This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

23 December 2025

("Windar" or the "Company")

Trading Update

Windar Photonics plc (AIM: WPHO), the technology group behind the LiDAR-assisted monitoring and optimisation solution for multiple wind turbine platforms, provides the following update on current trading and strategic progress.

Current trading

For the 12 months to 31 December 2025 (FY 2025) the Company now expects record revenue of between €6.5m and €6.8m, representing growth of approximately 45% over 2024. With an improved gross margin, EBITDA is expected to be neutral, compared with a loss in the prior year.

Although the FY 2025 turnover will be a record for the Company and reflects the considerable potential of the business, it is nonetheless short of our expectations* due to a delay in finalising an order in China with a significant gross value. At this point in its rapid development, the Company remains sensitive to large single orders affecting growth forecasts and this order, for which products are ready to ship, will now move into FY 2026.

Overall, demand for Windar's technology continues to strengthen as customer awareness increases of its ability to improve wind turbine power output by 2-4%, delivering a typical ROI within just two years.

*The Company believes consensus market expectations for FY 2025 to be for Revenues of €9.45m and EBITDA of €2.2m

Growth Activities

As Windar transitions from a small to a significantly larger business, the Company has focused on strengthening its operational, commercial and manufacturing capabilities to support both current demand and future growth. During FY 2025, the Company has made the following strategic progress:

·      Successfully concluded new orders for test projects in North America and Germany across Senvion, Vestas, Siemens and General Electric turbine platforms, which augurs well for FY 2026 and beyond

·      Opened a new, future-proof manufacturing facility, increasing production capacity five-fold

·      Appointed new Vice Presidents of Sales for Europe and North America in August and September respectively

·      Established an Advisory Board comprising leading figures from the global wind industry

·      Windar's products are now expected to be installed on approximately 25% of all V82 turbines in North America

Jørgen Korsgaard Jensen, Chief Executive, commented:

"Clear commercial interest from both existing and new customers underpins Windar's considerable future potential. Over 12 months ago, we recognised the need to expand our operational base and capacity in multiple areas if we were going to achieve this potential. We have now done much of this work.

The tests completed on new turbines in North America and Germany bode well for the business and with the manufacturing capacity now in place to deliver to meet increased sales, together with our balance sheet strength, the business is well placed to grow again in 2026."

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