Oxford Instruments (OXIG) H1 2026 TU earnings summary

Executive summary

• Q2 showed improved momentum after Q1 was disrupted by tariffs, leading to stable full-year expectations on an organic constant currency basis.

• Contrasting order dynamics: Imaging & Analysis (I&A) faced order declines due to tariffs, while Advanced Technologies (AT) saw strong growth from compound semiconductors.

• H1 order intake up just over 1% OCC year-over-year, with Q1 down 3% and Q2 up nearly 6%.

• H1 revenues expected down 8% OCC (10% reported) versus prior year; H2 margins and revenue expected to improve.

Financial highlights

• H1 book-to-bill ratio expected at 1.1 (vs. 1.0 prior year).

• H1 adjusted operating profit margin expected at 14.5% OCC (13.5% reported).

• FY25 pro-forma: H1 revenue £153.8m (I&A), £204.2m (AT); H2 revenue £176.5m (I&A), £238.0m (AT).

• Adjusted operating profit: H1 £35.1m, H2 £43.5m; full-year margin 17.8%.

Outlook and guidance

• Full-year revenue, adjusted operating profit, and margin expected to be similar to prior year on an organic constant currency basis.

• H2 expected to see stronger margin performance due to resumed revenue growth, seasonal strength, and cost savings.

• Additional £1m currency headwind to operating profit anticipated, on top of previous £4.5m guidance.