Annual financial statement
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The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014. Tristel plc (“Tristel”, the “Company” or the “Group”) Audited Results for the year ended 30 June 2026 Another year of double-digit revenue growth, 15% growth in adj. pre-tax profits and strong cash generation Tristel plc (AIM: TSTL), the manufacturer of infection prevention products for hospitals, announces its audited results for the year ended 30 June 2026, with trading in line with both market expectations and internal performance targets. The Company has delivered another year of double-digit revenue growth, strong growth in pre-tax profits and maintained strong cash generation from the operations. It continues to be debt free and at the end of year had cash and short-term investment balances of £16.0m. The Company’s core business is the sale to hospitals of its proprietary chlorine dioxide chemistry for the decontamination of medical devices under the Tristel brand (88% of total sales), and for the sporicidal disinfection of environmental surfaces under the Surfaces brand (9% of total sales). Financial Highlights ● Turnover up 10% to £51.1m (2025: £46.5m)● Gross margin increased to 82% (2025: 81%)● Adjusted pre-tax profit* up 15% to £11.7m (2025: £10.1m)● Reported pre-tax profit up 30% to £11.0m (2025: £8.4m)● Adjusted EPS* up 6% to 18.19p (2025: 17.15p). Basic EPS of 16.68p (2025: 13.92p)● Dividend per share for the full year up 5% to 14.91p (2025: 14.20p)● Cash and short-term investment balance of £16.0m (2025: £12.8m), with continued strongoperating cashflow of £11.1m in the year (2025: £10.3m) * before Research and Development Expenditure Credit (RDEC), share-based payments and exceptional items Operational Highlights ● Strong first half momentum continued through FY26, with growth across the UK and a number ofkey European markets and a material increased contribution from the United States● Increasing adoption of Tristel ULT™ and the launch of Tristel OPH™, with growing engagementfrom leading healthcare institutions and accelerated US revenues● American Institute of Ultrasound in Medicine guidelines expanded to include chlorine dioxide forhigh level disinfection of ultrasound probes, adding to recognition in ANSI/AAMI standards andstrengthening the clinical adoption framework for Tristel ULT™● Launch of Tristel VISICLEAN™, a coloured cleaning technology designed to provide visibleconfirmation of the cleaning step and complement Tristel’s point-of-care ultrasounddecontamination workflow● Successful completion of the transition to in-house wipe manufacturing, with efficiencies from thenew production model beginning to emerge during the year Post-Period End ● Appointment of Chris Lee as Chief Executive Officer on 1 August 2026, bringing more than 35years’ experience in the medical technology and healthcare industry and extensive internationalcommercial leadership experience
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● Commercial launch of 3T Pro, the premium tier of Tristel’s digital compliance platform, creatingthe Group’s first paid 3T offering and a platform for recurring digital revenues Chris Lee, Chief Executive of Tristel plc, said: “FY2026 was another year of strong, profitable growth for Tristel, with revenue up 10% to £51.1m and adjusted profit before tax up 15% to £11.7m. We also continued to generate strong cash flows while maintaining an adjusted EBITDA margin comfortably above our 25% target. “Strategically, we made good progress across the Group, with growing adoption of ULT and OPH in the United States, the launch of VISICLEAN and continued investment in our commercial and digital capabilities. Since the year end, we have launched 3T Pro, adding a new recurring revenue opportunity to our core consumables business. “Having joined Tristel in August, I have been impressed by the quality of the business, the scale of the opportunity ahead and the passionate, dedicated team behind it all. Together these elements provide Tristel with a significant scope for long term growth and I look forward to building on these strong foundations.” Investor presentations & CEO video Chris Lee, CEO, and Anna Wasyl, CFO, will present the Company's results via the Investor Meet Company platform today at 11:00 BST. The presentation will also be available for playback after the event. Investors can sign up to Investor Meet Company for free and add to meet Tristel plc via: https://www.investormeetcompany.com/tristel- plc/register-investor An in-person presentation will take place at 16:30 BST, which is open to all existing and potential shareholders. The Company will welcome investors from 16.15 for a 16.30 start and will be followed by refreshments. If you would like to attend and require the registration details, please contact Walbrook PR on 020 7933 8780 or email tristel@walbrookpr.com. The results presentation is available on the Company's website: https://investors.tristel.com/ A video overview relating to the Company’s audited results from the Group’s Chief Executive Officer, Chris Lee and Chief Financial Officer, Anna Wasyl is available to watch here: https://www.brrmedia.co.uk/broadcasts- embed/6ad23a7b9233490f350db165/?popup=true For further information please contact: Tristel plc Via Walbrook PRChris Lee, Chief Executive Officer https://investors.tristel.com/Anna Wasyl, Chief Financial Officer Walbrook PR Ltd Tel: 020 7933 8780 or tristel@walbrookpr.comPaul McManus / Anna Dunphy / Rachel Broad Mob: 07980 541 893 / 07876 741 001 / 07747 515393 Cavendish Capital Markets Ltd Tel: 020 7220 0500Geoff Nash / Callum Davidson / Trisyia Jamaludin (CorporateFinance) Sunila de Silva (ECM) / Louise Talbot (Sales) About Tristel plc Tristel plc is a global infection prevention company focused on the manufacture and supply of products using its unique proprietary chlorine dioxide (ClO2) chemistry. The Company is a market leader in manual decontamination of medical devices, supplying hospitals with products under the Tristel brand, which also encompasses its sporicidal surface disinfection range offered as a sustainable alternative to commonly used pre-wetted plastic wipe.
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Tristel’s head office and manufacturing facility is located in Snailwell, near Cambridge, and operates globally employing approximately 280 people across 16 subsidiaries selling into 40+ countries. The Company targets double digit revenue growth annually and an adjusted EBITDA margin of at least 25% and the business is profitable, with no debt and has a progressive dividend policy. The Company has been listed on the London Stock Exchange’s AIM market since 2005 (AIM: TSTL). For more information about Tristel’s product range please visit: https://tristel.com CHAIRMAN’S STATEMENT On behalf of the Board of Tristel, I am pleased to present the Group’s results for the year ended 30 June 2026 FY2026 was another year of profitable, cash generative growth and continued strategic progress. The Group delivered double-digit revenue growth for a further year, maintained an adjusted EBITDA margin comfortably above its 25% target and increased adjusted profit before tax, while continuing to invest in the opportunities that we believe will sustain growth over the medium and long term. On a statutory basis, revenue increased to £51.1m (2025: £46.5m), Profit before tax was £11.0m (2025: £8.4m) and earnings per share were 16.68p (2025: 13.92p). We start the new financial year with a strong balance sheet with no bank debt; and cash and short term investments of £16.0m at 30 June 2026. This enables the Group to fund international expansion, regulatory approvals, clinical evidence, product innovation and digital capabilities while maintaining the Board’s commitment to progressive shareholder returns. Strategy Our strategy remains centred on Tristel’s proprietary chlorine dioxide chemistry and its application in two areas of infection prevention. Firstly, the high-level decontamination of medical devices under the Tristel brand and secondly, the sporicidal surface disinfection under the Tristel Surfaces brand. Tristel has established leading positions in a number of its existing markets, but significant headroom remains both to deepen penetration in those markets and to establish the technology in newer geographies. During FY26, the Group continued to invest against the five strategic priorities set out last year. These are geographical expansion within North America; increasing clinical influence; broadening the product portfolio; developing and monetising the 3T digital platform and focusing the Tristel Surfaces proposition on healthcare environments where sporicidal efficacy is most valuable. During the year, the Cache surface disinfection portfolio was rebranded as Tristel Surfaces. Progress was made across each of these areas. North America North America remains Tristel’s largest single growth opportunity. Following FDA clearance of ULT for ultrasound probes and OPH for ophthalmic devices, the focus during FY26 increasingly moved from regulatory market entry to commercial adoption and building awareness of Tristel brand and clinical value. The Group and its partner Parker Laboratories continued to develop the customer base and deepen engagement with healthcare systems, while clinical evidence and changes to relevant US guidelines strengthened the case for chlorine dioxide as a point-of-care high level disinfection solution. Importantly, Tristel now has two FDA-cleared high level disinfectants addressing distinct clinical specialties and an increasingly established commercial and clinical infrastructure through which to build adoption. Our people None of what Tristel achieves would be possible without the people behind it. Their skill and commitment continue to be the foundation of the Group's performance. Building an environment where that talent wants to stay and grow remains a priority for the Board. The Group employed 282 people across 19 countries at year end, and we remain focused on making sure that growth in scale doesn't come at the expense of culture. Balanced leadership is something we take seriously and actively work towards. At the date of this report, women hold half the Board's seats alongside 45% of the management roles across the Group. Pay equity tells a similar story: our UK gender pay gap stands at 2.32%, well ahead of the national average. We continue to widen the career pathways available to employees as the business expands internationally. A motivated, fairly treated workforce is not incidental to Tristel's results. It is what makes the reputation, the innovation, and the long-term growth possible. Innovation and digital development
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Innovation remains an important part of the Group’s growth model. The launch of VISICLEAN™ extends Tristel’s role in the ultrasound decontamination space by addressing the cleaning step that precedes high level disinfection simultaneously allowing for visual verification of the decontamination step. This broadens the proposition to customers and provides an additional opportunity to increase the value generated from existing relationships. The 3T digital platform also progressed during the year. Following continued development and customer engagement, the Group launched 3T Pro post year end. This is an important strategic milestone as it introduces a paid premium tier and provides the foundation for recurring digital revenues. The Board believes digital compliance, traceability and auditability can become an increasingly valuable part of Tristel’s proposition to healthcare customers. Beyond these near-term launches, our technical team continues to build a pipeline of product development opportunities that extend the application of our proprietary chlorine dioxide chemistry across both the Tristel and Tristel Surfaces brands, consistent with the Group's long-term innovation strategy. Operations and investment The transition to in-house wipe manufacturing was completed successfully and represents a further strengthening of the Group’s operational platform. Bringing this capability under Tristel’s control provides both economic and strategic benefits, including greater control over production and the opportunity to capture the efficiencies identified when the project was initiated. Alongside these investments, the Group has continued to build its clinical, commercial and data capabilities. Investments in these areas are intended to support evidence generation, guideline influence and more disciplined commercial execution as Tristel scales internationally. The Board remains focused on ensuring that investment is directed towards opportunities capable of delivering attractive long-term returns while preserving the characteristics of Tristel’s high margin and cash generative business model. Board and leadership The period also saw some important leadership transitions. Anna Wasyl joined as Chief Financial Officer on 1 September 2025, bringing over 20 years of experience across publicly listed and venture-backed companies. Following Matt Sassone’s decision to relocate, Chris Lee joined Tristel as Chief Executive Officer on 1 August 2026. Chris brings extensive international medical technology experience and a strong record of commercial leadership. The Board believes his experience is well suited to the next stage of Tristel’s development, in which execution in large international healthcare markets, particularly the United States, will become increasingly important. I would like to thank Matt Sassone for his contribution to the Group and, on behalf of the Board, welcome Chris to Tristel. I would also like to thank all our colleagues for their continued hard work and dedication. Their expertise, commitment and focus on customers underpin the progress reported this year. Results Tristel has recorded a 10% growth in revenues in FY26, reaching £51.1m (2025: £46.5m). Growth was led by the medical device business, where sales grew by 11% to £45.0m, with the Tristel Surfaces range contributing £4.7m (2025: £3.7m). Overseas markets represented 64% of Group revenue (2025: 63%), reflecting continued international expansion alongside a resilient UK base. Adjusted profit before tax increased by 15% to £11.7m, statutory profit before tax rose from £8.4m to £11.0m and the Group maintained an adjusted EBITDA margin comfortably above its 25% target, notwithstanding continued investment in commercial and clinical capability, product development, digital infrastructure and the United States market. Cash and short-term investments increased to £16.0m at 30 June 2026 (2025: £12.8m). The Group has continued to be highly cash-generative at an operating cash-flow level during the year and the balance sheet is debt free (with the exception of lease liabilities). The combined cash and short-term deposit balance at 30 June 2026 was £16.0m (2025: £12.8m), with £1m classed as short-term investment (2025: £4.2m). The Board is recommending a final dividend of 9.23 pence (2025: 8.52 pence). Combined with the interim dividend of 5.68 pence, the total dividend pay-out for the year will be 14.91 pence per share, this is an increase of 5% on last year’s total dividend pay-out of 14.20 pence. This final dividend will be paid on 17 December 2026, to shareholders on the register on 27 November 2026. The associated ex-dividend date is 26 November 2026. Outlook We begin FY27 with a broader product portfolio, a strengthening position in North America, an increasingly international commercial footprint and a robust financial position. The Board remains confident that the Group’s differentiated technology, predominantly consumables based revenue model and significant geographic
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opportunity provide a strong platform for sustained profitable growth. Our priorities are clear and we will continue to balance investment in those opportunities with disciplined execution and cash generation. Dr Bruno Holthof Non-Executive Chair
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Chief Executive's Report Overview I am pleased to report another strong year for Tristel, whom I joined, after the year end in August 2026. These results serve as both a record of what the team achieved during the year and as the starting point for the next phase of the Group’s development. I am delighted to lead Tristel on this journey. What is immediately clear is the quality of the platform that has been built. We have differentiated proprietary technology, a strong market position, high levels of recurring consumable usage, attractive margins, a debt-free balance sheet and substantial opportunities to grow internationally. All of which are underpinned by an engaged, committed, and passionate team of people. FY26 was another year of strong execution. Revenue increased by 10% to £51.1m, adjusted profit before tax increased by 15% to £11.7m and the Group maintained an adjusted EBITDA margin comfortably above its target of 25%. Cash and short-term investments increased to £16.0m at the year end. These outcomes are particularly encouraging with the Group’s continued investment in commercial capability, Medical Affairs, product development, digital infrastructure and the United States during the period. Tristel is focused exclusively on infection prevention in healthcare. At the centre of the business is a proprietary formulation of chlorine dioxide which the Group has developed over more than two decades for the decontamination of medical devices and disinfection of environmental surfaces. The depth of regulatory approvals, scientific evidence and device compatibility accumulated over that period creates a significant body of know-how around infection prevention practices and challenges, our chemistry and its application. The core Tristel proposition is point-of-care high-level disinfection. Many heat sensitive medical devices are used repeatedly throughout the clinical day and need to be cleaned and disinfected safely between patients. Tristel’s manual approach is designed to allow this to happen rapidly at the point-of-care, without the capital equipment, space requirements and workflow constraints associated with automated systems. This combination of efficacy, speed, simplicity and economics is central to our competitive positioning. More than 98% of Group revenue has historically been generated from consumable products performing essential functions in healthcare. That characteristic provides resilience and visibility while creating an attractive model in which new customer adoption builds a larger recurring consumables base. Financial targets The Group’s financial objectives through FY2030 were defined by the previous management team and despite the increasing competitive activity in the segment, I retain their confidence that we can achieve them. We will continue to deliver double-digit annual revenue growth, maintain an adjusted EBITDA margin of at least 25% each year and continue progressive year-on-year dividend growth, supported by strong cash generation. FY26 has delivered against these objectives, while maintaining the balance sheet strength required to invest for the future. The quality of growth matters as much as the headline rate. We will remain focused on increasing adoption and volumes, expanding geographically and broadening the customer proposition, while retaining pricing discipline and controlling the rate at which the cost base develops. Tristel’s high gross margins and consumables led model give us the ability to invest while continuing to generate cash, and we intend to preserve that characteristic. Revenue and market review We segment our business to reflect our corporate strategy and geographical spread. We have developed distinctly different brands for the two product categories: Tristel for medical devices and Tristel Surfaces for sporicidal surface disinfection. Our strategic intention is to develop the two brands and product portfolios with a significant degree of independence from each other, but both anchored upon deep understanding of customer needs in infection prevention area, our chlorine dioxide technology platform and using the same sales teams in all countries. As shown in the table below, in FY26 both brands grew significantly with Tristel for medical devices growing by 11% and reaching £45.0 m and Tristel Surfaces growing by 27% to £4.7m. Growth continued to be concentrated in the Group’s core infection prevention activities, with Tristel and Tristel Surfaces increasing their combined share of Group revenue as legacy non-core revenues declined. Brands Revenue2025-26£m % of total Revenue2024-25£m % of total Medical device decontaminationin hospitals Tristel 45.0 88% 40.4 87% Environmental surfacedisinfection in hospitals Surfaces 4.7 9% 3.7 8%
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Other – non-core Various 1.4 3% 2.4 5% Group 51.1 100% 46.5 100% While most of the overall revenue growth came from additional volumes and increase in disinfection procedures, 6% of the £4.6m year-over-year revenue increase came from price increases. Revenue by geography Over the last years Tristel has continuously expanded geographically building on its differentiated offering and in- depth understanding of the infection prevention market. In FY26 domestic sales grew by 5% and reached 36% of the Group’s total revenues (FY25: 37%) with further increase in export business, growing at a strong 13%. 2021-22 2022-232023-242024-252025-26 Revenue split % UK 35% 35% 39% 37% 36% Overseas 65% 65% 61% 63% 64% Annual revenue growth % UK -3% 12% 31% 6% 5% Overseas 2% 18% 9% 13% 13% We sell our products directly to end-users in those markets in which we have established a subsidiary, and through distributors in markets where we have no corporate presence. We currently have 19 subsidiaries that sell directly into the hospital marketplace in the UK, Belgium, the Netherlands, Austria, France, Italy, Germany, Switzerland, Poland, Hong Kong, China, Malaysia, UAE, Singapore, Australia, New Zealand, India, Spain and the USA. The regional break-down of Tristel’s revenue has been as follows: Devices Surface Other Total 2026 Hospital medical devicedecontamination: £m £m £m £m UK 14.8 2.9 0.5 18.2 Europe, Middle East andAfrica 22.3 1.3 0.5 24.1 APAC 7.2 0.5 0.3 8.0 Americas 0.7 Nil 0.1 0.8 Total 45.0 4.7 1.4 51.1 Devices Surface Other Total 2025 Hospital medical devicedecontamination: £m £m £m £m UK 13.6 2.4 1.4 17.4 Europe, Middle East andAfrica 19.5 1.0 0.5 21.0 APAC 7.1 0.3 0.5 7.9 Americas 0.3 Nil Nil 0.3 Total 40.5 3.7 2.4 46.5 Growth was recorded across every region. Europe, Middle East & Africa was the largest contributor, with revenue up 15% to £24.1m (FY25: £20.9m), driven by medical device sales of £22.3m (FY25: £19.4m). UK revenue grew by 5% to £18.2m (FY25: £17.4m); underlying medical device sales grew by 8% to £14.8m, with the headline rate held back by the decline in legacy non-core products. APAC revenue was broadly stable at £8.0m (FY25: £7.9m), again reflecting lower non-core sales offsetting continued device growth. The Americas, while still modest in absolute terms, grew from £0.3m to £0.8m as ULT continued to gain traction on the market and OPH has brought new revenues post launch early in FY26. Growth across established markets The Group's established markets remain fundamental to the growth story. The UK continues to provide a strong base, supported by longstanding relationships across NHS and private healthcare. Across continental Europe we continue to benefit from direct commercial operations in the major markets and from increasing clinical recognition of high level disinfection. As our presence in these markets has grown, we have also seen increased activity from competitors looking to challenge the position we have established; we view this as a natural feature of a maturing
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market, and we remain confident in our ability to defend and extend our position, underpinned by the proven efficacy of our proprietary chlorine dioxide chemistry and a defensive moat built on patent protection, inclusion in national clinical guidelines, and compatibility certification with OEM medical device manufacturers. Newer direct markets, including Spain, Austria and India, give us greater control of commercial execution and provide opportunities to replicate the model established in our more mature subsidiaries. Our objective in these markets is twofold. We want to continue increasing penetration of the core Tristel medical device portfolio and use our installed relationships to introduce complementary products and the Tristel Surfaces disinfection range where clinically appropriate. The breadth of the international footprint also gives us a platform from which to introduce new innovations efficiently. North America The United States is the most significant incremental opportunity available to Tristel. The regulatory groundwork completed over recent years means that we now have two FDA-cleared high level disinfectants. The first is ULT for ultrasound probes and the second is OPH for ophthalmic devices. FY26 was therefore increasingly about converting that access into routine clinical use. ULT continued to gain traction through Parker Laboratories. Commercial engagement broadened and, importantly, the external environment became more supportive. Recognition of chlorine dioxide in US high level disinfection standards was followed during FY26 by updated ultrasound guidance that included chlorine dioxide as an appropriate high level disinfection chemistry. These developments matter because guidelines are an important component of hospital decision making and help remove barriers to adoption of a technology that is still relatively new to the US market. OPH provides a second route into the US healthcare system. The product addresses ophthalmic devices that contact the cornea and offers a point-of-care alternative to traditional open tray chemical soaking. The commercial approach benefits from the experience gained with ULT and from the growing body of institutional engagement around Tristel’s technology. We remain realistic about the pace of adoption. US hospital systems are large and their evaluation and procurement cycles can be lengthy. Our objective is not simply to accumulate leads, but to turn engagement into deeper adoption within accounts and ultimately into repeat consumable revenue. The progress made in FY26 in terms of commercial milestones as well as Key opinion Leader (KOL) engagement, brand recognition and inclusion in guidelines, gives us confidence that this opportunity can become an increasingly meaningful contributor to Group growth. Portfolio expansion Tristel Medical Devices VISICLEAN™ is a good example of how we intend to expand the value of the portfolio. Effective high level disinfection begins with effective cleaning. VISICLEAN™ uses colour to provide a visible indication during the manual cleaning process and is designed to complement the subsequent Tristel disinfection step. In doing so, it extends our involvement in the clinical workflow and creates an additional consumable opportunity around an existing customer need. We will continue to assess adjacent products that strengthen the point-of-care workflow and make Tristel more valuable to healthcare customers. The discipline is important as innovation should leverage our existing commercial relationships, clinical credibility or proprietary technology rather than add complexity for its own sake. 3T platform The 3T platform is intended to add a digital compliance and traceability layer to the physical decontamination process. During FY26, we continued to develop the platform and, after the year end, launched 3T Pro as the first paid premium offering. This introduces a recurring revenue model into an area where our customers increasingly need reliable records, auditability and evidence of compliance. The more important point to make regarding the platform today is our strategy behind it. Our idea of combining consumables, clinical workflow and digital compliance can deepen the relationship with customers, increase the value of the overall proposition and create additional recurring revenue streams over time. Tristel Surfaces - Unifoam launch In September 2026, Tristel successfully launched Unifoam, a disruptive new drain disinfectant, at the UK's Infection Prevention Society Annual Conference in Leeds - the flagship event for the UK's infection prevention community. The UK, Tristel's largest and most established market, was chosen as the natural home for this launch. Unifoam
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addresses a critical and, until now, largely unsolved problem in healthcare settings: biofilm build-up in hospital drains, which shields dangerous pathogens such as CPE (carbapenemase-producing Enterobacterales) and has been repeatedly linked to hospital outbreaks. Existing disinfectants such as chlorine and peracetic acid have consistently failed to penetrate or eliminate these biofilms. Powered by chlorine dioxide, Unifoam is clinically proven to reduce CPE in hospital drains, diffusing through the biofilm matrix to reach areas - from the U-bend trap to the drain cover - that other chemistries cannot. The initial roll-out will extend to France, Germany, Spain and key markets across Asia, with full product availability from January 2027, and the Group intends to extend the roll-out further in due course. This positions Tristel to address a significant and previously unmet clinical need across its international footprint. Our approach to Tristel Surfaces continues to focus on the part of the hospital surface disinfection market where chlorine dioxide’s sporicidal performance is most differentiated. The global surface disinfection market is large, but much of it is served by commoditised lower-level disinfectants. We are therefore concentrating resources on critical healthcare environments where efficacy against spores matters and where the clinical and economic value of a higher-performance chemistry can be demonstrated. Strategic Assets People One of Tristel’s greatest assets is its people. In a short space of time I have been seriously impressed by the depth of specialist knowledge within Tristel. The combination of microbiology, regulatory expertise, device compatibility knowledge, chemistry expertise and close clinical relationships has been built over many years and is difficult to replicate. Preserving that expertise and the culture that supports it will be important as we scale. In addition, our global commercial teams have outstanding knowledge of their markets and customer requirements, which is crucial as we develop a pipeline of future products which drive a dynamic growth trajectory. Operational platform The completion of the move to in-house wipe manufacturing is strategically important. It increases control over a key part of our supply chain and allows the Group to capture manufacturing efficiencies while supporting future volume growth. Alongside manufacturing, continued investment in our people and data capabilities is intended to improve the quality and repeatability of commercial execution as the organisation becomes larger and more international. In line with focus on strengthening our clinical effectiveness, we have decided to recruit several roles focused on clinical evidence generation, KOL engagement and clinically led product development. Chemistry Our chlorine dioxide chemistry Three elements account for the unique positioning of our chlorine dioxide chemistry: • The proprietary formulation. • Two decades of focus on medical device disinfection. Most businesses using chlorine dioxide chemistry have concentrated on water treatment. Since our inception in the 1990s, we have focused instead on decontaminating medical instruments — a direction others have not followed, giving us a pioneer's advantage. • The knowledge built up over that period. Decades of safe use have given us a substantial body of published scientific data, a significant global footprint of regulatory approvals, and proven compatibility with hundreds of medical instruments — an evidence base that would take a new entrant significant time and cost to replicate. Intellectual property protection On 30 June 2026, we held 241 patent and patent designs granted in 34 countries providing legal protection for our products. In its broadest sense, our intellectual property relates to: • Patents, trademarks and registered designs • The scientific validation of our chemistry and our products that have entered the public domain, via a number of peer-reviewed and published papers • The certification by medical device manufacturers that our chemistry is compatible with their products. We enjoy official compatibility with the instrumentation of 72 medical device manufacturers, with respect to 2,161 of their individual models. The Tristel team holds a rare depth of knowledge in infection prevention and in the development and manufacture of chlorine dioxide products, and our employees are a key asset for the future of the business. Our R&D investment is directed at improving our proprietary technology — its microbial efficacy, reducing hazards and increasing manufacturing efficiency — and at packaging and delivery formats that simplify use of the chemistry and improve the user experience.
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Outlook My first weeks and months with Tristel have reinforced my view that this is a business with significant potential. We have a differentiated technology, an established international footprint and clear opportunities to grow both within existing markets and in geographies where penetration is still at an early stage. North America is central to that opportunity, but it is not the only driver for us. Our direct markets, portfolio expansion, Tristel Surfaces and the development of 3T all provide additional avenues for growth within the business. We need to now focus on execution and convert the investment already made into deeper customer adoption, continue to build the clinical evidence supporting our products and deploy capital and resources against the opportunities offering the strongest returns. With a strong balance sheet and an experienced global team, we are well placed to do so. I look forward to working with colleagues across Tristel to build on the achievements of FY26 and deliver the Group’s next phase of profitable growth. C Lee Chief Executive Officer Consolidated Income Statement for the Year Ended 30 June 2026 2026 2025 Note £ 000 £ 000 Revenue 3 51,117 46,462 Cost of Sales Cost of sales excluding depreciation (8,581) (8,524) Depreciation included within Cost of sales (610) (479) Total Cost of Sales (9,191) (9,003) Gross profit 41,926 37,459 Distribution costs (840) (344) Administrative expenses: Share based payments (605) (371) Depreciation, amortisation and impairments (3,530) (2,388) Other administrative expenses (26,002) (24,601) Exceptional items 4 (274) (1,358) Total Administrative expenses (30,411) (28,718) Other operating income 169 - Operating profit 10,844 8,397 Finance costs (240) (259) Interest income on bank deposits 373 278 Net finance income 133 19 Profit before tax 10,977 8,416 Income tax expense 5 (2,993) (1,776) Profit for the year 7,984 6,640 Profit attributable to: Owners of the company 7,984 6,640 Earnings per share from total and continuing operations attributable to equity holders of the parent 2026 2025 Basic - pence 8 16.68 13.92 Diluted - pence 8 16.57 13.83 The above results were derived from continuing operations.
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Consolidated Statement of Comprehensive Income for the Year Ended 30 June 2026 2026 2025 £ 000 £ 000 Profit for the year 7,984 6,640 Items that may be reclassified subsequently to profit or loss Foreign currency translation gains/(losses) 119 (151) Total comprehensive income for the year 8,103 6,489 Total comprehensive income attributable to: Owners of the company 8,103 6,489
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30 June 2026 30 June 2025 Note £ 000 £ 000 Assets Non-current assets Property, plant and equipment 3,031 3,431 Right of use assets 5,513 5,553 Goodwill 4,926 4,971 Intangible assets 3,780 5,016 Deferred tax assets 550 187 17,800 19,158 Current assets Inventories 4,342 4,642 Trade and other receivables 9,835 8,463 Income tax asset 287 227 Cash and cash equivalents 15,004 8,644 Short-term investments 1,000 4,200 30,468 26,176 Total assets 48,268 45,334 Equity and liabilities Equity Share capital 6 (480) (478) Share premium (16,115) (15,310) Foreign currency translation reserve 679 798 Merger and other reserves (2,205) (2,205) Retained earnings (17,594) (15,796) Equity attributable to owners of the company (35,715) (32,991) Non-current liabilities Lease liabilities (4,617) (4,738) Deferred tax liabilities (136) (193) Provisions (176) (147) (4,929) (5,078) Current liabilities Lease liabilities (1,241) (1,139) Trade and other payables (6,383) (6,072) Income tax liability - (54) (7,624) (7,265) Total liabilities (12,553) (12,343) Consolidated Statement of Financial Position as at 30 June 2026 30 June2026£ 000 30 June2025£ 000 Total equity and liabilities (48,268) (45,334)
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Consolidated Statement of Changes in Equity for the Year Ended 30 June 2026 Sharecapital Sharepremium Foreigncurrencytranslationreserve Merger andOtherreserves Retainedearnings Total Totequ £ 000 £ 000 £ 000 £ 000 £ 000 £ 000 £ 0 At 1 July 2025 478 15,310 (798) 2,205 15,796 32,991 32,9 Contributions and distributions: Dividends - - - - (6,791) (6,791) (6,79 New share capital subscribed 2 805 - - - 807 8 Share based payment transactions - - - - 605 605 6 Transactions with owners 2 805 - - (6,186) (5,379) (5,37 Profit for the year - - - - 7,984 7,984 7,9 Exchange difference on translation offoreign operations - - 119 - - 119 1 Total comprehensive income - - 119 - 7,984 8,103 8,1 At 30 June 2026 480 16,115 (679) 2,205 17,594 35,715 35,7
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Consolidated Statement of Cash Flows for the Year Ended 30 June 2026 Cash flows from operating activities Note 2026£ 000 2025£ 000 Profit before tax for the yearAdjustments to cash flows from non-cash items 10,977 8,416 Depreciation on owned assets 1,041 760 Depreciation on right of use assets 1,247 1,154 Lease interest 240 259 Amortisation 951 886 Loss on disposal of property plant and equipment 51 24 Impairment of Goodwill 63 67 Loss on disposal of intangible assets 14 43 Impairment of intangible assets 838 - Finance income (373) (278) Increase in restoration provision (24) - Share based payment transactions 605 371 Working capital adjustments 15,630 11,702 Decrease/(increase) in inventories 300 39 Increase in trade and other receivables (1,372) (939) Increase in trade and other payables 311 590 Increase in provisions 29 147 Lease interest paid (240) (259) Cash generated from operations 14,658 11,280 Cash generated from operations excluding exceptional items 14,932 12,638 Cash outflow from operations of exceptionals 4 (274) (1,358) Income taxes paid (3,528) (964) Net cash flow from operating activities 11,130 10,316 Cash flows from investing activities Interest received 373 278 Purchases of property plant and equipment (683) (857) Acquisition of intangible assets (580) (1,125) Cash deposits to short-term investments (7,230) (11,200) Receipts from short-term investments maturing in the year 10,430 12,650 Net cash flows from investing activities 2,310 (254) Cash flows from financing activities Share issues 807 379 Payments to lease creditors (1,194) (1,026) Dividends paid 7 (6,791) (6,658) Net cash flows from financing activities (7,178) (7,305) Net increase/(decrease) in cash and cash equivalents 6,262 2,757 Cash and cash equivalents at 1 July 8,644 6,139 Effect of exchange rate fluctuations on cash held 98 (252) Cash and cash equivalents at 30 June 15,004 8,644 1 Accounting policies Basis of preparation The financial information has been prepared in accordance with UK-adopted international accounting standards and in accordance with the provisions of the Companies Act 2006. Tristel plc, the Group's ultimate parent company, is a public limited company incorporated and domiciled in the UK. Basis of consolidation The Group financial statements consolidate those of the Company and all of its subsidiary undertakings drawn up to 30 June 2026. Subsidiaries are entities over which the Group has rights or is exposed to variable returns from its involvement with the investee and has the power to affect those returns by controlling the financial and operating policies so as to obtain benefits from its activities. The Group obtains and exercises control through voting rights.
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Unrealised gains on transactions between the Group and its subsidiaries are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. Acquisitions of subsidiaries are dealt with by the acquisition method. The acquisition method involves the recognition at fair value of all identifiable assets and liabilities, at the acquisition date, regardless of whether or not they were recorded in the financial statements of the subsidiary prior to acquisition. These fair values are also used as the basis for subsequent measurement in accordance with the Group accounting policies. Goodwill is stated after separating out identifiable intangible assets. Goodwill represents the excess of the aggregate of the consideration transferred and the amount of non-controlling interest over the fair value of the Group's share of the identifiable net assets of the acquired subsidiary at the date of acquisition. Subsidiaries Subsidiaries are entities controlled by the Group. The Group 'controls' an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Interests in subsidiaries are accounted for at cost less accumulated impairment losses.
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Audit exemption The Directors confirm that in accordance with sections 479A and 479C of the Companies Act 2006, Tristel Plc, as parent company of the below entities, has given a parental guarantee to enable those companies to claim exemption from audit. This guarantee relates to the year ended 30 June 2026. The members of these companies have agreed to the exemption from the audit by virtue of the guarantee given by Tristel Plc, for year ended 30 June 2026. Tristel International Limited - Registered number 07874262 Scorcher Idea Limited - Registered number 04602679 Tristel Solutions Limited - Registered number 03518312 Going concern The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report, including its cash flows and liquidity position. The financial statements are prepared on the going concern basis which the Directors believe to be appropriate for the following reasons: Directors have prepared cash flow forecasts through to December 2027 to assess going concern. The forecasts take account of potential and realistic changes in trading performance, and also include severe yet plausible downside scenarios and reverse stress-testing. These scenarios include modelling reductions in revenue and margins and increasing costs, and considering the consequent cash outflow that could result. The Directors have also considered the current economic environment, and in particular, recent movements in foreign exchange rates, rising energy costs and inflation in these scenarios. The forecasts indicate that, taking account of severe yet plausible downside scenarios, the Group and Company are able to operate with the level of existing cash resources, which at 30 June 2026 were £15.0m of cash and cash equivalents and short-term investments of £1.0m for the Group. Consequently, the Directors are confident that the Group and Company will continue to have sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore, they have prepared the financial statements on a going concern basis. New Standards, interpretations and amendments not yet effective The following newly issued but not yet effective standards, interpretations and amendments, which have not been applied in these financial statements, will or may have, an effect on the Group and Company financial statements in future: IFRS 18 Presentation and Disclosure in Financial Statements Will bring new presentation requirements relating to the statement of profit or loss, including three new categories for items of income and expense - operating, financing, investing. Assessment of the impact of these changes is ongoing. Amendments to IFRS 7 and 9 These amendments introduce additional disclosures under IFRS 7 to provide greater transparency. This includes disclosures for investments in equity instruments measured at FVOCI, requiring separate disclosure of fair value gains and losses for instruments derecognised and those held at period end. Additional disclosures are also required for financial instruments with contingent features that could alter cash flows, particularly relevant for ESG-linked loans. None of the other standards, interpretations and amendments which are effective for periods beginning on or after 1 July 2026 and which have not been adopted early, are expected to have a material effect on the financial statements. Exceptional costs The Group recognised non-recurring succession-related costs in relation to inbound and outbound executives. These costs comprise retirement payments, onboarding costs and recruitment fees and have been separately disclosed within the financial statements to ensure transparency and facilitate comparison of underlying operating performance. 2 Publication non-statutory accounts The financial information set out above does not constitute the company’s statutory accounts for the year ended 30 June 2026 or 2025 but is derived from those accounts. Statutory accounts for 2025 have been delivered to the
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registrar of companies, and those for 2026 will be delivered in due course. The auditor has reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. The Board of Tristel plc approved the release of this Preliminary Announcement on 16 October 2026. 3 Revenue Group revenue lines are split into seventeen geographic regions, which span the different Group entities. The directors reviewed the operating segments during the financial year and they were reconfigured. In accordance with IFRS 8, aggregation criteria have been applied to four operating segments in which similar economic characteristics are shared. The directors consider the operating segments to have similar economic characteristics as they have similar operating margins and the nature of products sold, and customers are similar. Management consider these operating regions under four reportable segments. The geographic segments consider the location of the sale and product type sold, which is split into three sub divisions. The Company’s operating segments are identified initially from the information which is reported to the chief operating decision maker which for Tristel is the CEO. The group assesses its operating segments as geographies. During the year, the group revised its operating segments to reflect geography by location of end customer, as opposed to geography by origin of sale. The comparatives have therefore been restated in accordance with IFRS 8.29. The Group uses a matrix approach to analyse reportable segments by assessing geographic markets across product divisions. The first product division concerns the manufacture and sale of medical device decontamination products which are used primarily for infection control in hospitals. These products generate approximately 88% of Group revenues (2025: 87%). The second division which constitutes 9% (2025: 8%) of the business activity, relates to the manufacture and sale of hospital environmental surface disinfection products. The third division addresses the pharmaceutical and personal care product manufacturing industries, veterinary and animal welfare sectors and has generated 3% (2025: 5%) of the Company’s revenues this year. The operation is monitored and measured on the basis of the key performance indicators of each segment, these being revenue and adjusted profit before tax, and strategic decisions are made on the basis of revenue and profit before tax generated from each segment. Disaggregated revenue information for each segment is provided below. Segment analysis by primary geographical markets Hospital medicaldevicedecontamination Hospitalenvironmentalsurfacedisinfection Otherrevenue Total 2026 ProfitBefore Tax2026 £000 £000 £000 £000 £000 UK 14,768 2,986 490 18,244 9,607Europe,Middle Eastand Africa 22,331 1,252 515 24,098 1,032 APAC 7,277 457 241 7,975 314 Americas 656 - 144 800 24 Total 45,032 4,695 1,390 51,117 10,977 Hospital medicaldevicedecontamination Hospitalenvironmentalsurfacedisinfection Otherrevenue RestatedTotal 2025 RestatedProfitBefore Tax2025 £000 £000 £000 £000 £000 UK 13,625 2,470 1,319 17,414 7,115 Europe,Middle Eastand Africa 19,415 950 508 20,873 939 APAC 7,106 266 539 7,911 356
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Americas 231 - 33 264 6 Total 40,377 3,686 2,399 46,462 8,416 Revenues from external customers in the Company’s domicile (United Kingdom), as well as its other major markets (Rest of the World) have been identified on the basis of internal management reporting systems, which are also used for VAT purposes. Hospital medical device decontamination revenues were derived from a large number of customers but include £10.5m from a single customer in UK which makes up 23% of this product division’s revenue (2025: £9.8m, being 24%). Hospital environmental surface disinfection revenues were derived from a number of customers but include £2.4m from a single customer in the UK which makes up 51% of this product division’s revenue (2025: £2.1m, being 58%). Other revenues also were derived from a number of customers, with the largest customer in the UK accountable for £0.3m, which represents 21% of revenue for that product division (2025: £0.2m, 8% from a single customer). During the year 26% of the Group’s total revenues were earned from a single customer (2025: 26%). The following table provides further information on the Group's revenues: In addition to the segmental information disclosed product divisions are also split as follows: Hospital medical device disinfectants Hospital environmental surface disinfection Other revenues Total 2026 £000 £000 £000 £000 Revenue from external customers 45,032 4,695 1,390 51,117 Cost of sales excluding depreciation (6,260) (1,794) (527) (8,581) Depreciation included within Cost of sales (535) (56) (19) (610) Segment gross profit 38,237 2,845 844 41,926 Gross margin 85% 61% 61% 82% Adjusted for depreciation gross margin 86% 62% 62% 83% Centrally incurred income and expenses not attributable to individual product divisions: Distribution costs (840) Depreciation, amortisation and impairments (3,530) Other administrative expenses (26,002) Exceptional items (274) Share-based payments (605) RDEC 169 Operating profit 10,844 Operating profit can be reconciled to Group profit before tax follows: as Net Finance income 133 Total profit before tax 10,977
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Hospital medical device disinfectants Hospital environmental surface disinfection Other revenues Total 2025 £000 £000 £000 £000 Revenue from external customers 40,377 3,686 2,399 46,462 Cost of sales excluding depreciation (6,226) (1,751) (547) (8,524) Depreciation included within Cost of sales (416) (38) (25) (479) Segment gross profit 33,735 1,897 1,827 37,459 Gross margin 84% 51% 76% 81% Adjusted for depreciation gross margin 85% 52% 77% 82% Centrally incurred income and expenses not attributable to individual product divisions: Distribution costs (344) Depreciation, amortisation and impairments (2,388) Other administrative expenses (24,601) Exceptional items (1,358) Share-based payments (371) Operating profit 8,397 Operating profit can be reconciled to Group profit before tax as follows: Finance income 19 Total profit before tax 8,416 4. Exceptional Items The Group recognised non-recurring succession-related costs in relation to inbound and outbound executives. These costs comprise retirement payments, onboarding costs and recruitment fees and have been separately disclosed within the financial statements to ensure transparency and facilitate comparison of underlying operating performance. 2026£000 2025£000Exceptional items 274 1,358 5 Income tax Tax charged/(credited) in the income statement 2026 2025 £ 000 £ 000 Current taxation Corporation tax 3,156 1,434 Corporation tax adjustment to prior periods 257 - 3,413 1,434 Deferred taxation Arising from origination and reversal of temporary differences (410) 571 Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods (10) (229) Total deferred taxation (420) 342
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Tax expense in the income statement 2,993 1,776 The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2025 - lower than the standard rate of corporation tax in the UK) of 25% (2025 - 25%). The differences are reconciled below: 2026 2025 £ 000 £ 000 Profit before tax 10,977 8,416 Corporation tax at standard rate 2,744 2,104 Increase/(Decrease) in current and deferred tax from adjustment for prior periods 247 (229) Increase from effect of expenses not deductible in determining taxable profit (tax loss) 262 101 Increase/(decrease) from effect of foreign tax rates (51) 45 Other differences 70 151 Enhanced relief on qualifying scientific research expenditure (140) (215) Patent box relief (139) (181) Total tax charge 2,993 1,776
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6 Share capital Allotted, called up and fully paid shares 30 June 2026 No. 000 £ 000 30 June 2025 No. 000 £ 000 Ordinary of £0.01 each 47,997 480 47,712 478 285,450 ordinary shares of 1 pence each, related to the exercise of employee share options were issued during the year. (2025: 175,350) 7 Dividends Amounts recognised as distributions to equity holders in the year: 30 June 30 June 2026 2025 £ 000 £ 000 Final dividend of 8.52p (2025 - 8.28p) per each Ordinary 4,068 3,949 Interim dividend of 5.68p (2025 - 5.68p) per each Ordinary 2,723 2,709 6,791 6,658 Company 2026 2025 £000 £000 Dividend received/receivable from subsidiaries (9,734) (10,036) During the year £9.7m dividends were received which has been recognised in operating cashflows (2025: £5m), at year end £9m (2025: £5m) is outstanding as receivable from Group companies. Proposed final dividends not recognised in the accounts The proposed final dividend is subject to approval by shareholders at the forthcoming Annual General Meeting and has not been included as a liability in the financial statements. 9.23p (2025: 8.52p) per each Ordinary share totalling £4,430,150 (2025: £4,067,200) 8 Earnings per share The calculations of earnings per share are based on thefollowing profits and number of shares: 2026 2025 £000 £000Retained profit for the financial year attributable toequity holders of the parent 7,984 6,640 Shares Shares '000 '000 Number NumberWeighted average number of ordinary shares for thepurpose of basic earnings per share 47,853 47,687 Share options 324 331 48,177 48,018 Earnings per ordinary share Basic 16.68p 13.92p Diluted 16.57p 13.83p
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Adjusted profit measures 2026 Statutory Adjust 1 Adjust 2 Adjust 3 2026 Adjusted £000 £000 £000 £000 £000 Operating profit (EBIT) 10,844 605 274 (169) 11,554 Net finance income 133 - - 133 Profit before tax 10,977 605 274 (169) 11,687 Income tax expense (2,993) 39 (69) 42 (2,981) Profit attributable to equity shareholders 7,984 644 205 (127) 8,706 Effective tax rate 27% 26% Profit before tax margin 21% 23% Profit for the year 7,984 644 205 (127) 8,706 Income tax expense 2,993 (39) 69 (42) 2,981 Net finance income (133) - - - (133) Depreciation, amortization and impairments 4,140 - - - 4,140 EBITDA 14,984 605 274 (169) 15,694 Revenue for the year 51,117 - - 51,117 EBITDA margin 29% 31% ROCE 2026 Statutory £000 Total assets 48,268 Current liabilities (7,624) Capital employed 40,644 EBIT 10,844 ROCE 27% The Group also presents an adjusted basic earnings per share figure which excludes RDEC, exceptional items and share-based payments charges: 2026 2025 £000 £000Retained profit for the financial year attributable toequity holders of the parent 7,984 6,640 Adjustments: Exceptional items 274 1,358 Share based payments 605 371 RDEC (169) - Tax on adjustments 12 (189) Net adjustments 722 1,540 Adjusted earnings 8,706 8,180 Adjusted basic earnings per ordinary share 18.19p 17.15p The adjusted earnings per share is presented post-tax. 9 Non-GAAP measures Income statement reconciliation The group presents adjusted profit measures (gross profit, operating profit/EBIT, Profit after tax, Profit before tax and EBITDA) by making adjustments for costs and profits, which management believes to be significant by virtue of their size, nature or incidence. Such items may include, but are not limited to, RDEC, share based payments expense, impairments, fair value movements on investments, restructuring and exceptional items. In addition, the group presents gross profit, adjusted gross profit, EBITDA and adjusted EBITDA (adjusted in the same manner) as management believes that this is an important metric for the shareholders. The group uses adjusted measures to evaluate performance and as a method to provide shareholders with clear and consistent reporting. See below reconciliation of gross profit, operating profit (EBIT), profit before tax, net profit and EBITDA to the respective adjusted measures.
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Adjusted profit measures 2025 Statutory £000 Adjust 1 £000 Adjust 2 £000 2025 Adjusted £000 Operating profit (EBIT) 8,397 371 1,358 10,126 Net finance income 19 - - 19 Profit before tax 8,416 371 1,358 10,145 Income tax expense (1,776) 151 (340) (1,965) Profit attributable to equity shareholders 6,640 522 1,018 8,180 Effective tax rate 21% 19% Profit before tax margin 18% 22% Profit for the year 6,640 522 1,018 8,180 Income tax expense 1,776 (151) 340 1,965 Net finance income (19) - (19) Depreciation, amortisation and impairments 2,867 - 2,867 EBITDA 11,264 371 1,358 12,993 Revenue for the year 46,462 - 46,462 EBITDA margin 24% - 28% ROCE 2025 Statutory £000 Total assets 45,334 Current liabilities (7,265) Capital employed 38,069 EBIT 8,397 ROCE 22% Specific adjusted items are as follows: 1. Share-based payment charges under IFRS 2 2. Exceptional items (see note 4) 3. RDEC Gross profit margin reconciliation The Group presents adjusted gross profit measures by making adjustments to cost of sales regarding production costs. The Group presents these adjusted measures as a method to provide shareholders with clear and consistent reporting.
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Adjusted profit measures 2026 Adjustment 1 2026 Statutory Adjusted £000 £000 £000 Revenue 51,117 - 51,117 Cost of sales excluding depreciation (8,581) 1,349 (7,232) Depreciation included within Cost of sales (610) 610 - Total Cost of sales (9,191) 1,959 (7,232) Gross Profit 41,926 1,959 43,885 Gross Profit Margin 82% 86% 2025 Adjustment 1 2025 Statutory Adjusted £000 £000 £000 Revenue 46,462 - 46,462 Cost of sales (8,524) 1,163 (7,361) Depreciation included within Cost of sales (479) 479 - Total cost of sales (9,003) 1,642 (7,361) Gross Profit 37,459 1,642 39,101 Gross Profit Margin 81% 84% Specific adjusted items are as follows: 1. Reallocation of costs of production to Administrative expenses.
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