Travis Perkins

Research evidence excerpt

Travis Perkins

C A Z E N O V E Europe Equity Research

30 June 2026

Expect H1 operating profit of £61m with the group set to Overweight

update on the strategic option taken with regards to TPK.L, TPK LN

Toolstation Benelux Price (29 Jun 26):562p

Price Target (Dec-27):630p

Travis Perkins will report H1 results on 04 August and we expect the company to European Building & Construction

report adjusted operating profit of £61m on a revenue base of £2,250m, implying and Infrastructure

2.7% margins (vs. last year of 2.7%). Specific for Q2, we expect broadly flat LFL Zaim Beekawa AC

sales growth with volumes of -2%, offset by positive price increase of 2%. We note (44-20) 7134-4175

that in Q1, the company reported negative volume growth of 2.8% at group (-3.3% zaim.beekawa@jpmorgan.com

Merchanting) and positive price impact of 1.1% (+1% Merchanting) and we would J.P. Morgan Securities plc

expect a sequential set-up in pricing given some of the actions taken as a result of Elodie Rall

the Middle East conflict. Elsewhere, we would expect H1 results to showcase (44-20) 7134-5911

elodie.rall@jpmorgan.com

further improvement on the balance sheet as well as an update on its Toolstation J.P. Morgan Securities plc

Benelux business (as a reminder, the company stated during FY results that it will Jamie Smallbone

be reviewing all strategic options related to this business and will update on this no (44-20) 3493-7015

later than HY results). From a FY perspective, we tweak our Operating Profit jamie.smallbone@jpmorgan.com

estimate down from £135m to £129m on account of our view that activity in the J.P. Morgan Securities plc

UK will be impacted by the political leadership changes, particularly government Manshi Sinha

projects. (91-22) 6157 5111

manshi.sinha@jpmchase.com

J.P.