Bodycote: 1H26 to see healthy core growth accompanied by YoY margin expansion. FY26 revenue forecast moves up on growth / surcharges

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Bodycote: 1H26 to see healthy core growth accompanied by YoY margin expansion. FY26 revenue forecast moves up on growth / surcharges

Equity Research

UK Capital Goods

15 July 2026

Bodycote

1H26 to see healthy core growth

accompanied by YoY margin

BOY.L/BOY LN OVERWEIGHTexpansion. FY26 revenue forecast

Unchanged

UK Capital Goods NEUTRALmoves up on growth / surcharges

We forecast a 1H/2H rev. split of 51:49 and EBITA 47:53, with Price Target GBp 820

1H EBITA £57m equating to a margin of 15.4% (+50bp YoY). Unchanged

Price (13-Jul-26) GBp 657

FY26 revenue will be buoyed by pass-through from Potential Upside/Downside +24.8%

both energy and tungsten. We raise FY26E revenue to £730m Source: Bloomberg, Barclays Research

(+7% core organic, company cons. £713m), with EBITA Market Cap (GBP mn) 1121

unchanged at £122m. Shares Outstanding (mn) 170.65

Free Float (%) 99.85

52 Wk Avg Daily Volume (mn) 0.2Solid performance expected for 1H26, FY revenue to be buoyed by growth / surcharges.

Dividend Yield (%) 3.51Core revenue growth for 4M26 was +9% and we forecast +8% for 1H26, with the rate of growth

Return on Equity TTM (%) 8.39moderating as comparatives (eg. Aerospace) become more demanding. FY26 revenue will be

Current BVPS (GBp) 350buoyed by both energy cost and tungsten cost pass-through. We raise our FY26 Group revenue

Source: Bloomberg

estimate by +3% to £730m (+7% core organic vs. +4% previously), but leave our EBITA forecast

unchanged. We forecast an FY26 revenue weighting of 51:49 (1H:2H) and an EBITA weighting of

Price Performance Exchange-LSE47:53, with 1H EBITA of £57m implying a 15.4% margin, up 50bps YoY. By division we forecast

52 Week range GBP 8.45-5.67+15% organic growth for Specialist Technologies in 1H and +4% for Precision Heat Treatment.