Victrex Plc · LSE:VCT
Victrex — Investor Presentation (December 2025)
27 slides from Victrex's investor presentation, December 2025
Slide 1: Shaping Future Performance: Victrex plc Investor Overview
SHAPING FUTURE PERFORMANCE VICTREX PLC INVESTOR OVERVIEW
Slide 2: Victrex at a Glance
VICTREX AT A GLANCE OUR PURPOSE: We Bring Transformational & Sustainable Solutions • No.1 expert in PEEK polymers That Address • Attractive & diversified end-market positions: structural & cyclical growth World Material Challenges Every Day • Aligned to global megatrends: >5x addressable market oppo
Slide 3: Victrex at a Glance: Landscape, Customer Needs, Future Potential
VICTREX AT A GLANCE CURRENT LANDSCAPE CUSTOMER NEEDS FUTURE POTENTIAL CURRENT LANDSCAPE CUSTOMER NEEDS FUTURE POTENTIAL CO2 reduction, • No.1 expert in PEEKUppolymers & differentiated to 500kg/plane Up to 500kg of product & portfolio CO2 reduction, lightweighting Over 5Over tonnes/plane 5 tonnes of
Slide 4: Victrex PEEK Polymers
VICTREX PEEK POLYMERS Extreme Temperature A unique combination of properties Wear Chemical Property Resistance Mechanical Hydrolysis Strengths VICTREX PEEK HIGH PERFORMANCE PBI PI LCP POLYMERS A UNIQUE COMBINATION OF PROPERTIES PAI PPS PEI PPA PTFE PES PSU Easy High Purity Processing PA POM PC PPE P
Slide 5: What's PEEK? What's a PAEK?
VICTREX CONFIDENTIAL WHAT’S PEEK? WHAT’S A PAEK? PEEK is one of over 300 known thermoplastic polyaryletherketone polymers ~80% of all known PAEKs are amorphous VICTREXTM Semi-crystalline PAEKs of industrial interest PEEK • Wear resistance AETM250 • Fatigue performance VICTREX HTTM • Chemical resista
Slide 6: How We Differentiate
HOW WE DIFFERENTIATE Victrex makes Type 1, Type 2 and an intermediate type of PEEK Competitor-type Victrex PEEK recipe Victrex PEEK recipe PEEK recipe Victrex BDF Other BDF Other BDF Victrex Victrex Competitor-type polymerisation polymerisation polymerisation process process process Type 1 Intermedi
Slide 7: Not All PEEK Is the Same
VICTREX CONFIDENTIAL NOT ALL PEEK IS THE SAME The balance of properties in most polymers – including PEEK – depends upon monomer purity & the manufacturing process Type 1 PEEK = original VICTREXTM PEEK • Uses Victrex process BDF “Balz-Schiemann” + oxidation • Stiffer, less tough • Much stronger at h
Slide 8: Further Differentiation: From Polymer to Forms and Parts
VICTREX CONFIDENTIAL FURTHER DIFFERENTIATION From Polymer to Forms and Parts BDF Monomer KEY: Polymer PAEK Polymer Powder Grinding Fine Powder Laser Process Compounding Melt Filtration Sintering Parts Dispersion Forms Compounds Compounding Granules Parts Extrusion Injection Moulding Coatings Film Fi
Slide 9: End-Markets & Applications
END-MARKETS MEDICAL INDUSTRIAL AND VAR & APPLICATIONS Every 27 seconds a patient is treated using Invibio PEEK OPTIMA solutions 100+ million AEROSPACE 15 million+ machines using Victrex solutions implanted devices 20,000+ aircraft have VICTREX solutions on-board ELECTRONICS Over 4 billion ENERGY mob
Slide 10: State of the Nation (Based on End of FY25)
STATE OF THE NATION (BASED ON END OF FY25) MACRO CHALLENGES Mixed Chemical industry Capacity utilisation Global inflation Competition end-market demand (customer inventories) ‘CONTROL THE CONTROLLABLES’: SELF-HELP White spaces & Project VISTA Cost of manufacture & Drive mega- Digitalisation compleme
Slide 11: Profit Improvement Plan: c£10m Cost Savings
PROFIT IMPROVEMENT PLAN Accelerating actions in FY26: targeting at least £10m cost savings FY25 DELIVERABLES FY26 ACTIONS COMBINED c£10M COST SAVINGS • VOLUMES +12% PROJECT VISTA • PIPELINE +18% PORTFOLIO • PORTFOLIO & MEGA- (GO TO MARKET) • PROCUREMENT £2m SIMPLIFICATION PROGRAMMES (annualised indi
Slide 12: End Market Summary FY 2026
END MARKET SUMMARY FY 2026* *Indicative view of our end-markets in FY 2026 (vs FY 2025) based on current visibility VARs Spine Non-Spine KEY OPTIMISTIC NEUTRAL CAUTIOUS 12
Slide 13: FY26 Guidance & Outlook Summary
FY26 GUIDANCE & OUTLOOK SUMMARY VOLUMES & PRICING MARGIN OPEX • Targeting low-single digit to mid- • Broadly similar asset utilisation (UK) • Profit Improvement Plan: single digit % volume growth • Continued raw material benefits • Targeting at least £10m • ASP: similar to FY25 • Targeting GM simila
Slide 14: Mega-Programmes
Magma: ETEC contract award supporting TechnipFMC/Petrobras E-mobility: new platforms Trauma: revenue build with (800v platforms) product portfolio Aerospace Composites: Knee: 1st commercial PEEK Closing on deployment for Knee opportunity*; closing on current & future platforms other top 5 Knee playe
Slide 15: China Plant
CHINA PLANT A key strategic & geographic asset: serving Greater China VICTREX PANJIN (CHINA) • New PEEK facility online in H2 2024 • Strategic investment & sizeable opportunities across Auto, Electronics, VAR • Extension of product portfolio (type 2 PEEK) SUPPORTING STRONG MEDIUM & LONG-TERM OPPORTU
Slide 16: Updated Capital Allocation Policy
UPDATED CAPITAL ALLOCATION POLICY Maintain balance sheet strength KEY CHANGES • Reflecting all stakeholder interests; new net debt/EBITDA1 range of 0.5x-1.0x targeted • Dividends maintained vs FY 2024, final FY 2025 dividend (proposed) at 46.14p/share • Dividends targeted to be maintained at current
Slide 17: Appendix
SHAPING FUTURE PERFORMANCE APPENDIX
Slide 18: FY25 Headlines
FY25 HEADLINES STRONG VOLUMES OFFSET BY FX, MIX & CHINA START-UP STRONG VOLUMES +12% UNDERLYING PBT1 IMPACTED BY FX, CHINA COSTS, MIX STRONG CASH CONVERSION +121% PROFIT IMPROVEMENT PLAN, TARGETING AT LEAST £10m SAVINGS UPDATED CAPITAL ALLOCATION POLICY OUTLOOK: TARGETING SOLID PROGRESS VS FY 2025 1
Slide 19: FY25 Income Statement
FY25 INCOME STATEMENT Strong volumes; PBT impacted by FX, mix & China start-up Year ended 30 September 2025 2024 Change Change (constant SUMMARY currency) £m £m % % • Group revenue +1% Revenue 292.7 291.0 +1% +3% • Underlying PBT down 21% at £46.4m: Gains on foreign currency net hedging* 3.7 5.2 -29
Slide 20: Group End Markets
GROUP END MARKETS FY 2025: 4,164 tonnes (+12% vs FY 2024) Volume by Industry FY 2024: 3,731 tonnes (+4% vs FY 2023) Volume by Region Medical* +15% Asia Pacific 186t +11% 5% Transport -1% 1,012t EMEA +8% 1,171t 24% 28% VAR +21% 1,797t 2,224t 43% 53% 464t Electronics +2% 11% 769t 19% Americas 705t +26
Slide 21: Medical Revenues
MEDICAL REVENUES FY 2025: £58.8m (-5% vs FY 2024) Revenue by Market* Revenue by Region* Asia Pacific Americas -8% Non +1% £14.1m Implantable £15.3m 24% revenues £24.4m 26% 42% Spine -28% £43.5m 74% Non-spine £20.3m +7% EMEA -6% 34% *Medical revenues are now reported as both non-implantable (previous
Slide 22: Divisional Income Statements
DIVISIONAL INCOME STATEMENTS 22
Slide 23: FY25 Cashflow
FY25 CASHFLOW Strong cash conversion & further working capital opportunity FY2025 FY2024 £m £m Operating profit before exceptionals Depreciation, amortisation and loss on disposal 48.4 25.0 60.3 23.3 SUMMARY SUMMARY EBITDA 73.4 83.6 Change in working capital 7.0 17.5 Group revenue +1% Capital expend
Slide 24: Mega-Programme Milestones
MEGA-PROGRAMME MILESTONES PROGRAMME REVENUE STATUS FY 2025 MILESTONES FY 2026 FOCUS MAGMA Commercial c£1.5m • Technological order for Hybrid Flexible Pipe • Prepare for 2026 scale up & commercialisation (HFP) (TechnipFMC & Petrobras) based on roadmap (based on TechnipFMC requirement) VICTREXTM PEEK
Slide 25: Tariffs
UK TARIFFS ASIA PRODUCTION PEEK EXPORTED (NON-VICTREX) FROM VICTREX UK AT ~6% TARIFF TO US NON-VICTREX PEEK & BDF RAW MATERIALS EXPORTED FROM MAJORITY OF CHINA INTO US (HIGHER VICTREX PORTFOLIO TARIFFS) EXEMPT FROM INCREMENTAL (~1/3RD OF GLOBAL PEEK US TARIFFS CAPACITY IN ASIA) CHINA “China for Chin
Slide 26: Our Products Enable Environmental & Societal Benefits
OUR PRODUCTS ENABLE ENVIRONMENTAL & SOCIETAL BENEFITS 53% OF REVENUE FROM SUSTAINABLE PRODUCTS# AEROSPACE AUTOMOTIVE ELECTRONICS MEDICAL ENERGY & INDUSTRIAL CO2 savings 80,000 tonnes 100,000 rpm 25% improved Up to 80% brain function … each year, our sales to … annual CO2 saving in Europe Supporting
Slide 27: IR Contacts
IR CONTACTS Andrew Hanson Director of IR, Communications & ESG CONTACTS: E: [email protected] T: +44 (0) 1253 898121 / +44 (0) 7809 595831 27