Victrex (VCT) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 volumes decreased by 4% year-over-year, with growth in Energy & Industrial offset by weaker Transport, VARs, and Medical segments.

• Average selling price remained broadly in line with the prior year, down 2% year-over-year.

• Year-to-date (YTD) volumes recovered in January, now matching the prior year, though YTD revenues are slightly lower due to sales mix.

• Full-year 2026 guidance is maintained, with performance expected to be weighted to the second half.

Financial highlights

• Q1 2026 sales volume: 858 tonnes, down 4% from Q1 2025.

• Q1 2026 revenue: £62.4m, down 6% year-over-year.

• Q1 2026 average selling price: £73/kg, down 2% year-over-year.

• Net debt at 31 December 2025: £21.1m, with cash of £28m.

• FY 2025 total dividends per share: 59.56p; final dividend of 46.14p/share to be paid in January 2026.

Outlook and guidance

• Full-year 2026 guidance remains unchanged, with performance expected to be stronger in the second half.

• H1 2026 is expected to be weaker than H1 2025 due to a soft Q1 and currency headwinds.

• FY 2026 is described as a transitional year, with a focus on efficiency and growth.