1H26 Trading Update – Start of the upgrade cycle; MW Components ahead; CPM and, importantly, ECI performing in line...

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1H26 Trading Update – Start of the upgrade cycle; MW Components ahead; CPM and, importantly, ECI performing in line...

Equity Research

UK Capital Goods

21 July 2026

Rosebank Industries PLC

1H26 Trading Update – Start of the

upgrade cycle; MW Components

ROSE.L/ROSE LN OVERWEIGHTahead; CPM and, importantly, ECI

Unchanged

UK Capital Goods NEUTRALperforming in line...

We upgrade FY26 Group EBITA to $315m, FY27 to $468m, +7% Price Target GBp 475

and +4% vs. company cons. respectively. MW performance Unchanged

Price (20-Jul-26) GBp 299

driving the upgrade, with improved margin for both years. Potential Upside/Downside +58.9%

CPM performing in line, importantly FY26 ECI expectations Source: Bloomberg, Barclays Research

unchanged. Expect +ve share price reaction, 14.5x FY27 PE vs. Market Cap (GBP mn) 2955

19x sector Shares Outstanding (mn) 988.42

Free Float (%) 98.16

52 Wk Avg Daily Volume (mn) 1.5Unscheduled trading update, MW performing ahead of expectation. Ahead of 1H26 results

Dividend Yield (%) N/Aon Sept 3 and going into close, ROSE has released a 6M trading update (Jan-June). Against a

Return on Equity TTM (%) N/Abackdrop of Appliance market weakness, there were concerns from some in the market that the

Current BVPS (GBp) 3impact on the Appliance business of ECI would result in downside to consensus forecasts.

Source: Bloomberg

Instead, management are upgrading FY26 EBITA and EPS guidance ahead of cons. driven by a

better-than-expected performance from MW Components, with CPM expectations at this

Price Performance Exchange-LSEjuncture unchanged and ECI trading in line with FY26 guidance. Importantly for the latter,

52 Week range GBP 3.95-2.81Appliance weakness is being offset by acceleration in execution of self-help initiatives with