REG - Essentra plc - Results for the Full Year Ended 31 December 2025
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RNS Number : 8586W Essentra plc 17 March 2026
ESSENTRA PLC
("Essentra", the "Group" or the "Company")
RESULTS FOR THE FULL YEAR ENDED 31 DECEMBER 2025
FY25 results in line with expectations; well-set for further strategic
progress in 2026
Results at a glance
( ) 2025 2024 Change Constant FX Change Actual FX
£m £m
Revenue 302.0 302.4 2.5% (0.1%)
Adjusted(1) operating profit 32.0 40.1 (17.7%) (20.2%)
Adjusted(1) operating margin 10.6% 13.3% (260bps) (270bps)
Adjusted(1) pre-tax profit 24.0 31.2 (20.8%) (23.1%)
Adjusted(1) basic earnings per share 6.1p 8.5p (25.2%) (28.2%)
Adjusted(1) net cash flow from operating activities 44.0 36.4 20.8% 20.9%
Reported operating profit 8.5 14.6 (37.6%) (41.8%)
Reported pre-tax profit 0.5 5.7
Reported net profit 2.1 11.6
Reported basic earnings per share 0.7p 4.0p
Dividend per share 2.0p 2.8p
Reported net cash inflow from operating activities(2) 25.4 25.7
Free cash flow(2) 31.5 22.5
Net debt excluding lease liabilities(4) 60.7 68.2
Net debt excluding lease liabilities to adjusted EBITDA(3,4) 1.4x 1.3x
Numbers reported on a continuing operations basis
Financial Highlights
· FY 2025 performance in line with market expectations
· Revenue of £302.0m (2024: £302.4m), 2.5% growth on a constant
currency basis
· In the context of mixed market conditions, gross margins remained
robust at 43.7% (2024: 45.3%). Year-on-year variance reflects geographic sales
mix effects including Turkish inflation and near-term prioritisation of
service recovery following ERP deployment in EMEA
· Adjusted(1) operating profit £32.0m (2024: £40.1m), representing
operating margin of 10.6% (2024: 13.3%)
· Excellent adjusted(1) cash conversion of 137.5% (2024: 90.8%)
supported by good working capital management, with an adjusted(1) net cash
inflow from operating activities of £44.0m (2024: £36.4m)
· Net debt of £60.7m excluding IFRS16 lease liabilities (31 December
2024: £68.2m), representing leverage of 1.4x adjusted EBITDA(3) in line with
<1.5x guidance
· Final dividend of 1.2p per share proposed, consistent with the
Company's policy for full year dividend cover in the order of three times
adjusted(1) earnings
Good strategic progress, strong operational execution and return to revenue
growth in all regions
· Management focused on driving strategic progress underpinned by
greater focus on pricing, advancement of ERP deployment in EMEA and footprint
optimisation in Americas and APAC
· Strategically aligned and value enhancing acquisition of Device
Technologies in December 2025, a US-based designer, manufacturer and
distributor of specialty cable protection devices
· All three geographic regions delivered year-on-year constant currency
revenue growth, with encouraging orderbook momentum heading into 2026
o EMEA +2.6% year-on-year, with an accelerated growth of 10.8% in H2 as
comparatives eased and service levels started to stabilise
o Americas +2.0% year-on-year, with 3.3% growth in H2 as the region benefited
from sustained improvement in pricing performance and continued stabilisation
within the wider customer industrial environment
o APAC + 3.1% year-on-year, with 2.6% decline in H2, as anticipated,
following a number of larger projects in late 2024 that did not repeat
Well-positioned for further progress in 2026, FY 2026 expectations unchanged
· Trading-to-date in the new financial year provides confidence in
achieving the Board's expectations for 2026
· Management notes the emerging situation in the Middle East. Whilst the
Group has no operating footprint in the region, it continues to monitor
potential broader impacts and remains well-positioned with established local
supply chains and operational capacity
· Management remains focused on driving margins through operational
efficiency initiatives whilst continuing to enhance its "hassle-free" customer
proposition
· The Group's strong balance sheet remains strong, with sufficient
headroom to invest in strategic and operational value-enhancing growth
initiatives
· With a unique customer proposition, clear strategic priorities and a
disciplined approach to capital allocation, Essentra is well-positioned to
create strong shareholder value over the medium-term
Commenting on the results, Scott Fawcett, Chief Executive, said:
"2025 was a year of good strategic progress delivered against a backdrop of
subdued global industrial demand. Essentra returned to modest revenue growth
across all three regions, maintaining robust gross margins through a number of
commercial and operational initiatives, including increased focus on pricing
and footprint optimisation.
We made good progress with our strategic priorities throughout the year,
furthered by our inorganic growth strategy with the acquisition of Device
Technologies, and advanced the roll-out of our ERP programme across EMEA.
We entered 2026 with strengthened foundations and good orderbook momentum. Our
balance sheet remains strong providing the flexibility to invest selectively
for growth to drive market share gains organically and inorganically in
faster-growing end-markets, including energy transformation, digital
infrastructure, defence and machine automation.
With a unique customer proposition, clear strategic priorities and a
disciplined approach to capital allocation, Essentra is well-positioned to
create strong shareholder value over the medium-term."
Enquiries
Essentra plc FTI Consulting
Rowan Baker, Chief Financial Officer Richard Mountain
Claire Goodman, Head of Investor Relations Ariadna Peretz
investorrelations@essentra.com (mailto:investorrelations@essentra.com) FTI_essentra@fticonsulting.com (mailto:FTI_essentra@fticonsulting.com)
Tel: +44 (0)1908 359100 Tel: +44 (0)20 3727 1340
(1 On a continuing operations basis, before amortisation of acquired
intangible assets and adjusting items. Further details can be found in Note 3
of the Condensed Consolidated Financial Statements.)
(2 A reconciliation of free cash flow and net cash inflow from operating
activities is set out in the Financial Review section.)
(3 Adjusted EBITDA is defined as operating profit before depreciation (and
other amounts written off property, plant and equipment), share option
expense, amortisation of acquired intangible assets and adjusting items.)
(4 Presented on a last twelve months basis excluding lease liabilities.)
(£89.0m when including lease liabilities (2024: £97.1m).)
Presentation
A copy of these results is available on www.essentraplc.com
(http://www.essentraplc.com/)
There will be a presentation to analysts and investors starting at 09:00am
(UK time, registration from 08:30am) on Tuesday 17 March 2026 at the offices
of Peel Hunt, 100 Liverpool Street, London EC2M 2AT.
There are two options for participating in the event:
1. To attend in person, please e-mail your details
to investorrelations@essentra.com (mailto:investorrelations@essentra.com)
2. To join the live webcast of the presentation, please pre-register
at http://www.essentraplc.com/en/investors/company-information/webcasts-and-presentations
(http://www.essentraplc.com/en/investors/company-information/webcasts-and-presentations)
A recording of the webcast will be made available on the Company's website
later in the day.
Notes to Editors
About Essentra plc
Essentra plc is a leading global provider of essential components and
solutions, focusing on the manufacture and distribution of plastic injection
moulded, vinyl dip moulded and metal items. Headquartered in the United
Kingdom, Essentra's global network extends to 28 countries worldwide and
includes c.3,000 employees, 14 manufacturing facilities, 25 distribution
centres and 35 sales & service centres serving c.76,000 customers with a
rapid supply of low cost but essential products for a variety of applications
in industries such as equipment manufacturing, automotive, fabrication,
electronics, medical and renewable energy. For further information, please
visit www.essentraplc.com (http://www.essentraplc.com)
LEI: 5493007MOZNA03BVNE96
Cautionary forward-looking statement
These results contain forward-looking statements based on current expectations
and assumptions. Various known and unknown risks, uncertainties and other
factors may cause actual results to differ from future results or developments
expressed or implied from the forward-looking statements. Each forward-looking
statement speaks only as of the date of this document. The Company accepts no
obligation to revise or update these forward-looking statements publicly or
adjust them to future events or developments, whether as a result of new
information, future events or otherwise, except to the extent legally
required.
CEO Review
2025 was a year of further strategic progress, delivered against a backdrop of
subdued global industrial demand and geopolitical uncertainty. Throughout the
year, the Group continued to drive efficiencies and optimise its operational
footprint, whilst maintaining leading customer and employee satisfaction
scores, as our value-added, service-led manufacturing proposition continues to
drive new business wins across a number of key market sectors. Essentra
delivered results in line with expectations whilst demonstrating the
importance of focusing on what it can control as the Group works towards its
medium‑term targets.
Essentra remains fundamentally well-positioned, with a unique business model
in a highly fragmented market combining breadth and depth of product
manufacturing expertise with high service levels. The business is diversified
by geography, end-markets and products and is increasing its exposure to
structurally faster-growing end-markets such as machine automation, defence
and digital infrastructure. The Group continues to generate high gross margins
through the cycle, with the scope to expand through scale, operating leverage
and through the ongoing implementation of operational efficiency measures.
Financial Performance
Essentra returned to modest revenue growth across all regions, whilst
experiencing near-term margin dilution as a consequence of geographic mix
effects and reinvestment across the business.
The Group delivered revenues of £302.0m, representing growth of 2.5% on a
constant currency basis. Foreign exchange impacted Group revenue by 2.6%, with
reported Group revenue remaining flat compared to the prior year.
Market recovery throughout the year varied by region. EMEA revenue increased
by 2.6% on a constant currency basis compared to the prior year, with the rate
of recovery accelerating through the second half as comparatives to the prior
year eased. Turkey's growth relative to the rest of the EMEA region was strong
and continues to be driven by growth in faster-growing end-markets, such as
digital infrastructure, and successful pricing initiatives, which have
partially offset high levels of local inflation. The Americas reported
consistent levels of growth throughout the year, with the exception of Q2,
which saw a temporary period of wider market uncertainty linked to the
introduction of tariffs. The region reported growth of 2.0% on a constant
currency basis as volumes across end-channels continued to show further signs
of normalisation and stability alongside improved pricing performance. APAC
maintained its positive growth trajectory with 3.1% constant currency revenue
growth, with performance continuing to be driven by market dynamics in China.
As first referenced in the half year results announcement in July 2025, the
variation in geographic sales mix, including Turkish inflation, alongside
management prioritising near-term focus on a recovery in service levels,
following the ERP implementation in EMEA, led to a near-term reduction in
gross margin. At a Group level, gross margins declined to 43.7% in 2025 (2024:
45.3%). Pricing and operational efficiencies mitigated this impact as the year
progressed, demonstrating the strength of Essentra's business model, and
reinforcing the importance of Essentra's regional manufacturing footprint,
cost discipline and customer service focus.
Delivering against medium-term strategic objectives
Essentra made progress in a number of strategic areas through 2025 to support
the achievement of its medium-term targets. The Group's medium-term ambitions
are underpinned by a clear set of strategic priorities:
· Driving market share gains, underpinned by leading market
positions in a highly fragmented market
· Expanding margins through scale, operational efficiencies and
disciplined pricing initiatives
· Sustaining a highly cash generative business model with continued
focus on working capital management and a strong balance sheet
· Deploying capital selectively with a clear framework to support
growth and enhance shareholder returns
A key medium-term target and focus for management remains the achievement of a
c.18% adjusted operating margin in addition to a through-cycle organic and
total revenue CAGR target, in aggregate, of c.10%.
Essentra continues to focus selectively on growth initiatives that are
expected to drive market share gains, particularly across new product
development in faster-growing end-markets, including energy transformation,
digital infrastructure, machine and automation, defence, aerospace and
specialist vehicles.
Future growth and efficiencies continue to be supported by embedding enabling
technology as seen through the deployment of the new ERP platform in EMEA and
a new connected planning platform enhancing the service proposition in each
region. The Group's disciplined approach to cost control and procurement
activities to support margins remains strong. Targeted pricing initiatives, in
response to inflation and tariff dynamics, were implemented successfully in
2025, with enhanced pricing tools launched across the business through the
second half.
A number of footprint optimisation actions were also taken through 2025,
including the transfer of manufacturing operations from Costa Rica into Mexico
to improve scale and service across the region. This will further support
operational leverage and margin accretion as volumes normalise. The Group
retains the capacity to grow and ensures it remains well-positioned to take
advantage of market recoveries when they occur.
Inorganic strategy in action
Bolt-on M&A remains a key component of Essentra's inorganic growth
strategy. The pipeline is active and continues to be reviewed in line with the
Group's disciplined acquisition criteria. Focus remains on expanding
Essentra's product offering and targeting new product capabilities. The
acquisitions of BMP TAPPI in 2023 and Wixroyd in 2022 continue to enhance
returns through revenue and cost synergies, predominantly through
cross-selling.
In December 2025, the Group announced the acquisition of Device Technologies,
a US designer and manufacturer of specialty cable protection devices. This is
another example of value-enhancing M&A that is fully aligned to Essentra's
inorganic strategy; it deepens manufactured product capability and broadens
the product offer to customers. Initial stages of integration are underway and
trading performance to date is in line with expectations.
Global trading and tariffs
The Group is well-positioned to navigate the increased uncertainty within
global trading conditions with its established supply chains and operational
capacity. Essentra's service-led manufacturing global footprint spans 14
manufacturing sites worldwide. In all three regions, the significant majority
of products that are made in region, are sold in region and, therefore, the
direct impact of tariffs is limited.
Throughout the year, the Group worked closely with its customers and supply
chain and successfully passed through the incremental costs associated with
tariff changes. The Americas region continues to optimise its competitive
position resulting from scale and ability to serve customers in-region and
management continues to monitor the dynamic trading backdrop.
ERP deployment roll out remains on track
Throughout 2025 and early 2026, the Group progressed with the deployment of
Microsoft Dynamics 365 across EMEA, with six additional locations launched.
The programme remains on track to conclude in early 2027, with deployment
costs reducing in line with expectations as efficiencies and standardisation
benefits are realised.
As communicated at the half year, the West Europe deployment in December 2024
coincided with higher order intake and led to temporary service disruption
during 2025. Management responded by adding additional temporary resources to
stabilise operations and protect customer relationships. Importantly,
execution improved materially with each subsequent deployment, and disruption
reduced as the year progressed.
Following the UK deployment in early January 2026, manufacturing and
commercial activities normalised by the end of February. Whilst the near-term
focus has been on stabilisation and transition away from legacy systems, early
benefits are now emerging, including improved visibility and more standardised
data to support better operational and commercial decision making. Annual
deployment costs have reduced by c.£1.5m over the past two years, and c.90%
of EMEA is now operating on the new platform.
Sustainability as a source of competitive differentiation
Developing innovative products with strong sustainability properties continues
to be a source of competitive advantage and differentiation for the Group.
During the year, the first range of components using post-consumer recycled
materials was launched demonstrating the Company's continued focus on material
innovation and supporting its customers with more sustainable and lower carbon
options. In 2025, more than 1,600 products were introduced into the
sustainable product ranges, including those with lower carbon emissions,
increased recycled content or biomaterials, and improved circularity. 68
bio-based alternative trials were completed in 2025 with materials approved
for commercial use in Italy, Spain and Thailand.
The Group also continues to make significant progress on its sustainability
journey, including the decarbonisation of its global footprint, focus on
renewable energy tariffs and energy saving initiatives across the
manufacturing footprint. In 2025, Essentra surpassed its 2030 SBTi target of
50% reduction in its scope 1 and 2 emissions, which is five years earlier than
planned. In 2026, the Group will update its targets to ensure momentum is
maintained, aligning its decarbonisation pathway with emerging regulatory
expectations, whilst supporting delivery of the wider business strategy and
values.
Talent, culture and leadership
At the start of 2026, a number of changes have been made to the Group
Executive Committee to evolve the Group's leadership for the future and to
bring renewed focus and alignment to the medium-term strategic priorities.
Emma Reid, Group Company Secretary, and Hugues Delcourt, Managing Director
EMEA, will leave the Company at the end of March 2026, and the business
recognises and appreciates their contributions to Essentra. On an interim
basis the EMEA region will be led by a strong and capable regional management
team with oversight from the CEO whilst a successor is identified.
Shaun Laubscher, was appointed as Chief People Officer in February 2026,
bringing more than 15 years of HR leadership experience and a proven track
record in the manufacturing sector. Shaun's analytical and people-focused
capabilities will play a key role in building on Essentra's strong employee
engagement as well as driving the delivery of its strategic initiatives.
Outlook
At this early stage in the year, results for 2026 are anticipated to be in
line with the Board's expectations. Whilst management notes the emerging
situation in the Middle East, the Group has no operating footprint in the
region and continues to monitor potential broader impacts. Essentra remains
well-positioned, with established supply chains and operational capacity, and
has entered 2026 with strengthened foundations. The Group will continue to
enhance its customer proposition in faster-growing end-markets, whilst driving
further operational efficiencies. The balance sheet remains strong, providing
the flexibility to invest selectively in value-enhancing growth initiatives
and assess bolt-on growth opportunities that will support long-term value
creation, positioning Essentra well to deliver further progress in 2026.
Regional Review
EMEA
2025 (£m) Constant FX (%) Actual FX (%)
Revenue 163.8 2.6 0.3
Gross profit 79.2 (4.5) (5.7)
Gross margin 48.4% (360) bps (300) bps
Revenue for the year was £163.8m (2024: £163.3m), reflecting growth of 2.6%
on a constant currency basis despite a challenging demand environment.
Performance improved materially through the year, with H1 2025 down 4.5% on a
constant currency basis, accelerating to growth of 10.8% in H2 as comparatives
eased and service levels stabilised.
Structurally less-cyclical sectors such as energy transformation and
specialist vehicles delivered low single-digit revenue growth, partially
offsetting continued softness in more traditional cyclical sectors such as
automotive. Exposure to defence remains modest, however, the number of
customers serving defence-related applications increased during the year,
supporting longer-term opportunities for growth. Turkey (c.15% of EMEA
revenue) outperformed the wider region with strong levels of growth,
reflecting its exposure to faster growing end-markets such as energy
transformation and digital infrastructure.
Revenue synergies from BMP TAPPI and Wixroyd continued to accelerate, with
successful cross-selling into the wider regional customer base, demonstrating
Essentra's breadth and depth of product expertise. The number of products sold
from acquisition-based ranges increased by c.20% year-on-year strengthening
Essentra's protection and fastening product proposition. This performance
demonstrates the scalability of Essentra's platform and the strategic value of
targeted bolt-on acquisitions. The launch of post‑consumer and
post‑industrial recycled ranges within BMP TAPPI was well received,
supporting customers' sustainability objectives whilst reinforcing Essentra's
differentiated product offering as these ranges increasingly form part of
customer selection criteria.
Service performance in EMEA was temporarily impacted during 2025 following the
December 2024 ERP deployment in West Europe, that coincided with higher order
intake and resulted in an elevated orderbook backlog through 2025. Additional
labour and freight costs were incurred, primarily in the first half, to
restore operational performance and protect customer service levels. As these
actions took effect, disruption and levels of backlog reduced through the
year. Together with lower volumes in historically high-margin West Europe
markets and the relative mix shift towards lower-margin Turkey, resulted in
short-term gross margin dilution to 48.4%. Despite these temporary challenges,
management remained focused on margin improvement actions including
procurement and manufacturing efficiencies. As service levels continue to
normalise and temporary cost increases unwind, the region is well-positioned
to improve customer cost to serve efficiencies in 2026, with an increasing
focus on margin accretion through pricing and operational leverage.
The EMEA region saw a customer NPS score of 35 reflecting continued customer
appreciation of Essentra's breadth of range and service proposition. Whilst
OTIF declined to 65% following ERP-related disruption described above,
performance improved steadily through the year, with a Q4 exit rate of 75% (FY
2024: 81%) and consistently strong performance in the UK and Turkey.
AMERICAS
2025 (£m) Constant FX (%) Actual FX (%)
Revenue 97.6 2.0 (1.2)
Gross profit 37.5 1.4 (1.3)
Gross margin 38.4% (20) bps (10) bps
Revenue for the year was £97.6m (2024: £98.8m), reflecting growth of 2.0% on
a constant currency basis despite macroeconomic uncertainty. H1 2025 delivered
constant currency growth of 0.7%, improving to 3.3% in H2 as comparatives
eased and pricing actions gained momentum.
The Americas demonstrated its resilience in the year in relation to
macroeconomic disruption and uncertainty related to tariffs as customers
reviewed their own supply chains. The year reinforced the importance of
pricing agility, regional manufacturing flexibility and customer engagement.
The region successfully mitigated cost increases through disciplined pricing
actions and remained proactive in a dynamic and evolving trade environment.
Revenue growth was supported by pricing and increasing stability in the
distribution end-customer channels. While traditional cyclical sectors such as
metal fabrication and automotive remained suppressed, resulting in low
single-digit revenue declines, digital infrastructure and electrification
linked sectors delivered high single-digit growth, reflecting the region's
increasing exposure to structurally attractive, faster-growth end markets.
As part of the Group's medium-term strategy to optimise its commercial and
operational footprint, the region closed its manufacturing site in Costa Rica
in H2 following a comprehensive review of the regional operating cost base and
customer service requirements. Operations were transferred to the Mexico
manufacturing hub, opened in 2023, which is well-positioned to support current
and future demand whilst strengthening Essentra's presence in Mexico and Latin
America. This transition supports improved scalability, resilience and
operational leverage over the medium-term.
Gross margins remained stable at 38.4% (2024: 38.5%) as strong pricing
execution offset cost inflation alongside actions to improve the profitability
mix of the product and customer base. As end-customer channel volumes continue
to recover, the region is well-positioned to benefit from its enhanced
footprint and further improve operating leverage through 2026.
Encouragingly, the NPS customer survey score improved in the year from 49 to
55 showing that customers continue to value Essentra's breadth of range and
service proposition despite short-term operational disruption. Whilst the OTIF
metric for the Americas reduced year-on-year to 69% (2024: 80%), performance
in the first half remained strong before reducing through H2 2025 as
manufacturing transferred to Mexico. Performance is expected to recover
through 2026 as backlogs return to normalised levels following the transfer of
operations.
The integration of Device Technologies, acquired in December 2025, has
progressed well in the first quarter of 2026 and trading-to-date is in line
with expectations. The acquisition deepens Essentra's product expertise,
expands exposure to high-growth end-markets while also supporting the
development of regional manufacturing capability.
APAC
2025 (£m) Constant FX (%) Actual FX (%)
Revenue 40.6 3.1 0.7
Gross profit 15.2 2.4 0.7
Gross margin 37.4% (30) bps (10)bps
Revenue for the year was £40.6m (2024: £40.3m), reflecting growth of 3.1% on
a constant currency basis in a year characterised by uneven demand across APAC
markets. H1 2025 delivered strong constant currency growth of 9.5%, whilst H2
declined by 2.6%, as expected, following a number of larger projects in late
2024 that did not repeat.
Performance continues to be influenced by China (c.70% of APAC revenue), where
demand remained mixed across domestic and export markets. Growth was led by
larger export-focused customers, whilst smaller, domestically oriented
customers continued to experience softer demand, reinforcing the importance of
customer and end-market diversification across the region.
Double digit revenue growth was achieved in digital infrastructure and machine
building in China, whilst South East Asia saw strength in energy
transformation. Specialist vehicles and automotive declined across APAC,
although these markets remain relatively small within the Group's overall
exposure reflecting the region's increasing focus on better alignment with
structurally attractive end-markets.
As part of the Group's medium-term strategy to enhance its commercial and
operational footprint, targeted investments were made in South East Asia,
including the launch of a new Vietnamese website and an enhanced local service
proposition in Thailand. Following a review of the go-to-market approach in
Japan, direct operations were exited in Q2 and transitioned to a select
distributor model, delivering cost efficiencies in the second half.
Following improvements in customer mix and selective pricing actions, gross
margins recovered in the second half, with full year margins stable at 37.4%
and an improved exit rate, compared to 35.3% in H1 2025. The cost base remains
well controlled, with labour efficiencies and resourcing investment aligned to
volume growth.
OTIF remained above 90% following continued investment in product availability
and limited supply chain disruption. NPS scores improved across the rest of
Asia, whilst China declined to 47 (from 57 in 2024) amid increased pricing
tension. Overall customer feedback continues to reflect high levels of
satisfaction with service levels across the region.
Financial Review
Constant currency, like-for-like, and adjusted measures are provided to
reflect the underlying financial performance of Essentra. For further details
on the performance metrics used by Essentra, please refer to Note 12 of the
Condensed Consolidated Financial Statements.
Group revenue. Group sales of £302.0m were 2.5% higher than last year at
constant currency and 0.1% lower on a reported basis (2024: £302.4m).
Gross margin and adjusted operating profit. Whilst regional gross margins
remained robust, Group gross margin reduced to 43.7% in 2025 (2024: 45.3%),
primarily reflecting regional mix effects, with comparatively stronger growth
in the lower margin Americas and APAC regions. EMEA margins were also impacted
by mix, as typically higher margin West Europe grew more slowly than Turkey,
which continued to experience elevated inflation through the year. In
addition, EMEA gross margin was temporarily diluted by incremental labour and
freight costs incurred to stabilise service following higher backlog levels
associated with the new ERP deployment across the region. This modest level of
investment was time bound and necessary to restore operational performance and
protect customer service through H2, contributing to the reduction in Group
operating profit in the year.
The Group maintains a disciplined approach to overhead cost control whilst
partially reinstating employee-related variable compensation costs, which were
removed in 2024, as previously guided. Initiatives including targeted pricing
actions and footprint optimisation taken through H2 2025, are expected to
deliver annualised benefits in 2026, supporting gross margin progression and
improvement in operational gearing as volumes normalise.
Central corporate costs of £11.8m in 2025 (2024: £10.9m) were well managed
despite inflationary pressures and stay below the initial £13.0m run-rate
guidance. Adjusted operating profit reduced to £32.0m in 2025 (2024:
£40.1m), with an adjusted operating margin of 10.6%.
Acquisitions. In December 2025, Essentra announced the strategically aligned,
bolt-on acquisition of Device Technologies for an initial cash consideration
of $6.7m, representing an acquisition multiple of 6.6x EBITDA for the
last-twelve-months to June 2025, within the targeted range of 6-8x. Given the
relative size and trading for a limited number of days in 2025, no adjustment
has been made to like-for-like performance in 2025.
Adjusting items. In 2025, amortisation of acquired intangible assets was
£11.0m (2024: £11.5m) and there was a pre-tax charge for adjusting items of
£12.5m (2024: £14.0m). In line with previous guidance, current year
adjusting items include £9.3m major software-as-a-service ("SaaS")
development expenditure (2024: £9.6m) and £1.7m relating to legacy pension
scheme costs.
Further details on adjusting items are shown in Note 3 to the Condensed
Consolidated Financial Statements. After adjusting items and amortisation of
acquired intangible assets, the Group reported operating profit was £8.5m
(2024: £14.6m).
Finance costs. Net finance expense reduced to £8.0m (2024: £8.9m) with the
year-on-year movement largely a result of FX movement on the interest payable
on bank borrowing and leases.
Taxation. The effective tax rate on underlying profit before tax (before
adjusting items and amortisation of acquired intangible assets) was 15.8%
(2024: 11.5%). The effective tax rate in both 2024 and 2025 was below the
guided forecast range as a result of accounting for the recognition of
additional deferred tax assets. The medium-term guidance of 26-29% remains
closely aligned to the tax rates applied in the majority of jurisdictions in
which the Group operates.
Shareholder returns and ordinary dividends. The Company's share buyback
programme remains in progress. The pace of deployment is dependent on the
Group's capital allocation opportunities and priorities, and in particular the
timing and access to earnings accretive acquisitions.
Since the launch of the programme to 31 December 2025, a total of 18,501,728
shares have been purchased, at an average purchase price of 168.2 pence per
share, totalling £31.1m. Of the shares purchased, 4,141,321 were transferred
into treasury, and 14,360,407 have subsequently been cancelled, which
represented 5.0% of the issued share capital of the Company (excluding
treasury shares) when the programme commenced.
The Board of Directors recommends a final ordinary dividend of 1.2p and
therefore a total 2025 dividend of 2.0p. (2024: final 1.55p, total 2.8p). The
full year dividend maintains dividend cover in the order of three times
adjusted earnings, in line with the Group's dividend policy, after adjusting
for the one-off recognition of deferred tax assets.
The final dividend will be paid on 3 July 2026 to shareholders on the share
register at the record date, 15 May 2026. The ex-dividend date will be 14 May
2026. Essentra operates a Dividend Re-Investment Programme ("DRIP"), details
of which are available from the Company's Registrars, Computershare Investor
Services PLC. The final date for DRIP elections will be 12 June 2026.
Net Working Capital. Net working capital is defined as inventories plus trade
and other receivables less trade and other payables, adjusted to exclude
deferred consideration payable and receivable, interest and accruals and
capital payables. The Group saw a marginal increase in net working capital to
£66.1m (2024: £65.0m), with inventory being built to strengthen the Group's
product offer and enhance service. Given the increase in sales through the
second half of 2025 compared to the same period in 2024 there is a
timing-related accounts receivable increase that is anticipated to unwind
through Q1 2026.
Cashflow and net debt. The Group continued to see strong adjusted operating
cash flow and free cash flow in 2025. Adjusted operating cash flow from
continuing operations of £44.0m equating to an operating cash conversion of
137.5% (2024: 90.8%) ahead of 85% guidance. Included within the operating cash
flow from continuing operations is £6.8m proceeds from the sale of property
relating to reorganisation of operational facilities in Kidlington, UK.
Excluding these proceeds, operating cash conversion is c.120%.
Capital expenditure was £11.0m (2024: £12.8m) equating to 3.6% of revenue in
2025, in line with medium-term guidance, and reflects 94.0% (2024: 110.3%) of
the depreciation charge (including amortisation of non-acquired intangible
assets) for the year of £11.7m (2024: £11.6m).
2025 2024
£m £m
Adjusted operating profit 32.0 40.1
Depreciation and amortisation of non-acquired intangible assets 11.7 11.6
Right-of-use asset depreciation 6.2 6.3
Share option expense / other movements 1.7 1.1
Change in working capital (2.4) (9.9)
Add back profit on fixed asset disposals (1.0) -
Capital expenditure (11.0) (12.8)
Proceeds from sale of property, plant and equipment 6.8 -
Adjusted operating cash flow from continuing operations 44.0 36.4
Tax(1) (3.5) (5.8)
Cash outflow in respect of adjusting items(1,2) (19.3) (17.7)
Add back: net capital expenditure 4.2 12.8
Net cash inflow from operating activities 25.4 25.7
Adjusted operating cash flow from continuing operations 44.0 36.4
Tax(1) (3.5) (5.8)
Net interest paid (9.0) (8.1)
Free cash flow 31.5 22.5
(1 In 2024 tax paid excludes the tax paid/received in relation to adjusting
items. This is included within the cash outflow in respect of adjusting
items.)
(2 Pension contribution of £2.3m in 2025 for legacy pension schemes has been
included within cash outflow in respect of adjusting items (2024: £1.8m).)
Net debt reduced by £7.5m to £60.7m as at 31 December 2025, excluding lease
liabilities of £28.3m. The overall reduction in net debt was driven by
continued strong operating cash conversion in excess of 100%, cash inflows for
two property sales in the second half totalling £12.0m and the receipt of the
final £10.0m tranche of deferred consideration from the 2022 sale of the
Filters division. This was partly offset by £19.3m cash outflows relating to
adjusting items, including SaaS spend, and the acquisition of Device
Technologies in December 2025.
Net debt to adjusted EBITDA pre-IFRS16 lease liabilities was 1.4x, within the
Group's target leverage range of <1.5x. The Group retains headroom to
support operational and strategic value-enhancing growth initiatives.
( )
£m
Net debt as at 1 January 2025 68.2
Free cash flow (31.5)
Deferred consideration received relating to discontinued businesses (10.0)
Cash inflow in respect of the sale of property relating to discontinued (5.2)
businesses
Cash outflow in respect of adjusting items 19.3
Ordinary dividend to equity holders 6.7
Share buyback 2.6
Acquisitions less cash acquired 5.2
Principal lease payments 6.0
Movement in loan hedging derivatives and amortisation of pre-paid 4.5
facility fees
Foreign exchange (5.1)
Net debt as at 31 December 2025 60.7
Balance Sheet. At the end of 2025, the Group had shareholders' funds
attributable to Essentra equity holders of £266.0m (2024: £270.8m). Total
capital invested in the business was £349.0m (2024: £362.8m). This finances
non-current assets of £315.8m (2024: £328.7m), of which £64.5m (2024:
£68.6m) is tangible fixed assets, the remainder being intangible assets,
right-of-use assets, deferred tax assets, retirement benefit assets,
derivative assets and long-term receivables.
Pension Schemes. As at 31 December 2025, the Company's IAS 19 net pension
surplus was £5.0m (2024: £2.0m net liability). The improved position was a
result of higher returns of plan assets as well as favourable movements in the
present value of future obligations.
Funding and Liquidity. One of the main sources of funding for the Company is a
Revolving Credit Facility ("RCF") provided by a group of five highly rated
banks totalling £200.0m. As at 31 December 2025, £24.0m was drawn on this
facility (31 December 2024: £26.1m). In June 2025, the Company exercised a
one-year extension to the term of its existing RCF to July 2030 with all five
banks, whilst maintaining the existing covenants, terms and size. The
extension provides the Company with greater stability as well as reducing the
need for frequent refinancing activities, providing greater liquidity to
support operational and strategic initiatives.
The Company retains $102.5m of long-dated US Private Placement debt ("USPP")
at an average coupon rate of 3.8%.
Type Amount Interest Rate Maturity
RCF £200.00m Floating July 2030
USPP $32.80m 3.62% July 2028
USPP $34.85m 3.91% July 2031
USPP $34.85m 4.00% July 2033
Treasury policies and controls. Essentra has a centralised treasury function
to manage funding, liquidity and exposure to interest rate and foreign
exchange risk. Treasury policies are approved by the Board and cover the
nature of the exposure to be hedged, the types of derivatives that may be
employed and the criteria for investing and borrowing cash.
The Company intends to use derivatives to manage foreign currency and interest
rate risk arising from underlying business activities. Whilst some
transactions may be of a more speculative nature, they are in place with a
view to managing exchange rate risk only.
Underlying policy assumptions and activities are reviewed by the Treasury
Committee. Controls over exposure changes and transaction authenticity are in
place, and dealings are restricted to those banks with the relevant
combination of geographical presence, expertise and suitable credit rating.
Foreign exchange risk. The majority of Essentra's net assets are in currencies
other than sterling. The Company's normal policy is to reduce the translation
exposure and the resulting impact on shareholders' funds through measures such
as borrowing in those currencies in which the Group has significant net
assets. The majority of Essentra's transactions are carried out in the
functional currencies of its operations, and therefore transaction exposure is
limited. However, where such exposure does occur, Essentra uses derivatives to
hedge its exposure to movements in the exchange rates on its highly probable
forecast foreign currency sales and purchases over a period of up to 18
months.
The constant exchange rate basis adjusts the comparative year to exclude the
effect of currency movements, to show the underlying performance of the
Company. The principal exchange rates for Essentra were:
-------- Average -------- -------- Closing --------
2025 2024 2025 2024
US$:£ 1.31 1.28 1.35 1.25
€:£ 1.17 1.18 1.15 1.21
Re-translating at 2025 average exchange rates decreases the prior year revenue
by £7.6m, reduces prior year gross profit by £2.4m and reduces prior year
adjusted operating profit by £1.1m.
.
2025 Full Year Risk Disclosure
The Company has established a risk and internal control framework designed to
manage the delivery of its strategic objectives. The objectives of this risk
management framework are to:
· support the identification and management of risk within defined
appetite levels;
· consider risks at both a strategic and operational level;
· provide a clear line of sight over risk to enable informed
decision-making;
· to promote a positive risk culture; and
· to deliver improved resilience.
The risk framework, along with the Company's Principal and Emerging risks,
will be described in detail in the "Risk Management Report" section of the
Company's Annual Report and Accounts for the year ended 31 December 2025,
available on 31 March 2026 on the Company website: www.essentraplc.com
Condensed consolidated income statement
for the year ended 31 December 2025
Note 2025 2024
£m
£m
Revenue 2 302.0 302.4
Gross profit 2 131.9 137.1
Operating profit 2 8.5 14.6
Finance income 4 7.0 3.6
Finance expense 4 (15.0) (12.5)
Profit before tax 0.5 5.7
Income tax credit 1.6 5.9
Profit for the year from continuing operations 2.1 11.6
Loss from discontinued operations - (1.0)
Profit for the year 2.1 10.6
Attributable to:
Equity holders of Essentra plc 2.1 10.6
Profit for the year 2.1 10.6
Earnings per share attributable to equity holders of Essentra plc:
Basic 5 0.7p 3.7p
Diluted 5 0.7p 3.7p
Earnings per share from continuing operations attributable to equity holders
of Essentra plc:
Basic 5 0.7p 4.0p
Diluted 5 0.7p 4.0p
Adjusted profit measure: continuing operations Note 2025 2024
£m
£m
Operating profit 8.5 14.6
Amortisation of acquired intangible assets 11.0 11.5
Adjusting items 3 12.5 14.0
Adjusted operating profit 12 32.0 40.1
Condensed consolidated statement of comprehensive income
for the year ended 31 December 2025
2025 2024
£m
£m
Profit for the year 2.1 10.6
Other comprehensive income/(expense):
Items that will not be reclassified to profit or loss in subsequent periods:
Remeasurement of defined benefit pension schemes 5.7 8.0
Deferred tax on remeasurement of defined benefit pension schemes (1.7) (2.1)
4.0 5.9
Items that may be reclassified to profit or loss in subsequent periods:
Net change in fair value of cash flow hedges transferred to the income 1.9 (0.5)
statement
Effective portion of changes in fair value of cash flow hedges (1.7) 0.7
Foreign exchange translation differences:
Attributable to equity holders of Essentra plc:
Arising on translation of foreign operations (9.4) (7.1)
Arising on effective net investment hedges 2.0 0.1
Net income tax credit/(expense) 2.5 (0.1)
(4.7) (6.9)
Total other comprehensive income/(expense) for the year, net of tax (0.7) (1.0)
Total comprehensive income for the year 1.4 9.6
Attributable to equity holders of Essentra plc:
Continuing operations 1.4 10.6
Discontinued operations - (1.0)
Total comprehensive income for the year 1.4 9.6
Condensed consolidated balance sheet
at 31 December 2025
Note 31 December 31 December
2025
2024
£m
£m
Assets
Property, plant and equipment 64.5 68.6
Lease right-of-use assets 24.1 24.2
Intangible assets 194.3 205.0
Long-term receivables 0.5 0.5
Derivative assets 1.6 5.8
Deferred tax assets 16.7 14.0
Retirement benefit assets 14.1 10.6
Total non-current assets 315.8 328.7
Inventories 68.7 67.9
Income tax receivable 1.4 2.4
Trade and other receivables 52.6 56.2
Cash and cash equivalents 36.2 33.7
Total current assets 158.9 160.2
Assets held for sale - 5.1
Total assets 474.7 494.0
Equity
Share capital 8 72.1 72.6
Capital redemption reserve 3.6 3.1
Other reserve (132.8) (132.8)
Cash flow hedging reserve 0.2 -
Translation reserve (82.5) (77.6)
Retained earnings 405.4 405.5
Attributable to equity holders of Essentra plc 266.0 270.8
Total equity 266.0 270.8
Liabilities
Interest-bearing loans and borrowings 9 98.5 106.7
Lease liabilities 9 20.8 21.2
Retirement benefit obligations 9.1 12.6
Other financial liabilities 0.9 -
Deferred tax liabilities 7.3 10.2
Total non-current liabilities 136.6 150.7
Interest-bearing loans and borrowings 9 - 1.0
Lease liabilities 9 7.5 7.7
Income tax payable 6.5 7.6
Trade and other payables 57.6 51.7
Other financial liabilities - 0.8
Provisions 0.5 3.7
Total current liabilities 72.1 72.5
Total liabilities 208.7 223.2
Total equity and liabilities 474.7 494.0
Condensed consolidated statement of changes in equity
for the year ended 31 December 2025
Note Share Capital Other Cash flow Translation Retained Total
capital
redemption
reserve
hedging and
reserve
earnings
equity
£m
reserve
£m
cost of hedging
£m
£m
£m
£m
reserves(
) £m
At 1 January 2025 72.6 3.1 (132.8) - (77.6) 405.5 270.8
Profit for the year - - - - - 2.1 2.1
Other comprehensive - - - 0.2 (4.9) 4.0 (0.7)
(expense)/income
Total comprehensive - - - 0.2 (4.9) 6.1 1.4
income/(expense) for the year
Share option expense - - - - - 1.7 1.7
Tax relating to share-based incentives - - - - - 0.1 0.1
Net impact of hyperinflation - - - - - 1.3 1.3
Purchase of own shares - - - - - (2.6) (2.6)
Cancellation of shares (0.5) 0.5 - - - - -
Dividends paid 10 - - - - - (6.7) (6.7)
At 31 December 2025 72.1 3.6 (132.8) 0.2 (82.5) 405.4 266.0
Note Share Capital Other Cash flow Translation Retained Total
capital
redemption
reserve
hedging and
reserve
earnings
equity
£m
reserve
£m
cost of hedging
£m
£m
£m
£m
reserves(
) £m
At 1 January 2024 73.3 2.4 (132.8) (0.2) (70.5) 401.0 273.2
Profit for the year - - - - - 10.6 10.6
Other comprehensive - - - 0.2 (7.1) 5.9 (1.0)
income/(expense)
Total comprehensive income/(expense) for the year - - - 0.2 (7.1) 16.5 9.6
Share option expense - - - - - 1.1 1.1
Tax relating to share-based incentives - - - - - (0.2) (0.2)
Net impact of hyperinflation - - - - - 2.5 2.5
Purchase of own shares - - - - - (4.9) (4.9)
Cancellation of shares (0.7) 0.7 - - - - -
Dividends paid 10 - - - - - (10.5) (10.5)
At 31 December 2024 72.6 3.1 (132.8) - (77.6) 405.5 270.8
Condensed consolidated statement of cash flows
for the year ended 31 December 2025
Note 2025 2024
£m
£m
Operating activities
Profit for the year from:
Continuing operations 2.1 11.6
Discontinued operations - (1.0)
Profit for the year 2.1 10.6
Adjustments for:
Income tax credit (1.6) (6.1)
Net finance expense 4 8.0 8.9
Intangible amortisation 12.8 13.5
Adjusting items 12 12.5 15.8
Loss on business disposals - 1.2
Depreciation of property, plant and equipment 9.9 9.6
Lease right-of-use assets depreciation 6.2 6.3
Profit on sale of property, plant and equipment (1.0) -
Reversal of impairment of fixed assets 3 - (1.8)
Share option expense 1.7 1.1
(Increase) in inventories (3.0) (5.8)
(Increase)/decrease in trade and other receivables (6.7) 3.3
Increase/(decrease) in trade and other payables 7.3 (7.4)
Cash outflow in respect of adjusting items 12 (19.3) (18.4)
Cash generated from operations 28.9 30.8
Income tax paid (3.5) (5.1)
Net cash inflow from operating activities 25.4 25.7
Investing activities
Interest received 0.3 0.5
Acquisition of property, plant and equipment (10.6) (11.9)
Proceeds from sale of property, plant and equipment 6.8 -
Proceeds from sale of investment properties 5.2 -
Payments for intangible assets (0.4) (0.9)
Acquisition of businesses net of cash acquired (5.2) (4.1)
Net cash inflow/(outflow) from cost of business disposals1 10.0 (14.8)
Net cash inflow/(outflow) from investing activities 6.1 (31.2)
Financing activities
Interest paid (9.3) (8.6)
Dividends paid to equity holders 10 (6.7) (10.5)
Arrangement fee paid for financing activities (0.3) (1.2)
Repayment of short-term loans (1.0) -
Repayments of long-term loans (42.6) (56.3)
Proceeds from short-term loans - 1.0
Proceeds from long-term loans 41.2 67.6
Lease liability principal repayments (6.0) (5.5)
Purchase of own shares (2.6) (4.9)
Net cash outflow from financing activities (27.3) (18.4)
Net increase/(decrease) in cash and cash equivalents 4.2 (23.9)
Net cash and cash equivalents at the beginning of the year 33.7 59.7
Net increase/(decrease) in cash and cash equivalents 4.2 (23.9)
Net effect of currency translation on cash and cash equivalents (1.7) (2.1)
Net cash and cash equivalents at the end of the year 9 36.2 33.7
Notes:
(1 ) In 2025, the inflow related to £10m received for the settlement of
deferred consideration receivable. In 2024, net cash outflow from cost of
business disposals includes £24.8m on the settlement of deferred
consideration payable on the Filters business and £10.0m received for the
settlement of deferred consideration receivable.
Accounting policies and notes to the financial statements
Basis of preparation
1. Basis of preparation
The financial information set out in this document does not constitute
statutory accounts for Essentra plc for the year ended 31 December 2025 but is
extracted from the 2025 Annual Report.
The Annual Report for 2025 will be delivered to the Registrar of Companies in
due course. The auditors' report on those accounts are unqualified and neither
drew attention to any matters by way of emphasis nor contained a statement
under either section 498(2) of Companies Act 2006 (accounting records or
returns inadequate or accounts not agreeing with records and returns), or
section 483(2) on 498(3) of Companies Act 2006 (failure to obtain necessary
information and explanations).
The Group's condensed consolidated financial statements for the year ended 31
December 2025 have been prepared in accordance with UK-adopted International
Accounting Standards and comply with the requirements of the Companies Act
2006.
These condensed consolidated financial statements are prepared under the
historical cost convention unless otherwise stated.
The principal accounting policies used in the preparation of the condensed
consolidated financial have been consistently applied to all periods
presented.
Going concern
The Directors have prepared the condensed consolidated financial statements
for the year ended 31 December 2025 on a going concern basis. In adopting the
going concern basis, the Directors have considered the Group's balance sheet
position, forecast earnings and cash flows for a period of at least 15 months
from the date of approval of these condensed consolidated financial
statements.
At 31 December 2025, the Group's external financing arrangements amounted to
£275.9m, comprising United States Private Placement Loan Notes ("USPP") of
US$102.5m (with a range of expiry dates from July 2028 to July 2033) and a
multi-currency revolving credit facility ("RCF") of £200.0m (expiring in July
2030).
£24.0m (2024: £26.1m) was drawn under the RCF as at 31 December 2025 with
the available undrawn balance amounting to £176.0m (2024: 173.9m). The
facility is subject to two covenants, which are tested semi-annually: net debt
to EBITDA (leverage) and EBITA to net finance charges. Despite the significant
economic and operational challenges in the recent years, the Group has not
sought to change either of the two covenants. The Directors believe that the
Group is well placed to manage its business risks and, after making enquiries
including a review of forecasts and predictions, taking account of reasonably
possible changes in trading performances and considering the existing
borrowing facilities, including the available liquidity, have a reasonable
expectation that the Group has adequate resources to continue in operational
existence for at least the next 15 months following the date of approval of
the financial statements, and no breaches of covenants are expected.
As part of the going concern assessment, the Board has considered a downside
scenario that includes severe, but reasonably plausible, changes in
macro-economic conditions. The results of this scenario show that there is
sufficient liquidity in the business for a period of at least 15 months from
the date of approval of these financial statements, and does not indicate any
covenant breach during the test period. The downside scenario assumes a period
of prolonged market decline in 2026, and subsequently delays in market
recovery to 2027. The downside scenario also assumes a market environment in
which the business cannot win market share to the extent included in the
strategic plan, and incorporates the transition risks associated with a
"middle of the road scenario" without the inclusion of any opportunities from
the climate change quantitative analysis. These opportunities include reduced
energy costs through the implementation of renewable energy and increased
revenue from sales of components into renewable energy sectors.
The financial impact of the severe but plausible downside scenario in 2026 and
H1 2027 is a reduction in adjusted operating profits by 14% and 22%,
respectively, compared to the Group strategic plan. There is no break in
covenants with £71m and £92m of net debt headroom in 2026 and H1 2027
respectively.
The overall level of liquidity (defined as available undrawn borrowing
facility plus cash and cash equivalent) at 31 December 2025 was £212.2m.
Capital expenditure, sales and general overhead, and working capital will
continue to be managed closely to ensure sufficient liquidity. Substantial
liquidity remains within the severe by plausible downside scenario.
The scenarios, including assessment of risk relating to cyber events, do not
indicate a material uncertainty that may cast significant doubt over the
Company's and Group's ability to continue as a going concern. Based on these
and taking into consideration the risks, the Directors have a reasonable
expectation that the Company has adequate resources to continue in operational
existence for the foreseeable future and, accordingly, have adopted the going
concern basis in preparing the condensed consolidated financial statements.
This disclosure has been prepared in accordance with the Financial Reporting
Council's UK Corporate Governance Code.
Accounting policies and notes to the financial statements
2. Segment analysis
The Group has determined its operating segments based upon the information
reported to the Board of Directors ("The Board"), which is the Group's Chief
Operating Decision Maker. Segment information is reported on a geographical
basis consistent with the basis upon which the Group manages its operations,
allocates resources and assesses performance. Central corporate costs include
executive and non-executive management, investor relations, corporate
development, corporate reward, governance, risk and assurance, group finance,
tax, treasury and related information technology costs.
Central corporate costs exclude certain costs that are regarded as
attributable to the operating segments.
2025
EMEA Americas APAC Unallocated Total
£m
£m
£m
items(1
£m
) £m
Income statement information
External revenue 163.8 97.6 40.6 - 302.0
Gross profit 79.2 37.5 15.2 - 131.9
Adjusted operating profit/(loss) before corporate costs 45.1 17.6 5.5 (24.4) 43.8
Central corporate costs(2) (11.8) (11.8)
Adjusted operating profit/(loss) 45.1 17.6 5.5 (36.2) 32.0
Amortisation of acquired intangible assets (4.7) (4.6) (1.7) - (11.0)
Adjusting items (1.3) (1.8) (1.0) (8.4) (12.5)
Operating profit/(loss) 39.1 11.2 2.8 (44.6) 8.5
Balance sheet information
Segment assets 106.9 71.4 28.4 3.7 210.4
Intangible assets 140.9 44.0 6.1 3.3 194.3
Unallocated items(1) 70.0 70.0
Total assets 247.8 115.4 34.5 77.0 474.7
Segment liabilities 45.3 21.8 9.5 10.7 87.3
Unallocated items(1) 121.4 121.4
Total liabilities 45.3 21.8 9.5 132.1 208.7
Other segment information
Capital expenditure (cash spend) 4.6 3.7 1.0 1.7 11.0
Depreciation of plant, property and equipment 3.2 1.7 2.1 2.9 9.9
Average number of employees 1,213 681 889 207 2,990
2024
EMEA Americas APAC Unallocated Total
£m
£m
£m
items(1)
£m
£m
Income statement information
External revenue 163.3 98.8 40.3 - 302.4
Gross profit 84.0 38.0 15.1 - 137.1
Adjusted operating profit/(loss) before corporate costs 50.7 17.3 4.8 (21.8) 51.0
Central corporate costs(2) (10.9) (10.9)
Adjusted operating profit/(loss) 50.7 17.3 4.8 (32.7) 40.1
Amortisation of acquired intangible assets (5.1) (4.7) (1.7) - (11.5)
Adjusting items (1.4) (1.0) (0.9) (10.7) (14.0)
Operating profit/(loss)(3) 44.2 11.6 2.2 (43.4) 14.6
Balance sheet information
Segment assets 101.8 72.4 30.0 18.3 222.5
Intangible assets 143.1 49.5 7.8 4.6 205.0
Unallocated items(1) 66.5 66.5
Total assets 244.9 121.9 37.8 89.4 494.0
Segment liabilities 35.4 24.8 10.0 14.9 85.1
Unallocated items(1) 138.1 138.1
Total liabilities 35.4 24.8 10.0 153.0 223.2
Other segment information
Capital expenditure (cash spend) 5.1 3.7 1.6 2.4 12.8
Depreciation of plant, property and equipment 4.1 2.3 1.7 1.5 9.6
Average number of employees 1,206 702 928 204 3,040
Notes:
(1 ) Unallocated items include operating expenses related to the regions
that are managed at a total trading level rather than by individual segment.
Assets, liabilities and employees also managed at a total trading level are
presented within Unallocated items. Central segment assets of £3.7m
(2024: £18.3m) include investment property of £nil (2024: £5.1m). The
unallocated assets relate to income and deferred tax assets, retirement
benefit assets, derivatives, other financial assets and cash and cash
equivalents. The unallocated liabilities relate to interest-bearing loans and
borrowings, retirement benefit obligations, derivatives, deferred tax
liabilities and income tax payable.
(2 ) Central corporate costs include executive and non-executive
management, investor relations, corporate development, governance, risk and
assurance, group finance, tax, treasury and related information technology
costs.
(3 ) In 2024 operating profit excludes the loss on disposal of
discontinued operations of £1.2m.
Intersegment transactions are carried out on an arm's-length basis.
On a continuing basis, no customer accounted for more than 10% of revenue in
either 2025 or 2024. Non-current assets in the UK (the Company's country of
domicile) totalled £68.2m (2024: £74.4m), with the other significant
location being the USA with £89.6m (2024: £95.2m). Total Group net finance
expense of £8.0m (2024: £8.9m) and total Group income tax credit of £2.1m
(2024: £6.1m) cannot be meaningfully allocated by segment. The Group revenue
does not include any variable consideration which is constrained.
Disaggregation of revenue
% of total Continuing External Revenue 2025 2024
Revenue by channel
End users 71% 71%
Distributors 29% 29%
Revenue by offer type
Standard 66% 69%
Configured 21% 21%
Custom 13% 10%
Revenue by customer segment
Industrial manufacturers 68% 69%
Large consumer manufacturers 24% 19%
SME consumers 8% 12%
Revenue by geographical location
External revenue is presented in the table below, on a continuing basis, by
location of the Group operation where the sales originated.
2025 2024
£m
£m
UK (country of domicile) 26.7 28.0
US 87.0 88.1
China 28.9 28.6
Turkey 25.4 26.3
Germany 19.0 18.8
Italy 18.6 19.4
France 13.4 13.0
The Netherlands 12.4 12.3
Spain 11.6 11.3
Poland 11.1 10.3
Rest of World 47.9 46.3
Total continuing Group 302.0 302.4
3. Adjusting items from continuing operations
Adjusting items are separately presented from other items by virtue of their
nature, size and/or incidence. They are identified separately in order for the
reader to obtain a clearer understanding of the underlying results of the
ongoing Group's operations, by excluding items which, in management's view, do
not form part of the Group's underlying operating results, such as gains,
losses or costs arising from business acquisition and disposal activities,
significant restructuring and closure costs, and costs of major Software as a
Service projects, items which are non-recurring or one-off in nature (such as
the costs of fundamental strategic review and reorganisation), one-off
impairments of non-current assets and charges relating to the Group's legacy
defined benefit pension schemes, and the related tax effect.
2025 2024
£m (re-presented)(6)
£m
Costs/(credits) relating to transactions including acquisitions, disposals, 2.2 2.5
business structuring, related advisory and integration costs(1)
Customisation and configuration costs of significant Software as a Service 9.3 9.6
("SaaS") arrangements(2)
Defined benefit pension scheme charges(3) 1.7 1.8
Reversal of impairment(4) - (1.8)
Other(5) (0.7) 1.9
Adjusting items before tax 12.5 14.0
Tax (2.8) (6.8)
Adjusting items after tax 9.7 7.2
2025 2024
£m
£m
Reconciliation of cash flows from adjusting items:
Adjusting items 12.5 14.0
Non-cash credits/(expenses) in adjusting items 3.2 (1.3)
Pension contribution adjustment 0.6 -
Utilisation of prior year end acquired accruals and provisions 3.0 5.7
Cash outflow from adjusting items before tax 19.3 18.4
Tax received on adjusting items - (0.7)
Cash outflow from adjusting items 19.3 17.7
Notes:
(1 ) This comprises a credit of £0.7m for the reversal of a deferred
consideration which is no longer payable and £0.4m credit for the uplift in
valuation of deferred contingent consideration receivable on the disposal of
the Filters business (disposed in 2022). These are offset by net costs of
£3.3m associated with acquisitions, disposals and site closures (2024:
£2.5m).
(2 ) Costs of significant SaaS arrangements which, in the view of
management, represents investment in upgrading the Group's technological
capability, were expensed as adjusting items in accordance with the Group's
accounting policies. In 2025 costs of £9.3m (2024: £9.6m) were attributable
to major SaaS projects and relate primarily to the costs of implementing a new
cloud-based enterprise resource planning ("ERP") system within the Group.
(3 ) Costs of £1.7m (2024: £1.8m) were incurred in relation to defined
benefit pension scheme charges which, following the outcome of the strategic
review in 2022, no longer pertain to the continuing operations of the Group.
(4 ) In 2024 £1.8m credit was incurred for the reversal of impairment of
investment property.
(5 ) Credits of £0.7m (2024: £1.9m expense) related to gains and
provision releases associated with property no longer owned by the Group.
(6 ) The comparative has been re-presented to group the following
categories: "Costs relating to restructuring following disposals of
businesses", "Gains and transaction costs relating to acquisitions of
businesses" and "Acquisition integration and restructuring costs" to be
included within one category being "Costs/(credits) relating to transactions
including acquisitions, disposals, business structuring, related advisory and
integration costs". There is no impact to the financial result for the prior
year or presentation of the primary statements. The re-presentation has been
made to ensure the disclosure remains relevant in the current period.
4. Net finance expense from continuing operations
2025 2024
£m
£m
Finance income
Bank deposits 0.3 0.5
Other finance income(1) 6.1 2.8
Net interest on pension scheme assets 0.6 0.3
Total finance income 7.0 3.6
Finance expense
Interest on loans and overdrafts (7.0) (6.4)
Amortisation of bank facility fees (0.3) (0.2)
Other finance expense(2) (4.9) (2.6)
Net interest on pension scheme liabilities (0.5) (0.7)
Interest on leases (2.3) (2.6)
Total finance expense (15.0) (12.5)
Net finance expense (8.0) (8.9)
Notes:
(1 ) Included within other finance income is £nil (2024: £0.5m)
relating to gains on derivative financial instruments, £4.9m (2024: £0.8m)
relating to exchange gains on cash, borrowings and leases, £0.8m (2024:
£1.5m) relating to monetary gains on Hyperinflationary economies and £0.4m
(2024: £nil) relating to interest received on corporation tax.
(2 ) Included within Other finance expense is £2.4m (2024: £nil)
relating to loss on derivative financial instruments, £2.3m (2024: £2.6m)
relating to exchange losses on cash, borrowings and leases and £0.2m (2024:
nil) relating to interest on tax.
5. Earnings per share
Note 2025 2024
£m
£m
Earnings from continuing operations
Profit attributable to equity holders of the Company 2.1 11.6
Adjustments:
Amortisation of acquired intangible assets 2 11.0 11.5
Tax on amortisation of acquired intangible assets (2.6) (2.7)
Adjusting items 3 12.5 14.0
Tax on adjusting items 3 (2.8) (6.8)
Adjusted earnings attributable to equity holders of the Company(1) 20.2 27.6
Adjustment for recognition of deferred tax asset on tax losses(2) (2.7) (3.3)
Total for calculation of adjusted earnings per share(2) 17.5 24.3
Earnings from discontinued operations
Earnings attributable to equity holders of Essentra plc - (1.0)
Notes:
(1 ) Adjusted earnings per share from continuing operations is provided
to reflect the underlying performance of the Group.
(2 ) This reflects the derecognition and recognition of deferred tax
assets on tax losses where there is a change in probability that the related
tax benefits will be realised.
2025 2024
Weighted average number of shares
Basic weighted average number of ordinary shares outstanding (million)(1) 285.7 287.3
Dilutive effect of employee share option plans (million) 2.6 2.4
Diluted weighted average number of ordinary shares (million) 288.3 289.7
Earnings per share from continuing operations (pence)
Basic earnings per share from continuing operations 0.7p 4.0p
Adjustment 5.4p 4.5p
Basic adjusted earnings per share from continuing operations 6.1p 8.5p
Diluted earnings per share from continuing operations 0.7p 4.0p
Adjustment 5.4p 4.4p
Diluted adjusted earnings per share from continuing operations 6.1p 8.4p
Earnings per share from discontinued operations (pence)
Basic earnings per share - (0.3)p
Diluted earnings per share - (0.3)p
Total Earnings per share attributable to equity holders of the Company (pence)
Basic earnings per share 0.7p 3.7p
Diluted earnings per share 0.7p 3.7p
Notes:
(1 ) The basic weighted average number of ordinary shares in issue
excludes shares held in treasury and shares held by the employee benefit
trust.
.
6. Property, plant and equipment & assets held for sale
In 2024 the fair value of the investment property was £5.1m. In 2025 this
investment property was sold for proceeds of £5.2m. In 2025 property plant
and equipment with a net book value of £5.8m was sold for proceeds of £6.8m.
7. Intangible assets
Essentra tests goodwill assets annually for impairment, or more frequently if
there are indications of impairment.
A discounted cash flow analysis is computed to compare the discounted
estimated future operating cash flows to the net carrying value of the
goodwill and other intangible and tangible assets for each cash generating
unit ("CGU") or group of cash generating units ("CGUs") as appropriate.
Following an impairment assessment of the carrying value of goodwill held by
the Group's operations performed by management as at 31 December 2025, no
impairment of goodwill was required to be recognised on the Group's continuing
operations.
8. Share capital
2025 2024
£m
£m
Issued, authorised and fully paid ordinary shares of 25p (2024: 25p) each:
Beginning of year 72.6 73.3
Cancellation of shares of 2,137,000 (2024: 2,965,414) shares of 25p each: (0.5) (0.7)
End of year 72.1 72.6
Number of ordinary shares in issue 2025 2024
Beginning of year 290,401,801 293,367,215
Cancellation of shares (2,137,000) (2,965,414)
End of year 288,264,801 290,401,801
Purchase and cancellation of own shares
During the year, 2,478,759 (2024: 3,022,914) 25p Ordinary Shares ("shares")
were purchased by the Company for total cash consideration of £2.6m (2024:
£4.9m) at a weighted average price of 103.5 pence per share (2024: 162.8
pence per share), of which 2,137,000 (2024: 2,965,414) shares with an
aggregate nominal value of £0.5m (2024: £0.7m) were cancelled, and £0.5m
(2024: £0.7m) transferred from issued share capital to the capital redemption
reserve.
At 31 December 2025, the Company held 3,127,057 (2024: 3,627,057) of its own
shares with a nominal value of £0.8m (2024: £0.9m) in treasury. This
represents 1.1% (2024: 1.2%) of the number of ordinary shares in issue.
9. Analysis of net debt
1 January Cash flow Business Business Lease Exchange Non-cash 31 December
2025
£m
disposals
acquisitions
additions
movements(4)
movements(1,2,3
2025
£m
£m
£m
£m
£m ) £m
£m
Cash at bank and in hand 33.7 (0.6) 10.0 (5.2) - (1.7) - 36.2
Cash and cash equivalents in the statement of cash flows 33.7 (0.6) 10.0 (5.2) - (1.7) - 36.2
Derivative financial instruments hedging private placement loans(4) 5.8 - - - - (4.2) - 1.6
Debt due within one year (1.0) 1.0 - - - - - -
Debt due after one year (106.7) 8.4 - - - 6.8 (7.0) (98.5)
Lease liabilities due within one year(3) (7.7) 8.3 - (0.2) (0.4) - (7.5) (7.5)
Lease liabilities due after one year(3) (21.2) - - (0.3) (4.6) 0.1 5.2 (20.8)
Debt from financing activities (130.8) 17.7 - (0.5) (5.0) 2.7 (9.3) (125.2)
Net debt (97.1) 17.1 10.0 (5.7) (5.0) 1.0 (9.3) (89.0)
1 January Cash flow Business Business Lease Exchange Non-cash 31 December
2024
£m
disposals
acquisitions
additions
movements(4)
movements(1,2,3)
2024
£m
£m
£m
£m
£m
£m
£m
Cash at bank and in hand 59.7 (5.0) (14.8) (4.1) - (2.1) - 33.7
Cash and cash equivalents in the statement of cash flows 59.7 (5.0) (14.8) (4.1) - (2.1) - 33.7
Derivative financial instruments hedging private placement loans(4) 4.2 - - - - 1.6 - 5.8
Debt due within one year - (1.0) - - - - - (1.0)
Debt due after one year (95.5) (5.3) - - - (0.9) (5.0) (106.7)
Lease liabilities due within one year(3) (7.1) 8.1 - - (0.6) - (8.1) (7.7)
Lease liabilities due after one year(3) (23.8) - - - (3.8) 0.9 5.5 (21.2)
Debt from financing activities (122.2) 1.8 - - (4.4) 1.6 (7.6) (130.8)
Net debt (62.5) (3.2) (14.8) (4.1) (4.4) (0.5) (7.6) (97.1)
Notes:
(1 ) The non-cash movements in debt due after one year represents
interest expense on borrowings of £7.0m (2024: £6.0m) in addition to prepaid
facility fees of £0.3m (2024: £1.2m) and amortisation prepaid facility fees
of £0.3m (2024: £0.2m).
(2 ) The net non-cash movements in lease liabilities represents interest
on leases of £2.3m (2024: £2.6m).
(3 ) During the year, £5.2m (2024: £5.5m) of lease liabilities moved
from due after one year to due within one year.
(4 ) Included within exchange movements for derivative financial
instruments hedging private placement loans is an outflow of £1.7m
(2024: £0.7m inflow) relating to the fair value movements on cross-currency
interest rate swaps.
The net cash outflow relating to lease liabilities for low value, short term
and variable lease payments was £0.1m
(2024: £0.1m).
10. Dividends
Per share Total
2025 2024 2025 2024
p
p
£m
£m
2024 interim: paid 25 October 2024 1.25 3.6
2024 proposed final: paid 3 July 2025 1.55 4.4
2025 interim: paid 24 October 2025 0.8 2.3
2025 proposed final: payable 3 July 2026(1) 1.2 3.4
Notes:
(1 ) Subject to approval at the Annual General Meeting on 20 May 2026,
the proposed final dividend for the year ended 31 December 2025 will be paid
on 3 July 2026 to shareholders on the register of the Company on 15 May 2026.
The ordinary shares will be quoted ex-dividend on 14 May 2026.
11. Related parties
During the year, the Company paid £46,592 (2024: £48,953) to the wife of
Scott Fawcett, CEO of Essentra plc. She exercised her discretion to cancel
6,364 shares from SAYE 2023 and 4,897 shares from SAYE 2024. As a result, no
share options remain outstanding as of 31 December 2025. Scott's wife was
employed by the Group prior to his appointment as a Director of Essentra plc
on 1 January 2023.
12. Adjusted performance measures
The Group presents alternative performance measures, including adjusted
operating profit, adjusted operating
profit/(loss), adjusted profit before income tax, adjusted net income,
adjusted operating profit from continuing operations, adjusted operating cash
flow from continuing operations, cash outflow on adjusting items recognised in
the year, cash outflow from adjusting items, free cash flow, net debt and
adjusted earnings per share which are not defined or specified in accordance
with UK-adopted International Financial Reporting Standards. These non-GAAP
measures enable management to reflect the underlying performance of the
continuing operations of the Group and provide investors with a more
meaningful comparison of how the business is managed and measured on a
periodic basis.
The adjusted performance measures presented below cannot be derived directly
from the Group's condensed consolidated financial statements and therefore, a
reconciliation of the adjusted performance measure to the most directly
comparable reported measure in accordance with UK-adopted International
Financial Reporting Standards has been provided.
Reconciliation to the Group's adjusted profit measures
Continuing operations 2025 2024
£m
£m
Operating profit Reported statutory measure 8.5 14.6
Amortisation of acquired intangible assets Note 3 11.0 11.5
Adjusting items Note 3 12.5 14.0
Adjusted operating profit Adjusted performance measure 32.0 40.1
Finance income Note 3 7.0 3.6
Finance expenses Note 3 (15.0) (12.5)
Adjusted profit before income tax Adjusted performance measure 24.0 31.2
Tax on adjusted profit (3.8) (3.6)
Adjusted net income Adjusted performance measure 20.2 27.6
Adjustment for recognition of deferred tax losses (2.7) (3.3)
Total for calculation of adjusted earnings per share Note 5 17.5 24.3
Reconciliation of reported statutory measures to the Group's segment analysis
2025
EMEA Americas APAC Unallocated operating expenses Central corporate costs Total
£m
£m
£m
£m
£m
£m
Operating profit/(loss) Reported statutory measure 39.1 11.2 2.8 (32.8) (11.8) 8.5
Amortisation of acquired 4.7 4.6 1.7 - - 11.0
intangible assets
Adjusting items Note 3 1.3 1.8 1.0 8.4 - 12.5
Adjusted operating profit/(loss) Adjusted performance measure 45.1 17.6 5.5 (24.4) (11.8) 32.0
2024
EMEA Americas APAC Unallocated operating expenses Central corporate costs Total
£m
£m
£m
£m
£m
£m
Operating profit/(loss) Reported statutory measure 44.2 11.6 2.2 (32.5) (10.9) 14.6
Amortisation of acquired 5.1 4.7 1.7 - - 11.5
intangible assets
Adjusting items Note 3 1.4 1.0 0.9 10.7 - 14.0
Adjusted operating profit/(loss) Adjusted performance measure 50.7 17.3 4.8 (21.8) (10.9) 40.1
Net debt
Net debt is defined as cash and cash equivalents (including short-term liquid
investments) and derivatives against hedging placement loans, net of lease
liabilities and interest-bearing loans and borrowings. It is a measure that
provides additional information on the Group's financial position.
2025 2024
£m
£m
Cash and cash equivalents Reported statutory measure 36.2 33.7
Debt liabilities (98.5) (107.7)
Lease liabilities (28.3) (28.9)
Derivative financial instruments hedging placement loans 1.6 5.8
Net debt Adjusted performance measure (89.0) (97.1)
Reconciliation to the Group's adjusted operating cash flow measure
Adjusted operating cash flow from continuing operations is presented to
exclude the impact of tax, adjusting items, interest and other items not
impacting operating profit. Net capital expenditure is included in this
measure as management regards investment in operational assets (tangible and
intangible) as integral to the underlying cash-generation capability of the
Group, except amounts relating to adjusting items.
2025 2024
£m
£m
Net cash inflow from operating activities Reported statutory measure 25.4 25.7
Cash outflow from adjusting items Note 3 19.3 17.7
Net tax paid on continuing operations 3.5 5.8
Capital expenditure Note 2 (11.0) (12.8)
Proceeds from sale of property, plant and equipment 6.8 -
Adjusted operating cash flow from continuing operations Adjusted performance measure 44.0 36.4
2025 2024
£m
£m
Adjusting operating profit from continuing operations Adjusted performance measure 32.0 40.1
Depreciation of property, plant and equipment 9.9 9.6
Lease right-of-use asset depreciation 6.2 6.3
Amortisation of non-acquired intangible assets 1.8 2.0
Share option expense 1.7 1.1
Profit on disposal of property, plant and equipment (1.0) -
Working capital movements (2.4) (9.9)
Capital expenditure (11.0) (12.8)
Proceeds from sale of property, plant and equipment 6.8 -
Adjusted operating cash flow from continuing operations Adjusted performance measure 44.0 36.4
Net tax paid on continuing operations(2) (3.5) (5.8)
Interest received 0.3 0.5
Interest paid (9.3) (8.6)
Free cash flow Adjusted performance measure 31.5 22.5
Reconciliation of cash flows from adjusting items:
Adjusting items Note 3 12.5 14.0
Non-cash credits/(expenses) in adjusting items(1) 3.2 (1.3)
Tax - (0.7)
Cash outflow on pension contributions 0.6 -
Cash outflow on adjusting items recognised in the year 16.3 12.0
Utilisation of prior year end acquired accruals and provisions 3.0 5.7
Cash outflow from adjusting items Adjusted performance measure 19.3 17.7
Notes:
(1 ) Net non-cash expenses/credits in adjusting items includes a £1.2m
credit on disposal of property, plant and equipment (2024: £1.8m impairment
release relating to investment property) £0.6m credit (2024: £nil) for
deferred consideration that is no longer due and net credits of £1.4m
(2024: £3.2m) of other non-cash movements in adjusting items.
(2 ) In 2024 tax paid excludes the tax received in relation to adjusting
items of £0.7m. This is included within the cash outflow in respect of
adjusting items.
13. Post balance sheet event
Following the year ended 31 December 2025, the Trustees of the UK Essentra
Pension Plan have entered into a buy-in arrangement with an insurance provider
to insure against the liabilities within the UK defined benefit scheme.
14. Cautionary forward-looking statements note
This Report contains forward-looking statements based on current expectations
and assumptions. Various known and unknown risks, uncertainties and other
factors may cause actual results to differ from any future results or
developments expressed or implied from the forward-looking statements. Each
forward-looking statement speaks only as of the date of this document. The
Company accepts no obligation to publicly revise or update these
forward-looking statements or adjust them to future events or developments,
whether as a result of new information, future events or otherwise, except to
the extent legally required.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
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. END FR JFMLTMTJBBRF
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