Oxford Instruments plc · LSE:OXIG
Oxford Instruments — H1 FY2027 Earnings Presentation
27 slides from Oxford Instruments's earnings presentation, Nov 10, 2026
Slide 1: FY27 interim results presentation
FY27 interim results presentation 10 November 2026 Richard Tyson, CEO Paul Fry, CFO
Slide 2: Strategic actions driving commercial opportunity and strong growth
Strategic actions driving commercial opportunity and strong growth Strong H1 orders in Imaging and Analysis: good order book cover for H2 revenue Outstanding order intake in Advanced Technologies, Strong revenue growth and margin progression; raising FY28 outlook Growth supported by shift to commerc
Slide 3: FY27 Interim financial review
FY27 Interim financial review Paul Fry, Chief Financial Officer 10 November 2026 Electron microscopy detectors from our Imaging and Analysis division in use at Severn Beach
Slide 4: H1 FY27: Almost all financial KPIs at or above target range
H1 FY27: Almost all financial KPIs at or above target range, with operating margin on track % Group H1 FY27 H1 FY26 % OCC1 Highlights: change • Strong order growth across both Order intake £296.0m £205.2m +44.2% +44.3% divisions, led by Advanced Technologies (AT) Revenue £201.1m £185.5m +8.4% +9.0%
Slide 5: Improving margins, with Advanced Technologies making a material step up
Improving margins, with Advanced Technologies making a material step up 8.4% Highlights: 12.4 201.1 • Revenue up 8.4% (+9.0% OCC1) led (1.1) 4.3 by Advanced Technologies (AT) 185.5 Revenue • AT margins stepped up to 7.5% (£’m) (FY26: 2.1%): • Operational leverage impact as revenue grows H1 FY26 Imag
Slide 6: Imaging and Analysis: strong H1 order intake
Imaging and Analysis Strong H1 order intake driven by semiconductor and materials science applications Order intake (£’m) Revenue (£’m) Order intake end customer type +11.7% +2.4% % growth vs H1 FY261 158 147 164 139 142 Commercial +20.3% H1 H1 H1 H1 FY26 H1 FY27 FY25 FY26 FY27 41% £164m Academia +2
Slide 7: Imaging and Analysis: continued order momentum underpins revenue outlook
Imaging and Analysis Continued order momentum underpins revenue outlook in line with expectations FY25 OCC FY25 FY24 Highlights: H1 FY27 FY25 AOP H1 FY26 Margin % %Margin change% % OCC% Margin • Order intake growing strongly, compared to softer intake in H1 FY26 Order intake £163.8m £146.6m +11.7% +
Slide 8: Advanced Technologies: orderbook covers FY27 revenue expectations
Advanced Technologies Orderbook covers revenue expectations for FY27 and supports growth acceleration in FY28 Order intake (£’m) Revenue (£’m) Order intake by end customer type % growth vs H1 FY261 +125.8% +26.5% 132 59 47 59 Commercial H1 FY26 H1 FY27 H1 FY26 H1 FY27 customers +273.8% 93% £132m +12
Slide 9: Advanced Technologies: operational leverage benefit; raised FY28 revenue outlook
Advanced Technologies Operational leverage benefit coming through in FY27; raised revenue outlook for FY28 FY25 OCC FY25 FY24 Highlights: H1 FY27 FY25 AOP H1 FY26 Margin % %Margin change% % OCC% Margin • Order book now full for FY27, with lead times competitive, averaging around 12 months Order inta
Slide 10: Adjusting items are down and largely non-cash
Adjusting items are down and largely non-cash, as prior year restructuring projects complete Adjustments to profit – continuing operations £’m H1 FY27 H1 FY26 Highlights: Restructuring costs (0.5) (5.4) Acquisition costs (0.6) - • Restructuring costs significantly reduced Pension buy-in transaction
Slide 11: Strong operating cash conversion driving step up in free cash flow
Strong operating cash conversion helping to drive step up in free cash flow £’m – Continuing operations H1 FY27 H1 FY26 Highlights: Net working capital 61.5 62.8 • Operating cash conversion significantly higher due to improved working capital Net working capital as % 12m rolling revenue 14.0% 14.8%
Slide 12: Capital allocation priorities unchanged; buyback continuation into FY28
Capital allocation priorities are unchanged. Intend continuation of buyback into FY28 Organic 3 Inorganic investment 1 2 Dividend investment • Where a compelling strategic and synergy case, exceeding returns hurdles • Scaling • Progressive, in • Continue to actively review opportunities capacity, de
Slide 13: Delivering sustainable growth
Delivering sustainable growth Richard Tyson, CEO 10 November 2026 A customer uses our plasma equipment at Korea Advanced Nanofab Centre, Suwon
Slide 14: Structural growth markets: semiconductor and materials driving growth
Structural growth markets: semiconductor and materials driving growth Market and orders Revenue mix* Growth drivers Progress Materials Analysis 39% • Structural materials R&D and failure analysis I&A orders +10% OCC • Broad demand across of revenue • Chemicals and polymers £85.5m orders advanced mat
Slide 15: Breadth across markets and the lifecycle supports sustained growth
Breadth across markets and the lifecycle supports sustained growth in both divisions Silicon semiconductors: technology-led, driven Compound semiconductors: application-led, by scale, complexity and performance gains supporting next-generation technology c. 40% of Group semiconductor revenue c. 60%
Slide 16: Imaging and Analysis: strong order growth led by commercial customers
Imaging and Analysis Strong order growth led by commercial customers; academic markets resilient Imaging & Analysis Leading range of microscopy, scientific cameras, spectroscopy, analytical tools and software H1 FY27 • 10% order intake growth in materials analysis; semiconductor up 59%; healthcare r
Slide 17: Product application areas driving growth
Imaging and Analysis Product application areas driving growth Addressing advanced Supporting applications MATERIALS ANALYSIS challenges across SEMICONDUCTOR across the life cycle from multiple industries R&D to failure analysis Structural materials Automotive & Chemicals R&D Packaging Defect review
Slide 18: Investing in innovation
Imaging and Analysis Targeted investment in R&D, infrastructure and operational resilience to support growth Investing in innovation Investing in operations to Recent launches gaining traction embed improvements Key R&D focus areas: • AI-enabled analysis and customer-facing APIs • Increasing softwar
Slide 19: New commercial structure and innovation centres closer to customers
Imaging and Analysis New commercial structure and innovation centres closer to customers High Wycombe Les Ulis 1 NEW: Greater customer UK France Wiesbaden Germany 39% higher Beijing engagement and China average win improved 2 NEW: Seoul rates following a Concord responsiveness US South Korea demonst
Slide 20: Technology leadership translating into broader high-volume manufacturing demand
Advanced Technologies Technology leadership translating into broader high-volume manufacturing demand Advanced Technologies Compound semiconductor processes and platforms and X-ray technology H1 FY27 • Significant new high volume customer wins and repeat orders for datacoms infrastructure across mul
Slide 21: Differentiated InP technology enabling datacentre scaling
Advanced Technologies Our differentiated InP technology enabling crucial connectivity for datacentre scaling Datacom demand drivers Why our technology wins Designed for HVM Optical connectivity is essential to Finish, quality and precision Standalone systems → automated move data around AI datacentr
Slide 22: Applications driving growth today and creating opportunities for tomorrow
Advanced Technologies Applications driving growth today and creating opportunities for tomorrow DATACOM INFRASTRUCTURE POWER ELECTRONICS AND RF uLED AND AUGMENTED REALITY Driving growth today The next wave of efficiency Driver of future growth • InP and GaAs laser fabrication • GaN and SiC power dev
Slide 23: Severn Beach: scaling for execution and sustained growth
Advanced Technologies Severn Beach: scaling for execution and sustained growth in FY28 and beyond Driving supply chain security Optimising operational execution Investing in people & capability • Supplier forum hosted with top 20 suppliers • Cleanroom optimised for increased • Targeted recruitment a
Slide 24: Strong first half performance reinforces confidence in the full year
Strategic actions delivering growth 1 Commercial focus and customer-centric model broadening customer base and opportunities 2 Imaging and Analysis well positioned for full-year delivery 3 Advanced Technologies scaling to execute on outstanding demand with improved outlook for FY28 4 Investing to su
Slide 25: Your questions
Your questions 5-8% 20%+ Organic Margin growth CAGR Enhance 8-9% growth, >30% Revenue ROCE Q&A invested in R&D margins & returns Selective >85% M&A Cash conversion Graphic shows medium-term financial targets set out in June 2024 25
Slide 26: Appendix
Appendix 26
Slide 27: Cash Flow - Strong operating cash conversion
Cash Flow - Strong operating cash conversion helping to drive step up in free cash flow £’m – Continuing Operations H1 FY27 H1 FY26 £’m – Continuing Operations H1 FY27 H1 FY26 Adjusted operating profit 30.0 24.7 Net working capital 61.5 62.8 Depreciation and Amortisation 7.2 5.8 Net working capital