Operational Update and Loan Facility

Plexus Holdings Plc

11 December 2025

 

This announcement contains inside information

11^th December 2025

Plexus Holdings PLC

("Plexus", the "Company" or the "Group")

Operational Update and Loan Facility

Plexus Holdings PLC (AIM: POS), the AIM quoted wellhead services business, is pleased to provide an update on operations and trading for the year to 30 June 2026 ("FY26") and confirms that it has entered into an agreement for a loan facility of up to £2 million ("Loan Facility") with OFM Holdings Limited ("OFM" or the "Lender").

HIGHLIGHTS

·    Financial performance for FY26 expected to be in line with market expectations.

·    First four new Exact™ EX rental wellhead systems purchased from the Company's fundraising in March 2025 due for delivery by end of 2025, with the remaining four sets to be completed in 2026.

·    £2 million Loan Facility secured to provide financial flexibility and support operations and strategic growth initiatives.

·    International footprint strengthened with a permanent presence established in the Middle East.

·    Confident in long-term outlook amid growing overseas opportunities and anticipated market recovery.

Operations and Trading Update

Plexus is pleased to confirm that it is completing manufacture of four new Exact™ EX rental wellhead systems on schedule, to increase the Company's rental fleet to 12 sets.  The four new wellhead systems are planned for deployment in early 2026, and will be required to meet current enquiry levels, with a further four sets to be ordered for delivery during Q4 2026.

In addition to the key strategic market sector of rental wellheads, the Company continues to pursue opportunities in sold production wellhead equipment and special projects, which are also expected to have some impact in 2026.

Plexus continues to strengthen its position in key international markets, including the Middle East, where a senior sales manager has relocated to establish a permanent presence and where partnership with its local representative, Peak Energy Solutions, has been further expanded. The Company is currently preparing wellhead rental equipment for an exploration well in the UAE, and a permanent presence in this region will enable Plexus to capitalise on more opportunities in the future.

In the UK sector, government policy on maintaining the EPL on production and blocking exploration licences has led to uncertainty on the timing of plug and abandonment ("P&A") and decommissioning projects and subdued exploration activity. However, many opportunities still remain for Plexus, including carbon capture and storage ("CCS") wells and hydrogen storage, and P&A and decommissioning projects will be undertaken once operators commit to the necessary expenditures. The Board is encouraged by the Company's pipeline of business for H2 FY26 and beyond, and the Company's results for FY26 are expected to be in line with market expectations.

Loan Facility

Plexus has entered into a £2 million Loan Facility with OFM Holdings Limited, a company wholly owned by a trust of which Chairman Ben Van Bilderbeek is settlor. The Loan Facility will be used to manage the Group's working capital requirements in the second half of FY26 following the deferral of certain projects into this period. Plexus' pipeline remains strong, and management continues to expect an improvement in activity levels later in FY26 and beyond, with growing opportunities in overseas markets.

The Loan Facility will enable Plexus to maintain momentum in delivering on its strategic plans and operational capability during this period, while positioning the Group to take advantage of the anticipated opportunities.

Key terms of the Loan Facility:

·      Facility amount: up to £2,000,000, available for draw down in tranches.

·      Lender: OFM Holdings Limited, a company connected to Plexus' Chairman, Ben Van Bilderbeek.

·      Purpose: working capital support.

·      Interest: 8% per annum, with the first six months' interest rolled into the capital balance, thereafter payable monthly.

·      Term: repayable in full by 31 December 2028, with an option to extend by mutual consent.

·      Security: second ranking debenture over certain Company assets, including intellectual property and manufacturing records.

·      Early repayment: permitted at any time without penalty.

Related Party Transaction

The provision of the Loan Facility by OFM Holdings Limited, a company connected to Ben van Bilderbeek (a Director of the Company), constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules. The Company's directors (excluding Ben van Bilderbeek, who is interested in the transaction) consider, having consulted with the Company's nominated adviser, Cavendish Capital Markets Limited, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

Plexus CEO Craig Hendrie said: "We are encouraged to see growing momentum internationally as operators recognise the value of Plexus' technology and, with a permanent presence now established in the Middle East and strengthened relationships with our local partners, we are particularly well placed to capture emerging opportunities in this key region and beyond. Whilst the timings of certain projects in the North Sea are uncertain, this loan facility provides the financial flexibility to stay agile, deliver on our strategic priorities, and ensure we are ready to capitalise on overseas growth as it accelerates. Accordingly, we remain disciplined, but we are optimistic about the pace of recovery in global energy markets."

Ben van Bilderbeek, Founder and Chairman of Plexus Holdings PLC, commented: "The decision to extend a loan facility to Plexus reflects continued confidence in the value of our patented POS-GRIP® friction-grip wellhead technology, in the Exact EX rental wellhead business, and in the long-term potential.

"Following the industry downturn in 2015, Plexus preserved its approved wellhead-supplier status and core HP/HT capabilities through targeted project work, disciplined cost management, and selective asset disposals.

"Re-establishing the Company's Exact EX Jack-up Exploration drilling rental business has required the design and prototype of a new Jack-up adjustable wellhead system, completion of qualification testing, securing a field-trial operator, and raising capital to restore essential rental inventory. Plexus has been working hard on building a fleet of wellhead units to be able to take on several simultaneous projects in international locations, and I now see this business beginning to gain traction."

ENDS

For further information please visit www.plexusplc.com or contact:

Plexus Holdings PLC   Craig Hendrie, CEO Mike Park, CFO	Tel: [phone]
Cavendish Capital Markets Limited Derrick Lee	Tel: [phone]
St Brides Partners Ltd Isabel de Salis Paul Dulieu Will Turner	[e-mail]

NOTES

Plexus Holdings plc (AIM: POS) is an IP-led company specialising in developing and providing wellhead systems and associated products and services for offshore operations.

Headquartered in Aberdeen, the company focuses on providing wellheads for Jack-up rig operations such as exploration and appraisal drilling, Plug & Abandonment work and emerging markets for Carbon Capture & Storage, hydrogen production and storage and geothermal. Plexus has a collaboration agreement with SLB to supply Exact adjustable wellhead systems for Jack-up applications and supports these operations with a range of proprietary equipment and tools, and project engineering services.

Plexus is known for its highly innovative POS-GRIP® wellhead technology and HG® metal-to-metal sealing systems, for which licences have been sold to major industry players such as SLB and TechnipFMC for limited applications. Plexus continues to develop products based on POS-GRIP technology for challenging surface production wellhead platforms, special projects and connector and subsea applications such as the Python® subsea wellhead system.

Plexus has always been at the forefront of innovation to reduce risk and improve performance in the energy industry, such as developing through-BOP wellhead systems which help to prevent blow-outs, and POS-GRIP "HG" Seals which are leak-free throughout field life and so reduce methane emissions and minimise maintenance costs. These innovations support the oil and gas industry's ESG and NetZero, and in recognition of this, Plexus was Awarded the London Stock Exchange's Green Economy Mark in 2021.

For more information visit: https://www.plexusplc.com/

 

END