Slide 1: Very strong results – ahead of expectations. Great momentum
10-11 CHARTERHOUSE SQUARE, LONDON EC1M 6EE TELEPHONE: +44 (0)20 7549 5700 18 November 2025 PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Very strong results – ahead of expectations. Great momentum FY25 FY24 Change Revenue £1,524.5m £1,363.4m +12% Organic revenue growth 11% 6% Adjusted ope
Slide 2: Sector performance
Sector performance ● Controls +20% organic growth: Strong execution and attractive end market exposures. Double- digit growth in Windy City Wire and International Controls. Peerless exceeded expectations ● Seals +2% organic growth: Sequential improvement in H2. North American Seals strong, Internati
Slide 3: Note to editors
NOTE TO EDITORS: Diploma PLC is a group of specialist businesses that provide critical products and value-added services to customers across a wide range of markets – where quality, reliability and expertise matter most. We help our customers run smarter, safer and stronger. We provide the bolts tha
Slide 4: CEO review
CEO review Another year of strong performance and great progress This has been a year of strong financial performance and great strategic progress, building on a decades-long track record of compounding growth and strong returns. Organic growth is our priority. This year it has exceeded our expectat
Slide 5: Strategic progress
markets in structural growth – aerospace, clean energy, diagnostics, datacentres, to name a few. This has, in turn, made our growth more structural. As in the past, we have continued to effectively deploy capital into bolt-on acquisitions, maintaining the discipline Diploma has always been known for
Slide 6: Targeted acquisitions accelerate organic growth
water treatment, energy storage, nuclear - where we have a very small footprint today. There is a lot for us to go for. Targeted acquisitions accelerate organic growth Since 2019, we’ve acquired 48 businesses investing £1.4bn to drive future organic growth and strong returns. Some newly acquired bus
Slide 7: Scaling capabilities in Sales Excellence
The new year has seen a Group-wide focus on scaling our capabilities in Sales Excellence. Following a fantastic event earlier in the year which brought together 75 leaders from across every business in the Group to share, learn and collaborate, our businesses are now driving improvement through the
Slide 8: CFO's Review
CFO’s Review Further commentary relating to the FY25 financial results can be found in the Financial Review. Ambitious growth, disciplined delivery Sustainable quality compounding combines ambition with discipline. Our business model and strategy are designed to support the delivery of strong organi
Slide 9: Acquisitions and operating margin
execution. We have seen some more challenged performances, hindered by market conditions in many cases. Our strategy is to accelerate our organic growth with targeted acquisitions, and our compounding model demonstrates that we can deliver double-digit revenue growth within our leverage policy. We d
Slide 10: Cash flow and returns
less than prior year while growing organic revenue by 11%. Capital expenditure at c.1% of revenue was below the 2% we typically expect. Ingrained discipline drives strong returns Our key returns metric, Return on Adjusted Trading Capital Employed (ROATCE), adds back accounting adjustments, such as a
Slide 11: Balance sheet, dividend and FY26 guidance
We maintain a well-supported balance sheet. Over the last 18 months, we have secured £885m, through the combination of our revolving credit facility and US private placement notes, termed in tranches out to 2036. To build our financial firepower to fund our growth ambitions, we intend to raise furth
Slide 12: Sector review: Controls
SECTOR REVIEW: CONTROLS Advanced technologies for critical applications Our Controls businesses provide precision products for highly-technical applications across a wide range of markets, including aerospace, defence, datacentres, energy, infrastructure and medical. FY25 FY24 Change Revenue £836.4m
Slide 13: Controls end markets
production backlogs on the build of civil aircraft of over 10 years, driving strong customer demand for our speciality fastener products and interconnect solutions. Our International Controls businesses with strong aerospace exposure have been the best performing during the year, led by Peerless. Da
Slide 14: Strengthening leadership, building succession
bring intangible benefits that come from the energy created when our entrepreneurial leaders come together. Strengthening leadership, building succession The success of our businesses is driven by the strength of our leadership. Aided through the creation of a Sector HR Director role during the year
Slide 15: Sector review: Seals
SECTOR REVIEW: SEALS High performance solutions that power progress Our Seals businesses provide reliable, high-performance sealing and fluid power solutions that protect equipment, power innovation and drive uptime across industries from construction to agriculture and energy to water. FY25 FY24 Ch
Slide 16: North American Seals
NORTH AMERICAN SEALS Positive momentum and growth driven by disciplined strategic execution Hercules Aftermarket delivered a strong performance in a challenging market, achieving share gains in its core US repair segment and driving expansion in the industrial aftermarket - a new but rapidly growing
Slide 17: Navigating challenging extraction markets in Australia
Navigating challenging extraction markets in Australia Diploma Australia Seals’ (DAS) revenue declined year-on-year. Performance was affected by conditions in the extraction sector, driven by a downturn in nickel mining activity, along with continued softness in oil and gas. We maintained our market
Slide 18: Sector review: Life Sciences
SECTOR REVIEW: LIFE SCIENCES Technological innovations that drive better patient outcomes Our Life Sciences businesses provide value-add solutions in the medtech, in vitro diagnostics (IVD) and scientific segments of the global healthcare market. We aspire to make a difference for the people we help
Slide 19: Continued growth in Australia and New Zealand IVD
Continued growth in Australia and New Zealand IVD We continue to deliver strong growth in Australia and New Zealand’s IVD segment, supported by rising demand for screening and diagnostic testing. Our expansion of allergy and autoimmunity testing in recent years has deepened relationships with existi
Slide 20: Financial review
FINANCIAL REVIEW The Group reports under UK-adopted International Accounting Standards (UK- adopted IAS) and references alternative performance measures where the Board believes that they help to effectively monitor the performance of the Group and support readers of the Financial Statements in draw
Slide 21: Adjustments, finance charges and tax
deferred remuneration costs related to acquisitions completed in previous years, and net other income of £13.3m (2024: expense of £12.3m) comprising the net gain on disposal of businesses of £17.3m (2024: £nil), partly offset by acquisition related expenses of £4.0m (2024: £8.7m) and £nil restructur
Slide 22: Funds flow
Year ended Year ended 30 Sep 2025 30 Sep 2024 Funds flow £m £m Adjusted operating profit 342.7 285.0 Depreciation and other non-cash movements 43.0 33.4 Working capital movement (4.6) (8.5) Interest paid, net (excluding borrowing fees) (21.6) (17.4) Tax paid (76.6) (58.4) Capital expenditure, net of
Slide 23: Liabilities and goodwill
The liability to acquire minority shareholdings outstanding has reduced to £5.5m (2024: £9.0m) due to acquiring the remaining 2% minority interest in R&G Fluid Power Holdings Limited. The remaining balance relates to a 10% interest held in M Seals and 5% interest in Techsil. These options are valued
Slide 24: Net debt composition and pensions
year-end headroom (comprised of undrawn committed facilities and cash funds, net of overdraft facilities) of £580m (2024: £450m). The table below outlines the composition of the Group’s net debt at 30 September 2025: GBP Interest rate Type Currency Amount equivalent exposure PP (2031 maturity) EUR €
Slide 25: Going concern
scenarios, to consider whether there is a risk that the Group could breach either its facility headroom or financial covenants. The Group has modelled a base case and a severe but plausible downside case in its assessment of going concern. The base case is driven off the Group’s detailed budget whic
Slide 26: Principal risks
loss of key personnel, insufficient succession planning, skills shortages and lack of diversity. • Product liability: We take a rigorous approach to product quality and compliance to minimise liability exposure across all Sectors. Product liability risk arises where own-brand, manufactured, or missi
Slide 27: Condensed consolidated income statement
CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Adjusted1 Total Adjusted1 Total 2025 Adjustments1 2025 2024 Adjustments1 2024 Note £m £m £m £m £m £m Revenue 3,4 1,524.5 − 1,524.5 1,363.4 − 1,363.4 Operating expenses 2 (1,181.8) (59.0) (1,240.8) (1,078.4) (77.6) (1,156.0)
Slide 28: Condensed consolidated statement of changes in equity
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025 Share Share Translation Hedging Retained Shareholders’ Minority Total capital premium reserve reserve earnings equity interests equity Note £m £m £m £m £m £m £m £m At 1 October 2023 6.8 420.2 42.5 1.7 424.4 89
Slide 29: Condensed consolidated statement of financial position
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025 2025 2024 Note £m £m Non-current assets Goodwill 10 563.5 541.1 Acquisition intangible assets 479.1 507.8 Other intangible assets 3.0 2.6 Property, plant and equipment 66.7 63.4 Leases – right-of-use assets 76.1 65.9 Othe
Slide 30: Condensed consolidated cash flow statement
CONDENSED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 2025 2024 Note £m £m Operating profit 283.7 207.4 Acquisition related and other charges 59.0 77.6 Non-cash items and other 32.4 3.2 Increase in working capital (4.6) (8.5) Cash flow from operating activities 8 370.5 279.7
Slide 31: Notes to the condensed consolidated financial statements
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 1. GENERAL INFORMATION Diploma PLC is a public company limited by shares incorporated in the United Kingdom, registered and domiciled in England and Wales and listed on the London Stock Exchange. The addres
Slide 32: Revenue and segment information
Controls Seals Life Sciences Corporate Group 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 £m £m £m £m £m £m £m £m £m £m Revenue – existing1 833.5 652.4 454.3 489.1 225.8 221.9 – – 1,513.6 1,363.4 Revenue – acquisitions1 2.9 – 1.7 – 6.3 – – – 10.9 – Revenue 836.4 652.4 456.0 489.1 232.1 221.9 –
Slide 33: Other Sector information
Other Sector information Controls Seals Life Sciences Corporate Group 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 £m £m £m £m £m £m £m £m £m £m Capital expenditure 2.3 5.7 4.8 4.7 7.2 9.2 0.1 0.1 14.4 19.7 Depreciation and amortisation 4.9 5.0 4.5 6.1 5.3 4.5 0.3 0.3 15.0 15.9 Revenue recognit
Slide 34: Tax expense
6. TAX EXPENSE 2025 2024 £m £m Current tax The tax charge is based on the profit for the year and comprises: UK corporation tax 25.2 15.2 Overseas tax 61.6 40.1 86.8 55.3 Adjustments in respect of prior year: UK corporation tax (2.1) (0.2) Overseas tax (2.2) 0.4 Total current tax 82.5 55.5 Deferred t
Slide 35: Pillar Two and earnings per share
The OECD has issued guidance on safe harbours and penalty relief. This includes a transitional Country-by-Country safe harbour (TCSH), which allows multinationals to avoid detailed calculations for a jurisdiction if they meet certain criteria. We have assessed the exposure to Pillar Two income taxes
Slide 36: Net debt
9. NET DEBT The movement in net debt during the year is as follows: 2025 2024 £m £m Net increase/(decrease) in cash and cash equivalents 23.4 (6.4) Cash reclassified to assets held for sale - 4.7 Decrease/(increase) in borrowings 113.3 (183.9) 136.7 (185.6) E ect of exchange rates and other non-cash
Slide 37: Goodwill
10. GOODWILL Life Controls Seals Sciences Total £m £m £m £m At 1 October 2023 167.3 169.4 102.4 439.1 Acquisitions 118.1 27.0 - 145.1 Transfers to Held for Sale Assets (0.6) (11.8) – (12.4) Exchange adjustments (19.5) (5.5) (5.7) (30.7) At 30 September 2024 265.3 179.1 96.7 541.1 Acquisitions (note
Slide 38: Acquisitions
Acquisition expenses of £2.4m have been recognised in respect of these transactions completed in the financial year. The provisional fair value of the total net assets acquired excluding acquisition intangibles, related deferred tax and cash is £2.8m. Fair Value of net assets acquired The fair value
Slide 39: Acquisitions revenue and adjusted operating profit
Acquisitions revenue and adjusted operating profit From the date of acquisition to 30 September 2025, each acquired business contributed the following to Group revenue and adjusted operating profit: Pro forma Adjusted adjusted Pro forma operating operating Revenue Adjustments1 revenue Profit Adjustment
Slide 40: Alternative performance measures
15. ALTERNATIVE PERFORMANCE MEASURES The Group reports under UK‑adopted International Accounting Standards (UK-adopted IAS) and references alternative performance measures where the Board believes that they help to e ectively monitor the performance of the Group and support readers of the Condensed
Slide 41: Free cash flow and free cash flow conversion
15.4 Free cash flow and free cash flow conversion Free cash flow is defined as net cash flow from operating activities, less net capital expenditure on tangible and intangible assets, and including proceeds received from property, plant and equipment disposals, but before expenditure on business combinat
Slide 42: Trading capital employed and ROATCE
15.6 Trading capital employed and ROATCE Trading capital employed is defined as net assets less cash and cash equivalents and retirement benefit assets, after adding back borrowings (other than lease liabilities), deferred tax, retirement benefit obligations and net acquisition liabilities in respect o