XP Power (XPP) Q4 2025 TU earnings summary

Executive summary

• 2025 performance met expectations, with a strong second half and managed exit from the RF market.

• Malaysia factory construction completed; China factory closed in December 2025.

Financial highlights

• Q4 2025 revenue was £61.2m, up 2% year-over-year; order intake rose 29% to £57.9m.

• Full year 2025 revenue was £229.7m, down 7% year-over-year; order intake up 24% to £225.9m.

• Book-to-bill ratio improved to 0.98x for the year, up from 0.73x in 2024.

• Net debt at year-end was £41.6m, £19.1m lower than at 30 September 2025.

Outlook and guidance

• Full year profit and EPS expected to be in line with market expectations.

• Analyst consensus for 2025: Adjusted Operating Profit £17.3m (range £16.3m–£18.2m), Adjusted EPS 21.4p (range 16.6p–24.4p).

• Malaysia facility expected to be operational in 2026, supporting global market flexibility.