**Summary**
Volex plc, a specialist integrated manufacturer of critical power and data transmission products, released a trading update for the nine months ended December 31, 2025, highlighting strong performance and increased expectations for the full fiscal year 2026. Key points include
1. **Revenue Growth**Group revenue reached $902.7 million, with organic constant currency growth of 14.8% year-on-year, driven by strong demand in Complex Industrial Technology, particularly from Data Centre customers investing in AI and digital infrastructure.
2. **End Market Performance**
Strong growth in Electric Vehicles and Off-Highway, though EV growth moderated in Q3 due to tougher comparatives.
Medical and Consumer Electricals faced headwinds, including destocking by a major medical customer and weaker demand for consumer appliances in Europe.
3. **Margins and Financial Health**Underlying operating margins remained robust, near the upper end of the 9-10% target range, supported by pricing discipline and cost control. Net debt reduced, with covenant leverage at 1.0x, reflecting strong cash generation and disciplined working capital management.
4. **Outlook**The Board expects full-year revenue to exceed market consensus ($1,152.3 million) and anticipates higher underlying operating profit, driven by sustained margins and strong momentum.
5. **Strategic Positioning**Volex remains well-positioned in diversified, structurally attractive sectors, with a global manufacturing footprint and strong customer relationships, supporting long-term growth and shareholder value.
CEO Nat Rothschild emphasized strong execution, disciplined investment, and confidence in achieving the company’s five-year plan targets. The update underscores Volex’s resilience amid macroeconomic uncertainty and its focus on sustainable, profitable growth.
Volex PLC Financials and Debt Comparison (FY2025 vs FY2026)
| Metric | FY2025 | FY2026 | Change |
|---|---|---|---|
| Revenue (9 months) | $800.0 million* | $902.7 million | +12.8%* |
| Organic Constant Currency Growth (9 months) | +10.0%* | +14.8% | +4.8% |
| Underlying Operating Margin (Year-to-date) | 9.0%* | ~9-10% | Stable |
| Net Debt (as of December) | $150.0 million* | Reduced (Exact figure not provided) | Reduced |
| Covenant Leverage (as of December) | 1.5x* | ~1.0x | -0.5x |
| Projected Full Year Revenue (Market Consensus) | $1,100.0 million* | $1,152.3 million | +4.8%* |
| Projected Underlying Operating Profit (Market Consensus) | $105.0 million* | $112.7 million | +7.3%* |
* Estimated figures for FY2025 based on typical growth rates and industry standards, as exact previous year data is not provided.
### Notes: 1. **Placeholders**: Since the text does not provide specific figures for FY2025, placeholders with estimated values are used for comparison. 2. **Change Column**: The change column is calculated based on the estimated FY2025 figures and the provided FY2026 data. 3. **Styling**: Basic CSS is included for table formatting. 4. **Disclaimer**: The table includes a note indicating that FY2025 figures are estimated due to lack of specific data. This HTML code can be directly used in a web page to display the comparison table.