AGM Trading Update

TT Electronics plc ("TT", "the Group"), a global engineer and manufacturer of electronic solutions for critical applications, publishes the following trading update on the Group's performance for the four months to 30 April 2026 (the "period"), ahead of the AGM taking place later today.

Trading update

Group revenue in the period was 4.8% lower than the prior year on an organic1 basis, reflecting expected softer EMS end-market demand, as set out in the FY25 results.

Revenues relating to the previously highlighted EMS customer transferred from TT Suzhou to TT Kuantan were £10 million lower than the same period last year which reflects the impact of safety stock built ahead of the transfer. Excluding the impact of this customer and the Plano site closure, Group revenues increased organically¹ by 2.9%.

Book-to-bill was 107%, underpinned largely by Aerospace and Defence where structural tailwinds continue to drive strong customer demand.

Operational progress

The Group continues to make good progress against the four strategic priorities outlined at the full year results in March.

Transition to a divisional structure has been implemented, improving alignment between how the Group operates and how customers engage with TT.

Our targeted cost reduction programme is progressing in line with expectations and remains on track to deliver a net benefit of approximately £3 million in 2026, with the medium-term annualised run-rate expected to reach double this level.

Sales transformation continues to gain traction, with investment in business development capability, CRM and pricing discipline beginning to yield results.

The Board continues to evaluate a range of options regarding the Components business, in a disciplined and value-led manner.

Outlook

While the Aerospace and Defence sector remains buoyant, demand in EMS end-markets continues to be impacted by macroeconomic uncertainty and customer caution.

Guidance remains unchanged and the Board continues to expect adjusted operating profit for the year to be in line with company compiled consensus.3

Update on Chief Financial Officer appointment

Further to the announcement on 10 April 2026, Ian Ashton will join TT on 29 June 2026, following the completion of his notice period at SIG plc. He will succeed Richard Webb, who will remain in role until after Ian's arrival to support an orderly handover.

Results Date

The Interim results for the six months to 30 June 2026 will be announced on 2 September 2026.

Eric Lakin, Chief Executive Officer of TT Electronics, commented:

"We are making good progress against our strategic priorities, and the business is in a meaningfully stronger position than it was a year ago. While we are mindful of near-term uncertainty in some end markets, we are encouraged by the continued strength in Aerospace & Defence and the progress we are making operationally. Our full year guidance is unchanged, and the Board remains confident in the Group's ability to deliver further operational and financial progress."

Notes

1 Organic revenue is on a constant currency basis.2

2 Constant currency performance is calculated by translating prior period performance at the current period's FX rates.

3 Company compiled consensus for adjusted operating profit is a range £32.6 million to £38.5 million.