**Summary**
TT Electronics PLC reported its full-year results for 2025, highlighting an operational turnaround and improved financial performance. Despite a 7.6% statutory revenue decline to £481.4 million, organic revenue decreased by only 2.7%, with strong performance in Europe driven by Aerospace & Defence. Adjusted operating profit rose 2.2% organically to £37.2 million, with a margin improvement to 7.7%. The company faced challenges in North America and Asia but took actions to address underperformance, including ceasing production at the Plano site and improving the Cleveland facility. Cash generation was robust, with free cash flow of £29.9 million and a strengthened balance sheet, reducing net debt to £50.3 million. The book-to-bill ratio improved to 109%, reflecting better order intake. TT Electronics expects 2026 revenue and adjusted operating profit to align with consensus, supported by structural Aerospace & Defence demand and cost reduction initiatives. The company is reorganizing into Power, EMS, and Components divisions to better align with customers and markets. Despite macroeconomic uncertainty, the company is confident in its ability to deliver further operational and financial progress.