Atalaya Mining

ATYM · Main Market · Basic Resources · mcap £1,648m · 1065.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 11 Aug 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,638m
Owner’s net cash: £274.2m
Net cash / market cap: 17%
EV ex leases: £1,365m
Revenue: £428.8m
Operating profit: £111.7m
Free cash flow after leases: £118.3m
EV / EBIT: 12.2×
FCF yield: 7.2%
Price / tangible book: 2.58×
ROCE: 15%
Net income (owners): £80.6m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies – figures the company reported in EUR are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 11 Aug 26 · read the results ↗

Source ↗

	Three month period ended 30 Jun 2026 (Unaudited and unreviewed)	Three month period ended 30 Jun 2025 (Unaudited and unreviewed)	Six month period ended 30 Jun 2026 (Unaudited)	Six month period ended 30 Jun 2025 (Unaudited)
(All amounts in Euro thousands unless otherwise stated)
Revenue	147,437	124,082	264,691	254,750
Operating costs and mine site administrative expenses	(68,216)	(67,598)	(128,129)	(139,695)
Mine site depreciation and amortisation	(14,811)	(12,901)	(28,756)	(25,795)
Gross profit	64,410	43,583	107,806	89,260
Administration and other expenses	1,628	(1,461)	(4,817)	(4,055)
Share-based benefits	(2,987)	(291)	(2,334)	(537)
Exploration expenses	(775)	(95)	(4,520)	(3,430)
Care and maintenance expenditure	(1)	2	(14)	(7)
Other income	1,077	439	1,311	566
Operating profit	63,352	42,177	97,432	81,797
Net foreign exchange (loss)/gain	1,532	(3,875)	3,130	(5,956)
Net finance income/(costs)	533	-	202	(81)
Profit before tax	65,417	38,302	100,764	75,760
Tax	(9,758)	(8,705)	(16,756)	(15,696)
Profit for the period	55,659	29,597	84,008	60,064
Profit for the period attributable to
- Owners of the parent	55,575	29,681	84,113	60,148
- Non-controlling interests	84	(84)	(105)	(84)
Total profit for the period attributable to	55,659	29,597	84,008	60,064
Basic earnings per share (EUR cents per share)	36.1	21.1	55.4	42.7
Fully diluted earnings per share (EUR cents per share)	34.7	20.3	53.3	41.1
Profit for the period	55,659	29,597	84,008	60,064
Other comprehensive income	-	-	–	–
Change in fair value of financial assets through other comprehensive income 'OCI'	1,846	(1)	1,846	-
Total comprehensive income for the period	57,505	29,596	85,854	60,064
Total comprehensive income for the period attributable to
- Owners of the parent	57,421	29,680	85,959	60,148
- Non-controlling interests	84	(84)	(105)	(84)
	57,505	29,596	85,854	60,064

Source ↗

	30 June 2026 30 Jun 2026 Unaudited	31 December 2025 31 Dec 2025 Audited
(All amounts in Euro thousands unless otherwise stated)
Non-current assets
Property, plant and equipment	458,860	447,729
Intangible assets	77,784	74,919
Loans	9,725	9,725
Trade and other receivables	4,599	1,122
Non-current financial assets	12,032	1,101
Deferred tax asset	17,677	15,840
Total non-current assets	580,677	550,436
Current assets
Inventories	40,450	30,871
Loans	-	20
Trade and other receivables	46,160	41,113
Tax refundable	2,817	2,834
Other financial assets	50	62
Cash and cash equivalents	350,282	166,306
Total current assets	439,759	241,206
Total assets	1,020,436	791,642
Equity and liabilities
Equity attributable to owners of the parent
Share capital	13,838	12,668
Share premium	465,740	321,856
Other reserves	140,440	89,255
Accumulated profit	192,752	166,091
Total equity attributable to owners of the parent	812,770	589,870
Non-controlling interests	1,835	1,940
Total equity	814,605	591,810
Liabilities
Non-current liabilities
Trade and other payables	14,342	14,142
Provisions	29,272	28,764
Lease liabilities	3,519	3,834
Borrowings	3,220	5,708
Total non-current liabilities	50,353	52,448
Current liabilities
Trade and other payables	104,688	106,117
Lease liabilities	634	639
Borrowings	28,715	38,638
Dividend payable	10,003	9
Current provisions	1,737	1,845
Current tax liabilities	9,701	136
Total current liabilities	155,478	147,384
Total liabilities	205,831	199,832
Total equity and liabilities	1,020,436	791,642

Source ↗

	Three month period ended 30 Jun 2026 (Unaudited and unreviewed)	Three month period ended 30 Jun 2025 (Unaudited and unreviewed)	Six month period ended 30 Jun 2026 (Unaudited)	Six month period ended 30 Jun 2025 (Unaudited)
(All amounts in Euro thousands unless otherwise stated)
Cash flows from operating activities
Profit before tax	65,417	38,302	100,764	75,760
Adjustments for
Depreciation of property, plant and equipment	13,784	11,585	26,715	23,092
Amortisation of intangibles	1,027	1,316	2,041	2,703
Recognition of share-based payments	2,987	291	2,334	537
Interest income	(1,141)	(743)	(1,210)	(1,354)
Interest expense	342	505	485	960
Unwinding of discounting on mine rehabilitation provision	266	238	523	475
Net foreign exchange differences	(1,532)	3,875	(3,130)	5,956
Unrealised foreign exchange loss on financing activities	-	(30)	-	14
Cash inflows from operating activities before working capital changes	81,150	55,339	128,522	108,143
Changes in working capital
Inventories	(6,983)	6,578	(9,383)	11,769
Trade and other receivables	9,556	66	1,337	(29,258)
Trade and other payables	3,327	(2,521)	(1,690)	(3,149)
Loans	20	-	20	-
Deferred consideration	(9)	-	(1,741)	-
Provisions	(99)	(283)	(123)	(520)
Cash flows from operations	86,962	59,179	116,942	86,985
Tax paid	(7,897)	(6,705)	(7,897)	(7,970)
Interest on leases liabilities	(3)	9	(7)	-
Interest paid	(325)	(245)	(478)	(738)
Net cash from operating activities	78,737	52,238	108,560	78,277
Cash flows from investing activities
Purchase of property, plant and equipment	(17,506)	(17,244)	(37,604)	(33,816)
Purchase of intangible assets	(3,888)	(2,423)	(4,906)	(4,752)
Payments for investments	(8,485)	563	(8,465)	(3,546)
Advance payment for investment acquisition	8,453	-	-	-
Interest received	950	(270)	1,019	341
Net cash used in investing activities	(20,476)	(19,374)	(49,956)	(41,773)
Cash flows from financing activities
Lease payments	(160)	(131)	(320)	(259)
Proceeds from borrowings	26,685	3,129	34,067	19,733
Repayment of borrowings	(8,106)	(1,704)	(46,478)	(4,585)
Proceeds from issuance of shares	-	-	150,250	-
Payments for share issuance costs	-	-	(5,195)	-
Share option expense	-	-	(232)	-
Net cash from financing activities	18,419	1,294	132,092	14,889
Net increase in cash and cash equivalents	76,680	34,158	190,695	51,393
Net foreign exchange difference	(6,144)	(806)	(6,719)	(1,258)
Cash and cash equivalents
At beginning of the period	279,746	69,661	166,306	52,878
At end of the period	350,282	103,013	350,282	103,013

Source ↗

	2026 (Unaudited)	2025 (Unaudited)
(All amounts in Euro thousands unless otherwise stated)
Revenue	117,254	130,668
Operating costs and mine site administrative expenses	(59,913)	(72,097)
Mine site depreciation and amortisation	(13,945)	(12,894)
Gross profit	43,396	45,677
Administration and other expenses	(6,445)	(2,594)
Share-based benefits	653	(246)
Exploration expenses	(3,745)	(3,335)
Care and maintenance expenditure	(13)	(9)
Other income	234	127
Operating profit	34,080	39,620
Net foreign exchange (loss)/gain	1,598	(2,081)
Net finance costs	(331)	(81)
Profit before tax	35,347	37,458
Tax	(6,998)	(6,991)
Profit for the period	28,349	30,467
Profit for the period attributable to
- Owners of the parent	28,538	30,467
- Non-controlling interests	(189)	-
Total profit for the period attributable to	28,349	30,467
Basic earnings per share (EUR cents per share)	19.0	21.6
Fully diluted earnings per share (EUR cents per share)	18.3	20.8
Profit for the period	28,349	30,467
Other comprehensive income	-	-
Change in fair value of financial assets through other comprehensive income 'OCI'	-	1
Total comprehensive income for the period	28,349	30,467
Total comprehensive income for the period attributable to
- Owners of the parent	28,538	30,468
- Non-controlling interests	(189)	-
	28,349	30,468

Source ↗

	March 2026 31 Mar 2026 Unaudited	December 2025 31 Dec 2025 Audited
(All amounts in Euro thousands unless otherwise stated)
Non-current assets
Property, plant and equipment	454,910	447,729
Intangible assets	74,924	74,919
Loans	9,725	9,725
Trade and other receivables	4,581	1,122
Non-current financial assets	1,101	1,101
Deferred tax asset	17,390	15,840
Total non-current assets	562,631	550,436
Current assets
Inventories	33,271	30,871
Loans	-	20
Trade and other receivables	48,052	41,113
Advance payment for investment	8,453	-
Tax refundable	334	2,834
Other financial assets	62	62
Cash and cash equivalents	279,746	166,306
Total current assets	369,918	241,206
Total assets	932,549	791,642
Equity and liabilities
Equity attributable to owners of the parent
Share capital	13,838	12,668
Share premium	465,740	321,856
Other reserves	135,139	89,255
Accumulated profit	149,351	166,091
Total equity attributable to owners of the parent	764,068	589,870
Non-controlling interests	1,751	1,940
Total equity	765,819	591,810
Liabilities
Non-current liabilities
Trade and other payables	14,143	14,142
Provisions	29,022	28,764
Lease liabilities	3,676	3,834
Borrowings	4,397	5,708
Total non-current liabilities	51,238	52,448
Current liabilities
Trade and other payables	99,610	106,117
Lease liabilities	637	639
Borrowings	8,960	38,638
Dividend payable	9	9
Current provisions	1,819	1,845
Current tax liabilities	4,457	136
Total current liabilities	115,492	147,384
Total liabilities	166,730	199,382
Total equity and liabilities	932,549	791,642

Source ↗

	2026 (Unaudited)	2025 (Unaudited)
(All amounts in Euro thousands unless otherwise stated)
Cash flows from operating activities
Profit before tax	35,347	37,458
Adjustments for
Depreciation of property, plant and equipment	12,931	11,507
Amortisation of intangibles	1,014	1,387
Recognition of share-based payments	(653)	246
Interest income	(69)	(611)
Interest expense	143	455
Unwinding of discounting on mine rehabilitation provision	257	237
Net foreign exchange differences	(1,598)	2,081
Unrealised foreign exchange loss on financing activities	-	44
Cash inflows from operating activities before working capital changes	47,372	52,804
Changes in working capital
Inventories	(2,400)	5,191
Trade and other receivables	(8,219)	(29,324)
Trade and other payables	(5,017)	(628)
Deferred taxes	(1,732)	-
Provisions	(24)	(237)
Cash flows from operations	29,980	27,806
Tax paid	-	(1,265)
Interest on leases liabilities	(4)	(9)
Interest paid	(153)	(493)
Net cash from operating activities	29,823	26,039
Cash flows from investing activities
Purchase of property, plant and equipment	(20,098)	(16,572)
Purchase of intangible assets	(1,019)	(2,329)
Payments for investments	20	(4,109)
Advance payment for investment	(8,453)	–
Interest received	69	611
Net cash used in investing activities	(29,481)	(22,399)
Cash flows from financing activities
Lease payments	(160)	(128)
Proceeds from borrowings	7,382	16,604
Repayment of borrowings	(38,372)	(2,881)
Proceeds from issuance of shares	150,249	-
Payments for share issuance costs	(5,195)	-
Share option expense	(232)	-
Net cash from financing activities	113,673	13,595
Net increase in cash and cash equivalents	114,015	17,235
Net foreign exchange difference	(575)	(452)
Cash and cash equivalents
At beginning of the period	166,306	52,878
At end of the period	279,746	69,661

Source ↗

	2025	2024
Revenue	482,915	326,797
Operating costs and mine site administrative expenses	(280,989)	(240,784)
Mine site depreciation, amortisation and impairment	(47,520)	(36,617)
Gross profit	154,406	49,396
Administration and other expenses	(10,472)	(7,927)
Share based benefits	(7,009)	(1,379)
Impairment loss on financial and contract assets	(21,418)	(1,204)
Exploration expenses	(8,426)	(7,950)
Care and maintenance expenditure	(291)	(2,784)
Other income	4,028	383
Operating profit	110,818	28,535
Net foreign exchange gain/(loss)	(6,263)	3,090
Interest income from financial assets at fair value through profit and loss	-	-
Interest income from financial assets at amortised cost	1,834	1,887
Finance costs	(4,126)	(1,989)
Profit before tax	102,263	31,523
Tax	(16,900)	1,037
Profit for the year	85,363	32,560
Profit for the year attributable to
- Owners of the parent	85,577	31,738
- Non-controlling interests	(214)	822
Total profit for the year attributable to	85,363	32,560
Basic earnings per share (EUR cents per share)	60.8	22.6
Diluted earnings per share (EUR cents per share)	58.3	21.8
Profit for the year	85,363	32,560
Other comprehensive income	-	-
Change in fair value of financial assets through other comprehensive income 'OCI'	39	(7)
Total comprehensive income for the year	85,402	32,553
Total comprehensive income for the year attributable to
- Owners of the parent	85,616	31,731
- Non-controlling interests	(214)	822

Source ↗

	2025 (Euro 000's)	2024 (Euro 000's)
Assets
Non-current assets
Property, plant and equipment	447,729	409,032
Intangible assets	74,919	70,209
Loans	9,725	2,627
Trade and other receivables	1,122	33,252
Non-current financial asset	1,101	1,101
Deferred tax asset	15,840	15,085
Total non-current assets	550,436	531,306
Current assets
Inventories	30,871	49,162
Loans	20	5,352
Trade and other receivables	41,113	36,863
Tax refundable	2,834	266
Other financial assets	62	23
Cash and cash equivalents	166,306	52,878
Total current assets	241,206	144,544
Total assets	791,642	675,850
Equity and liabilities
Equity attributable to owners of the parent
Share capital	12,668	12,668
Share premium	321,856	321,856
Other reserves	89,255	88,774
Accumulated profit	166,091	93,085
Total equity attributable to owners of the parent	589,870	516,383
Non-controlling interests	1,940	2,154
Total equity	591,810	518,537
Liabilities
Non-current liabilities
Trade and other payables	14,142	13,983
Provisions	28,764	29,328
Lease liability	3,834	3,320
Borrowings	5,708	10,866
Total non-current liabilities	52,448	57,497
Current liabilities
Trade and other payables	106,117	90,090
Lease liability	639	481
Current tax liabilities	136	1,408
Dividend payable
Provisions	1,845	916
Borrowings	38,638	6,921
Total dividend payable	147,384	99,816
Total liabilities	199,832	157,313
Total equity and liabilities	791,642	675,850

Source ↗

	2025	2024
Cash flows from operating activities
Profit before tax	102,263	31,523
Adjustments for
Depreciation of property, plant and equipment	42,718	39,658
Amortisation of intangible assets	4,802	3,907
Recognition of share‑based payments	7,009	1,379
Interest income	(1,834)	(1,887)
Interest expense	604	1,161
Unwinding of discounting	796	828
Legal provisions	-	(1,255)
Loss on disposal of PP&E
Impairment loss on financial and contract assets	2,726	1,205
Impairment loss on non-financial assets	21,418	-
Reversal of Intangible Asset Impairment	-	(6,948)
Other tax provision	1,197	-
Net foreign exchange differences	6,263	(3,090)
Unrealised foreign exchange (loss)/gain on financing activities	-	(85)
Cash inflows from operating activities before working capital changes	188,001	66,396
Changes in working capital
Inventories	17,342	(14,958)
Trade and other receivables	(1,500)	(1,247)
Trade and other payables	11,904	5,595
Provisions	(969)	(434)
Cash flows from operations	214,778	55,352
Interest expense on lease liabilities	(21)	(30)
Interest paid	(1,238)	(1,131)
Net tax (paid)/refund	(21,036)	(788)
Net cash from operating activities	192,483	53,403
Cash flows from investing activities
Purchases of property, plant and equipment	(72,165)	(60,212)
Purchases of intangible assets	(9,483)	(1,198)
Payments for investments	(4,057)	(5,305)
Interest received	634	642
Net cash used in investing activities	(85,071)	(66,073)
Cash flows from financing activities
Lease payment	(565)	(577)
Proceeds from borrowings 29(a)	7,916	3,000
Repayment of borrowings 29(a)	(11,357)	(51,900)
Proceeds from issue of share capital	-	2,522
Share option expense	(2,494)	-
Dividends paid	(10,055)	(10,306)
Net cash (used in)/from financing activities	13,445	(57,261)
Net increase in cash and cash equivalents	120,857	(69,931)
Net foreign exchange difference	(7,429)	1,802
Cash and cash equivalents
At beginning of the year	52,878	121,007
At end of the year	166,306	52,878

Source ↗

	Three month period ended 30 Sep 2025 (Unaudited and unreviewed)	Three month period ended 30 Sep 2024 (Unaudited and unreviewed)	Nine month period ended 30 Sep 2025 (Unaudited)	Nine month period ended 30 Sep 2024 (Unaudited)
(All amounts in Euro thousands unless otherwise stated)
Revenue	106,753	86,799	361,503	248,945
Operating costs and mine site administrative expenses	(71,122)	(65,185)	(210,817)	(181,847)
Mine site depreciation and amortisation	(13,985)	(12,350)	(39,780)	(32,940)
Gross profit	21,646	9,264	110,906	34,158
Administration and other expenses	(2,639)	(1,091)	(6,694)	(6,094)
Share-based benefits	(1,120)	(416)	(1,657)	(718)
Exploration expenses	(1,542)	(1,367)	(4,972)	(3,313)
Care and maintenance expenditure	(39)	(2,012)	(46)	(4,053)
Other income	426	270	992	756
Operating profit	16,732	4,648	98,529	20,736
Net foreign exchange (loss)/gain	77	(1,685)	(5,879)	558
Net finance income/(costs)	(2,880)	(564)	(2,961)	(655)
Profit before tax	13,929	2,399	89,689	20,639
Tax	(3,081)	(908)	(18,777)	(3,001)
Profit for the period	10,848	1,491	70,912	17,638
Profit for the period attributable to
- Owners of the parent	10,925	2,423	71,073	19,553
- Non-controlling interests	(77)	(932)	(161)	(1,915)
Total profit for the period attributable to	10,848	1,491	70,912	17,638
Basic earnings per share (EUR cents per share)	7.8	1.7	50.5	13.9
Fully diluted earnings per share (EUR cents per share)	7.4	1.8	48.5	13.6
Profit for the period	10,848	1,491	70,912	17,638
Other comprehensive income	-	-	-	-
Change in fair value of financial assets through other comprehensive income 'OCI'	29	(1)	29	(1)
Total comprehensive income for the period	10,877	1,490	70,941	17,637
Total comprehensive income for the period attributable to
- Owners of the parent	10,954	2,422	71,102	19,552
- Non-controlling interests	(77)	(932)	(161)	(1,915)
	10,877	1,490	70,941	17,637

Source ↗

	30 September 2025 30 Sep 2025 Unaudited	31 December 2024 31 Dec 2024 Audited
(All amounts in Euro thousands unless otherwise stated)
Non-current assets
Property, plant and equipment	435,059	409,032
Intangible assets	73,499	70,209
Loans	-	2,627
Trade and other receivables	22,452	33,252
Non-current financial assets	1,101	1,101
Deferred tax asset	10,095	15,085
Total non-current assets	542,206	531,306
Current assets
Inventories	34,144	49,162
Loans	9,651	5,352
Trade and other receivables	59,599	36,863
Tax refundable	267	266
Other financial assets	52	23
Cash and cash equivalents	113,810	52,878
Total current assets	217,523	144,544
Total assets	759,729	675,850
Equity and liabilities
Equity attributable to owners of the parent
Share capital	12,668	12,668
Share premium	321,856	321,856
Other reserves	90,341	88,774
Accumulated profit	154,216	93,085
Total equity attributable to owners of the parent	579,081	516,383
Non-controlling interests	1,993	2,154
Total equity	581,074	518,537
Liabilities
Non-current liabilities
Trade and other payables	14,278	13,983
Provisions	30,003	29,328
Lease liabilities	2,965	3,320
Borrowings	7,011	10,866
Total non-current liabilities	54,257	57,497
Current liabilities
Trade and other payables	83,555	90,090
Lease liabilities	476	481
Borrowings	17,051	6,921
Dividend payable	6,203	-
Current provisions	5,081	916
Current tax liabilities	12,032	1,408
Total current liabilities	124,398	99,816
Total liabilities	178,655	157,313
Total equity and liabilities	759,729	675,850

Source ↗

	Three month period ended 30 Sep 2025 (Unaudited and unreviewed)	Three month period ended 30 Sep 2024 (Unaudited and unreviewed)	Nine month period ended 30 Sep 2025 (Unaudited)	Nine month period ended 30 Sep 2024 (Unaudited)
(All amounts in Euro thousands unless otherwise stated)
Cash flows from operating activities
Profit before tax	13,929	2,399	89,689	20,639
Adjustments for
Depreciation of property, plant and equipment	12,580	10,935	35,672	30,261
Amortisation of intangibles	1,406	1,415	4,109	2,679
Recognition of share-based payments	1,120	416	1,657	718
Interest income	(518)	(445)	(1,872)	(1,432)
Interest expense	555	558	1,515	1,514
Unwinding of discounting on mine rehabilitation provision	141	444	616	551
Other tax provision	4,692	-	4,692	-
Impairment loss on financial assets	2,702	-	2,702	-
Net foreign exchange differences	(77)	1,685	5,879	(558)
Unrealised foreign exchange loss on financing activities	1	(940)	15	345
Cash inflows from operating activities before working capital changes	36,531	16,467	144,674	54,717
Changes in working capital
Inventories	523	(4,147)	12,292	(8,951)
Trade and other receivables	(2,047)	117	(31,305)	122
Trade and other payables	7,230	2,482	4,081	(36)
Provisions	(64)	(22)	(584)	(353)
Cash flows from operations	42,173	14,897	129,158	45,499
Tax paid	-	(419)	(7,970)	(1,661)
Interest on leases liabilities	-	(7)	-	(22)
Interest paid	(444)	(558)	(1,182)	(1,514)
Net cash from operating activities	41,729	13,913	120,006	42,302
Cash flows from investing activities
Purchase of property, plant and equipment	(16,078)	(15,603)	(49,894)	(50,008)
Purchase of intangible assets	(2,617)	(25)	(7,369)	(919)
Payments for investments	176	-	(3,370)	-
Interest received	527	1,064	868	1,432
Net cash used in investing activities	(17,992)	(14,564)	(59,765)	(49,495)
Cash flows from financing activities
Lease payments	(129)	(122)	(388)	(455)
Proceeds from borrowings	5,336	8,006	25,069	-
Repayment of borrowings	(14,209)	-	(18,794)	(29,854)
Proceeds from issuance of shares	-	-	-	2,522
Dividends	(3,861)	(10,306)	(3,861)	(10,306)
Net cash from/(used in) financing activities	(12,863)	(2,422)	2,026	(38,093)
Net increase/(decrease) in cash and cash equivalents	10,874	(3,073)	62,267	(45,286)
Net foreign exchange difference	(77)	(1,685)	(1,335)	558
Cash and cash equivalents
At beginning of the period	103,013	81,037	52,878	121,007
At end of the period	113,810	76,279	113,810	76,279

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	428.8	413.7	276.7
EBITDA	172.9	154.0	56.2
Operating profit to net income
Profit before tax	111.2	87.6	26.7
Per share
EPS basic	64.3p	53.0p	18.7p
Dividend per share	10.5p	9.5p	5.3p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	229.6	+7%	199.2	214.5
Gross profit	93.5	+24%	–	75.1
EBITDA	109.4	+21%	63.4	90.6
Operating profit	84.5	+23%	–	68.9
Depreciation (owned assets)	23.2	+19%	–	19.4
Amortisation	1.8	−22%	–	2.3
Share-based payments	(2.0)	+348%	–	(0.5)
Operating profit to net income
Profit before tax	87.4	+37%	23.8	63.8
Tax	(14.5)	+10%	–	(13.2)
Net income (owners)	73.0	+44%	–	50.6
Per share
EPS basic	47.7p	–	16.5p	36.5p
EPS diluted	45.9p	–	–	35.1p
Dividend per share	4.7p	–	5.7p	3.8p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	193.1	164.9	45.2
Interest paid	(0.9)	(1.1)	(1.0)
Tax paid	(18.2)	(18.0)	(0.7)
Investing activities
Capex (PP&E)	(66.0)	(61.8)	(51.0)
Capex (intangibles)	(8.4)	(8.1)	(1.0)
Financing activities
Lease principal paid	(0.5)	(0.5)	(0.5)
Dividends paid	–	(8.6)	(8.7)
Shares issued	–	–	2.1

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	94.2	+43%	99.0	65.9
Interest paid	(0.4)	−33%	(0.4)	(0.6)
Tax paid	(6.8)	+2%	(11.3)	(6.7)
Investing activities
Capex (PP&E)	(32.6)	+15%	(33.3)	(28.5)
Capex (intangibles)	(4.3)	+6%	(4.1)	(4.0)
Financing activities
Lease principal paid	(0.3)	+27%	(0.3)	(0.2)
Shares issued	130.3	n/m	–	0.0

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	–	–	58.2
Other intangibles	67.0	65.3	–
Property, plant & equipment	395.2	390.5	339.2
Other investments	–	–	0.9
Non-current assets	500.2	480.1	440.6
Current assets
Inventories	34.8	26.9	40.8
Trade receivables	39.8	35.9	30.6
Cash	301.7	145.1	43.8
Current assets	378.8	210.4	119.9
Total assets	879.0	690.5	560.4
Current liabilities
Trade payables	90.2	92.6	74.7
Borrowings, current	24.7	33.7	5.7
Lease liabilities, current	0.5	0.6	0.4
Current liabilities	133.9	128.6	82.8
Non-current liabilities
Borrowings, non-current	2.8	5.0	9.0
Lease liabilities, non-current	3.0	3.3	2.8
Non-current liabilities	43.4	45.7	47.7
Total liabilities	177.3	174.3	130.4
Equity
Non-controlling interests	1.6	1.7	1.8
Total equity	701.7	516.2	430.0
Net cash and other figures
Net cash / (debt) ex leases	274.2	106.4	29.1
Net cash / (debt) incl. leases	–	102.5^r	29.1^r

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	–	–	58.2
Other intangibles	67.0	65.3	–
Property, plant & equipment	395.2	390.5	339.2
Other investments	–	–	0.9
Non-current assets	500.2	480.1	440.6
Current assets
Inventories	34.8	26.9	40.8
Trade receivables	39.8	35.9	30.6
Cash	301.7	145.1	43.8
Current assets	378.8	210.4	119.9
Total assets	879.0	690.5	560.4
Current liabilities
Trade payables	90.2	92.6	74.7
Borrowings, current	24.7	33.7	5.7
Lease liabilities, current	0.5	0.6	0.4
Current liabilities	133.9	128.6	82.8
Non-current liabilities
Borrowings, non-current	2.8	5.0	9.0
Lease liabilities, non-current	3.0	3.3	2.8
Non-current liabilities	43.4	45.7	47.7
Total liabilities	177.3	174.3	130.4
Equity
Non-controlling interests	1.6	1.7	1.8
Total equity	701.7	516.2	430.0
Net cash and other figures
Net cash / (debt) ex leases	274.2	106.4	29.1
Net cash / (debt) incl. leases	–	102.5^r	29.1^r

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