Carclo Plc · LSE:CAR
Carclo — FY2026 Earnings Presentation
25 slides from Carclo's earnings presentation, July 2026
Slide 1: A conversation with Carclo
PRESENTATION A conversation with Carclo Results for the year ending 31 March 2026
Slide 2: Let's talk about
ONE GROUP, ONE TEAM, ONE CARCLO Let’s talk about 1 F Y 22 to F Y 26 JO URNE Y FRANK DOORENBOSCH (CEO) How a deliberate reset left us better, not bigger 2 F INANCIAL P E RF O RM ANCE IAN TICHIAS (CFO) The FY26 numbers, and the targets we exceeded ahead of schedule 3 P RE CIS IO N 2030 FRANK DOORENBOS
Slide 3: How we got here
FY22 to FY26 JOURNEY How we got here F O U R Y E A R S O F D E L I B E R AT E CHOICES FROM FY22 TO FY26
Slide 4: We reset the business and focused the portfolio
We reset the business and focused the portfolio Platform ready: capital and resources now more focused on high-value, regulated markets Revenue Reset What changed Our Strategic Manufacturing Portfolio delivered 4.0% Revenue CAGR −£3m D&E contract termination Major manufacturing agreement cancelled i
Slide 5: We restructured every part of the group to make it better, not bigger
We restructured every part of the group to make it better, not bigger The deliberate choices we made FY22 to FY26, and the numbers they delivered HEAD OFFICE Relocated to London and strengthened the leadership team CTP Division PRECISION PLASTIC SOLUTIONS Speciality Division PRECISION METAL SOLUTION
Slide 6: What the numbers confirm
FINANCIAL PERFORMANCE What the numbers confirm ROS AND ROCE BOTH AHEAD OF THE F Y 2 2 TA R G E T S , N E T D E B T C O N T R O L L E D
Slide 7: Improving performance: Upgrading Earnings Quality
Improving performance: Upgrading Earnings Quality Strong Group performance Group Financial Performance Improved returns Increased profit and earnings per share Margin gains & Balance sheet management FY26 FY25 Change • Increase in operating profit margin, exceeding medium term goals ahead of plan –
Slide 8: Sharper Mix, Tighter Control
Sharper Mix, Tighter Control From Volume to Value Revenue development (£m) From Volume to Value Improving focus on product strategy Benefit of tighter portfolio • FX impact mainly driven by the GBP/USD 121.2 translation (2.6) 118.6 • H1 FY25 included revenue of £2.2m, from sales (2.2) 1.4 of product
Slide 9: Operational excellence delivering sustainable margin gains
Operational excellence delivering sustainable margin gains Margin Performance Analysis Return on Sales From Volume to Value Self help driving margin accretion Increased returns 3.4x growth across 2.5 years • Project Zelda has delivered reduced waste, increasing 11.0% material efficiency usage 10.1%
Slide 10: Consistent improvement of CTP operating margin
Consistent improvement of CTP operating margin Divisional breakdown - CTP Condensed Income Statement CTP Margin growth Divisional breakdown FY26 FY25 Change Change % Margin accretion despite revenue & FX headwinds MS Revenue £88.5m £93.4m -£5.0m (5.3%) • Concentrate capacity on higher-value programm
Slide 11: Speciality delivering consistent improvement in volume and margin
Speciality delivering consistent improvement in volume and margin Divisional breakdown - Speciality Condensed Income Statement Speciality Value growth Divisional breakdown Continued value growth in aerospace FY26 FY25 Change Change % Total Revenue £16.0m £14.2m +£1.8m 12.5% • Third consecutive recor
Slide 12: 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 FY26 FY25 • Underlying EBITDA growth driving strong operating cash generation Underlying EBI
Slide 13: Effective Tax Rate
Effective Tax Rate Reported ETR reflects UK taxable losses, including financing costs rather than the tax profile of the operating businesses Expected blended tax rate to actual ETR Bridge Improvement in ETR • ETR improved to 44% (FY25: 67.1%) as repatriation costs and structural items nearly 15% 44
Slide 14: Net Debt breakdown and leverage
Net Debt breakdown Net Debt to EBITDA leverage Net debt progression (£m) Refinancing complete Net debt to EBITDA ratio closely managed in year New banking relationship in place stabilising business transitioning to new financing arrangements • Continued focus on cash generation and conversion • Prud
Slide 15: 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 £20.0m 33% • Pension burden falling: cash cost down to 19% of
Slide 16: Where we go from here: Precision 2030
PRECISION 2030 Where we go from here PRECISION 2030 OUR PLAN FOR GROWTH
Slide 17: We engineer precision solutions for highly regulated markets
We engineer precision solutions for highly regulated markets All build on precision injection moulding, metal machining, welding, printing and assembly Life Sciences Aerospace Safety & Security In vitro Diagnostics (IVD), drug delivery and Mechanical flight control cables, machined Precision Gearing
Slide 18: Once we are designed in, we are hard to design out
Once we are designed in, we are hard to design out Long-tenured customers, programmes qualified for years, switching costs that protect revenue and high barriers to entry Why are we hard to displace 6 of 10 15+ yrs of the top ten IVD Average tenure with those manufacturers are our customers customer
Slide 19: Precision 2030 grows on the platform whilst maintaining discipline
Precision 2030 grows on the platform whilst maintaining discipline Two pillars, Expand and Innovate, targeting organic CAGR above 8% at net debt below 0.5x uEBITDA Expand Innovate CARRIES THE GROWTH MAKES IT DURABLE o Deeper with our existing customers o Proprietary technology o Into adjacent regula
Slide 20: Expand carries the growth
Expand carries the growth Deeper engagement with existing customers, new adjacent segments, and markets we have under-served Deeper engagement Adjacent segments Markets we have under- with existing customers Long-term demand we are built to serve served Grow where the trust already runs deep Custome
Slide 21: Innovate drives growth which is defensible for years to come
Innovate drives growth which is defensible for years to come Proprietary technology, materials and products that competitors cannot simply copy Proprietary technology Proprietary materials Proprietary products Manufacturing capabilities few can Engineered alternatives the market Platforms we can sel
Slide 22: Growth needs a different mindset than the turnaround did
Growth needs a different mindset than the turnaround did From a responsive supplier to a value engineer, from protecting the base to hunting new demand ALREADY UNDERWAY We lead each customer conversation 1 Responsive supplier → Value engineer with the engineering problem worth N ew talen t in th e C
Slide 23: A stronger foundation, with positive organic revenue growth expected
A stronger foundation, with positive organic revenue growth expected for the full year Carclo Aerospace Life Sciences Three years ago, Carclo was a business In Aerospace, demand remains strong and In Life Sciences, conditions are more facing significant financial and we are well-positioned to benefi
Slide 24: 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
Slide 25: Appendix: Cumulative Market Growth Rates 2025-2030
Appendix 2025 – 2030 Cumulative Market Growth Rates and the elements which drive it MARKET & DRI VER MARKET GROWTH RATE WHERE WE TAKE THE SHARE (CAGR) 2025 – 2030 * Drug delivery & injectables +14% Winning new pen and auto-injector programmes. GLP-1, obesity and the shift to self-injection Civil Aer