**Mitie Group PLC H1 FY26 Trading Update Summary**
**Key Highlights**
**Revenue Growth** Mitie reported a 10% increase in revenue to ยฃ2.7 billion for H1 FY26 (ending September 30, 2025), including 6.1% organic growth driven by contract wins, pricing, and higher project volumes.
**Contract Wins** Secured ยฃ3.0 billion in contract wins/extensions/renewals, with a record ยฃ31 billion pipeline of bidding opportunities. Notable wins include Aviva, Home Office, and Transport for London.
**Marlowe Acquisition** Completed in August 2025, the integration is progressing well, with expected ยฃ30 million in cost synergies by FY28 and accelerated revenue growth through cross-selling.
**Financial Position** Strong financial health with post-IFRS 16 average net debt of ยฃ332 million and leverage of 1.0x, within the target range of 0.75-1.5x.
**Profit Guidance Upgrade** Operating profit guidance raised to at least ยฃ260 million for FY26, up from ยฃ234 million in FY25, supported by strong trading momentum and Marlowe integration benefits.
**Share Buybacks** Resumed with a new ยฃ100 million programme over 12 months, bringing total buybacks since FY23 to ยฃ303 million.
**Free Cash Flow** Expected to be at least ยฃ120 million in FY26, with continued focus on growth and shareholder returns.
**CEO Comment (Phil Bentley)**
Bentley highlighted Mitieโs continued momentum, progress in delivering its Strategic Plan, and the transformative impact of the Marlowe acquisition. He emphasized confidence in resuming share buybacks and achieving financial targets.
**Outlook**
Mitie remains on track to meet its FY25-FY27 Strategic Plan goals, with a focus on growth, profitability, and shareholder value. Interim results will be released on November 20, 2025.
**About Mitie**
Mitie is the UKโs leading Facilities Management, Transformation, and Compliance company, employing 80,000 people and serving 3,000 customers across public and private sectors. It holds strong ESG credentials and is recognized for its apprenticeship and inclusive employer status.
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### Notes:
1. **Revenue**: H1 FY26 revenue increased by 10% compared to H1 FY25.
2. **Contract Wins/Extensions/Renewals**: Decreased by 19% year on year, from ยฃ3.7bn in H1 FY25 to ยฃ3.0bn in H1 FY26.
3. **Operating Profit Guidance**: Upgraded by 11% from ยฃ234m in FY25 to at least ยฃ260m in FY26.
4. **Free Cash Flow**: Expected to decrease by 16% in FY26 compared to FY25.
5. **Net Debt**: Average and closing net debt increased significantly due to the Marlowe acquisition and shareholder returns.
6. **Leverage**: Remained within the target range of 0.75-1.5x at 1.0x in H1 FY26. This table provides a clear comparison of key financials and debt metrics between H1 FY26 and H1 FY25.