Press Releases - Full Year Results 2025/26

Full Year Results 2025/26

11 June 2026

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 12 months to 31 March 2026.

Marc Ronchetti, Group Chief Executive, commented:

“This has been another successful year for Halma. We grew revenue to over £2.5bn and Adjusted profit to over £500m, both for the first time, and delivered on all our financial key performance indicators. Growth was broad-based across all three sectors, further strengthened by premium growth in our photonics business, and we delivered strong margins, high returns, and good cash generation. This performance enabled us to reinvest at a record level of over £600m for future growth, continuing to make substantial investments organically, in talent and capabilities, and through acquisitions.

We delivered our 23rd consecutive year of Adjusted profit growth in an uncertain economic and geopolitical environment. This reflects the fundamental strengths of our Sustainable Growth Model, the long-term growth drivers that underpin our diverse portfolio, and the cumulative benefit of decades of disciplined choices around the markets we operate in, the companies we acquire, and the leaders we trust to run them. Our decentralised model empowers our leaders to respond with agility to opportunities in their markets, and our financial strength has enabled us to invest at record levels for future growth. Together, these strengths underpin our ability to deliver consistently through changing market conditions. I would like to thank everyone across the Group for their contributions this year. Their dedication to our purpose positions us well to continue delivering compounding growth and returns for decades to come.”

Highlights

• Record revenue:
  • Over £2.5bn for the first time
  • +16% organic^8,9; includes photonics premium¹⁰ growth of c.8pp

• Record Adjusted¹ EBIT:
  • Over £500m for the first time
  • +19%⁹ organic⁸ growth
  • Adjusted¹ EBIT margin² up 110bps⁹

• Broad-based growth:
  • Revenue growth across all sectors and subsectors, including on an organic⁸ basis
  • Strong Adjusted¹ profit growth in all sectors, including on an organic⁸ basis

• Continued high returns:
  • Adjusted ROTIC⁷ increased 120bps to 16.2% (2025: 15.0%)
  • Towards upper end of target range of 12-17%

• Good cash performance:
  • Adjusted cash conversion⁶ of 93% (2025: 112%), ahead of our 90% target

• Record strategic investment:
  • Over £600m invested to support future growth
  • R&D investment increased 13% to £123m; 4.7% of revenue (2025: 4.8%)
  • Capital expenditure investment up 24% to £56m, across facilities and infrastructure
  • Five acquisitions completed for a record £447m total consideration¹¹
    • Two further acquisitions completed since year end for c.£75m consideration¹¹
    • Actively managing the portfolio: one disposal completed in the year and two since year end
    • Healthy pipeline of potential acquisitions

• Continued balance sheet strength:
  • Net debt/Adjusted EBITDA¹² of 1.16 times (2025: 0.97 times)
  • Leverage well within operating range of up to two times

• Total dividend +7%:
  • 47^th consecutive year of dividend growth of 5% or more
  • Reflects the Board’s continued confidence in the Group’s growth prospects

Outlook for the 2027 financial year

We have made a positive start to the 2027 financial year, with a strong order book and order intake ahead of revenue and last year. While the economic and geopolitical environment remains uncertain and our companies continue to experience varied conditions in their end markets, we currently expect to deliver low double-digit percentage organic⁸ constant currency revenue growth in this financial year, including premium¹⁰ growth of approximately five percentage points from our photonics business. Adjusted¹ EBIT margin² is expected to be in line with the 2026 financial year (excluding the one-off from the Nuvonic transaction⁴).

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 £73.8m (2025: £75.1m). See note 1 to the Results for details.
2. Adjusted¹ EBIT margin is defined as Adjusted¹ Earnings before Interest and Taxation from continuing operations expressed as a percentage of revenue from continuing operations.
3. Adjusted to remove the amortisation and impairment of acquired intangible assets, acquisition items, significant restructuring costs, profit or loss on disposal of operations, impairment of associates, and the associated taxation thereon. See note 2 to the Results for details.
4.On 15 May 2025, Nuvonic, an Environmental & Analysis Sector company, granted FluidSmile Fluid Tech Ltd (FluidSmile), a long-standing partner 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 (£9.9m). Nuvonic also acquired a 35% associate interest in FluidSmile for RMB95m on the same date. As a result of these transactions, one-off revenue of £9.9m and Adjusted¹ profit of £9.3m were recognised in financial year 2026, which constitute a 50bps and 40bps increase in reported and organic⁸ revenue growth respectively and a 190bps increase in both reported and organic⁸ Adjusted¹ EBIT growth.
5. Total dividend paid and proposed per share, comprising an interim dividend of 9.63p per share and a proposed final dividend of 15.11p per share.
6. Adjusted cash conversion is defined as Adjusted¹ operating cash flow as a percentage of Adjusted¹ operating profit. See note 3 to the Results for details.
7. Adjusted Return on Total Invested Capital (ROTIC) is defined as Adjusted¹ Profit after taxation as a percentage of average Total Invested Capital. See note 3 to the Results for details.
8. 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 3 to the Results for details.
9. Excludes the one-off from the Nuvonic transaction⁴.
10. The photonics premium is determined as the incremental contribution to Group organic⁸ revenue growth from the photonics business in excess of the Group’s long-term organic⁸ revenue growth rate of 7%. It captures the portion of Group organic⁸ revenue growth, expressed in percentage points, that would not have occurred had photonics grown at the Group’s long-term organic⁸ revenue growth rate.
11. Total consideration is on a cash- and debt-free basis.
12. Adjusted¹ Earnings before Interest and Taxation, Adjusted¹ Profit before Taxation, Adjusted² Earnings per Share, organic⁸ growth rates, Adjusted ROTIC⁷, net debt and net debt/Adjusted¹ EBITDA are alternative performance measures used by management. See notes 1, 2 and 3 to the Results for details.
13. Throughout this Strategic Report, references to Adjusted profit, unless otherwise qualified, refer to Adjusted¹ Profit before interest and taxation (EBIT), as management’s preferred measure of profitability. See note 3 to the Results for details.

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.
• Healthcare - 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 seven 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.

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