Volex plc · LSE:VLX
Volex — H1 FY2027 Earnings Presentation
29 slides from Volex's earnings presentation, Nov 12, 2026
Slide 1: FY2027 Half Year Results Presentation
FY2027 HALF YEAR RESULTS PRESENTATION Built for complexity Positioned for growth 12 November 2026 Volex plc / Built for complexity / FY2027 Half Year Results Presentation
Slide 2: Agenda
Agenda Highlights and Strategic Update Nat Rothschild, Chief Executive Officer Market and Financial Performance Jon Boaden, Chief Financial Officer Summary and Outlook Nat Rothschild Q&A Volex plc / Built for complexity / FY2027 Half Year Results Presentation /2
Slide 3: Highlights and Strategic Update
HIGHLIGHTS AND STRATEGIC UPDATE Nat Rothschild Chief Executive Officer Volex plc / Built for complexity / FY2027 Half Year Results Presentation /3
Slide 4: A record first half, with growth in every end-market
A record first half, with growth in every end-market Strong organic growth Profitability increased Revenue Underlying operating profit up 41% $723.6m Organic growth of 23.6%, with every and margin up 130 bps, driven by organic growth and our optimisation Organic revenue growth end-market growing. an
Slide 5: Good progress towards our medium-term targets
Good progress towards our medium-term targets Six months into our medium-term plan, we have made a strong start on every measure. PROGRESS IN THE LAST SIX MONTHS TOWARDS OUR MEDIUM-TERM PLAN FY26 Progress in H1 Medium-term target REVENUE UNDERLYING OPERATING PROFIT UNDERLYING OPERATING MARGIN $724m
Slide 6: KST: extending our Medical offering to the patient
KST: extending our Medical offering to the patient We now make the cables that connect medical equipment to the patient, not just those inside it. KST brings Volex brings The opportunity • Patient-connected cables for • Category-leading healthcare monitoring, surgery, cardiac and customers Cross-sel
Slide 7: Building regional Centres of Excellence
Building regional Centres of Excellence Our five largest sites are a key driver of margin improvement PROGRESS ACROSS OUR CENTRES OF EXCELLENCE THE RETURN 49% EUROPE & TÜRKIYE AMERICAS ASIA Batam, Indonesia Sivas, Türkiye Tijuana, Mexico Multi-market; revenue Off-Highway; consolidated Complex assemb
Slide 8: Market and Financial Performance
MARKET AND FINANCIAL PERFORMANCE Jon Boaden Chief Financial Officer Volex plc / Built for complexity / FY2027 Half Year Results Presentation /8
Slide 9: A track record of strong financial performance
A track record of strong financial performance Revenue Underlying operating margin Return on capital employed H1 FY27 $723.6m H1 FY27 11.1% H1 FY27 23.3% H1 FY26 $583.9m H1 FY26 9.8% H1 FY26 20.2% H1 FY25 $518.2m H1 FY25 9.2% H1 FY25 19.6% H1 FY24 $397.5m H1 FY24 9.4% H1 FY24 20.6% Organic revenue g
Slide 10: Every market grew in H1, with standout performance from EV & Electrification
Every market grew in H1, with standout performance from EV & Electrification Volex H1 FY27 organic growth against medium-term expected market growth, by end-market. Volex H1 organic growth Expected medium-term market growth p.a. (from the CMD) EV & Electrification Off-Highway Consumer Electricals 19
Slide 11: Medical back to growth, Complex Industrial Technology up 41%
Medical back to growth, Complex Industrial Technology up 41% Volex H1 FY27 organic growth against medium-term expected market growth, by end-market. Volex H1 organic growth Expected medium-term market growth p.a. (from the CMD) GROUP Medical Complex Industrial Technology 12% of Group revenue +1.8% 3
Slide 12: Diversification delivers consistent Group growth
Diversification delivers consistent Group growth Our markets move on different cycles. Together they have delivered organic growth and higher underlying operating profit every year since FY17. DIFFERENT CYCLES WHAT MAKES IT WORK Most markets have had down years, never all at once What lets the Group
Slide 13: Underlying operating margin bridge
Underlying operating margin bridge +130 bps Product mix 1.5% Increased complexity in our products, increasing margin (0.2%) 0.2% 11.1% 1.0% (0.6%) Growth investments (0.6%) Investment in facilities, capabilities and people in our Centres of Excellence 9.8% Cost optimisation, inflation and FX Operati
Slide 14: Cash flow - investment to support growth
Cash flow - investment to support growth $m H1 FY27 H1 FY26 Underlying EBITDA of $99.4m, +35.1% Record H1 operating profit drives increased EBITDA Underlying EBITDA 99.4 73.6 Net capital expenditure (23.7) (21.3) Capex investment of $23.7m, 3.3% of revenue Underlying working capital (29.1) (32.4) Ex
Slide 15: Investing in our medium and long-term ambitions
Investing in our medium and long-term ambitions We continue to invest in programmes that support our medium-term growth, balancing near-term costs with long-term returns. INVESTMENT INVESTING FOR GROWTH THROUGH H2 AND INTO FY28 Customer-backed, not speculative capacity ~5% Capex % of revenue expecte
Slide 16: Summary and Outlook
SUMMARY AND OUTLOOK Volex plc / Built for complexity / FY2027 Half Year Results Presentation / 16
Slide 17: Outlook: delivering now, built for the long-term
Outlook: delivering now, built for the long-term A record first half, well positioned to keep delivering. SECOND HALF FULL YEAR MEDIUM TERM What we expect Delivering this year Built for the future • The second half has started well • The Board’s expectations for the full • Well positioned for medium
Slide 18: Q&A
Q&A Volex plc / Built for complexity / FY2027 Half Year Results Presentation / 18
Slide 19: Appendix
Appendix Volex plc / Built for complexity / FY2027 Half Year Results Presentation / 19
Slide 20: End-markets: EV & Electrification
End-markets: EV & Electrification $134m $90m $80m $69m $57m 18% Revenue CAGR, H1 FY23 to H1 FY27 H1 FY23 H1 FY24 H1 FY25 H1 FY26 H1 FY27 H1 FY27 revenue mix External charging 35% Grid cords 35% Complex HV connectors 16% Energy 9% Accessories & other 5% What the world demands The value we bring Our k
Slide 21: End-markets: Off-Highway
End-markets: Off-Highway $137m $144m $120m $31m 93% Revenue CAGR, H1 FY23 to H1 FY27 $11m H1 FY23 H1 FY24 H1 FY25 H1 FY26 H1 FY27 H1 FY27 revenue mix Commercial & other 46% Agricultural 25% Industrial 16% Construction 9% Defence 4% What the world demands The value we bring Our key products Forward t
Slide 22: End-markets: Consumer Electricals
End-markets: Consumer Electricals $137m $132m $138m $123m $126m 0% Revenue CAGR, H1 FY23 to H1 FY27 H1 FY23 H1 FY24 H1 FY25 H1 FY26 H1 FY27 H1 FY27 revenue mix Domestic appliances 66% IT & electronics 20% Industrial & other 14% What the world demands The value we bring Our key products Forward trend
Slide 23: End-markets: Medical
End-markets: Medical $86m $89m $82m $76m $67m 7% Revenue CAGR, H1 FY23 to H1 FY27 H1 FY23 H1 FY24 H1 FY25 H1 FY26 H1 FY27 H1 FY27 revenue mix Diagnostics 32% Surgical 24% Treatment 17% Patient connected 13% Life science 8% Medical device 6% What the world demands The value we bring Our key products
Slide 24: End-markets: Complex Industrial Technology
End-markets: Complex Industrial Technology $218m $156m 31% $101m $105m $75m Revenue CAGR, H1 FY23 to H1 FY27 H1 FY23 H1 FY24 H1 FY25 H1 FY26 H1 FY27 H1 FY27 revenue mix Data centre 58% Commercial & other 18% Aerospace & defence 18% IT / Telecoms 6% What the world demands The value we bring Our key p
Slide 25: Adjusting items
Adjusting items $m H1 FY27 H1 FY26 Acquisition-related costs 2.8 0.6 Acquisition-related remuneration 1.8 0.6 Site closure costs – 2.0 Listing migration costs 2.9 – Amortisation of intangibles 6.4 4.8 Total adjusting items 13.9 8.0 Share-based payments 6.9 2.6 Total adjusting items and share-based p
Slide 26: Balance sheet
Balance sheet $m 30 Sep 2026 31 Mar 2026 30 Sep 2025 Goodwill and intangible assets 328.0 233.3 252.2 Property, plant and equipment 186.8 169.3 173.0 Investments 1.5 4.9 15.4 Inventories 324.5 269.1 233.6 Trade and other receivables 317.9 274.8 245.4 Trade and other payables (367.3) (304.7) (279.3)
Slide 27: Technical guidance
Technical guidance Cash Flow H1 FY27 FY27 Income Statement H1 FY27 FY27 Depreciation (incl. ROUA) $16.7m $38-42m Net finance costs $10.4m ~$20m ROUA depreciation $4.7m $9-10m Underlying effective tax rate2 24.2% 24-25% Working capital intensity1 22.6% 23-24% Average no. of shares in issue 186.5m 185
Slide 28: Capital allocation supporting profitable growth
Capital allocation supporting profitable growth ● Strategically investing in capital infrastructure Organic to support clear customer requirements growth ~20% ● Capex typically 3–4% of revenue, FY27 elevated ● Capability-led deals that accelerate growth Targeted ROCE ● Highly selective — acquiring o
Slide 29: Follow us on social media
Follow us on social media Find out more at volex.com linkedin.com/company/volex/ x.com/volex Volex plc / Built for complexity / FY2027 Half Year Results Presentation / 29