Renew Holdings FY25 Results: Revenue, EBITDAE and Walter Lilly

FY25 results at a glance

Renew Holdings announced its final results on 25 November 2025 for the year ended 30 September 2025, describing record revenue and adjusted operating profit.

According to Renew's FY25 final results, group revenue rose 5.6% to £1,116.1m from £1,057.0m. Adjusted operating profit increased 1.7% to £72.1m, although the adjusted operating margin moved down from 6.7% to 6.5%.

Statutory operating profit fell 0.9% to £60.6m, while profit before tax decreased 5.8% to £56.7m. The company also reported negative organic growth after adjusting for acquisitions.

Adjusted earnings per share rose 1.8% to 67.1p, and the full-year dividend increased 5.3% to 20.0p. The order book reached a record £915m, compared with £889m a year earlier.

The short version is that revenue, adjusted operating profit, earnings per share, the dividend and the order book moved in the right direction. Statutory profit and margin were less convincing.

Is Renew's EBITDA disclosed?

Renew's headline FY25 performance measure is adjusted operating profit rather than adjusted EBITDA.

The 2025 annual report reports EBITDAE of £87.993m based on the statutory accounts and £78.792m for banking covenant calculations. The covenant definition excludes exceptional items, IFRS 16 lease impacts, amortisation and profit on the disposal of property, plant and equipment.

That distinction matters when comparing Renew with businesses that lead with adjusted EBITDA. The figures are not necessarily measuring performance on the same basis.

What happened to Walter Lilly & Co. Limited?

The legal company name in Renew's filings is Walter Lilly & Co. Limited, rather than Walter Lilley.

According to the annual report, Renew disposed of Walter Lilly on 4 October 2024 to Size Holdings Limited for a nominal net cash impact on a cash-free/debt-free basis. Renew said the disposal completed its exit from Specialist Building and supported its focus on Specialist Engineering work tied to long-term, non-discretionary maintenance and renewals spending.

This is more than a portfolio tidy-up. It leaves the investment case more directly tied to infrastructure engineering and maintenance.

Full Circle, Emerald Power and the acquisition strategy

Renew completed the acquisition of Full Circle Group Holding B.V. on 7 October 2024 for €59.0m, equivalent to £49.3m, entering the UK and European onshore wind turbine repair, maintenance and monitoring market.

From acquisition to year-end, Full Circle contributed £29.5m of revenue and £3.2m of profit before tax. Its trading was affected by a customer or supplier entering administration, which resulted in £1.2m of legal and bad-debt costs.

After the year-end, Renew acquired Emerald Power Ltd for up to £12.3m, including initial cash consideration of £7.8m. Emerald had generated adjusted EBITDA of £1.9m in the year to 31 July 2025.

Separately, Renew refinanced its revolving credit facility in October 2025, increasing it from £120m to £140m with a committed term running to October 2029.

What the results mean for investors

The reported figures pair record revenue and a larger order book with lower statutory profit before tax and a slightly weaker adjusted operating margin.

On balance, I read these as solid rather than flawless results. Renew has sharpened its focus, added capabilities in renewable energy and electricity distribution, and retained substantial order-book visibility. The trade-off is that acquisitions add integration risk while weaker margin and statutory profit leave less room for sloppy execution.

The main questions are straightforward:

• Can Renew protect margins as it delivers the larger order book?
• Will Full Circle and Emerald produce the expected strategic benefits?
• Can management keep acquisition spending and cash generation in balance?
• Will organic growth recover rather than leaving acquisitions to do most of the work?

Those are the points I would watch before treating the record-revenue headline as evidence that every part of the business is moving smoothly.

Related results coverage

For comparison, read my analysis of Maintel's results and strategic progress and Supreme's revenue and adjusted EBITDA performance.