XP Power (XPP) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 trading was in line with full year expectations, with improved efficiency actions driving sequential progress in H2.

• Order intake and revenue growth were strongest in the Industrial Technology and Healthcare sectors due to slower customer destocking.

Financial highlights

• Q3 2025 order intake was £55.3m, up 2% sequentially and 18% year-over-year in constant currency.

• Q3 2025 revenue was £57.6m, up 3% sequentially and flat year-over-year in constant currency.

• Quarterly operating profit increased materially from Q2 to Q3 2025.

• Net debt at 30 September 2025 was £60.7m, £2.8m higher than at 30 June 2025, mainly due to currency movements and capital expenditure.

Outlook and guidance

• Full year outlook remains in line with current market expectations.

• Profitability improved materially in Q3 and is expected to be sustained through year-end.

• Analyst consensus for 2025 Adjusted Operating Profit is £17.4m (range: £16.3m–£18.2m).

• Cautious end-markets expected to persist into 2026, but current run rates provide increasing confidence.