Stelrad Group Plc · LSE:SRAD
Stelrad — H1 2026 Earnings Presentation
32 slides from Stelrad's earnings presentation, Aug 7, 2026
Slide 1: Reinforcing our leadership
Reinforcing our leadership Stelrad Group plc Results for the six months ended 30 June 2026
Slide 2: Agenda
RESULTS FOR THE PERIOD Agenda • Overview • Financial review • Business review • Summary and outlook • Q&A Trevor Harvey Leigh Wilcox Chief Executive Officer Chief Financial Officer Stelrad Group plc 2
Slide 3: Overview
Overview 9 Stelrad Group pic
Slide 4: Stelrad is Europe's leading radiator manufacturer
OVERVIEW Stelrad is Europe’s leading radiator manufacturer Our core purpose is helping to heat homes sustainably UK & Ireland #1 1,200 £62.4m in hydronic people heat emitters H1 2026 Group revenue Europe • 24.0% steel panel market share (1) £124.0m £58.2m • Stelrad is Europe’s #1 brand (1) Turkey &
Slide 5: Operational delivery, profit growth and margin expansion
OVERVIEW Operational delivery, profit growth and margin expansion • The commercial and operational initiatives undertaken in 2025 have further optimised our cost base and driven progress in 2026, despite challenging market conditions • Further progress in adjusted operating profit to £16.7m, a Flexi
Slide 6: Financial review
Financial review @Stelrad Group pic
Slide 7: Strong margin management and balance sheet control
FINANCIAL REVIEW HIGHLIGHTS Strong margin management and balance sheet control £124.0m Revenue ↓ 9.1% (H1 25: £136.5m) 14.6% decline in sales volume partially offset by selling price increases £16.7m Adjusted operating profit ↑ 4.9% (H1 25: £15.9m) Successful delivery of our commercial and operation
Slide 8: Strong operational performance offsetting challenging market conditions
FINANCIAL REVIEW Strong operational performance offsetting challenging market conditions Revenue Adjusted operating profit Adjusted EPS Interim dividend per share £124.0m £16.7m 7.43p 3.19p H1 26 124.0 H1 26 16.7 H1 26 7.43 H1 26 3.19 8.09 H1 25 136.5 H1 25 15.9 H1 25 6.41 H1 25 3.04 H1 24 143.1 H1
Slide 9: Contribution per radiator benefitting from sales mix impact and margin management initiatives
FINANCIAL REVIEW Contribution per radiator benefitting from sales mix impact and margin management initiatives Radiator volumes sold Premium panel % of steel panel volumes Contribution per radiator 1,960k units 6.2% £24.32 H1 26 1,960 H1 26 6.2% H1 26 24.32 H1 25 2,296 H1 25 6.1% H1 25 20.33 H1 24 2
Slide 10: Commercial strategy and mix benefits partially offset market led volume decline
REVENUE Commercial strategy and mix benefits partially offset market led volume decline H1 2026 H1 2026 H1 2025 H1 2025 Movement Revenue by geographical market £m % of total £m % of total % UK & Ireland 62.4 50.4 65.1 47.7 (4.0) Europe 58.2 46.9 62.9 46.1 (7.4) Turkey & International 3.4 2.7 8.5 6.2
Slide 11: Cost and operational initiatives driving profit improvements
ADJUSTED OPERATING PROFIT Cost and operational initiatives driving profit improvements H1 2026 H1 2025 Movement Movement Adjusted operating profit by geographical market £m £m £m % UK & Ireland 14.1 15.0 (0.9) (6.3) Europe 6.3 3.6 2.7 76.3 Turkey & International 0.2 0.7 (0.5) (65.6) Central costs (3
Slide 12: Leverage reduction year-on-year
CASH FLOW Leverage reduction year-on-year H1 2026 H1 2025 Movement £m £m £m EBITDA 22.4 21.8 0.6 Exceptional items (1.0) - (1.0) Gain on disposal of property, plant and equipment (0.1) (0.1) - Share-based payments 0.4 0.6 (0.2) Working capital (11.0) (9.0) (2.0) Net capital expenditure (3.5) (3.7) 0
Slide 13: Balance sheet, taxation, dividends and ROCE
BALANCE SHEET, TAXATION, DIVIDENDS AND ROCE Balance sheet, taxation, dividends and ROCE Taxation Dividends • Effective tax rate 33.1% (H1 25: 33.0%) on an • Interim dividend of 3.19 pence, 5% increase adjusted basis on 2025 • Adjusted effective tax rate remains consistent • In line with progressive
Slide 14: FY26 Technical guidance
TECHNICAL GUIDANCE FY26 Technical guidance • Steel prices expected to rise in H2 2026 • Other key input prices are expected to remain stable in 2026, remaining mindful of recent global events • Group tax rate expected to be in line with expectations at c.33% with some non- cash deferred tax movement
Slide 15: Business Review
Business Review @Stelrad Group plc
Slide 16: As #1 player with a clear strategy, Stelrad is well positioned for sustainable, profitable growth
BUSINESS REVIEW As #1 player with a clear strategy, Stelrad is well positioned for sustainable, profitable growth Attractive market Key structural growth Sustainable competitive Clear, consistent Key medium-term opportunity drivers advantages strategic objectives targets Replacement 261m market reco
Slide 17: Stelrad's #1 position is driven by cost leadership and outstanding customer service
BUSINESS REVIEW Stelrad’s #1 position is driven by cost leadership and outstanding customer service • c.75% of steel panel manufacturing Steel panel radiators now relocated to low-cost locations Top 5 manufacturers' share evolution 30% • Annualised optimal production capacity of c.7m radiators 24.5%
Slide 18: Geographically diverse presence provides opportunities
BUSINESS REVIEW Geographically diverse presence provides opportunities Stelrad volume mix 2025 Market volume mix 2025 8% 24% 27% 35% 57% 49% UK & Ireland Europe Turkiye UK & Ireland Europe Turkiye • Stelrad enjoys a strong presence across all significant segments and countries of the European steel
Slide 19: In 2025, Stelrad consolidated market leadership with share growth outside the UK
BUSINESS REVIEW In 2025, Stelrad consolidated market leadership with share growth outside the UK Core 10 markets Share growth highlights 2025 35.9% Market Market Stelrad Stelrad France 33.1% Volume Share Position 33.2% ‘000 units UK 4,500 51.3% 1# 44.1% Turkey 4,200 8.3% 4# Belgium 43.1% 33.7% Germa
Slide 20: Premiumisation represents a clear opportunity for profitable growth when markets recover
DRIVING PRODUCT MIX IMPROVEMENT - PREMIUMISATION Premiumisation represents a clear opportunity for profitable growth when markets recover • At the heart of Stelrad’s Protecting and improving our product mix premiumisation strategy are 16% three pillars: 14% • Leverage Stelrad trade 13.8% strengths 1
Slide 21: Leveraging Stelrad's market access is delivering growth in electric/hybrid radiators
DRIVING PRODUCT MIX IMPROVEMENT - DECARBONISATION Leveraging Stelrad’s market access is delivering growth in electric/hybrid radiators • Stelrad also has a clear strategy for decarbonised heating systems: Electric and hybrid radiator volume Netherlands, Belgium, UK & Germany • Promote high output co
Slide 22: Pleasing progress against sustainable medium-term targets
MEDIUM-TERM TARGETS Pleasing progress against sustainable medium-term targets Medium-term target Performance Commentary Market share improvement 1–2% 2025: stable Continued market leadership (Data released annually) Benefitting from the exit from a H1 26: £24.32 loss-making contract at the end of Co
Slide 23: Summary and outlook
Summary and outlook TP Stelrad Group pic
Slide 24: Reinforcing our leadership
SUMMARY AND OUTLOOK Reinforcing our leadership Well positioned for growth “The Board remains confident in • Commercial and operational initiatives undertaken in 2025 have its strategic pillars and in driving further optimised our cost base and driven progress in 2026 continued shareholder value. • O
Slide 25: Questions
Questions 9Stelrad Group plc
Slide 26: Appendices
Appendices I r i b | | beyy ty @Stelrad Group plc
Slide 27: Capital allocation priorities
CAPITAL ALLOCATION Capital allocation priorities Strategic execution Strong free cash flow growth Capital allocation Investment for Shareholders Leverage Selective organic growth returns control acquisitions Continued Via a progressive Targeting a leverage Based on our investment in: dividend policy
Slide 28: Consolidated income statement summary
CONSOLIDATED INCOME STATEMENT SUMMARY H1 2026 H1 2025 Movement Movement £m £m £m % Revenue 124.0 136.5 (12.5) (9.1) EBITDA(1) 22.4 21.8 0.6 2.9 Adjusted operating profit(1) 16.7 15.9 0.8 4.9 Exceptional items (1.0) (12.0) 11.0 91.4 Amortisation of customer relationships - (0.1) 0.1 n/a Operating pro
Slide 29: Consolidated balance sheet summary
CONSOLIDATED BALANCE SHEET SUMMARY 30 June 31 December 30 June 31 December 2026 2025 2026 2025 £m £m £m £m Non-current assets Non-current liabilities Property, plant and equipment 68.7 72.5 Interest-bearing loans and borrowings 78.6 74.4 Intangible assets 0.3 0.3 Deferred tax liabilities 0.2 0.2 Tra
Slide 30: Consolidated statement of cash flow summary
CONSOLIDATED STATEMENT OF CASH FLOW SUMMARY H1 2026 H1 2025 Movement £m £m £m EBITDA(1) 22.4 21.8 0.6 Exceptional items (1.0) — (1.0) Gain on disposal of property, plant and equipment (0.1) (0.1) — Share-based payment charge 0.4 0.6 (0.2) Working capital (11.0) (9.0) (2.0) Net capital expenditure (i
Slide 31: With its Fit for the Future strategy, the Group is also making good ESG progress
SUSTAINABILITY With its Fit for the Future strategy, the Group is also making good ESG progress In 2026, Stelrad: • Reduced the number of lost time incidents by 60%, and the total number of incidents by 39%, compared to H1 2025. • Maintained focus on decarbonisation, progressing initiatives to reduc
Slide 32: Disclaimer
DISCLAIMER This presentation is not intended to, and does not constitute or form part of, any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Stelrad Group plc or any other invitation or inducement to en