Xp Power Ltd. · LSE:XPP
Xp Power — Investor Day (November 2025)
41 slides from Xp Power's investor day presentation, Nov 5, 2025
Slide 1: Why XP wins
Why XP wins Delivering critical power solutions 2025 Investor Seminar 5 November 2025
Slide 2: Speakers
Speakers Gavin Griggs Matt Webb Jay Warner Peter Blyth Chief Executive Officer Chief Financial Officer EVP – North America EVP - Global Products & Marketing Gavin joined in 2017 as CFO Matt joined as CFO in Jay joined 2000 and has held Pete joined as an Application and was appointed CEO in September
Slide 3: Board members in attendance
Board members in attendance Other members Jamie Pike Non-Executive Chairman Jamie became Chair in April 2023, having initially joined the Board in March 2022. Jamie is currently Chair at IMI plc, the FTSE 100 international engineering group. He was previously Chair at several public companies includ
Slide 4: What XP does
What XP does Electricity Power Electricity generation & Converters consumption transmission Alternating Current (AC) c.50% AC (motors, fans, etc) High Voltage Transmission makes power supplies that convert c.50% Direct Current (DC) (c.200kVAC) power into a useable form (electronics, lighting, EVs et
Slide 5: XP Key Facts
XP Key Facts Founded in Number of Number of sites Number of active employees customers 1988 c.2,500 23 c.2,500 Top 30 client Average length of TAM size TAM share concentration of customer Group revenue relationships (years) c.50% 15 $6.5bn 5% Source: Company information 5
Slide 6: Our addressable market
Our addressable market All Power Supplies - $35-40bn Critical Power – our target market $6.5bn Semiconductor Industrial Manufacturing Healthcare Technology Equipment Source: Micro-Tech Consultants (September 2024) and XP Power Management 6
Slide 7: Geographic & end market breakdown
Geographic & end market breakdown % of Group revenue by Region % of Group revenue by Sector 9% 23% Asia Healthcare 29% Europe 38% Industrial Technology 62% North Semiconductor America 39% Manufacturing Equipment Note: Based on H1 2025 revenue split by customer location Well diversified by region and
Slide 8: 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 8
Slide 9: Investment Case: Why XP wins
Investment Case: Why XP wins Attractive GDP++ end markets Broad and high-performing product offering Deep and enduring customer relationships Powered by Clear and Annuity revenue with deep competitive “moat” market leading consistent talent and an strategy Market-leading technology solutions empower
Slide 10: Our markets – Semi Manufacturing Equipment
Our markets – Semi Manufacturing Equipment Precision, often tailored solutions to large customers at the heart of the fabrication process Market size $3.0bn Typical applications Market share 5% • Ion Implantation • Deposition & Etch Annual market growth1 7 - 10% • Lithography Semiconductor • Inspect
Slide 11: Our markets – Industrial Technology
Our markets – Industrial Technology Focused on lower volume, precision projects where we can shorten time to market Market size $3.0bn Typical applications Market share 5% • Analytical Instrumentation Annual market growth1 5 - 7% • Process control & Industrial automation % of revenue 38% • Test & Me
Slide 12: Our markets – Healthcare
Our markets – Healthcare Increasingly focused on delivering tailored solutions in fast-moving sector Market size $0.5bn Typical applications Market share 10% • Robotic Surgery • Pulse Field Ablation Annual market growth1 5 - 7% • Minimally Invasive Surgery Healthcare % of revenue 23% • Imaging & Dia
Slide 13: Investment Case: Why XP wins
Investment Case: Why XP wins Attractive GDP++ end markets Broad and high-performing product offering Deep and enduring customer relationships Powered by Clear and Annuity revenue with deep competitive “moat” market leading consistent talent and an strategy Market-leading technology solutions empower
Slide 14: Semiconductor & Healthcare Market Dynamics
Semiconductor & Healthcare Market Dynamics Power Supply OEMs – Our Customers Representative Manufacturers Our Customers Customer Customers Small number of approved Limited number of OEMs Limited number of “fab” companies manufacturers Tools cost >$1m Big 3 are TSMC, Intel and Samsung Semiconductor C
Slide 15: Industrial Technology Market Dynamics
Industrial Technology Market Dynamics Power Supply OEMs – Our Customers Representative Manufacturers Our Customers Customer Customers Diverse including pharmaceutical, Limited number of Small number of OEMs food & beverage, airport security etc Instruments manufacturers OEMs want both Instruments co
Slide 16: Power Supply Product Portfolio Matrix
Power Supply Product Portfolio Matrix Power 100V Low Voltage High Power (LVHP) High Voltage High Power (HVHP) c.10% of revenue c.25% of revenue ASP = $4,000 ASP = $4,000 1kW Low Voltage Low Power (LVLP) High Voltage Low Power (HVLP) c.50% of revenue c.5% of revenue ASP = $50 ASP = $150 Voltage Our B
Slide 17: Growing the portfolio and addressable market
Growing the portfolio and addressable market Addressable market 2015 Addressable market 2025 $2.4bn $4.4bn Power Power Low Voltage High Voltage Low Voltage High Voltage High Power (LVHP) High Power (HVHP) High Power (LVHP) High Power (HVHP) $- $- $0.6bn $0.8bn 1kW 1kW Low Voltage High Voltage Low Vo
Slide 18: Investment in Product Development
Investment in Product Development R&D spend by year since 2014 (£m) Key attributes £169m 15% 26.4 Power Quality and total Power efficiency CAGR density reliability spend 20.4 20.8 19.9 Control and Flexibility Precision 15.9 16.8 monitoring 13.0 11.4 Product evolution – more capability 8.8 5.8 5.9 4.
Slide 19: Investment Case: Why XP wins
Investment Case: Why XP wins DV Attractive GDP++ end markets Broad and high-performing product offering Deep and enduring customer relationships Powered by Clear and Annuity revenue with deep competitive “moat” market leading consistent talent and an strategy Market-leading technology solutions empo
Slide 20: Annuity revenue model
Annuity revenue model >$220m of revenue generated from fleXPower series since launch Substantial, regular and ongoing fleXPower sales ($m) revenue following design process Identification Quotation '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 18-24 >$420m of sales to a single c
Slide 21: Investment Case: Why XP wins
Investment Case: Why XP wins Attractive GDP++ end markets Broad and high-performing product offering Deep and enduring customer relationships Powered by Clear and Annuity revenue with deep competitive “moat” market leading consistent talent and an strategy Market-leading technology solutions empower
Slide 22: Increasingly a Technology Solutions business
Increasingly a Technology Solutions business • Customers started using power supplies for system diagnostics and process matching • This requires digital capabilities that are not available in conventional power supplies • Integrated hardware & software is critical • This trend from North American c
Slide 23: SViC: Silicon Valley innovation Centre
SViC: Silicon Valley innovation Centre Market leading capability and resource • Home to our Advanced Systems Engineering team • 40+ engineers (Firmware, Electrical, Mechanical and Product Managers) • Dedicated to application specific designs • Engineering Lab • 10,000 square feet • New Product Intro
Slide 24: SViC: Pillars for new business success
SViC: Pillars for new business success Technical resource advantage • Regulatory compliance (EMC) • Extensive in-house capabilities, including Radiated Emissions chamber • Reliability lab • In house lab with environmental and vibration testing • HALT chambers (Highly Accelerated Life Testing) Emissi
Slide 25: Advanced Systems Engineering Group
Advanced Systems Engineering Group Improving the customer experience through our dedicated team • Fast to Solve • In-depth experience in SemiFab and Healthcare • Close to many customers design centres to facilitate interactions, and collaboration throughout the development process • Fast to prototyp
Slide 26: Investment Case: Why XP wins
Investment Case: Why XP wins Attractive GDP++ end markets Broad and high-performing product offering Deep and enduring customer relationships Powered by Clear and Annuity revenue with deep competitive “moat” market leading consistent talent and an strategy Market-leading technology solutions empower
Slide 27: XP's financial framework
XP’s financial framework Organic sales Operating Operating Cash ROCE Leverage growth Margin Conversion Ambition c.10% c.20% c.100% >20% 0-1x 10-year average +10% 22% 101% 27% 0.5x 2010 - 2019 Delivered against through-cycle ambitions prior to recent unusual downcycle Group well positioned to return
Slide 28: Organic sales growth
Organic sales growth Market growth Above market growth drivers Approximate 10-year market growth Drivers: 7.0% c.10% • Broadening of the product portfolio: particularly into 7.0% more technically advanced 4.5% categories, including solutions, where competitors struggle 2.0% • Target key accounts: th
Slide 29: Increasing share of wallet
Increasing share of wallet Customer coverage Top 30 customers - selling the full range • Top 30 customers are strategically important, representing $6.5bn Critical Power market c.50% of Group revenue • We have c.7% share of their power spend • Recent product range expansion allows further wallet sha
Slide 30: Strong pipeline for future growth
Strong pipeline for future growth Best Year Value* of all Live Projects Live projects remain strong, demonstrating the effectiveness and appeal of the XP offering and maintenance of market position as at 30 June 2025 • $850m of designed in “Best Year Value” customer projects in differing stages of t
Slide 31: Margin improvement
Margin improvement Gross margin improvement potential Operating leverage • Increasing leverage of well invested manufacturing overhead as 47.4%* demand recovers Mix enhancement 41.4% • Strongest growth from areas with above-average gross margin • Accelerated by margin-focused resource allocation 201
Slide 32: Strong free cash generation
Strong free cash generation Through-cycle cash generation model • Well-invested physical and IT infrastructure Cash generation per £100m revenue £m • No major capex required post-Malaysia opening Operating Profit (at margin ambition) 20 • Ample spare manufacturing capacity in global footprint Deprec
Slide 33: Return on capital - a clear path
Return on capital - a clear path Operating Margin % x Capital Turnover = ROCE LTM H1 2025 7.0% x 0.92x = 6.4% Ambition 20.0% x 1.00x = 20.0% Balance sheet efficiency near optimal levels ROCE ambition will be achieved once operating margins reach stated framework 33
Slide 34: 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 required to deliver plan progressed toward target growth given existing portfolio Target Leverage 0-1x EBITDA 34
Slide 35: Investment Case: Why XP wins
Investment Case: Why XP wins Attractive GDP++ end markets Broad and high-performing product offering Deep and enduring customer relationships Powered by Clear and Annuity revenue with deep competitive “moat” market leading consistent talent and an strategy Market-leading technology solutions empower
Slide 36: Q&A
Q&A
Slide 37: Disclaimer
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 full or complete. No reliance may or should be placed does not undertake any obligation
Slide 38: Appendices
Appendices
Slide 39: XP Power: Leadership in sustainability
XP Power: Leadership in sustainability A customer example Now a commercial imperative • Sustainability is one of the most critical items on the agenda for our key customers and their customers alike • Continued commitment to NetZero Science Based Targets initiative (SBTi) – our • Committed to Net Ze
Slide 40: XP Operations: Competitive global footprint
XP Operations: Competitive global footprint 8 Global R&D centres located close to customers and operations Pangbourne Kunshan >160 San Jose Munich Multi-disciplined team members working in Gloucester Stuttgart R&D and product design Bremen Irvine High Bridge Ho Chi Minh £163m NW Malaysia (future) Ph
Slide 41: BG Power
») \) BG Power | . POWERING THE WORLD'S CRITICAL SYSTEMS