Stelrad Group (LON:SRAD) Releases Earnings Results

Stelrad Group (LON:SRAD) posted its quarterly earnings data on Friday. The company reported GBX 13.08 EPS for the quarter, Digital Look Earnings reports. Stelrad Group had a net margin of 0.30% and a return on equity of 1.61%.

Here are the key takeaways from Stelrad Group’s conference call:

• Adjusted operating profit rose 3% to £32.5m and margin improved 0.8ppt to 11.6%, while contribution per radiator increased to £20.50, showing operational leverage despite weaker volumes.
• Revenue fell 3.8% and sales volumes were down 4.3% as high interest rates and inflation suppressed RMI and new‑build activity, and management expects subdued end‑markets into at least H1 2026.
• The group recognised £14.9m of exceptional items (≈£12.6m impairments) mainly at DL Radiators S.p.A. and will exit a low‑margin contract (c.175k radiators, ~€13–14m revenue), which reduces near‑term volumes but is intended to improve future margins and focus the business on higher‑value ranges.
• Net debt/EBITDA fell to 1.16x, operating and free cash flow strengthened, and the board proposed a 5% increase in the final dividend, giving the group greater capital allocation optionality.
• Product premiumization and decarbonization trends are accelerating—premium panel mix hit a record 6.4% and electric/high‑output radiator volumes have grown materially—positioning Stelrad to capture higher‑margin, long‑term demand.

Stelrad Group Stock Performance

LON SRAD opened at GBX 130 on Friday. The firm has a market capitalization of £165.56 million, a P/E ratio of 33.33 and a beta of 0.25. The company has a current ratio of 1.78, a quick ratio of 0.76 and a debt-to-equity ratio of 14.16. The firm’s fifty day moving average price is GBX 137.88 and its two-hundred day moving average price is GBX 150.36. Stelrad Group has a 1 year low of GBX 124.32 and a 1 year high of GBX 180.

Analyst Ratings Changes

Separately, Berenberg Bank dropped their target price on Stelrad Group from GBX 200 to GBX 190 and set a “buy” rating on the stock in a report on Monday, November 17th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of GBX 190.

About Stelrad Group

Stelrad is a leading specialist manufacturer and distributor of steel panel radiators in the UK, Europe and Turkey, selling an extensive range of standard and premium steel panel radiators, low surface temperature radiators, towel warmers, decorative steel tubular radiators and other steel “column” radiators.