Slides
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Interim Results 2026 4 August 2026
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Significant improvement in market conditions • Broad-based growth across all sectors and regions • Semi Fab leading as a new investment cycle accelerates Clear benefits from strategy implementation • Product portfolio increasingly focused, with strong market positions • Highest growth achieved in strategically important product areas • Manufacturing footprint now optimised and provides a sound platform for growth • Scaling capacity to deliver demand Delivering expected results • Full year expectations unchanged • Well supported by order book • Confident of long-term progress given healthy end-market growth and attractive market positions H1 2026 Highlights 2
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Financial Review Matt Webb CFO
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Key Performance Indicators H1 2026 1 In constant currency 2 Revised definition for 2026 – see page 27 for more details ORDER INTAKE £167.2m Up +55%1 REVENUE £109.1m Up +2%1 ADJUSTED GROSS MARGIN 45.9% Up +450bps ADJUSTED DILUTED EPS 14.2p Up +13.8p ADJUSTED OPERATING PROFIT £8.6m Up +23%1 NET DEBT £47.7m December 2025: £41.5m ADJUSTED OPERATING CASH CONVERSION 2 52% H1 2025 (Restated): 108% Orders & Revenue Margin Profit & Earnings Cash & Debt ADJUSTED OPERATING MARGIN 7.9% Up +360bps 4
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2026 H1 2025 H1 Change Adjusted £m At actual exchange rates In constant currency Revenue 109.1 110.9 (2)% 2% Gross profit 50.1 45.9 9% Gross margin % 45.9% 41.4% 450bps Operating expenses (41.5) (41.1) 1% Operating profit 8.6 4.8 79% 23% Operating margin % 7.9% 4.3% 360bps Net finance expense (3.5) (4.0) (13)% Profit before tax 5.1 0.8 Tax (1.0) (0.6) Profit for the period 4.1 0.2 Diluted earnings per share 14.2p 0.4p • Revenue in line with expectations at £109.1m: • Up 2% in constant currency • Improving from Q1 to Q2 • Gross Margin % expanded by 450bps to 45.9%: • Exceeding initial mid-40s target • Driven by factory overhead reductions and other product cost savings • Operating expenses increased by 1%: • Net reduction from FX movements • Increased variable pay and non-discretionary accounting items, as previously guided • Significantly increased profitability • Net finance expense reduced due to lower borrowing levels and lower fixed interest rate • Effective tax rate of 20% Income statement 5
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43.7 44.2 48.8 44.9 57.4 55.3 55.3 57.9 79.1 88.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Order intake trends Bridge by sector Order intake by quarter 2024-2026 (£m) • H1 order intake of £167.2m, 55% higher than the comparative period and 48% higher sequentially in constant currency. Book to bill of 1.53x • Growth across all sectors and regions • Strongest growth from Semi Fab (116%) as the industry enters a new investment cycle and customers place orders on longer lead times to secure supply. Record sector book to bill of 1.81x • End of customer destocking resulted in strong growth in order intake within Industrial Technology (22%) and Healthcare (25%), as expected Sector change in constant currency 112.7 167.242.9 10.6 5.6 £m 2025 H1 FX Semi Fab Industrial Technology Healthcare 2026 H1 (4.6) 116% 22% 25 % 55 % 2024 2025 6 2026
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Revenue trends • H1 revenue of £109.1m, 2% higher than the prior period in constant currency, despite the impact of expiring US export licences, as guided • Mid single digit year-on-year growth absent this effect • Grew by 10% in constant currency from Q1 to Q2 • Strong underlying growth in Semi Fab and Industrial Technology • Industrial Technology includes strong demand from the Distribution channel • Decline in Healthcare driven by uneven programme demand in our smallest sector • Revenue expansion from Q1 to Q2 is expected to continue into H2 as strong order intake is converted Revenue by quarter 2024-2026 (£m) Bridge by sector Sector change in constant currency 110.9 2.1 3.9 2025 H1 FX Semi Fab Industrial Technology Healthcare 2026 H1 £m (4.5) (3.3) 109.1 5% 9% ( 13)% 2% 64.6 62.5 60.2 60.0 53.8 57.1 57.6 61.6 51.8 57.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 7 2026
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• Strong H1 order intake expands order book and improves full year visibility • Some customers placing orders earlier to secure supply with global market conditions expected to tighten • Order book at 30 June 2026 includes £135m of firm orders scheduled for delivery in H2 2026, with further orders likely for the period • Demand is sufficient to meet full year expectations, with capacity being expanded accordingly Expanded order book improves FY visibility 8 Open Order Book (£m) 135 39 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 192 150 122 122 116 174 Delivery in H2 2026 Delivery in 2027+
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Adjusted £m 2026 H1 2025 H1 Operating Profit 8.6 4.8 Depreciation and amortisation 7.7 8.1 EBITDA 16.3 12.9 Change in working capital (8.3) (0.7) Other items 0.4 1.7 Operating Cash Flow 8.4 13.9 Net capex – product development costs (3.7) (4.8) Net capex – other assets (7.6) (1.4) Net capex – government grant 1.2 1.5 Net interest paid (3.7) (4.5) Tax paid (1.2) (1.5) Other items (1.0) (1.0) Free Cash Flow (7.6) 2.2 Free Cash Flow • Increased profit re-invested in additional working capital to support growth, particularly inventory • Inventory investment made against firm orders • Net capex of £10.1m includes majority of remaining payments for construction and fit out of Malaysia facility, and capacity expansion in Vietnam • Construction cost of Malaysia building totals £20m, on schedule and on budget • Investment in future growth increased net debt modestly by £6.2m to £47.7m, as expected • Leverage increased by 0.1x to 1.3x EBITDA, with reduction expected by year-end 9
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Investment in growth 10 114.4 106.5 91.6 81.7 71.1 59.5 57.0 73.8 Inventory (£m) FY 2022 HY 2023 FY 2023 HY 2024 FY 2024 HY 2025 FY 2025 HY 2026 Capacity Expansion Capex H1 2026 (£m) • Disciplined investment in H1 to support growth in firm demand in H2 and beyond • Firm orders on hand support revenue growth of at least 24% from £109.1m in H1 to £135m in H2 • Inventory increased by 29% in the half year to £73.8m to support this • Spent £2.7m in H1 to expand Asia manufacturing capacity, with more to follow in H2 • Collectively aiming to increase Asia manufacturing line capacity by 75% vs H1 • Full year capex guidance consequently increased from c.£20m to £25-30m (including capitalised product development costs) • Malaysia is on track to start full production in Q4 and has ample space for further expansion as required £1.6m in Vietnam £1.1m in Malaysia
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Organic sales growth Adjusted Operating Margin Operating Cash Conversion ROCE Target leverage c.10% c.20% c.85% >20% 0-1x Record levels of new business wins Market leading new product development Operational leverage with high drop through Production transfer to more cost-effective geographies Well invested asset base Previously Operating Cash Flow divided by Operating Profit Now Operating Cash flow divided by EBITDA No change in ambition Low capex model Expansion capex directly linked to revenue growth Low inventory through the cycle due to largely make-to-order model Focus on reduction in short and medium-term, while continuing to invest in the business Through-cycle performance Financial Framework 11
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2026 Modelling Guidance 12 Profit: • Order book supports H2 revenue of at least £135m, full year revenue of at least £244m, subject to tariffs • Full year profit expectations unchanged • Adjusted effective tax rate of 20-25% Cash: • Total capital spend including capitalised product development of £25-30m • Leverage approaching 1.0x • All guidance set at current currency rates 12
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Business Review Gavin Griggs CEO
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Broaden the product portfolio Continually enhance our global supply chain Focus on people and talent development Target key accounts where XP can add value Maintain leadership on environmental responsibility Drive penetration to grow share of wallet XP Strategy: Clear, consistent and proven 14
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Focused on long-term structural growth markets Seeing market growth in all sectors • Strengthening customer demand with multi-year upcycle expected in Semiconductor Manufacturing Equipment • Healthcare and Industrial Technology sector demand improving • Track record of growing share across all focus sectors With well-developed operations and significant barriers to entry • Increasing technical complexity supports substantial barriers to entry • Scalable operating model for sustainable organic growth Attractively positioned in structural long term growth markets… • Leading positions in attractive Semiconductor Manufacturing Equipment, Industrial Technology & Healthcare sectors % of Group revenue by Sector 15 19% 40% 41% Healthcare Semiconductor Manufacturing Equipment Industrial Technology
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Market developments • Equipment complexity is rising across all semiconductor, medical and analytical systems • Power is moving from a functional component to a system-critical enabler • Systems are increasingly precise and power-intensive Power implications • Move towards more application specific outputs • Higher accuracy and stability becomes essential requirements • More focus on higher voltage & peak power with safety + uptime expectations Innovation driving the market • Focused on structural growth trends - Digitalisation, Automation & industrial electrification, healthcare innovation & AI Power is becoming the performance enabler 16
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Product innovation • Focused on reaching and extending product sector leadership • This structurally favours platform-led, application-specific suppliers like XP Close to the customer • Trusted partner collaborating with customers in the innovation & design • Global relationships • Driving value from the Silicon Valley Innovation Centre Simplified portfolio • Enables greater focus on core, higher value power solutions XP Power strategy in action 17
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Our markets – Semi Manufacturing Equipment Semiconductor Manufacturing Equipment (1) Excluding RF (2) Management Estimates of market growth expectation up to 2030 XP is involved in every step of a wafer’s production cycle • Market has an attractive long-term growth outlook • Demand for processing power for AI & the proliferation of electronic devices • XP’s solutions are embedded across Wafer Fab Equipment platforms: Lithography, Etch, Ion Implant, Deposition, Inspection Current Trends • Strong order intake in H1 2026 (+ 116% vs H1 2025 in constant currency) driven by demand from new fabs and expansion • Requirement for more precision and higher power plays to XP’s strengths Market size1 Market share1 Annual market growth2 % of revenue $1.1bn 8% 7 – 10% 40% 18 79.0 84.3 79.9 94.8 85.6 44.1 2024 2025 H1 2026 Orders £m Revenue £m FY extrapolated based on H1 performance
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Focused on precision projects in attractive niches where we can shorten time to market Our markets – Industrial Technology Industrial Technology • Technological change in manufacturing leading to increased demand for new power conversion solutions • Growth in Mass Spec, E-beam, and energy storage applications • These dynamics reflect broader shifts in power electronics: rising power density, smarter digital control, improved efficiency, and engineering for reliability under sustained electrical stress Current Trends • Good order intake in H1 2026 (+22% vs H1 2025 in constant currency) - customers investing in automation, electrification, AI, and localised production to navigate supply chain disruptions and regulatory shifts Market size1 Market share1 Annual market growth2 % of revenue $2.8bn 4% 5 – 7% 41% 19 (1) Excluding RF (2) Management Estimates of market growth expectation up to 2030 67.6 90.5 59.5 94.8 87.3 44.6 2024 2025 H1 2026 Orders £m Revenue £m FY extrapolated based on H1 performance
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Increasingly focused on delivering tailored solutions in fast-moving sector Our markets – Healthcare Healthcare Note: (1) Management Estimates of market growth expectation up to 2030 • Growth driven by megatrends of aging population and ongoing innovation • Medical devices manufacturers focused on precision energy, miniaturisation and advanced system-level integration. Power is no longer a background subsystem; it directly influences clinical performance and patient outcomes • Power is a core differentiator: advanced therapies like Pulsed Field Ablation are pushing voltage control, pulse shaping, and repeatability to new levels Current Trends • Orders up 25% vs. H1 2025 in constant currency, indicating a continued normalisation of market conditions Market size Market share Annual market growth1 % of Revenue $0.5bn 15% 5 – 7% 19% 20 35.0 51.1 27.8 57.7 57.2 20.4 2024 2025 H1 2026 Orders £m Revenue £m FY extrapolated based on H1 performance
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Global manufacturing footprint to support future growth Malaysia Manufacturing Vietnam Manufacturing ● Global manufacturing footprint supports customer service, supply chain resilience and future growth ● Two scale manufacturing sites in Asia supported by sites in US and Germany to ensure resilience and responsiveness ● Malaysia is a purpose built, self designed facility, globally well positioned in a great location to attract talent. Provides scale to support next chapter in XP’s evolution ● Scalable operating model creates a platform for sustainable organic growth 21
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Investments made to assure delivery Significant investments made Manufacturing ● Added further manufacturing capacity with extra equipment ● XP Vietnam has recruited c. 1,200 extra people to increase labour capacity ● Malaysia commissioning remains on track with first production in Q3 2026 and full production in Q4 2026 Supply Chain ● Inventory has increased appropriately with focus on safety stocks of critical, high use components to lower risk of potential material shortages 22 2024 2025 2026 2027 2028 2029 2030 China Vietnam Malaysia Malaysia (capacity ramp as required) Manufacturing capacity
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Organic Growth Capex - c.5% of revenue Working capital to support growth Target Leverage 0-1x EBITDA Additional Shareholder Returns M&A Not necessary to deliver plan given existing portfolio Dividends Reinstate once deleveraging well progressed toward target Capital structure and allocation policy 23
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Summary & Outlook 24 24 • Well positioned to deliver robust H2 revenue growth, with full year expectations unchanged • Expanded existing capacity with further step change from new Malaysia facility to support multi year demand • Robust balance sheet, with leverage expected to reduce in H2 Well positioned for long term growth: • Confident that end markets will resume trajectory of GDP++ growth • Exciting pipeline of new business wins and new product development • Portfolio focus sharpened with RF exit • Established customer relationships provide clear growth opportunities • Well-developed infrastructure with scalable capacity • Optimised manufacturing portfolio to drive operational excellence
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Q&A
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Appendices
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Restatement of operating cash conversion 27 Operating Cash Conversion now measured as % conversion of EBITDA not Operating Profit Through-cycle cash conversion target updated accordingly to 85% (from 100%) No change in cash generation ambition Adjusted £m 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2025 H1 2026 H1 Operating Profit (B) 45.1 42.9 38.1 25.1 17.3 4.8 8.6 Depreciation and amortisation 10.4 13.4 17.2 15.8 17.4 8.1 7.7 EBITDA (C) 55.5 56.3 55.3 40.9 34.7 12.9 16.3 Change in total working capital (5.4) (38.3) 10.6 24.7 4.2 1.0 (7.9) Operating Cash Flow (A) 50.1 18.0 65.9 65.6 38.9 13.9 8.4 Cash conversion: Old definition (A / B) 111.1% 42.0% 173.0% 261.4% 224.9% 289.6% 97.7% New definition (A / C) 90.3% 32.0% 119.2% 160.4% 112.1% 107.8% 51.5%
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Global Manufacturing and Design Footprint: ‘the Where’ £125m Cumulative 5-year gross R&D spend San Jose Irvine Gloucester High Bridge Stuttgart Munich NW Malaysia Ho Chi Minh Singapore Bremen Pangbourne Engineering services 8 Global R&D centres located close to customers and operations >155 Multi-disciplined team members working in R&D and product design Core R&D capabilitiesCompetitive global manufacturing footprint 12 New products launched in H1 2026R&D Manufacturing Corporate office Philippines 28
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Market ($bn) Size Share1 Europe 0.8 7.3% North America 1.3 12.1% Asia 1.5 1.0% Total 3.6 6.2% High power/high voltage 0.8 6.1% Grand total 4.4 6.2% Source: Micro-Tech Consultants (September 2024) and XP Power Management 1. Based on 2025 revenues XP 2026 H1 Revenue (£m) Europe North America Asia Total Share of XP (%) Semi Fab 4.1 37.9 2.1 44.1 40% Industrial Technology 22.2 17.6 4.8 44.6 41% Healthcare 6.6 12.0 1.8 20.4 19% Total 32.9 67.5 8.7 109.1 100% Share of XP (%) 30% 62% 8% 100% Market data A growing addressable market 29
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Comet Litigation Update 30 • On 14 July 2026, Ninth Circuit reversed judgment against the Group and ordered a new trial • ~US$40m damages, US$19m fees and the injunction all vacated • Board welcomes the ruling • Balance sheet provision retained, then adjust accordingly as next steps become clearer • The Group will continue to robustly defend its position • No impact on H1 profit; full year expectations do not assume any cash benefit from release of the bond 30
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Disclaimer The information contained in this document is for background purposes only and does not purport to be full or complete. No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this document or on its completeness, accuracy or fairness. The information in this document is subject to change. This document contains statements about XP Power Limited that are or may be forward-looking statements. Forward-looking statements include statements relating to (i) future capital expenditures, expenses, revenues, earnings, synergies, economic performance, indebtedness, financial condition, dividend policy, losses and future prospects; (ii) business and management strategies and the expansion and growth of XP Power Limited’s operations and potential synergies; and (iii) the effects of government regulation on business. These forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of XP Power Limited. They involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of any such person to be materially different from any results, performance or achievements expressed or implied by such statements. They are based on numerous assumptions regarding the present and future business strategies of such persons and the environment in which each will operate in the future. All subsequent oral or written forward-looking statements attributable to XP Power Limited or any of its shareholders or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forward-looking statements included in this document speak only as of the date they were made and are based on information then available to XP Power Limited. Investors should not place undue reliance on such forward-looking statements, and XP Power Limited does not undertake any obligation to update publicly or revise any forward-looking statements. This document does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to sell or issue, or any solicitation of any offer to buy or acquire any securities of XP Power Limited or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, should form the basis of, or be relied upon, in connection with any contract or commitment or investment decision whatsoever. This document is not a prospectus or other offering document and does not purport to be all- inclusive. The information contained in this document has not been independently verified by XP Power Limited or any other party. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. This document is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration of licensing within such jurisdiction. The information contained in this document does not constitute a public offer under any applicable legislation, or an offer to sell or solicitation of an offer to buy any securities. This document shall not constitute an offer of securities for sale in the United States.