Gooch & Housego Plc · LSE:GHH
Gooch & Housego — H1 2026 Earnings Presentation
28 slides from Gooch & Housego's earnings presentation, Jun 2, 2026
Slide 1: Interim Results
Interim Results Period ended 31 March 2026 2 June 2026
Slide 2: 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 question and answer session and any other related verbal or written communications. ▪ This document contains forward-looking stat
Slide 3: Agenda
AGENDA • Highlights • Financial Results • Segmental Update • Strategy Update • Outlook & Summary Charlie Peppiatt - CEO James Corte - CFO INTERIM RESULTS PRESENTATION – H1 2026 PAGE 3
Slide 4: Highlights
HIGHLIGHTS • Continued progress delivering strategic changes to support the Group’s margin growth plans • Revenue up 15.5% (9.1% organic, constant currency) to £81.9m (H1 2025: £70.9m) • Adjusted operating profit increased by 16.9% to £7.2m (H1 2025: £6.2m) • Phoenix Optical and Global Photonics int
Slide 5: Financial Results
Financial Results INTERIM RESULTS PRESENTATION – H1 2026 PAGE 5
Slide 6: Summary Income Statement
SUMMARY INCOME STATEMENT Period ended 31 March H1 2026 H1 2025 % Change • Revenue grew by 15.5%, with organic, constant £m £m currency up 9.1% Revenue 81.9 70.9 15.5% • Gross profit reduced slightly to 29.4% due to some Gross profit 24.1 21.6 11.6% mix headwinds and material supply challenges Gross
Slide 7: Cash Flow
CASH FLOW Period Ended 31 March H1 2026 H1 2025 • Total investment in tangible and intangible assets of £m £m £4.3m (H1 2025: £3.4m) Reported operating profit 4.9 4.2 Depreciation, amortisation & impairment 6.2 5.9 • Increase in working capital of £4.9m (H1 2025: Net capital expenditure (4.3) (3.4)
Slide 8: Revenue by Segment
REVENUE BY SEGMENT H1 2026 Revenue H1 2025 Revenue Life Sciences Life Sciences 20% Industrial Industrial 37% Revenue 24% 42% A&D Growth A&D 43% 33% 15.5% • Industrial revenue shows absolute growth, but declines as a percentage of total group • A&D growth a combination of organic growth and recent ac
Slide 9: Margin Progression
MARGIN PROGRESSION ▪ Industrial margin flat compared to H1 2025 ▪ Strong improvement in A&D reflects delivery of Group Strategy ▪ Life Sciences headwinds due to timing of production ramp-ups and one-off challenges ▪ Inflation and the addition of Global Photonics drives the modest increase in cost IN
Slide 10: Segmental Update
Segmental Update INTERIM RESULTS PRESENTATION – H1 2026 PAGE 10
Slide 11: Aerospace & Defence
AEROSPACE & DEFENCE A&D HY24 HY25 HY26 YoY +/- Group revenue (%) 26.1% 33.1% 43.5% 10.3% Revenue (£m) 16.6 23.5 35.6 51.7% Operating Profit (£m) -1.6 0.6 3.6 500.0% OP margin (%) -9.4% 2.6% 10.2% 760bps Order Book (£m) 37.0 53.3 73.8 38.5% • Revenue up 51.7% across the segment with increase of 26.0%
Slide 12: Industrial
INDUSTRIAL INDUSTRIAL HY24 HY25 HY26 YoY +/- Group revenue (%) 49.8% 42.5% 37.0% -5.5% Revenue (£m) 31.7 30.1 30.3 0.7% Operating Profit (£m) 3.5 3.8 3.8 1.2% OP margin (%) 10.9% 12.6% 12.7% 10bps Order Book (£m) 52.2 37.6 56.1 49.2% • Revenue broadly flat compared to first half prior year, 4.6% up
Slide 13: Life Sciences
LIFE SCIENCES LIFE SCIENCES HY24 HY25 HY26 YoY +/- Group revenue (%) 24.1% 24.4% 19.5% -4.9% Revenue (£m) 15.3 17.3 16.0 -7.7% Operating Profit (£m) -2.2 2.1 0.7 -66.7% OP margin (%) 14.7% 12.0% 4.6% -740bps Order Book (£m) 26.5 30.6 37.4 22.2% • Revenues down by 7.7% (5.8% organic, constant currenc
Slide 14: Strategy Update
Strategy Update INTERIM RESULTS PRESENTATION – H1 2026 PAGE 14
Slide 15: Strategy – Sustainable Growth
STRATEGY – SUSTAINABLE GROWTH Our strategy is focused upon us becoming an ‘innovative customer focused technology company’ making a ‘better world with photonics’ and the ‘first choice’ for all our stakeholders Offering differentiated performance through 4 key strategic priorities: 1 2 3 4 Establish
Slide 16: A&D Business Turnaround
A&D BUSINESS TURNAROUND • 18.9 percentage points improvement in A&D business since launch of new strategy • Further margin progression expected in H2 2026 & 2027 with strong demand for G&H’s A&D Optical Systems • Artemis, Phoenix and Global Photonics fully integrated and delivering synergies • Produ
Slide 17: Speed-to-Value Acquisitions
SPEED-TO-VALUE ACQUISITIONS Phoenix Optical (October 2024) • Revenue synergies through combined commercial pipeline • Scalable sovereign Germanium fabrication capability • Order book growth >100% under G&H ownership • Capability and know-how enhancement through combination Global Photonics (June 202
Slide 18: Value Creation from Technology Focus
VALUE CREATION FROM TECHNOLOGY FOCUS • R&D spend £3.9m (H1 2025: £3.5m) • Revenues from new products expected to increase in FY2026 • Thin Film Lithium Niobate (TFLN) development underway for Electronic Warfare, AI Data Centers and Quantum Systems • Technology roadmap focused on 6 ‘vital few’ areas
Slide 19: Outlook
Outlook INTERIM RESULTS PRESENTATION – H1 2026 PAGE 19
Slide 20: Outlook
OUTLOOK • First half order intake of £100.3m at record levels • Order book up to £167.3m (Sept 2025: £142.4m) • Semiconductor market recovery now underway • Strong A&D business growth in Europe & US • Germanium raw material availability remains variable; sourcing and resilience actions continue • Ne
Slide 21: Summary
SUMMARY • ‘Value creation’ synergies from Phoenix Optical and Global Photonics underway • Operational improvements position G&H well to benefit from upturn in semiconductor and A&D markets • Life Sciences production and supply chain disruption expected to ease in H2 2026 • Investing to meet increase
Slide 22: Appendices
Appendices INTERIM RESULTS PRESENTATION – H1 2026 PAGE 22
Slide 23: Non-Underlying Items
NON-UNDERLYING ITEMS Total non-underlying charge of £2.5m (of which cash £0.7m) • Amortisation of acquired intangibles: £1.5m (of which cash £nil) • Acquisition and integration costs (including interest on deferred consideration): £0.3m (of which cash £0.2m) • Restructuring and other costs: £0.4m –
Slide 24: Introduction to Gooch & Housego ("G&H")
INTRODUCTION TO GOOCH & HOUSEGO (“G&H”) • G&H has spent over seven decades building a reputation for supplying products that are hard to make, high quality, and have a long in-service lifetime • G&H’s focus is on 3 centres of excellence: Precision optics and systems Precision Vision Lens systems opt
Slide 25: G&H: A Photonics Specialist
G&H: A PHOTONICS SPECIALIST Key Market Segments & Products Industrial Aerospace Life & Telecom & Defence Sciences £64.3m FY25A £52.4m FY25A £33.7m FY25A £67.9m FY24A £34.5m FY24A £33.6m FY24A 43% 35% 22% • Laser manufacturing • Navigation • Medical imaging • Photolithography • Targeting • Flow cytom
Slide 26: INTERIM RESULTS PRESENTATION – H1 2026 PAGE 26
INTERIM RESULTS PRESENTATION – H1 2026 PAGE 26
Slide 27: Strategic Progress
STRATEGIC PROGRESS PEOPLE FY2022 FY2023 FY2024 FY2025 RAG TECHNOLOGY FY2022 FY2023 FY2024 FY2025 RAG Open Positions 78 52 27 38 ● R&D Investment (£m) (excluding EM4) 7.2 7.4 7.8 7.3 ● ISO14001 Accreditations 1 3 5 7 ● R&D Investment (% Sales) 6.2% 5.5% 5.8% 4.8% ● HRIS Implementation - - US Sites Al
Slide 28: INTERIM RESULTS PRESENTATION – H1 2026 PAGE 28
INTERIM RESULTS PRESENTATION – H1 2026 PAGE 28