Halma: Photonics guide set low; fundamentals remain strong – upgrades delayed, not derailed...

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Halma: Photonics guide set low; fundamentals remain strong – upgrades delayed, not derailed...

Equity Research

UK Capital Goods

12 June 2026

Halma

Photonics guide set low;

fundamentals remain strong –

HLMA.L/HLMA LN OVERWEIGHTupgrades delayed, not derailed...

Unchanged

Conservative photonics guide remains key debate, but we see UK Capital Goods NEUTRAL

upside as near-term constraints appear labour/resourcing-led Unchanged

not demand-led and solvable. Core businesses performing Price Target UnchangedGBp 4930

well with no concerns. FY27 forecasts remain ahead of Price (11-Jun-26) GBp 3928

co. consensus with post results sell-off pushing PE below 5yr Potential Upside/Downside +25.5% Source: Bloomberg, Barclays Research

average

Market Cap (GBP mn) 14912

All eyes on Photonics, what did we learn about FY26 performance? Growth accelerated to Shares Outstanding (mn) 379.65

+52% from +37% in FY25, contribution to group organic growth was ~8pp (~50% of total) and Free Float (%) 99.95

Photonics accounted for 20% of total revenue. While we were hoping for more detailed product 52 Wk Avg Daily Volume (mn) 0.6

disclosure management did confirm that the product was an optical switch. Importantly, there Dividend Yield (%) 0.63

are no hard capacity constraints in the business, risk of customer dual sourcing is low and while Return on Equity TTM (%) 18.31

execution has been strong, management did highlight increasing operational complexity of Current BVPS (GBp) 571

scaling at pace. Looking to FY27, growth is expected to moderate to ~30% (~5pp contribution to Source: Bloomberg

group), with the trajectory now shaped more by potential constraints across supply chain,

resourcing, data centre construction than end-demand. Margins are expected to stay broadly in Price Performance Exchange-LSE