Melrose Industries PLC (MRO) Q2 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:04.778 Hello everyone and welcome to our Melrose first half 2025 results presentation. 00:00:04.778 -- 00:00:08.664 It's certainly been a busy and important six months for us and I'm pleased with the progress 00:00:08.664 -- 00:00:10.407 that's been made. 00:00:10.407 -- 00:00:14.313 In the first half we've delivered a strong financial performance which includes substantial 00:00:14.313 -- 00:00:19.440 improvements in both profit and free cash flow versus last year. 00:00:19.440 -- 00:00:23.446 These results have been delivered against the backdrop of the ongoing industry-wide supply 00:00:23.446 -- 00:00:27.082 chain issues and the recent tariff disruptions. 00:00:27.082 -- 00:00:30.846 We've also moved further forward with our multi-year transformation programme, which 00:00:30.846 -- 00:00:35.951 completes this year. So we're firmly on track to deliver our full year guidance 00:00:35.951 -- 00:00:41.057 at constant currency. Looking forward, our path to value creation is both clear 00:00:41.057 -- 00:00:43.577 and compelling. 00:00:43.639 -- 00:00:47.523 Aerospace and defence markets are growing structurally with record order backlogs and 00:00:47.523 -- 00:00:50.104 an expanding aftermarket. 00:00:50.226 -- 00:00:54.267 In particular, the outlook for defence has changed significantly in recent months. 00:00:54.267 -- 00:00:58.553 with a step change in European and NATO spending commitments. 00:00:58.553 -- 00:01:03.440 Over the last few years, we've repositioned Melrose to focus where our design-led positions 00:01:03.440 -- 00:01:07.225 are deeply embedded in the world's leading aircraft. 00:01:07.225 -- 00:01:12.452 This has resulted in a unique portfolio that locks in growth from OE ramp-up 00:01:12.452 -- 00:01:15.796 and aftermar...