Half Year Trading Update

Strong performance with revenue momentum maintained and continued margin resilience; full year expectations unchanged

Volex (AIM: VLX), the specialist integrated manufacturer of critical power and data transmission products, today releases a trading update for the 6 months ended 30 September 2025 (the "period").

The Group delivered a strong first half result, maintaining the performance and momentum delivered in the second half of FY2025, which underlines the continued resilience of the business.

Revenues are expected to exceed $575 million with organic revenue growth for the period of at least 11%, driven by the Group's product offering and long-standing relationships with blue-chip customers across five end-markets.

Electric Vehicles grew strongly year-on-year due to our increasingly diverse range of products and customers. As expected, Medical demand was subdued as customers assessed the implications of lower spend in healthcare and research and adjusted inventory levels accordingly.

Consumer Electricals revenue was similar to H2 FY2025 but down on an organic basis against a strong H1 FY2025 comparative. Off-Highway delivered strong growth, benefiting from a one-off customer project that was delivered in the first half. Complex Industrial Technology grew significantly with data centre demand showing a very strong increase relative to H1 FY2025.

Margin resilience supports continued investment in customer-led growth

Operating profit margin for the first half is expected to remain within the upper half of the Board's through-cycle target range of 9-10%. Our consistent margin delivery validates the Group's ability to navigate regional cost pressures whilst balancing continued investment in capacity and capabilities to support our customers' evolving needs.

The ongoing evolution in the trading environment as a consequence of tariffs remains an opportunity for Volex, and the Group has been working closely with several key customers who in response, are reconfiguring their global production footprints. These activities are strengthening Volex's customer relationships and improving our competitive positioning for the medium term. A small number of new programme launches have been temporarily deferred in both the Complex Industrial Technology and Electric Vehicles end-markets as a result of relocating manufacturing to support our customers, with these projects expected to be delivered in FY2027 and beyond.

Outlook

The Group expects second-half revenues to be broadly similar to the first half, reflecting stable trading across most end-markets.

Volex continues to demonstrate operational discipline, cost control and margin consistency which provides the Board with confidence in making further progress towards its five-year plan targets. With a strong balance sheet, significant undrawn facilities and access to funding, the Group is well-positioned to pursue value-accretive acquisitions that meet our investment criteria.

Structural demand in key markets, a diversified customer base, and continued investment in capability expansion underpin the Group's confidence in delivering strong returns for all stakeholders, despite a challenging macro-economic environment. The Board's expectations for the full year remain unchanged.

Half year results

The Group expects to release its interim results on 12 November 2025.