Slide 1: Interim Results 2026
Interim Results 2026 4 August 2026
Slide 2: H1 2026 Highlights
H1 2026 Highlights Significant improvement in market conditions • Broad-based growth across all sectors and regions • Semi Fab leading as a new investment cycle accelerates Clear benefits from strategy implementation • Product portfolio increasingly focused, with strong market positions • Highest gr
Slide 3: Financial Review
Financial Review Matt Webb CFO
Slide 4: Key Performance Indicators H1 2026
Key Performance Indicators H1 2026 Orders & Revenue Margin Profit & Earnings Cash & Debt ADJUSTED ADJUSTED OPERATING ADJUSTED OPERATING ORDER INTAKE GROSS MARGIN PROFIT CASH CONVERSION 2 £167.2m 45.9% £8.6m Up +55%1 52% Up +450bps Up +23%1 H1 2025 (Restated): 108% ADJUSTED ADJUSTED DILUTED NET DEBT
Slide 5: Income statement
Income statement Change • Revenue in line with expectations at £109.1m: At actual In • Up 2% in constant currency 2026 2025 exchange constant • Improving from Q1 to Q2 Adjusted £m H1 H1 rates currency Revenue 109.1 110.9 (2)% 2% • Gross Margin % expanded by 450bps to 45.9%: Gross profit 50.1 45.9 9%
Slide 6: Order intake trends
Order intake trends Order intake by quarter 2024-2026 (£m) • H1 order intake of £167.2m, 55% higher than the 79.1 88.1 comparative period and 48% higher sequentially in constant currency. Book to bill of 1.53x 57.4 55.3 55.3 57.9 44.2 48.8 44.9 43.7 • Growth across all sectors and regions • Stronges
Slide 7: Revenue trends
Revenue trends Revenue by quarter 2024-2026 • H1 revenue of £109.1m, 2% higher than the prior (£m) period in constant currency, despite the impact of 64.6 expiring US export licences, as guided 62.5 60.2 60.0 61.6 57.1 57.6 57.3 53.8 51.8 • Mid single digit year-on-year growth absent this effect • G
Slide 8: Expanded order book improves FY visibility
Expanded order book improves FY visibility Open Order Book (£m) • Strong H1 order intake expands order book and 192 Delivery in H2 2026 improves full year visibility Delivery in 2027+ 174 • Some customers placing orders earlier to secure 150 39 supply with global market conditions expected to tighte
Slide 9: Free Cash Flow
Free Cash Flow 2026 2025 • Increased profit re-invested in additional working Adjusted £m H1 H1 capital to support growth, particularly inventory Operating Profit 8.6 4.8 Depreciation and amortisation 7.7 8.1 • Inventory investment made against firm orders EBITDA 16.3 12.9 • Net capex of £10.1m incl
Slide 10: Investment in growth
Investment in growth • Disciplined investment in H1 to support growth in firm demand in H2 and beyond Inventory (£m) • Firm orders on hand support revenue growth of at least 24% 114.4 106.5 from £109.1m in H1 to £135m in H2 91.6 81.7 71.1 73.8 • Inventory increased by 29% in the half year to £73.8m
Slide 11: Financial Framework
Financial Framework Through-cycle performance Organic sales Adjusted Operating Cash Target ROCE growth Operating Margin Conversion leverage c.10% c.20% c.85% >20% 0-1x Low capex model Operational leverage Previously Operating Record levels of new with high drop through Cash Flow divided by business
Slide 12: 2026 Modelling Guidance
2026 Modelling Guidance Profit: • Order book supports H2 revenue of at least £135m, full year revenue of at least £244m, subject to tariffs • Full year profit expectations unchanged • Adjusted effective tax rate of 20-25% Cash: • Total capital spend including capitalised product development of £25-3
Slide 13: Business Review
Business Review Gavin Griggs CEO
Slide 14: XP Strategy: Clear, consistent and proven
XP Strategy: Clear, consistent and proven Broaden the Target key Drive Continually Focus on Maintain product accounts penetration to enhance our people and leadership on portfolio where XP can grow share of global supply talent environmental add value wallet chain development responsibility 14
Slide 15: Focused on long-term structural growth markets
Focused on long-term structural growth markets Attractively positioned in structural long term growth markets… % of Group revenue by Sector • Leading positions in attractive Semiconductor Manufacturing Equipment, Industrial Technology & Healthcare sectors Seeing market growth in all sectors 19% Heal
Slide 16: Power is becoming the performance enabler
Power is becoming the performance enabler Market developments • Equipment complexity is rising across all semiconductor, medical and analytical systems • Power is moving from a functional component to a system-critical enabler • Systems are increasingly precise and power-intensive Power implications
Slide 17: XP Power strategy in action
XP Power strategy in action Product innovation • Focused on reaching and extending product sector leadership • This structurally favours platform-led, application-specific suppliers like XP Close to the customer • Trusted partner collaborating with customers in the innovation & design • Global relat
Slide 18: Our markets – Semi Manufacturing Equipment
Our markets – Semi Manufacturing Equipment XP is involved in every step of a wafer’s production cycle Market Market Annual market % of • Market has an attractive long-term growth size1 share1 growth2 revenue outlook $1.1bn 8% 7 – 10% 40% • Demand for processing power for AI & the proliferation of el
Slide 19: Our markets – Industrial Technology
Our markets – Industrial Technology Focused on precision projects in attractive niches where we can shorten time to market Market Market Annual market % of • Technological change in manufacturing size 1 share 1 growth 2 revenue leading to increased demand for new power conversion solutions $2.8bn 4%
Slide 20: Our markets – Healthcare
Our markets – Healthcare Increasingly focused on delivering tailored solutions in fast-moving sector • Growth driven by megatrends of aging Market Market Annual market 1 % of size share growth Revenue population and ongoing innovation $0.5bn 15% 5 – 7% 19% • Medical devices manufacturers focused on
Slide 21: Global manufacturing footprint to support future growth
Global manufacturing footprint to support future growth ● Global manufacturing footprint supports customer service, supply chain resilience and future growth ● Two scale manufacturing sites in Asia supported by sites in US and Germany to ensure resilience and responsiveness ● Malaysia is a purpose b
Slide 22: Investments made to assure delivery
Investments made to assure delivery Significant investments made Manufacturing capacity China Malaysia Manufacturing Vietnam Malaysia (capacity ramp as required) ● Added further manufacturing capacity with extra equipment ● XP Vietnam has recruited c. 1,200 extra people to increase labour capacity ●
Slide 23: Capital structure and allocation policy
Capital structure and allocation policy Organic Growth Dividends Additional Shareholder Returns Capex - c.5% of revenue Reinstate once deleveraging well M&A Working capital to support Not necessary to deliver plan progressed toward target growth given existing portfolio Target Leverage 0-1x EBITDA 2
Slide 24: Summary & Outlook
Summary & Outlook • Well positioned to deliver robust H2 revenue growth, with full year expectations unchanged • Expanded existing capacity with further step change from new Malaysia facility to support multi year demand • Robust balance sheet, with leverage expected to reduce in H2 Well positioned
Slide 25: Q&A
Q&A
Slide 26: Appendices
Appendices
Slide 27: Restatement of operating cash conversion
Restatement of operating cash conversion Operating Cash Conversion now measured as % conversion of EBITDA not Operating Profit Through-cycle cash conversion target updated accordingly to 85% (from 100%) No change in cash generation ambition 2021 2022 2023 2024 2025 2025 2026 Adjusted £m FY FY FY FY
Slide 28: 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 High Bridge >155 San Jose Munich Multi-disciplined team members working in Gloucester Stuttgart R&D and pr
Slide 29: Market data A growing addressable market
Market data A growing addressable market Market Size Share1 XP 2026 H1 Revenue North Share of XP ($bn) Europe Asia Total (£m) America (%) Europe 0.8 7.3% Semi Fab 4.1 37.9 2.1 44.1 40% North America 1.3 12.1% Industrial Technology 22.2 17.6 4.8 44.6 41% Asia 1.5 1.0% Healthcare 6.6 12.0 1.8 20.4 19%
Slide 30: Comet Litigation Update
Comet Litigation Update • On 14 July 2026, Ninth Circuit reversed judgment against the Group and ordered a new trial • ~US$40m damages, US$19m fees and the injunction all vacated • Board welcomes the ruling • Balance sheet provision retained, then adjust accordingly as next steps become clearer • Th
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: Powering the world's critical systems
») \) BG Power | . POWERING THE WORLD'S CRITICAL SYSTEMS