Half year trading update

Filtronic plc (AIM: FTC), the designer and manufacturer of advanced RF solutions for the space, aerospace and defence, and telecoms infrastructure markets, provides the following trading update for the six months ended 30 November 2025 (H1 FY2026).

The first half of the year saw major strategic progress, including the award of Filtronic's largest-ever contract with SpaceX, for its next-generation E-band GaN product. This contract also marks the first significant commercial deployment of this technology, for which Filtronic sees significant future commercial opportunity across the wider space market. Meanwhile, Filtronic continues to expand its customer base, securing a €7m (£5.8m) multi-year contract with a leading European aerospace manufacturer, to supply RF assemblies for integration into a major Low Earth Orbit satellite constellation programme, and a £13.4 million contract with a leading European defence prime, underscoring the Company's strengthening position in a sector where the need for secure, resilient RF solutions continues to increase.

This momentum is strengthening the Company's overall customer mix, supporting a broader pipeline of opportunities and extending the long-term visibility of the Group's customer order book.

Innovation remains central to Filtronic's long-term growth strategy. The Company's roadmap for market leading high-frequency GaN products is advancing well, with launches planned for calendar year 2026 to address emerging opportunities in space ground systems, and the recent award of £1.2m funding to support development of a 550W Ka-Band solid-state power amplifier, reinforces the Company's intent to capitalise on the significant opportunity emerging in the global space ecosystem.

The Group ended H1 FY2026 in a strong financial position with £10.5 million of cash at bank (31 May 2025: £14.5m), having self-financed the capital project to relocate to the larger headquarters and manufacturing site at Sedgefield, and £8.5 million in net cash when excluding right of use property leases (31 May 2025: £12.3m), providing a solid foundation for further investment and strategic growth.

Filtronic enters the second half with a robust order book, strong customer engagement and growing pipeline, providing the Board with confidence in a strong H2 and a full-year performance in line with market expectations1.

Nat Edington, Chief Executive Officer, said: "Demand for high-frequency, secure and resilient communications continue to strengthen across our core space, aerospace and defence markets, creating long-term structural drivers for Filtronic. The first half saw us make significant strategic progress, including landmark contract wins and continued advances in our technology roadmap. With strong commercial momentum, a robust order book and an organisation scaling effectively to meet a growing pipeline of opportunities, we remain confident in delivering against market expectations for the full year."

1 As at 11 December 2025, the Board understands that market expectations for FY2026, based on published analyst forecasts, are for revenue of £55.5m, within a range of £54m to £56.9m and EBITDA of £10.9m, within a range of £10.1m to £12.0m.