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XP Power (XPP) investor relations material
XP Power Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 order intake reached a record £106.8m, up 93% YoY in constant currency; revenue momentum improved and FY26 expectations were unchanged.
Improving revenue momentum and order-book visibility support a FY27 performance slightly ahead of current market expectations.
Financial highlights
Q3 revenue was £63.8m, up 10% YoY in constant currency and 12% QoQ; reported revenue included a £3.7m reduction from a one-off US tariff refund.
Excluding the tariff-refund item, Q3 revenue was £67.5m, consistent with H2 revenue guidance of £135m.
Order book stood at £216.9m at quarter-end.
Outlook and guidance
FY26 expectations unchanged, including a significantly stronger H2 than H1; revenue expected to increase further in Q4 as orders convert and manufacturing output improves.
FY27 performance expected slightly ahead of market expectations, supported by revenue growth and operational leverage.
Analyst consensus: FY26 adjusted operating profit £26.4m and adjusted EPS 48.5p; FY27 £35.9m and 75.4p, respectively.
- Order intake up 55% year-over-year, with margin gains and strong outlook for H2 and beyond.XPP
Q2 2026 - Q1 2026 order intake jumped 48% year-over-year, driving improved outlook and strong book-to-bill.XPP
Q1 2026 TU - Order growth and margin gains, with lower leverage, set up for recovery as markets rebound in 2026.XPP
Q4 2025 - 2025 saw solid order growth, RF market exit, and a strategic shift to Malaysia manufacturing.XPP
Q4 2025 TU - Q3 2025 delivered higher orders, improved profit, and a positive outlook amid sector growth.XPP
Q3 2025 TU - Order intake up 31%, margins improved, and net debt fell, but revenue declined amid destocking.XPP
H1 2025 - Order intake surged 30% year-over-year, while revenue fell 18% amid China market exit.XPP
Q1 2025 TU - Profit and cash flow beat expectations; recovery expected as destocking eases.XPP
H1 2024 - Revenue fell 20% amid destocking, but cash flow and margins held up as recovery is expected in H2 2025.XPP
H2 2024
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