Slide 1: Annual Results for the year to 30th September 2025
22/01/2026 Annual Results for the year to 30th September 2025 Matt Hamblin – CEO Simon Hallam – Finance Director
Slide 2: Agenda
Agenda • Overview • Income statement summary • Revenue analysis and commercial update • Growth strategy • Operational capacity and technical developments • Q1 FY26 update • Outlook Appendices: - Cash flow statement and balance sheet - 5 year track record - Introduction to Hardide © 2026 All content
Slide 3: Overview
Overview FY 25 • Revenues up 27% from £4.7m to £6.0m, driven by new work wins • Gross margins up from 48 % to 57% • Significantly improved EBITDA of £1.0m (2024: break even, prior to £0.4m restructuring costs) • EPS 0.2p (2024: 1.9p loss) • Net debt (inc. leases) reduced y-o-y by £0.5m to £1.6m at 3
Slide 4: Income Statement Summary
Income Statement Summary £m FY25 FY24 Change Revenue 6.0 4.7 +1.3 Gross profit 3.5 2.3 +1.2 Gross margin % 57% 48% +9 ppts Overheads (2.5) (2.3) (0.2) EBITDA 1.0 - +1.0 EBITDA margin % 17% - +17 ppts Restructuring costs - (0.4) +0.4 Depreciation (0.8) (0.8) - Financing (0.1) (0.1) - PBT 0.1 (1.3) +1
Slide 5: Revenue Analysis and Commercial Update
Revenue Analysis and Commercial Update FY25 (£m) FY24 (£m) % change FY25 % total FY24 % total Energy 2.8 1.9 +49% 47% 40% Industrial 1.4 1.9 -26% 23% 40% Aerospace 1.8 0.9 +90%+ 30% 20% Total 6.0 4.7 +27% 100% 100% Energy • growth mainly from new work wins and some recovery from prior year de -stock
Slide 6: Growth Strategy – Key Pillars
Growth Strategy – Key Pillars • CVD coatings as a service Hardide’s traditional business – working in conformance to existing customer specifications • CVD coatings as a solution Working with customer to solve problems and create differentiated specifications for CVD coatings • North American market
Slide 7: Operational Capacity & Technical Developments
Operational Capacity & Technical Developments Operational capacity • Previously estimated to be £10-12m of which circa two thirds is in Bicester • Work is progressing to significantly increase this at modest capital cost (shift patterns, continuous operational improvements, reactor loadings, etc) •
Slide 8: FY26 Update
FY26 Update • Strong trading momentum continues • Q 1revenues of £1.8m up c.40 % on prior year Q 1 • Double digit operating margins • Cash balance at 31 December 2025 was £1.2m compared with £0.8m at 30 September 2025 • £1.75m of orders received so far from a major energy customer for delivery in H1
Slide 9: Outlook
Outlook • Despite continuing uncertainties in the global economy, the Board believes the business should continue to make further significant progress in the current financial year and beyond • Market adoption of Hardide’s unique surface coating technology is increasing, evidenced by: - growth in FY
Slide 10: Appendix: Cash Flow Summary
Appendix: Cash Flow Summary £m FY25 FY24 EBITDA 1.0 - Change in working capital (0.3) 0.1 Capital expenditure (0.1) (0.1) Net interest and tax (0.1) (0.1) One-off restructuring cash cost - (0.4) Net cash flow pre-financing transactions 0.5 (0.5) Net financing transactions (0.4) 0.5 Net cash flow 0.1
Slide 11: Appendix: Balance Sheet Summary
Appendix: Balance Sheet Summary £m 30 Sept 2025 30 Sept 2024 Change Plant & equipment 3.5 4.0 (0.5) Right of use assets 1.4 1.5 (0.1) Working capital 0.6 0.3 0.3 Capital invested 5.5 5.8 (0.3) Cash 0.8 0.7 0.1 Loans* (0.5) (0.7) 0.2 Lease liabilities** (1.9) (2.1) 0.2 Shareholders’ funds 3.9 3.7 0.2
Slide 12: 5 Year Track Record
5 Year Track Record Revenue (£m) Gross margin % 6.0 60 40 3.0 20 0.0 0 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Over 25% increase in revenues in FY25 Significant improvements in gross margins EBITDA (£m) EPS (pence per share) 2.0 1.0 0.0 0.0 -2.0 -1.0 -4.0 -2.0 -6.0 2021 2022 2023 2024 2025
Slide 13: Introduction to Hardide
Introduction to Hardide • Primary technology is Chemical Vapour Deposition (CVD) coatings • Markets Served : Aerospace, Oil & Gas, Industrial across a variety of applications • Our CVD coatings are unique in that they are applied in a “low” temperature < 500 ºC environment, versus traditional CVD co
Slide 14: How & Where Our CVD Coatings Are Deployed
How & Where Our CVD Coatings Are Deployed • Applied on various types of Steel, Alloys, Copper, Graphite • Thickness typically 25 to 100+ microns • Non line-of-sight, can do what most other coatings can’t : uniformly coat complex internal and external surfaces • Hardide coatings can be made as pure T
Slide 15: Disclaimer
Disclaimer This document is being made available for information purposes only and neither it nor any oral presentation made in connection with it constitute or form part of, and should not be construed as, an offer, invitation or inducement to purchase or subscribe for any securities or to enter in
Slide 16: Thank You
THANK YOU 22/01/2026