Tt Electronics Regulatory News (TTG)

25 February 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

TT Electronics plc

Update on 2024 Final Results

TT Electronics plc ("TT", "the Group"), a global engineer and manufacturer of electronic solutions for critical applications, announces a delay of up to two weeks1 to the release of its final results for the year ended 31 December 2024 due to additional time required to complete the audit.

In relation to the 2024 results TT confirms that subject to the conclusion of the audit:

· Adjusted operating profit is expected to be in line with prior guidance

· Free cash flow generation has been strong and therefore year-end leverage is within our target range of 1-2x

· In light of the previously disclosed downturn in components demand and operational execution challenges in North America there is likely to be a non-cash accounting impairment of goodwill and fixed assets for the region of up to £35 million as well as a prior year results adjustment of up to £6 million in relation to the Cleveland site

We will provide further details on the outlook for 2025 at the time of our results announcement. We continue to expect good adjusted operating profit progress relative to 2024 but expect the outturn to be in the range of £40 million to £46 million. The improvement plan for Cleveland is underway but the benefits will take longer to realise than originally anticipated. We continue to drive our action plans to work towards our medium term 12% adjusted operating margin target, however we now do not expect this to be delivered in 2026.

We will confirm the revised results announcement date in due course. Further to the announcement made on 8 January, Mark Hoad will now remain as CFO until the revised results announcement date and only then step down as CFO and from the Board, with Eric Lakin then appointed CFO and a member of the Board. Mark will remain available to the Company until 30 September 2025.

Notes:

1. The results announcement was previously scheduled for 4 March 2025

2. Latest company compiled view of market expectations shows a consensus adjusted operating profit of £37.1 million within a range of £36.9 million to £37.5 million for the year ended December 2024.

3. Latest company compiled view of market expectations shows a consensus adjusted operating profit of £49.3 million within a range of £47.4 million to £51.7 million for the year ended December 2025.

The person responsible for making this announcement is Mark Hoad, Chief Financial Officer, TT Electronics plc.

About TT Electronics

TT Electronics is a global provider of engineered electronics for performance critical applications.

TT solves technology challenges for a sustainable world. TT benefits from enduring megatrends in structurally high-growth markets including healthcare, aerospace, defence, electrification and automation. TT invests in R&D to create designed-in products where reliability is mission critical. Products designed and manufactured include sensors, power management and connectivity solutions. TT has design and manufacturing facilities in the UK, North America, and Asia.

Cautionary statement

This update contains forward-looking statements. These have been made by the directors in good faith based on the information available to them up to the time of their approval of this update. The directors can give no assurance that these expectations will prove to have been correct. Due to the inherent uncertainties, including both economic and business risk factors underlying such forward-looking information, actual results may differ materially from those expressed or implied by these forward-looking statements. The directors undertake no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.