Slide 1: 2025 Interim Results
2025 Interim Results 5 August 2025
Slide 2: Agenda
Agenda 1. Highlights 2. Financial Review 3. Business Review 4. Summary & Outlook 5. Q&A 2
Slide 3: Highlights
Highlights Gavin Griggs CEO
Slide 4: H1 2025 Highlights
H1 2025 Highlights Signs of improvement in challenging conditions • Order intake 31% higher than the prior period and 19% higher sequentially in constant currency • Revenue 11% lower than the prior period in constant currency • Book to bill above 1.0x for the first time since H2 2022 Remaining disci
Slide 5: Financial Review
Financial Review Matt Webb CFO
Slide 6: Key Performance Indicators H1 2025
Key Performance Indicators H1 2025 Orders & Revenue Margin Profit & Earnings Cash & Debt ADJUSTED ADJUSTED OPERATING ADJUSTED OPERATING ORDER INTAKE GROSS MARGIN PROFIT CASH CONVERSION £112.7m 41.4% £4.8m Up +31%1 290% Up +80bps1 Down -41%1 H1 2024: 259% ADJUSTED ADJUSTED DILUTED NET DEBT REVENUE OP
Slide 7: Income statement
Income statement Change • Revenue reduction reflects residual customer At actual In destocking, China Semi exit and adverse 2025 2024 exchange constant currency movements Adjusted £m H1 H1 rates currency • Gross Margin % improved by sourcing savings Revenue 110.9 127.1 (13)% (11)% and manufacturing
Slide 8: Order intake trends
Order intake trends Order intake by quarter 2023-2025 (£m) • H1 order intake of £112.7m, 31% higher than the 61.1 57.4 prior period and 19% higher sequentially in 54.4 55.3 49.1 48.8 constant currency 44.2 43.7 44.2 44.9 • All sectors growing • Book to bill back above 1.0x for the first time since H
Slide 9: Revenue trends
Revenue trends Revenue by quarter 2023-2025 (£m) • H1 revenue of £110.9m, 11% lower than the prior 82.3 81.1 77.9 75.1 period in constant currency, as channel destocking 64.6 62.5 60.2 60.0 57.1 peaked 53.8 • Revenue grew by 12% in constant currency from Q1 to Q2 as recovery gained momentum • Semi F
Slide 10: Profitability Improvement Actions
Profitability Improvement Actions Adjusted Gross Margin Bridge (%) 1.5% 41.4% • Gross Margin improved by 80 bps to 41.4% 40.6% 0.8% • Under-utilisation of factory overheads was more than offset by fixed cost reductions, sourcing savings and benefits from improved materials (1.5)% management H1 2024
Slide 11: Profitability Run Rate
Profitability Run Rate H1 2025 Adjusted Operating Profit - Pro-forma (£m) 8.7 • H1 Operating Profit included £2.3m of one-off FX accounting charges from balance sheet 1.6 revaluation: • Relating to inter-company balances • Will eliminate these balances in Q3, 2.3 removing source of FX volatility 4.8
Slide 12: Free Cash Flow
Free Cash Flow 2025 2024 • Operating Cash Flow of £13.9m, totalling £91.0m Adjusted £m H1 H1 since Funding Plan launch in October 2023 Operating Profit 4.8 13.5 • Strong Adjusted Operating Cash Conversion of 290% Depreciation and amortisation 8.1 7.8 • Inventory reduced by 16% to £59.5m, or 8% in EB
Slide 13: Tariffs – Well positioned to mitigate
Tariffs – Well positioned to mitigate • US sales of imported products account for c.30% of Group revenue: • c.20% from Vietnam • c.3% from China • Remainder from other Asian countries • Tariffs are calculated with reference to product cost • Proactively engaged with our customers to mitigate tariff
Slide 14: 2025 Modelling Guidance
2025 Modelling Guidance Profit: • Continue to expect H2 weighting, including the benefit of: • H1 FX revaluation charges not repeated • H1 efficiency actions • Modelled revenue growth can be expected to drop through at 50-60% • Tariffs expected to be profit neutral but mathematically slightly diluti
Slide 15: Business Review
Business Review Gavin Griggs CEO
Slide 16: XP Strategy: Clear, consistent and proven
XP Strategy: Clear, consistent and proven Target key Drive Continually Focus on A leader in our Broad product accounts penetration to enhance our people and industry on portfolio where XP can grow share of global supply talent environmental add value wallet chain development responsibility 16
Slide 17: Focused on long-term structural growth markets
Focused on long-term structural growth markets Attractively positioned in structural growth markets… • Leading and maintained positions in fundamentally attractive Semiconductor Manufacturing Equipment, Industrial Technology, Healthcare sectors • Well-positioned to benefit as these markets recover P
Slide 18: Product Portfolio: New products add significant growth potential
Product Portfolio: New products add significant growth potential HPT5K0 - 5kWprogrammable AC-DC CCR Series - 110W to 420W AC-DC • New 400V and 800V outputs • Flexible cooling options Market leading in the configurable • Low profile solution • Safety interlock power supply Battery charging/EV, Semico
Slide 19: Target Account to add value: Strong pipeline for future growth
Target Account to add value: Strong pipeline for future growth H1 2025 Live customer projects Sum of Best Year Value of all Live Projects XP Live projects with customers is very healthy c. $850m demonstrating the effectiveness and appeal of the XP 12% offering and maintenance of market position CAGR
Slide 20: Target Account to add value: Increasingly becoming a Technology solutions business
Target Account to add value: Increasingly becoming a Technology solutions business ● Markets are changing faster than ever. Customers no longer just buying power supplies, they’re seeking solutions, and outcomes through long-term partners who understand their challenges ● Particularly in Semiconduct
Slide 21: Overview: Industrial Technology
Overview: Industrial Technology ● Strategically important segment of the global technology value chain. ● Diverse sector with attractive growth outlook of 7.5%* per annum over the medium term ● Shift toward smarter, digitally integrated solutions. Features such as remote monitoring and digitally con
Slide 22: Overview: Semiconductor Manufacturing Equipment
Overview: Semiconductor Manufacturing Equipment ● A highly specialized and strategically important segment of the broader industrial technology landscape. ● Linked to long-term growth of the global semiconductor industry, driven by AI, automotive, data infrastructure, and consumer electronics. ● Hig
Slide 23: Overview: Healthcare
Overview: Healthcare ● Sector demands the highest levels of precision, safety, and regulatory compliance. Power supplies are integral to a wide range of diagnostic, therapeutic, and surgical systems — from MRI and CT scanners to surgical robots, infusion pumps, and laboratory automation platforms. ●
Slide 24: Summary & Outlook
Summary & Outlook Outlook • Clear signs of improvement in market conditions, but remain mindful of an evolving macro environment • Expect healthy sequential progress in H2 2025, supported by efficiency actions already taken in H1 • Extent of the progress will depend on our Q4 order book, which will
Slide 25: Q&A
Q&A
Slide 26: Appendices
Appendices
Slide 27: Leading our industry on sustainability
Leading our industry on sustainability Continuing to make progress on ● Sustainability is one of the most critical sustainability agenda and items on the agenda for our key reducing our carbon footprint: customers and their customers alike • 100% electricity in our EU ● Continued commitment towards
Slide 28: Underpinning XP's core financial framework
…..underpinning XP’s core financial framework Through-cycle performance Organic sales Adjusted Operating Cash Target ROCE growth Operating Margin Conversion leverage c.10% c.20% c.100% >20% 0-1x Low capex model Operational leverage Record levels of new with high drop through business wins Expansion
Slide 29: Global Manufacturing and Design Footprint: 'the Where'
Global Manufacturing and Design Footprint: ‘the Where’ Competitive global manufacturing footprint Core R&D capabilities 8 Global R&D centres located close to customers and operations Pangbourne Kunshan >160 Munich San Jose Multi-disciplined team members working in Gloucester Stuttgart R&D and produc
Slide 30: Market data: A growing addressable market
Market data A growing addressable market Market Size Share1 XP 2025 H1 Revenue North Share of XP ($m) Asia Europe Total (£m) America (%) Asia 1,530 1.3% Healthcare 2.0 8.0 14.7 24.7 22% Europe 778 9.0% Industrial Technology 3.7 21.8 16.9 42.4 38% North America 1,195 10.4% Semi Fab 4.5 2.6 36.7 43.8
Slide 31: Disclaimer
The information contained in this document is for Investors should not place undue reliance on such background purposes only and does not purport to be forward-looking statements, and XP Power Limited does Disclaimer full or complete. No reliance may or should be placed not undertake any obligation
Slide 32: XP Power
XP) Power POWERING THE WORLD'S CRITICAL SYSTEMS