FY26 Trading Update

Braemar Plc (LSE: BMS), a leading provider of expert investment, chartering and risk management advice to the shipping and energy markets, announces a trading update for the year ended 28 February 2026 ("FY26").

FY26 performance in line with expectations

• Revenue of approximately £135.0m1 (FY25: £141.9m)
• Underlying operating profit2 (before acquisition-related expenditure) of c.£13.2m1 (FY25: £16.7m), subject to audit
• Net debt at 28 February 2026 of £2.9m (FY25: net debt £2.5m), returning to a net cash positive position during March 2026

As expected, the Group's second half performance was stronger than the first half, with the Group benefitting from the depth and breadth of its diversified business model in a stronger market.

Good progress against strategic framework

The Group made good progress on the FY26 operational targets set out in the strategic framework presented in May 2025. During the year, this included expanding into a new jurisdiction with the opening of the Group's first office in Africa, supporting growth in our Securities business with the launch of a UK Organised Trading Facility and further strengthening the business with key senior hires made through the year. The Group also completed its £2m share buyback programme and continued to evaluate opportunities to build the business through complementary acquisitions. Further details of the Group's strategic progress will be given in the FY26 results.

Outlook

The Group's forward order book3 at the end of February 2026 remains strong at $72.5m (FY25: $82.2m).

The current conflict in the Middle East is creating uncertainty, with increased rates but lower volumes in certain markets. Nonetheless, the board remains confident in the Group's prospects and delivering on its FY30 objectives, with sustained focus on its stated strategic priorities: operational excellence, diversification and consolidation.

Notice of results

The Company expects to publish its results for FY26, together with notification of its final dividend, by the end of May 2026.

Commenting, James Gundy, Group CEO of Braemar said:

"We continued to benefit from our diversified business model during FY26 and made good progress against the objectives we set out at the start of the year. We look ahead with a strengthened operational platform as we continue to deliver on our growth strategy as a trusted broker of choice to the shipping and energy markets. The wider market remains fragmented and complementary acquisition opportunities are being actively evaluated."

• Company compiled consensus prior to the release of this announcement for the year ended 28 February 2026: revenue £132.0m (£130.5m - £134.2m); underlying operating profit (before acquisition-related expenditure) £13.2m (£13.0m - £13.8m)
• Underlying results measures above are before specific items
• The total forward order book covers revenue that will be earned in future periods up until 2039