Slide 1: Results for 6 months ended 30 November 2025
Pinpoint-Invest-Exit Results for 6 months ended 30 November 2025 Steve McQuillan, CEO Stephen King, CFO Austen Adams, COO
Slide 2: Financial highlights
Financial highlights Group Revenue Gross Profit Margin Adjusted EBITDA £78.1m 31.7% £9.6m FY25 1H: £79.0m FY25 1H: 30.0% FY25 1H: £8.7m Net Debt** Adjusted Diluted EPS Interim Dividend* 14.6p 2.0p £12.3m 31 May 2025: FY25 1H: 12.0p FY25 1H: 1.9p Net debt £12.3m * Interim Dividend - Currently propose
Slide 3: Our divisions and brands
Our divisions and brands Advanced Engineering Systems (AES) Medical and Industrial Imaging (MII) Acquired 2004 Acquired 2017 Acquired 2018 Acquired 2017 Acquired 2018 Acquired 2019 Acquired 2019 Acquired 2023 Acquired 2021 Acquired 2023 Revenue (£m) Adjusted EBITDA (£m) Revenue (£m) Adjusted EBITDA
Slide 4: Strategy
Strategy Pinpoint Invest Exit • Focus on targeting highly • People • Return value to shareholders regulated markets. • Facilities and equipment • Fund new acquisitions • Grow existing businesses • Technology and IP • Fund research and through bolt-on acquisitions • Routes to market development of ne
Slide 5: Divisional priorities - AES
Divisional priorities - AES Energy Commanding niche positions in attractive growth segments capitalising on the sector transition Molten Salt Pump Pump under repair (coal) Conventional Nuclear Pump Nuclear Hydrocarbons New Nuclear – New Build - Fusion – Life extension of Decommission New Build Life
Slide 6: New Nuclear Landscape
New Nuclear Landscape The new nuclear opportunity is driven by an unprecedented convergence of Big Tech energy demand, aggressive federal de-risking by the US government and a shift toward "economies of scale" production for SMRs OEM Players OEM Players Market demand drivers USA RoW Virtually guaran
Slide 7: Divisional priorities – AES Cont.
Divisional priorities – AES Cont. In other markets Defence Critical National HVAC heating Advanced Fibres Infrastructure and cooling Nuclear deterrent HS2 Large buildings Advanced materials Secure storage Rail tunnels Data Centres for AI Precision pumps Booth Hayward Tyler Booth Ormandy Slack and Pa
Slide 8: Divisional priorities - MII
Divisional priorities - MII Magnetica, Scientific Magnetics, Tecmag and Adaptix Orthopaedic imaging • Total orthopaedic imaging market estimate is $4.7bn • £4.2m invested in Magnetica (MRI) and Adaptix (3D X-ray) in period Adaptix • FDA 510k clearance for Adaptix Ortho350 received in November 2025 •
Slide 9: Divisional priorities – MII Cont.
Divisional priorities – MII Cont. Magnetica, Scientific Magnetics, Tecmag and Adaptix Superconducting magnets • Excellent trading period • Magnet & cryogenic product sales now include sales to Quantum Computing / AI applications • Continued to work on the new ViewRay® concept product to be integrate
Slide 10: Operational milestones - MII
Operational milestones - MII H2 FY26 H1 FY27 H2 FY27 Clinical 2 KOL sites Up to 4 further KOL sites installed CPT coding validation in-use evidence Up to 6 clinical case studies/white papers Validated capacity release model data Commercial 2 US resellers Trained Up to 3 further US resellers added an
Slide 11: Financial Highlights
hs. Avingtrans Financial Highlights 11
Slide 12: Financial performance
Financial performance £m FY26 1H FY25 1H FY25 Revenue 78.1 79.0 156.5 Gross Profit 24.8 23.7 49.5 Gross Profit % 31.7% 30.0% 31.7% Adjusted EBITDA 9.6 8.7 16.7 Adjusted EBITDA % 12.3% 11.0% 10.7% Adjusted Profit before tax 5.7 4.5 8.6 Adjusted Profit after tax 4.9 4.0 8.0 Adj. Diluted EPS (pence) 14
Slide 13: Divisional Results
Divisional Results £m AES MII Central FY26 1H AES MII Central FY25 1H Revenue: Original equipment 47.6 2.4 - 50.0 51.3 1.9 - 53.1 Aftermarket 27.6 0.5 - 28.1 25.5 0.4 - 25.9 Total Revenue 75.2 2.9 - 78.1 76.8 2.2 - 79.0 Operating profit/(loss) 7.8 (1.8) (0.7) 5.3 7.8 (2.6) (0.7) 4.5 Adjustments: Exc
Slide 14: Balance Sheet
Balance Sheet £m FY26 1H FY25 1H FY25 Tangible fixed assets 27.2 29.1 27.9 Goodwill 27.8 27.9 27.8 Other intangibles 46.4 37.4 41.5 Deferred tax asset & pension surplus 6.0 4.2 5.1 Working capital 38.8 40.7 39.6 Provisions (3.0) (2.0) (2.5) Tax asset 0.2 0.1 (0.4) Net debt incl. IFRS 16 (16.8) (14.8
Slide 15: Movement in net debt (£m)
Movement in net debt (£m) Advanced Engineering Systems Medical & Industrial Imaging Central The Advanced Engineering Systems (“AES”) division had strong cash-generation in H1. AES’s free cash flow was £7.6m (FY25 H1: £7.8m). The £4.2m of Medical & Industrial Imaging capex in the period principally r
Slide 16: Summary
Summary ✓ H1 FY26 - on target to deliver full year expectations ✓ Strong H1 results, in particular at Hayward Tyler and Ormandy ✓ Results resilience is underpinned by the Group’s regional supply chains and regional sales of products ✓ Minimising tariff impacts ✓ Order book: very strong order cover p
Slide 17: Appendix Background Info
hs. Avingtrans Appendix Background Info 17
Slide 18: Our values
h Avingtrans v Integrity We mean what we say and will do, with re: ‘t for all Ri * Quality ht first time, on time. Our produc and comers Agility ot rapidly and cost effectiv jonse to changes in the e: viro
Slide 19: Our locations and employees (31 January 2026)
Our locations and employees (31 January 2026) UK USA 757 China 169 India 60 11 Australia 42 19
Slide 20: Blue chip client partnerships
Blue chip client partnerships 20
Slide 21: Diversified end markets
Diversified end markets By region By industry Other, 2% Rest of Oil & Gas, 4% Industrial & world, 17% Gov. and infrastr., defence, 9% 34% UK, 40% China, 16% Nuclear, 20% USA, 26% Conventional Based on revenue in FY26 H1 power, 30% By region is based on customer location 21
Slide 22: Our proven strategy in action - Pinpoint
Our proven strategy in action - Pinpoint Strengthening the portfolio A Gear Metering Pump • The Group acquired the S&P assets for £4.1m in August 2023 • S&P manufacture specialist gear metering pumps • Extends product portfolio – including aftermarket offering • Modern, well-invested leased site in
Slide 23: Our proven strategy in action - Invest
Our proven strategy in action - Invest Developing world class products Vet dental 3D X-ray scan • Adaptix – making compact 3D X-ray systems • Magnetica – making compact helium-free MRI systems • Initial markets are orthopaedic, veterinary and NDT* • High-quality product images commended by customers
Slide 24: Our proven strategy in action - Exit
Our proven strategy in action - Exit Building and returning shareholder value PB acquired for c£9m as part of HTG in 2017 Exit of PB for enterprise value of £35m in March 2021 Gross return on original capital investment almost 4X 3rd successful exit for Avingtrans since 2013 • Avingtrans is committe
Slide 25: M&A – successful exits
M&A – successful exits Brand Acquisitions Bought for £m1 Sold for £m1 JRT Ltd JenaTec Inc 4.0 14.5 JGWT GMBH Boneham & Turner (FY02 - FY09) (FY13) Moss Group Sigma Components B&D Patterns C&H Composites Eng Group 22.0 65.0 Aerotech Tubes PFW Farnborough (FY07 - FY16) (FY16) RMDG Rolls Royce Nuneaton
Slide 26: Environment, Social and Governance (ESG)
Environment, Social and Governance (ESG) • Our goal is to ensure sustainability is embedded into our pinpoint-invest-exit business strategy. Our approach to sustainability is aligned with the UN’s Sustainable Development Goals (SDGs). We consider the following to be our priorities: Development of ne
Slide 27: Sustainability: progress
Sustainability: progress Feb Jan May 2019 2020 2025 SCR Pump ISO 14001 May Carbon intensity Our Hayward Tyler Jan Oct 2022 Environmental May FY25 Group carbon business secures its 2021 2021 Carbon tracking Management 2023 intensity falls to 18.8 first order for SCR Acquisition of Green Factory All s
Slide 28: Sustainability: Renewables integration
Sustainability: Renewables integration Selective Catalytic Reduction (SCR) is an exhaust-cleaning step that removes nitrogen oxides from coal and gas power station flue gasses. Nitrogen dioxides are linked to several serious heart and lung conditions. To work effectively the SCR requires flue gases
Slide 29: Market capitalisation progression (£m)
Market capitalisation progression (£m) Returned £19m to shareholders; Purchased SciMag & Whiteley Read 2016 50 Purchased HTG & Ormandy Group assets 2017 43 19 Purchased Tecmag; Exited Whiteley Read 2018 67 CV-19 Purchased Booth & Energy Steel 2019 71 pandemic commences 2020 77 Purchased Magnetica (5
Slide 30: Long-term share price growth outpacing the market
Long-term share price growth outpacing the market Avingtrans plc, up 106% FTSE AIM All-share, down 30% Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 FTSE AIM ALL-Share AVG 30
Slide 31: Largest investors
Largest investors Ordinary shares of 5p each Number of % of total shares (000s) shares Harwood Capital 3,552 10.7% Funds managed by Business Growth Fund 2,458 7.4% Funds managed by TrinityBridge 2,024 6.1% Funds managed by Unicorn Asset Management Ltd 1,850 5.6% Funds managed by Downing LLP 1,836 5.
Slide 32: Dividend growth (pence per share)
Dividend growth (pence per share) Suspended due to Covid 2.9 3.0 2.8 2.6 2.3 2.4 2.1 2.2 4.0 1.7 1.8 1.9 2.0 1.3 1.4 1.6 1.1 1.2 - FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26* Interim Full year FY26* - Proposed 32