Avon Technologies Plc · LSE:AVON
Avon Technologies — Avon Protection — Investor Day (2024)
104 slides from Avon Technologies's investor day presentation, 2024
Slide 1: Avon Protection Capital Markets Day 2024
Slide 2: Disclaimer
AVON PROTECTION PLC Disclaimer... Avon Protection plc (the ‘Group’) is providing the following cautionary statement: This document contains certain statements that are or may be forward-looking with respect to the financial condition, results or operations and business of the Group. These statements
Slide 3: Investment case: Avon is well positioned
AVON PROTECTION PLC o (1) Platform for superb execution 2) Growing markets Stable recurring (3) revenue base and well underpinned growth 7) Transformation driving returns & cash flow e Strong competitive moat ... to deliver exceptional value to shareholders Investment case: Avon is well positioned..
Slide 4: Excellent visibility of organic growth between 4-8% CAGR
AVON PROTECTION PLC > Excellent visibility of organic growth between 4-8% CAGR... Group revenue (5) R ee lo Non-contracted growth New customers and new and enhanced products drive further growth. U.S. Department of Defense contracts provide high growth visibility. Large installed base and aftermarke
Slide 5: Medium-term margin goal of 14-16% and cash flow of over 80%
AVON PROTECTION PLC a Medium-term margin goal of 14-16% and cash flow of over 80% are both well underpinned... Key driver of margin Key driver of cash _ stability & flow improvement improvement h to fl h h a Ven Right sized the Bate eo ene PROTECTION business in 2023 Improvement (Respiratory) TEAM 1
Slide 6: Today's agenda
AVON PROTECTION PLC o Today’s agenda Jos Sclater Rich Cashin Steve Elwell Justin Hine James Wilcox Vasilios Brachos 15.40 Break Gary Turner James Wilcox Amy Carpenter Paul Hamilton Rich Cashin Jos Sclater Rich Cashin 16.45 17.15 Summary and Q&A Jos Sclater & Exec Team Technology showcase
Slide 7: Today's presenters
AVON PROTECTION PLC Today’s presenters... Jos Sclater Chief Executive Officer * Joined Avon in 2023 Rich Cashin Chief Financial Officer * Joined Avon in 2022 * Previously Group CFO at Ultra, Castrol and GKN * Extensive M&A and turn-around experience. Qualified Lawyer Justin Hine Director of Strategy
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Slide 9: We have done a lot to strengthen Avon
AVON PROTECTION PLC ° We have done a lot to strengthen Avon... Compelling need for change Platform for Clear goals superb execution ... With a view to delivering superior performance
Slide 10: We have a compelling case for change
AVON PROTECTION PLC ° We have a compelling case for change... Compelling need for change ... to help our people seize the opportunities in Avon
Slide 11: Inventory turns are low and have not been improving
AVON PROTECTION PLC Inventory turns are low and have not been improving... 100 Inventory turns 9.0 8.0 70 6.0 5.0 40 3.0 20 1.0 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 ... which creates a compelling case for change
Slide 12: Recent performance
AVON PROTECTION PLC Nn Recent performance... ..Will not get us here What got us here... | Adjusted Operating Profit \ 2020 ... has helped galvanise change
Slide 13: The change we need has already started
AVON PROTECTION PLC ou The change we need has already started... aven PROTECTION (Respiratory) Selling, general & admin expenses* Irvine site closure finishing moved to announced, lavalerna| grant funding agreed Headcount** Footprint EPIC helmet ... Strategy is already in action “Adjusted for inflat
Slide 14: We are creating a high performing business
AVON PROTECTION PLC = We are creating a high performing business... Platform for superb execution ... With a view to outperforming our markets
Slide 15: We have strengthened...
AVON PROTECTION PLC a We have strengthened... Collective i FIERCE K ambition eee OKR Clear strategy oe eenet Aven v Right team & Processes to organisation drive excellent execution TEAM WENDY ... pretty much everything
Slide 16: We have changed our operating model
AVON PROTECTION PLC o We have changed our operating model... AVON PROTECTION PLC | Shared Services aven PROTECTION Business Development & Commercial DOD Sales Programmes & Bids Engineering & Technology Operations & Procurement HR Finance Sales a Global Processes IT — infrastructure, applications & p
Slide 17: We have an experienced leadership team
We have an experienced leadership team... Jos Sclater Chief Executive Officer Rich Cashin Chief Financial Officer Paul Hamilton President, Operational Excellence & Continuous Improvement Miles Ingrey- Counter General Counsel Steve Elwell President, Avon Protection James Wilcox President, Team Wendy
Slide 18: We have changed a lot of people and roles
AVON PROTECTION PLC o We have changed a lot of people and roles... oe fT ae }hONOHEER 150 leaders ...and now have the stability and capability to drive execution
Slide 19: We have been on a collective journey
AVON PROTECTION PLC ey We have been ona collective journey... Programme Management and Kaizen Vision An, Mission Objectives & Results Hard Data, logic, execution, measurement vs. targets Soft Cultural, behavioural - appealing to the heart Deliver our goals Strategy Values Facts & Insights ...to alig
Slide 20: Where we're going: our vision for the future
AVON PROTECTION PLC nv ° Where we’re going: our vision for the future Our aim is for heroes to survive and thrive - whatever the mission
Slide 21: Our mission: what we do to pursue our purpose
AVON PROTECTION PLC nv Our mission: what we do to pursue our purpose To provide unparalleled protection for those who protect us
Slide 22: Get FIERCE - values to live by
AVON PROTECTION PLC v Nn Get FIERCE - values to live by... Fea rlessness We seize opportunities and take calculated risks. j We do what's right; using good judgement to Integ rity ensure we always do things we can be proud of. We passionately strive to protect life through Exce | le NCE innovative s
Slide 23: The STAR strategy sets out our strategic priorities
AVON PROTECTION PLC v a The STAR strategy sets out our strategic priorities... REDUCE COSTS AND IMPROVE WORKING CAPITAL TURNS CREATE THE PLATFORM FOR SUPERB EXECUTION LEVERAGE ORGANICALLY GROW INNOVATION TO THE CORE AND SCALE DRIVE FURTHER UP EMERGING GROWTH OPPORTUNITIES ... to deliver sustainable
Slide 24: Our management system links strategy to resource allocation
AVON PROTECTION PLC v 5 Our management system links strategy to resource allocation... Strategic Plan Identification of priorities Defined outcomes and objectives by business for the next 5 The Avon We set annual and quarterly years; refined regularly Objectives and reallocate resources management i
Slide 25: Each part of our leadership system has been developed collaboratively
AVON PROTECTION PLC v a Each part of our leadership system has been developed collaboratively ... Compelling mission & vision Live Strategic clarity & Empowerment & meen: and reason to FIERCE alignment accountability 9 change strategy => ... leading to thriving, engaged employees
Slide 26: We have what it takes to drive outperformance
AVON PROTECTION PLC v o We have what it takes to drive outperformance... Superb execution Avon management system increases velocity Clear direction Highly capable team e The right operating model ...and create superior returns for shareholders
Slide 27: We need motivated people
AVON PROTECTION PLC i ~ We need motivated people... Clear goals ...to outperform our markets
Slide 28: Our medium-term goals out to 2027
AVON PROTECTION PLC vn o Our medium-term goals out to 2027... actual (7.5)% 8.7% 8.7% 7% debyEBITDA e At least L 14-16% | ore 80-100% L debi/EBITDA . will deliver attractive shareholder returns
Slide 29: CFO
i f CFO Peet ’ pi 4 AVON PROTECTION PLC a | .
Slide 30: We are the world leader in mission-critical protection
AVON PROTECTION PLC a ° We are the world leader in mission-critical protection... aven TEAM —— AVON PROTECTION PLC ;-——_ 5 Aven ON PROTECTION PLE WENDY Respirators & Powered & CBRN Rebreathers Ballistic helmets Bump helmets Liner & retention Accessories Supplied Air Protective Wear systems $156.9M 2
Slide 31: A focused NATO defence and first responder business
AVON PROTECTION PLC ca A focused NATO defence and first responder business .. . Revenue by division and customer aven PROTECTION BB military us Military Europe Military Rest of World Hi Commercial US | Commercial Europe & Rest of World ... With a broad customer base
Slide 32: Our end markets have diversified
AVON PROTECTION PLC Our end markets have diversified... Group revenue share by customer type and market Hi Commercial Europe & Rest of World HB Commercial US 12% Military Rest of World 12% Military Europe BB Military us 28% Avon Protection 18% Team Wendy 2013 2023 ... broadening resilience and oppor
Slide 33: Addressable vs non-addressable
2500 2000 1500 1000 500 0 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Addressable Non-addressable • • •
Slide 34: Growing US and NATO demand for military helmets and respirators
Growing US and NATO demand for military helmets and respirators... $m Annual ballistic helmet demand — military: $m Annual respirator demand - military: 250 180 30% CAGR GR 160 200 Ajo CN 140 120 150 100 100 eo 60 50 40 20 0 0 19-23 2024 2028 19-23 2024 2028 m= US mOther NATO =US #Other NATO Aggrega
Slide 35: Law enforcement markets growing 3-4% compound
Law enforcement markets growing 3-4% compound... Annual ballistic helmet demand - law Annual respirator demand - law enforcement enforcement GR 60 2 a 3% ee 80 50 40 60 50 30 40 30 20 20 10 10 0 0 De as ae 19-23 2024 2028 $m $m =US = Other NATO =US mOther NATO * Law enforcement officer threat exposu
Slide 36: Positive key growth drivers
Positive key growth drivers... Historical trend Future trend Direct volume drivers Number of military and first responder personnel Higher equipment specifications Increased threat level, inc. CBRN (chemical, biological, radiological, or nuclear) US defence programme Bio/defence budgets Helmet and r
Slide 37: Protection
a i Protection PROTECTION
Slide 38: Building our growth strategy
AVON PROTECTION PLC Building our growth strategy... (1) Best in class product range (2) Long-term, sole-source, PROTECTION multi-year contracts Sustainable revenue growth C3 ] driven by changing threat Broadening user-base landscape , Improved margin © xpanting product Maelvery High-growth Underwate
Slide 39: Our product is the best in class globally
AVON PROTECTION PLC p ° Our product is the best in class globally... User centric design Field proven pedigree cé 0) \ Leading market NFPA Most - certifications Leading quality i processes \ \_ Underpinned by “a\_ long-term patents ’ “and contracts Vertically integrated | srorre supply chain © mM |/
Slide 40: We are sole sourced in multi-year contracts
AVON PROTECTION PLC p We are sole sourced in multi-year contracts... 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 z ' extension indicated replenishment & spares Norway : Rebreather yoo 1 1 Germany | Rebreather Spares eset ow a Avo. Rebreathers, spares, accessories & service i} Ne
Slide 41: We are #1 in our market
We are #1 in our market... Key Customers AVON PROTECTION PLC . With more than 4 million active users globally p re
Slide 42: We are addressing new capability gaps
We are addressing new capability gaps... MiTR MODULAR INTEGRATED TACTICAL RESPIRATOR ACU cele Increasing demand from non-traditional user base PAPR & SCBA LOW-LEVEL, NON-LETHAL AGENTS & PARTICLE PROTECTION (VIRUS, BACT Ey” [ y 7 . — Lowcost High protection 4 Low protection a High cost > to integrate
Slide 43: Customer drive for improved CBRN integration
Customer drive for improved CBRN integration... Secured sole source , framework contract $244m, Market value in 2023 Builds on existing respiratory customer base >2x Ensemble PROTECTIVE SUIT OVER GLOVES doubles core PHYSIOLOGICAL addressable OVER BOOTS MONITORING AVON PROTECTION PLC ... sUpports our
Slide 44: The underwater threat continues to evolve
The underwater threat continues to evolve... UKRAINE TECH Re efines deep sea military operations | Revolutionary diving suit red AVON PROTECTION PLC ... with a need to keep operators safe in a highly hostile environment > o
Slide 45: Our underwater rebreathers
Our underwater rebreathers... Accessible market | 8250m | | 8250m | Proven route to market Strong end user oy Established NATO relationships I“¥ early adopters . ; ons ® Large accessible Global tactical 7) market = partnership network of Complete solution AV@N Trusted brand LQ, and service offering
Slide 46: Our rebreather systems are market leading
AVON PROTECTION PLC p Our rebreather systems are market leading... REBREATHER * Capability & Technology step change compared to existing alternatives PHYSIOLOGICAL we MONITORING : * Modern digital sensing & enhanced e operational analytics * Improved useability and reduced operational set-up time CO
Slide 47: Our future product portfolio
AVON PROTECTION PLC b o Our future product portfolio... $20m-30m 2023 2024 = 2025 2026 = 2027 2028 Advanced CBRN Materials & Novel Filtration (Miltary reepratory De-contamination Technology fa) 2 Shallow water / combat rebreather technology fa) uu (a) z iz Micro Powered Combat Rebreather Air Systems
Slide 48: Development of MITR preparing for future requirements
AVON PROTECTION PLC a ° Development of MITR preparing... Seamless integration a | Maximum comfort and stability e— Fully Integrated Head Protection Total Modularity New Class of Respiratory Protection ... for future requirements
Slide 49: Future Systems will use rebreather technology
AVON PROTECTION PLC a Future Systems will use... Rebreather Technology utilised for Terrestrial applications Combat Swimmer Systems. ... technology being developed today
Slide 50: Confidence in our growth strategy
AVON PROTECTION PLC a ry Confidence in our growth strategy ... Rebreathers, spares, accessories & service Strong growth pipeline for rebreather business from technology advantage —— | New product growth New product introduction expands - market reach and user base _) CBRN new customers New country a
Slide 51: Solid foundations: confidence in our growth strategy
SOLID FOUNDATIONS AVON PROTECTION PLC a a Strong growth pipeline for rebreather business from technology advantage Confidence in our growth strategy ... Large installed base a : N PROTECTION #1 global brand, — with loyal customer - & user base New country adoption of NATO mask increases installed ba
Slide 52: A robust strategy
— ——————! © pare =e A ROBUST STRATEGY i Ke) BEAT ie ie TEAM ee WENDY’ a a. TEAM PROTECTION
Slide 53: Understanding the building blocks
AVON PROTECTION PLC a a Understanding the building blocks... ... that build strong and sustained growth
Slide 54: Multi-year contract positions provide predictability
AVON PROTECTION PLC a o Multi-year contract positions provide predictability ... 2019, 2020-2021 2022 = 2023 2024; 2025 2026 2027 = 2028 =) 2029'S 2030— 2031 g © Ballistic Indefinite Other Ballistic growth Recurring oa Delivery, Indefinite Quantity growth ... With new international contracts expecte
Slide 55: $560M and $204M 5-Year IDIQ contracts
$560M / 5-Year IDIQ $ 204M / 5-Year IDIQ ~45,000 ~100,000
Slide 56: Commercial Americas ballistic growth accelerating
Commercial Americas ballistic growth accelerating... PORTFOLIO FOR SUCCESS PROVEN ROUTE TO MARKET ce O66 ®ir Q , —o [oxe) 2 . 3 Large established MADE IN Market favours USA S Good etter Best 2024 respretorycustomer USA, made/ DOD tech 9 EPIC EXFIL RIFLETECH z fe} Patrol Special ops Special ops 4 : s
Slide 57: Large rest of world ballistic market
AVON PROTECTION PLC a 2 Large rest of world ballistic market... PORTFOLIO FOR SUCCESS REASONS FOR GROWTH @ ; Bec c= Large installed respiratory customer MID-RANGE EPIC EXFIL & RIFLETECH base L2 Milita LU Milita Special Ops =— ACES Ot GRE. ... With expanded portfolio to realise opportunities 1 Roland
Slide 58: Bump helmet, pad & accessories growth
Bump helmet, pad & accessories growth... EMERGING BUMP HELMET MARKETS PAD AND ACCESSORY EXPANSION ROADSIDE NAVAIR/SWAT ‘OFFICERS WILDLAND FF @ @ Recurring & increasing ® Expanding, high margin P| ($) DOD pad demand ® portfolio (Gores) 2 Cami) 2 Gere) sey cemgmutiiae drives accessories th Increased i
Slide 59: Ballistic material differentiation
AVON PROTECTION PLC Ballistic material differentiation... & aye PERFORMANCE 2 LATEST GENERATION COMPOSITES 20 Composite YEARS Experience >250K In-service for last 4 DOD army helmets ...to outperform the competition Ist
Slide 60: A unique recipe of technical capabilities
AVON PROTECTION PLC o A unique recipe of technical capabilities... Years of expertise in composite material processing = Agile design, prototyping & testing resources In-house tool & process Long-term relationship with aa equipment machining DOD & technology partners ~ Innovative design Novel shell
Slide 61: Mitigating traumatic brain injury (TBI)
AVON PROTECTION PLC Mitigating traumatic brain injury (TBI)... ACCELERATE! DECCELERATE INJURY BLAST INJURY COMPETITOR LEGACY SUSPENSION TEAM WENDY ACH PAD SYSTEM Pioneered foam pads for DOD helmets Patented construction >7M sets supplied .. » beneath the helmet shell 1. health.mil/Military-Health-To
Slide 62: Our leading TBI mitigation research
AVON PROTECTION PLC Our leading TBI mitigation research... Rotational mitigation 3D printed High velocity mitigation foams IMPACT ABSORPTION e TECHNOLOGY x COMPUTER SIMULATION & ACTIV! SENSING C~ 0 " 3D CAD rat Integrated simulations- a Sensing Pa) ...and ballistic superiority drive our future succe
Slide 63: Planned portfolio expansion
AVON PROTECTION PLC o a Planned portfolio expansion... i 2024 2025 2026 2027 : 2028 enc rccoonson BFL Quam) a NEXT GE NEXT GEN CAR : @u LDLAND FIRE SEARCH & RESCUE ' ® ADVANCE VISOR PROTECTION ® EPIC VISOR/NAPE » | ACCLeRORIES ® ra INTEGRATION » ®& = ®- & HIGH VeLOctii PADS e is UFPS GEN2 » ® sr PAD
Slide 64: Integrated head protection programmes emerging
AVON PROTECTION PLC o o Integrated head protection programmes emerging... In house tech DOD Integrated Multi-threat Headborne System POLARIS — DOD Total soldier integration program Semi-ballistic visual augmented visor Active power & comms ACHILE cn technology European dismounted solider system . co
Slide 65: Significant growth opportunity
Significant growth opportunity ... Accessories growth driven by growing installed helmet GROWTH AND RECURRING REVENUE base, E-Commerce and expanded portfolio Non-ballistic growth -—@ Bump helmet growth driven by new market channels and updated products "—~@ Other ballistic growth driven by accelerat
Slide 66: Confidence in growth: reasons to win
Confidence in growth: reasons to win... DOD CONTRACTS NOW \ =] BEING DELIVERED Leading traumatic acura mitigation. @@&y AMERICAS TRACTION USING technology &*™) PROVEN CHANNEL TEAM a= oe ES) UNTAPPED & GROWING wav4) INTERNATIONAL MARKET ° FA z 2 Modem & STRONG ORDER BOOK WITH 2 expanding fan, FOCUS O
Slide 67: Team Wendy
AVON PROTECTION PLC aven Hera PROTEOTION ‘WENDY
Slide 68: We will deliver our transformational programmes on time and on budget
AVON PROTECTION PLC xT ° We will deliver our transformational programmes on time and on budget... Programme management approach - the key “get rights” Focusing on a few‘step change’ programmes Having single point accountability and responsibility direct to the senior business leaders Signing off on
Slide 69: Avon's transformation programmes
AVON PROTECTION PLC _ Avon’s transformation programmes. . . g4 Footprint Operational optimisation —_ excellence ‘Be the most ‘Be a formidable Targeted Results: efficient helmet & competitor through 50% improvement in revenue/sq ft CBRN supplier to brilliant people & 10 ppts improvement in Team Wendy
Slide 70: Footprint Optimisation case study: closure of Irvine site
AVON PROTECTION PLC “ Nn bea Footprint Optimisation case study: closure of Irvine site... SALEM, NH -Focus on ballistic R&D -Shell manufacture OCT 2025 PROGRAMME COMPLETION 32 SITES CONSOLIDATION INTO CLEVELAND S1OM RECURRING COST SAVING CLEVELAND, OH -Business operations -Volume helmet manufacturin
Slide 71: Cleveland to become a world class factory
Cleveland to become a world class factory... LEAN MANUFACTURING, 1 ENGAGEMENT Ld, 5 es) Pe, 2 Fe eeu”) 6 @) ENVIRONMENT sormen O 7 CG; AUTOMATION OPERATIONAL EXCELLENCE, ca 4 J) (i es. 8 ... providing the foundation for rapid and sustained growth AVON PROTECTION PLC “ on
Slide 72: Operational Excellence and CI
AVON PROTECTION PLC _ > Operational Excellence and Cl oo KAI ZEN “good change” 4+ SE = — = — “continuous improvement” “change” “good” Systemically improving the way we work
Slide 73: Case Study: Productivity Kaizen at Team Wendy, Cleveland OH
AVON PROTECTION PLC _ a Case Study: Productivity Kaizen at Team Wendy, Cleveland OH Prioritized Kaizen: / a : — + Kaizen Funnel process TSS" Te | Identify gaps to close: + Excessive inventory + Lack of process flow + Increase throughput Set Kaizen deliverables: + Reduce cycle times / + Implement sin
Slide 74: Opportunities identified
AVON PROTECTION PLC _ o 4 Opportunities identified... Current state process map: Helmets placed on and off racks 8 times moved 1590 feet through the process Helmets stored for 24-hours to cure, adding 24 hours to the completion time
Slide 75: Improvements within the helmet assembly process
AVON PROTECTION PLC “ N Improvements within the helmet assembly process BEFORE Kaizen: * 1 helmet = 20 minutes * 12 operators produced 112 units/day * 672 pcs inventory within the process * 1 week lead time (from start to finish) AFTER Kaizen: * 15% cycle time reduction * 220% productivity improveme
Slide 76: We're targeting large productivity improvements, scrap reductions, and inventory turns
AVON PROTECTION PLC xT o We’re targeting large productivity improvements, od scrap reductions, and inventory turns... Group medium-term targets: ... generating significant financial and operational benefits
Slide 77: Functional excellence case study: finance
eco g Functional excellence case study: finance... Task An appropriately sized finance team for the future of Avon Protection plc BUT... All our people are good and all our people are busy Benchmark Conduct formal © What to Redefine roles & Create Identify finance org review of all stop and responsi
Slide 78: Commercial optimisation: quick wins already in action
AVON PROTECTION PLC © ° Commercial optimisation: quick wins already in action... Rationalise offerings: High priority products and services Realise Margin upside potential: - Identify and action quick wins - Review tail of SKUs for further opportunities - Review channel to market for further opportu
Slide 79: Our disciplined approach to transformation investment
AVON PROTECTION PLC © Our disciplined approach to transformation investment... Rigorous stage gate process for all projects * Dedicated, cross-functional project teams + Early-stage investment encouraged, but bound by short sprints ~ * Fail fast, fail cheap * Build delivery certainty through the pro
Slide 80: Transformation costs and benefits on track
Transformation costs and benefits on track... venta sl pystal plan unchanged from cost ($m) FY23 results: * Good progress on footprint Payback optimisation within 3 . . * Continuous improvement culture being embedded across the organisation Total FY24 investment 310" 2 * Significant progress made in
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Slide 82: Military product lifecycles provide long-term visibility
Military product lifecycles provide long-term visibility ... Programme MANUFACTURING Lifecycle DEVELOPMENT ~1 YEARS ~2 YEARS ~1-2 YEARS ~3-7 YEARS+ ~5-20 YEARS+ Low-rate initial Repeat business production Market expansion Full-rate production Accessory supply Product improvement Aftermarket spares a
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