Slide 1: Full Year Results 2025
Full Year Results 2025 3 March 2026
Slide 2: 2025 Highlights
2025 Highlights Performance in line with expectations • Sequential revenue improvement in H2 as market gradually recovers • Significant profit increase from H1 to H2 • Strong operating cash generation Significant structural improvements delivered • Gross margin improved, costs controlled, tight work
Slide 3: Financial Review
Financial Review Matt Webb CFO
Slide 4: Key Performance Indicators 2025
Key Performance Indicators 2025 Orders & Revenue Margin Profit & Earnings Cash & Debt ADJUSTED ADJUSTED OPERATING ADJUSTED OPERATING ORDER INTAKE GROSS MARGIN PROFIT CASH CONVERSION £225.9m 42.7% £17.3m Up +28%1 225% Up +170bps Down -20%1 2024: 261% ADJUSTED ADJUSTED DILUTED NET DEBT REVENUE OPERATI
Slide 5: Income statement
Income statement Change • Revenue reduced by 4% in constant currency: At actual In • Reduction all in the first half exchange constant Adjusted £m 2025 2024 rates currency • Sequential growth in the second half Revenue 230.1 247.3 (7)% (4)% • Signs of gradual market recovery Gross profit 98.2 101.3
Slide 6: Order intake trends
Order intake trends Order intake by quarter 2024-2025 (£m) • FY order intake of £225.9m, 28% higher than last 57.4 55.3 55.3 57.9 year and 5% higher sequentially from H1 to H2 in 48.8 44.9 constant currency 43.7 44.2 • Growth across all sectors • Strongest growth in Industrial Technology (39%) and H
Slide 7: Revenue trends
Revenue trends Revenue by quarter 2024-2025 (£m) • FY revenue of £230.1m, 4% lower than the prior year 64.6 62.5 60.2 60.0 57.1 57.6 61.6 in constant currency, all of which arose in the first 53.8 half • Revenue grew by 12% in constant currency from H1 to H2 as customer destocking eased • Semi Fab r
Slide 8: Gross Margin and Operating Expenses
Gross Margin and Operating Expenses Adjusted Gross Margin Bridge (%) 1.1% 42.7% 1.0% 41.0% (0.4)% 2024 Factory Utilisation Fixed Cost Reduction Net Efficiency Gains 2025 Adjusted Operating Expenses Bridge (£m) 2.8 80.9 2.6 0.4 (1.7) 76.2 0.6 2024 FX Product Development Share Based Inflation Cost 202
Slide 9: Income statement by half
Income statement by half H1 to H2 change • Sequential revenue growth of 12% in H2 in At actual In constant currency as customer destocking 2025 2025 exchange constant eased and US tariffs were recovered Adjusted £m H1 H2 rates currency • Gross Margin % improved by 250bps through Revenue 110.9 119.2
Slide 10: Free Cash Flow
Free Cash Flow Adjusted £m 2025 2024 • Strong Adjusted Operating Cash Conversion of 225% Operating Profit 17.3 25.1 generating Operating Cash Flow of £38.9m Depreciation and amortisation 17.4 15.8 • Inventory reduced by 20% to £57.0m and now right- sized to current activity levels EBITDA 34.7 40.9 •
Slide 11: 2026 Modelling Guidance
2026 Modelling Guidance Profit: • Adjusted Operating Profit expected to be second half weighted, c.40:60, due to: • Revenue headwind in H1 from no further sales to China Semi customers due to export licence expiry • Revenue tailwind in H2 as market recovery continues • Operating expenses growth of c
Slide 12: Business Review
Business Review Gavin Griggs CEO
Slide 13: XP Strategy: Clear, consistent and proven
XP Strategy: Clear, consistent and proven Broaden the Target key Drive Continually Focus on Maintain product accounts penetration to enhance our people and leadership on portfolio where XP can grow share of global supply talent environmental add value wallet chain development responsibility 13
Slide 14: Focused on long-term structural growth markets
Focused on long-term structural growth markets Attractively positioned in structural long term growth markets… % of Group revenue by Sector • Maintained leading positions in attractive Semiconductor Manufacturing Equipment, Industrial Technology & Healthcare sectors • Power conversion essential to e
Slide 15: Our markets – Semi Manufacturing Equipment
Our markets – Semi Manufacturing Equipment Precision, tailored solutions to large customers at the heart of the fabrication process Market Market Annual market % of • Market has an attractive long-term growth size1 share1 growth2 revenue outlook $1.1bn 8% 7 – 10% 37% • Demand for processing power fo
Slide 16: Our markets – Industrial Technology
Our markets – Industrial Technology Focused on precision projects in attractive niches where we can shorten time to market Market Market Annual market % of • Technological change in manufacturing size1 share1 growth2 revenue leading to increased demand for new power conversion solutions $2.8bn 4% 5
Slide 17: Our markets – Healthcare
Our markets – Healthcare Increasingly focused on delivering tailored solutions in fast-moving sector • Growth driven by megatrends of aging Market Market Annual market % of size share growth1 Revenue population and ongoing innovation $0.5bn 15% 5 – 7% 25% • Medical devices manufacturers focused on p
Slide 18: Portfolio Growth as the markets recover
Portfolio Growth as the markets recover ● XP is well positioned to fully benefit as end markets recover Pulsed Field Ablation – Our Portfolio in Action ➢ Across all three target sectors Capacitor Charger– HV DC/DC Converters ➢ Across the entire portfolio (LVLP, LVHP, HVLP, HVHP) ● The barriers to en
Slide 19: With further gains from new products launched
With further gains from new products launched ● We launched 24 new innovative products in 2025 spanning; conduction-cooled, external, high power, high voltage, DC-DC converters, power delivery chargers, and fully programmable units ● Our lineup showcases market leading innovation, with many products
Slide 20: Significant structural improvements delivered
Significant structural improvements delivered The Group will exit the RF market over coming 3 years ● Historically delivered margins and returns below Group average ● Impacted by US export controls introduced in late 2024 ● Protecting customer relationships though last time buy Binh Duong Vietnam Ma
Slide 21: Leading our industry on sustainability
Leading our industry on sustainability Continuing to make progress on ● Sustainability is one of the most critical sustainability agenda and items on the agenda for our key reducing our carbon footprint: customers and their customers alike • 100% electricity in our EU operations is provided from ren
Slide 22: Summary & Outlook
Summary & Outlook Outlook • Well positioned for emerging market recovery • Revenue headwind in H1 from no further sales to China Semi customers following expiry of export licences • Revenue tailwind in H2 as market recovery continues Poised for market recovery and resumption of long-term growth • Co
Slide 23: Q&A
Q&A
Slide 24: Appendices
Appendices
Slide 25: Global Manufacturing and Design Footprint: 'the Where'
Global Manufacturing and Design Footprint: ‘the Where’ Competitive global manufacturing footprint Core R&D capabilities 8 Global R&D centres located close to customers and operations Pangbourne High Bridge >160 Munich San Jose Multi-disciplined team members working in Gloucester Stuttgart R&D and pr
Slide 26: Market data A growing addressable market
Market data A growing addressable market Market Size Share1 XP 2025 Revenue North Share of XP ($bn) Europe Asia Total (£m) America (%) Europe 0.8 7.3% Semi Fab 6.0 69.3 10.3 85.6 37% North America 1.3 12.1% Industrial Technology 43.4 35.8 8.1 87.3 38% Asia 1.5 1.0% Healthcare 16.5 36.9 3.8 57.2 25%
Slide 27: Disclaimer
The information contained in this document is for Investors should not place undue reliance on such background purposes only and does not purport to be forward-looking statements, and XP Power Limited does Disclaimer full or complete. No reliance may or should be placed not undertake any obligation
Slide 28: XP Power
XP) Power POWERING THE WORLD'S CRITICAL SYSTEMS