Update on Comet Litigation

XP Power, one of the world's leading developers and manufacturers of critical power control solutions to the Semiconductor Manufacturing Equipment, Healthcare and Industrial Technology sectors, notes and welcomes the judgment issued on 14 July 2026 by the United States Court of Appeals for the Ninth Circuit in the trade secret proceedings brought by Comet Technologies USA, Inc. and affiliates against the Group.

The Court of Appeals has reversed the earlier 2022 judgment of the District Court and remanded the case for a new trial. As a result, the previous award of approximately US$40m in compensatory and punitive damages, together with over US$17m in attorney fees, and the permanent injunction, have been vacated. The cash for these awards is currently held outside the Group in a bond lodged with the District Court.

The Group will continue to defend its position and will provide further updates as appropriate.

The Group will report its interim results on the 4 August 2026 with trading as expected in the first half and ongoing strong order intake.

XP Power designs and manufactures power controllers, essential hardware components in all electrical equipment that converts power from the electricity grid into the correct form for equipment to function. Power controllers are critical for optimal delivery in challenging environments but are a small part of the overall customer product cost.

XP Power designs power control solutions into the end products of major blue-chip OEMs, with a focus on the Semiconductor Manufacturing Equipment (circa 37% of sales), Industrial Technology (circa 38% of sales) and Healthcare (circa 25% sales) sectors. Once designed into a programme, XP Power has a revenue annuity over the life cycle of the customer's product which is typically five to seven years depending on the industry sector. XP Power has invested in research and development and its own manufacturing facilities in Vietnam, North America and Germany, to develop a range of tailored products based on its own intellectual property that provide its customers with significantly improved functionality and efficiency.