AGM Trading Update

Severfield plc, the market-leading structural steel group, announces the following trading update, ahead of today's Annual General Meeting ('AGM').

Current trading and outlook

Severfield has made a positive start to FY27, with trading since the beginning of the financial year in line with the Board's expectations. The Board's guidance for FY27 is unchanged, including underlying profit before tax of £12m-£15m. The market backdrop is unchanged from that described in the outlook statement contained in the FY26 results, announced on 23 June 2026.

The Group has continued to build momentum in its UK and Europe operations, securing a number of significant project wins, principally in the data centre sector in the UK, Germany and Sweden. These awards further strengthen the order book and support the Group's confidence in activity levels for FY27 and beyond. At 1 July 2026, the order book stood at £534m (1 June 2026: £507m), of which £375m is scheduled for delivery over the next 12 months. This provides good visibility of volumes for FY27 and supports future activity levels across the Group's core markets.

Continental Europe (including the Republic of Ireland) now represents 32 per cent of the UK and Europe order book (1 June 2026: 28 per cent), reflecting recent contract awards and the continued expansion of the Group's activities across continental Europe. Recent awards include an increasing proportion of higher-quality work, which is expected to support future margin progression as these projects move through delivery.

As previously indicated, FY27 remains a transition year. First-half profitability will continue to reflect lower‑margin work secured in a competitive pricing environment. Larger, higher-quality projects are expected to commence later in FY27, with profit from a number of these contracts expected to be recognised predominantly in FY28. This phasing is fully reflected in the Group's unchanged expectations for FY27.

India

JSSL has made a positive start to the year with continued growth in revenue and output. The order book has increased to £327m at 1 July 2026 (1 June 2026: £267m)¹, reflecting successful awards on a number of data centre projects and new orders from our partner, JSW, for their ongoing investment at a number of locations. The order book was ₹4,143 crore at 1 July 2026 (1 June 2026: ₹3,440 crore), on an untranslated basis. The increase in the order book demonstrates continued strong demand and provides increased visibility over future revenue growth. The joint venture remains well positioned to make a growing contribution to Group growth and profitability over the medium term.

Half year results

The Group will announce its financial results for the six months ending 26 September 2026 on Tuesday 24 November 2026.

Paul McNerney, Chief Executive Officer commented

"We have made a positive start to FY27, with trading in line with expectations and guidance unchanged. Recent project wins, particularly in data centres, have strengthened our UK and Europe and Indian order books, which provides good visibility for FY27 and beyond."

"FY27 remains a transition year as we complete lower-margin work, but the improving quality of our order book and progress with our transformation programmes support our confidence in medium-term margin recovery. We look forward to updating the market further with our half-year results in November."

Except as otherwise stated '2026 and FY26' relates to the 52-week period ended 28 March 2026. '2027 and FY27' and '2028 and FY28' refer to the 52-week periods ending 27 March 2027 and 26 March 2028. The Group's accounts are made up to an appropriate weekend date around 31 March each year.

1JSSL's order book is presented using the reported exchange rates prevailing at each reporting date (1 July 2026: £1 million = ₹12.7 crore). The comparative 1 June 2026 order book has been restated to £267 million using the reported exchange rate at that date (£1 million = ₹12.9 crore). This replaces the previous presentation which applied a constant translation at £1 million = ₹10.0 crore, in line with historical rates.