Resilient performance, positive start to FY27
Vijay Thakrar, Interim Executive Chair Simon Dray, Chief Financial OfficerContents
Introducing Alumasc | 01 |
FY26 Highlights & Overview | 02 |
Financial Review | 03 |
Business Review | 04 |
Strategic Delivery | 05 |
Outlook | 06 |
Appendices | 07 |
2 |
Alumasc Roofing - Derbigum Mineral & Alumasc BluRoof - Lightbody Street, Liverpool
Introducing Alumasc Vijay Thakrar, Interim Executive Chair
Alumasc Water Management Solutions Rainscreen Cladding System
Who We Are: Our Divisions
Building Envelope
Products:
Rainwater management (metal gutters/downpipes)
Architectural aluminium
Building and surface water drainage
Access covers
Climate change resilience through water and stormwater management in the built environment
Water Management
Building decarbonisation through products focused on improving air-tightness and managing ventilation
Housebuilding Products
Building Products for a Sustainable Future
Products:
Broad range of products used in housebuilding, from ground level to roof ridge
Building decarbonisation/greening/ climate resilience through premium weatherproofing/insulation solutions, including blue, green and bio-solar roofs and carbon-absorbing membranes
Products:
Modular flat and flat-to-pitched roofs
Roof safety products
Blue roofs
Green roofs
Bio-solar roofs
The Alumasc Group plc 4
Sustainability driving further growth
Market Leadership: sustainable solutions for the built environment, focused on
Reducing carbon footprint
Efficient management of rain and storm water
Providing biodiverse green spaces
>80% of products aligned with strategic growth markets High quality, durable products
Lower maintenance
Longer lifespan
Reduced whole-life cost
Resource and energy efficient materials
39% recycled at point of use
84% fully recyclable at end of life
Helping customers deliver on their sustainability objectives
34% of revenue covered by EPDs
Long-Term Sustainability Growth Drivers
Building Decarbonisation
Climate Resilience
Urban Biodiversity/ Occupant Wellbeing
The Alumasc Group plc 5
FY26 Highlights & Overview Vijay Thakrar, Interim Executive ChairAlumasc Water Management Solutions Gatic UltraSlot and Gatic Access Covers Moin Container Terminal, Costa Rica
FY26 highlights Resilient performance against a challenging market backdropRevenue £107.1m (FY25: £113.4m)
Housebuilding Products: standout performance; revenue +16% vs FY25
Building Envelope resilient: revenue level with record FY25
Water Management: 4% down vs FY25 excluding CLK Airport project revenues; 16% decline including CLK
Underlying PBT* £10.0m (FY25: £14.2m)
Operating cash conversion >100%, despite incremental short-term working capital investment Pension fund surplus increased to £5.9m (June 25: £4.8m)
Bank facilities renewed to 2029 (extendable to 2031)Facility increased by £5m to £30m; £20m accordion
Borrowing costs reduced by 20bps
Proposed final dividend 7.6p (FY25: 7.6p) per share, full year dividend maintained at 11.1pThe Alumasc Group plc
* A reconciliation of underlying to statutory profit measures is shown in the appendix 7
FY26 highlights Delivery of strategic priorities driving continued market outperformance Continued execution of strategic and commercial prioritiesManagement action underway in Water Management division to grow volume and margin
Investment to increase capacity and capability in Housebuilding Products
Acquisition pipeline continues to be developed; disciplined approach
Leadership changesPamela Bingham's appointment terminated on 28 August 2026, after independent investigation
Vijay Thakrar appointed Interim Executive Chair, supported by experienced Executive and management teams
Confident outlook for FY27June 2026 order book 49% ahead of prior year
5% year-on-year revenue growth in first two months of FY27, order intake remains strong
First deliveries to Changi Airport project later in H1 FY27
The Alumasc Group plc 8
Strong and experienced Executive TeamVijay Thakrar
Interim Executive Chair (joined 2019)
Reorganised to provide continuity and
leadership
Simon Dray
Chief Financial Officer (joined 2021)
Vijay Thakrar: assuming executive responsibility as Interim Executive Chair
Gilbert Jackson Director/DMD (joined 2011)
Michael Leaf Director/DMD (joined 2011)
Gilbert Jackson: DMD Building Envelope, also assuming responsibility for Water Management: Covers & Drainage
Alumasc Roofing
Building Envelope
Covers & Rainwater
Drainage Products
(Gatic/Wade) (AWMS/ARP/ Rainclear)
Water Management
Timloc
Housebuilding Products
Michael Leaf: DMD Housebuilding Products, also assuming responsibility for Water Management: Rainwater Products
Water Management team strengthened by recent MD hires:
Covers & Drainage (joined Dec 2025)
Rainwater Products (joined Sep 2026)
The Alumasc Group plc 9
Navigating a challenging UK construction market Construction markets subdued
2026 forecast general market decline of 3.3%*
Geopolitical/macroeconomic uncertainty
Affordability concerns
Private housing starts fell by 12% in 2026*
Stability and affordability key to recovery Alumasc's structural growth drivers remain strong
Future Homes Standard 2025
Biodiversity net gain 2024
Building Efficiency Standards
SuDS requirements
TCFD and Climate Risk Disclosure
AMP8 Water Investment cycle 2025-2028
Social and Affordable Homes Programme 2026-2036
UK construction output growth
CPA Summer 2026 forecast, all work
4.0%
2.0%
0.0%
-2.0%
-4.0%
2024A 2025A 2026E 2027F 2028P
UK private housing starts
CPA Summer 2026 forecast
20.0%
0.0%
-20.0%
-40.0%
2024A 2025A 2026E 2027F 2028P
The Alumasc Group plc
*CPA Summer 2026 forecast 10
Financial Review Simon Dray, Chief Financial Officer
Income statement summary Year ended 30 June 2026FY26
£m
FY25
£m
Change
%
Revenue
107.1
113.4
(5.6)%
Revenue £107m (FY25: £113m)
6% decline; broadly flat excluding CLK contribution
Gross profit
39.0
43.0
Gross profit margin %
36.4%
37.9%
Sales, general & administration overheads
(27.8)
(27.4)
Underlying operating profit*
11.2
15.6
(27.9)%
Underlying operating margin %
10.5%
13.7%
Net finance costs
(1.2)
(1.4)
Underlying PBT*
10.0
14.2
(29.6)%
Underlying tax charge
(2.6)
(3.4)
Underlying PAT*
7.4
10.8
Non-underlying items (after tax)
(0.1)
(1.5)
PAT
7.3
9.3
Underlying EPS (p)
20.5p
29.9p
(31.4)%
Basic EPS (p)
20.3p
25.9p
(21.6)%
Dividend per share (p)
11.1p
11.1p
-%
UK revenue down 2%
Overseas revenue excluding CLK 36% ahead (including CLK, down 32%
Gross margin 36.4% (FY25: 37.9%)
Driven by lower volumes and mix
Underlying operating margin 10.5% (FY25: 13.7%)
Impact of operational gearing and mix
Non-underlying costs £0.1m (FY25: £1.5m) after tax Full year dividend per share 11.1p (FY25: 11.1p)
Covered 1.9x by underlying earnings
Profit recovery to restore cover to 2.5-3.0x range
The Alumasc Group plc
*A reconciliation of underlying to statutory profit measures is shown in the appendix 12
Income statement bridge Year ended 30 June 2026Cost increases mitigated by sales price
Volume decline £8.1m (CLK £6.8m); 44% drop-through to profit
Adverse mix impact partially mitigated by cost efficiencies
The Alumasc Group plc
*A reconciliation of underlying to statutory profit measures is shown in the appendix 13
Cashflow statement summaryFY26 £m | FY25 £m | Change £m | |
EBITDA from continuing operations* | 15.9 | 19.7 | (3.8) |
Operating cash conversion** 103% (FY25: 106%)
£3.6m outflow into working capital
Change in working capital
(3.6)
(1.9)
(1.7)
Pension deficit funding
(0.8)
(1.2)
0.4
Cash generated by underlying operating activities
11.5
16.6
(5.1)
Cash conversion
103%
106%
Capital expenditure
(2.6)
(2.6)
-
Interest
(1.2)
(1.3)
0.1
Tax
(2.5)
(2.6)
0.1
Lease principal repaid
(1.8)
(1.6)
(0.2)
Non-underlying/other cash flows
(0.1)
(1.9)
1.8
Free cash flow
3.3
6.6
(3.3)
Acquisition of businesses
-
(0.7)
0.7
Purchase of own shares
(0.4)
(0.5)
0.1
Dividends
(4.0)
(3.9)
(0.1)
Movement in net bank debt
(1.1)
1.5
(2.6)
Net bank debt at year end
(6.9)
(5.8)
Average trade working capital % sales
19.2%
15.7%
Inventory investment to mitigate Middle East conflict-related issues
Average trade working capital 19.2% (FY25: 15.7%) of revenue
Pension deficit funding of £0.8m (FY25: £1.2m)
Continuing to invest for future growth
Capital expenditure £2.6m (FY25: £2.6m)
Manufacturing capacity/NPD at sites in Goole (Housebuilding Products) and Halstead (Water Management)
Net bank debt £6.9m (FY25: £5.8m)
* EBITDA: Underlying operating profit before share-based payment charges, interest tax, depreciation and amortisation
** Cash conversion: cash generated by underlying operating activities as a percentage of underlying operating profit
The Alumasc Group plc 14
Balance sheet summary at 30 June 2026* Underlying post-tax operating profit divided by average capital invested for the previous 12 months
Returns continuing to generate shareholder value
FY26 £m | FY25 £m | Change £m | |
Property, plant & equipment | 23.3 | 22.6 | 0.7 |
Intangible assets | 18.1 | 18.7 | (0.6) |
Working capital | 17.6 | 13.8 | 3.8 |
Other net liabilities | (5.2) | (5.0) | (0.2) |
Capital invested | 53.8 | 50.1 | 3.7 |
Net debt bank | (6.9) | (5.8) | (1.1) |
Net debt lease | (7.6) | (6.9) | (0.7) |
Pension obligations (net of tax) | 4.4 | 3.6 | 0.8 |
Net assets | 43.7 | 41.0 | 2.7 |
ROI - continuing operations (post tax)* | 16.0% | 24.3% |
ROI 16% vs WACC c.13%
Significant capacity for investment
June 2026 EBITDA leverage 0.5x (June 25: 0.35x)
Bank facility renewed on 1 September 2026
Initial 3-year term to August 2029, extendable to August 2031
Committed facility increased by £5m to £30m
Uncommitted £20m accordion facility
Borrowing margin reduced by 20bps
Continued pension de-risking
£5.9m pre-tax IAS 19 surplus (FY25: £4.8m)
Contributions reduced to £0.7m from September 2025
Further de-risking actions will be taken when appropriate
The Alumasc Group plc 15
Business Review Simon Dray, Chief Financial OfficerAlumasc Roofing
Derbigum - Grove Wood Primary School, Essex
Water ManagementContinuing operations
FY26
FY25
Revenue (£m)
46.6
55.5
Underlying* operating profit (£m)
3.3
8.0
Underlying* operating margin (%)
7.0%
14.5%
Operating profit (£m)
2.5
6.1
Disappointing performance in challenging market conditions
Revenue declined £8.9m
£6.8m lower revenue from CLK Airport project
UK revenues declined 6%, partially offset by non-CLK export growth Margins impacted by lower volumes
Actions underway to improve operational efficiency and customer service
£1.3m of annualised cost reductions in year (c.£0.9m benefit in FY27)
Enquiry-to-order & lead time optimisation
Supply chain rationalisation
Optimised manufacturing across Rainwater Goods sites Strong and growing order book and pipeline
August 2026 divisional order book 68% higher than August 2025
First call-offs received from significant Changi Airport project
The Alumasc Group plc *A reconciliation of underlying to statutory profit measures is shown in the appendix
Alumasc Water Management Solutions Gatic Ultraslot and Gatic Access Covers
DP World London Gateway Berth 4 Expansion
17
Building EnvelopeContinuing operations
FY26
FY25
Revenue (£m)
41.8
41.8
Underlying* operating profit (£m)
4.9
5.3
Underlying* operating margin (%)
11.6%
12.7%
Operating profit (£m)
4.9
5.3
Resilient performance
Navigated supply chain and project demand volatility well
Revenues level with record FY25
Margins lower on investment in product certifications and support Strategic focus
Strong customer relationships founded on excellent technical sales and customer support
Increasing focus on enhanced sustainable roofing systems
Carbon-absorbing membranes
Bio-Solar systems
Improved insulation
Fire safety and protection
High end specification work with low-carbon systems
Excellent customer service and warranties
August 2026 divisional order book 39% higher than August 2025
The Alumasc Group plc
*A reconciliation of underlying to statutory profit measures is shown in the appendix
Alumasc Roofing
18
Derbigum High Performance Waterproofing Membrane Princess of Wales Hospital, Bridgend
Housebuilding ProductsContinuing operations
FY26
FY25
Revenue (£m)
18.7
16.1
Underlying* operating profit (£m)
4.7
4.2
Underlying* operating margin (%)
25.1%
26.0%
Operating profit (£m)
4.7
4.2
Standout performance despite low housebuilder volumes
Revenue +16%, underlying operating profit +12%
Customer service a key driver of market share gains
Operating margin at 25%
Continued efficiency and cost control
Small adverse product mix variance
Continued investment and focus on sustainability
Two additional IM machines to further improve capacity, efficiency, agility
First carbon neutral building products manufacturer
Well placed to benefit from recovery in housebuilding volumes
The Alumasc Group plc *A reconciliation of underlying to statutory profit measures is shown in the appendix
Housebuilding Products
Loftite | Hinged Drop Down Loft Door
19
Strategic Delivery Vijay Thakrar, Interim Executive Chair Simon Dray, Chief Financial OfficerAlumasc Water Management Solutions Gatic UltraSlot
Bogotá El Dorado International Airport Columbia
Strategic PillarsChampioning Sustainable Building Products
Accelerating Organic Sales Growth
Driving Margin Improvement
Value-Accretive Investment
Align portfolio with strategic growth markets
Resource-efficient manufacturing
Targeted product development
Sustainability commitment recognised by LSE Green Economy Mark
Outperform general UK construction sector
Growing demand for products that improve energy efficiency and climate resilience
Supportive legislation
Trusted brands and premium products
Market-leading customer service and support
Target growth in niche international markets
Operating margin target 15-20%
Continued focus on efficiency improvements
Process automation
Capability and capacity
Site consolidation
Technology investment
Customer service and commercial decision-making supported by better data
Realise acquisition synergies
Investment supported by cash generation and strong balance sheet
Strong cashflows through effective working capital management
Significant headroom
Capital and revenue investment to enhance future growth
Selective bolt-on acquisitions to accelerate ambitions
The Alumasc Group plc 21
Championing Sustainable Building Products Product>80% of portfolio aligned with strategic growth markets
Building decarbonisation (construction and in use)
Water management
Occupant wellbeing/urban biodiversity
EPD coverage at 34% of Group revenue
PlanetCost- and resource-efficient
Durable and low maintenance
39% recycled
84% recyclable
Scope 3 GHG emissions calculated
Scope 1 & 2 GHG emission intensity: 16.76t CO2e/£m revenue
Total value chain GHG emission intensity: 644t CO2e/£m revenue
Raw materials and transport/freight and logistics main sources
Science-based targets in place, SBTi accreditation in progress
GHG emission intensity
tCO2e, scope 1, 2 and business travel/£m revenue
70
60
50
40
30
20
10
0
FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
The Alumasc Group plc 22
Growing Revenues: Strong order book Strong order book evidencing latent demand
June 2026 49% higher vs June 2025
CLK Airport project reaching conclusion
Changi Airport project
£2m order won December 25
First call-offs expected in H1 FY27
Order book
At 30 June
10.5
6.9
9.0
7.7
8.3
8.3
1.3
2.1
2.7
£m
12.8
Momentum continued into FY27
August 2026 order book 56% higher vs August 2025
Encouraging call-off rate
Revenue to date 5% higher year-on year
2022 2023 2024 2025 2026
CLK OtherOrder book movement
30 June to 31 August 2026
18.6
£m
15.5 15.6
(18.5)
30 June 2026 New orders received Orders shipped 31 August 2026
Order book: order confirmation received/contract signed, awaiting call-off
Figures relate solely to Water Management and Building Envelope divisions
The Alumasc Group plc 23
Growing Revenues: £136m opportunity pipeline
UK
£97m
Robust pipeline of opportunities
>75% specification-backed
UK supported by Government spend
Defence
Health
Education
Prisons
Energy generation/data centres
Transport infrastructure
Local technical sales resource building export pipeline
CLK airport project concluding, further opportunities at Changi
Good growth outside of regions of traditional strength
Americas
£3m
Europe
£4m
Africa
£5m
Middle E/ India
£4m
Asia
£23m
Opportunity pipeline: identified projects in order-to-place, or in/awaiting tender process
Figures relate solely to Water Management and Building Envelope divisions
The Alumasc Group plc 24
Margin ImprovementMargin dilution in FY26
£1.8m of price rises to pass through cost increases
£8.1m volume decline (£6.8m due to CLK project), at a contribution margin of 44%
£0.6m profit drag from mix, net of cost reductions
Improvement expected in FY27
Centred on Water Management division
Volume recovery
Efficiency measures taken over H2 FY26
Supply chain rationalisation
Encouraging early signs
Medium term 15-20% target range reaffirmedThe Alumasc Group plc
*A reconciliation of underlying to statutory profit measures is shown in the appendix 25
Strategic Delivery Value-Enhancing InvestmentOrganic
Further targeted investment to support future growth
Further overseas technical sales resource added in late FY26
£2.6m of capital expenditure
2 new injection moulding machines at Housebuilding Products
Additional capacity and manufacturing agility
Support further new product development
Further CNC machining centre at Water Management (Halstead)
Reduce manufacturing costs, increase capacity in drainage range
Support further new product development
Inorganic
Continuing to review acquisition opportunities
Disciplined approach - ability to add value paramount:
Complementary products/customers/services
Alignment with structural growth drivers
Available synergies
Significant headroom to accelerate strategic delivery
The Alumasc Group plc
Alumasc Water Management Solutions Canopy Superstore
26
Outlook Vijay Thakrar, Interim Executive Chair
Aluminium Roofline Products
Cambridge Investment Partnership - Cromwell Road Trueline Bespoke Aluminium Angled Windows
Outlook
Positive start to FY27, despite continued challenging market
Revenue in first two months 5% higher year-on-year
Order intake remained strong, with August 2026 order book 56% higher than August 2025
First deliveries to Changi Airport project expected in H1 FY27
Board confident of margin improvement
Benefit of Water Management restructuring and operational improvements underway
Long term structural growth drivers remain
Supportive environmental and building safety regulations
Undersupply of new houses/age of UK building stock/Government spending commitments
Capacity and capabilities in place to exploit demand recovery and export opportunities
Stability/continuity in leadership team
Well positioned to generate further growth in shareholder value
The Alumasc Group plc 28
Thank youwww.alumasc.co.ukAlumasc Water Management Solutions Rainscreen Cladding - City North Hotel
Appendices
Alumasc Roofing Hydrotech MM6125
Willohaus, a 100-apartment Passivhaus Development, Salford
Non-underlying items
The Alumasc Group plc
31
Year ended 30 June 2026
FY26 | FY25 | ||
Operating | Profit | Operating | Profit |
Profit | Before Tax | Profit | Before Tax |
£m | £m | £m | £m |
Underlying profit from continuing operations 11.2 | 10.0 | 15.6 | 14.2 |
Acquired intangible asset amortisation (0.4) | (0.4) | (0.4) | (0.4) |
Restructuring and other non-recurring costs (0.4) | (0.4) | (1.5) | (1.5) |
Profit on disposal of property 0.4 | 0.4 | - | - |
Acquisition expenses (0.1) | (0.1) | (0.1) | (0.1) |
Net IAS 19 defined benefit pension scheme income | 0.2 | 0.1 | |
Statutory profit from continuing operations 10.7 | 9.7 | 13.6 | 12.3 |
Diversified end markets
% of Group revenue
% of Group profit
Private vs Public
Housebuilding vs Non-residential vs
Commercial/infrastructure
RMI vs New build
Water Management
Building Envelope
Housebuilding Products
Group
>80% revenue derived from environmental products
>80% revenue supported by legislation/regulations
The Alumasc Group plc Allocation is based on FY26 results: data estimated/illustrative 32