Full Year Trading Update

XP Power Limited

19 January 2026

 

19 January 2026

XP Power Limited

('XP Power' or 'the Group')

Full Year Trading Update

2025 performance in line with expectations

Managed exit from RF market

Malaysia factory complete and China factory closed

XP Power, one of the world's leading developers and manufacturers of critical power control solutions to the Semiconductor Manufacturing Equipment, Healthcare and Industrial Technology sectors, is today issuing a trading update for the fourth quarter and full year ended 31 December 2025.

Trading

	2025	2024	Change	Change in constant currency
Q4:
Order intake (£m)	57.9	44.9	29%	32%
Revenue (£m)	61.2	60.0	2%	5%
Book-to-bill	0.95x	0.75x	0.20x
Full Year:
Order intake (£m)	225.9	181.6	24%	28%
Revenue (£m)	229.7	247.3	(7)%	(4)%
Book-to-bill	0.98x	0.73x	0.25x

Quarterly performance	Q1 2025	Q2 2025	Q3 2025	Q4 2025	FY 2025
Order intake (£m)	57.4	55.3	55.3	57.9	225.9
% change vs prior year - constant currency	30%	32%	18%	32%	28%
Revenue (£m)	53.8	57.1	57.6	61.2	229.7
% change vs prior year - constant currency	(18)%	(4)%	-	5%	(4)%
Book-to-bill	1.07x	0.97x	0.96x	0.95x	0.98x

The order book at the end of the quarter was £116.1m.

Subject to audit, the Board expects full year profit and EPS to be in line with current market expectations* following the delivery of a significantly improved second half performance.

Exit from RF market

In late 2025, the Board decided to exit the RF market. The RF Division has historically delivered gross margins and overall returns materially lower than the Group average. Furthermore, as previously announced, US export controls introduced in late 2024 prevent us from selling RF products to key customers in China after 2025, limiting future prospects.

This exit decision will allow the Group to maximise investment and returns from other parts of the product portfolio, which have a far stronger market position and greater long-term growth prospects.

The exit will be a managed wind down over the next approximately three years in order to support our key customers, many of whom buy a range of XP products, through an orderly supply chain transition for this technical product. Final delivery requirements have been agreed and are accompanied by a pre-payment of £16.4m toward planned 2026 deliveries received from a key customer in December 2025.

In 2025, the RF Division generated revenue of £24.3m and was close to break-even including the benefit of high final deliveries to Chinese customers. Annual revenue is expected to be similar during the wind down period.

Manufacturing facility update

Construction of our new manufacturing facility in Malaysia is now complete and it is expected to be operational during 2026.

Completion of construction in Malaysia allowed us to close our existing facility in Kunshan, China in December 2025. Malaysia brings greater flexibility to serve global markets, particularly the US.

We have adequate spare manufacturing capacity elsewhere in the network to manage the transition between China and Malaysia.

The Group will provide more detail on the RF market exit and China factory closure with the full year results.

Financial Position

Net debt as at 31 December 2025 was £41.6m, £19.1m lower than as at 30 September 2025 including the pre-payment of £16.4m for RF deliveries referenced above. Leverage ended the year at c.1.2x.

The Group will publish its 2025 full year results on the 3 March 2026.

Enquiries:

XP Power                                                                                                                                                                                     

Gavin Griggs, Chief Executive Officer                                                                                        [phone]

Matt Webb, Chief Financial Officer

CDR

Claire De Groot                                                                                                                                 [phone]

* Company compiled analyst consensus as of 19 January 2026 is for 2025 Adjusted Operating Profit of £17.3m (range of £16.3m to £18.2m) and 2025 Adjusted EPS of 21.4p (range of 16.6p to 24.4p)

XP Power designs and manufactures power controllers, the essential hardware component in every piece of electrical equipment that converts power from the electricity grid into the right form for equipment to function. Power controllers are critical for optimal delivery in challenging environments but are a small part of the overall customer product cost.

XP Power designs power control solutions into the end products of major blue-chip OEMs, with a focus on the Semiconductor Manufacturing Equipment (c.39% of sales in H1 2025), Industrial Technology (c.38% of sales in H1 2025) and Healthcare (c.22% sales in H1 2025) sectors. Once designed into a programme, XP Power has a revenue annuity over the life cycle of the customer's product which is typically five to seven years depending on the industry sector. XP Power has invested in research and development and its own manufacturing facilities in Vietnam, China, North America and Germany, to develop a range of tailored products based on its own intellectual property that provide its customers with significantly improved functionality and efficiency.

Headquartered in Singapore and listed on the Main Market of the London Stock Exchange since 2000, XP Power is a constituent of the FTSE SmallCap Index. XP Power serves a global blue-chip customer base from over 30 locations in Europe, North America, and Asia.

For further information, please visit www.xppowerplc.com

Forward-looking statements

This announcement contains forward‑looking statements that are subject to risk factors associated with, among other things, the economic and business circumstances occurring from time to time in the countries, sectors and markets in which the Group operates. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently anticipated. No assurances can be given that the forward‑looking statements in this announcement will be realised.

The forward‑looking statements reflect the knowledge and information available to management at the date of preparation of this announcement. XP Power and its Directors accept no responsibility to third parties and undertake no obligation to update these forward‑looking statements. Nothing in this announcement should be construed as a profit forecast.

 

END