Victrex Plc · LSE:VCT
Victrex — Investor Day (September 2026)
84 slides from Victrex's investor day presentation, Sep 24, 2026
Slide 1: Unlocking potential
Unlocking potential Victrex Capital Markets Event CEO and Senior Leadership Presentation 2026
Slide 2: Agenda
Agenda 01 Introduction & Investment Case Dr James Routh Chief Executive Officer 02 Victrex Performance Materials Andrew Ng Chief Commercial Officer BREAK 03 Victrex Medical Daniel Diffenderfer Managing Director, Medical 04 Operational Transformation Suranjan Ghosh Chief Operations & Transformation O
Slide 3: Key Messages
Key Messages 01 PEEK is a compelling growth 02 A sustainable competitive Market market; Victrex leads Competitive advantage Leadership The global PEEK leader, with a strong position Moat Vertically integrated manufacturing, application in structural growth markets. expertise and embedded customer re
Slide 4: Leadership Team
Leadership Team A newly assembled, commercially oriented leadership team is already driving measurable change Dr James Routh Andrew Ng Daniel Diffenderfer Suranjan Ghosh Chief Executive Officer Chief Commercial Officer, Managing Director, Chief Operations & Victrex Performance Materials Victrex Medi
Slide 5: Victrex at a Glance
Victrex at a Glance Inventor and global leader in PEEK, with structural advantages competitors cannot replicate 48 yrs Vertically integrated UK manufacturing PEEK formulation Only global PEEK manufacturer with experience; inventor vertical integration from monomer to of PEEK polymer providing a crit
Slide 6: Investment Case
01 Investment Case Dr James Routh Chief Executive Officer Victrex Capital Markets Event | CEO and Senior Leadership Presentation | 24 September 2026
Slide 7: Key Messages
Key Messages 01 PEEK is a compelling growth 02 Market market; Victrex leads Competitive Leadership The global PEEK leader, with a strong position Moat in structural growth markets. 03 04 Rapid Shareholder Transformation Value Victrex Capital Markets Event | CEO and Senior Leadership Presentation | 2
Slide 8: PEEK is the pinnacle of ultra high-performance polymers
PEEK is the pinnacle of ultra high-performance polymers with a differentiated value proposition and high margins High High Global Extreme temperatures, volume chemical/fatigue resistance Type (tonnes) Cyclicality Business Model PEEK 9 kt • Mission critical & £40 to highly certified, where PEEK 1,000
Slide 9: PEEK is in a class of its own for mission critical applications
PEEK is in a class of its own for mission critical applications Continuous Operating Temperature Chemical Resistance vs Fatigue Resistance vs Wear Resistance PEEK PEEK PTFE LCP PTFE PPS Continuous Operating Temperature PP PPS Excellent strength to weight ratio LCP PPA HDPE PPA Chemical Resistance PA
Slide 10: Where performance matters most
Where performance matters most Victrex materials enable critical applications across multiple high value industries with further penetration potential VICTREX PERFORMANCE MATERIALS VICTREX MEDICAL Aerospace Energy & & Defence Automotive Electronics Industrial Medical Key applications Key application
Slide 11: Global PEEK demand growing at c. 5% per annum by volume
Global PEEK demand growing at c. 5% per annum by volume Drivers of Rising Penetration CAGR 2025-2031 +c.2% Penetration Effect Medical • Broadening use in CMF1 / cardio / active implantable +c.5% • Porous PEEK implants re-entering spine c.5% p.a. Aerospace • Larger structural parts: wing ribs, emerge
Slide 12: Key Messages
Key Messages 01 02 A sustainable competitive Market Competitive advantage Leadership Moat Vertically integrated manufacturing, application expertise and embedded customer relationships create differentiated offering and durable barriers to entry. 03 04 Rapid Shareholder Transformation Value Victrex
Slide 13: A leading market position underpinned by unique competitive capabilities
Victrex: A leading market position underpinned by unique competitive capabilities 01 02 03 Leading global market Not all PEEKs are the Focused on specified in player with >45% share same – Victrex PEEK products comprising >70% properties are unique of group revenue 04 05 06 Longstanding customer Ver
Slide 14: Not All PEEK is the Same
Not All PEEK is the Same VICTREX PEEK vs. Alternative PEEK in end use applications Stronger at temperature Faster processing Case study +30% tensile strength and +100% compressive 10% higher crystallinity and faster strength at 200°C doubles the load bearing crystallisation enables ~10% more capacit
Slide 15: Value-added customer support through applications engineering
Value-added customer support through applications engineering Applications Case study Engineering & Simulation LMPAEK Composite Aerospace Bracket with PEEK Overmoulding For 45+ years we’ve focused exclusively on PEEK polymers. That singular depth means we cover the entire engineering development pro
Slide 16: Manufacturing Global Presence
Manufacturing Global Presence Victrex's manufacturing is predominantly non-China based, delivering security of supply for regulated and protected markets US UK Asia − Rhode Island − Seal Sands − Panjin & <2% − Rotherham − Thornton-Cleveleys Shanghai (China) of sales in the UK − Stonehouse - despite
Slide 17: Global Presence
Global Presence Victrex has a strong global commercial sales presence, supported by a broad network of direct sales teams Americas UK & EMEA APAC − US − UK − China − Germany − Japan − France − Taiwan − Korea Source: Victrex Capital Markets Event, FY2026 Victrex Capital Markets Event | CEO and Senior
Slide 18: Victrex has a clear global leadership position
Victrex has a clear global leadership position Competitive position Other Players Competitor 4 Maintaining Average Market Competitor 3 3.0 Share of 26% Over Last 7 Years More than double the market share of Competitor 2 2.5 the #2 player Competitor 1 2.0 Higher market share 1.5 by revenue than by vo
Slide 19: Victrex market leadership strongly protected from Asian competition
Victrex market leadership strongly protected from Asian competition Level of Protection vs Asian suppliers Higher share of Victrex sales protected from Asian competition relative to total market ~10% • Over-indexed to fastest growing, higher value end ~20% market applications, which are most protect
Slide 20: Our premium offering
Our premium offering Deep PEEK Unlocking customer value World class, differentiated expertise through applications manufacturing engineering Victrex combines • Broadest range of • Drive differentiated applications • Unmatched scale, capacity high-quality PEEK with high barriers to entry & capability
Slide 21: Key Messages
Key Messages 01 02 Market Competitive Leadership Moat 03 Transforming business 04 Rapid performance Shareholder Transformation A simpler operating model, sharper commercial Value focus and operational improvements are already driving change. Victrex Capital Markets Event | CEO and Senior Leadership
Slide 22: Internal factors affecting past performance
Internal factors affecting past performance If the market has grown, why the recent financial performance? Commercial focus Operating Capital allocation China & capability effectiveness & execution Panjin Plant Insufficient top line ~50% headcount increase Considerable capex Operating losses and gro
Slide 23: Urgent actions taken to date
Urgent actions taken to date Good progress with more to come Strategic Executive Organisation Design Profit Review leadership changes and Operating Model Improvement Plan Identification of reasons Substantial change Decentralised structure Reduction in global for weak performance of executive leader
Slide 24: Relentless execution
Relentless execution Our execution system focuses on three priorities that drive performance Transform Grow Optimise today and position Embed a customer- and Drive profitable Relentless focus on us for long-term performance-focused revenue growth efficiency and cost organisation structure optimisati
Slide 25: Key Messages
Key Messages 01 02 Market Competitive Leadership Moat 03 04 A clear path to enduring Rapid Shareholder value creation Transformation Value Converting stronger growth, lower costs and existing capacity into materially higher profit and cash generation. Victrex Capital Markets Event | CEO and Senior L
Slide 26: Our strategy
Our strategy What we do How we do it Transform Deep PEEK Embed a customer- expertise and performance-focused organisation Unlocking customer Grow value through Our offering: applications engineering Drive profitable revenue growth Premium World class, Optimise differentiated Relentless focus on effi
Slide 27: Victrex Performance Materials
Victrex 03 Performance Materials Andrew Ng Chief Commercial Officer Victrex Capital Markets Event | CEO and Senior Leadership Presentation | 24 September 2026
Slide 28: Overview
Overview Strong Untapped Clear Strategic Foundations Potential Priorities Market leadership Historic shortcomings Clear strategy • Unique breadth of product • Complexity • Profitable revenue growth • Deep customer relationships • Poor accountability • Optimising global operations • Structurally grow
Slide 29: Strong foundations
Strong foundations Unique product offering to structurally growing end markets Product Family Product Forms End Market Example end use applications Polymer PEEK Insulation (Granules/Powder) PEEK Performance Aerospace brackets secure blanket outer film equipment & Defence Compounds Worm gears Transmi
Slide 30: Solution provider with leading applications engineering
Solution provider with leading applications engineering Electric Vertical Take- Customer EVTOL products using Victrex LMPEEK off & Landing (EVTOL) Battery Boxes PEEK and carbon fibre composites – the material of choice Access Panels Mouldable in 5 minutes vs 8 hours in an autoclave Rotors Trusted so
Slide 31: Creating a more efficient, disciplined and commercially focused business
Creating a more efficient, disciplined and commercially focused business 01 02 03 Complexity Centralised Unclear accountability 01 Simplify Opportunity 04 05 In the past Poor Inconsistent prioritisation execution 06 07 02 Insufficient Duplication & commercial inefficiency Commercialise rigour Victre
Slide 32: Price and cost divergence
Price and cost divergence Divergence between ASP and cost 2018 - 2025 50% 40% 30% 20% 43% 26% 10% 0% -10% -10% -20% ASP (per product) Variable costs Fixed costs Victrex Capital Markets Event | CEO and Senior Leadership Presentation | 24 September 2026 32
Slide 33: Three drivers enabling growth across all regions
Three drivers enabling growth across all regions Market growth Global growth total: c. 5% pa Varies depending on end market exposure 01 Underlying c. 7-8% pa growth c. 3-4% pa c. 3-4% pa 02 PEEK penetration c. 4% pa 03 Pricing discipline Victrex Capital Markets Event | CEO and Senior Leadership Pres
Slide 34: Underlying drivers of market growth
Underlying drivers of market growth Growth Drivers Underlying Growth PEEK Penetration Total Growth End market demand growth + Increase use of PEEK within the end market = CAGR 2025-31 Segment 2025 by volume (excluding Medical) Aerospace +5% Aircraft delivery backlog and +3% PEEK adoption in larger s
Slide 35: Aerospace & Defence
Aerospace & Defence Automotive Energy & Electronics Industrial 35
Slide 36: Aerospace: Multi-year tailwinds
Aerospace: Multi-year tailwinds OEM underlying – Commercial aircraft deliveries +7% p.a. -2% p.a. 2.6K 2.6K 2.6K 2.5K 2.4K 2.2K 1.9K 1.9K 1.7K 1.7K 1.5K 1.3K 1.1K 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Backlog accumulation Forecast Source: Advancy Victrex Capital Markets Ev
Slide 37: Aerospace: Increased penetration potential
Aerospace: Increased penetration potential More specified applications = more PEEK required per aircraft Lightweighting megatrend Weight reduction directly lowers fuel burn, operating costs and lifetime CO2 emissions; decarbonisation targets and fuel-price volatility therefore keep lightweighting ce
Slide 38: Automotive
Aerospace & Defence Automotive Energy & Electronics Industrial 38
Slide 39: Automotive: Market growth combined with increased PEEK penetration
Automotive: Market growth combined with increased PEEK penetration Growth in BEV Increased 800V penetration Significant PEEK potential Vehicle production split by Type Rapid growth in BEV production Evidence of higher PEEK content 120 +c.1% p.a Electrification +14% p.a EV (800V) driven growth 426g o
Slide 40: Electronics
Aerospace & Defence Automotive Energy & Electronics Industrial 40
Slide 41: Electronics: Underlying drivers
Electronics: Underlying drivers Data centre infrastructure Driving higher demand for CMP rings Electronic devices (PPI adjusted data centre capex, $bn) CMP steps by semiconductor node size (Value-added output, $bn) +c.5% p.a. +c.18% p.a. +10 steps $830bn $1,558bn +c.4% p.a. 22-26 steps 18-22 steps $
Slide 42: Energy & Industrial
Aerospace & Defence Automotive Energy & Electronics Industrial 42
Slide 43: Advanced materials for extreme depths
Advanced SEA SURFACE materials for extreme depths 500m Victrex material 1,000m science enables system performance: 2,000m Higher pressure capability Corrosion resistance 2,500m ~250 BAR Reduced weight Hydrostatic pressure HIGH PRESSURE CORROSIVE ENVIRONMENT Improved fatigue life SEABED Extreme condi
Slide 44: Collaboration unlocks this opportunity
Collaboration unlocks this opportunity Material science Technology provider and Industry validation and expertise deployment capability market demand This is not a technology 2010 2016 2018 2021 2025 Future concept. It is a qualified Magma Victrex TechnipFMC TechnipFMC Petrobras Industrial route to
Slide 45: China: A genuine growth market, built on UK supply
China: A genuine growth market, built on UK supply Our Operations Why China? Scalable attractive market opportunities 01 Asia Technology Centre (Shanghai) Historically strong double-digit growth, in strategic industries of Supports the APAC customers from material selection, interest to Victrex 17%
Slide 46: Targeted focus by region and application
Targeted focus by region and application Focus areas in which resources will be allocated Aerospace & Defence Automotive Electronics Energy & Industrial 5Y CAGR By Region Americas +++ +++ ++ ++ 3-4% EMEA +++ + + + 3-4% APAC + +++ +++ + 5-6% 5Y CAGR By End Market 8% 5% 5% 4% Compelling growth across
Slide 47: Clear Strategic Priorities
Clear Strategic Priorities Transform Simplification Embed a customer- Making decision making faster, clearer and more effective and performance-focused organisation Project rationalisation Focusing on fewer, higher value opportunities Innovation and development Grow Priorities are customer centric D
Slide 48: Increased commercialisation
Increased commercialisation New Product Opportunities Transform Embed a customer- Focusing on fewer, higher value • Linking R&D more tightly to and performance-focused opportunities in key end markets customer demand and returns organisation • Defined customer need • Focus on nearer term opportuniti
Slide 49: Actions taken to date
Actions taken to date Regional VPM Global Performance Structure Review Leadership Customer & Focused & Implementation Changes Visits P&L Decentralised Regions VPM formed to support Extensive customer Commercial focus and guide regional visits in EMEA, Americas strengthened Newly appointed leadership
Slide 50: Summary
Summary Strong Untapped Clear Strategic Foundations Potential Priorities Market leadership Historic shortcomings Clear strategy • Unique breadth of product • Complexity • Profitable revenue growth • Deep customer relationships • Poor accountability • Optimising global operations • Structurally growi
Slide 51: Victrex Medical
Victrex 03 Medical Daniel Diffenderfer Managing Director, Medical Victrex Capital Markets Event | CEO and Senior Leadership Presentation | 24 September 2026
Slide 52: Overview
Victrex Medical has Overview a clear plan to drive margin accretive mid-single digit growth Strong Untapped Clear Strategic Foundations Potential Priorities Market-leading positions Underleveraged areas to Opportunities to optimise across our medical portfolio drive improved business our cost basis
Slide 53: The core medical business is primarily materials and forms
The core medical business is primarily materials and forms Victrex PEEK Focus markets Medical Revenue (%)1 Example end use applications PEEK Optima Spine c. 24% (Medical) Craniomaxillofacial (CMF) c. 23% Granules Sports Med c. 15% Compounds Active Implantable, c. 11% Medical Device (AIMD) Advanced f
Slide 54: Strong foundations: Applications expertise & regulatory support
Strong foundations: Applications expertise & regulatory support Evidence & Regulatory experience & quality 25+ years Consistency, traceability, supporting medical change control and applications supply confidence Applications Trusted solutions expertise partner From material selection Embedded custo
Slide 55: Untapped potential in medical to better capture high-quality growth opportunities
Untapped potential in medical to better capture high-quality growth opportunities In the past Failure to commercialise programmes Simplified Transform organisation Inconsistent value capture Commercial Grow excellence Operating beyond core capabilities Core-focused Optimise Fragmented organisational
Slide 56: Market-driven factors for underperformance
Grow Market-driven factors for underperformance Spine headwinds are diminishing China represents long-term opportunity 80 70 60 24% of Volume-based procurement: 50 portfolio increased pricing pressure 60% of Revenue (£m) 40 portfolio 30 20 10 0 c. 20% c. 9% 2015 2025 Spine Non-spine 10-year CAGR 10-
Slide 57: What is driving market growth in medical?
Grow What is driving market growth in medical? Underlying Volume Growth PEEK Penetration Total Volume Growth End market demand growth + Increase use of PEEK within the end market = CAGR 2025-31 +c.4% p.a. +c.1% p.a. +c.5% p.a. Overall impact Biocompatible 01 Aging populations High strength 02 Rising
Slide 58: Future growth areas for medical-grade PEEK
Grow Future growth areas for medical-grade PEEK Pharmaceutical Active Implantable Devices Knees 20 years of pharma-contact Builds on existing cardio and Next-generation knee material success active implantable success Ongoing development agreements with New VICTREX PC material unlocking new Next-gen
Slide 59: Accelerating medical business performance
Accelerating medical business performance Prioritise Organisation Commercial the core simplification excellence Right size programme Unify materials and parts Strengthen pricing and delivery costs business model contract discipline Redirect resources towards Clarify ownership from Improve sales capa
Slide 60: Refocus programme delivery on materials and forms-led value creation
Optimise Refocus programme delivery on materials and forms-led value creation Historic model Future model Customer sponsored Development aligned to clearer 01 Materials 01 Materials commitment and funding 02 Advanced forms 02 Advanced forms Lower complexity Shorter pathways and less 03 Finished-devi
Slide 61: Changes to our knee and trauma programmes
Optimise Changes to our knee and trauma programmes Knees Trauma Plates Before Before Co-developing and industrialising knee platforms Design and manufacture bespoke trauma plates Now Now Narrower engagement scope Advanced forms driven Selective, customer-funded partnerships Applications Engineering
Slide 62: Actions are underway to drive improved performance
Actions are underway to drive improved performance Established target Narrowed scope Unified the medical operating model of programme management for medical engagement structure Organisational Right-sizing Recruiting and design rollout resources for onboarding the is underway knee and trauma right t
Slide 63: A high-quality business positioned for profitable growth
A high-quality business positioned for profitable growth Attractive Defensible Well diversified The path forward markets leadership growth Durable healthcare More than polymer A broader portfolio Optimise the business demand technology beyond spine Grow through Commercial Excellence Disciplined exec
Slide 64: Operational Transformation
Operational 04 Transformation Suranjan Ghosh Chief Operations & Transformation Officer Victrex Capital Markets Event | CEO and Senior Leadership Presentation | 24 September 2026
Slide 65: Overview
Overview Strong Opportunity Clear Foundations Rich Priorities Long-established PEEK Opportunities exist that are Operations Transformation manufacturing base within our control is our program to deliver Deep process knowledge Capex light improvements change at scale and at pace and integrated monome
Slide 66: Opportunities and areas of focus
Opportunities and areas of focus Opportunities Focus Strong UK asset base with scope to enhance operational 01 03 performance Drive Operational Deliver Projects (like digital Deep technical and experience-based know-how with opportunity performance and and automation) to deliver a to codify knowledg
Slide 67: The value chain and where we are focusing
The value chain and where we are focusing 01 02 03 04 05 Victrex Monomer Victrex Polymers Product forms Distribution network Customers Our in-house PEEK monomer. Five production streams help Materials are developed into Global network providing Use manufacturing techniques make our performance speci
Slide 68: Driving Operational Performance
Optimise Driving Operational Performance Disciplined execution & capex light improvements are a key part of operations transformation Projects (e.g. digital The near-term focus is and automation) Improving performance by Improving quality and clearer accountability, consistency increasing utilisatio
Slide 69: Made in China: Operational Transformation in Panjin
Made in China: Operational Transformation in Panjin Proof point - Proven outsourced refining model enables us to match demand Victrex Polymers (Panjin Plant) Panjin Operational Transformation Steps taken Polymer production Reviewed refining technology : Ethanol vs Acetone as a solvent Trialed and pr
Slide 70: Operational Excellence
Optimise Operational Excellence: Proof points – Operations Performance and Asset utilisation Polymer production Reduced asset dependency: Operations Historically, specialist products required dedicated production lines, Excellence Polymers Streams Streams Polymers limiting flexibility and requiring
Slide 71: Digital
Optimise Digital Proof point - Plant performance and Operational Excellence Trigger based Changeover time Data predictive Digital changeovers reduced Nearly halving of changeover Insight changeover time in 12 months Foundations are being times by deployed Prioritisation ~ 50% Q4 FY25 Q1 FY26 Q2 FY26
Slide 72: Customer Focused Operations Transformation
Optimise Customer Focused Operations Transformation Operational transformation will improve customer delivery while strengthening the economics of the business Operations Transformation How we deliver High single digit % 300 – 400 bps Gross Margin reduction OperationsTransformation: Program managed
Slide 73: Summary
Summary Leveraging our foundations through a capex-light value creation opportunity 01 02 03 Robust foundation Operations transformation by disciplined execution Value creation Long technical capability Leveraging assets, improving flow & reducing cost of manufacture Safety, quality, delivery, cost,
Slide 74: Financial Framework
05 Financial Framework Dr James Routh Chief Executive Officer Victrex Capital Markets Event | CEO and Senior Leadership Presentation | 24 September 2026
Slide 75: Five key principles
Five key principles 01 02 03 Clear and Maximising the Significant cost simple framework value of our existing reduction and well-invested portfolio disciplined investment to drive higher return in deliverable on capital future growth 04 05 Delivering a credible recovery Sustainable and attractive in
Slide 76: Key financial targets for the next five years
Key financial targets for the next five years Mid-single digit c.50% Mid 20s% Organic revenue CAGR over Gross margin by FY31 Operating margin by FY31 the guidance period Total capex maintained at Strong and improving Average annual c.5-8% working capital position cash conversion of of annual revenue
Slide 77: Revenue Growth
Revenue Growth Victrex Performance Victrex Materials Medical 01 Significant and growing addressable 01 Protect and grow the core, with markets supported by structural Non-Spine driving mid-single- and regulatory drivers – playing to digit market growth our strengths in EVs, Aerospace, Semiconductor,
Slide 78: Margin Accretion
Margin Accretion Our Gross and Operating Margin Ambitions 60% How we will get there 54% 54% 53% 51% Targeting 50% c.50% by FY31 Pricing and mix - disciplined growth in higher 01 46% 45% margin sectors – Medical, Aerospace and 40% Semiconductor 29% 30% 30% 28% Operational transformation – series of i
Slide 79: Substantial Levered Free Cash Flow (post Capex)
Substantial Levered Free Cash Flow (post Capex) Targeting Approximately £250m Over the Next 5 Years Capex Working Capital Other Financial Items c.5-8% of annual revenue, broadly Strong and improving position Interest expense: low single digit equal to D&A benefitting free cash flow millions p.a. Wel
Slide 80: Sustainable and Attractive Cash Returns to Shareholders
Sustainable and Attractive Cash Returns to Shareholders Targeting At Least 75% of Levered Free Cash Flow over the Next 5 Years New Policy Key Considerations Returning at least 75% of cumulative Borrowing to pay shareholders levered free cash flow to shareholders Challenges Uncovered by earnings and
Slide 81: Disciplined Capital Allocation Policy
Disciplined Capital Allocation Policy Organic Growth Total cash returns Surplus capital Investment to shareholders prioritised in the near term for additional with capex of c.5-8% of at least 75% of cash returns to of annual revenue cumulative levered free cash flow from shareholders Maintaining a F
Slide 82: Summary
Summary 01 02 03 Simplified operating model Mid single digit organic >90% average annual cash focused on optimising revenue CAGR over the conversion with capex of value of existing portfolio guidance period and c.50% 5-8% of revenue and strong and driving higher return gross margin and mid 20s% and
Slide 83: Key Messages
Key Messages 01 PEEK is a compelling growth 02 A sustainable competitive Market market; Victrex leads Competitive advantage Leadership The global PEEK leader, with a strong position Moat Vertically integrated manufacturing, application in structural growth markets. expertise and embedded customer re
Slide 84: Victrex Capital Markets Event
Victrex Capital Markets Event | CEO and Senior Leadership Presentation | 24 September 2026