Morgan Sindall Group Plc · LSE:MGNS
Morgan Sindall — H1 2026 Earnings Presentation
29 slides from Morgan Sindall's earnings presentation, Jul 22, 2026
Slide 1: Half Year 2026 Results Presentation
Partnership Housing, Trinity Park, Woolwich Half Year 2026 Results Presentation to 30th June 2026
Slide 2: Agenda
Agenda Group Overview Financial and operational review Morgan Sindall Construction, Zone 29, University of Westminster Medium-term targets & Outlook Q&A
Slide 3: Group Overview
Fit Out, Virgin Media O2 Group Overview John Morgan - Group Chief Executive Officer
Slide 4: Group Highlights for H1 2026
Group Highlights for H1 2026 Record first half performance, PBT growth of 21% to £116m Two unscheduled profit upgrades Interim dividend increased by 10% to 55p per share Our diverse operations strengthen our resilience in varying market conditions Medium-term targets increased for two divisions Sign
Slide 5: Financial and Operational Review
Muse, Bradford City Financial and Operational Review Kelly Gangotra - Chief Financial and Commercial Officer
Slide 6: Key Financial Highlights
Key Financial Highlights Revenue Operating Profit1 PBTA1 Earnings per Share1 £2.6bn £112m £116m 186.1p Margin 4.4% Margin 4.5% +8% +21% +21% +22% Visible workload Average daily net Cash conversion 2 Interim Dividend cash £19.5bn £423m 83% 55p +3% +£69m +1pt +10% 1 Before intangible amortisation and
Slide 7: Summary by Division
Summary by Division Revenue Operating Proft / Operating Margin1 (Loss)1 £m Change £m Change % Change Partnership Housing 347 -14% 13.2 - 3.8% +50bps Mixed Use Partnerships 25 -4% (1.1) n/a n/a n/a Fit Out 996 +19% 69.1 +19% 6.9% - Construction 742 +18% 24.4 +47% 3.3% +70bps Infrastructure 468 -3% 18
Slide 8: Net Cash Movement
Net Cash Movement Operating cash outflow of £10m as investments in Partnerships continues Operating Cash Outflow of £10m £112m (£13m) £13m (£122m) (£18m) (£51m) (£34m) £531m £418m Adjusted Construction Net Other cash / Tax / Net Ordinary Other Opening operating Services & Fit Out investment in non-c
Slide 9: Daily Net Cash Balance
Daily Net Cash Balance Significant cash levels to support organic growth £m HY 26 Change Period end net cash £418m +£28m Maximum : £599m Average daily net cash £423m +£69m 650 600 550 500 450 400 350 300 250 £m 200 150 Minimum : £327m 100 2025 2026 Total Committed Facilities 50 - 1 Jan 30 Jun 31 Dec
Slide 10: Divisional Performance
Divisional Performance Fit Out, Trinity by Breakthrough, Oxford
Slide 11: Partnership Housing
Partnership Housing Adjusted1 Basis £m HY 26 Change Revenue 347 -14% • Capital invested in existing London residential schemes Operating Profit 13.2 - continues to be slow moving Operating Margin 3.8% +50bps • Partnership development agreement secured with Average capital employed1 507 +£114m ROCE1
Slide 12: Mixed Use Partnerships
Mixed Use Partnerships Adjusted1 Basis £m HY 26 Change Revenue 25 -4% • 13 projects expected to start on site in 2026, with 5 started Operating Loss (1.1) n/a during H1 2026 Average capital employed2 149 +£47m • Viability continues to remain the largest challenge in the ROCE1&2 (3.3%) -2.8pts near-t
Slide 13: Fit Out
Fit Out Adjusted Basis £m HY 26 Change Revenue 996 +19% • Market-leading performance due to: Operating Profit 69.1 +19% • Strong revenues Operating Margin 6.9% - • Excellent operational delivery including phasing of project completions Revenue % • Operational leverage - London region 75% +2pts - Exi
Slide 14: Construction
Construction Adjusted Basis1 £m HY 26 Change Revenue 742 +18% • Quality of earnings achieved through robust project selection Operating Profit 24.4 +47% and delivery Operating Margin 3.3% +70bps • Approach to risk management continues as 98% of order Revenue % weighting book delivered through framew
Slide 15: Infrastructure
Infrastructure Adjusted Basis £m HY 26 Change Revenue 468 -3% • High volume of planning & design activities continue to Operating Profit 18.3 -1% progress through the ECI1 phase for large frameworks Operating Margin 3.9% +10bps • Total £5.8bn of visible work expected from the full length of Revenue
Slide 16: Medium-Term Targets & Outlook
Fit Out, GPE City Tower Phase 2 Medium-Term Targets & Outlook John Morgan – Group Chief Executive Officer
Slide 17: Medium-Term Targets & Outlook
Medium-Term Targets & Outlook Partnership Mixed Use Fit Out Construction Infrastructure Housing Partnerships • Operating Margin of 8% • Annual ROCE up towards • Annual operating profit • Operating margin 3.5% - • Operating margin 3.75% Medium-term targets 30% £100m - £130m 4.0% pa - 4.25% pa • Annua
Slide 18: Summary
Summary • We remain confident that our full year performance will be in line with our current expectations • Increased medium-term target for Fit Out and Construction • Strong balance sheet with substantial net cash at all times • Decentralised and empowered culture is our differentiator • Long term
Slide 19: Questions
Questions Page 19 Morgan Sindall Group | Half Year Results 2026
Slide 20: Disclaimer
Disclaimer This presentation is not intended to, and does not constitute or form part of, any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Morgan Sindall Group Plc or any other invitation or inducemen
Slide 21: Appendices
Appendices Page 21 Morgan Sindall Group | Half Year Results 2026
Slide 22: Summary of Group Results
Summary of Group Results Adjusted1 Basis £m HY 2026 HY 2025 Change Revenue 2,562 2,370 +8% Operating Profit 111.5 91.8 +22% Operating Margin 4.4% 3.9% +50bps Net interest 4.6 4.1 +12% Profit before tax 116.1 95.9 +21% PBTA margin 4.5% 4.0% +50bps Tax (29.0) (24.1) +20% Profit after tax 87.1 71.8 +21
Slide 23: Net Finance Income
Net Finance Income £m HY 26 HY 25 Interest income on bank deposits 7.4 7.9 Interest receivable from joint ventures - 0.2 Loan arrangement and commitment fees (1.0) (1.0) Interest expense on lease liabilities (IFRS 16) (2.1) (2.0) Other 0.3 (1.0) Total Group 4.6 4.1 Page 23 Morgan Sindall Group | Hal
Slide 24: Adjusted Earnings Per Share
Adjusted Earnings Per Share £m HY 26 HY 25 Profit after tax 87.1 73.0 Adjusted for: Exceptional operating items - 0.1 Amortisation of intangible assets - 0.4 Tax relating to the above items - (1.7) Adjusted earnings after tax 87.1 71.8 Basic weighted average number of shares 46.8 46.9 Adjusted earni
Slide 25: Tax
Tax £m HY 26 HY 25 Profit before tax 116.1 95.4 Less: share of underlying1 net profits from JVs 0.6 (1.8) Profit subject to tax 116.7 93.6 Statutory tax rate 25.0% 25.0% Current tax charge at statutory rate (29.2) (23.4) Tax on underlying1 joint venture profits2 0.2 (0.5) Tax on exceptional items -
Slide 26: Capital Employed - Partnerships
Capital Employed - Partnerships £m Total Partnership Mixed Use Partnerships Housing Partnerships Total net land & Partnership WIP 555.3 495.5 59.8 Unsold completed units (excl. joint ventures) 115.1 66.3 48.8 Amounts invested in joint ventures1 153.4 98.2 55.2 Other working capital (90.9) (94.3) 3.4
Slide 27: Provisions
Provisions £m Total Building Other Safety Provisions as at 1 January 2026 89.4 56.9 32.5 Additions 8.7 - 8.7 Utilised (7.4) (5.2) (2.2) Released (1.8) 0.1 (1.9) Provisions as at 30 June 2026 88.9 51.8 37.1 Page 27 Morgan Sindall Group | Half Year Results 2026
Slide 28: Summary Balance Sheet
Summary Balance Sheet £m 30 June 31 December 2026 2025 Intangibles 218.2 218.3 PP&E 96.3 102.2 Investments (including JVs)1 146.5 132.7 Net working capital2 48.0 (86.7) Current and deferred tax 2.0 5.5 Net cash 418.3 531.2 Lease liabilities (68.2) (73.6) Provisions1 (88.9) (89.4) Other3 1.1 8.6 Net
Slide 29: Payment Practices
Payment Practices Average time to Invoices not paid Invoices paid pay invoices with agreed terms within 60 days 24 days 3% 99% Construction & Infrastructure 2 (1 day) - (1%) 19 days 5% 98% Fit Out - (1%) - 21 days 12% 97% Mixed Use Partnerships - (1%) - 29 days 8% 97% Partnership Housing - - (-1%) 1