RBC Capital reiterates Core & Main stock rating on execution

TL;DR

Martin Sorrell Says S4 Capital’s Future Depends on AI Adoption at Scale S4 Capital 2025 slides: margin gains offset revenue decline S4 Capital Shares Jump After Company Reassures on Outlook S4 Capital (LON:SFOR) reported a decline in 2025 net revenue but highlighted margin improvement, stronger free cash flow, and a sharp reduction in net debt, as management said disciplined cost actions and tighter working capital management helped offset continued client caution and a volatile macroeconomic backdrop. 2025 results: lower revenue, higher margin and cash generation Finance chief Radhika Bakrania said 2025 performance reflected “global macroeconomic pressures and ongoing client caution,” with net revenue of GBP 673 million, down 10.8% on a reported basis and 8.4% like-for-like. Revenue was GBP 754.8 million, down 11% reported and 8.7% like-for-like.