Oxford Instruments Plc · LSE:OXIG
Oxford Instruments — H1 FY26 Earnings Presentation
27 slides from Oxford Instruments's earnings presentation, Nov 11, 2025
Slide 1: FY26 interim results presentation
FY26 interim results presentation 11 November 2025 Richard Tyson, CEO Paul Fry, CFO
Slide 2: Proactive response to H1 disruption and strong strategic progress
Proactive response to H1 disruption and strong strategic progress Strong strategic execution laying foundation for future growth and margin expansion Proactive response to Q1 disruption in Imaging & Analysis: tariffs recovered, manufacturing adjustments; orders recovery in Q2 25% order growth in Adv
Slide 3: A challenging H1 landscape met with an agile and proactive response
A challenging H1 landscape met with an agile and proactive response Tariffs and academic An improving picture from Q2 funding impact in Q1 with order momentum US federal funding Tariffs: direct impacts Tariffs: adjusted manufacturing successfully mitigated; open +2% locations; rare earth challenge F
Slide 4: Financial review
Financial review Paul Fry CFO FY26 Interim results 11 November 2025
Slide 5: Challenging H1 following global disruption; well positioned for strong H2
Challenging H1 following global disruption; well positioned well for strong H2 H1 H1 £’m £’m FY25 FY24 % Growth % OCC1 • All financials presented for continuing FY26 FY25 % Growth % OCC1 operations (NanoScience classified as held for sale) Order intake 205.2 204.9 +0.1% +1.4% • Market turbulence beg
Slide 6: Revenue evolution – I&A impacted by disrupted order intake in Q1
Revenue evolution – I&A impacted by disrupted order intake in Q1; AT orderbook in transition Revenue (£’m) OCC (7.9%) (9.2%) • H1 revenue impacted by Q1 tariff related shipping delays and disrupted order intake 204.3 • I&A division OCC1 decline of 8.5% driven by: (13.1) • Broader customer hesitancy
Slide 7: Imaging and Analysis H1 revenue impacted by Q1 tariff-related delays
Imaging and Analysis H1 revenue impacted by Q1 tariff-related shipping delays and disrupted order intake Order intake (£’m) H1 order intake by end customer type -5.8% Production and testing (13.8%) (0.5%) 12% (11.4%) 147 All other 68 80 29% Academia (13.1%) H1 FY25 H2 FY25 H1 FY26 Q1 FY26 Q2 FY26 £1
Slide 8: Advanced Technologies: continued strong order intake
Advanced Technologies Continued strong order intake, with orderbook weighted to larger, longer lead time commercial systems Order intake (£’m) H1 order intake by end customer type +25.3% +25.2% +25.6% 59 Commercial applications 29 31 + 34% H1 FY25 H2 FY25 H1 FY26 Q1 FY26 Q2 FY26 49% £58.6m 35% All o
Slide 9: Adjusted operating profit evolution
Adjusted operating profit evolution • Group gross margin consistent at 55% OCC, through tariff re-pricing, operational efficiency and higher plasma ASPs • Total absolute overheads marginally lower than H1 FY25, but ~280 bps higher as % of OCC revenue • AOP margin decline direct result of revenue dec
Slide 10: Adjustments to statutory results
Adjustments to statutory results H1 H1 £’m £’m FY25 FY24 % % Growth Growth %%OCC OCC 1 FY26 FY25 • No changes to definitions of adjusting Adjusted operating profit 24.7 35.3 (30.0%) (22.9%) items • Non-recurring items include: Net Finance Income 0.7 0.7 • Belfast restructuring costs (£2.0m) Adjusted
Slide 11: Cash flow – improved FCF versus H1 prior year
Cash flow – improved FCF versus H1 prior year; accelerating into FY27 Adjusted cash from operations £6.4m Working capital profile reflects: 5.8 • Inventories - finished goods shipments and materials build for H2 acceleration 24.7 • Other - typical H1 profile; down £7m (11%) 16.2 versus H1 PY • Expec
Slide 12: Capital allocation priorities unchanged; further £50m share buyback expected
Capital allocation priorities are unchanged; further £50m share buyback expected E.g. • R&D at 8%-9% of revenue Organic investment • Severn Beach; Regional build out Driving growth and margin • FY24: 20.8p +6.7% • FY25: 22.2p +6.7% Dividends • H1 FY26 5.4p +5.9% Progressive, in line with underlying
Slide 13: Guidance for FY26 and outlook – no change from October trading update
Guidance for FY26 and outlook – no change from October trading update For continuing operations (excl. NanoScience): AOP growth drivers versus H2 prior year (£’m) Revenue • I&A OCC H2 revenue flat on prior year, supported by Q2 orders flat on prior year • AT OCC H2 revenue growing mid-teens – full o
Slide 14: Strong progress on strategic actions
Strong progress on strategic actions Richard Tyson CEO FY26 Interim results 11 November 2025
Slide 15: Tariff-related disruption and lower orders in Q1; recovering momentum from Q2
Tariff-related disruption and lower orders in Q1; recovering momentum from Q2 Imaging & Analysis Leading range of microscopy, scientific cameras, spectroscopy and associated analytical tools and software H1 FY26 • Short-term demand impacts in core markets; medium-term prospects remain exciting Order
Slide 16: Structural growth drivers remain strong in Imaging & Analysis
Structural growth drivers remain strong in Imaging & Analysis Imaging & Analysis Positioned in structurally growing markets Globally diversified Medium- % of % change • Globally diversified business, term CAGR divisional in revenue ** revenue YOY opportunity in all regions. • US weighting increasing
Slide 17: Actions taken to add resilience and optionality for customers
Actions taken to add resilience and optionality for customers Imaging & Analysis Made in China: protecting market share, creating opportunity Spotlight on USA: a good performance in an unpredictable environment China for China strategy: New electron microscopy detector assembly Orders +11% CC • Stro
Slide 18: Comprehensive set of actions taken to improve business performance and returns
Belfast cameras and microscopy facility turnaround actions taking hold Imaging & Analysis Comprehensive set of actions taken to improve business performance and returns Rightsizing of workforce: Operational programme Focus on rebuilding Product line restructure 20% reduction improving lead times, re
Slide 19: Simpler interfaces, faster results, improved capabilities
Extending our reach with cutting-edge, user-friendly instruments and software Imaging & Analysis Simpler interfaces, faster results, improved capabilities Budget-friendly atomic force Nuclear magnetic resonance Scientific camera New Raman system microscope extends customer technology leadership secu
Slide 20: Strong order growth driven by AI and augmented reality
Strong order growth driven by AI and augmented reality; revenue fully covered for the year Advanced Technologies Compound semiconductor fabrication equipment and X-ray technology H1 FY26 • Strong positive momentum in compound semiconductor business driven by commercial customers Orders Revenue Margi
Slide 21: State-of-the-art facility and focus on commercial sector underpin order growth
Compound semiconductor strategy extending reach into commercial customers Advanced Technologies State-of-the art facility and focus on commercial sector underpin strong order growth Leading expertise in 25% order Full order book for fabrication and process growth FY26 supports development positions
Slide 22: Our role in the AI ecosystem of today and tomorrow
Our role in the AI ecosystem of today and tomorrow Advanced Technologies Specialist expertise in critical layer applications for AI, datacentres, quantum and augmented reality attracting major technology players and boosting average system price Gallium nitride RF wireless Enabling Supporting Playin
Slide 23: Continued progress towards medium-term targets
Continued progress towards medium-term targets • Imaging & Analysis self-help driving cost efficiencies and maintaining gross margin • Strong double digit order growth expanding reach into commercial customers in Advanced Technologies 5-8% 20%+ Organic Margin growth CAGR • Continuing progress on ope
Slide 24: Proactive response to Q1 disruption; stronger H2 expected
Proactive response to Q1 disruption; stronger H2 expected Stronger H2 expected as benefits of actions taken flow through to revenue, profit and margin Compound semiconductor strategy delivering strong order growth from commercial customers Strong balance sheet, and share buyback extended Strong stra
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 25
Slide 26: Appendix
Appendix 26
Slide 27: Full Year FY25 pro-forma (unaudited)
Full Year FY25 pro-forma (unaudited) Full year to 31 March 2025 Full year to 31 March 2025 Pro-Forma (unaudited) Adjusted Adjusting Total Advanced items Imaging & Techn- £m Analysis ologies Total £m £m £m Revenue 330.5 112.9 443.4 Revenue 443.4 - 443.4 Cost of sales (199.1) - (199.1) Adjusted operat