Melrose Industries PLC (MRO) Q4 2025 Earnings Call

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Watch the replay and follow the connected company analysis, news, and investor updates for Melrose Industries Plc.

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Replay transcript excerpt

WEBVTT 00:00:01.280 -- 00:00:03.623 Hello everyone and welcome to Melrose results for 2025. 00:00:03.623 -- 00:00:08.428 We appreciate you joining us to reflect on a transformational year and to talk through 00:00:08.428 -- 00:00:13.493 the exciting path we have for the future. We have lots of value to unlock, especially 00:00:13.493 -- 00:00:19.560 given strong demand and what we've done over the last few years to reposition our business. 00:00:19.560 -- 00:00:23.545 The key message today is that we're executing our plan. 00:00:23.545 -- 00:00:28.750 We've got a clear strategy to create shareholder value and we're getting on with it. 00:00:28.750 -- 00:00:31.688 We delivered a strong performance in 2025. 00:00:31.688 -- 00:00:35.912 There's no doubt that we're operating in a complex and dynamic global environment, and 00:00:35.912 -- 00:00:40.656 against this backdrop, our operating profit was up, driven particularly by engines and 00:00:40.656 -- 00:00:42.278 defence. 00:00:42.278 -- 00:00:47.523 We also delivered our cash target with positive free cash flow of £125 00:00:47.523 -- 00:00:52.988 million, and this represents a really important inflection point in our journey. 00:00:52.988 -- 00:00:57.112 Good commercial and operational progress continued to be made, and we also completed 00:00:57.112 -- 00:01:02.363 our multi-year transformation programme. So this all gives us some very positive growth 00:01:02.363 -- 00:01:06.808 momentum, which is underpinned by the market, where there's strong demand across both 00:01:06.808 -- 00:01:09.010 civil and defence. 00:01:09.010 -- 00:01:14.495 Indeed, in all parts of our business, demand is very definitely on our side. 00:01:14.495 -- 00:01:18.759 We have established positions on all the world's leading aircraft and the...