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XP Power (XPP) investor relations material
XP Power Q1 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q1 2026 saw a significant increase in order intake, up 38% sequentially and 48% year-over-year in constant currency, driven by strong demand across all sectors and regions, especially Semiconductor Manufacturing Equipment.
Revenue for Q1 2026 was £51.8m, down 16% sequentially but up 3% year-over-year in constant currency, reflecting seasonal patterns and operational transitions.
Book-to-bill ratio reached 1.53x, indicating robust demand and improved visibility for 2026.
Financial highlights
Q1 2026 order intake: £79.1m, up from £57.4m in Q1 2025.
Q1 2026 revenue: £51.8m, compared to £53.8m in Q1 2025.
End-of-quarter order book: £143.1m.
Net debt as of 31 March 2026: £41.8m; leverage at 1.2x.
Outlook and guidance
Full year expectations remain unchanged, with anticipated second half weighting.
Quarterly order intake expected to stay above 2025 levels but may not match Q1 2026 highs.
Revenue expected to increase in Q2 2026.
Management remains mindful of macroeconomic and geopolitical risks.
- Order growth and margin gains, with lower leverage, set up for recovery as markets rebound in 2026.XPP
Q4 202525 Apr 2026 - Profit and cash flow beat expectations; recovery expected as destocking eases.XPP
H1 20242 Feb 2026 - 2025 saw solid order growth, RF market exit, and a strategic shift to Malaysia manufacturing.XPP
Q4 2025 TU19 Jan 2026 - Revenue fell 20% amid destocking, but cash flow and margins held up as recovery is expected in H2 2025.XPP
H2 20241 Dec 2025 - Order intake up 31%, margins improved, and net debt fell, but revenue declined amid destocking.XPP
H1 202523 Nov 2025 - Q3 2025 delivered higher orders, improved profit, and a positive outlook amid sector growth.XPP
Q3 2025 TU21 Oct 2025 - Order intake surged 30% year-over-year, while revenue fell 18% amid China market exit.XPP
Q1 2025 TU30 Jun 2025 - Order intake rebounded in Q3, but revenue fell and currency headwinds remain a challenge.XPP
Q3 2024 TU13 Jun 2025
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