Victrex Plc · LSE:VCT
Victrex — FY2025 Earnings Presentation
31 slides from Victrex's earnings presentation, Dec 2, 2025
Slide 1: Shaping Future Performance: Preliminary Results
SHAPING FUTURE PERFORMANCE VICTREX PLC PRELIMINARY RESULTS: 2 DECEMBER 2025
Slide 2: Victrex at a Glance
VICTREX AT A GLANCE • A world leader in PEEK polymers & differentiated product portfolio • Attractive & diversified end-markets; structural & cyclical growth potential • Aligned to global megatrends: >5x addressable market opportunity • Unique manufacturing, well-invested assets, innovation leadersh
Slide 3: Victrex at a Glance: Landscape, Customer Needs, Future Potential
VICTREX AT A GLANCE CURRENT LANDSCAPE CUSTOMER NEEDS FUTURE POTENTIAL CURRENT LANDSCAPE CUSTOMER NEEDS FUTURE POTENTIAL CO2 reduction, • No.1 expert in PEEKUppolymers & differentiated to 500kg/plane Up to 500kg of product & portfolio CO2 reduction, lightweighting Over 5Over tonnes/plane 5 tonnes of
Slide 4: Victrex Team; Forward-looking statements
VICTREX TEAM Jakob Sigurdsson Ian Melling Chief Executive Officer Chief Financial Officer Forward-looking statements Sections of this Presentation may contain forward-looking statements, including statements relating to: certain of the Group’s plans and expectations relating to its future performanc
Slide 5: Headlines
HEADLINES STRONG VOLUMES OFFSET BY FX, MIX & CHINA START-UP STRONG VOLUMES +12% UNDERLYING PBT1 IMPACTED BY FX, CHINA COSTS, MIX STRONG CASH CONVERSION1 +121% PROFIT IMPROVEMENT PLAN, TARGETING AT LEAST £10m SAVINGS UPDATED CAPITAL ALLOCATION POLICY OUTLOOK: TARGETING SOLID PROGRESS VS FY 2025 5 1 A
Slide 6: Financial Results
SHAPING FUTURE PERFORMANCE FINANCIAL RESULTS Ian Melling Chief Financial Officer 6
Slide 7: Income Statement
INCOME STATEMENT Strong volumes; PBT impacted by FX, mix & China start-up Year ended 30 September 2025 2024 Change Change (constant SUMMARY currency)1 £m £m % % • Group revenue +1% Revenue 292.7 291.0 +1% +3% • Underlying PBT1 down 21% at £46.4m: Gains on foreign currency net hedging* 3.7 5.2 -29% G
Slide 8: Underlying PBT Bridge
UNDERLYING PBT BRIDGE Underlying PBT movements FY24 to FY25 (£m) 75.0 70.0 SUMMARY 2.5 Group revenue +1% 65.0 4.7 • 60.0 59.1 6.0 -4.8 • Group revenue +3% (CFX) 55.0 -3.7 • Underlying PBT down 21%: 51.1 -3.7 50.0 -8.0 • FX impact: £8m adverse -2.4 46.4 45.0 • China start-up losses: -2.6£8m -0.7 • Sa
Slide 9: Average Selling Price (ASP)
AVERAGE SELLING PRICE (ASP) ~80% of ASP movement driven by sales mix & currency SUMMARY SUMMARY ASP movement FY24-FY25 ASP in-line with latest guidance: • Group revenue +1% 85.0 • FY 2025 ASP £70.3/kg (FY 2024: £78.0/kg) 83.0 • Group revenue +3% (CFX) • ~80% of YoY movement driven by mix & currency
Slide 10: Mid-Term ASP Trends
MID-TERM ASP TRENDS Robust mid-term pricing, with mix & FX the key drivers Mid-term ASP movements (FY21 – FY25) SUMMARY 75.0 74.0 • Group revenue +1% 73.0 • Group revenue +3% (CFX) 72.0 71.0 • Underlying PBT down 21%: £/kg 0.7 70.3 70.0 70.0 • FX impact: £8m adverse (0.4) 69.0 • China start-up losse
Slide 11: Gross Margin Bridge
GROSS MARGIN BRIDGE GM 45.3% reflecting China plant impact (GM 47.7% ex-China plant) GM movements FY24 to FY25 SUMMARY 49.0% Group revenue +1% 47.0% 46.2% • 2.0% 45.3% 45.0% 44.7% -1.5% 43.0% -1.2% • Group revenue 1.3% +3% (CFX) -0.9% -0.6% 41.0% • Underlying PBT down 21%: 39.0% • FX impact: £8m adv
Slide 12: Cashflow
CASHFLOW Strong cash conversion & further working capital opportunity FY2025 FY2024 £m £m Operating profit before exceptionals Depreciation, amortisation and loss on disposal 48.4 25.0 60.3 23.3 SUMMARY SUMMARY EBITDA 73.4 83.6 Change in working capital 7.0 17.5 Group revenue +1% Capital expenditure
Slide 13: Updated Capital Allocation Policy
UPDATED CAPITAL ALLOCATION POLICY Maintain balance sheet strength KEY CHANGES • Reflecting all stakeholder interests; new net debt/EBITDA1 range of 0.5x-1.0x targeted • Dividends maintained vs FY 2024, final FY 2025 dividend (proposed) at 46.14p/share • Dividends targeted to be maintained at current
Slide 14: Profit Improvement Plan
PROFIT IMPROVEMENT PLAN Accelerating actions in FY26: targeting at least £10m cost savings FY25 DELIVERABLES FY26 ACTIONS COMBINED c£10M COST SAVINGS • VOLUMES +12% PROJECT VISTA • PIPELINE +18% PORTFOLIO • PORTFOLIO & MEGA- (GO TO MARKET) • PROCUREMENT £2m SIMPLIFICATION PROGRAMMES (annualised indi
Slide 15: FY26 Guidance & Outlook Summary
FY26 GUIDANCE & OUTLOOK SUMMARY VOLUMES & PRICING MARGIN OPEX • Targeting low-single digit to mid- • Broadly similar asset utilisation (UK) • Profit Improvement Plan: single digit % volume growth • Continued raw material benefits • Targeting at least £10m • ASP: similar to FY25 • Targeting GM simila
Slide 16: Business Review
SHAPING FUTURE PERFORMANCE BUSINESS REVIEW Jakob Sigurdsson Chief Executive Officer 16
Slide 17: Sustainable Solutions
SUSTAINABLE SOLUTIONS 11% volume growth & record increase in sales pipeline VARs AEROSPACE AUTOMOTIVE ENERGY & INDUSTRIAL ELECTRONICS VARs • Volumes down 2% • Volumes down 1% • Volumes up 17% • Volumes up 2% • Volumes up 21% • Supply chain & phasing • Improved H2 2025 • Increased activity levels • S
Slide 18: Value Added Resellers (VARs)
VALUE ADDED RESELLERS (VARS) Strong growth & a key part of our route to market THE ROLE OF VARs: HELPING TO GROW THE MARKET FOR VICTREXTM PEEK • VICTREX’S LARGEST CUSTOMERS & LONG-TERM RELATIONSHIPS • LIMITED TECHNICAL SERVICE & LOWEST COST TO SERVE • SERVE ALIGNED END-MARKETS • VARs ‘SPECIFY’ VICTR
Slide 19: Medical
MEDICAL Continued diversification into new applications (Divisional revenues down 5%: Non-Spine up 7%, Spine down 28%) HEADWINDS TAILWINDS ORTHOPAEDIC INDUSTRY CHALLENGES SIGNIFICANT NON-SPINE GROWTH UPSIDE (FOCUS ON INVENTORY/WORKING CAPITAL) (EG CARDIO, ACTIVE IMPLANTABLES) US SPINE TECHNOLOGY SHI
Slide 20: PEEK Knee
PEEK KNEE Continuing progress towards commercial pathway HEADWINDS STATUS UPDATE TAILWINDS • 85 patients with PEEK Knee implants globally (includes 20 patient implants on US clinical trial) • A metal-free alternative • India regulatory submission • Preparing regulatory submission pathways (other reg
Slide 21: Magma
MAGMA Key milestone: TechnipFMC technological order contract from Petrobras c50% weight reduction Flexible Steel Pipe Hybrid Flexible Pipe PROBLEM TO SOLVE: STRESS CORROSION CRACKING (STEEL-BASED OIL & GAS PIPES) STATUS UPDATE Rigid Steel Pipe • Supporting pipe extrusion for TechnipFMC Flexible Stee
Slide 22: End Market Summary FY 2026
END MARKET SUMMARY FY 2026* *Indicative view of our end-markets in FY 2026 (vs FY 2025) based on current visibility VARs Spine Non-Spine KEY OPTIMISTIC NEUTRAL CAUTIOUS 22
Slide 23: Appendix
SHAPING FUTURE PERFORMANCE APPENDIX
Slide 24: Group End Markets
GROUP END MARKETS FY 2025: 4,164 tonnes (+12% vs FY 2024) Volume by Industry FY 2024: 3,731 tonnes (+4% vs FY 2023) Volume by Region Medical* +15% Asia Pacific 186t +11% 5% Transport -1% 1,012t EMEA +8% 1,171t 24% 28% VAR +21% 1,797t 2,224t 43% 53% 464t Electronics +2% 11% 769t 19% Americas 705t +26
Slide 25: Medical Revenues
MEDICAL REVENUES FY 2025: £58.8m (-5% vs FY 2024) Revenue by Market* Revenue by Region* Asia Pacific Americas -8% Non +1% £14.1m Implantable £15.3m 24% revenues £24.4m 26% 42% Spine -28% £43.5m 74% Non-spine £20.3m +7% EMEA -6% 34% *Medical revenues are now reported as both non-implantable (previous
Slide 26: Divisional Income Statements
DIVISIONAL INCOME STATEMENTS 1 Alternative performance measures are defined in the Appendix on slide 30 26
Slide 27: Currency
CURRENCY FX headwind £8m in FY 2025, driven by GBP strength SUMMARY • SUMMARY Group revenue +1% • Group revenue +3% (CFX) FY 2025 currency • • Underlying PBTheadwind down 21%:£8m • FX impact: £8m adverse FY 2026 currency • • China start-upheadwind* losses: £8m c£2m-£3m, • Sales mix weighted to H1 20
Slide 28: Balance Sheet
BALANCE SHEET SUMMARY • Robust balance sheet • Inventory reduction to £109.7m & further opportunities • FY 2025 cash £24.2m 28
Slide 29: Mega-Programme Milestones
MEGA-PROGRAMME MILESTONES PROGRAMME REVENUE STATUS FY 2025 MILESTONES FY 2026 FOCUS MAGMA Commercial c£1.5m • Technological order for Hybrid Flexible Pipe • Prepare for 2026 scale up & commercialisation (HFP) (TechnipFMC & Petrobras) based on roadmap (based on TechnipFMC requirement) VICTREXTM PEEK
Slide 30: Definitions
DEFINITIONS ALTERNATIVE PERFORMANCE MEASURES: 1) Constant currency metrics are reached by applying current year weighted average spot rates to prior year transactions. Gains and losses on foreign currency net hedging, are shown separately in the Income Statement and are excluded from the constant cu
Slide 31: IR Contacts
IR CONTACTS ir@victrex.com Andrew Hanson Director of Investor Relations, Corporate Communications & ESG +44 (0) 1253 898121 / +44 (0) 7809 595831 31