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Victrex (VCT) investor relations material

Victrex Q3 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 TU earnings summary8 Jul, 2025

Executive summary

  • CEO transition: Jakob Sigurdsson to retire, James Ralph appointed as successor, bringing sector experience and a growth track record.

  • Q3 sales volume up 8% year-over-year, led by Sustainable Solutions, while Medical revenues, especially Spine, remained soft.

  • Revenue declined 3% year-over-year in Q3 due to adverse mix and lower ASP, despite volume growth.

  • Business remains differentiated with innovation focus and well-invested assets in the UK, medical, and China, positioning for improved profitability.

  • Cost discipline remains strong, with capex and inventory reduction on track.

Financial highlights

  • Q3 sales volume: 1,057 tons (+8% year-over-year); nine months: 3,075 tons (+13% year-over-year).

  • Q3 revenue: £71.5m (down 3% year-over-year); nine months: £217.3m (up 2% year-over-year).

  • Q3 ASP: £68/kg (down 11% year-over-year); nine-month ASP: £71/kg (down 10% year-over-year).

  • Net debt at 30 June 2025: £42.8m (Q3 2024: £39.6m), including £19.7m cash.

  • Currency headwind for FY25 at £9m adverse impact at PBT level.

Outlook and guidance

  • Full-year volume growth expected at least high single digits, in line with guidance.

  • H2 underlying PBT targeted to be slightly improved on H1, but similar result likely if Q3 trends persist.

  • Q4 faces tougher comparison; ongoing macroeconomic uncertainty and £9m currency headwind for FY25.

  • Currency for FY26 tracking at £3-4m adverse to FY25; hedging covers over 50% of US dollar and Euro exposure for FY26.

  • Macroeconomic uncertainty and adverse sales mix remain key considerations for the remainder of FY25.

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Frequently asked questions

Victrex plc is a UK-based company that specializes in the manufacture and sale of high-performance polymer solutions, primarily polyetheretherketone (PEEK) and polyaryletherketone (PAEK). These materials are used across a range of industries, including automotive, aerospace, electronics, energy, and medical devices, due to their strength, lightweight properties, and resistance to extreme conditions. Victrex operates through two main business segments: Sustainable Solutions and Medical, providing both raw polymers and finished components. The company is headquartered in Thornton-Cleveleys, United Kingdom, and its shares are listed on the London Stock Exchange.

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