Solid State Plc · LSE:SOLI
Solid State — FY2026 Earnings Presentation
46 slides from Solid State's earnings presentation, Jun 26, 2026
Slide 1: Investor Presentation FY26 Results
Investor Presentation FY26 Results
Slide 2: Agenda
Investor Presentation - FY26 Results Agenda Business overview FY26 Highlights Financial review Strategy and Capabilities Financial Outlook Q&A
Slide 3: John Macmichael and Peter James
Investor Presentation - FY26 Results John Macmichael Chief Executive Officer Peter James Chief Financial Officer
Slide 4: Group Structure
Group Structure Investor Presentation - FY26 Results
Slide 5: Group Board
Group Board Investor Presentation - FY26 Results Victor Chavez CBE Nigel Rogers Sam Smith Peter Magowan Non-Exec Chair Non-Exec Non-Exec - Audit Non-Exec - Remuneration Committee Chair Committee Chair John Macmichael Peter James Matthew Richards Chief Executive Officer Chief Financial Officer Chief
Slide 6: Executive Board
Executive Board Investor Presentation - FY26 Results John Macmichael Peter James Matthew Richards Jon Baxter Chief Executive Officer Chief Financial Officer Chief Relationship Officer Managing Director Components Division David Crossman Lyenka Haffner Lyn Davidson Global Vice President & Managing Gr
Slide 7: Divisional Leadership
Divisional Leadership Investor Presentation - FY26 Results Group Matt Satonger Brian Goodman Gaurav Chaudhry Chris Beynon Steve Brown IT Director - Integrated Systems General Counsel USA General Manager India CTO Chief Sales Officer - Solsta USA Systems Power Components Systems leadership team Power
Slide 8: FY26 Highlights
FY26 Highlights Investor Presentation - FY26 Results Strong recovery year, ahead of consensus across all measures £154.1m 6.2% ● Ahead of upgraded consensus on key metrics Adj. Operating Revenue Profit margin ● Adj operating profit margin up 140Bps £8.6m 11.0p ● All divisions saw improved performanc
Slide 9: Key Drivers & Context
Key Drivers & Context Investor Presentation - FY26 Results Strategy-in-action Market Conditions Quality of Earnings ● Investment in capability and ● Geopolitical environment ● Improved YoY - all three capacity driving demand divisions ● Power transformed better ● Ai demand accelerating ● Base busine
Slide 10: Revenue and Profit Bridges
Investor Presentation - FY26 Results Revenue and Profit Bridges
Slide 11: Group Financials
Group Financials Investor Presentation - FY26 Results Return to stronger performance Group Financials 31 March FY26 FY25 Change ● Revenue – Strong Organic growth ● Operational gearing benefits – Revenue £154.1m £125.1m +23% delivering margin improvement Gross margin £51.6m £39.3m +31% ● EPS – ahead
Slide 12: Group Financials: Strong balance sheet, Net Debt Bridge
Group Financials Investor Presentation - FY26 Results Strong balance sheet Net Debt Bridge ● Inventories - Increase driven by CAIN ● Op’ cash generation - funds investment ● Capex - Power and Systems investment ● Dividend - returned to 4x covered ● Borrowings – Committed RCF of £15m ● Net debt – con
Slide 13: Group Financials: Net Asset Bridge
Group Financials Investor Presentation - FY26 Results Increasing shareholder value Net Asset Bridge ● Retained profits – up significantly on PY ● Dividend – disciplined shareholder return ● Net assets – continue to increase
Slide 14: Group Financials: Other financial metrics
Group Financials Investor Presentation - FY26 Results Other financial metrics Group Financials ● Cash generation – Strong 31 March FY26 FY25 Change Cash flow from Ops £13.5m £10.4m +30% ● Operating cash conversion - 141% Net Assets £63.3m £61.5m +3% ● Net debt - Reducing Net Debt £(4.2)m £(7.4)m -43
Slide 15: Divisional: Systems
Divisional: Systems Investor Presentation - FY26 Results Financial Tables Strong performance Systems Financials ● Revenue - NSPA drives step up 31 March FY26 FY25 Change Revenue £62.5m £42.3m +48% ● GM % - marginally down at 38.7% (2025: 39.7%) all BU improved but Gross margin £24.2m £16.8m +44% dil
Slide 16: Divisional: Systems revenue bridge
Divisional: Systems Investor Presentation - FY26 Results Financial Tables Communications delivers Revenue bridge ● NSPA - Drives revenues step up ● Other revenue - Small reduction due to timing of deliveries
Slide 17: Divisional: Systems operating profit bridge
Divisional: Systems Investor Presentation - FY26 Results Financial Tables Operational gearing benefits Operating Profit Bridge ● Volume - Key driver of the increased profitability ● Op Margin % - improvement driven by operational gearing ● Investment - in capabilities and facilities at Antenna’s, IC
Slide 18: Divisional: Power
Divisional: Power Investor Presentation - FY26 Results Financial Tables Turn around year Power Financials ● Revenue - organic growth in high 31 March FY26 FY25 Change quality revenues Revenue £31.8m £27.5m +16% ● GM % - improved to 35.8% (2025: 31.6%) Gross margin £11.3m £8.7m +30% Adjusted operatin
Slide 19: Divisional: Power operating profit bridge
Divisional: Power Investor Presentation - FY26 Results Financial Tables Disciplined investment: Operating Profit Bridge ● Quality of earnings - Secured premium organic revenue growth ● Volume - Benefitting from growth ● Disciplined investment - “win a bit spend a bit”
Slide 20: Divisional: Components
Divisional: Components Investor Presentation - FY26 Results Financial Tables US demand driven progress Components Financials ● Revenue - organic growth driven from 31 March FY26 FY25 Change USA Ai data centre and IOT markets. Revenue £59.8m £55.3m +8% ● GM % - increased 26.8% (2025: 25.0%) Gross mar
Slide 21: Divisional: Components operating profit bridge
Divisional: Components Investor Presentation - FY26 Results Financial Tables Solid foundations for growth Operating Profit Bridge ● Volume - driven the improved profits ● Markets - recovering demand in defence IoT and Ai ● Foundations laid - for continued growth in both the UK and US with sovereign
Slide 22: £106.6m open order book at 31 March 2026
Investor Presentation - FY26 Results £106.6m open order book at 31 March 2026 (up from £97.0m at 30 Nov 2025)
Slide 23: Order Book & Forward Visibility
Order Book & Forward Visibility Investor Presentation - FY26 Results Open order book (Core + NATO) £106.6m open order book at 31 March 2026 (up from £97.0m at 30 Nov 2025) Group revenue + consensus Power division - Project CAIN order Order intake up shipped in Q1 26/27 Majority deliverable Focus on
Slide 24: Strategy and Group Capabilities
Investor Presentation - FY26 Results Strategy and Group Capabilities
Slide 25: Divisional Performance Overview
Divisional Performance Overview Investor Presentation - FY26 Results Three divisions, one Group. All contributing to YoY improvement Systems Power Components ● Strong performance: ● Strong YoY improvement ● US demand driven YoY PS Comms ecosystem adoption transformative change improvement building ●
Slide 26: Group Strategy: Overview
Investor Presentation - FY26 Results Group Strategy: Overview Building a group of world-leading businesses that come together seamlessly for larger programmes over longer periods Four Strategic Priorities Deliver Develop Build Expand How We Work Together: The 3Cs What we provide the Market: The 3Ps
Slide 27: Strategic Enablers: Customers & Market Position
Strategic Enablers: Investor Presentation - FY26 Results Customers & Market Position We don't need new customers to grow. We need to deepen and connect existing relationships. Defence & Medical Industrial & AI Transport Security Not every sector booms every year. Holding the capability means we part
Slide 28: Competitive Advantage: Supplier Relationships
Competitive Advantage: Investor Presentation - FY26 Results Supplier Relationships Why world-class component suppliers choose Solid State and why that's hard to replicate World-class Technical Depth manufacturers trust us with their reputation Demand Creation We provide engineers that talk to engine
Slide 29: Outlook by division
Outlook by division Investor Presentation - FY26 Results A strong, reassuring start to FY27 Systems Power Components ● Order book building, with the ● Strong order intake supports ● Ai data centre demand longest conversion cycle FY27 visibility driving pricing impact and ● Project CAIN shipped in Q1
Slide 30: Measuring Strategy: Target margins 2030
Measuring Strategy: Target margins 2030 Investor Presentation - FY26 Results A strong start to FY27 Systems Power Components Mid-to-high Low teens Double digit single digit Target: 12.5-15% Target: c.12.5% Target: c.7.5% Programme Partner model, Reorganisation benefits realising Franchise depth, own
Slide 31: M&A: Strategic Filter
M&A: Strategic Filter Investor Presentation - FY26 Results M&A where it delivers strategy at lower risk than organic execution. Add Programme Capabilities Cement Market Position Revenue Visibility Foundation Current Pipeline & Approach Complement Strategically Larger step Financial discipline Remain
Slide 32: Financials, Outlook and Close
Investor Presentation - FY26 Results Financials, Outlook and Close
Slide 33: Capital Allocation & Self-Funding
Investor Presentation - FY26 Results Capital Allocation & Self-Funding Funding disciplined growth from within Self-funded investment. Net debt is reducing from Organic growth is funded £7.4m to £4.2m while the from within; external capital Net debt reducing. Group continues to invest. is optional, n
Slide 34: Financial Review FY26
Financial Review FY26 Investor Presentation - FY26 Results Ahead of consensus, investment starting to contribute meaningfully FY25 FY26 Consensus FY27 Consensus FY28 Revenue £125.1m £154.1m £156.8m £161.5m Adj. Profit Before Tax £5.0m £8.6m £8.9m £9.9m Adj. diluted EPS 6.2p 11.0p 11.5p 12.9p ROCE 8.
Slide 35: Summary and Outlook
Summary and Outlook Investor Presentation - FY26 Results Systems Power Strong FY26 delivery Revenue scaling => Double-digit growth in core business maintained margin operational gearing 10-14% >10% Delivering sustainable growth corridor with margin progression toward the 10-14% corridor Components T
Slide 36: Q&A
Investor Presentation - FY26 Results Q&A
Slide 37: Key Shareholders
Key Shareholders Investor Presentation - FY26 Results 3% and over % Holding Charles Stanley & Co 13.97% BGF Investment Management Limited 10.46% Canaccord Genuity Group Inc 6.48% Mr & Mrs Gordon Comben 6.40% aberdeen plc 6.27% Schroders plc 5.72% TrinityBridge 5.23% Mrs Barbara Marsh 4.85% GPIM 4.85
Slide 38: Acquisition history & timeline
Acquisition history & timeline Investor Presentation - FY26 Results
Slide 39: Systems: What we do
Systems: What we do Investor Presentation - FY26 Results Rack Mounted Console & Image Capture Custom ELINT MANET Radio & Fanless Cabinet & Vision Antenna Antenna Systems Computing Systems Systems Systems Systems A range of modular Multi-function Machine vision Military self healing Antenna solutions
Slide 40: Systems: Applications
Systems: Applications Investor Presentation - FY26 Results Defence Industrial Transport Battlefield Systems Autonomy Medical Devices
Slide 41: Power: What we do
Power: What we do Investor Presentation - FY26 Results APTIX Series Battery Custom Build to Design for ATEX & High Standard Management Design Print Manufacture Temp Packs Products System Design End-to-end design Transforming Bridging the gap from Own-brand power Packs specifically Robust BMS solutio
Slide 42: Power: Applications
Power: Applications Investor Presentation - FY26 Results Defence Robotics & Automation Aerospace Unmanned Systems & Drones Energy Medical Devices
Slide 43: Components: What we do
Components: What we do Investor Presentation - FY26 Results Optoelectronics Power & Processing & Embedded Custom Value Add & Sensors Interconnect Connectivity Solutions Solutions Services LEDs, lasers, detectors, Relays, contactors, Processors, System on Displays, IoT High reliability opto Design an
Slide 44: Components: Applications
Components: Applications Investor Presentation - FY26 Results Medical and Healthcare Space Defence and Aerospace Industrial Data Centres Smart Energy
Slide 45: ESG Highlights
ESG Highlights Investor Presentation - FY26 Results We have aligned our ESG goals with United Nations Sustainable Development Goals Supporting local communities Sustainable innovative products ● Supporting local food banks ● Designs are long-life & upgradable ● Sponsor local YMCA accommodation ● Sec
Slide 46: Disclaimer
Disclaimer Investor Presentation - FY26 Results This content of information contained in these slides and the accompanying presentation comprises an institutional presentation (the Presentation) which has been prepared by and is the sole responsibility of Solid State plc (the Company).The content of