Filtronic Plc · LSE:FTC
Filtronic — FY2025 Earnings Presentation
30 slides from Filtronic's earnings presentation, Jul 29, 2025
Slide 1: FY2025 Results Presentation
Shaping the future of high-speed wireless communications FY2025 Results Presentation 29 July 2025 Nat Edington, CEO Michael Tyerman, CFO Confidential & Proprietary - Filtronic plc- © Filtronic plc 2025 1
Slide 2: About us
About us • 48-year history as leaders in high-speed communications products • 180 people, headquartered in County Durham (Sedgefield) with satellite locations • Unique expertise in very high-performance communications system design • Entire design – Chip → module → system level • Hybrid manufacturin
Slide 3: Filtronic RF solutions across the spectrum
Filtronic RF solutions across the spectrum Global leadership in very high- frequency communications Aerospace & Defence Space 1MHz - 90GHz 1GHz - 175GHz Terrestrial Telecommunications 700MHz - 175GHz 1MHz 1GHz 2GHz 4GHz 8GHz 12GHz 18GHz 27GHz 40GHz 75GHz 110GHz 170GHz 300GHz Confidential & Proprieta
Slide 4: Where we excel
Where we excel RF design and manufacturing capabilities across the entire spectrum and up to the highly complex challenging frequency bands at E/W and D-band. High power amplifiers for Space communication Integrated transceiver modules for Selection of different frequency bands within a ground stati
Slide 5: FY2025 – A transformational year
FY2025 – A transformational year FINANCIAL BUSINESS T E C H N O LO GY & FAC I L I T I E S & ST R E N GT H T R A N S F O R M AT I O N ENGINEERING M A N U FAC T U R I N G £56.3M 5 50 Sedgefield HQ Expansion New Leadership Team members New Engineers Revenue (121% growth yoy) 2x £17.0M $32.5M 20 Manufac
Slide 6: Financials
Financials Versatile Customisation Confidential & Proprietary - Filtronic plc- © Filtronic plc 2023/24 6
Slide 7: Delivered revenue growth of 121% in FY2025
Delivered revenue growth of 121% in FY2025 Group revenue £56.3m (2024: £25.4m) Space • The Space market has driven strong growth principally through our lead customer securing 280% revenue increase year-on-year. Aerospace & defence • Modest growth of 9% year-on-year from ongoing business with our le
Slide 8: Significant profit uplift despite investing for growth
Significant profit uplift despite investing for growth Tangible results from execution of the strategy • Increased trading levels has driven the increased profit with improved gross margin when considering manufacturing overheads. Overhead recovery stronger from realised efficiencies and benefit of
Slide 9: Significantly strengthened balance sheet
Significantly strengthened balance sheet Restated Capitalised development costs May-25 May-24 £m £m • Conservative approach to capitalisation of development Goodwill and intangible assets 3.5 2.3 costs with ~20% of total R&D spend. Right of use assets 4.5 3.7 • Execution of space technology roadmap
Slide 10: Cash position supports continued investment
Cash position supports continued investment May-25 May-24 £m £m Net cash generated from operating activities 13.8 6.3 Net cash used in investing activities (6.3) (1.5) Net cash used in financing activities (0.3) (0.2) Movement in cash and cash equivalents 7.3 4.6 Currency exchange movement 0.0 0.0 O
Slide 11: CFO Summary
CFO Summary Outlook Delivery Investment ❑ Robust order book provides significant • Maintain R&D spend of 13% of revenues, as order coverage against market forecast we see considerable opportunity ahead ❑ Headwinds from weak USD but confidence • Expand the product portfolio to cover the it will not a
Slide 12: Markets & Growth Strategy
Markets & Growth Strategy Versatile Customisation Confidential & Proprietary - Filtronic plc- © Filtronic plc 2023/24 12
Slide 13: 5 Year growth plan
5 Year growth plan • Underpinned by key programmes, products, available markets and customers • Focus is on leadership in high-capacity datalinks for surface2space, space2space, space2surface & surface2surface communications in Space & Defence markets • Key elements • Robust 5-year technology and pr
Slide 14: Space, Defence, Communications convergence
Space, Defence, Communications convergence Significant and increasing convergence between Space, Defence, and Communications, driven by the need for enhanced capabilities, resilience, and strategic advantage in an evolving geopolitical landscape Dual-Use Technologies Space as a Strategic Domain Many
Slide 15: Growth markets Space
Growth markets Space mmWave Technology Solutions Confidential & Proprietary - Filtronic plc- © Filtronic plc 2025 15
Slide 16: Medium term market drivers
Medium term market drivers Global Shift to Move to Increasing Global roll- GaAs to satellite Accelerating higher design in of military out of base GaN comms launch of spectrum solid-state spend stations technologies market rapid satellites frequencies components growth $160bn $2.7trn 5-10x $4.5bn $3
Slide 17: SpaceX update
SpaceX update • SpaceX’s Starlink Network is the clear market leader in LEO Space infrastructure. 8,800 LEO Mike Nicolls, SpaceX’s Vice satellites deployed and more than 6m subscribers President of Starlink • Strategic Partnership announced in April 2024, extended Engineering: further in March 2025
Slide 18: LEO Space - Ground station opportunity
LEO Space - Ground station opportunity • Ground stations, or Gateway links, links the ground to and from the LEO satellite as it passes overhead • Uplinks require high performance amplification at mmWave frequencies to expand network capacity and lower latency • LEO deployment will have multifrequen
Slide 19: LEO Space - Satellite payload opportunity
LEO Space - Satellite payload opportunity • Solving the cost of launch and deployment has been the key to unlocking the economic potential of LEO satellite constellations • The speed of network deployment depends on launch capacity - SpaceX Starship could carry up to 300 Starlink satellites per laun
Slide 20: Aerospace & Defence market
Aerospace & Defence market Filtronic investment case • Sovereign capability - Filtronic secure UK facilities with full defence accreditation • RF skills shortage in the UK – defence primes need support on key programmes to deliver • Current conflicts highlight the importance of Electronic Warfare (E
Slide 21: Investing in our Go To Market strategy
Investing in our Go To Market strategy Technology leadership Why Filtronic UK Sovereignty Adding engineering Sharpening Investing in our Leveraging recent Investing in UK Moving up the value talent in Cambridge and organisational leadership, marketing product launches and manufacturing to chain, ens
Slide 22: Core technology developments
Core technology developments Next RF band Chip Development • Initial devices produced and measured • Improved designs & tape-out complete • Production ready H1 CY2026 High power GaN Chip Developments • Three RF band developments in parallel • Good performance demonstrated and one production mask rel
Slide 23: Sales pipeline – driving diversity
Sales pipeline – driving diversity Distribution of customer Order Intake Total FY2026 Order Intake forecast forecast for FY2026 by market without Main Customer with Main Customer Leading indicator for customer concentration balancing into future financial years Customer 4 Comms Communications Custom
Slide 24: Our locations
Our locations Sedgefield 44,000 ft2 mmWave design, total size manufacture and test Leeds 4,110 ft2 RF design and assembly for Aerospace & total size Defence and Critical Communications Manchester 2,300 ft2 SatCom design centre total size Cambridge 2,900 ft2 System design engineering total size for D
Slide 25: New purpose-built facility
New purpose-built facility • Move of headquarters to new state of the art facility on the same site • 44,000 sqft manufacturing and office space (current is 17,000 sqft) • Opening Summer 2025 • 6x cleanroom area – ISO7, 8 and 9 zones • Secure cell • Investment in 2 new manufacturing lines to ensure
Slide 26: Why Filtronic?
Why Filtronic? • On a clear growth path: Executing a focused 5-year strategy targeting sustained revenue expansion and long-term value • Strong and balanced pipeline momentum: Robust and growing order book into FY2026 and beyond • Disciplined scaling: Strategic investments in leadership, engineering
Slide 27: Appendix
Appendix Versatile Customisation Confidential & Proprietary - Filtronic plc- © Filtronic plc 2023/24 27
Slide 28: Filtronic Disclaimer
Filtronic Disclaimer IMPORTANT NOTICE This presentation and any verbal information given (together, the “Presentation”), has been No representations or warranties of any kind are made by any person as to the accuracy of prepared by the directors of Filtronic plc (the “Company”). The information in t
Slide 29: Space Market
Space Market TAM: $3B the RF communications element of 60,000 LEO satellites launched in next 5 years • LEO constellations are converging with 5G terrestrial telecom networks to provide low latency and global broadband connectivity’ Filtronic has long heritage in traditional telecoms • Core IP Reuse
Slide 30: Market Dynamics
Market Dynamics Customer 4 Critical Comms Telecommunications Space Telecoms Critical Telecommunications LEO Space Customer 3Aerospace & Defence Defence Critical Communications Infrastructure (X-haul) (X-haul) HAPS/LEO (Radar / EW / ECM) Communications Infrastructure (Gateway / Payload Links) Aerospa