**Summary of Rosebank Industries PLCs Final Results for the Year Ended 31 December 2025**
Rosebank Industries PLC announced its audited results for the year ended 31 December 2025, highlighting significant progress and strategic achievements. Key points include
1. **Financial Performance**
**Adjusted Operating Profit**$57 million, ahead of expectations, with adjusted diluted EPS of 17.8 cents.
**Statutory Results**Revenue of $445 million, operating loss of $46 million, and a loss after tax of $48 million. Adjusting items of $103 million were related to acquisition, disposal activities, restructuring, and non-cash items.
**Net Debt**Significantly lower than market expectations at $494 million, despite unwinding costly working capital arrangements inherited from ECI.
**Bank Covenant Leverage**2.4x at 31 December 2025.
2. **ECI Acquisition and Performance**
ECI contributed $445 million in revenue and $70 million in adjusted operating profit during the period of Rosebank ownership.
Annualised adjusted results for ECI in 2025 showed revenue of $1,219 million and adjusted operating profit of $188 million, with an operating margin of 15.4%.
Restructuring efforts are underway, including reducing the number of sites by over a quarter, expected to cost $80 million and uplift adjusted operating profit by $30 million over two years.
3. **Strategic Initiatives**
Rosebank is in advanced discussions to acquire two US-based businesses for approximately $3.05 billion, funded through equity and debt.
The company remains on track to step up to the main market in Q2 2026.
4. **Outlook**
Rosebank is confident in meeting full-year expectations for 2026, driven by operational improvements and strategic actions.
5. **Governance and Dividend Policy**
No final dividend for 2025 due to the timing of the ECI acquisition. A progressive dividend policy has been adopted, targeting earnings cover of three times adjusted diluted EPS.
Fiona MacAulay joined the Board as a Non-executive Director, and Liam Butterworth was appointed as Chief Operating Officer.
6. **Going Concern and Financial Risk Management**
The company has adequate resources to continue operations, with significant liquidity headroom and compliance with bank covenants.
Financial risksincluding liquidityfinance costexchange rateand commodity risksare actively managed.
Overall, Rosebank Industries PLC demonstrated strong operational progress, strategic discipline, and confidence in its medium-term targets, positioning itself for continued growth and value creation.
| Metric | 2025 ($m) | 2024 ($m) | Change ($m) | Change (%) |
|---|---|---|---|---|
| Revenue | 445 | 0 | 445 | N/A |
| Operating Profit/(Loss) | (46) | (12) | (34) | -283% |
| Profit/(Loss) After Tax | (48) | (11) | (37) | -336% |
| Net Debt/(Cash) | 494 | (60) | 554 | N/A |
| Adjusted Operating Profit | 57 | (2) | 59 | N/A |
| Adjusted Profit After Tax | 38 | (1) | 39 | N/A |
| Bank Covenant Leverage (x) | 2.4 | N/A | N/A | N/A |