Slide 1: Interim Results for the half year to 31st March 2026
21/05/2026 Interim Results for the half year to 31st March 2026 Matt Hamblin – CEO Simon Hallam – Finance Director
Slide 2: Agenda
Agenda • Overview • Income statement summary • Revenue analysis and commercial review • Operations and capacity • Business development • Recent trading • Outlook Appendices: - Cash flow statement and balance sheet - Proposed capital reduction and capital allocation priorities - Introduction to Hardi
Slide 3: Overview
Overview H1 FY 26 • Record first half results • Revenues up over 70% to £4.8m (H125: £2.8m), due to new work wins particularly in North America • Gross margins up from 54% to 65% driven by better capacity utilisation and operational efficiency gains • Significantly improved EBITDA result of £1.6m (H
Slide 4: Income Statement Summary
Income Statement Summary £m H1 FY26 H1 FY25 Change Revenue 4.8 2.8 +2.0 (+71%) Gross margin 3.1 1.5 +1.6 Gross margin % 65% 54% +11ppts Overheads (1.5) (1.1) (0.4) EBITDA 1.6 0.4 +1.2 Depreciation (0.3) (0.4) +0.1 Operating Profit 1.3 - +1.3 Operating margin % 27% - +27ppts Financing (0.1) (0.1) - P
Slide 5: Revenue Analysis and Commercial Update
Revenue Analysis and Commercial Update H1 26 (£m) H1 25 (£m) % change H1 26 % total H1 25 % total Energy 3.1 1.2 +144% 64% 44% Industrial 0.9 0.6 +66% 19% 20% Aerospace 0.8 1.0 (17%) 17% 36% Total 4.8 2.8 +71% 100% 100% General • Growth largely driven by new work won with a major North American ener
Slide 6: Operations and capacity
Operations and capacity Operations • Significant operational scale up successfully delivered during H1to meet growing demand • Operational efficiencies being realised include improved reactor loadings and process gas usage • Capital upgrade at Martinsville plant in the USA is scheduled for H2 at a c
Slide 7: Business development
Business development Coatings as a Service • Start of production on Aerospace Cargo Door project, plus award of additional part numbers . • Order book strengthening with NA Oil & Gas Customers, plus new part award for H2. • Testing ongoing with Middle East customers, 3 – 6 month delay but confidence
Slide 8: Recent trading
Recent trading • Recent trading and order intake has continued to be strong, supported by the additional £1.8m sales order received from our large energy sector customer, for delivery during this financial year • The Board continues to monitor developments in the Middle East closely • As already ann
Slide 9: Outlook
Outlook • The Board continues to anticipate that Hardide will achieve its recently upgraded performance expectations for the full year • Hardide also remains on track to deliver its initial strategic milestone of doubling revenues, significantly faster than was originally expected, from the original
Slide 10: Appendices and Questions
APPENDICES AND QUESTIONS 21/05/2026
Slide 11: Appendix: Cash Flow Summary
Appendix: Cash Flow Summary £m H1 FY26 H1 FY25 EBITDA 1.6 0.4 Change in working capital (0.6) 0.1 Capital expenditure (0.1) (0.1) Debt and lease repayments (0.2) (0.1) Net cash flow 0.7 0.3 Cash balance at 31 March 1.5 1.0 © 2026 All content is confidential and remains the property of Hardide Coatin
Slide 12: Appendix: Balance Sheet Summary
Appendix: Balance Sheet Summary £m 31 Mar 2026 30 Sept 2025 Change Plant & equipment 3.5 3.5 - Right of use assets 1.3 1.4 (0.1) Working capital 1.1 0.6 0.5 Capital invested 5.9 5.5 0.4 Cash 1.5 0.8 0.7 Loans* (0.4) (0.5) 0.1 Lease liabilities** (1.8) (1.9) 0.1 Shareholders’ funds 5.2 3.9 1.3 Return
Slide 13: Proposed capital reduction and capital allocation priorities
Proposed capital reduction and capital allocation priorities • During H2 Hardide intends to announce plans to seek shareholder and Court approval for a proposed capital reduction, under which approximately £20.9m of capital reserves would be converted into revenue reserves • This will eliminate the
Slide 14: Introduction to Hardide
Introduction to Hardide • Primary technology is Chemical Vapour Deposition (CVD) coatings • Markets Served : Aerospace, Oil & Gas, Industrial across a variety of applications • Our CVD coatings are unique in that they are applied in a “low” temperature < 500 ºC environment, versus traditional CVD co
Slide 15: How & Where Our CVD Coatings Are Deployed
How & Where Our CVD Coatings Are Deployed • Applied on various types of Steel, Alloys, Copper, Graphite • Thickness typically 25 to 100+ microns • Non line-of-sight, can do what most other coatings can’t : uniformly coat complex internal and external surfaces • Hardide coatings can be made as pure T
Slide 16: 5 Year Track Record
5 Year Track Record Revenue (£m) Gross margin % 6.0 60 40 3.0 20 0.0 0 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Over 25% increase in revenues in FY25 Significant improvements in gross margins EBITDA (£m) EPS (pence per share) 2.0 1.0 0.0 0.0 -2.0 -1.0 -4.0 -2.0 -6.0 2021 2022 2023 2024 2025
Slide 17: Disclaimer
Disclaimer This document is being made available for information purposes only and neither it nor any oral presentation made in connection with it constitute or form part of, and should not be construed as, an offer, invitation or inducement to purchase or subscribe for any securities or to enter in