XP Power (XPP) Q1 2026 TU earnings summary

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.