Victrex Plc · LSE:VCT
Victrex — H1 2026 Earnings Presentation
30 slides from Victrex's earnings presentation, May 11, 2026
Slide 1: Shaping future performance
Shaping future performance Victrex plc | Interim results 11th May 2026
Slide 2: Agenda
Agenda 01 Introduction 02 Headlines 03 Financial Overview 04 Initial Observations & Strategic Priorities Dr James Routh Ian Melling 05 Summary & Outlook Chief Executive Officer Chief Financial Officer Forward-looking statements Sections of this Presentation may contain forward-looking statements, in
Slide 3: H1 Headlines
H1 Headlines H1 impacted by slow Q1; stronger Q2 Revenue Gross margin Underlying PBT1 Free cashflow1 £147.1m 41.7% £19.0m £22.0m +1% -240 bps -18% -2% (Net debt £45.4m) Profit Improvement Plan Strategy review: update at Capital Portfolio review ongoing to underpin progressing well; c10% of roles bei
Slide 4: Revenue and volume summary
Revenue and volume summary H1 2026 Group revenue +1% at £147.1m VARs EMEA Medical 4% 12% Transport (Automotive Americas 19% Sustainable & Aerospace) 32% Solutions Asia Pacific Volume by Energy & Industrial Revenue by Revenue by 18% 42% 44% end-market Electronics region division Medical 81% 24% 24% G
Slide 5: End market performance
End market performance H1 2026 Aerospace Auto Electronics Energy & Industrial Medical VARs • Supply chains • Continuing soft market • Robust Semiconductor • Lower rig count offset • Order phasing and • Improved Q2 improving conditions demand by increased adverse sales mix momentum • Composite • Slow
Slide 6: Financial Overview
Financial Overview Ian Melling Chief Financial Officer
Slide 7: Income statement
Income statement Revenue +1% driven by solid volume growth; PBT impacted by mix, price & FX H1 2026 H1 2025 Change Change (CFX) £m £m % % Group revenue £147.1m Revenue 147.1 145.9 +1% +2% Gains on foreign currency net hedging* 1.0 2.2 -55% Gross profit 61.3 64.3 -5% -2% +1% Gross margin % 41.7% 44.1
Slide 8: Underlying PBT bridge
Underlying PBT1 bridge PBT impacted by mix and price Underlying PBT1 bridge H1 2025 to H1 2026 (£m) 30.0 28.0 26.0 3.0 24.0 23.2 22.1 1.2 22.0 (1.1) (2.8) 20.0 (1.7) 19.0 (2.8) 18.0 16.0 14.0 12.0 10.0 H1 25 FX H1 25 @ FY 26 FX Sustainable Sustainable Medical Raw Wage inflation H1 26 Solutions volum
Slide 9: Gross margin bridge
Gross margin bridge GM below guidance driven by mix, price and currency H1 2025 to H1 2026 gross margin bridge 45.0% 44.1% 44.0% 43.3% -0.8% 43.0% -0.5% 42.0% 0.6% 41.7% -1.2% 41.0% -0.5% 40.0% 39.0% 38.0% H1 25 FX H1 25 @ FY 26 FX Sustainable Sustainable Medical price Raw H1 26 Solutions vs Solutio
Slide 10: Cashflow
Cashflow Solid cash generation; interim dividend maintained Underlying operating Interim dividend cash conversion maintained at Net debt 109% 13.42p £45.4m including cash of £31.7m (H1 2025: 128%) per share (H1 2025 net debt: £40.7m) Free cashflow Cash exceptional items of Net debt/underlying EBITDA
Slide 11: Exceptional items
Exceptional items H1 exceptional items totaling £63m driven by China manufacturing impairment (Non-cash £61.5m: Cash £1.5m) China manufacturing impairment Portfolio simplification Simplifying portfolio including mega-programmes and rationalisation of non value-add projects H1 2026 actual: FY 2026 ou
Slide 12: CEO Update
CEO Update Dr James Routh Chief Executive Officer
Slide 13: The attractions of Victrex
The attractions of Victrex Strong fundamentals: significant opportunity to unlock potential CEO background & Victrex alignment Why Victrex? Market leader: strong brand and value 01 proposition with differentiated products Strong engineering background across aligned end markets (aerospace, auto, ene
Slide 14: Addressing our challenges
Addressing our challenges Actions progressing at pace to improve financial performance Significant potential offset by Fixing The Foundations internal & external headwinds • Reduce overhead cost base • Senior leadership refreshed; decentralised operating model + + with regional P&Ls to drive empower
Slide 15: Profit improvement plan
Profit improvement plan Proactive actions driving early benefits Reducing overhead costs Operating efficiency Portfolio simplification Headcount reduction of c10%, Transformation team in place to Portfolio pruning & downsizing some primarily in central functions reduce cost of manufacture strategic
Slide 16: Unlocking Victrex's potential
Unlocking Victrex’s potential Premium Offering How Who Deep PEEK Applications World-class Trusted solutions expertise engineering manufacturing partner Broadest range of Drive differentiated Unmatched scale, Long-term customer World-class high-quality PEEK applications with high capacity & capabilit
Slide 17: Application development
Application development Becoming a trusted solutions partner How we win: further differentiate to drive value for customers Focus on being a trusted solutions partner vs a materials supplier Partner with customers to grow the market for VICTREXTM PEEK Clearer differentiation Aerospace Composites: Me
Slide 18: Growing our regional footprint in China and Asia-Pacific
Growing our regional footprint in China and Asia-Pacific Our fastest growing region Revenue progression in Greater China (£m) Opportunity to build on our 60 existing footprint in Greater China 50 53 Five-fold increase in revenue since FY 2015 (17% CAGR) 40 • Broader end market positions including st
Slide 19: Summary & outlook
Summary & outlook* Focused on an improved H2 2026 Full year Outlook*: Solid start to H2 Mindful of global Board expects focused on improved macroeconomic underlying PBT performance uncertainty, energy for FY 2026 to be vs H1 costs and end in the range of market demand £42m-£44m Transitional year Str
Slide 20: Driving medium term performance improvement
Driving medium term performance improvement Capital Markets Day 2026 'Unlocking Victrex's potential’: Capital Markets Day London, September 2026 Profit Improvement Addressable market Revised operating Roadmap to significant Plan progress and new application model and introduction improvement in oppo
Slide 21: Appendix
Appendix
Slide 22: Indicative guidance
Indicative guidance FY 2026 Volumes: Gross margin: Exceptional items: Capex: Mid single Improvement vs £75m-£85m Below 8% digit growth H1 2026; anticipated slightly lower vs (including up to prior year £10m cash items) of revenues ASP: Currency: Underlying effective tax rate: c£2m Broadly similar to
Slide 23: Divisional income statements
Divisional income statements Sustainable Solutions & Medical Constant H1 2025 Before impact Constant H1 2026 Before impact FX spot impact currency as reported of hedging currency1 as reported of hedging change Sustainable Solutions £m £m £m £m £m £m % Revenue 115.7 115.7 (0.7) 115.0 119.5 119.5 +4%
Slide 24: Medical revenues
Medical revenues H1 2026 Medical revenues down 9% 24% 27% 43% Medical Spine & revenues by Non-Spine region 73% 33% Americas EMEA Spine Asia-Pacific Non-Spine Victrex – Interim Results Presentation 2026 24
Slide 25: Average selling price
Average selling price ASP reflects mix, pricing & currency; stable vs H2 2025 ASP (£/kg) and divisional share of revenue in live FX 100.0 90.0 80.0 £80 £76 £72 £69 £68 70.0 22% 21% 21% 19% 60.0 20% 50.0 40.0 30.0 78% 79% 79% 80% 81% 20.0 10.0 - Actual H1 2024 Actual H2 2024 Actual H1 2025 Actual H2
Slide 26: Cash flow
Cash flow Solid cash generation; interim dividend maintained H1 2026 H1 2025 £m Summary £m Operating profit before exceptional items 20.0 24.0 Depreciation, amortisation and loss on disposal 12.6 Underlying EBITDA 13.0 33.0 36.6 Underlying operating Change in working capital (3.8) 2.7 cash conversio
Slide 27: Balance sheet
Balance sheet Robust balance sheet H1 2026 H1 2025 £m Summary £m PPE and intangible assets 303.0 367.2 Financial assets held at fair value through profit and loss 0.0 3.5 Inventory reduction continues: Financial assets held at amortised cost 1.1 1.0 Retirement benefit asset (net) 4.2 7.6 H1 2026 inv
Slide 28: Currency
Currency Headwind of c£2m for FY 2026 at current rates H1 2025 H1 2026 Reported Before impact of hedging Currency Spot Impact Constant currency1 As reported Before impact of hedging Constant currency1 01 Alternative performance measures are £m £m £m £m £m £m % Revenue 145.9 145.9 (1.5) 144.4
Slide 29: Definitions
Definitions Alternative performance measures Constant currency metrics are reached by applying current year weighted average spot rates to prior year transactions. Gains and losses on foreign currency net hedging, 01 are shown separately in the Income Statement and are excluded from the constant cur
Slide 30: IR contacts
IR contacts Andrew Hanson Director of IR, Corporate [email protected] +44 (0) 1253 898121 Communications & ESG