Trading Update

Inspecs Group plc, a leading designer, manufacturer and distributor of eyewear (sunglasses, optical frames and low vision products) provides a trading update for the 10 months ended 31 October 2025.

Trading update

As reported in the Group's Interim Results on 18 September 2025, trading in the first two months of the second half of the year was slightly behind plan. Trading improved in October, with Tura recording stronger than expected sales and order books at the end of October 10% up on prior year.

Notwithstanding this improved trading performance in October and our continued focus on cost savings, the ongoing US tariff disruption and continuing weak macroeconomic environment are expected to impact the timing of product shipments, in particular from Killine. As a result the Group now expects to report revenue of approximately £191m and Underlying EBITDA of approximately £17.7m for the year ending 31 December 2025.

The UK Panel on Takeovers and Mergers has confirmed that the above update (the "Inspecs Profit Forecast") constitutes an ordinary course profit forecast for the purposes of Rule 28.1(c) and Note 2(b) on Rule 28.1 of the Code. H2 Equity Partners Ltd. ("H2"), and Risk Capital Partners and Ian Livingstone (together, the "Consortium") have each provided their consent to the application of Rule 28.1(c), in accordance with Note 2(b) on Rule 28.1.

Basis of preparation

The Inspecs Profit Forecast has been prepared on a basis consistent with the Group's accounting policies, which are in accordance with UK adopted international accounting standards. These policies are consistent with those applied in the preparation of the Inspecs Group's annual accounts for the year ended 31 December 2024.

Assumptions

The Inspecs Profit Forecast is based on the assumptions listed below.

Factors outside the influence or control of the Inspecs Directors

• There will be no material changes to existing prevailing macroeconomic or political conditions in the markets and regions in which the Group operates.
• There will be no material changes to the conditions of the markets and regions in which the Group operates or in relation to customer demand or the behaviour of competitors in those markets and regions.
• The interest, inflation, tax rates and tariffs in the markets and regions in which the Group operates will remain materially unchanged from the prevailing rates.
• There will be no material adverse events that will have a significant impact on the Group's financial performance.
• There will be no material adverse events that will have a significant impact on the timing and market acceptance of new product releases and upgrades by the Group.
• There will be no business disruptions that materially affect the Group or its key customers, including natural disasters, acts of terrorism, cyber-attack and/or technological issues or supply chain disruptions.
• There will be no material changes to the foreign exchange rates that will have a significant impact on the Group's revenue or cost base.
• There will be no material changes in legislation or regulatory requirements impacting on the Group's operations or on its accounting policies.
• There will be no material litigation in relation to any of the Group's operations.

Factors within the influence and control of the Inspecs Directors

• There will be no material change to the present executive management of the Group.
• There will be no material change in the operational strategy of the Group.
• There will be no material adverse change in the Group's ability to maintain customer and partner relationships.
• There will be no material acquisitions or disposals.
• There will be no material strategic investments over and above those currently planned.
• There will be no material change in the dividend or capital policies of the Group.
• There will be no unexpected technical or network issues with products or processes.

Inspecs Directors' confirmation

The Inspecs Directors have considered the Inspecs Profit Forecast and confirm that it remains valid as at the date of this announcement, and has been properly compiled on the basis of the assumptions set out above and that the basis of the accounting used is consistent with the Group's accounting policies.