XP Power (XPP) Q3 2026 TU earnings summary

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.