1H26 Results due on Tuesday 11 August

研报英文原文证据摘录

1H26 Results due on Tuesday 11 August

UK | Building, Construction & Housebuilders

Genuit Group EquityJulyResearch12, 2026

COMPANY UPDATE1H26 Results due on Tuesday 11 August

We expect sequentially improving organic growth into late-1H26 and interim RATING BUY

EBIT to be in line with the latest guidance. A bigger driver of the share PRICE 259.20p^

price around results is likely to be updated FY26 guidance in light of how PRICE TARGET | % TO PT 332.00p | +28%

macro events evolve into mid-August (e.g. oil price, UK politics, Middle East 52W HIGH-LOW 409p - 241p

demand). For now, JEFe remains unchanged. Beyond near-term volatility, FLOAT (%) | ADV MM (USD) 100.7% | 4.61

we see compelling mid-term growth underpinned by growing regulatory MARKET CAP £644.9M | $863.5M

tailwinds at <10x P/E. TICKER GEN LN

^Prior trading day's closing price unless otherwise

noted.

1H26 forecast to show sequentially improving organic trends from 4m26, driven by both

volume and pricing. We forecast 1H26 organic sales -5% YoY, comprising volumes c.-10% and

pricing up mid-single digits. As such, this implies sequentially improving trends from 4m26's FY (Dec) CHANGE TO JEFe JEF vs CONS

-8.7% YoY (c.+2% price inflation and low double-digit volume declines). The improving volume 2026 2027 2026 2027

trend reflects some normalisation in UK construction activity following the impact of poor REV NA NA NA NA

weather in January-February and some recovery in the Middle East too (this contributes c.3.5% EPS NA NA +1% -3%

of group sales, and Genuit's sales here essentially disappeared in the initial stages of the war).

We expect pricing to also sequentially improve given extraordinary double-digit price increases

were only implemented from May. There are no changes to JEFe in this note.