Van Elle Holdings Plc · LSE:VANL
Van Elle — H1 FY2026 Earnings Presentation
17 slides from Van Elle's earnings presentation, January 2026
Slide 1: Interim Results
Interim Results 6 months ended 31 October 2025 January 2026 Mark Cutler – Chief Executive Officer Graeme Campbell – Chief Financial Officer
Slide 2: Results Overview
RESULTS OVERVIEW ▪ Resilient performance despite subdued market conditions ▪ Building Safety Act delays resulted in continued low revenues and losses in the Group’s London operations ▪ Van Elle Canada disposal completed in December 2025 ▪ Revenue from continuing operations up 16% on H1 FY25 to £73.4
Slide 3: Our Markets
OUR MARKETS Residential Infrastructure Regional construction Revenue £23.8m £32.0m £17.3m % of Group 32% 44% 24% 3
Slide 4: Financial Review – Income Statement
FINANCIAL REVIEW – INCOME STATEMENT UNDERLYING RESULTS ▪ Revenue up 16% vs prior year H1 2026 H1 2025 CONTINUING OPERATIONS £m £m ▪ Improving volumes within General Piling and Strata Geotechnics Revenue 73.4 63.4 ▪ Benefitting from Albion Drilling acquisition in Gross profit 19.7 19.6 October 2024 G
Slide 5: Our Business
OUR BUSINESS General Piling Specialist Piling & Rail Ground Engineering Services Includes: H1 H1 H1 H1 H1 H1 FY26 FY25 FY26 FY25 FY26 FY25 £m £m £m £m £m £m Revenue 28.9 23.0 Revenue 25.9 21.4 Revenue 18.4 18.7 Operating profit (0.1) 0.5 Operating profit 2.7 2.1 Operating profit 0.5 0.3 5
Slide 6: Financial Review – Balance Sheet
FINANCIAL REVIEW – BALANCE SHEET ▪ Total capital spend of £5.5m representing investment in the rig 31 Oct 30 Apr 31 Oct fleet 2025 2025 2024 £m £m £m ▪ Working capital decrease supported by the receipt of £1.2m of delayed R&D tax credits from FY23 Fixed assets (including intangible assets) 43.4 41.4
Slide 7: Cash Flow
CASH FLOW 14.0 Includes repayment of the 13.0 asset backed lending 12.0 facility (£1.5m) 11.0 Capex of £5.5m offset £'m 10.0 with £3.2m of disposal proceeds 9.0 8.0 7.0 6.0 Operating Net capital Lease and Canada cash outflow cash flow expenditure borrowings repayments (incl. interest) Cash and cash
Slide 8: Strategic Direction
STRATEGIC DIRECTION New Energy Organic growth in division with ROCE recovering visibility of £40m improvement core markets pa framework initiatives revenues by FY28 Operating margins to 6% by FY28 Selective bolt-on from work mix and M&A operational leverage 8
Slide 9: Growing Momentum in Growth Markets
GROWING MOMENTUM IN GROWTH MARKETS ▪ Energy – increasing visibility of £40m annual revenue through long term transmission line frameworks with Wood, M-Group, Morgan Sindall, Great Grid Partnership and others from FY28. Substations and hydro schemes are additive. Holistic ground investigation – desig
Slide 10: Transformational Growth in Energy
TRANSFORMATIONAL GROWTH IN ENERGY ▪ Frameworks or key projects secured with Wood, M- Group, Morgan Sindall and Aureos. ▪ Four separate transmission schemes underway in Scotland, initially ground investigation and design. Piling to commence FY27. ▪ First pumped hydro scheme expected to commence in FY
Slide 11: ROCE Improvement Plan
ROCE IMPROVEMENT PLAN Rationalising the asset base: ▪ Disposal of surplus property assets of £1.3m - complete ▪ Outsource of internal transport function and associated assets of ROCE £3.0m - complete ▪ Disposal of under utilised rigs and equipment. Target c.20 rigs - 18-22% ongoing Current 10.4% ▪ D
Slide 12: Current Trading and Outlook
CURRENT TRADING AND OUTLOOK ▪ Market conditions remain challenging, but improvements across several of the Group's core markets are anticipated ▪ Significant potential in the Energy sector, with visibility of at least £40m annual revenue from FY28 ▪ Increased activity in the Rail and Water sectors i
Slide 13: Q&A
Q&A @® VANI ELLE @QQD TOTAL FOUNDATION SOLUTIONS
Slide 14: Statistics
STATISTICS H1 2026 H1 2025 Financial measures Revenue (£m) 73.4 63.4 Gross profit % 26.8% 30.9% Underlying operating profit margin 2.8% 3.4% Overheads % (underlying) 25.7% 30.0% Net capital expenditure (£’m) 2.3 2.0 Order book (£’m) 44.9 41.6 Operational measures Number of rigs 155 145 Average rig u
Slide 15: Procurement management with sustainable approach
Procurement management with sustainable approach ‘Commitment to Science Based Targets initiative * 100 % LED lighting at Kirkby + 100% grid electricity from renewables + Fuel efficiency focus (FORS Silver) * Fleet age limit + Fuel monitoring devices Hybrid and electric company cars, Trials of batter
Slide 16: Disclaimer
DISCLAIMER This presentation has been prepared by or on behalf of Van Elle Holdings plc (“Van Elle”). The information set out in this presentation is not intended to form the basis of any contract. By attending (whether in person, by telephone or webcast) this presentation or by reading the presenta
Slide 17: ® VANI ELLE
® VANI ELLE @@D 0 FOUNDATION SOLUTIONS