Slide 1: Delivering Technology, Trust and Transformation
21 November 2025 HIGHLY RELIABLE SOLUTIONS FOR REGULATED MARKETS Delivering Technology, Trust and Transformation RIGHT-FIRST-TIME ENGINEERING • AUDIT-READY MANUFACTURING • REGIONAL RESILIENCE Half Year Results for 30 September 2025 HY26 DELIVERING ON PROJECTION
Slide 2: Agenda: The Journey, The Status, The Future
When Technology, Trust and Transformation Matters The Global Precision Engineering Group Agenda Carclo HY26 - Half year result presentation H i g hl y Re l i abl e S o l uti o ns F o r Re g ul ate d M ar ke ts The Journey Frank Doorenbosch The Status Ian Tichias Delivered the Transformative Turnarou
Slide 3: The Journey
When Technology, Trust and Transformation Matters Global Precision Engineering Group, Focused On High-Reliability Products In Regulated Markets The Journey Carclo HY26 - Half year result presentation When Technology Matters ü From volume to value in three years ü Margin discipline ü Capital efficien
Slide 4: Safety Excellence Demonstrating Our Delivery Culture
Safety Excellence Demonstrating Our Delivery Culture Operational Excellence in Action Total Incident Frequency ratio No 1 Priority All incidents per 100.000 hours worked Carclo Cares Health & Safety Safety is operational excellence in We maintained our industry-leading total incident frequency ratio
Slide 5: HY26: Delivering on Projection Financial Snapshot
HY26 : Delivering on Projection Financial Snapshot Transitioned from volume to value Through optimised capital deployment 10.1% Return on Sales %* 28.8% Return on Capital Employed %* from 6.1% HY25 from 17.5% HY25 Strengthening our balance sheet And disciplined portfolio repositioning 1.4x Net Debt
Slide 6: Earnings Quality Up: ROS and ROCE on Springboard Targets
Earnings Quality Up: ROS and ROCE on Springboard Targets Control Before Growth: Upgrading Earnings Quality to Compound Value Focus on Value is delivering Continuous improvement New solution portfolio lifting margins and enhancing capital efficiency Moved us to the promised 10% ROS and 25% ROCE ROS*
Slide 7: Portfolio Reset Complete – Platform Ready
Portfolio Reset Complete – Platform Ready We now focus capital and resources on high-value, regulated market opportunities Revenue bridge FY22 – HY26 TTM Strategic Portfolio restructuring From £128.6m in FY22 to £117.5m TTM HY26 Strategic decisions executed with discipline from FY22 to TTM HY26 Exit
Slide 8: Reset portfolio is now complete
Reset portfolio is now complete Technology • Trust • Transformation CTP Division – Manufacturing Solutions Speciality Division 105 15,0 95 Strategic Portfolio 10,0 Light & Motion Exit 85 92 89 90 5,0 9,3 10,1 85 6,6 7,7 Focus Portfolio Aerospace 75 - FY23 FY24 FY25 TTM HY26 FY23 FY24 FY25 TTM HY26 C
Slide 9: The Status – Financial Review
The Status – Financial Review Delivering improved performance and resilience Carclo Carclo HY26 - Half year result presentation When Trust Matters üProfit Margins Rising üWorking Capital Optimised üDebt Down, Ratios Strong Financial Review Ian Tichias, CFO Solid foundations established 9
Slide 10: Improving performance: Upgrading Earnings Quality
Improving performance: Upgrading Earnings Quality Strong Group performance Group Financial Performance Improved returns Increased profit and cash generation HY26 HY25 Change Increase in margins Revenue £57.2m £61.0m (6.2)% • Strong improvement in both Return on Sales in HY26 at 9.6% (HY25: 5.7%) and
Slide 11: Sharper Mix, Tighter Control: Revenue development
Sharper Mix, Tighter Control From Volume to Value Revenue development (£m) From Volume to Value Improving focus on product strategy Benefit of tighter portfolio 61 • FX impact mainly driven by the GBP/USD translation -1,5 59,5 • Final impact of FY25 site closures 1 -2,2 57,2 • D&E - reduction in US
Slide 12: Operational excellence delivering sustainable margin gains
Operational excellence delivering sustainable margin gains Margin Performance Analysis Return on Sales Bridge From Volume to Value Self help driving margin accretion Increased returns 0,028657505 -0,010108648 • Increased self-help actions reducing waste, -0,007358214 increasing material usage 0,0083
Slide 13: Consistent improvement of CTP operating margin
Consistent improvement of CTP operating margin Divisional breakdown - CTP Condensed Income Statement Margin growth Divisional breakdown Margin accretion despite revenue & FX headwinds HY26 HY25 Change Change % • CTP MS reduced revenue due to strategic exit from short-run, low- MS Revenue £45.2m £46.
Slide 14: Speciality delivering consistent improvement in volume and margin
Speciality delivering consistent improvement in volume and margin Divisional breakdown - Speciality Condensed Income Statement Value growth Divisional breakdown Continued value growth in aerospace HY26 HY25 Change Change % Total Revenue £8.0m £7.0m +£1.0m +14.3% • Speciality Division revenue reflect
Slide 15: Strong Cash Flow Generation Supporting Debt restructuring
Strong Cash Flow Generation Supporting Debt restructuring Cash Flow Positive Operating cash generation Strong cash management Trading performance generating cash EBITDA delivering positive cash generation £m HY26 HY25 • Underlying EBITDA growth Underlying EBITDA 8.6 7.1 • Working capital in the peri
Slide 16: Net Debt management with Improved EBITDA Leverage
Net Debt management with Improved EBITDA Leverage Net Debt Waterfall & Net Debt to EBITDA Net debt progression (£m) Refinancing complete Net Debt ex Leases in line New banking relationship in place stabilising business • Continued focus on cash generation and conversion 8,591 • Improvement in financ
Slide 17: Technical Provision Pension Deficit Recovery Underway
Technical Provision Pension Deficit Recovery Underway Continued improvement in pension position – reduced burden and volatility Deficit recovery plan Lower costs relative to EBITDA Reducing pension scheme burden Reducing risk to cash flow 20 000 30% 30% 31% • Pro-active approach taken to address pen
Slide 18: Foundations Strengthened; Platform Ready to Scale
Foundations Strengthened; Platform Ready to Scale Better leverage, leaner capital and higher margins—upgrading earnings quality as we move into expansion and innovation Financial Resilience Mix and Discipline Balance Sheet Stronger; Capital working harder Margins Compounding; Quality of Earnings inc
Slide 19: The Future
When Technology, Trust and Transformation Matters Global Precision Engineering Group, Focused On High-Reliability Products In Regulated Markets The Future Carclo HY26 - Half year result presentation When Transformation Matters ü Portfolio reset complete ü Foundation solid ü Now positioned in three h
Slide 20: Foundation Laid, Next: Expansion & Innovation
Foundation Laid, Next: Expansion & Innovation Portfolio reset finished; we scale core capacity and fund our innovation pipeline to lift through-cycle returns Foundation Laid Strategic Pyramid Next: Expansion & Innovation Structured Approach to Rebuild Innovation ü Portfolio reset finished ü Financia
Slide 21: Delivering High Reliability Solutions in Highly Regulated Markets
Delivering High Reliability Solutions in Highly Regulated Markets Scalable Markets Market Growth 5.6%* 10.8%* 5.6%* Markets IVD Solutions Drug Delivery Aerospace Highly Regulated Diagnostic Consumables Auto Injectors & Inhalers Extreme performance parts Market Segment Resilient growth Rapid market g
Slide 22: Why We Win: Technology, Trust & Transformation
Why We Win: Technology, Trust & Transformation Built to Win in Growth Markets Why We Win Technology Trust Transformation Competitive Advantages Precision Engineering, Trusted Partnerships, Sustainable Growth and Sustainable Advantage Reliable Delivery Innovation Precision Engineering High Reliabilit
Slide 23: Proprietary Innovation Delivering Tomorrow's Solutions
Proprietary Innovation Delivering Tomorrow's Solutions Innovation isn't an idea—it’s a system. And ours begins long before the Building defensible IP that compounds our advantage product. Main priorities Technology Product Digital Layer Reinvigorating innovation Platform Innovation We're building de
Slide 24: Building on Strong Foundations
Building on Strong Foundations We are confident in delivering sustainable profitable growth and Now we're focused on sustainable growth from this platform ensuring value for all stakeholders HY26 Achievements Life Science Speciality Margin Expansion Delivering on commitments Expansion Growth We've a
Slide 25: Disclaimer
Disclaimer Carclo plc This presentation has been prepared by Carclo plc (‘Carclo’ or ‘the Company’ or ‘the Group’) and has not been independently verified. Carclo is solely responsible for the contents of this document and has taken all reasonable care to ensure that the facts stated herein are true