Chesterfield Special Cylinders : Interim Results Presentation 2026

About this update from Chesterfield Special Cylinders Holdings Plc

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 Attention : This is an excerpt of the original content. 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