Slides
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2025 HALF YEAR RESULTS Delivering on strategy, strong results in line with expectations 4 August 2025
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Agenda Introduction David Squires CEO H1 2025 Half Year Results Alpna Amar CFO Markets David Squires CEO Strategy & Outlook David Squires CEO Cautionary Statement This document has been prepared solely to provide additional information to enable shareholders to assess the Group’s strategy and business objectives and the potential for the strategy and objectives to be fulfilled. It should not be relied upon by any other party or for any other purpose. This document contains certain forward-looking statements. Such statements are made by the Directors in good faith based on the information available to them at the time of their approval of this IMR and they should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information. Senior plc – Experts in fluid conveyance and thermal management
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H1 2025 highlights Agreed sale of Aerostructures with completion expected by end FY25 Net proceeds to reduce net debt and fund a £40m share buyback programme Strong trading performance from continuing operations – Revenue up 5%(1) and adjusted operating profit up 14%(1) driven by improved performance in Aerospace – Strong growth at Spencer continues; 66% increase compared to H1 2024 Robust balance sheet with leverage (net debt to EBITDA) of 1.9x (FY 2024: 1.8x) Interim dividend of 0.85p, up 13% CDP Climate A list and CDP Supplier Engagement A list Trading in line with expectations, 2025 outlook unchanged Focused on delivering medium-term targets 3Senior plc – Experts in fluid conveyance and thermal management (1) On a constant currency basis, whereby H1 2024 results have been translated using H1 2025 average exchange rates.
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H1 2025 RESULTS Continuing operations Senior plc – Experts in fluid conveyance and thermal management Senior plc 2025 Half Year Results
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5 Financial Highlights (Continuing operations) Senior plc – Experts in fluid conveyance and thermal management Strong results in line with expectations ROCE 11.9% -170 bps H1 2024: 13.6%(2) Adjusted EPS 5.07p +8% H1 2024: 4.69p Dividend per share 0.85p +13% H1 2024: 0.75p Adjusted operating profit £31.2m +14%(1) H1 2024: £28.3m Revenue £371.2m +5%(1) H1 2024: £361.7m Adjusted profit before tax £25.3m +13%(1) H1 2024: £23.0m Cash conversion 66% +200bps H1 2024: 64% Adjusted operating margin 8.4% +60 bps H1 2024: 7.8% (1) On a constant currency basis, whereby H1 2024 results have been translated using H1 2025 average exchange rates (2) ROCE is measured on a trailing 12-month basis. The change from prior year mainly reflects the higher adjusted operating profit and lower average capital base in the prior period, as a result of retrospective customer price increases in the second half of 2023 and the impact of the Spencer acquisition.
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6 Financial Results (Continuing operations) Continuing Operations Senior (excluding Aerostructures) H1 2025 H1 2024 Change Constant currency Revenue £371.2m £361.7m +3% +5% Adjusted Operating Profit £31.2m £28.3m +10% +14% Adjusted Operating Margin 8.4% 7.8% +60bps +60bps Adjusted Profit before Tax £25.3m £23.0m +10% 13% Adjusted Earnings per Share 5.07p 4.69p +8% Reported Profit £21.0m £15.6m +35% Interim Dividend per Share 0.85p 0.75p 13% Free Cash Flow £10.6m £7.4m +43% Cash conversion 66% 64% +200bps ROCE 11.9% 13.6%(1) -170bps Delivered strong trading performance, with increased revenue and profitability Senior plc – Experts in fluid conveyance and thermal management (1) ROCE is measured on a trailing 12-month basis. The change from prior year mainly reflects the higher adjusted operating profit and lower average capital base in the prior period, as a result of retrospective customer price increases in the second half of 2023 and the impact of the Spencer acquisition. Revenue growth of 3% and adjusted operating profit growth of 10% Adjusted operating profit margin up 60 bps Adjusted profit before tax up 10% Reported profit up 35% Free cash flow up 43%
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7 Financial Results (Continuing and discontinued operations) Senior plc – Experts in fluid conveyance and thermal management From continuing and discontinued operations Senior (including Aerostructures) H1 2025 H1 2024 Change Constant currency Revenue £519.4m £501.4m +4% +5% Adjusted operating profit £31.7m £25.1m +26% +30% Adjusted profit before tax £24.3m £18.4m +32% +37% Adjusting items(1) £(45.8)m £(5.2)m Report profit before tax £(21.5)m £13.2m -263% -268% ROCE 7.8% 7.3% +50 bps Net Debt at 30 Jun 25 / 31 Dec 24 (excluding capitalised leases) £162.4m £153.4m £9m increase Leverage at 30 Jun 25 / 31 Dec 24 1.9x 1.8x Revenue growth of 4% Adjusted operating profit up 26% Adjusting items relate to the announced sale of Aerostructures - Impairment - £40m and non-cash - Costs - £4m disposal costs in the period (1) Please refer to Note 4 in the 2025 Interim Results RNS on page 28
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361.7 (8.5) 14.1 3.6 0.3 371.2 H1 2024 Exchange Aerospace Flexonics Eliminations H1 2025 8 H1 2025 Revenue (Continuing operations) Senior plc – Experts in fluid conveyance and thermal management $1.30 (H1 24: $1.26) Group revenue increased 5% at constant currency – Aerospace: 7.2% increase driven by improved pricing and higher defence and adjacent market volume – Flexonics: 2.3% increase with ramp- up of new programmes – Exchange rates had an adverse impact of £8.5m (2.3%) – Revenue increased 3% Group revenue increased 3% Aerospace (1) Flexonics(1) H1 2024 Revenue £194.8m H1 2024 Revenue £159.2m Civil aerospace £1.9m Land vehicle £5.0m Defence £7.0m Power & energy £(1.4)m Adjacent markets £5.2m H1 2025 Revenue £208.9m H1 2025 Revenue £162.8m £m (1) On a constant currency basis, whereby H1 2024 results have been translated using H1 2025 average exchange rates. 5% at constant currency
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9 H1 2025 Adjusted operating profit (Continuing operations) 28.3 (0.9) 2.5 1.1 1.1 (0.9) 31.2 H1 2024 Exchange Aerospace Flexonics Share of JV Central Costs H1 2025 Senior plc – Experts in fluid conveyance and thermal management (1) Adjusted operating profit is as defined on slide 11. $1.30 (H1 24: $1.26) Adjusted operating profit(1) increased 10.2% (14% at constant currency) Adjusted operating margin increased by 60bps to 8.4% – Aerospace: improved pricing, volume and commercial settlement – Flexonics: favourable mix – Share of JV: profit from China joint venture – Exchange rates had an adverse impact of £0.9m Adjusted operating profit increased 10% £m 14% at constant currency
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10Senior plc – Experts in fluid conveyance and thermal management Divisional performance (Continuing operations) £m (constant currency) H1 2025 H1 2024 Change Aerospace(1) Book to bill 1.05 1.03 Revenue £208.9m £194.8m +7.2% Adjusted Operating Profit £21.6m £19.1m +13.1% Adjusted Operating Margin 10.3% 9.8% +50bps Flexonics(1) Book to bill 0.94 1.06 Revenue £162.8m £159.2m +2.3% Adjusted Operating Profit £18.4m £17.3m +6.4% Adjusted Operating Margin 11.3% 10.9% +40bps Aerospace – Book to bill 1.05 – Revenue increased 7% – Adj operating margin increased by 50 bps to 10.3% – Strong performance with increased pricing and higher volumes Flexonics – Book to bill 0.94 – Revenue increased 2% – Adj operating margin up 40 bps to 11.3% – Strong first half results with favourable mix Strong first half results with adjusted operating margin improvement (1) The divisional review is on a constant currency basis, whereby H1 2024 results have been translated using H1 2025 average exchange rates.
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11Senior plc – Experts in fluid conveyance and thermal management £m H1 25 H1 24 Adjusted operating profit 31.2 28.3 Net finance costs Net finance costs (5.9) (5.5) Lease liabilities (IFRS 16) (1.1) (0.8) Retirement benefits 1.1 1.0 Adjusted profit before tax 25.3 23.0 Tax Tax charge (4.3) (3.6) Adjusted profit for the period 21.0 19.4 Amortisation of intangible assets from acquisitions (0.8) (0.8) Site relocation costs(1) (1.4) (2.6) US class action lawsuit - (1.1) Corporate undertakings(2) (0.3) (0.7) Related tax on above items 2.5 1.4 Reported profit for the period 21.0 15.6 Adjusted and reported profit (Continuing operations) (1) Site relocation costs of £1.4m (H1 24: £2.6m) include £1.0m related to the transfer of existing business to cost competitive facilities. The Group also incurred £0.4m of costs (H1 24: £0.3m) related to the transfer of our Senior Flexonics Crumlin business to a nearby high-tech facility. (2) Corporate undertakings was £0.3m for H1 25 (H1 24: £0.7m) which relates to fair value change of Spencer acquisition contingent consideration. Adjusted operating profit increased by 10.2% to £31.2m – Finance costs: £(5.9)m – Tax: £(4.3)m – Amortisation: non-cash and related to acquisitions – Site relocation costs: £(1.4)m – Fair value change of Spencer contingent consideration: £(0.3)m – Tax credit: £2.5m Reported profit for the period of £21m, up 35% Reported profit for the period increased 35% to £21m
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31.2 20.7 10.6 14.0 2.8 (13.3) (13.7) (0.3) (6.5) (3.6) HY 2025 Adjusted Operating Profit Depreciation and Amortisation Other Items Change in Working Capital and Provisions Net Capital Expenditure Pension Contributions HY 2025 Operating Cash Flow Net Interest Paid Tax Paid HY 2025 Free Cash Flow Inventory £(9.4)m Receivables £(15.7)m Payables & other £11.8m (1) (2) (3) (1) Adjusted operating profit is as defined on slide 11. (2) Other Items comprises £2.2m working capital and provision currency movements, £1.8m share-based payment charges, £0.8m pension service and running costs, £(0.2)m profit on sale of fixed assets and £(1.8)m share of joint venture. (3) Operating cash flow is defined as cash generated by operations after investment in net capital expenditure, and before costs related to corporate undertakings and site relocation costs. Cash flow generation (Continuing operations) 12Senior plc – Experts in fluid conveyance and thermal management Free cash flow increased 43% to £10.6m £m
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13 Net debt including IFRS 16 leases (Continuing and discontinued operations) ( 229.6 ) 10.6 ( 12.1 ) ( 6.8 ) ( 1.6 ) 1.0 3.5 ( 235.0 ) 31 Dec 24 FCF continuing FCF discontinuing Dividends Share purchases Dividends from JV Net other items 30 Jun 25 Senior plc – Experts in fluid conveyance and thermal management (1) Net other items includes £13.9m FX gains partially offset by £6.1m lease liabilities – additions and modifications, £1.6m corporate undertakings, £1.4m site relocation costs and £1.3m acquisition consideration. (1) £m
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14 Financing arrangements (Continuing and discontinued operations) £0m £50m £100m £150m £200m £250m £300m £350m Jun 2025 Dec 2025 Dec 2026 Dec 2027 Dec 2028 Senior plc – Experts in fluid conveyance and thermal management Net debt (excluding leases) June 2025: £162.4m Fixed rate Floating rate * Includes new £30m term loan * Net debt of £162m excl. £73m of IFRS 16 leases Net debt to EBITDA: 1.9x at 30 June 2025 Committed borrowing facilities of £302m – Comprising six US Private Placement Notes and two Revolving Credit Facilities (“RCF”) – February 2025: new $40m US Private Placement Notes maturing 2029. – June 2025: extended maturity of $50m US RCF to June 2027 – Weighted maturity of 2.5 years July 2025: issued Term Loan Facility of £30m Robust balance sheet with leverage of 1.9x at 30 June 2025 Profile of committed credit facilities
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Capital allocation Objective How Organic growth Outgrow end markets, improve cost efficiency Invest 2% to 3% of revenue into R&D, Capex / depreciation of 1.1x Dividends Continue progressive dividend policy Maintain earnings cover of 2.5x to 3.5x Leverage Maintain strong balance sheet Target net debt / EBITDA of 0.5x to 1.5x Optionality for investment in growth and shareholder returns Value accretive bolt-on M&A Maintain disciplined approach to additions to our portfolio Return of capital Return excess cash to shareholders Capital allocation Capital deployment to enhance returns 1515 Senior plc – Experts in fluid conveyance and thermal management
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MARKETS Senior plc 2025 Half Year Results Senior plc – Experts in fluid conveyance and thermal management
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17Senior plc – Experts in fluid conveyance and thermal management Attractive end market exposure Structurally resilient growth markets 66% (68%) Commercial aircraft and business jets 34% (32%) Military aircraft Land Vehicle 27% (27%) Aerospace & Defence 48% (47%) Power & Energy 16% (17%) H1 2025 Continuing operations Aerospace Flexonics * “Adjacent Markets” includes semiconductor equipment and medical device markets. 43% Flexonics Division (44%) Aerospace Division 57% (56%) Adjacent Markets* 9% (9%) Based on H1 2025 revenue. % in brackets are H1 2024 comparatives.
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Civil Aerospace (32% of revenue) Source: (left) June IATA Sustainability and Economics, IATA Information and Data - Monthly Statistics (Right) IATA Sustainability and Economics, Tourism Economics (December 2024 release) Aerospace markets Good growth anticipated in both civil and defence markets Senior plc – Experts in fluid conveyance and thermal management F-35 T-7A C-130J A400M Eurofighter Rafale Senior supplies to the large commercial, regional, business jet, defence and space segments Civil aerospace experienced yoy growth in H1 25 – RPKs(1) increased by 5% yoy (IATA) – Senior’s civil aerospace revenue grew 2% yoy, with rebalancing of inventory evident across the supply chain – As inventory normalises and rates increase, Senior will benefit 3-4% long term air traffic growth driven by Asian markets and fleet modernisation/replacement In defence, Senior has good content on key US and European military-aircraft platforms - Senior had strong growth in defence, 14% yoy, due to higher sales to F35, C-130, Typhoon and military aftermarket Defence (16% of revenue) 1818 (1) Revenue Passenger Kilometres Global RPK, billions Actual Seasonally adjusted Jan 20 Jun 25Jan 21 Jan 22 Jan 23 Jan 24 Jan 25
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Power & Energy: (16% of revenue) Flexonics markets Source: Top left: ACT Research & S&P July 2025; top right: S&P July 2025; Bottom left: IEA; bottom right: Baker Hughes Electricity demand is US and EU is now growing Worldwide rig count H1 2025 Senior continues to outperform markets in land vehicles due to the launch and ramp up of newer programmes: – Senior’s NA, EU & India PV sales increased 42% yoy in H1 2025 compared to a market decline of approx. 5% – Senior’s NA Heavy-Duty truck sales decreased 13% while market declined 19% yoy in H1 2025 – Senior’s EU Heavy-Duty truck sales were up 1% while market decreased 15% yoy in H1 2025 In Power & Energy, Senior outperformed end markets due to robust demand in downstream oil & gas 1450 1550 1650 1750 Senior outperforming end markets 1919Senior plc – Experts in fluid conveyance and thermal management 0 200 400 600 800 2022 2023 2024 2025F 2026F 2027F 2028F North America Europe Truck & Off-Highway (19% of revenue) North America & Europe (incl. UK) Class 8 Heavy Duty Truck Production (‘000) 19% 8% -2% -24% 0% 12% 14% -1% 19% -26% 3% 11% 8% 1% 7% 14% -16% -10% 6% 10% 6% Passenger Vehicles (8% of revenue) Europe (incl. UK), N. America and India Passenger Vehicle Production (m) 0 5 10 15 20 25 30 35 2022 2023 2024 2025F 2026F 2027F 2028F Europe (incl. UK) N. America India 7% 12% 1% -5% -1% 3% 2% 10% 10% -1% -5% 0% 8% -3% 23% 7% 4% 5% 2% 5% 6% 11% 10% 0% -3% 0% 6% 1%
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STRATEGY UPDATE & OUTLOOK Senior plc 2025 Half Year Results Senior plc – Experts in fluid conveyance and thermal management
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21 £m Enterprise Value £200m Initial consideration £150m Cash and debt adjustments c.£(50)m Equity Value(1) c.£100m Plus earnout of up to £50m Transaction costs c.£12m Sale of Aerostructures Aerostructures business being sold to Sullivan Street Partners Total Enterprise Value of up to £200m, representing 13.1x 2024 EBITDA Initial net cash proceeds of approx. £100m before £12m of transaction costs Clean break from Senior, completion subject to regulatory approvals Net proceeds used to reduce net debt and to fund a £40m share buyback programme 2121Senior plc – Experts in fluid conveyance and thermal management Delivering on strategy Use of proceeds
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22 Investment proposition A differentiated Senior with strong fundamentals Senior plc – Experts in fluid conveyance and thermal management Market leading pure play fluid conveyance and thermal management business Differentiated products, combined with design-rich IP and expert know-how Well positioned for growth, outperforming attractive and structurally resilient end markets Strong operational cash flow conversion, supporting investment in growth and shareholder returns Structurally higher operating margins Sustained profitable growth and lower capital intensity, driving improved returns and enhanced value for shareholders
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23Senior plc – Experts in fluid conveyance and thermal management Through cycle revenue growth Aim to outgrow end markets by 50% through the cycle with market share gains and new product introductions & innovation Aerospace & Defence Land Vehicles Power & Energy Market growth rate of 3-4% Driven by passenger traffic growth, fleet replacement and increasing defence budgets Market growth rate of 2-3% Driven by transport volumes & tightening emissions regulations Market growth rate of 2% Driven by economic growth & urbanisation Expectation of mid-single digit organic revenue growth through the cycle
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Medium-term targets 24Senior plc – Experts in fluid conveyance and thermal management Strategy to deliver enhanced shareholder value underpinned by new medium-term financial targets: Cash conversion Greater than 85% through the cycle Return on capital employed 15-20% ROCE in the medium term Underpinned by a strong balance sheet, with leverage at 0.5x – 1.5x Operating profit margins Achieve at least double-digit (%) margins in the medium term Aerospace adjusted operating margins: at least mid-teens (%) in the medium term Flexonics adjusted operating margins: 10%-12% in the medium term This will be supported by an expectation of mid-single digit organic revenue growth through the cycle
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– Sales and profitability in Aerospace have grown with good performance in the first half of the year. Our outlook for the full year is unchanged. – Flexonics delivered a strong set of results in H1, outperforming end markets. For the full year, we continue to expect performance to be broadly similar to 2024. – Overall, on a constant currency basis, the Board’s expectations for the continuing Group for the full year are unchanged. – Aerostructures delivered an improved performance in the first half of 2025 compared to H1 2024. We continue to expect Aerostructures operating profit in the range of £9m to £11m for the full year, at constant currency. – Looking ahead, we are delivering on our strategy which gives us confidence in our ability to achieve our medium-term financial targets. Outlook 2525Senior plc – Experts in fluid conveyance and thermal management
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ANY QUESTIONS? Senior plc 2025 Half Year Results Senior plc – Experts in fluid conveyance and thermal management
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7APPENDICES Senior plc 2025 Half Year Results Senior plc – Experts in fluid conveyance and thermal management
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Technology expertise Customer transition Climate action Purpose 2828Senior plc – Experts in fluid conveyance and thermal management We help engineer the transition to a sustainable world for the benefit of all our stakeholders. We do this by… Staying at the forefront of climate disclosure and action by ensuring our own operations achieve our Net Zero commitments Enabling our customers, who operate in some of the hardest to decarbonise sectors, to transition to low carbon and clean energy solutions Using our technology expertise in fluid conveyance and thermal management to provide safe and innovative products for demanding applications in some of the most hostile environments
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Standard Parts Bespoke components Lightweight compressor for aerospace applications Breadth of product portfolio 2929Senior plc – Experts in fluid conveyance and thermal management Aerospace high pressure hydraulic fluid fitting Squeeze duct for X-59 EGR cooler Aerospace flanges Exhaust flex for Heavy Trucks Medical tool for open heart surgery
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Bleed air and engine build up system for turbopropEBU system Sub-system assemblies System design Breadth of product portfolio 3030Senior plc – Experts in fluid conveyance and thermal management Expansion joint used in oil-refinery T-duct for bleed air systems in commercial aircraft Low-pressure ducting systems for rotorcraft High-pressure ducting system for commercial aircraft High Pressure / Bleed Ducting Typical wing duct products HP bleed air duct
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H1 2025 split Sales Employees N. America 61% 2,315 UK 16% 1,170 Rest of Europe 20% 1,088 Rest of World 3% 533 Flexonics: 11 operating businesses & JV Aerospace: 7 operating businesses North America California – SSP, Spencer, Steico Texas – Pathway Maine – (Part of Pathway) Illinois – Batlett Wisconsin – GA Canada – SF Canada Massachusetts – Metal Bellows Mexico – SA Mexico (part of SSP) & SF Mexico (part of Bartlett) UK UK – Rickmansworth H.O., Crumlin, Lymington, BWT, Bird Bellows, Thermal Rest of Europe Germany – SF GmbH Czechia – SF Olomouc France – Ermeto, Calorstat Rest of world China – SF Upeca (Tianjin), JV (Wuhan) India – SF India South Africa – SF Cape Town Aerospace Flexonics Our locations Global footprint operating in primary home markets and cost competitive locations 31Senior plc – Experts in fluid conveyance and thermal management
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3232Senior plc – Experts in fluid conveyance and thermal management On a derived basis: Airbus:Boeing ratio 64:36 RTX 4% (4%) Safran 4% (4%) Lockheed 4% (3%) Boeing 3% (3%) Bombardier 2% (3%) Other 31% (32%) Industrial 16% (17%) Other LV 14% (10%) Daimler Truck 3% (4%) Caterpillar 4% (5%) Cummins 6% (8%) H1 2025 Continuing operations Airbus 9% (7%) Aerospace (light blue shading) Flexonics (darker shading) Our customers (continuing operations) Based on H1 2025 revenue. % in brackets are H1 2024 comparatives.
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H1 2025 Continuing Operations Flexonics (dark blue shading) Aerospace (light blue shading) Our product categories (continuing operations) Differentiated products with rich IP & expert know how 3333Senior plc – Experts in fluid conveyance and thermal management Industrial process control 14% (13%) Other LV components 9% (10%) Emission control 18% (17%) Other Power & Energy 2% (5%) High pressure ducting 22% (21%) Fluid control 15% (14%) Low-pressure ducting 8% (8%) Other 3% (3%) Adjacent markets 9% (9%) Based on H1 2025 revenue. % in brackets are H1 2024 comparatives.
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31.7 9.7 (1.5) 25.2 2.5 (30.0) (19.4) (0.3) (7.8) (3.4) (0.4) HY 2025 Adjusted Operating Profit Depreciation and Amortisation Other Items Change in Working Capital and Provisions Net Capital Expenditure Pension Contributions HY 2025 Operating Cash Flow Net Interest Paid Tax Paid HY 2025 Free Cash Flow Dividends & Share Purchases Corporate undertakings Net Other Costs HY 2025 Net Cash Flow Inventory £(15.2)m Receivables £(19.6)m Payables & other £4.8m (1) (2) (5) (8.4) (2.9) (13.2) (4) (1) Adjusted operating profit is as defined on page 8. (2) Other Items comprises £2.0m share-based payment charges, £1.5m working capital and provision currency movements, £1.0m pension service and running costs, (0.2)m profit on sale of fixed assets and £(1.8)m share of joint venture. (3) Operating cash flow is defined as cash generated by operations after investment in net capital expenditure, and before costs related to corporate undertakings, net restructuring cash paid and site relocation costs. (4) Corporate undertakings includes £1.6m disposal costs and £1.3m acquisition costs paid. (5) Net other costs includes £1.0m joint venture dividend received and £1.4m site relocation costs. Cash flow generation 34Senior plc – Experts in fluid conveyance and thermal management Continuing and discontinued operations (3) £m Net cash outflow (13.2) Lease liabilities – additions and modifications (6.1) Exchange variations 13.9 Net debt – opening (229.6) Net debt – closing (235.0) Change in Net Debt
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£m June 2025 Dec 2024 June 2024 Goodwill and other intangible assets 186.0 227.5 226.2 Investment in JV 3.7 3.3 4.2 Property, plant and equipment 160.0 292.1 284.0 Other long-term assets 27.7 27.9 24.4 Non current assets, before retirement benefits 377.4 550.8 538.8 Inventories 148.3 236.0 221.9 Receivables, excl. hedging 107.3 136.2 143.3 Payables, excl. hedging (139.9) (193.2) (184.6) Working capital 115.7 179.0 180.6 Assets held for sale 242.3 - - Current tax liabilities, net (8.9) (5.2) (5.0) Provisions (11.5) (11.3) (12.0) Contingent consideration (11.3) (13.0) (12.5) Other current assets, net 2.1 (2.7) (2.5) Liabilities directly associated with the assets held for sale (88.5) - - Net current assets, before cash/borrowings 239.9 146.8 148.6 Net borrowings (162.4) (153.4) (156.1) Lease liabilities (36.8) (76.2) (77.0) Net debt (199.2) (229.6) (233.1) Retirement benefits, net 36.9 36.7 38.9 Contingent consideration (2.9) (3.5) (6.8) Other long-term liabilities (27.5) (31.3) (32.3) Other items, net (192.7) (227.7) (233.3) Net assets 424.6 469.9 454.1 Balance sheet (continuing operations) 3535Senior plc – Experts in fluid conveyance and thermal management FX impact from Dec 24: Non current assets £(22.0)m, working capital £(12.4)m, Net debt £13.9m
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Interest % Facility £m Usage £m Usage by Currency £ $ € Other US Private placements: $25.0m (Feb 2030) 6.26% 18.2 18.2 - 18.2 - - $25.0m (Feb 2030) $40.0m (Feb 2029) 6.26% 5.46% 18.2 29.2 18.2 29.2 - 18.2 29.2 - - $30.0m (Sep 2028) 4.18% 21.9 21.9 - 21.9 - - €28.0m (Feb 2027) 1.51% 23.9 23.9 - - 23.9 - $60.0m (Oct 2025) 3.75% 43.9 43.9 - 43.9 - - 4.38% 155.3 155.3 - 131.4 23.9 - Bank facilities(1): RCF £115.0m (Nov 2027) 5.03% 115.0 30.0 18.0 - 12.0 - US RCF $43.6m (Jun 2026) 5.97% 31.6 4.7 - 4.7 - - Total committed facilities 301.9 190.0 18.0 136.1 35.9 - Overdrafts and bank loans 19.8 0.2 - - - 0.2 Cash and cash pooling (26.8) (3.8) (7.0) (6.5) (9.5) Debt transaction costs (1.0) (0.7) (0.3) - - Net debt (excluding lease liabilities) 162.4 13.5 128.8 29.4 (9.3) IFRS 16 lease liabilities 72.6 7.7 32.3 0.7 28.9 Net debt 235.0 21.2 161.1 30.1 19.6 10 cents movement in $:£ exchange rate is estimated to affect full-year revenue by £33m, adjusted operating profit by £3m, and net debt by £14m. Headroom of £139.5m on committed facilities Usage of credit facilities – June 2025 (Continuing and discontinued operations) 36Senior plc – Experts in fluid conveyance and thermal management (1) New term loan facility of £30m was issued in July 2025 (rate SONIA plus1.75%) and matures in January 2026
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AEROSPACE Senior plc 2025 Half Year Results Senior plc – Experts in fluid conveyance and thermal management
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11% 8% 8% 5% 3% 3% 2% 2%2% 56% A220 A320 F-35 C-130J E2 B737-MAX G5000/6000 A350 Other A400M Based on H1 2025 revenue. % in brackets are H1 2024 comparatives. H125 Continuing Operations Aerospace platforms (Continuing operations) Embedded across all major civil aerospace and defence platforms 3838Senior plc – Experts in fluid conveyance and thermal management
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Airbus 16% RTX 7% Safran 7% Lockheed 7% Boeing 6% Bombardier 4%GKN Aerospace 4% Northrop Grumman 3% Others 46% Markets Customers Aerospace division: a summary (Continuing operations) 3939Senior plc – Experts in fluid conveyance and thermal management 9 Operations NAFTA 4 France 2 UK 3 H1 2025 HY 2024(1) Change Revenue £208.9m £194.8m +7.2% Adjusted Operating Profit(2) £21.6m £19.1m +13.1% Adjusted Operating Margin(2) 10.3% 9.8% +50bps (1) All at 2025 exchange rates – translation effect only (2) Before amortisation of intangible assets from acquisitions of £0.8m (HY 2024: £0.8m), site relocation costs £0.8m (HY 2024: £2.3m) and US class action lawsuit £nil (HY 2024: £1.1m) Civil Aerospace 55% Defence 28% Other 17%
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FLEXONICS Senior plc 2025 Half Year Results Senior plc – Experts in fluid conveyance and thermal management
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Markets Customers Flexonics division: a summary (Continuing operations) 4141Senior plc – Experts in fluid conveyance and thermal management 11 Operations & JV NAFTA 4 EU 2 UK 2 ROW 3 China JV 1 H1 2025 HY 2024(1) Change Revenue £162.8m £159.2m +2.3% Adjusted Operating Profit(2) £18.4m £17.3m +6.4% Adjusted Operating Margin(2) 11.3% 10.9% +40bps (1) All at 2025 exchange rates – translation effect only. (2) Before site relocation costs of £0.6m (HY 2024: £0.3m). Truck & Off Highway 42% Passenger Vehicles 20% Power Gen 14% Oil & Gas and Petrochemicals 13% Other Markets 11% Cummins 14% Caterpillar 9% Daimler Truck 8% Renault 6% Ford 5% Tata 5% Other 53%
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42Senior plc – Experts in fluid conveyance and thermal management M&A framework Geography More Likely Less Likely Ownership Revenue Nature Market Aerospace & Defence Semi-conductor Equipment Power & Energy (clean energy) Medical Volume Automotive Truck & OH Land Vehicles (electrification) Product Fluid Conveyance Products Structures / Machining Thermal Management Products North America India / ASEAN Africa UK / Europe Australasia South America Owner managed Trade Private Equity ESOP Listed $50 to $100m $15 to $50m $100m+ less than $15m Own design / IP products / Bespoke Commodity Build to Print Higher-level sub-systems Highly engineered Build to Print