Avon Technologies Plc · LSE:AVON
Avon Technologies — Investor Day (October 2026)
82 slides from Avon Technologies's investor day presentation, Oct 7, 2026
Slide 1: Improve. Grow. Compound.
Improve. Grow. Compound. 7 October 2026
Slide 2: Demonstrated improvement creates a strong organic platform and capacity to grow
Demonstrated improvement creates a strong organic platform and capacity to grow Compound Grow Compound value Improve over the long term Drive growth, Our Business cash generation and returns on capital • Acquire selectively in Improvement protection technology System works • Attractive organic growt
Slide 3: Today's agenda
Today’s agenda 15.40 17.15 Coffee break Drinks & technology showcase 14.30 14.45 15.50 16.20 16.30 16.45 Improve: Grow: Compound: Targets & Summary & A stronger Our organic growth plan Building a capital Q&A business. leading allocation Markets: Avon Protection : Team Wendy: protection A proven Stru
Slide 4: Today's presenters
Today’s presenters Jos Sclater Steve Elwell Vasilios Brachos Chief Executive Officer President, Avon Protection President, Team Wendy • Joined Avon 2023 • Joined Avon 2021 • Joined Avon from Ceradyne in 2020 • Previously Group CFO at Ultra • Previously VP at e2v (Teledyne) & • 25+ years of ballistic
Slide 5: Improve: A better business. A proven system.
Improve: A better business. A proven system.
Slide 6: We started with an underperforming business in 2023
We started with an underperforming business in 2023 Revenue -7.5% Adjusted -9.8% Adjusted -26% EBIT EPS FY21 FY22 FY23 FY21 FY22 FY23 FY21 FY22 FY23 FY23 FY23 FY23 Operating 8.7% ROIC 8.7% Cash 7% margin conversion But we saw potential 6
Slide 7: We needed to do something different to create value
We needed to do something different to create value What got us here... ... will not get us here Adjusted Operating Profit 2020 A business won’t change if it keeps doing the same things 7
Slide 8: STAR created clarity around the direction
STAR created clarity around the direction A higher -performing business Transformation programme to with Continuous Improvement address accumulated embedded performance gaps More opportunities and a Leading market positions in wider product portfolio for growth markets with clear future growth organ
Slide 9: Strategy and execution transformed Avon's performance
Strategy and execution transformed Avon's performance c.$350m Revenue Not to scale In three years, we tripled earnings and returns on capital 9
Slide 10: We significantly exceeded our original targets a year early
We significantly exceeded our original targets a year early FY27 targets: FY26 trading update: Revenue >5% >12% CAGR growth Operating profit margin 14-16% >16% Leverage 1-2x <0.5x ROIC >17% >17% Cash conversion 80-100% >85% Giving us confidence that our improvement system is worth codifying 10
Slide 11: We have proved our Business Improvement System works
We have proved our Business Improvement System works • Decentralise accountability & decision -making • Support with resources and capital • Prune portfolio distractions & focus resources • Teach leaders to develop and own their strategy • Translate direction into annual priorities and financial pla
Slide 12: Improve our existing businesses. Operate consistently.
Improve our existing businesses. Operate consistently. Invest… • Sales & marketing Growing... • New products • Sales • Further platform growth • Diversification Improving… Freeing up... Build Continuous • Safety • Cash Improvement with • Quality • Capacity the Strengthen • Delivery • Management band
Slide 13: Our Strengthen System enables rapid improvement – forever
Our Strengthen System enables rapid improvement – forever A proven, repeatable model we can deploy across other businesses 13
Slide 14: Avon develops leaders capable of implementing the system
Avon develops leaders capable of implementing the system Our development framework • Builds a repeatable capability to deploy the Business Improvement System beyond the current leadership team • Creates the leadership capacity and culture required to integrate and improve acquired businesses Capabil
Slide 15: Improve | Grow | Compound: expanding Avon's value creation opportunity
Improve | Grow | Compound Business Improvement System to deliver cash, productivity and capacity benefits Strong market leadership positions and a large installed base support resilient recurring revenue growth Focused investment expands our participation in attractive, higher -value opportunities D
Slide 16: Grow: Expanding our participation in attractive protection markets
Grow: Expanding our participation in attractive protection markets Market trends Avon Protection: Team Wendy: & opportunity 5 year plan 5 year plan
Slide 17: Rising geopolitical tension driving global defence spending and sustained demand
Rising geopolitical tension, global conflict and civil unrest More complex Military Need for lighter, Higher defence Greater focus threats (inc. modernization: integrated & security on readiness, CBRN, blast, replacing aging systems: spend resilience & hazchem ) equipment protection AND stock levels
Slide 18: The mission critical protection technologies market is large, growing and fragmented
The mission critical protection technologies market is large, growing and fragmented Protection technologies comprise the equipment, systems and consumables that protect military personnel and first responders operating in hazardous and high -threat environments. Market characteristics: Total protec
Slide 19: Our selected core addressable markets are growing steadily
Our selected core addressable markets are growing steadily Respirators Respirators Ballistic helmets Ballistic helmets Bump helmets (Military) (Commercial) (Military) (Commercial) (Military & Commercial) $945 m $758m +3.5% $356m $388m CAGR +4.5% CAGR $232m +3.0% $300m $290m +6.0% +3.5% CAGR $195m CA
Slide 20: We have a durable competitive advantage
We have a durable competitive advantage Customer Technology Qualification Installed Operational intimacy & IP barriers base excellence • Customer funded R&D • US DoW testing and • > 4m active • Proprietary flow • US DoW, NATO & production approval respiratory users manufacturing allied users • Propr
Slide 21: A solid base of recurring revenue
A solid base of recurring revenue Group revenue ($) New customers, programmes and adjacent products drive new organic growth IHPS/ACH • Sustainment & replacement demand • Spare filters, helmet pads and accessories • Servicing FY23 FY26 With significant growth programmes moving into sustainment 21
Slide 22: Grow: Maximise the core & win the programmes that matter
Grow: Maximise the core & win the programmes that matter 22
Slide 23: Our respiratory platform is scalable to meet the needs of the user and their mission
Our respiratory platform is scalable to meet the needs of the user and their mission INCREASING PROTECTION CAPABILITY ROUTINE OPERATIONS AIR -PURIFYING CBRN EXTENDED DURATION HIGH -THREAT MAXIMUM MISSION ENVIRONMENTS FLEXIBILITY MITR SYSTEM Air Purifying Respirator APR & Powered APR APR & Self -Cont
Slide 24: The global leader in CBRN respiratory protection
The global leader in CBRN respiratory protection $400m accessible market #1 global market share >4m active users >75 active countries Long -term, sole source contracts Trusted by NATO, US DoW, UK MoD and allied users worldwide 24
Slide 25: Leveraging our leadership position to capture adjacent growth markets
Leveraging our leadership position to capture adjacent growth markets Integrated Underwater CBRN respiratory >$800m +4% >$40m +3% market market CAGR accessible market CAGR opportunity market • Respiratory leadership • Proven MCM100 platform provides natural entry point • Deployed across NATO and fiv
Slide 26: Rising global threats driving demand for advanced respiratory and CBRN protection
Rising global threats are driving demand for advanced respiratory and CBRN protection Perception of risk is increasing... ...and global market needs are evolving Respondents describing the risk of the following events happening in the next 12 months as ‘very real’ or ‘somewhat real’: 72% 66% United
Slide 27: Why Avon Protection wins
Why Avon Protection wins Customer requirements expanding beyond traditional CBRN: • Greater focus on combat effectiveness and operator health • Integrated systems replacing standalone products - Avon Protection is one of few providers able to meet this need • Growing concern over cumulative exposure
Slide 28: MITR has created a new product category beyond traditional CBRN
MITR has created a new product category - extending respiratory protection beyond traditional CBRN missions Supports law enforcement, training and occupational health applications Particulates & smoke Including asbestos fibres • Adopted by multiple Five Riot control agents Eyes special ops users CS,
Slide 29: We will enhance the core business and win the programmes that matter
We will enhance the core business • Improve safety, quality, delivery, inventory and productivity Improve • Create capacity and cash to support growth • Maintain operating discipline as volumes increase • Extend US DoW and NATO respiratory leadership Maximise • Maximise value from the installed base
Slide 30: Continuous improvement is delivering materially higher quality results
Continuous improvement is delivering materially higher quality results Improve Scrap Productivity Average On-time delivery (as % of revenue) (Revenue per direct employee) inventory turns $778k 4.2 97% 96% 2.3% $521k 2.9 1.0% HY23 FY26 HY23 FY26 HY23 FY26 HY23 FY26 $2M $10M annual cash cash saving sa
Slide 31: Market leadership and a large installed base drives resilient core growth
Market leadership and a large installed base Maximise drives resilient core growth European NATO & International • NATO qualification & operationally proven • Allied -force interoperability • Growing installed base and user confidence • Long -term contracts and established channels Revenue ($M) US D
Slide 32: A resilient recurring revenue base in US DoW and law enforcement
A resilient recurring revenue base in US DoW and law enforcement Maximise Enduring competitive advantage Accelerating growth drivers 1.8m • Long -term, sole-source DoW contracts • Mask and filter re-stocking M50 respirators in US military • Filter contract backlog at record high • Focus on combat ef
Slide 33: Strong European momentum: Avon is well established & growing fast
Strong European momentum: Avon is well established & growing fast Maximise Established competitive Accelerating growth position drivers • Over 0.5 million respirators • Local partnerships in service supporting sovereign >90% • NATO qualified and requirements +20% Growth in operationally proven • Wid
Slide 34: Our stable core provides a platform for consistent growth
Our stable core provides a platform for consistent growth Accelerate Step -change growth opportunities Core business US Suits US Rebreather ($M) Revenue ($m) Revenue NATO Combination Systems Next gen US respiratory FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 Grow: a small number of step -change programm
Slide 35: Our EXOSKIN suits range integrates seamlessly with our respirators
Our EXOSKIN suits range integrates seamlessly with our respirators Accelerate Evolving CBRN threat Respirator leadership creates environment unique advantage Increasing investment driven Enables Avon to optimise the most by geopolitical tensions and critical protection interfaces chemical threat sce
Slide 36: US suit represents a significant near-term opportunity
US suit represents a significant near -term opportunity Accelerate 2026 2027 2028 2031 Phase 1: 7 suits Phase 2: 350 suits Phase 3: 1,500 suits Production >100k suits Competitive evaluation process - fewer competitors through each phase Avon has successfully progressed to phase 3: MIST & Advanced us
Slide 37: Our rebreathers are the most advanced on the market
Our rebreathers are the most advanced on the market Accelerate Increased focus on Technology leadership subsea security Digital architecture, automation Mine warfare, infrastructure and protected IP create a clear protection and special operations competitive advantage are accelerating demand Benchm
Slide 38: The US represents ~25% of the obtainable market
The US represents ~25% of the obtainable market Accelerate 2026 2027 2028 2031 Assessment Early downselect Evaluation trials LRIP Full rate production Proven capability in-service with multiple NATO and five-eyes nations Embedding our localised US Deepproduction -sea market and support capability (‘
Slide 39: NATO combination systems opportunity enhances user capability
NATO combination systems opportunity provides Accelerate platform to enhance user capability 2026 2027 2028 2030 NSPA mask and filter contract NSPA combination systems FM50 European installed base exceeds 0.5m users Strong military user advocacy and established trust Independent CE certification alr
Slide 40: Defining the future of US CBRN protection
Defining the future of US CBRN protection Accelerate Influencing future requirements Collaborating directly with US customer to shape next -generation capability needs Establishing system leadership Driving CBRN system interoperability Reducing program risk Building evidence through funded developme
Slide 41: A campaign-led approach turns major opportunities into executable programmes
A campaign -led approach turns major opportunities Accelerate into executable programmes A disciplined route from early customer shaping to confident delivery: SHAPE THE BUILD THE WINNING SECURE THE DELIVER WITH OPPORTUNITY PROPOSITION AWARD CONFIDENCE • Early customer • Roadmap integration • Win st
Slide 42: The core provides the base plan; selected programme wins provide upside
The core provides the base plan; selected programme wins provide material additional upside Global Scalable Core market Selected Step -change leadership platform growing adjacencies growth opportunities The global leader One platform Strong, recurring Extending Focussed on in mission -critical servi
Slide 43: Grow: A broader portfolio and a more resilient business
Grow: A broader portfolio and a more resilient business 43
Slide 44: Combining Ceradyne's ballistic expertise with Team Wendy's impact protection leadership
Combining Ceradyne's ballistic expertise with Team Wendy's impact protection leadership Seamless shell technology No-Thru -Hole design Zorbium foam Competitors: Team Wendy: Darting creates Proprietary fabric vertical seams forming eliminates seams and minimizes wrinkles • Preserves fibre continuity
Slide 45: Global unrest is driving helmet sales in the US and globally
Global unrest is driving helmet sales in the US and globally Rapidly growing drone United States engagement in theatre: • Border & homeland security rising defense budgets Increased fragmentation threat and modernization from above = need for higher head • LE demand rising with urban threats, civil
Slide 46: Our strategy will build a broader and more resilient business
Our strategy will build a broader and more resilient business • Further improve quality and lead times to extend competitive lead Improve • Continue to increase productivity, inventory turns and cash generation • Create capacity to scale • Maximise and extend core DoW programmes Maximise • Expand ac
Slide 47: Business improvement has transformed Team Wendy
Business improvement has transformed Team Wendy Improve Cleveland ballistic Revenue Adjusted EBIT Adjusted EBIT margin helmet production (units) 165,000 $154m $14m 9% $67m $(11m) (17%) 20,000 FY26 FY26 consensus consensus HY23 FY26 HY23 FY26 HY23 HY23 consensus Operational discipline has significant
Slide 48: Continuous improvement will enable us to outperform customer expectations
Continuous improvement will enable us to outperform customer Improve expectations and retain our cost advantage Scrap Productivity On-time delivery Average inventory (as % of revenue) (Revenue / direct headcount) turns $464k 96% 95% 2.6 2.6 4.5% $225k 1.9% HY23 FY26 HY23 FY26 HY23 FY26 HY23 FY26 $4M
Slide 49: Flow based manufacturing is a competitive advantage in our market
Flow based manufacturing is a competitive advantage in our market Improve From this... ...to this One-piece flow • Makes your opportunities visible • Aligns production closer to customer orders, increasing responsiveness • Eliminates inventory and waste associated with moving and holding WIP • Allow
Slide 50: Our credibility with the DoW positions us to sustain and extend current programmes
Our credibility with the DoW positions us to sustain and Maximise extend current programmes • Grow to our full potential of existing contracts • Future variants of NG IHPS (i.e. Revenue ($m) High Cut) expected to drive sustainment • 950k soldiers forecast for FY27 International expansion vs 300k dep
Slide 51: We have established a commanding position in DoW
We have established a commanding position in DoW Maximise and will use our strengths to expand it Why Team Wendy wins inDoW... ...and how we will use those strengths to diversify: Win more from existing Deep understanding of positions the user and system NG IHPS fielding, Sustainment, pads & accesso
Slide 52: Commercial and international expansion will broaden Team Wendy's revenue base
Commercial and international expansion will Accelerate broaden Team Wendy’s revenue base • NATO / allied defence spend increasing • Large opportunities in Europe, LATAM, MENA, APAC and allied markets • Products, pricing and partnerships tailored to local requirements Revenue ($m) International expan
Slide 53: International demand is growing, but premium pricing has been a brake on sales
International demand is growing, but Team Wendy’s premium product Accelerate & pricing have historically been a brake on sales outside N.America International market is ...but Team Wendy large & growing... share is low Right product • Lower-cost EPIC and RIFLETECH variants for price -sensitive deman
Slide 54: Significant headroom to grow in North American commercial markets
Significant headroom to grow in North American commercial markets Accelerate Reach more customers 54% • Expand coverage across underpenetrated states & smaller law enforcement agencies of US sales come • Target federal customers from just five • Enter Canada through dedicated partners states • React
Slide 55: We now need to use our strengths to grow quickly in international and commercial markets
We now need to use our strengths to grow quickly in Accelerate international and commercial markets What makes Team Wendy strong inBALLISTIC... ...and how we will use those strengths to drive growth: 1 Increase value per customer Ability to tailor performance, weight & • Tailor existing products to
Slide 56: We are developing a common platform to unlock the mid-range ballistic helmet market
We are developing a common platform to unlock the Accelerate mid -range ballistic helmet market Best in Class Elite Forces and Top Tier Militaries International Military Generalist PRICE & PERFORMANCE Market and US Law Enforcement ADDRESSABLE MARKET SIZE While protecting our premium positioning 56
Slide 57: We are developing a common platform to unlock the mid-range ballistic helmet market
We are developing a common platform to unlock the Accelerate mid -range ballistic helmet market Exfil Endurance Recent addition: no New EPIC Specialist through hole, light weight Market focused Performance/Cost RifleTech combination New Responder Best in class low–cost LE targeted ballistic helmet E
Slide 58: A common platform can unlock the mid-range helmet market
A common platform can unlock the mid -range helmet market Accelerate while protecting the premium portfolio A new common platform Team Wendy wins on We will overcome this through: protection, comfort and user experience, BUT... • Shared helmet architecture • Common design, components & Premium posit
Slide 59: We need to use our strengths to grow quickly in bump helmets
We need to use our strengths to grow quickly in international and Accelerate commercial markets What makes Team Wendy strong inBUMP... ...and how we will use those strengths to drive growth: 1 Broaden the customer base Strong brand • Use trusted products and user advocacy to open recognition & new a
Slide 60: Bump helmet new product development expands our market reach
Bump helmet new product development expands our market reach Accelerate MILITARY IMPACT STANDARD MOUNTAINEERING FIREFIGHTER & PRICE & MILITARY IMPACT EMERGENCY RESPONSE STANDARDS STANDARDS NO MILITARY (NFPA / ASTM) IMPACT STANDARD SEARCH & RESCUE TACTICAL BUMP NFPA & ROADSIDE SAFETY While protecting
Slide 61: Bump helmet new product development expands our market reach
Bump helmet new product development expands our market reach Accelerate EXFIL CARBON SAR Tactical Top of the line Military Flagship search and Tactical Bump Helmet rescue helmet RECON Industry leading protection, quality & versatility Roadside Safety for roadside service responders PRICE EXFIL LTP P
Slide 62: A stronger platform with multiple drivers of future growth
A stronger platform with multiple drivers of future growth Strong DoW Technology Tailored Disciplined International foundation leadership portfolio commercial growth expansion Customer access, A differentiated Broadening the Turning an Scaling through technology and platform that portfolio to establ
Slide 63: Compound: build a leading protection technology platform
Compound: build a leading protection technology platform
Slide 64: Compound: building a protection technology compounder
Compound: building a protection technology compounder Improve what we buy Compound Acquire selectively and demonstrate we shareholder value in protection can apply our system through our buy and technology markets to an acquisition improve model We are ready to go and will accelerate as capabilitya
Slide 65: A focused investment universe
A focused investment universe Where we will play Protection technology & closely adjacent mission-critical safety: • Respiratory • Underwater systems Core protection • Head protection • Lifecycle sustainment • CBRN ensembles A fragmented market Critical suppliers or technology enablers • Opportunity
Slide 66: Compound: acquire only where Avon can add value
Compound: acquire only where Avon can add value Acquisition criteria: 1 Market & 2 Business quality 3 Value -creation 4 Financial returns Strategic fit potential • Must be in an area we • Defensible product or • Credible route to improve • Returns above WACC understand technology position growth, ma
Slide 67: The acquisition process: our Business Improvement System at the core
The acquisition process: our Business Improvement System at the core Select Enable Improve & grow Reinvest • The right organisational • Select against our • Improve safety, quality, • Fund high -return structure acquisition criteria delivery, inventory and organic growth • Build leadership and produ
Slide 68: Our vision is a repeatable cycle of long-term compounding
Our vision is a repeatable cycle of long -term compounding The cycle repeats only Greater cash flow & Strong Strengthen System plus when the next opportunity capability support businesses growth = strong cash flow meets our criteria next investment generate cash Stronger leaders, Carefully selected
Slide 69: What we expect this to deliver
What we expect this to deliver 69
Slide 70: $175m cumulative free cash flow over the next three years
$175m cumulative free cash flow over the next three years $175m+ Cash generation will improve dramatically, driven by growth, the end of transformation and working capital efficiency Free cash flow (FCF) is defined as net cash generated from operating activities, less net interest paid and capital e
Slide 71: A probability-weighted plan creates a solid base with opportunity to over deliver
A probability -weighted plan creates a solid base >$600m Group Revenue Target We won’t win everything >5% Revenue CAGR • Core market growth • Share gains & product expansion • Step change programme opportunities FY26 Organic FY31 organic Buy & improve opportunities target upside with opportunity to
Slide 72: Investing for growth while maintaining financial discipline
Investing for growth while maintaining financial discipline We have a very strong balance sheet, giving us options for allocating capital : Investment to support organic growth Maintain progressive dividend While maintaining a strong balance sheet: target leverage of Disciplined M&A 2x or less Retur
Slide 73: We have ambitious targets
We have ambitious targets How we expect the current Strong cash generation Group five -year targets: portfolio to perform organically: supporting firepower to drive faster growth: 16-18% >$175m >5x >5% >10% >$600m >18% Further Operating 3-year Group EPS Revenue EPS CAGR cumulative Inventory Group RO
Slide 74: Summary: Improve Grow Compound
Summary: Improve Grow Compound Photo credit: NASA 74
Slide 75: An experienced team
An experienced team LEADING DURABLE ORGANIC HIGHLY CASH - DISCIPLINED POSITIONS IN COMPETITIVE GROWTH ABOVE GENERATIVE REINVESTMENT ATTRACTIVE ADVANTAGES END MARKETS CORE MARKETS With the ambition to compound value over the long term 75
Slide 76: Protecting the lives of those who protect us
Protecting the lives of those who protect us
Slide 77: Appendix
Appendix
Slide 78: Our FY27 Group Strategy in detail
Our FY27 Group Strategy in detail: Drive higher productivity, cash generation and returns through Continuous Improvement • Improve productivity, quality and inventory turns • Build leadership capability and organisational strength • Generate cash to reinvest in growth Strengthen our market -leading
Slide 79: Investment Case: A stronger Avon is positioned to compound value
Investment Case: A stronger Avon is positioned to compound value over the long term LEADING POSITIONS DURABLE ORGANIC GROWTH HIGHLY CASH - DISCIPLINED IN ATTRACTIVE COMPETITIVE ABOVE END GENERATIVE CORE REINVESTMENT MARKETS ADVANTAGES MARKETS • Mission-critical • Long qualifications • Core growth an
Slide 80: Glossary
Glossary LATAM Latin America LE Law Enforcement 50 Series Range of masks based on the technology of the M50 mask system LTP Lightweight Tactical Polymer ACH Gen II Second-generation Advanced Combat Helmet LTM Last Twelve Months APAC Asia-Pacific MENA Middle East and North Africa APR Air purifying re
Slide 81: Avon Protection Portfolio
Avon Protection Portfolio 81
Slide 82: Team Wendy Portfolio
Team Wendy Portfolio BALLISTIC BUMP LINERS & RETENTION NEXT GEN INTEGRATED ZAP SOF H-BACK HEAD PROTECTION ADVANCED EPIC AIR® LINER SYSTEM CAM FIT RIFLETECH RECON LINER SYSTEM RETENTION SYSTEM COMBAT HELMET EXFIL® LTP EXFIL® CARBON RETENTION SYSTEM SYSTEM TACTICAL CLOUDLINE® VELCRO® BRAND STANDARD EP