT margin guidance excludes the one-off profit³ from the Nuvonic transaction

For further information, please contact:

A copy of this announcement, together with other information about Halma, may be viewed on its website: www.halma.com

The webcast of the results presentation will be available on the Halma website later today: www.halma.com 

NOTE TO EDITORS

1. Halma is a global group of life-saving technology companies, focused on growing a safer, cleaner, healthier future for everyone, every day. Its purpose defines the three broad market areas where it operates:

• Safety: Protecting the safety of people and assets as populations grow and the demand on infrastructure increases.
• Environment: Addressing the impacts of climate change, pollution and waste, protecting life-critical resources and supporting scientific research.
• Health: Meeting the increasing demand for better healthcare as chronic illness rises, driven by growing and ageing populations and lifestyle changes.

Halma employs over 9,000 people in more than 20 countries, with major operations in the UK, Mainland Europe, the USA and Asia Pacific. Halma is listed on the London Stock Exchange (LON: HLMA) and is a constituent of the FTSE 100 index.

Halma has been named one of Britain's Most Admired Companies for the past six years.

2. You can view or download copies of this announcement and our latest Annual Report from the website at www.halma.com 

3. This announcement contains certain forward-looking statements which have been made by the Directors in good faith using information available up until the date they approved the announcement. Forward-looking statements should be regarded with caution as by their nature such statements involve risk and uncertainties relating to events and circumstances that may occur in the future. Actual results may differ from those expressed in such statements, depending on the outcome of these uncertain future events.

Please click here to read the full results.