Judges Scientific (JDG) Trading update summary

Trading conditions

• Market challenges, especially US federal funding uncertainty, led to underperformance against expectations for 2025.

• Satisfactory results in Europe and China were offset by continued weakness in the USA.

• Reduced investments in offshore wind impacted H2 growth.

Order intake

• Organic order intake weakened through 2025, ending the year down 6% year-on-year.

• US orders declined 23%, with additional weakness from offshore wind markets.

2025 financial performance

• Adjusted earnings per share for 2025 expected to be around 275p, 6% below market expectations.

• Cash conversion remains strong and in line with historical performance.