Videndum (VID) Trading Update summary

Trading performance and order intake

• Q3 order book rose approximately 40% year-on-year, with September order intake 6% higher than the same period in 2024, marking the highest in over a year.

• Q3 revenue was 8% lower year-on-year (excluding the 2024 Paris Olympics), improving from a 25% decline in H1.

• Q3 EBITDA was 50% higher than H1, reflecting strengthening financial performance.

• £19 million in cost-saving programs are delivering expected benefits.

• Board expectations for FY26 remain unchanged.

Liquidity, debt, and disposals

• JOBY brand sold for approximately £5 million, with 80% of proceeds received and the remainder in escrow.

• Net debt as of 30 September 2025 stood at £139 million, including £27 million in finance leases.

Lender negotiations and covenants

• Constructive progress continues with RCF lenders on a deleveraging plan, and the September EBITDA covenant was met.

• Lenders require a trailing last twelve-month October EBITDA covenant of £10 million and agreement on the deleveraging plan in October.

• If trading or the deleveraging plan falls short, lenders are expected to waive or defer covenants.