Slide 1: TT Electronics Full Year Results 2025
TT ELECTRONICS FULL YEAR RESULTS 2025 © TT Electronics 1
Slide 2: 2025 in Review
2025 IN REVIEW ERIC LAKIN, CEO © TT Electronics 2
Slide 3: 2025: Creating a Platform for Growth
2025: CREATING A PLATFORM FOR GROWTH • 2025 results delivered in line with expectations, with stronger H2 momentum • Improved operating profit and margins through better execution and discipline • Strong cash generation, reduced net debt and strengthened balance sheet • Operational control restored
Slide 4: 2025: Creating a Platform for Growth
2025: CREATING A PLATFORM FOR GROWTH PLANO SITE CLEVELAND CLOSURE OPTIMISATION • Specialist operational support deployed • Production ceased and site closing to plan • Improved yield, productivity & customer support • Last-time-buy activity boosted H2 performance • On track to restore site to profit
Slide 5: Cleveland: Productivity Improvement
CLEVELAND: PRODUCTIVITY IMPROVEMENT 78% 81% 12% 70% 69% 62% 60% 10% 10% 57% 7% 6% 6% 5% Q3 24 Q4 24 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Jan-26 Q3 24 Q4 24 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Jan-26 Productivity Target Rework Target • Improvement project focused on operational performance, including producti
Slide 6: Clear Priorities for Our Next Phase
CLEAR PRIORITIES FOR OUR NEXT PHASE DIVISIONAL COST REDUCTION REALIGNMENT PROGRAMME SALES PORTFOLIO TRANSFORMATION OPTIMISATION A disciplined framework to drive sustainable growth © TT Electronics 6 6
Slide 7: Financial Review
FINANCIAL REVIEW RICHARD WEBB, INTERIM CFO © TT Electronics 7
Slide 8: Group Financial Performance
GROUP FINANCIAL PERFORMANCE Change1 • Revenue down 2.7% organically with European A&D £m 2025 2024 strength offset by macro uncertainty and softer EMS markets Revenue (organic) 481.4 494.8 (2.7)% • Adjusted operating profit up 2.2% organically as Adjusted operating profit (organic) 37.2 36.4 2.2% tu
Slide 9: Revenue Bridge
REVENUE BRIDGE Revenue (2.7)% YoY £m Strong A&D growth in 550 Europe 521.1 9.9 500 494.8 (16.2) (6.6) 481.4 (10.1) (16.7) Volume 450 reduction in Order timing region & geopolitical uncertainty 400 350 300 250 200 FY 2024 Disposals FX Organic Europe North America Asia FY 2025 (Project Albert) © TT El
Slide 10: Adjusted Operating Profit
ADJUSTED OPERATING PROFIT Operating profit +2.2% YoY £m 45 3.9 40 2.7 37.1 0.2 Actions 37.2 36.4 taken in H2 (5.5) (0.3) 35 (0.9) Strong returned Reduced operational volumes region to gearing partly offset 30 profitability by cost actions 25 20 15 10 5 FY 2024 Disposals FX Organic Europe North Ameri
Slide 11: Strong Cash Conversion & Debt Reduction
STRONG CASH CONVERSION & DEBT REDUCTION 2025 2024 Change1 • Free cash flow of £29.9m, driven by strong working £m capital discipline Free cash flow 29.9 27.7 7.9% • Successful inventory initiatives undertaken during year, with underlying inventory down £14.8m YoY Cash conversion (%) 150% 117% 33ppts
Slide 12: Europe – A&D Momentum Driving Growth
EUROPE – A&D MOMENTUM DRIVING GROWTH 2025 2024 Change1 • Revenue up 7.4% organically, driven by sustained A&D £m demand Revenue 144.4 134.5 7.4% • Profit up 13.9% organically, margin expanded to 15.3% 22.1 19.4 13.9% • Operational leverage and efficiency improvements Adjusted operating profit suppor
Slide 13: North America – Operational Transformation
NORTH AMERICA – OPERATIONAL TRANSFORMATION 2025 2024 Change1 • Return to profitability with margin recovery underway £m • Plano closure and actions to stabilise Cleveland Revenue 173.1 179.7 (3.7)% completed - driving stronger H2 execution 1.2 (2.7) 144.4% • Q4 performance supported by last-time-buy
Slide 14: Asia – Building a Platform for Growth
ASIA – BUILDING A PLATFORM FOR GROWTH 2025 2024 Change1 • Revenue down 9.2% organically reflecting order delays £m from geographical and related uncertainties Revenue 163.9 180.6 (9.2)% • Margin of 13.2%, reflecting lower volumes 21.6 27.1 (20.3)% • Significant customer transfer from China to Malays
Slide 15: End Market Revenue
END MARKET REVENUE 2025 2024 Change1 • Strong A&D growth, up 12.0%, highlights increasing £m exposure to structurally attractive markets as defence Aerospace & Defence 152.8 136.4 12.0% spend continues to grow • A&E softer as customers navigate macro and Automation & Electrification 140.1 161.1 (13.
Slide 16: Looking Ahead
LOOKING AHEAD ERIC LAKIN, CEO © TT Electronics 16
Slide 17: Clear Priorities: Divisional Realignment
CLEAR PRIORITIES FOR OUR NEXT PHASE DIVISIONAL REALIGNMENT • Transitioning from regional structure to product-led alignment • Divisional set up across Power, EMS and Components • Better reflects how we operate and how customers engage with TT • Improves cross-site collaboration and resource deployme
Slide 18: Clear Priorities: Cost Reduction Programme
CLEAR PRIORITIES FOR OUR NEXT PHASE COST REDUCTION PROGRAMME • Targeted structural overhead reduction programme underway • Leaner operating model with greater site-level accountability • Protecting core engineering and customer-facing capabilities • c.£3m net benefit expected in 2026 • Medium-term a
Slide 19: Clear Priorities: Sales Transformation
CLEAR PRIORITIES FOR OUR NEXT PHASE SALES TRANSFORMATION • Sales transformation programme focused on people, tools and process • Investment in business development teams across regions • Enhanced CRM utilisation and improved pipeline visibility • Stronger pricing discipline and clearer sales account
Slide 20: Clear Priorities: Portfolio Optimisation
CLEAR PRIORITIES FOR OUR NEXT PHASE PORTFOLIO OPTIMISATION • Ongoing review of portfolio alignment with core strategic priorities • Value-led approach to potential disposals, including Components • Focus on core markets where TT has clear competitive differentiation • Selective bolt-on opportunities
Slide 21: Blue Chip Customers in All End Markets
BLUE CHIP CUSTOMERS IN ALL END MARKETS Fully embedded, multi-year engineering partnerships © TT Electronics 21 21
Slide 22: Customer Partnership in Action
CUSTOMER PARTNERSHIP IN ACTION CUSTOMER FOR >15 YEARS • Offer solutions to the semiconductor capex market • TT provide EMS including PCB assembly, high level assembly and specialist testing solutions • Flexible inventory strategies to anticipate demand shifts • Responsiveness to demand variability •
Slide 23: 2026 Outlook
2026 OUTLOOK Revenue & • Structural growth in A&D expected to continue to underpin strong demand and order intake in Power division Market • Revenue outlook reflects ongoing softness in several EMS end markets and broader macro uncertainty Operational • Cost and operational actions driving further m
Slide 24: Q&A
Q&A © TT Electronics 24
Slide 25: Appendix
APPENDIX © TT Electronics 25
Slide 26: Financial Guidance for 2026
FINANCIAL GUIDANCE FOR 2026 Interest Adjusting items cash spend § c.£2m reduction vs 2025 from reduced debt § c.£3m primarily from Plano closure and fees related to Cicor approach Tax Pension § Effective rate would be in mid 20s%, however will be § Buy-out and wind-up expected to complete in 2026 c.
Slide 27: Revenue by Market and Geography
REVENUE BY MARKET AND GEOGRAPHY EUROPE NORTH AMERICA ASIA 0.9 4.8 24.9 28.0 50.9 21.9 78.9 77.7 96.6 53.7 40.5 2.5 Healthcare A&D Healthcare A&D Healthcare A&D Auto Elec Distribution Auto Elec Distribution Auto Elec Distribution © TT Electronics 27 27
Slide 28: Investing in Innovation
INVESTING IN INNOVATION AX-FORCE CONDITIONING TRANSFORMER UNITS • Next-gen power conversion for A&D • Bespoke units delivered to business jet • High-power transformer for US Navy OEM • Growing demand for electrification of • Expands TT high-power capability systems • Now in flight qualification phas
Slide 29: Summary Income Statement
SUMMARY INCOME STATEMENT £m 2025 2024 Revenue 481.4 521.1 Adjusted operating profit 37.2 37.1 Net finance cost (8.5) (9.9) Adjusted profit before taxation 28.7 27.2 Adjusting items (65.4) (60.6) (Loss)/profit before taxation (36.7) (33.4) Taxation (13.9) (20.0) (Loss)/profit after taxation (50.6) (5
Slide 30: Income Statement & Cash Flow: Adjusting Items
INCOME STATEMENT & CASH FLOW ADJUSTING ITEMS £m 2025 Profit 2025 Cash 2024 Profit 2024 Cash Operating loss (28.2) (23.5) Net cash generated from operations 57.6 60.9 Adjusted to exclude: Restructuring and other items Plano closure costs (7.0) (0.5) - - Cleveland restructuring costs (6.1) (2.2) - - E
Slide 31: Revenue by Region
REVENUE BY REGION IMPACT OF FX AND DISPOSALS North £m Europe Asia Group America Revenue 2025 144.4 173.1 163.9 481.4 Organic growth/(decline) 9.9 (6.6) (16.7) (13.4) 2024 revenue on organic basis 134.5 179.7 180.6 494.8 Disposal (11.8) - (4.4) (16.2) FX impact - (4.7) (5.4) (10.1) 2024 146.3 184.4 1
Slide 32: Adjusted Operating Profit by Region
ADJUSTED OPERATING PROFIT BY REGION IMPACT OF FX AND DISPOSALS North £m Europe Asia Corporate Group America Operating profit 2025 22.1 1.2 21.6 (7.7) 37.2 Organic growth/(decline) 2.7 3.9 (5.5) (0.3) 0.8 2024 revenue on organic basis 19.4 (2.7) 27.1 (7.4) 36.4 Disposal 0.5 - (0.3) - 0.2 FX impact -
Slide 33: Movement in Net Debt
MOVEMENT IN NET DEBT £m 2025 2024 Adjusted operating cash flow post-capex 55.8 43.4 Net interest and tax (15.3) (20.3) Reimbursement from pension schemes net of funding payments 1.1 9.4 Lease payments (3.8) (4.2) Restructuring and acquisition costs (7.9) (0.6) Free cash flow 29.9 27.7 Dividends - (1
Slide 34: Divisional Breakdown
DIVISIONAL BREAKDOWN £m 2025 2024 Organic1 20242 Change Change Organic1 • Power performed well on a revenue and an adjusted Power 206.3 186.4 193.1 7% 11% operating profit basis, driven EMS 195.8 219.7 237.6 (18)% (11)% by structural growth in A&D Components 79.3 88.7 90.4 (12)% (11)% • EMS impacted
Slide 35: Cautionary Statement
CAUTIONARY STATEMENT For the purposes of the following disclaimers, references to this ‘document’ shall be deemed to include references to the presenters’ speeches, the Q&A session, and any other related verbal or written communications. This document contains forward-looking statements. These have