Halma Plc (HLMA.L): First take: Raised margin guidance to drive LSD upgrades to FY27 adj. EBIT

Goldman Sachs first take on Halma Plc (HLMA.L): Halma reiterated its FY27 organic revenue guidance and raised its margin guidance by c.100bps at the mid-point in its trading update ahead of its half-year end on 30 September 2026. We estimate the new guidance mechanically implies low-single-digit (LSD) upgrades to consensus FY27 adj. EBIT. FY27E OSG expectations are reiterated at low double digits (with c.+30% OSG in Photonics), while adj. EBIT margin guidance has been raised to a 23.5-24.0% range on the back of strong operational execution, favourable product/portfolio mix across all three segments, and a positive contribution from M&A. The mid-point of the new margin guide sits c.+100bps above prior guidance for margins to be in line with FY26 (ex-Nuvonic) at 22.7%. Visible Alpha Consensus Data for +11.6% FY27 OSG and a 22.8% margin sits broadly in line with GSe (+11.7% OSG / 22.8% margins). Record M&A remains central to the thesis: the company has invested a record £515m across six a