Chesterfield Special Cylinders Holdings PlcLSE: CSC

Interim Results Presentation 2026

· Issued by Chesterfield Special Cylinders Holdings Plc
Watch Chesterfield Special Cylinders explain itCHESTERFIELD SPECIAL CYLINDERS HOLDINGS PLC (CSC) — Interim Results · Replay · May 20

FY26 Interim Results

Chris Walters, Chief Executive Sally Millen, Director of Finance

Chris Webster, Chief Operating Officer 20 May 2026

1



Highlights

  • First-half trading in line with our expectations

  • Good strategic progress and robust outlook in defence

  • UK naval Integrity Management postponed into FY27

  • UK HAR project delays, any contract wins too late for FY26

  • Full-year performance expected at similar level to FY25

    3



    Agenda
  • FY26 interim financial results

    • Revenue by sector

    • P&L

    • Balance sheet

    • Cash

  • Strategic progress

    • Defence

    • Lifecycle services

    • Hydrogen

  • Summary & outlook

4



Gross profit

£2.1m

(2025: £1.4m)



Adjusted EBITDA* loss

£0.6m

(2025: £1.3m loss)



Loss before tax

£1.1m

(2025: £2.5m loss)





Interim FY26 financial results

Revenue

£6.4m

(2025: £5.4m)



Operating cash outflow**

£0.7m

(2025: £0.5m outflow)



Cash balance

£1.1m

(2025: £1.9m)



Adjusted EBITDA loss and loss before tax are after central costs of £0.4m (2025: £0.4m) which relate primarily to the Company's public listing



* Adjusted EBITDA is defined as earnings before interest, tax, depreciation, amortisation and exceptional costs

** Operating cash outflow is cash outflow from operating activities before exceptional items and financing costs



5

Total revenue (all sectors)

£6.4m

(2025: £5.4m)



Defence

£5.0m

(2025: £4.4m)



Hydrogen

£0.9m

(2025: £0.7m)





Interim FY26 revenue by sector

Industrial

£0.4m

(2025: £0.2m)

Offshore services

£0.1m

(2025: £0.1m)

Lifecycle services (all sectors) £3.0m (2025: £3.2m) In-situ Integrity Management £1.3m (2025: £2.1m) In-factory retesting and spares £1.7m (2025: £1.1m)





6

Interim P&L, revenue growth, controlled costs

H1 FY26

£m

H1 FY25

£m

FY25

£m

Revenue

6.4

5.4

16.6

Gross profit

2.1

1.4

6.4

Adjusted EBITDA

(0.6)

(1.3)

0.8

Chesterfield Special Cylinders

(0.2)

(0.9)

1.6

Central costs

(0.4)

(0.4)

(0.8)

Depreciation

(0.4)

(0.4)

(0.8)

Exceptional items

(0.0)

(0.7)

(0.8)

Operating loss

(1.1)

(2.5)

(0.7)

Loss after tax

(1.1)

(2.5)

(0.6)

Loss per share - basic

(2.8)p

(6.4)p

(1.6)p

Adjusted loss per share - basic

(2.8)p

(5.0)p

(0.0)p

7



Interim balance sheet, post-close lease renewal

H1 FY26

£m

H1 FY25

£m

FY25

£m

Tangible assets

6.3

6.6

6.4

Tanoftible fixed assets

6.2

6.4

6.2

Rioftht of use assets (ROUA)

0.1

0.2

0.2

Net working capital

2.5

0.8

2.4

Tax provisions

0.3

0.1

0.2

Cash balance

1.1

1.9

2.1

Finance leases & ROUA liabilities

(0.5)

(0.4)

(0.3)

Net assets

9.7

9.0

10.8

6 May 2026: Lease renewal on land adjacent to existing freehold site in Sheffield provides long-term security for the Company's manufacturing operations.

Revised carrying value of land and building assets of £4.9 million (September 2025: £2.6 million).

8



Cash balance, bridge from September 2025

9



Strategic progress
  • Defence
  • Lifecycle services
  • Hydrogen

    10



    Defence - growth from overseas naval contracts

    FY26 progress FY28 target

    Total defence

    revenue

    £5.0m

    (2025: £4.4m, up 14%)

Overseas defence

revenue

£1.7m

(2025: £1.2m, up 42%)

Double

high-value overseas defence revenue

  • Revenue reflects the delivery of submarine and surface ship contract milestones for UK, Australian, Canadian, Spanish and French navies

  • US Navy critical supplier qualification progressing well

  • Good strategic progress being made, order book strengthened by overseas submarine newbuild contract awards in H1 and early H2

  • Outlook underpinned by robust order book and pipeline of opportunities across UK and overseas naval newbuild programmes

    11



    Lifecycle services - first overseas naval contract award

    FY26 progress FY28 target

    In-situ Integrity Management revenue

    £1.3m

    (2025: £2.1m)

In-factory lifecycle services revenue

£1.7m

(2025: £1.1m)

30%

of total revenue from lifecycle services

  • UK naval Integrity Management deployments expected in FY26 now postponed into FY27 due to delayed fleet docking schedules

  • First order secured for Integrity Management services on overseas naval submarines, European deployment in second half of the year

  • Benefits realised from investment in skills and capability, supporting growth plans for in-situ and in-factory lifecycle services

  • Lifecycle services expected at c.40% of full-year revenue

    12



    Hydrogen - uncertainty remains around UK HAR rollout

    FY26 progress FY28 target

    Total hydrogen

    revenue

    £0.9m

    (2025: £0.7m, up 29%)

Newbuild hydrogen

revenue

£0.3m

(2025: £nil)

Grow hydrogen sales to

30%

of total revenue

  • Total first-half revenue reflects in-factory lifecycle services

  • Continued delays to the rollout of UK Hydrogen Allocation Round (HAR) projects are frustrating and disruptive

  • Uncertainty remains around projects included in mid-term growth targets, contract awards still possible in FY26

  • Operationally prepared for large-scale hydrogen projects, cautious cost management measures in place to help mitigate delays

    13



    Summary & outlook

  • Full-year performance expected at similar level to FY25

  • Uncertain UK hydrogen project rollout, FY26 orders possible

  • Strong progress continues with overseas naval customers

  • Robust defence order book and pipeline underpin outlook

14



FY26 Interim Results Q&A

15



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