Full Year 2025 Results Presentation

Trifast plc Full Year 2025 Results Presentation

10 July 2025

Agenda

Results highlights and overview of strategic progress

Iain Percival

Financial performance

Kate Ferguson

Performance against strategic initiatives

Iain Percival

Strategy recap and outlook

Iain Percival

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2

Results highlights and

overview of strategic performance

3

3

Key points

• Strong performance, driven by good progress on our strategic initiatives and self-help actions

• Significant earnings growth despite revenue headwinds

• Underlying EBIT margin (CER) increased to 6.8% (FY24: 5.1%), demonstrating execution of our strategic initiatives and supporting our commitment to achieve double digit EBIT margin in the medium term

• Delivered first stage of our Recover, Rebuild, Resilience transformation and achieved targeted c.£3m of annualised cost savings

• Strong growth in North America in key sectors: automotive and smart infrastructure

• Disciplined cash management and low leverage-cash conversion at 100% of EBITDA and leverage below 1.0

  Dividend

• We have maintained dividends at FY24 levels to prioritise margin enhancement and support long term growth

• Recommended final dividend of 1.20p (FY24: 1.20p), which together with the interim dividend of 0.60p brings the total for the year to 1.80p per share (FY24: 1.80p)

Revenue (CER)

£227.4m

(FY24:

£233.7m)

Gross Margin (CER)

28.4%

(FY24:

25.4%)

EBIT Margin

% (CER)

6.8%

(FY24:

5.1%)

UPBT (CER)

£11.0m

(FY24:

£6.5m)

PBT (AER)

£4.Gm

(FY24:

-£0.8m)

Underlying ROCE 8.1%

(FY24: 5.7%)

Cash conversion % of underlying EBITDA 100.2%

(FY24: 173%)

Free Net Debt / EBITDA

1. G7x

   (FY24:

2. 3x)

4

4 [1] Unless stated otherwise, results in this presentation are reported in CER.

>10% EBIT* margin in medium term and sustainable growth beyond

Recover

Rebuild

Resilience

Sustainable returns >10%

>10%

6.8% (CER)

5.1%

FY24

FY25

Medium term

Longer term

*Illustrative turnaround target

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5

Margin management

Focused growth

Operational efficiency

Organisational effectiveness

• Technology roadmap

• Strengthening financial controls

• Organisational design and culture change

• Supply chain optimisation

• Manufacturing utilisation (OEE)

• Increasing share of wallet with current profitable customers

• Increasing our position in our chosen market sectors (Automotive, Smart Infrastructure, Medical Equipment)

• Pricing increases with low margin customers/products

• Procurement savings

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8.0%

7.0%

6.0%

5.0%

4.0%

FY25 EBIT Bridge by Strategic Initiative

Increase Decrease Total

1.2% 6.8%

1.3%

5.1%

0.9%

2.9%

-4.7%

12.0%

10.0%

8.0%

6.0%

Medium-term Strategy Bridge

10.1%

1.0%

1.5%

Increase Decrease Total

3.0%

2.0%

3.0%

2.0%

1.0%

0.0%

4.0%

-2.5%

c.1%

> 10%

c.1-2%

c.2%

c.3%

5.1%

c. (2)-(3)%

2.0%

0.0%

• FY25 delivery saw enhanced and accelerated self-help actions offsetting lower than expected revenues caused by softer demand

• Considerable self-help levers available and expect these to be the major positive contributor to margin performance in FY26 given continued revenue headwinds

• We are executing our strategy and remain on track to achieve the > 10% EBIT margin in the medium-term

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  7

  
  
  

  8

  8

  Decline in revenue, as anticipated, impacted by:

  • Sale of Norway operation c. £1.8m

  • Strategic decision to exit low margin customers

  • Softer volumes due to challenging market headwinds, especially in UK and Europe and in automotive sector

    300 bps improvement on gross margins

  • Pricing and sourcing improvements have more than offset volume reduction

    173 bps improvement on EBIT margins

  • Tightly managed operating overheads to offset impact of salary and cost inflation

  • Incremental annualised savings c. £3m from operational improvement programmes (incl. NDC)

  • Bonus accrued and payable for first time to all 1,200 staff

  • Underlying PBT benefits from £0.9m reduction in interest cost

"Continuing to demonstrate strategy execution"

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Asia

£52.6m | 1.0%

23%

North America

£33.7m | 15.2%

15%

Total Sales

£227.4m

Europe

£81.4m | (7.6%)

36%

UK G Ireland

£72.2m | (6.9%)

32%

FY2025 (CER)

Other

£71.4m | (3.2%)

32%

Distributors

£30.6m | (4.7%)

13%

Medical Equipment

£2.7m | 1.2%

1%

Total Sales

£227.4m

38% Automotive

£86.7m | (6.2%)

16% Smart Infrastructure

£36.0m | 9.9%

FY2025 (CER)

Growth in 2 of our strategic end markets, mitigating market weakness in automotive

10 ^ Regional revenue includes Intercompany

8.0%

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

FY25 EBIT Bridge by Region

Increase Decrease Total

0.8%

0.3%

6.8%

0.5%

0.5%

5.1%

-0.3%

8.0%

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

FY25 EBIT Bridge by Sector

Increase Decrease Total

0.9% 0.0%

5.1% 0.2%

0.5% 6.8%

Opening Asia Europe UK&Ireland N. America Central CER FY2025

Opening

Automotive

Smart Infrastructure

Medical Equipment

Other

CER FY2025

• North America leads the charge, with robust demand-especially in the Smart Infrastructure sector

• Asia gains momentum, fuelled by Smart Infrastructure exports to the Group's global customer base

• UK G Ireland and Europe continued to experience subdued demand, impacted by weak industrial PMI and ongoing automotive sector disruptions. Europe helped however by operational efficiencies in Italy manufacturing

• Medical Equipment shows promise, with second-half progress unlocking long-term growth potential

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  Increase
  Decrease
  Total
  
  

  6.8

  0.9

  11.0

  -0.1

  -1.5

  6.5

  -1.6

  £m 14.0

  12.0

  10.0

  8.0

  6.0

  4.0

  2.0

  -

  Opening Revenue decrease Gross margin enhancement Overheads increase Interest decrease Foreign exchange CER FY2025

  • Gross margins lifted by 300bps through tighter pricing discipline and strategic exits

  • FY25 is the first year that bonuses will be paid to all 1,200 staff, funded by margin improvement and £3m in annualised cost savings

  • Interest costs dropped by £0.Gm YoY, driven by lower rates and reduced average borrowings-reflecting disciplined debt management and strong cash generation

* Before separately disclosed items.

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Increase Decrease Total

£'m

21.0

2.2 17.4

2.4

3.1

3.0

4.4

4.4

-21.7 -0.3 -0.6

-0.4

Net debt reduction driven by strong cash generation

*Adjusted net debt is excluding the impact of IFRS 16 leases and Underlying operating cashflow is before working capital, taxation and separately disclosed Items.

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Strong cash generation driven by disciplined working capital management -including tighter inventory control and improved collections-helped reduce net debt to

£17.4m, lift ROCE to 8.1%, and sustain strong cash conversion at 100.2% of underlying EBITDA.

With leverage now < 1.0x and comfortable banking facilities headroom, we are now in a good position to accelerate investment, both organically and inorganically, to support our EBIT margin ambition.

"It is a key priority to maintain adequate working capital as required to support ongoing operations and future growth"

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Disciplined organic growth

Innovation G engineering excellence

Acquisitions

Shareholder returns

"With leverage now below 1.0x, we are ready to be more dynamic in allocating capital to the initiatives that create the most value"

Disciplined capital allocation is fuelling EBIT margin and ROCE growth, with targeted investment in D365 and transformation projects, continued safety spend, and a strategic focus on bolt-on acquisitions in Smart Infrastructure, Medical Equipment, and North America.

Return-Focused Investment: Capital is directed toward high-return projects that deliver margins above 10%, ensuring every £ spent contributes meaningfully to profitability.

Tight Leverage Control: The company maintains leverage below 1x EBITDA under normal operations, only allowing temporary increases for strategic acquisitions-ensuring financial resilience and lender confidence.

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We said we would Recover-and we have

Iain Percival

Chief Executive Officer

Despite headwinds, we're executing our strategy with focus and discipline in our chosen market sectors of Automotive, Smart Infrastructure and Medical Equipment, and improving profitability through decisive action.

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• We have delivered the first stage of our Recover, Rebuild, Resilience transformation through significant organisational change and strategic self-help actions

• Strong 2025 results, delivering in line with guidance and driven by our strategic initiatives

• Several key projects delivered in FY25 and new best practices have laid foundations for standardising ways of working

• Strategy and Transformation workstreams all launched within business, contributing to FY25 success and creating momentum into FY26

• Balance sheet strengthened and margins are improving

• Distinctive performance culture and energised workforce

  RECOVER

  REBUILD

  RESILIENCE

  17

  We said, We did

  Margin management:

  • New pricing and procurement policies implemented, and commercial training delivered

  • New customer portal "Connect 360" is live, providing better data analytics to understand performance

  • Ǫuarterly Business Reviews now custom practice and delivering impact

  • Smart Pricing launched, improving agility

    Focused growth:

  • Improved pipeline reporting aligned to target sectors

  • Account Directors reviewed against performance targets

  • Engineering now centralised and innovation roadmap in place

  • New partnership live with the University of Warwick

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    We said, We did

    Operational efficiency:

  • Leveraged data to create, improve and track operational metrics on balanced scorecards and dashboards

  • Significant improvements now seen e.g. NDC OTIF now 93%

  • Delivered cost savings from UK distribution consolidation as committed

  • Efficiency improvement roadmaps developed for distribution and manufacturing in all regions with logistics annualised savings of c. £0.3m already achieved in Europe in FY26 following review of footprint

    Organisational effectiveness:

  • Significant progress on One TR change programme

  • Strengthened leadership capability, enhanced communication and engagement and embedded a stronger safety environment

  • Laid foundations for performance management and improved employee engagement

  • Technology roadmap developed and ERP business case approved

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  Automotive

  • Strong growth in North America

  • Focus on high-tech fasteners; innovation partnerships e.g. EV/interiors

  • Continued demand for engineering support

  Smart Infrastructure

  • Fastest-growing sector (9.9%); strong in Asia and North America

  • Export volumes from UK to Middle East growing

  • Driven by smart cities, AI, and data centre demand

    Medical equipment

  • Smallest by revenue but high growth potential

  • Plans to recruit engineering and sales specialists to accelerate sector penetration

  • Long lead times; high-margin growth opportunities

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We are confident in our Strategy and will continue to execute

Despite headwinds, we're executing our strategy with focus and discipline in our chosen market sectors of Automotive, Smart Infrastructure and Medical Equipment, and improving profitability through decisive action.

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21

Iain Percival

Chief Executive Officer

22

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What sets us apart

Strong design and technical capability: Our Engineering team can assist with an enhanced level of technical and design support to meet your specific needs, and can offer constructive solutions.

High quality manufacturing and products: Our manufacturing capabilities across Asia and Europe, continues to evolve as we add capacity and investment to support the needs of our global customers.

Trusted partner: We have a trusted network of global supplier partners with strong relationships and clear expectations of aligned high integrity and responsible supply chain.

Proactive end-to-end customer support: Recognising and focusing on our core competitive strengths and value proposition allows us to engage in long-term, more focused customer relationships creating mutual and sustainable value through which we deliver on our purpose of sustainably driving our customers' success.

Loyal, skilled and experienced team: Our people bring our strategy and purpose to life. We aim to deliver our growth ambitions through consistently driving the right behaviours and creating an environment that promotes positivity, wellbeing and high levels of employee engagement.

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Our ambition - Illustrative EBIT margin bridge

>

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FY26 priorities

As we move forward, our focus will be on building on our foundations and embedding best practices. Our key priorities for FY26 include:

• Margin Management: Continuing to manage margins and prices effectively. Focus on tariff recovery and protection

• Focused Growth: Expanding our commercial and engineering resources in the US and Asia. Accelerating product and service solution innovation to support our customers' needs. Pursuing bolt on acquisitions where they accelerate our journey

• Operational Efficiency: Further optimisation of manufacturing, distribution and supply chain efficiencies. Administration efficiency using ERP platform through the launch of shared services for finance. Broadening our CO2 reduction strategy

• Organisational Effectiveness: Improving health and safety performance, continuing to improve our bench strength and capability. Implementing ERP system and leveraging technology. TR Inventory Management (TRiM) solution roll out to appropriate customers

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"Investing to deliver a balance across target sectors"

Outlook

Focus remains on self help levers to offset the revenue headwinds and achieve further margin improvement.

Trading headwinds have continued to persist into Ǫ1 FY26 due to:

• Macroeconomic headwinds impacting a number of industrial markets, with particular Automotive sector softness

• US tariffs on steel and aluminium, disrupting sourcing and costs

• The weakening USD

  We have built-in resilience to counter the impact of the tariffs and softer demand:

• Our geographic diversification and global manufacturing footprint

• Many of our components have critical positions within their customers' complex supply chains

• We have worked closely with customers to navigate the challenges - including pricing - and making sure their supply chains are protected, and supply continues

We are a stronger business than we were when we commenced our Recover, Rebuild and Resilience journey and have positive momentum coming into FY26.

We are confident that we can remain on track to achieve our medium-term target of EBIT margin >10%.

We continue to actively look at investments, such as bolt-on acquisitions in target end markets and regions to drive the EBIT growth.

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27

ǪGA Session

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Appendix

Trifast - who we are

• Trifast is a global leader in the design, engineering, manufacture, and supply of fastenings and Category 'C' components. Supplying major assembly industries, we deliver innovative solutions that enhance efficiency and performance

• The Group supplies to customers in c.65 countries across a wide range of industries currently, with an increasing focus on Automotive, Smart Infrastructure and Medical Equipment

29

5.50

3.85

4.64

HY2024 HY2023 HY2022

4.42p

3.33p

2.18p

HY2023

HY2024

HY2022

44.2% 45.9% 46.5%

HY2024 FY2023 FY2022

£38.0m

£27.8m

£23.8m

FY2023

HY2024 FY2022

8.3%

5.6% 5.4%

HY2024 FY2023

FY2022

30