XP Power (XPP) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 order intake rose 30% year-over-year in constant currency, reaching £57.4m, with notable demand from Semiconductor Manufacturing Equipment, Industrial Technology, and Healthcare sectors.

• Revenue for Q1 2025 was £53.8m, down 18% year-over-year in constant currency, reflecting the planned exit from China's Semiconductor Manufacturing Equipment market.

• Book-to-bill ratio improved to 1.07x in Q1 2025 from 0.68x in Q1 2024, indicating stronger order momentum.

Financial highlights

• Q1 2025 revenue: £53.8m, a 13% sequential decline and 18% lower year-over-year in constant currency.

• Q1 2025 order intake: £57.4m, up 23% sequentially and 30% year-over-year in constant currency.

• Order book at quarter-end: £124.0m.

Outlook and guidance

• Encouraged by improved Q1 order intake and early orders from Industrial Technology and Healthcare as inventory normalizes.

• Geopolitical uncertainty and potential tariff impacts remain, with a wide range of possible outcomes for 2025.

• Board remains confident in long-term prospects, citing strong market positions and a robust pipeline for medium-term growth.