Interim Results 2026
From transformation to growth
1 2 3
AVON TECHNOLOGIES PLC
...exciting prospects ahead
Very strong group financial performance -well into target margin rangeVery strong group financial performance ...
AVON TECHNOLOGIES PLC
... continued growth ahead of our core markets
HY26 highlights
HY26 | HY25 | CC* | ||
Orders received | S i w» | S wos | ▲ (so»%) | ▲ (si s%) |
Closing order book | 2199 | 247o | (11 o%) | (114%) |
Revenue | 160.8 | 148.7 | 8.1% | 6.8% |
Lower order intake
DoW Tollow-on orders expected in late
Fr›6
FY27
Adjusted operating profit | 24.4 | 17.5 | 39.4% | 39.4% | Revenue up 7%. Growth in Avon Protection |
Adjusted operating profit margin | 15.2% | I 1.8% | 340bp | 340bp |
LOGIES PLC
Adjusted net finance costs | (2 6) | (2 7) | (3.7%) | (3.7%) |
Adjusted profit before tax | 21.8 | 14.8 | 47.3% | 47.3% |
Adjusted taxation | (5.2) | (3.3) | ||
Adjusted profit after tax | 1b.b | 11.5 | 44.3% | 44.3% |
Adjusted basic earnings per share | 56.4c | 38 8c | 45.4% | 45.4% |
Interim dividend per share | 8.1 c | 7.6c | 6.6% |
Increased adjusted operatin with improved operational e
0
AVON TECH
Norma Ise tax ate o 14°o
...margin well into the target range
Avon Protection
PROTECT1ON
Orders received
Closing order book
Adjusted operating profit
HY2b HY25
Sm Sm ▲
111.9 93.7 19.4%
230J
20.7 14.3 44.8%
1.39
Order intake reduction - non-recurrence oL HI 2025 one-oLT orders partly oLTSet by Strong Commercial AmericaS through emergency fnnd/n§ channels and NSPA
Revenue up 2J?% dr/ven by the last expected Ukraine order LulLilment and Strong
Excellent margin - strong operational
TECHNOLOGIES PLC
O ... high confidence in full-year delivery and medium-term growth
Team Wendy
HY26
HY25
303
33
▲
589%)
Weak HI order intake:
Orders received
Closing order book
Revenue
080 5 (295%)
6L9 32 ( %)
Further DoW orders expected later this
calendar year
AVON TECHNOLOGIES PLC
Adjusted operating profit
3.7 3.2 J5.60/ Revenue held back by weak commercial
po
q guy ) ggy
orders. Significant acceleration through Q2
Margin improvement demOHStLbt/ng bCHC#IfS
oLsite optimisation, and increased operating
... strong law enforcement pipeline gives H2 confidence, DoW ballistic helmet order cover into FY27
$30.0m
$25.0m
$20.0m
$15.0m
$10.0m
$5.0m
$0.0m
Cash conversion impacted by timing of Team Wendy receipts
Adjusted EBITDA
HY26 HY25
Sm Sm
29.3 23.4 380 cash conversion:$ I8m DoW
Snare-Dasea payments and d6fin6o Denefit Dension scneme costs s o ^^ receivables received Lirst week oL
Cash flows from operations before exceptional items | 1 1.2 | 13.0 |
Transformational costs Daid | ||
Cash flows from operations | 8.0 | 6.5 |
Payments to pension plan | (33) | (30) |
Net finance costs | 21) | (23) |
Net reDayment of leases | (13) | |
Tax paid CaDital expenditure | (02) ( ) | (34) |
Purchase of own snares - Lonp Term Incentive Plan | (2) | |
Diviaends to sharenolaers | (4.9) | (49) |
Foreign excnanpe on casn | (0.1) | |
Change in net debt | (7.9) | (1.4) |
Opening net debt, excluding lease liabilities | (50.1) | (43.5) |
Closing net debt, excluding lease liabilities | (58.0) | (54.9) |
Working caDital and other adjustments ‹z1.1) (13.7) April. ILthese were received a week
Q6LiIQL C6S COHVQFSIOH WOUIC! 6VQ
aeen ioo%
AVON TECHNOLOGIES PLC
deficit reduced to )S.7m (FY2S:
... which unwound immediately post period close
Strong Balance Sheet
Intangible assets
Property, plant and equipment Net other non-current assets
HY26 FY25 HY25
Sm Sm Sm
110.9 11S4 120.8
43.1 42.3 41.5
235 31.0 2P
Inventory turns of3.0x: flat due to
Inventories | 59.1 | 55.5 | 58.7 | |||
Other current assets | 56.8 | 523 | 47.3 | |||
Current liabilities | (36.1) | 48.0) | (4S0) | |||
Net debt, excluding lease liabilities | (58.0) | (50.1) | (54.9) | |||
Lease liabilities | (16.2) | (17.9) | (19.8) | |||
Retirement benefit scheme | (5.7) | (13.8) | (8.5) | |||
Net assets | 177.4 | 1bb.7 | 1b8.4 | |||
Leverage | 0.90x | 0.8dx | 0.99x | |||
Average working capital turns | 5.1 | 5.2 | 5.0 | |||
Average inventory turns | 3.0 | 3.0 | 3.0 |
focus on DoW ramp activities. Improvement expected in H2
Current liabilities down due to timing oLpaymentS
Dond yield increases
£3m injection into pension Scheme post period close to further strengthen
AVON TECHNOLOGIES PLC
... net debt remains below lx leverage: creating future optionality
Firmly on track to meet or exceed all targets in FY26
FY29 expected to be in line with previous guidance:
Total $7m Spend in //ne with guidance. Higher weighting towards OpFx vS CapFx
AVON TECHNOLOGIES PLC
... the last year of transformation-related exceptional costs
Current threat environment supporting medium term growthThe global geopolitical picture has shifted
Active conflict zones are at their highest since World War II:
Market growth drivers*
2024 Current
trend trend
Strategic shift of US positioning within NATO and towards international security engagement
Growing budgets as Europe enters a rearmament cycle correcting decades of defence underinvestment
Russian and Chinese projection of power
Underlying defence trends
Equipment-specific trends
ouen
P R O T E C T I O N
AVON TECHNOLOGIES PLC
Chemical weapon use and conventional warfare tactics in recent conflicts driving stock replenishment
Mask and ensemble integration a key focus
Increased demand for respirators that have improved combat effectiveness as well as chem/bio protection
VNDY
Increasing military personnel numbers driving US demand of both general purpose and rifle rated helmets
US civil disruption and increasing gun crime driving law-enforcement
upgrade cycles • O
... high threat environment drives long-term demand
New development programmes
M&A if it fits our
criteria
Increasing investment in R&D, sales, marketing, people and new product development
Mostly complete; last two projects running to plan
…Kaizen is forever
Strengthen System
launched
Lots of opportunity
for further improvement
Increased efficiency, reliability and cost advantage
With improvements every week...
ouenP R0 T E C T 10 N
What actually happens
WENDY
What you expect
AVON TECHNOLOGIES PLC
All lines flowing with value streams. Standard work at everystation. Visual management, Leader CI training. Strengthen System training for all employees
Regular Kaizen. Global SQDIP targets. Old ways of working detected quickly. STAR Academy CI tool training. Tier reporting. 5S.
Kaizen plus 'Just do it'culture. Capacity creation. Kanban & workplace sustainment. Level loading. Root cause analysis. Kaizen for strategic suppliers & non-ops.
Safe culture for experimentation. Just in time. Old ways of working caught immediately & addressed through kaizen. Progress drives next improvements.
TIME
... we expect the results to compound over time
Building capability...
AVON TECHNOLOGIES PLC
Core fundamentals & principles of Continuous Improvement -compulsory for every employee
Training for aspiring supervisors and
CONTINUOUS IMPROVEMENT CHAMPION
STRENGTHEN SYSTEM TRAINING
Joining at least 6 people managers STAR Kaizens or co-
leading at least 3
STAR Academy learning modules to support Continuous Improvement skills.
High potential talent
Builds resilience, personal career planning and self-reflection
Lean training course in Japan
Leads 6 STAR Kaizen projects and attends 12 STAR Kaizens
New and emerging managers
Core skills to lead others through teams or line management
Strategic thinking
'Real Numbers'
finance
and core economicstheory tosupport leadership and broader responsibilities
... through proprietary in-house people training
Delivering on our operational targets ...
Group Average Labour Productivity1
Group Scrap (% of revenue)2
Group Average Inventory Turns3
$600k | 5.0% | 3.50 | |||||||||||||
4.5% | |||||||||||||||
$500k | 4.0% | -62% | 00 | ||||||||||||
$400k | 3.5% | (vs. H 123) | 2.50 | ||||||||||||
3.0% | |||||||||||||||
$300k $200k $100k $0k | +44% (vs. H123) H2 FY23 FY24 FY25 | H1 FY26 | 2.5% 2.0% 1.5% 1.0% 0.5% 0.0OO | H2FY23 | FY24 | | FY25 | I H1 FY26 | 2.00 1.50 1.00 0.50 | H2 FY23 | | | FY24 | | | FY25 | | | 3.Ox +6% (vs. H 123) H1 FY26 | |
35%
AVON TECHNOLOGIES PLC
Targets:
rolling d monLhS Servo value/ rolling d monLhS revenue
>60%
>5x
... more to do in Team Wendy once production stabilised
Improving execution and confidence in Cleveland
Achieved our 50% production increase target in March ...
NG IHPS production rate
TWO shifts
ONE shift
Stable rates with higher productivity
ACH Gen II production rate
Sep
+80%
Volume
Volume
increase vs. September
AVON TECHNOLOGIES
PLC
Sep Mar
... increasingly confident we can sustain and increase production rates, improving operational gearing and margins in H2
Reducing production volatility in Cleveland
FOCUS AND SUSTAINMENT PHASE
old
OBJECTIVE: Reduce variability, and improve reliability, while easing pressure on our people.
WENDY"
AVON TECHNOLOGIES PLC
FOCUS AREAS:
People
Right people, showing up every day, with the right training
Planning Stop running out of materials through
better planning
Equipment & IT Ops & Quality
Fewer equipment Build resilience
breakdowns into operations
PROGRESS SO FAR:
Leadership changes
Focused workstreams
Addressing root causes of volatility
Output stabilising
Improving employee engagement
Increasing confidence
...stabilising output, improving confidence and margin performance
A focused approach to our key improvement areas
WENDY"
EQUIPMENT & MACHINE RELIABILITY PROJECT
Equipment uptime on Cutting Machines (%/Week)
FROM
Reactive fixes
Irregular inspections
Limited standard work
& operator training
TO
Preventative Maintenance
Routine cleaning & inspections
Training on Best Practices & Standard Work
98.0%
96.3%
96.8% 96.4%
95.7%
94.8%
94.1%
92.2%
86.8%
Uptime %/Week
96.0%
94.0%
92.0%
90.0%
LOGIES PLC
+10ppt $400k
100% Happier
88.0%
uptime increase
0
p.a. saving
of liquid CO2 operators eliminated
86.0%
1 2 3 4 5 6 7 8
Week # since project start
AVON TECH
... is delivering improvements in production rates and quality
Consistently delivering growth above the core market
Key drivers of growth:
Increased defence spend
Growing CBRN
threat
Geopolitic Shifting
LOGIES PLC
Increasing threat environment
ComRetitive advantage through CI
Defending & exRanding • Diversifying into new&
core Rortfolio adjacent markets
driving sustained
demand
0
Freeing •R ^6tSh to
invest in growth
Strengthened Gro•R Sales team
M&A
AVON TECH
... and have absolute confidence this momentum can be sustained
Growing the core & diversifying into new and adjacent growth markets
Investing in the future
Products to drive future growth
Innovating in integrated CBRN protection:
P R 0 T E C T 10 N
DoW mask upgrade
Upgrade opportunity for aging fleet, improving lethality and combat effectiveness
Light weight EXOSKIN CBRN suit
Lightweight, designed to improve comfort, mobility and endurance for users in demanding operational environments
AVON TECHNOLOGIES PLC
Hood Mask Interface (HMI)
Single source partner in US HMI program. Building credibility and capability in CBRN PPE integration
cxoscIN-St (all Tip)
NG filter development
For changing user needs and threats
... becoming the leading full CBRN ensemble provider
Driving growth above the market P R O T E C T 10 N
Underwater respiratory
AVON TECHNOLOGIES PLC
rowth drivers
Introduction of next-generation technology and product into our installed base and leading market position Enhancing user's respiratory protection in lower-threat, non-CBRN environments
In collaboration with our user's, moving beyond masks into integrated CBRN protection Continuing to expand our global installed base of deep-sea rebreather technology
Growing the core & diversifying into new and adjacent growth markets
Expanding into adjacencies - RECON Tactical bump helmet:
WENDY"
Industry leading protection, quality & versatility
Moulded shell with carbon fibre panel (Patent applied)
Patented comfort
Cooling fabric, lattice pads, and CAM FIT retentions set a new standard for user
AVON TECHNOLOGIES PLC
mfo
Broad capability
Three blunt impact certification ratings and universal accessory mounts, ideal for diverse mission profiles within Combat, Mountaineering and Whitewater
New market:
Global rescue teams & maritime military
Petty Officer
Scott Ruskan wears the Team Wendy LTP helmet as US Coast Guard rescue swimmer. In Aug '25 he helped evacuate 169 people during the central Texas floods.
The new RECON means he can now carry one helmet instead of two on his missions.
... annual market size S35m-S50m
Increasing ballistic protection across our commercial portfolio
Launching new'EXFIL Endurance' later this year
WENDY"
Latest cooling pad technology to support extended wear and performance
AVON TECHNOLOGIES PLC
No thru hole attachment system - higher ballistic protection and lower weight
Industry-standard reverse dovetail rails -allowing larger range of accessories to be used than previous EXFIL helmets
... greater protection, greater flexibility and better comfort
Investing in the future
Next generation ballistic helmets:
Development funding awarded for NG IHPS
Future US army head protection platform. 100 RIFLETECH helmets ordered for evaluation
Next generation rifle rated protection
Increased threat level at muzzle and standoff performance
Integrated power and data management
Partnered with Theon for Power & Data
Products to drive future growth
AVON TECHNOLOGIES PLC
WENDY"'
WENDY"
... an ambitious development pipeline
Driving growth above the market
WENDY"
United States
DoW
AVON TECHNOLOGIES PLC
Growth drivers
Reliable delivery
Competitive price and shortest lead times
Push further into Navy and other US Forces
New technology:
o Head protection systems
North America First Responders
Increased sales force
Disruptive innovation:
Increased ballistic protection
Revolutionary new blast impact pad system
Best customer service and shortest lead times
Rest of World/ International
Sales force investment
Headstrong product demonstrations
Dealer optimization
Geographic focus
European focused products
... Through leading technology, delivery, sales channels and people
Building the platform for M&A
Building the platform to accelerate through M&A
Process Continually improving
Clear and compelling
People Talented and motivated
Strategy
Unique strategy creation process that
empowers teams
Actions
Effective, everyday actions through 0KRs (Objectives and key Results)
People
Giving our teams skills, confidence & empowerment through in-house training programmes
O'
IN
Process
Enabling and encouraging our people to improve processes every day
AVON TECHNOLOGIES PLC
... compounding value through our Business Improvement System