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Alumasc Group plc

The Cavendish View

Alumasc combines market share gains, a growing order book and operational self-help initiatives, providing increasing visibility over earnings recovery. We believe the shares fail to reflect the potential for margin normalisation, stronger cash generation and a return to net cash as end markets improve.

MAX HAYES

Research, Associate Director

Building products for a sustainable future

Alumasc supplies building products, systems and solutions that manage water and energy in the built environment — the drainage under an airport apron, the waterproofing and green roof on a residential tower, the vents and cavity trays in a new house. Most of what it sells is specified rather than bought off a shelf, which means its route to market runs through architects, engineers and contractors, and its growth is tied to building regulation as much as to construction volumes.

The Group reports through three divisions. Water Management covers rainwater and drainage products under the Gatic, Wade, ARP and Rainclear brands, including engineered access covers and Slotdrain systems used in airports, seaports, warehousing and military facilities. Building Envelope supplies roofing and waterproofing systems — hot melt and cold liquid membranes, single-ply, green roofs and combined green roof and solar arrays — for new build and refurbishment. Housebuilding Products, trading as Timloc, manufactures ventilation, access and cavity products for volume housebuilders.

Housing is the Group's largest end market, followed by public non-residential work — schools, hospitals, prisons — and commercial and industrial projects. Manufacturing is concentrated at Halstead in Essex for the Gatic and Wade brands, with Timloc manufacturing at Howden in East Yorkshire and ARP in Leicester.

Alumasc holds the London Stock Exchange Green Economy Mark. It is quoted on AIM and employs around 475 people.

Attending from Alumasc Group plc

Vijay Thakrar

Interim Executive Chair

Simon Dray

Group Finance Director & Interim Company Secretary

Company descriptions are drawn from information published by each company and have not been independently verified by Cavendish. They are for information only, are not investment research, advice or a recommendation, and do not constitute an offer or invitation to buy or sell any security. Information is correct as at 10th September 2026 and will not be updated. Investors should refer to each company's own published announcements and accounts. Cavendish acts as adviser or broker to certain of the companies featured.

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Cavendish is a full service investment bank and trusted advisor to ambitious companies. The Company provides a range of services to both public and private companies, from equity raising in capital markets, to M&A, debt advisory and private growth capital.

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Company Reg No: 06198898

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