Q3 Trading Update

21 October 2025

 

 

XP Power Limited

(`XP Power' or `the Group')

 

Q3 2025 Trading Update

Trading in line with full year expectations

Improved trading and efficiency actions driving healthy sequential progress in H2

 

XP Power, one of the world's leading developers and manufacturers of critical power control solutions to the Semiconductor Manufacturing Equipment, Healthcare and Industrial Technology sectors, is today issuing a trading update for the third quarter ended 30 September 2025.

 

Trading

 

	Q3 2025	Q3 2024	Change	Change in constant currency
Order intake (£m)	55.3	48.8	13%	18%
Revenue (£m)	57.6	60.2	(4)%	-
Book-to-bill	0.96x	0.81x	0.15x

 

 

Quarterly performance	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Order intake (£m)	44.9	57.4	55.3	55.3
% change vs prior year - constant currency	(2)%	30%	32%	18%
Revenue (£m)	60.0	53.8	57.1	57.6
% change vs prior year - constant currency	(22)%	(18)%	(4)%	-
Book-to-bill	0.75x	1.07x	0.97x	0.96x

 

Q3 order intake was £55.3m. This is 2% higher than the preceding quarter and 18% higher than the comparative period in constant currency. Progress versus the comparative period was strongest within the Industrial Technology and Healthcare sectors due to slower customer destocking.

 

Q3 revenue was £57.6m. This is 3% higher than the preceding quarter and in line with the comparative period in constant currency. Growth versus the preceding quarter was driven by the Industrial Technology and Healthcare sectors, with increasing order intake translating into increasing revenue.

 

The order book at the end of the quarter was £119.4m.

 

Quarterly operating profit increased materially from Q2 to Q3 2025, as revenue growth and efficiency actions delivered the expected benefits. We expect this to be sustained in Q4, leading to full year profit in line with current market expectations*.

 

Financial Position

 

Net debt as of 30 September 2025 was £60.7m, £2.8m higher than at 30 June 2025 due to currency movements and the planned increase in capital expenditure on our new Malaysia production facility as construction nears completion. Leverage reduced by 0.1x in the quarter to 1.7x due to the improvement in profit. We expect net debt to reduce by year-end in constant currency.

 

Comet Legal Action

 

Our appeal in respect of the Comet legal action was heard on 19 September 2025 in the US Court of Appeals for the Ninth Circuit. The panel of three appellate judges will now consider their verdict.

 

Outlook

 

Our full year outlook is in line with current market expectations. We have seen a material step up in profitability in Q3, compared to H1 or Q2 2025, and we expect this to be sustained through the year-end. These run rates provide increasing confidence going into 2026 in what we expect to remain cautious end-markets.

 

Investor seminar

 

As previously announced, the Group will host an institutional investor seminar on 5 November 2025 covering why we win, our market position, technology, operations and sustainability. If you would like to attend, please contact   [email protected] .

 

Enquiries:

 

XP Power
Gavin Griggs, Chief Executive Officer	+44 (0)118 984 5515
Matt Webb, Chief Financial Officer	+44 (0)118 984 5515
CDR
Claire de Groot	+44 (0)207 638 9571

 

* Company compiled analyst consensus as of 21 October 2025 is for 2025 Adjusted Operating Profit of £17.4m (range of £16.3m to £18.2m).

 

XP Power designs and manufactures power controllers, the essential hardware component in every piece of electrical equipment that converts power from the electricity grid into the right form for equipment to function. Power controllers are critical for optimal delivery in challenging environments but are a small part of the overall customer product cost.

 

XP Power designs power control solutions into the end products of major blue-chip OEMs, with a focus on the Semiconductor Manufacturing Equipment (c.39% of sales in H1 2025), Industrial Technology (c.38% of sales in H1 2025) and Healthcare (c.22% sales in H1 2025) sectors. Once designed into a programme, XP Power has a revenue annuity over the life cycle of the customer's product which is typically five to seven years depending on the industry sector. XP Power has invested in research and development and its own manufacturing facilities in Vietnam, China, North America and Germany, to develop a range of tailored products based on its own intellectual property that provide its customers with significantly improved functionality and efficiency.

 

Headquartered in Singapore and listed on the Main Market of the London Stock Exchange since 2000, XP Power is a constituent of the FTSE SmallCap Index. XP Power serves a global blue-chip customer base from over 30 locations in Europe, North America, and Asia.

 

For further information, please visit www.xppowerplc.com

 

Forward-looking statements

 

This announcement contains forward - looking statements that are subject to risk factors associated with, among other things, the economic and business circumstances occurring from time to time in the countries, sectors and markets in which the Group operates. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently anticipated. No assurances can be given that the forward - looking statements in this announcement will be realised.

 

The forward - looking statements reflect the knowledge and information available to management at the date of preparation of this announcement. XP Power and its Directors accept no responsibility to third parties and undertake no obligation to update these forward - looking statements. Nothing in this announcement should be construed as a profit forecast.