Grafton Group plc (GFTU) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

All right. Good morning, everyone. Welcome to the Grafton full year results presentation. A few operational highlights from me before I hand over to David, who will guide you through the financial numbers in more detail. Good morning. Good morning. A resilient group performance in 2025 with pleasingly a return to revenue and to profit growth. So revenue was up for the full year, 10.4%. Adjusted operating profit was up 7.1%. And our adjusted return on capital employed was up 60 basis points at 10.9%, comfortably exceeding our cost of capital. We made continued progress on our development activities to further strengthen the group, enhanced leadership teams and the talent pool in general across the group, including bringing in for Iberia to really focus on our growth aspiration in that relatively new market for us. We successfully integrated the first platform acquisition we did, Salvador Escoda, which I'm pleased to say delivered the profit growth in line with our plan, and we made good work to prepare that business to be ready to accelerate growth going forward. We also strengthened our market position in the Republic of Ireland with the bolt-on acquisition of HSS higher into the Chadwick's group to further extend our higher proposition to our customers. And in general, we delivered a strong cash conversion and preserved a strong balance sheet to continue to support the future development of the group. So I shall now hand over to David who goes into more detail. Thank you, Eric, and good morning, everyone. As Eric has already covered off some of the headline of details of our performance in 2025, I'll talk you through some of the financial details now, starting with the income statement. Revenue of 2.52 billion was 10.4% higher than last year. Thanks to the hard work...