AGM Statement

Volex plc (LSE: VLX), the specialist integrated manufacturer of critical power and data transmission products, is pleased to report a trading update for the four months ended 31 July 2026, ahead of the Company's annual general meeting, being held at 2.00 pm today.

Broad-based trading momentum

Volex has made a very strong start to the new financial year, delivering 28.0% constant currency organic revenue growth year on year in the four months to July 2026. Growth was broad-based across all five end-markets, led by Complex Industrial Technology, where Data Centre customer demand has been sustained at the elevated exit rate of FY2026, and by increased demand for EV & Electrification products, supported by continued electrification trends and customer focus on energy efficiency. Good growth was also delivered in Consumer Electricals, Off-Highway and Medical.

The 28.0% year-on-year rate partly reflects a prior-year comparator in which revenue built progressively as new Data Centre programmes ramped up, and headline year-on-year growth rates are therefore expected to normalise over the remainder of the year as this effect annualises. Sequential trading is the better guide to underlying momentum, with average monthly revenue in the first four months of the year running 8% higher than the monthly average for the second half of FY2026.

Operating expenses continue to be managed closely, with efficiency savings and enhanced operating leverage supporting improved underlying operating margin performance, in line with the Group's medium-term strategic plan.

KST acquisition completed

The acquisition of the remaining interest in Kepler SignalTek ('KST') completed during the period. Integration is progressing in line with plan, extending the Group's medical offering into patient-to-device applications and enhancing the Group's underlying operating margin.

Main Market

On 24 July 2026, the Group's shares were admitted to the Official List and to trading on the Main Market of the London Stock Exchange, completing the move from AIM. The Board believes the move better reflects the Group's scale and maturity and will broaden the range of potential investors in the Company.

Outlook

As a result of the strength of trading in the opening months and the operating leverage inherent within the business model, the Board now expects FY2027 underlying operating profit1 to be ahead of current market expectations2.

The Group remains well positioned to make further progress against the medium-term strategic plan set out at our Capital Markets Day in April.

1 Underlying operating profit is before adjusting items which are one-off in nature and significant (such as restructuring costs, impairment charges or acquisition-related costs), the amortisation and impairment of acquired intangible assets and share-based payment charges. This trading update is based upon unaudited management accounts information. Forward-looking statements have been made by the Directors in good faith using information available up until the date that they approved this statement.

2 As at 24 August 2026, company compiled consensus of analysts' forecasts for the year ending 31 March 2027, based on the forecasts of 5 of the 7 analysts covering the Company (excluding forecasts not yet updated to reflect the acquisition of KST), shows an average forecast for revenue of $1,338 million, with a range of $1,327 million to $1,347 million, and an average forecast for underlying operating profit of $138.3 million, with a range of $135.3 million to $141.3 million.