DAVY VIEW

Stelrad has announced impressive results for 2025 with growth delivered in underlying operating profits despite further market-led volume weakness. The results are consistent with prior guidance. In the context of unfavourable trading conditions, this once again represents a highly commendable performance. Stelrad is confident of making further progress this year even though market demand remains subdued. We expect existing headline forecasts will remain in place and that the stock continues to offer good value.