Earnings release
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19 January 2026 XP Power Limited('XP Power' or 'the Group') Full Year Trading Update 2025 performance in line with expectationsManaged exit from RF marketMalaysia factory complete and China factory closed XP Power, one of the world's leading developers and manufacturers of critical power control solutions to the Semiconductor ManufacturingEquipment, Healthcare and Industrial Technology sectors, is today issuing a trading update for the fourth quarter and full year ended 31December 2025. Trading 2025 2024 Change Changeinconstantcurrency Q4: Order intake (£m) 57.9 44.9 29% 32% Revenue (£m) 61.2 60.0 2% 5% Book-to-bill 0.95x 0.75x 0.20x Full Year: Order intake (£m) 225.9 181.6 24% 28% Revenue (£m) 229.7 247.3 (7)% (4)% Book-to-bill 0.98x 0.73x 0.25x Quarterly performance Q12025 Q22025 Q32025 Q42025 FY2025 Order intake (£m) 57.4 55.3 55.3 57.9 225.9% change vs prior year - constantcurrency 30% 32% 18% 32% 28% Revenue (£m) 53.8 57.1 57.6 61.2 229.7% change vs prior year - constantcurrency (18)% (4)% - 5% (4)% Book-to-bill 1.07x 0.97x 0.96x 0.95x 0.98x The order book at the end of the quarter was £116.1m. Subject to audit, the Board expects full year profit and EPS to be in line with current market expectations* following the delivery of asignificantly improved second half performance. Exit from RF market In late 2025, the Board decided to exit the RF market. The RF Division has historically delivered gross margins and overall returnsmaterially lower than the Group average. Furthermore, as previously announced, US export controls introduced in late 2024 prevent us fromselling RF products to key customers in China after 2025, limiting future prospects. This exit decision will allow the Group to maximise investment and returns from other parts of the product portfolio, which have a farstronger market position and greater long-term growth prospects. The exit will be a managed wind down over the next approximately three years in order to support our key customers, many of whom buy arange of XP products, through an orderly supply chain transition for this technical product. Final delivery requirements have been agreed andare accompanied by a pre-payment of £16.4m toward planned 2026 deliveries received from a key customer in December 2025. In 2025, the RF Division generated revenue of £24.3m and was close to break-even including the benefit of high final deliveries to Chinesecustomers. Annual revenue is expected to be similar during the wind down period.
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Manufacturing facility update Construction of our new manufacturing facility in Malaysia is now complete and it is expected to be operational during 2026. Completion of construction in Malaysia allowed us to close our existing facility in Kunshan, China in December 2025. Malaysia bringsgreater flexibility to serve global markets, particularly the US. We have adequate spare manufacturing capacity elsewhere in the network to manage the transition between China and Malaysia. The Group will provide more detail on the RF market exit and China factory closure with the full year results. Financial Position Net debt as at 31 December 2025 was £41.6m, £19.1m lower than as at 30 September 2025 including the pre-payment of £16.4m for RFdeliveries referenced above. Leverage ended the year at c.1.2x. The Group will publish its 2025 full year results on the 3 March 2026. Enquiries: XP Power Gavin Griggs, Chief Executive Officer +44 (0)118 984 5515 Matt Webb, Chief Financial Officer CDRClaire De Groot +44 (0)207 638 9571 * Company compiled analyst consensus as of 19 January 2026 is for 2025 Adjusted Operating Profit of £17.3m (range of £16.3m to £18.2m)and 2025 Adjusted EPS of 21.4p (range of 16.6p to 24.4p) XP Power designs and manufactures power controllers, the essential hardware component in every piece of electrical equipment thatconverts power from the electricity grid into the right form for equipment to function. Power controllers are critical for optimal delivery inchallenging environments but are a small part of the overall customer product cost. XP Power designs power control solutions into the end products of major blue-chip OEMs, with a focus on the SemiconductorManufacturing Equipment (c.39% of sales in H1 2025), Industrial Technology (c.38% of sales in H1 2025) and Healthcare (c.22% sales inH1 2025) sectors. Once designed into a programme, XP Power has a revenue annuity over the life cycle of the customer's product which istypically five to seven years depending on the industry sector. XP Power has invested in research and development and its ownmanufacturing facilities in Vietnam, China, North America and Germany, to develop a range of tailored products based on its ownintellectual property that provide its customers with significantly improved functionality and efficiency. Headquartered in Singapore and listed on the Main Market of the London Stock Exchange since 2000, XP Power is a constituent of theFTSE SmallCap Index. XP Power serves a global blue-chip customer base from over 30 locations in Europe, North America, and Asia. For further information, please visit www.xppowerplc.com Forward-looking statements This announcement contains forward-looking statements that are subject to risk factors associated with, among other things, the economicand business circumstances occurring from time to time in the countries, sectors and markets in which the Group operates. It is believed thatthe expectations reflected in these statements are reasonable, but they may be affected by a wide range of variables which could cause actualresults to differ materially from those currently anticipated. No assurances can be given that the forward-looking statements in thisannouncement will be realised. The forward-looking statements reflect the knowledge and information available to management at the date of preparation of thisannouncement. XP Power and its Directors accept no responsibility to third parties and undertake no obligation to update theseforward-looking statements. Nothing in this announcement should be construed as a profit forecast.