EarningsQ2 2026 Earnings Report
MLSPF Q2 2026 EPS Results
Actual EPS$0.23
Consensus EPS$0.23
Beat/MissBeat by +<$0.01
One Year Ago EPS$0.20
MLSPF Q2 2026 Revenue Results
Actual Revenue$2.48B
Expected Revenue$2.41B
Beat/MissBeat by +$73.80M
YoY Revenue Growth+8.90%
Earnings Announcement Details
QuarterQ2 2026
Date07/31/2026
TimeBefore Open
Conference CallFriday, July 31, 2026
MLSPF Upcoming Earnings
Melrose's next earnings date is estimated for March 4, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a predominantly positive operational and financial performance: double‑digit revenue and profit growth, margin expansion, improving free cash flow, strong engines momentum, safety and productivity gains, and clear strategic progress on additive fabrication and uncrewed programs. The principal negative driver was the Garden Grove incident — operational disruption, near‑term profit and cash impacts, expected exceptional costs (GBP 25–30M in H2), legal/regulatory uncertainty and a paused buyback — all of which introduce headline risk and some near‑term uncertainty. Management reiterated FY guidance excluding the Garden Grove impact and remains confident in medium‑term cash targets (GBP 600M FCF by 2029). On balance, the positives across growth, margins, cash trajectory and strategic positioning outweigh the manageable but material Garden Grove headwinds.Company Guidance
Group revenue and profit growth
Group revenue grew 10% (constant currency) in H1 2026 and group operating profit increased 16% to GBP 347M (nearly GBP 350M), with EPS improving by over 20% year-on-year.
Improved margins and productivity
Group margin increased to 18.5% (H1 margin up c.50bps). Productivity improved materially (management cited a 230 basis points improvement and a separate H1 productivity improvement of ~3 percentage points) and cost of poor quality improved ~12%.
Engines division outperformance
Engines revenue up 19% with OE accelerating to +23% and aftermarket delivering mid-teens growth; RRSP civil revenue +18%, repairs +27%, government partnership growth +29%. Engines delivered profit growth of 21% and margin expansion (40bps reported, 100bps excluding variable consideration).
Cash generation and balance sheet progress
Positive free cash flow in H1 of GBP 13M, representing a GBP 67M year-on-year improvement; net debt of GBP 1.53B (1.8x EBITDA) down from 2.0x a year earlier and comfortably within the 1.5x–2x policy; returned c. GBP 130M to shareholders in H1.
Operational and safety improvements
Total incident rate reduced 25% in H1 and is down over 65% versus three years ago; Days Inventory Outstanding reduced by 7 days in H1; Brilliant Basics lean program driving measurable operational gains (examples include a 90% reduction in inspection time at Tallassee and an 80% reduction in supplier-related customer issues at Hoogeveen).
Strategic technology & commercial progress
Progress on strategic initiatives: continued advancement in additive fabrication (certified additive structural part on commercial engine - GTF fan case mount ring; producing 100% of that part additively), expansion of fan blade repair in San Diego, new repair agreements with Rolls‑Royce and Pratt & Whitney, involvement in major uncrewed/next‑gen programs, and investments in capacity (CapEx H1 GBP 52M; FY guidance GBP 120–140M).
MLSPF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed