Melrose Industries PLC (MLSPF) H1 2025 Earnings Call Transcript

2025-08-01 06:50:51 ET

Melrose Industries PLC (MLSPF)

H1 2025 Earnings Call

August 1, 2025 4:30 A.M. ET

Company Participants

Matthew Gregory - CFO & Executive Director

Peter G. Dilnot - CEO & Executive Director

Conference Call Participants

Belinda Kearns - Unidentified Company

Benjamin Michael Heelan - BofA Securities, Research Division

Ian Christopher Douglas-Pennant - UBS Investment Bank, Research Division

Joseph Orchard - Redburn (Europe) Limited, Research Division

Mark Davies Jones - Stifel, Nicolaus & Company, Incorporated, Research Division

Presentation

Peter G. Dilnot

Hello, everyone, and welcome to our Melrose First Half 2025 Results Presentation. It's certainly been a busy and important 6 months for us, and I'm pleased with the progress that's been made. In the first half, we've delivered a strong financial performance, which includes substantial improvements in both profit and free cash flow versus last year. These results have been delivered against the backdrop of the ongoing industry-wide supply chain issues and the recent tariff disruption. We've also moved further forward with our multiyear transformation program, which completes this year. So we're firmly on track to deliver our full year guidance at constant currency.

Looking forward, our path to value creation is both clear and compelling. Aerospace and defense markets are growing structurally with record order backlogs and an expanding aftermarket. In particular, the outlook for defense has changed significantly in recent months with a step change in European and NATO spending commitments....

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