SHAPING
FUTURE
PERFORMANCE
ANNUAL REPORT 2025

STRATEGICREPORT
1 Strong volumes offset by sales mix,
FXand China start-up; profit
improvement plan underway
2 Victrex at a glance
4 Chair’s statement
6 Our markets and megatrends
8 Our business model
10 Our strategy
12 Overview of strategy
14 Key performance indicators
16 Stakeholder engagement
19 Delivering for our stakeholders
20 Financial review
26 Divisional & end market summary
28 Risk
35 Going concern and viability statement
38 Sustainability report
CORPORATEGOVERNANCE
69 Introduction from the Chair
72 Board of Directors
74 Statement of corporate governance
82 Nominations Committee report
86 Audit Committee report
93 Corporate Responsibility
Committeereport
95 Directors’ remuneration report
117 Directors’ report – other
statutoryinformation
121 Statement of Directors’ responsibilities
in respect of the Annual Report and the
financial statements
122 Independent auditors’ report to
themembers of Victrex plc
FINANCIAL STATEMENTS
129 Consolidated income statement
130 Consolidated statement
ofcomprehensiveincome
131 Balance sheets
132 Cash flow statements
133 Consolidated statement
ofchangesinequity
134 Company statement
ofchangesinequity
135 Notes to the financial statements
SHAREHOLDER INFORMATION
178 Five-year financial summary and
Cautionary note regarding
forward-looking statements
179 Financial calendar
180 Advisors
Cover:
Image of Hybrid Flexible Pipe/Magma
Pipe – based on VICTREX
TM
PEEK
materials – is courtesy of and
copyrighted to TechnipFMC.
Despite a challenging trading environment in FY 2025,
we made further progress in delivering high performance
polymer solutions that help shape future performance
for our customers.
From aerospace, automotive, electronics and energy to
medical, our products are embedded in the ‘mission‑critical’
applications of today such as smartphones, ABS braking
systems and medical devices, as well as supporting the
innovations of tomorrow.
SHAPING FUTURE
PERFORMANCE

STRONG VOLUMES OFFSET BY SALES MIX, FX AND CHINA START‑UP;
PROFIT IMPROVEMENT PLAN UNDERWAY
* Value Added Resellers.
** China start-up impact reflects a full year annualised operating loss of £8m, with a year on year adverse impact of £4m.
1 Alternative performance measures are defined in note 26.
Group sales volume tonnes
4,164 +12%
Group revenue £m
292.7 +1%
Underlying profit before tax
1
£m
46.4 -21%
24 24 24
23 23 23
25 25 25
4,164 292.7 46.4
24 24 24
23 23 23
25 25 25
33.8 32.0 59.56
Dividend per share p (regular)
59.56p flat
Basic earnings pershare p
32.0 +62%
Reported profit beforetax £m
33.8 +44%
23.4
72.5
19.8
70.9
59.56
59.56
3,731
3,598
291.0
307.0
59.1
80.0
KEY POINTS:
STRONG VOLUMES, UP 12%
•
FY 2025 Group volumes 4,164 tonnes (FY 2024: 3,731t) driven
by VARs* and Energy & Industrial
REVENUE UP 1%
•
Average selling price (‘ASP’) £70/kg (FY 2024: £78/kg); c80% of
year-on-year movement due to sales mix and FX; like-for-like
pricing broadly stable in non-VAR/Energy & Industrial end
markets
•
Medical revenue down 5% at £58.8m driven by Spine; 7%
growth in Non-Spine business (including 12% growth in
Non-Implantable Medical)
UNDERLYING PBT DOWN 21% TO £46.4M
ONFX, CHINA COSTS & SALES MIX; H2 PBT
IN LINE WITH H1
•
FY 2025 underlying PBT down 10% in constant FX
•
Reported PBT up 44% at £33.8m after £12.6m
(FY2024:£35.7m) of exceptional items
•
FY 2025 GM in line with guidance at 45.3%; down 90 bps
onmix, £8m impact from new China plant** & FX
•
Improved underlying operating cash conversion
1
of 121%
(FY2024: 114%)
•
FY 2025 net debt £24.8m (FY 2024: £21.1m) (including cash of
£24.2m (FY 2024: £29.3m)) with RCF repaid. Net debt/EBITDA
0.34x at year-end
PROFIT IMPROVEMENT PLAN UNDERWAY
•
Profit Improvement Plan underway targeting at least £10m of
further savings; full year benefits in FY 2027, significantly
building on existing self-help and ‘Go to Market’ improvements
•
Broader review of operations to be implemented in FY 2026,
targeting further commercial, cost and operating efficiencies,
driving business simplification
UPDATED CAPITAL ALLOCATION POLICY:
DIVIDEND MAINTAINED
•
Reflecting all stakeholder interests; new net debt/EBITDA
1
range
of 0.5x-1.0x targeted
•
Dividends maintained vs FY 2024 (proposed final FY 2025
dividend payment 46.14p (FY 2024: 46.14p/share))
•
Dividends maintained at current level, provided net debt/
EBITDA
1
target range not exceeded; excess cash returns available
via share buybacks or special dividends when net debt/EBITDA
1
moves sustainably below 0.5x
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
1Annual Report 2025 – Victrex plc

VICTREX AT A GLANCE
OUR STRATEGIC
ROADMAP
A SUSTAINABLE BUSINESS
PEOPLE
Support ourlocal communities and
inspireSTEM-based careers. Support
aDE&I agenda for our employees.
PLANET
Minimise our use ofresources and our
environmental impact (carbon, water
&waste) and support Biodiversity.
PRODUCTS
Deliver sustainable productsto our
customers which enable environmental
andsocietal benefits (e.g. CO
2
reduction).
Sustainability report
Pages38 to 67
PEOPLE & CULTURE
Safety, Sustainability & Accountability Innovation Service for customers Delivering with speed
OUR VALUES
Passion Innovation Performance
STRATEGIC IMPERATIVES
(MUST WINS)
DRIVE – core business
DIFFERENTIATE – through innovation
CREATE & DELIVER – future value
UNDERPIN – safety, quality, sustainability
STRATEGY
A world leader in value creation through
PEEK&PAEK based polymer solutions
OUR
PURPOSE
We bring transformational
and sustainable solutions
that address world material
challenges every day
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
2 Victrex plc – Annual Report 2025

Note: Source data available on request.
# Sustainable products are defined as those which offer quantifiable environmental or societal benefit. These are primarily in Automotive, Aerospace
(supporting CO
2
reduction) and Medical (supporting improved patient outcomes). Some applications are also in Energy & Industrial (e.g. wind and
renewable energy applications) and Electronics (supporting energy efficiency, e.g. home appliances). Volumes from Oil & Gas are excluded, as are
ValueAdded Resellers volumes currently, due to the lack of full clarity on exact end market destinations. Sustainable products represented 53%
ofGrouprevenues in FY 2025 (FY 2024: 56%).
## The Group targets 5–6% of Group revenues to be spent on R&D expenditure, being a leading indicator of the Group’s ability to innovate into new
applications, supporting future growth.
### For all countries where the market exists via either retail supply contracts or offset by certificated EACs. This applies to all future references to 100%
electricity from renewable sources throughout this report.
OUR SOLUTIONS OUR BUSINESS
AEROSPACE
20,000+
aircraft flying with Victrexsolutions
ENERGY & INDUSTRIAL
75m+
VICTREX™ PEEK seal rings in use today
100m+
machines operate using Victrex solutions
AUTOMOTIVE
500m+
VICTREX™ PEEK based applications in use
ELECTRONICS
4bn+
mobile devices using APTIV™ film
MEDICAL
15m+
implanted medical devices using
VICTREX™PEEK to date
OUR PURPOSE: BRINGING
TRANSFORMATIONAL
&SUSTAINABLE SOLUTIONS
Victrex’s products are aligned to global megatrends, supporting CO
2
reduction and energy efficiency or
providing clinical benefit in a wide range of everyday applications. VICTREX™ PEEK polymers typically replace
metal with alighter, more durable and more sustainable alternative. As a market leader, through our core
product portfolio, or our more differentiated and ‘semi-finished’ products, we develop new uses for VICTREX™
PEEK, creating new markets, delivering solutions for our customers and driving value for our investors.
1,100+
employees globally
40+
countries served
53%
of revenues from sustainable products
#
c.5%–6%
of sales invested inR&D
##
100%
of our global electricity is from renewable sources
###
(wherethemarket exists; seepage 57)
30–40%
typical weight saving usingVICTREX
TM
PEEK vs metal
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
3Annual Report 2025 – Victrex plc

CHAIR’S STATEMENT
ADDRESSING OUR
CHALLENGES – DELIVERING
OUR OPPORTUNITIES
DEAR SHAREHOLDER,
OVERVIEW
Victrex and the wider chemical industry
continued to see a number of significant
challenges during FY 2025, including
variable end market demand, competition
and geo-political uncertainty. Despite these
challenges, we saw strong progress in sales
volumes, which grew 12%, including a
record annual increase in our sales pipeline.
Although volumes improved, the Group
sawlower profitability partly due to the
external environment, including currency,
aswell as Company specific factors like
start-up costs in our China manufacturing
facility. Further information isshown in the
Financial review on pages20 to 27.
IMPROVING OUR PERFORMANCE
Through incremental cost actions in
FY2026and a Profit Improvement Plan –
tobe implemented by our new CEO and
targeting at least £10m of cost savings – the
Board is fully focused on enhancing
profitability and financial performance. This
will include targeted actions to simplify our
business, on cost of manufacture and our
overhead base.
With our major investment phase now
behind us, the stronger foundations we have
built over recent years – in people, assets
and capability – will help to underpin our
future. These include increased digitalisation
and an enhanced Sales team structure,
providing a stronger customer facing platform
to deliver growth. The Board, our Management
Team and our employees are all aligned to
unleashing and unlocking the inherent value
in our business.
OUR PURPOSE: BRINGING
TRANSFORMATIONAL AND
SUSTAINABLE SOLUTIONS
Victrex has a clear purpose to bring
transformational and sustainable solutions
to the performance challenges faced by
ourcustomers. We serve several key end
markets, with our value proposition to
customers being closely aligned to global
megatrends such as CO
2
reduction, energy
efficiency or enhancing clinical benefit.
Our products bring environmental, technical
or medical benefits. In the Aerospace and
Automotive industries for example, this is
through lighter, more durable and faster to
process materials supporting CO
2
reduction,
or in Medical, supporting better patient
outcomes. Victrex materials support
‘mission-critical’ applications today as well
as being part of the innovation programmes
of tomorrow. Further information is in the
CEO’s review ofstrategy on pages 12 and 13.
SAFETY: EMBEDDED IN
OURCULTURE
Victrex has a Zero Accidents, Zero Incidents
goal across our global organisation. Our
recordable injury frequency rate has reduced
by 77% since FY 2021, thanks to a significant
focus on process safety. During the year,
wemaintained a strong safety record, with
ourrecordable injury frequency rate (‘RIFR’)
slightly improving to 0.16 (FY2024: 0.18),
better than the OSHA industry average (1.5).
Victrex also secured the Chemical Industries
Association (‘CIA’) Process Safety
Leadershipaward.
STRATEGY & INVESTMENT CASE:
FOCUS ONIMPROVED EXECUTION
Victrex’s strategy focuses on value creation
through PEEK and PAEK materials across our
two business areas of Sustainable Solutions
and Medical. Our innovative culture and
application development know-how seek
todeliver performance benefits for our
customers and create value for shareholders.
Victrex delivers solutions, not just products.
Our addressable market opportunity is at
least 5x current levels and we remain confident
in our long-term investment case.
In a challenging period – and reflecting
theappointment of James Routh as our
newCEO from 1 January 2026 – we are fully
focused on improving our strategy execution
to unlock our true potential.
INCREASING OUR
DIFFERENTIATION
Whilst competition in PEEK has been
evidentfor over 20 years, FY 2025 saw
morecompetitive pressure within specific end
markets. Victrex continues to differentiate
tomaintain a leadership position – in our
strategy, our Go to Market approach and
our product offering. Our portfolio includes
our core polymer business and more
semi-finished and differentiated products
like APTIV™ film and our mega-programmes.
Differentiation also comes through technical
service, IP and our unique manufacturing
process, with backward integration into key
raw materials. Our competitive positioning
has been built up over many years and
THROUGH INCREMENTAL
COST ACTIONS AND A
PROFIT IMPROVEMENT
PLAN, THE BOARD IS FULLY
FOCUSED ON ENHANCING
PROFITABILITY, AS WELL
ASDELIVERING ON OUR
LONG‑TERM GROWTH
OPPORTUNITIES.
THE STRONGER
FOUNDATIONS WE HAVE
BUILT OVER RECENT YEARS
– IN PEOPLE, ASSETS AND
CAPABILITY – WILL HELP TO
UNDERPIN OUR FUTURE.
Dr Vivienne Cox DBE
Chair
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
4 Victrex plc – Annual Report 2025

includes know-how and patents. We invest
5–6% of sales every year to support R&D.
STRONG SUSTAINABILITY
CREDENTIALS
Our Sustainability framework focuses
onthree pillars: People, Planet & Products.
Theenvironmental and societal benefits of
VICTREX™ PEEK products will continue to
increase in importance, as the need for CO
2
reduction, energy efficiency or improved
patient outcomes becomes more critical.
During the year, we were able to demonstrate
that the climate impact of VICTREX™ PEEK
remains favourable versus the industry average,
based on validated Lifecycle Analysis (‘LCA’).
Our People agenda includes employee
volunteering for Biodiversity projects where
we operate, Science, Technology, Engineering
& Maths (‘STEM’) activities, which we have
demonstrated can help our future talent
pipeline, and a strong apprenticeship
programme. Further detail isshown in the
Sustainability report on pages 38 to 67.
CAPITAL ALLOCATION &
DIVIDENDS
We focus on growth investment first and
foremost, with investment in R&D, incremental
M&A or to support our strategy.
With the conclusion of our major investment
phase last year, including upgrades to our
UK assets and our new China facility, we see
good medium to long-term prospects for
shareholder returns, as profits and cash flow
improve. Alongside our Profit Improvement
Plan, we remain focused on retaining
balance sheet strength.
As a result, the Board has, taking account of
all stakeholder interests, set a new target for
net debt / EBITDA of 0.5x – 1.0x, with
dividends maintained at FY2024 levels.
Additional term debt will be secured prior to
payment of our FY 2025 final dividend
(proposed at 46.14p/share) in February
2026. Dividends will be maintained at these
levels provided the net debt / EBITDA range
is not exceeded. It makes our updated
capital allocation policy more sustainable for
our business, particularly when partnering
with major customers, who value balance
sheet strength. The option of returning
excess cash via share buybacks or special
dividends remains, once net debt / EBITDA
moves sustainably below 0.5x.
Further information is shown in the Financial
review on pages 20 to 27.
OUR BOARD: NEW CEO
During the year, Jakob Sigurdsson signalled
his intention to retire as CEO. We thank
Jakob for his passion and contribution to
theGroup over the last eight years. Our
foundations are stronger and our focus is
very clearly on improving execution.
I am delighted to welcome James Routh
whojoins us as CEO on 1January 2026, after
a rigorous recruitment process. James joins us
from AB Dynamics plc, where he delivered
significant revenue and profit growth. His
experience in automotive and aerospace
companies is also aligned to Victrex and our
significant growth opportunities. James will
lead our Profit Improvement Plan in FY 2026.
Jane Toogood, who chaired our Corporate
Responsibility (‘CR’) Committee, also
stepped down as a Non-executive Director in
February 2025, after nine years on the Board.
We thank Jane for her many contributions to
Board debate and governance. We continue
to place a strong emphasis on governance,
as well as ensuring the Board has the skills
and experience to support delivery of our
strategy. Biographies can be found on
pages72 and 73.
PEOPLE, CULTURE, DIVERSITY,
EQUITY & INCLUSION
We continue to support our employees
through training, flexible working and
supportive policies. In FY 2026 we will
conduct another full Employee Engagement
Survey, with our 2025 UK Engagement
Survey showing a further improvement
to76%. Victrex was also included in
TheSunday Times Best Places to Work
andwas named as the Company of the Year
by the Chemical Industries Association (‘CIA’).
Asummary of our employee engagement
activities, including the work of our
Workforce Engagement Non-executive
Director, is shown on page 81.
In our Equal Opportunities, Diversity, Equity
& Inclusion (‘DE&I’) journey, the Group
made good progress thisyear. We now have
40% of our senior leadership group
comprising females, as part of our females
in leadership target of40% by 2030 (based
on FTSE Women Leaders methodology). Our
employee resource groups (‘ERGs’) reflect
the international nature of our operations.
This very challenging period for the Group
has underlined the resilience of our global
employee base. With the absence of an
annual bonus or long-term incentives since
FY 2022, this year’s partial reward reflected
the achievement of strategic and non-profit
metrics (including strong cash conversion)
and the importance of employee retention,
reflected in our share-based long-term
incentives. The Remuneration Committee
used its discretion to reduce bonus payments
by one third for the Executive Directors and
VMT members. Further detail is shown in
the Remuneration Committee report on
pages 95 to 116. On behalf of the Board,
Iwould like to thank every one of Victrex’s
employees for their continued contribution
and adaptability to drive change and
improve our performance.
OUTLOOK
Whilst we remain mindful of macro-economic
and industry challenges, we are targeting
solid progress vs FY 2025, with an H2
weighting to reflect seasonality and the
higher FX headwind in H1 2026.
Although FY 2026 will be a transitional year,
our foundations are strong, with a
differentiated product portfolio across key
end markets and an addressable market
fivetimes current levels, offering significant
long-term growth in demand for PEEK.
Wewill create a simpler and focused growth
business, improving cost to serve and driving
significant value creation for all stakeholders.
Dr Vivienne Cox DBE
Chair
2 December 2025
SECURING OUR
FUTURE THROUGH
TALENT: Victrex has a
strong apprenticeship
programme which
supports our talent
agenda, with 48
current apprentices.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
5Annual Report 2025 – Victrex plc

OUR MARKETS AND MEGATRENDS
DIVERSE GROWTH
OPPORTUNITIES
We have long-term megatrends in our favour. Our sustainable products support
CO
2
reduction, energy efficiency or clinical outcomes, with adiverse mix of growth
opportunities across our end markets. We differentiate by providing solutions for
customers, not just products, creating new markets through our innovation know-how.
END MARKETS MARKET OPPORTUNITY MEGATRENDS OPPORTUNITY FOR VICTREX™ PEEK
SUSTAINABLE SOLUTIONS
AEROSPACE
(TRANSPORTMARKETS
24%OF SALES VOLUME)
49,000
new passenger and
freight aircraft by 2044
Source: Airbus
FLY LIGHTER & REDUCE FUEL COST
•
Lighter weight and CO
2
reduction withmore efficient
manufacturing using PEEK, PAEK and composites mean fuel
saving– a strategic imperative for the Aerospace industry.
•
Opportunities to support reduction ofplane delivery backlogs
through more efficientmanufacturing.
10X PEEK CONTENT INCREASE PER PLANE
•
Commercialisation of lighter structural composite parts
(wing and fuselage structures).
•
Part of Airbus Clean Sky 2 programme & Advanced Air Mobility
(‘AAM’) programmes.
•
Opportunity to move from c0.5 tonne to over 5 tonnes of PEEK
per plane over the longer term (c.10x content increase).
AUTOMOTIVE
(TRANSPORTMARKETS
24%OF SALES VOLUME)
>200g
potential PEEK/car on EV platforms
(increase from current 11g average over the
long term, based on 800V electric vehicle)
CO
2
REDUCTION, DURABILITY ANDELECTRIFICATION
•
Fuel efficiency, CO
2
reduction, safety andreliability
improvements resulting from consumer and regulatory trends.
•
Transition from internal combustion engines (‘ICE’) to electric
vehicles (‘EVs’) as electrification is mandated in manyregions.
INCREASE PEEK CONTENT PER VEHICLE
•
Potential of >200g PEEK per car (long-termopportunity),
based on EVs vs industry average of 11g of PEEK/car today.
•
Multiple opportunities in EVs with business wins.
•
Majority of existing ICE applications translate across EVs.
ELECTRONICS
(11%OFSALESVOLUME)
38bn+
connected devices
by2030
Source: GSMA Intelligence
THINNER & SMARTER DEVICES
•
Increased functionality of smartphones and devices.
•
Industry trends for mobile devices that are thinner and smarter
(whilst performance requirements continue to increase).
•
Increase in Artificial Intelligence (‘AI’) and new technologies
suchas 5G or 6G.
ENERGY EFFICIENCY AND THERMAL MANAGEMENT
•
Broadening range of applications: semiconductors, mobile
devices and home appliances.
•
AI opportunities.
•
Strong capability of PEEK in durability andthermalmanagement.
•
Metal replacement supporting energy efficiency.
ENERGY & INDUSTRIAL
(17%OF SALES VOLUME)
27%
forecast increase in
energy use by 2040
Source: IEA
ENERGY TRANSITION
•
Higher performance requirements from exploration into
extremeenvironments, as well as the energytransition.
•
More efficient manufacturing processes create more data
andconnectivity requirements in Industrial end markets.
PERFORMANCE IN TRADITIONAL & NEW ENERGY
•
Continuing opportunities in oil & gas exploration and processing
equipment, alongside renewable or ‘new’ energy.
•
Alternative solutions for metal replacement in traditional energy;
Magma Composite Pipe/Hybrid Flexible Pipe.
•
Drive new application areas in Industrial, including food, robotics
and opportunity forPEEK in response to PFAS regulations.
VAR
VALUE ADDED RESELLERS
(43% OF SALES VOLUME)
VARs form a key part of our route to market. VARs
compound or process VICTREX™ PEEK into stock shapes
for onward processing, serving multiple end markets.
Victrex engages in strategic or development relationships with end customers. VARs then supply ‘specified’ VICTREX™ PEEK
grades to tier 1 or end customers in several industrial end markets (e.g. Automotive, Energy & Industrial), thereby forming
akey part of global supply chains. Speed, security of supply and product quality are key requirements.
MEDICAL
MEDICAL
(5%OFSALESVOLUME
&20%OFREVENUES)
6.5% CAGR
forecast for global medical device
industry revenue growth 2025–32
Source: Alphasense
AGEING GLOBAL POPULATION
•
People are living longer: focus on maintaining quality oflife
andactivity levels, driving better patient outcomes.
•
Greater demand for alternative and non-metal solutions
inNon-Spine.
•
Growing concern about the effects of metal-based implantable
materials, e.g. cobalt chrome and PFAS materials.
SUPPORT IMPROVED PATIENT OUTCOMES
•
Significant growth in Non-Spine, e.g CMF, Active Implantable
devices, Cardio applications. Differentiation through Trauma
andKnee applications.
•
Leveraging clinical data to drive PEEK adoption.
•
3D printed Porous PEEK approved to support
greater bone in-growth in spinal applications.
VAR
Medical
20% of
revenues
Sustainable
Solutions
80% of
revenues
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
6 Victrex plc – Annual Report 2025

5x
Victrex’s assessment of the addressable market for
PEEK polymer applications vs current levels
Visit www.victrexplc.comto seehow we are shaping
future performance across our end markets
END MARKETS MARKET OPPORTUNITY MEGATRENDS OPPORTUNITY FOR VICTREX™ PEEK
SUSTAINABLE SOLUTIONS
AEROSPACE
(TRANSPORTMARKETS
24%OF SALES VOLUME)
49,000
new passenger and
freight aircraft by 2044
Source: Airbus
FLY LIGHTER & REDUCE FUEL COST
•
Lighter weight and CO
2
reduction withmore efficient
manufacturing using PEEK, PAEK and composites mean fuel
saving– a strategic imperative for the Aerospace industry.
•
Opportunities to support reduction ofplane delivery backlogs
through more efficientmanufacturing.
10X PEEK CONTENT INCREASE PER PLANE
•
Commercialisation of lighter structural composite parts
(wing and fuselage structures).
•
Part of Airbus Clean Sky 2 programme & Advanced Air Mobility
(‘AAM’) programmes.
•
Opportunity to move from c0.5 tonne to over 5 tonnes of PEEK
per plane over the longer term (c.10x content increase).
AUTOMOTIVE
(TRANSPORTMARKETS
24%OF SALES VOLUME)
>200g
potential PEEK/car on EV platforms
(increase from current 11g average over the
long term, based on 800V electric vehicle)
CO
2
REDUCTION, DURABILITY ANDELECTRIFICATION
•
Fuel efficiency, CO
2
reduction, safety andreliability
improvements resulting from consumer and regulatory trends.
•
Transition from internal combustion engines (‘ICE’) to electric
vehicles (‘EVs’) as electrification is mandated in manyregions.
INCREASE PEEK CONTENT PER VEHICLE
•
Potential of >200g PEEK per car (long-termopportunity),
based on EVs vs industry average of 11g of PEEK/car today.
•
Multiple opportunities in EVs with business wins.
•
Majority of existing ICE applications translate across EVs.
ELECTRONICS
(11%OFSALESVOLUME)
38bn+
connected devices
by2030
Source: GSMA Intelligence
THINNER & SMARTER DEVICES
•
Increased functionality of smartphones and devices.
•
Industry trends for mobile devices that are thinner and smarter
(whilst performance requirements continue to increase).
•
Increase in Artificial Intelligence (‘AI’) and new technologies
suchas 5G or 6G.
ENERGY EFFICIENCY AND THERMAL MANAGEMENT
•
Broadening range of applications: semiconductors, mobile
devices and home appliances.
•
AI opportunities.
•
Strong capability of PEEK in durability andthermalmanagement.
•
Metal replacement supporting energy efficiency.
ENERGY & INDUSTRIAL
(17%OF SALES VOLUME)
27%
forecast increase in
energy use by 2040
Source: IEA
ENERGY TRANSITION
•
Higher performance requirements from exploration into
extremeenvironments, as well as the energytransition.
•
More efficient manufacturing processes create more data
andconnectivity requirements in Industrial end markets.
PERFORMANCE IN TRADITIONAL & NEW ENERGY
•
Continuing opportunities in oil & gas exploration and processing
equipment, alongside renewable or ‘new’ energy.
•
Alternative solutions for metal replacement in traditional energy;
Magma Composite Pipe/Hybrid Flexible Pipe.
•
Drive new application areas in Industrial, including food, robotics
and opportunity forPEEK in response to PFAS regulations.
VAR
VALUE ADDED RESELLERS
(43% OF SALES VOLUME)
VARs form a key part of our route to market. VARs
compound or process VICTREX™ PEEK into stock shapes
for onward processing, serving multiple end markets.
Victrex engages in strategic or development relationships with end customers. VARs then supply ‘specified’ VICTREX™ PEEK
grades to tier 1 or end customers in several industrial end markets (e.g. Automotive, Energy & Industrial), thereby forming
akey part of global supply chains. Speed, security of supply and product quality are key requirements.
MEDICAL
MEDICAL
(5%OFSALESVOLUME
&20%OFREVENUES)
6.5% CAGR
forecast for global medical device
industry revenue growth 2025–32
Source: Alphasense
AGEING GLOBAL POPULATION
•
People are living longer: focus on maintaining quality oflife
andactivity levels, driving better patient outcomes.
•
Greater demand for alternative and non-metal solutions
inNon-Spine.
•
Growing concern about the effects of metal-based implantable
materials, e.g. cobalt chrome and PFAS materials.
SUPPORT IMPROVED PATIENT OUTCOMES
•
Significant growth in Non-Spine, e.g CMF, Active Implantable
devices, Cardio applications. Differentiation through Trauma
andKnee applications.
•
Leveraging clinical data to drive PEEK adoption.
•
3D printed Porous PEEK approved to support
greater bone in-growth in spinal applications.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
7Annual Report 2025 – Victrex plc

WHAT WE DO
1. A DIFFERENTIATED & SUSTAINABLE BUSINESS MODEL
Ourproducts offer a unique combination ofproperties, supporting CO
2
reduction
in Aerospace & Automotive through lightweighting and faster processing, and
improving patient outcomes in medical devices. Beyond manufacturing VICTREX™
PEEK polymers, we also differentiate through semi-finished and differentiated
products such as APTIV™ film, composite tape and pipe, helping to deliver
solutions for customers. With our People, Planet & Product-based ESG pillars,
weseek to minimise our use of resources (energy, carbon and water).
4. WE HAVE MANUFACTURING & PRODUCT DIFFERENTIATION
Our strategy and unique manufacturing process (Type 1 PEEK) differentiate us from
competitors, with >200 patents in place or pending, and know-how helping us to
manufacture the widest range of PEEK products, including Type 2 PEEK (UK & new
China facilities). Safety is our highest priority, with efficient and well-invested assets.
2. WE ALIGN TO GLOBAL MEGATRENDS; WE DELIVER SOLUTIONS
We identify megatrends, such as CO
2
reduction or energy efficiency, where our
polymers can offer a performance advantage vs metal or incumbent materials.
We‘hunt’ new use cases for VICTREX™ PEEK, understanding customer needs
anddelivering solutions for them, in turn creating new markets for our products.
5. WE DRIVE COST EFFICIENCY & CASH GENERATION
Our robust financial profile enables us to invest (capex or M&A) in support
ofourstrategy. Costefficiency and productivity are key, as we focus on cost
ofmanufacture, supporting cost to serve. With high value and differentiated
products, weseek to retain a robust balance sheet. After a period of high
investment, cash generation is expected to show continued improvement.
3. WE HAVE A STRONG CULTURE OF INNOVATION
Our culture is built on innovation, with a focus onPEEK/PAEK and the high
performance materials area,beyondsimply manufacturing polymers. We have
ahigh level oftechnical and digital capability, with investment in Research &
Development representingc.5–6% of annual revenues, and increasing digital
solutions to support our business and our customers. We work withpartners to
bring newand enhanced products toour customers, shaping future performance.
6. WE DELIVER SALES AND TECHNICAL DIFFERENTIATION
Our Sales & Technical Service teams help us differentiate with customers through
validation and certification in critical applications. We have strong Regulatory
&Quality teams, partnering with customers in development of new applications
and solutions, helping to drive VICTREX™ PEEK adoption. Our Go to Market
approach includes increasing digital solutions for customers (for example in digital
modelling for an application).
UN SUSTAINABLE DEVELOPMENT GOALS (‘SDGs’)
We are aligned to the UN’s Sustainable Development Goals 2030, including
validation of decarbonisation goals for the Science Based Targets initiative (‘SBTi’).
SUPPORTED BY
OUR PEOPLE &CAPABILITY
Over 1,100 talented employees wake up every day focusing on selling more
VICTREX™ PEEK and partneringwith customers to shape future performance.
OUR SUPPLIERS & PARTNERS
We are the only PEEK manufacturer with upstream integration intokey
rawmaterials, supporting long-term security of supply for customers.
Key to strategy
Drive core business
Differentiate through innovation
Create and deliver futurevalue
Underpin through safety,
sustainabilityandcapability
WHO WE ARE
Victrex was formed in 1993 following
a management buy-out from ICI, with
VICTREX™ PEEK polymers having
their roots in the1970s when the
product was developed.
Today, we are a world leader in PEEK,
serving customers in 40 countries and
with a strong culture of innovation.
Every day, millions of people rely
onapplications which contain our
sustainable products and materials,
from smartphones, aeroplanes and
cars to energy production and
medicaldevices.
SHAPING FUTURE
PERFORMANCE
Our strategy, as a world leader in
value creation through PEEK & PAEK
polymer materials, is todevelop
andmanufacture products which
enable environmental & societal
benefits for our customers and
society. Our products offer
lightweighting, durability, faster
processing and clinical outcomes,
which help to shape future
performance for our customers.
SUSTAINABLE BY
NATURE AND DESIGN
OUR BUSINESS MODEL
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
8 Victrex plc – Annual Report 2025

WHAT WE DO
1. A DIFFERENTIATED & SUSTAINABLE BUSINESS MODEL
Ourproducts offer a unique combination ofproperties, supporting CO
2
reduction
in Aerospace & Automotive through lightweighting and faster processing, and
improving patient outcomes in medical devices. Beyond manufacturing VICTREX™
PEEK polymers, we also differentiate through semi-finished and differentiated
products such as APTIV™ film, composite tape and pipe, helping to deliver
solutions for customers. With our People, Planet & Product-based ESG pillars,
weseek to minimise our use of resources (energy, carbon and water).
4. WE HAVE MANUFACTURING & PRODUCT DIFFERENTIATION
Our strategy and unique manufacturing process (Type 1 PEEK) differentiate us from
competitors, with >200 patents in place or pending, and know-how helping us to
manufacture the widest range of PEEK products, including Type 2 PEEK (UK & new
China facilities). Safety is our highest priority, with efficient and well-invested assets.
2. WE ALIGN TO GLOBAL MEGATRENDS; WE DELIVER SOLUTIONS
We identify megatrends, such as CO
2
reduction or energy efficiency, where our
polymers can offer a performance advantage vs metal or incumbent materials.
We‘hunt’ new use cases for VICTREX™ PEEK, understanding customer needs
anddelivering solutions for them, in turn creating new markets for our products.
5. WE DRIVE COST EFFICIENCY & CASH GENERATION
Our robust financial profile enables us to invest (capex or M&A) in support
ofourstrategy. Costefficiency and productivity are key, as we focus on cost
ofmanufacture, supporting cost to serve. With high value and differentiated
products, weseek to retain a robust balance sheet. After a period of high
investment, cash generation is expected to show continued improvement.
3. WE HAVE A STRONG CULTURE OF INNOVATION
Our culture is built on innovation, with a focus onPEEK/PAEK and the high
performance materials area,beyondsimply manufacturing polymers. We have
ahigh level oftechnical and digital capability, with investment in Research &
Development representingc.5–6% of annual revenues, and increasing digital
solutions to support our business and our customers. We work withpartners to
bring newand enhanced products toour customers, shaping future performance.
6. WE DELIVER SALES AND TECHNICAL DIFFERENTIATION
Our Sales & Technical Service teams help us differentiate with customers through
validation and certification in critical applications. We have strong Regulatory
&Quality teams, partnering with customers in development of new applications
and solutions, helping to drive VICTREX™ PEEK adoption. Our Go to Market
approach includes increasing digital solutions for customers (for example in digital
modelling for an application).
UN SUSTAINABLE DEVELOPMENT GOALS (‘SDGs’)
We are aligned to the UN’s Sustainable Development Goals 2030, including
validation of decarbonisation goals for the Science Based Targets initiative (‘SBTi’).
SUPPORTED BY
OUR PEOPLE &CAPABILITY
Over 1,100 talented employees wake up every day focusing on selling more
VICTREX™ PEEK and partneringwith customers to shape future performance.
OUR SUPPLIERS & PARTNERS
We are the only PEEK manufacturer with upstream integration intokey
rawmaterials, supporting long-term security of supply for customers.
HOW WE CREATE VALUE
FOR CUSTOMERS
By partnering with customers in the
development of new applications, we
bring superior products that deliver
long-term performance benefits vs
incumbent materials.
Read more on pages 16 and 17
FOR EMPLOYEES
Investing in skills, apprenticeships and
training brings significant opportunity
for development. Performance-based
reward drives ahigh retention rate.
Read more on pages 16 and 17
FOR INVESTORS
Continued innovation and opening up
new revenue streams support returns
and cash generation.
Read more on pages 16 and 17
FOR COMMUNITIES
Engagement with our local
communities enables us to partner
onarange of social responsibility
andenvironmental programmes.
Read more on pages 16 and 17
FOR SOCIETY & THE PLANET
Our purpose is to bring
transformational & sustainable
solutions, with products which
canenable environmental
orsocietalbenefits.
Read more on pages 16 and 17
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
9Annual Report 2025 – Victrex plc

OUR STRATEGY
A WORLD LEADER IN VALUE
CREATION THROUGH PEEK
& PAEK POLYMERS
PEEK POLYMER INVENTED
BYICIIN1978
VICTREX: THE FIRST
TOCOMMERCIALISE
PEEKPOLYMERS
•
Millions of people rely on
ourdifferentiated products
&applications based on
VICTREX™PEEK every day
DIFFERENTIATE: APPLICATION,
DEVELOPMENT, EXPERTISE
•
We deliver solutions and help customers overcome complex design
and engineering challenges. We accelerate the development of
innovative and sustainable applications across key end markets
INVESTMENT IN INNOVATION
•
c.5–6% of annual
sales invested in R&D
•
Polymer capacity
•
Composite solutions
•
Medical components
•
Polymer Innovation
Centre
•
Digital application &
chemistry solutions
UNDERPIN
•
Safety: Safer, Better, Together
•
Quality: in everything we do
•
Sustainability: People, Planet & Products
•
Talent agenda
•
Robust financial position
CREATE: TRANSFORMATIONAL SOLUTIONS
•
Innovation partnerships and
mega-programmes addressing
global megatrends
DRIVE CORE
BUSINESS:
FOCUS ON PEEK
•
We pioneer new and differentiated
VICTREX™ PEEK based products
andsolutions
•
Polymer grades for engineering
needs: granules, powders and
micropellets...
•
...into PEEK films, PEEKfibres and
thermoplastic composite tapes
SECURITY OFSUPPLY
•
Victrex has an integrated supply
chain and the highest PEEK
capacity to global quality standards
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
10 Victrex plc – Annual Report 2025 11Annual Report 2025 – Victrex plc

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
10 Victrex plc – Annual Report 2025 11Annual Report 2025 – Victrex plc

DEAR SHAREHOLDER,
STRONGER FOUNDATIONS
TOSUPPORT DELIVERY
With the conclusion of our major strategic
investment phase last year, those investments
– in people, assets, capability and technology
– will be expected to show a return and help
us unleash our full potential.
Whilst results were in line with our latest
guidance, our FY 2025 financial performance
was weaker compared to the prior year (details
on page 20). Throughout this very challenging
period for Victrex and the global chemical
industry, we have kept the long-term
horizon in sight, whilst addressing our
short-term challenges.
Through enhancing our Go to Market
approach, our sales and R&D organisation
and increasing digitalisation to serve our
customers, we now have stronger
foundations to support delivery.
PROFIT IMPROVEMENT PLAN
Whilst cost control featured high on our
agenda during this challenging period,
wewill need to go further in FY 2026.
In what will be a transitional year, with
aCEO succession, our focus will be on
incremental improvement actions to support
delivery and ultimately improve profitability.
We are targeting at least £10m of annual
cost savings, to be delivered by the end of
FY 2027, with initial benefits to be realised
in FY 2026.
A simpler portfolio, improving cost of
manufacture and targeted efficiency
opportunities in our overheads are areas in
focus. Navigating the current external
environment, whilst not sacrificing long-term
opportunities, is the only way to ensure the
value proposition for the use of VICTREX™
PEEK remains strong.
INVESTMENT CASE & VALUE
PROPOSITION
•
We are a world leader and the first
mover in PEEK & PAEK polymers
withstrong innovation credentials and
differentiated products; we have the
broadest PEEK portfolio and extensive
performance data on PEEK.
•
Addressable market 5x current
levels: we hunt for new use cases for
VICTREX™ PEEK, with a track record
ofdelivering performance benefits in
‘mission-critical’ applications, as well as
being part of tomorrow’s innovations.
•
We have a culture of innovation,
helping us to create new markets and
use cases for VICTREX™ PEEK, with R&D
investment at 5-6% of revenues (pa),
supporting our strong growth pipeline.
•
We are aligned to global megatrends
like CO
2
reduction. Sustainable products
form 53% of Group revenues.
•
We have a unique and differentiated
manufacturing process – which
supports our competitive differentiation.
•
Our financial profile will continue
toimprove as investments are now in
place. We maintain attractive returns
(14% average return on invested capital
(ROIC) over five years) and strong
cashconversion.
DIFFERENTIATING OUR BUSINESS
With more competition in some of our less
differentiated end markets this year, we are
increasing the differentiation and innovation
that Victrex has been known for:
•
Enhancing customer experience: our
sales and R&D teams are operating with
greater regional focus to unlock new
opportunities and serve customers.
•
Increasing digitalisation: greater use
of digital tools for Sales and R&D teams
(e.g. digital modelling) and leveraging
our ERP system to deliver solutions for
customers (not just products).
•
Improving the speed of our
innovation and technical service:
akey credential of Victrex has always
been how we support customers with
technical service.
OUR LONG‑TERM VALUE
PROPOSITION – WITH
MARKET LEADING
PRODUCTS WHICH
ENABLEENVIRONMENTAL,
TECHNICAL OR SOCIETAL
PERFORMANCE BENEFITS
– REMAINS STRONG DESPITE
THE TOUGH EXTERNAL
ENVIRONMENT.
OUR FOCUS IS ON
INCREMENTAL PROFIT
IMPROVEMENT ACTIONS
TOADDRESS CURRENT
CHALLENGES, INCLUDING
STRATEGY EXECUTION,
PORTFOLIO SIMPLIFICATION
AND COSTREDUCTION.
Jakob Sigurdsson
CEO
STRONGER FOUNDATIONS
IN PLACE; FOCUSED ON
PROFIT IMPROVEMENT
OVERVIEW OF STRATEGY
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
12 Victrex plc – Annual Report 2025

STRATEGY AND STRATEGIC
PRIORITIES
We are restless to improve our
financialperformance.
Whilst our strategy as a world leader
invalue creation through PEEK and PAEK
polymers remains appropriate, we will
blendour position as a product leader
withimproved operational excellence
andcustomer intimacy.
Addressing our short-term challenges
todrive our long-term opportunities also
means leveraging our differentiated
strategy – with a core polymer business,
semi-finished products like film, composite
tape or pipes, and a selected number of
potentially game-changing mega-programmes.
Our strategic priorities are shown on
pages16 and 17 with each and every one of
ouremployees aligned to our ‘Must Win’
agenda, whether that be in our customer
facing, operations or support functions.
FY 2025 IN REVIEW & THE ROAD
TO IMPROVED DELIVERY
Despite a weaker profit performance, the
early benefits of our Go to Market approach
and Project Vista programme started to be
realised. Sales volume increased by 12% and
our sales pipeline saw record growth of
£62m, or by 18% based on Mature
Annualised Revenues.
Headwinds to profitability included a slower
start-up in our China facility, a weaker
performance in Medical Spine, competitive
pressure in our VAR end market, an adverse
sales mix and a sizeable currency headwind.
Notable highlights included an award of
atechnological order contract by Petrobras
forTechnipFMC, supporting our ‘Magma’
mega-programme and the sizeable volume
potential for VICTREX™ PEEK based composite
pipe (8 tonnes of VICTREX™ PEEK per
kilometre of pipe). We also secured new
business in Aerospace Composites within
the Advanced Air Mobility (‘AAM’) sector.
Delivery through our improvement actions
and by increasing differentiation compared
to our competitors remains key.
UNDERPIN THROUGH SAFETY,
QUALITY, SUSTAINABILITY AND
CAPABILITY
Safety is integral to our success and there
isnothing more important than the safety,
health and wellbeing of our employees.
Supporting our focus on SHE are our values
of Passion, Innovation and Performance. Our
safety performance since FY 2021 has seen
a 77% reduction in our recordable injury
frequency rate (‘RIFR’) to 0.16 in FY 2025
(industry average 1.5 based on US OSHA
average). During the year our Seal Sands
(UK) manufacturing facility achieved
20years without a lost time incident,
asignificant milestone.
We have also made good progress
inQuality, though there is more to do.
Ourimprovements to ‘Right First Time’
manufacturing support efficiency in our
manufacturing processes as well as an
enhanced customer experience.
Embedded in our business model is
Sustainability. VICTREX™ PEEK is lighter
than metal, faster to process and offers
environmental or societal benefits, for example
supporting CO
2
reduction in Transport markets,
energy efficient devices, or supporting better
patient outcomes in Medical. We continue
to show how VICTREX™ PEEK has a lower
climate impact than the industry average
(details shown on pages 38 to 67 and based
on using UK monomers), which supports
our customers’ sustainability journeys.
PEOPLE & CAPABILITY
Victrex is unique in having over
1,100employees waking up every day
focused solely on growing the opportunities
for VICTREX™ PEEK. Our culture of
innovation and of Diversity, Equity &
Inclusion remains strong, illustrated by
Victrex being listed in The Sunday Times
Best Places to Work 2025. We also secured
the Chemical Industries Association
‘Company of the Year’ award2025.
To drive a high performance culture and
improve delivery means ensuring we have
the right behaviours. Across our global
team, our employees remain highly engaged
and eager to improve our performance,
witha strong talent agenda including
apprenticeships and early careers programmes.
Many of our employees have progressed
tomuch larger roles.
SUMMARY: REALISING AND
UNLOCKING OUR POTENTIAL
As I retire as CEO, I leave the business with
stronger foundations, an innovative culture
and a talented group of global employees
with Passion, Innovation and Performance at
the heart of everything we do.
Taking more extensive improvement actions
now to fully address short-term challenges and
respond to a more competitive environment
will be key. The opportunity to improve
financial performance and unlock our
significant potential over the years ahead
remains significant.
This is and will remain a fantastic company.
Ilook forward to seeing James Routh,
asournew CEO, building on these
strongfoundations.
Jakob Sigurdsson
CEO
2 December 2025
STRATEGIC PROGRESS
Q1: MEDICAL
US FDA approval for first 3D
printed Porous PEEK spinal cage
based on PEEK-OPTIMA™
Read more on pages 20–27
Q2: SAFETY
20 years without a Lost Time
Accident (‘LTA’) at our Seal
Sands UK manufacturing facility
Read more on page 63
Q3: MEGA‑PROGRAMMES
Petrobras awards technological
order contract to TechnipFMC
for Hybrid Flexible Pipe (Magma)
based on VICTREX™ PEEK
Read more on pages 20–27
Q4: CHINA
Commercial sales from our new
manufacturing facility in China,
with initial production of Victrex
‘Elementary’ PEEK
Read more on pages 20–27
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
13Annual Report 2025 – Victrex plc

How we performed inFY2025
•
Sales volumes up 12%
•
Revenue up 1%, offset by Medical
Spine weakness
•
Underlying operating cash conversion
of 121%
•
China facility operational and
50tonnes of product manufactured
Focus for FY 2026
•
Guidance for solid progress vs
FY2025, to reflect ongoing headwinds,
e.g.Medical Spine and currency
•
Profit Improvement Plan to reduce
cost to serve (implementation in
FY2026, full year benefits in FY 2027)
•
Increasing sales excellence &
leveraging digital solutions including
ERP system
Link to risks
3, 7, 8
REVENUE
CHANGE %
F
+1%
UNDERLYING OPERATING
CASHCONVERSION %
F B
121%
Definition
The year on year percentage change
intotal revenue for the Group, in
reported currency.
Why it’s important
Revenue growth is the measure
chosento reflect the structural growth
opportunities for PEEK across our
markets, with above-market growth
being the medium-term focus.
Definition
Underlying operating cash conversion
isunderlying operating cash flow as
apercentage of underlying operating
profit. Underlying operating cash flow
isunderlying operating profit before
depreciation, amortisation and loss
ondisposal, less capital expenditure,
adjusted for working capital movements.
Why it’s important
Used to assess the business’ ability
toconvert operating profit into cash
effectively. From FY 2025 underlying
operating cash conversion is a
metricwhich partly determines
bonusoutcomes.
DRIVE CORE BUSINESS
21 22
15
11
(10)
(5)
23 24 25
100
49
114
21 22 23 24 25
18
1
121
KEY PERFORMANCE INDICATORS
How we performed inFY2025
•
Innovation leadership: R&D
investment at 6% of revenue
•
Mega-programme revenue lower
at£9.1m (FY 2024: £10.2m)
•
Clinical trial commenced for PEEK
Knee (US), building on India
regulatory submission
•
Increased ‘Magma’ revenue following
technological order for TechnipFMC
(by Petrobras)
Focus for FY 2026
•
Improve mega-programme
commercialisation & revenue
•
Progress US clinical trial for PEEK Knee
•
Continue support for TechnipFMC
and prepare for Magma scale-up
(Hybrid Flexible Pipe), driving
revenuegrowth
Link to risks
6, 7
R&D
SPEND £M
F
£18.8m
6% of Group revenue
Definition
The total Research & Development spend
that the Group has incurred.
Why it’s important
Research & Development spend at5–6%
of sales underpins ourability to innovate
into new applications, supporting our
futuregrowth.
MEGA‑PROGRAMME
REVENUE £M
F B
£9.1m
Definition
Value of Group sales generated from
ourfive mega-programmes.
Why it’s important
Mega-programme revenue is a
measureof the adoption of our five
mega-programmes, after a period of
investment, development and initial
market adoption/commercialisation.
DIFFERENTIATE THROUGH INNOVATION
15.5
15.7
18.6
17.5
21 22 23 24 25
11.1
10.2
23 24 25
Principal risks
Pages28to34
18.8
9.1
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
14 Victrex plc – Annual Report 2025

How we performed inFY2025
•
Lower return on invested capital
reflecting first full year of
Chinamanufacturing
•
Business wins in Advanced Air
Mobility (‘AAM’), supporting increased
use of VICTREX™ PEEK based
composite materials
•
Earnings per share (basic) up62%
Focus for FY 2026
•
Support Magma scale-up and
increased revenues
•
Drive further milestones in PEEKKnee
•
Grow earnings per share
Link to risks
7, 8
How we performed inFY2025
•
Improved recordable injury frequency
at0.16 (lower than OSHA industry
average of 1.5 and FY 2024 0.18)
•
Achieved climate assessment for
80%of products by volume (Lifecycle
Analysis) with favourable impact vs
industry standard
•
Achieved 40% Females in Leadership
(based on FTSE Women Leaders)
Focus for FY 2026
•
Embed Safer, Better, Together culture
•
Continue exploring options for SBTi
decarbonisation plan across all scopes
•
Drive product differentiation agenda
with customers; complete Lifecycle
Analysis plan across 80% of products
by volume and revenue
Link to risks
1, 2, 4, 5, 6
OSHA RECORDABLE
INJURYRATE
N B
0.16
Definition
The US Occupational Safety and Health
Administration (‘OSHA’) is the industry
standard for recordable injuries. This is
basedon total number of recordable
injuriesx 200,000/total number of hours
worked (employee & contractor).
Why it’s important
A safe and sustainable business is the
highest priority for Victrex. Victrex
continues to be better than the industry
standard after adopting OSHA reporting
inFY 2019.
RETURN ON
INVESTED CAPITAL %
F L
9%
BASIC EARNINGS PERSHARE P
F L
32.0p
HOURS WORKED IN
THECOMMUNITY
N
2,216
Definition
Return on invested capital (‘ROIC’) is defined
as profit after tax adjusted to exclude
exceptional items net of tax, finance costs
and finance income/average adjusted
netassets. Adjusted net assets is total equity
attributable tothe shareholders atthe year
end excluding cash and cash equivalents,
other financial assets, retirement benefit
asset, retirement benefit obligations and
borrowings. Average adjusted net assets is
adjusted net assets at the start of the year
plus adjusted net assets at the end of the
year, divided by two.
Why it’s important
ROIC measures the return generated on
capital invested by the Group and provides a
metric for long-term value creation.
Definition
Profit after tax divided by the
basicweighted average number
ofshares. This includes the impact
ofexceptional items.
Why it’s important
Earnings per share measures the
overallprofitability of the Group
anddemonstrates how we convert
ourtop-line revenue opportunities into
profitable growth forourshareholders.
Definition
Total number of hours that Victrex
employees have volunteered in
community activities.
Why it’s important
Our People pillar within our ESG strategy
is keyto supporting the communities
where we operate (for example in
Biodiversity activities), and supporting
our talent strategy in recruiting the
employees of tomorrow (for example
through STEM activities).
CREATE & DELIVER FUTURE VALUE
UNDERPIN THROUGH SAFETY, SUSTAINABILITY AND CAPABILITY
21
18
22
20
14
10
23 24 25
84.3
87.6
70.9
19.8
21 22 23 24 25
4,784
3,559
3,895
4,423
21 22 23 24 25
0.7
0.2 0.2
0.18
21 22 23 24 25
Key to KPIs
F
Financial KPI
N
Non-financial KPI
B
Linked to bonus objectives (remuneration)
L
Linked to Long Term Incentive Plan (’LTIP’)
objectives (remuneration)
9
32.0
0.16
2,216
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
15Annual Report 2025 – Victrex plc

Stakeholder Focus areas How the Board engages Engagement outcomes in FY 2025
EMPLOYEES
•
Safety focus
•
Innovative culture
•
Sustainability embedded in our businessmodel
•
Highly motivated and talented employees
•
High retention rate and appropriatereward
•
High level of share ownership
•
Equal Opportunities, Diversity, Equity &
Inclusion (‘DE&I’) agenda
•
Company performance
•
The Board receives reports on our safety programme including the ‘Safer, Better,
Together’ campaign and monitors employee training
•
The Executive Directors attend Global staff briefings (quarterly), CEO Awards,
employee forums and join employee resource groups as appropriate
•
The CEO takes ownership of ‘Ask the CEO’ and other intranet forums and
provides feedback at Board meetings
•
Culture, talent development and succession planning are discussed at Board meetings
•
The Remuneration Committee reviews workforce policies and practices
regarding reward structures and makes recommendations to the Board
•
The Board considers the Employee ‘voice’ through the Workforce Engagement
Director and Employee Engagement Surveys, and reviews steps taken to
addressfeedback
•
The Board regularly attends Victrex’s HQ and other global sites
•
Strong safety performance since FY 2021; 77% lower RIFR rate
•
31 Professional Development Awards & 46 CEO Awards;
48employees on Victrex apprenticeships
•
Diverse and inclusive workplace, with several employee resource
groups including for Race, Ethnicity and Cultural Heritage (‘REACH’)
•
Organisational Capability Review (‘OCR’) to drive succession planning
•
Minimum Wage and National LivingWage, and employee
bonusscheme
•
Employee Engagement Survey; strong engagement score at 76% (UK)
•
Recognition of external and macro-economic factors impacting
Victrex, including below market wage growth for FY 2026
CUSTOMERS
•
Solutions-driven culture
•
Enhanced Go to Market approach (Project Vista)
•
Sustainable products supporting CO
2
reduction
&clinical benefit
•
Quality and regulatory support
•
Technical service offering
•
Collaboration across the supply chain
•
China manufacturing to support customers
•
The Board reviews and supports the business model and the strategic alignment
with ‘Must Win’ priorities
•
The Board receives reports on and monitors the Go to Market structure,
including increased regional focus and integration of digital solutions
•
The Board receives reports from the Quality and Regulatory teams which
support ourcustomers
•
The Board approves key supply and development contracts
•
The Board receives reports and presentations from the Sales teams and VMT
asappropriate
•
Key milestones for commercial delivery across our ‘Must Win’ priorities
•
Improved volume growth of 12%
•
Record annual pipeline growth of 18%/£62m (based on Mature
Annualised Revenues)
•
New digital solutions and ‘Highspot’ customer portal to showcase
Victrex’s proposition with customers
•
Performance-based pricing of our products
•
Board level engagement on key strategic programmes with
customers, e.g. ‘Magma’ and TechnipFMC
INVESTORS
•
Delivery of strategy
•
Alignment with shareholder interests
•
Capital allocation policy and understanding
ofdividend/buyback preferences
•
Improvement in earnings and returns
•
ESG agenda and long-termgoals
•
Directors’ remuneration policy
•
The Board receives updates from the Investor Relations function at each
Boardmeeting
•
The Executive Directors participate in global roadshows
•
All Directors attend the AGM, enabling shareholder access
•
The Remuneration Committee Chair consults on the remuneration policy
•
The Chair and the Executive Directors have regular dialogue with investors on
performance, strategy or other matters
•
The Audit Committee recommends and the Board approves the Annual Report and
financial statements, the half year results and the interim management statements
•
Strong investor relations programme including 190 meetings hosted
(virtualand faceto face via IR activity, roadshows or conferences)
•
Delivery of new investors in the UK, the US, Canada and Europe
•
Engagement through major investor conferences or site visits
•
Broad investor base: North American shareholding ~20%
•
Above average shareholding in ethical investment funds (ESG)
•
Improved understanding of strategy and delivery focus
SUPPLIERS
•
Security of supply
•
ESG and Scope 3 emissions
•
Global supply chain
•
Shorter lead times
•
Compliance and quality
•
Reliability and flexibility
•
Commercial performance and supplier relationships are discussed at Board meetings
•
The Board receives reports on supply chain risk management and
engagementprogrammes
•
The Board reviews and endorses the Supplier Code of Conduct
•
Business continuity planning is reviewed by the Audit Committee and reported
on to the Board
•
The CFO endorses the Company’s status as a Prompt Payment Code signatory
and reviews compliance with its principles
•
The Corporate Responsibility Committee provides oversight of modern slavery,
human trafficking and human rights in the supply chain and recommends the
Modern slavery statement to the Board
•
Further progress on dual sourcing
•
Improved performance of third-party manufacturers
•
Long-term agreements on raw materials
•
Supplier management framework
•
Robust risk management of critical suppliers
•
Engagement on decarbonisation opportunities (supporting
ourScope 3 emission goals)
COMMUNITIES
ANDENVIRONMENT
•
Sustainability programme
•
People: social responsibility
•
Planet: resource efficiency
•
Products: sustainable solutions
•
The Corporate Responsibility (‘CR’) Committee oversees strategic efforts
toaddress sustainability in the supply chain
•
The CR Committee receives reports on engagement with ESG rating agencies
•
The CR Committee reviews progress on Lifecycle Analysis and engagement with
customers and endorses Biodiversity partnerships
•
The CR Committee receives reports on STEM Ambassadors and outreach
toschools and colleges
•
The CR Committee monitors activities related to supporting our talent agenda
through local employment events and Business in the Community
•
Maintained 100% electricity from renewable sources (including
new Victrex solar generation in the UK) across all global sites
•
Positive accreditations across ESG benchmarks, e.g. MSCI
‘A’rating, FTSERussell Green Revenues Index, Apple Clean
EnergySupplierprogramme and Chemical Industries Association
‘Company of the Year’
•
Optionality for SBTi decarbonisation roadmap
•
Global volunteering including 2,216 employee hourscommitted
REGULATORS AND
GOVERNMENT
•
Safety culture
•
Employee welfare & wellbeing
•
Product quality
•
Innovation
•
Sustainability programme
•
The CR Committee and Board receive reports on engagement with industry
regulators, e.g. HSE, Environment Agency, certified bodies and trade
organisations, cross-industry collaborations, and NGOs and industry bodies
•
Further improved strong SHE performance including OSHA
recordable injuryrate at 0.16 (industry average 1.5)
•
Collaboration withacademia including for sustainable chemistry
opportunities (process of manufacturing PEEK)
•
3D printing collaborations
•
50% increase in governmental engagement in FY 2025,
particularly onenergy costs and decarbonisation agenda
STAKEHOLDER ENGAGEMENT
WHY WE ENGAGE
We place and consider the needs of all
ourstakeholders – internal and external –
high on our daily agenda, listening to and
understanding the interests and concerns
ofall our global stakeholder groups.
For example, we enable environmental
&societal benefits through our products,
helping to address performance challenges
faced by our customers. This includes
through the technical or performance
benefits of our polymers and minimising
theuse of resources in our own operations.
Stakeholder engagement is assessed every
year by the Board. This covers employees,
customers, investors, suppliers, regulators
and government, and our communities.
Forinvestors, we have a proactive annual
plan of engagement, through our financial
calendar activity, investor roadshows, Annual
General Meeting, site visits or investor
conferences. Reflecting our increasingly
diverse shareholder base (with around 20%
ofour shareholding in North America),
weactively engage with investors in
theUK,Europe, theUS and Canada.
Wecontinue to be collaborative with
allstakeholder groups, listening to
feedbackand being open tochange.
Key to strategy
Drive core business
Differentiate through innovation
Create and deliver futurevalue
Underpin through safety,
sustainabilityandcapability
Strategy and KPIs
Pages12 to 15
OUR STAKEHOLDER
LANDSCAPE
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
16 Victrex plc – Annual Report 2025

Stakeholder Focus areas How the Board engages Engagement outcomes in FY 2025
EMPLOYEES
•
Safety focus
•
Innovative culture
•
Sustainability embedded in our businessmodel
•
Highly motivated and talented employees
•
High retention rate and appropriatereward
•
High level of share ownership
•
Equal Opportunities, Diversity, Equity &
Inclusion (‘DE&I’) agenda
•
Company performance
•
The Board receives reports on our safety programme including the ‘Safer, Better,
Together’ campaign and monitors employee training
•
The Executive Directors attend Global staff briefings (quarterly), CEO Awards,
employee forums and join employee resource groups as appropriate
•
The CEO takes ownership of ‘Ask the CEO’ and other intranet forums and
provides feedback at Board meetings
•
Culture, talent development and succession planning are discussed at Board meetings
•
The Remuneration Committee reviews workforce policies and practices
regarding reward structures and makes recommendations to the Board
•
The Board considers the Employee ‘voice’ through the Workforce Engagement
Director and Employee Engagement Surveys, and reviews steps taken to
addressfeedback
•
The Board regularly attends Victrex’s HQ and other global sites
•
Strong safety performance since FY 2021; 77% lower RIFR rate
•
31 Professional Development Awards & 46 CEO Awards;
48employees on Victrex apprenticeships
•
Diverse and inclusive workplace, with several employee resource
groups including for Race, Ethnicity and Cultural Heritage (‘REACH’)
•
Organisational Capability Review (‘OCR’) to drive succession planning
•
Minimum Wage and National LivingWage, and employee
bonusscheme
•
Employee Engagement Survey; strong engagement score at 76% (UK)
•
Recognition of external and macro-economic factors impacting
Victrex, including below market wage growth for FY 2026
CUSTOMERS
•
Solutions-driven culture
•
Enhanced Go to Market approach (Project Vista)
•
Sustainable products supporting CO
2
reduction
&clinical benefit
•
Quality and regulatory support
•
Technical service offering
•
Collaboration across the supply chain
•
China manufacturing to support customers
•
The Board reviews and supports the business model and the strategic alignment
with ‘Must Win’ priorities
•
The Board receives reports on and monitors the Go to Market structure,
including increased regional focus and integration of digital solutions
•
The Board receives reports from the Quality and Regulatory teams which
support ourcustomers
•
The Board approves key supply and development contracts
•
The Board receives reports and presentations from the Sales teams and VMT
asappropriate
•
Key milestones for commercial delivery across our ‘Must Win’ priorities
•
Improved volume growth of 12%
•
Record annual pipeline growth of 18%/£62m (based on Mature
Annualised Revenues)
•
New digital solutions and ‘Highspot’ customer portal to showcase
Victrex’s proposition with customers
•
Performance-based pricing of our products
•
Board level engagement on key strategic programmes with
customers, e.g. ‘Magma’ and TechnipFMC
INVESTORS
•
Delivery of strategy
•
Alignment with shareholder interests
•
Capital allocation policy and understanding
ofdividend/buyback preferences
•
Improvement in earnings and returns
•
ESG agenda and long-termgoals
•
Directors’ remuneration policy
•
The Board receives updates from the Investor Relations function at each
Boardmeeting
•
The Executive Directors participate in global roadshows
•
All Directors attend the AGM, enabling shareholder access
•
The Remuneration Committee Chair consults on the remuneration policy
•
The Chair and the Executive Directors have regular dialogue with investors on
performance, strategy or other matters
•
The Audit Committee recommends and the Board approves the Annual Report and
financial statements, the half year results and the interim management statements
•
Strong investor relations programme including 190 meetings hosted
(virtualand faceto face via IR activity, roadshows or conferences)
•
Delivery of new investors in the UK, the US, Canada and Europe
•
Engagement through major investor conferences or site visits
•
Broad investor base: North American shareholding ~20%
•
Above average shareholding in ethical investment funds (ESG)
•
Improved understanding of strategy and delivery focus
SUPPLIERS
•
Security of supply
•
ESG and Scope 3 emissions
•
Global supply chain
•
Shorter lead times
•
Compliance and quality
•
Reliability and flexibility
•
Commercial performance and supplier relationships are discussed at Board meetings
•
The Board receives reports on supply chain risk management and
engagementprogrammes
•
The Board reviews and endorses the Supplier Code of Conduct
•
Business continuity planning is reviewed by the Audit Committee and reported
on to the Board
•
The CFO endorses the Company’s status as a Prompt Payment Code signatory
and reviews compliance with its principles
•
The Corporate Responsibility Committee provides oversight of modern slavery,
human trafficking and human rights in the supply chain and recommends the
Modern slavery statement to the Board
•
Further progress on dual sourcing
•
Improved performance of third-party manufacturers
•
Long-term agreements on raw materials
•
Supplier management framework
•
Robust risk management of critical suppliers
•
Engagement on decarbonisation opportunities (supporting
ourScope 3 emission goals)
COMMUNITIES
ANDENVIRONMENT
•
Sustainability programme
•
People: social responsibility
•
Planet: resource efficiency
•
Products: sustainable solutions
•
The Corporate Responsibility (‘CR’) Committee oversees strategic efforts
toaddress sustainability in the supply chain
•
The CR Committee receives reports on engagement with ESG rating agencies
•
The CR Committee reviews progress on Lifecycle Analysis and engagement with
customers and endorses Biodiversity partnerships
•
The CR Committee receives reports on STEM Ambassadors and outreach
toschools and colleges
•
The CR Committee monitors activities related to supporting our talent agenda
through local employment events and Business in the Community
•
Maintained 100% electricity from renewable sources (including
new Victrex solar generation in the UK) across all global sites
•
Positive accreditations across ESG benchmarks, e.g. MSCI
‘A’rating, FTSERussell Green Revenues Index, Apple Clean
EnergySupplierprogramme and Chemical Industries Association
‘Company of the Year’
•
Optionality for SBTi decarbonisation roadmap
•
Global volunteering including 2,216 employee hourscommitted
REGULATORS AND
GOVERNMENT
•
Safety culture
•
Employee welfare & wellbeing
•
Product quality
•
Innovation
•
Sustainability programme
•
The CR Committee and Board receive reports on engagement with industry
regulators, e.g. HSE, Environment Agency, certified bodies and trade
organisations, cross-industry collaborations, and NGOs and industry bodies
•
Further improved strong SHE performance including OSHA
recordable injuryrate at 0.16 (industry average 1.5)
•
Collaboration withacademia including for sustainable chemistry
opportunities (process of manufacturing PEEK)
•
3D printing collaborations
•
50% increase in governmental engagement in FY 2025,
particularly onenergy costs and decarbonisation agenda
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
17Annual Report 2025 – Victrex plc

STAKEHOLDER ENGAGEMENT CONTINUED
During the year ended 30 September 2025, the Board of Victrex plc believes, as individuals and collectively, it has considered stakeholder
interests in its decision making, while ensuring the long-term success of the Company is promoted in pursuit of our strategic aims.
Our section 172 statement is set out on the following pages, and should be read in conjunction with our stakeholder engagement
statement on pages 16 and 17. It describes how the Directors have had regard to stakeholders’ interests when discharging their duties
under section 172 and includes examples of key decisions taken during the year. Where appropriate, Board papers include a stakeholder
assessment to support the Board in its duties. The Victrex governance framework from page 75 describes the Board level governance
andhow the Board delegates its authority. A summary of stakeholder groups considered as part of the Board’s activities is provided on
pages78and 79 of the Corporate governance report.
Alongside the key decisions summarised in this statement, the below table outlines other areas of this report which detail how the Directors
have had regard to the section 172 factors. Engagement with investors is described on pages 16, 17 and 98.
A
The likely consequences of any decision in the long term
The Board has an established programme of business and
setsstrategy with a view to long-term success and to deliver
our purpose.
•
Our purpose, page 3
•
Our business model, pages 8 and 9
•
Our strategy and strategic progress, pages 1–67
•
Board outcomes, pages 16–19
B
The interests of the company’s employees
Our people are essential to delivering performance and growth.
We invest time and resources in employee engagement,
training and development. Our Workforce Engagement NED
gathers the views of the workforce on behalf of the Board.
When making key decisions, the Board considers employee
views gathered through engagement mechanisms.
•
Business model, pages 8 and 9
•
Stakeholder engagement, pages 16 and 17
•
People and culture, pages 52–54 and 77
•
Health and safety, page 63
•
Employee engagement, pages 16 and 17 and 52–54
•
Workforce NED report, page 81
•
Directors’ remuneration report, pages 95–116
•
Whistleblowing, page 65
C
The need to foster the company’s business relationships
with suppliers, customers and others
Our relationships with customers, suppliers, governments,
regulators and partners are core to our strategy and business
model and building a sustainable business. The Board receives
updates on engagement across the Group at meetings,
including customer ‘on time in full’ metrics and the fair
treatment and payment of suppliers and reviews the Modern
slavery and human trafficking statement annually.
•
Markets, pages 26 and 27
•
Business model, pages 8 and 9
•
Stakeholder engagement, pages 16 and 17
•
Strategic progress, pages 1–67
•
Modern slavery, page 65
•
Payment practices reporting, page 118
D
The impact of the company’s operations on the
community and the environment
Our sites are positive contributors to their local communities
as employers and also through apprenticeships, STEM
activities in schools and colleges, and community activities.
•
Business model, pages 8 and 9
•
Stakeholder engagement, pages 16 and 17
•
Strategic progress, pages 1–67
•
Sustainability report, pages 38–67
•
TCFD, pages 42–49
E
The desirability of the company maintaining
areputation for high standards of business
Our sustainability initiatives are consistent with building our
standing as a good corporate citizen. The Board demands high
standards of conduct and expects management to be mindful
of how and with whom business is conducted. The Group will
decline to do business with third parties that display poor
business conduct or do not pass applicable onboarding checks.
•
Business model, pages 8 and 9
•
Health and safety, page 63
•
TCFD, pages 42–49
•
Non-financial and sustainability information statement,
pages 66 and 67
•
Risk management, pages 28–34
•
Audit Committee report, pages 86–92
•
Whistleblowing, page 65
•
Modern slavery, pages 65
F
The need to act fairly between members of
thecompany
It’s not always possible to provide positive outcomes for all
stakeholders and the Board sometimes has to make decisions
based on balancing the competing priorities of stakeholders.
•
Business model, pages 8 and 9
•
Stakeholder engagement, pages 16 and 17
•
Strategic progress, pages 1–67
•
Board outcomes, pages 16–19
•
Directors’ remuneration report, pages 95–116
HOW WE ENGAGE
WITHOUR STAKEHOLDERS
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
18 Victrex plc – Annual Report 2025

DELIVERING FOR OUR STAKEHOLDERS
CEO SUCCESSION – FOCUS ON
STRATEGYEXECUTION
With the retirement of Jakob Sigurdsson as CEO after eight
years in the role, the Board considered all of our stakeholders,
particularly during the planning and transition phase.
A defining point for the recruitment of a new CEO was how
Victrex can focus harder on strategy execution and delivery,
whether it be addressing increased competition, how we
serveour customers or how we can further differentiate
byprogressing our mega-programmes or ensuring that we
improve our operational effectiveness and reduce our cost
toserve customers.
As a consequence, delivery and execution of strategy were
keyrequirements, as well as balancing the consideration of
experience as a listed company CEO, a track record of delivery
for a global customer base, and being able to drive an
innovative culture for employees.
Board consideration for stakeholders aligned to section 172 included:
Stakeholder Section 172 factor considerations
Customers The Board’s focus on a CEO with experience
in our end markets and the ability to enhance
our Go to Market approach and customer
experience to ensure weretain our position
as a global leader.
Investors Experience in delivering an improved
financial performance for investors on a
global basis, supporting how we can break out
of what has been and remains a challenging
period for global chemicalcompanies.
Employees Driving a high performance culture as well
as reducing our cost to serve and ensuring our
cost base is appropriate in an increasingly
competitive environment.
The outcome and impact on the long-term sustainable
success of Victrex: James joins Victrex with effect from
1January2026. This appointment reflects the Board’s
commitment toaligning leadership capability with stakeholder
priorities andensuring Victrex is well positioned to enhance
strategy execution, deliver sustainable growth and improve
operational excellence in an increasingly competitive landscape.
Link to section 172
A B C F
NEW CHINA FACILITY – IMPROVING
OPERATIONALPERFORMANCE
With the start-up of our new manufacturing facility in Panjin,
(China) in the second half of 2024, we were able to further
differentiate our business. Our Victrex Panjin facility will
further support regional growth opportunities in China
(‘Chinafor China’) with a type 2 manufacturing process
forVictrex ‘Elementary’ PEEK.
This is a strategic asset for Victrex in enabling further growth
opportunities in the region, whilst addressing competitive
challenges there. Initial operational issues during start-up
meant engagement with stakeholders has been required to
improve operational performance and commercial delivery.
This was largely achieved by the end of FY 2025, with steady
ramp-up anticipated in FY 2026.
The Board visited China in October 2024. The Board consideration
for stakeholders aligned to section 172 included:
Stakeholder Section 172 factor considerations
Employees How we could utilise our China and UK-based
engineering teams to resolve initial
operational challenges, with good progress
being made by the financial year end. Safety
performance in a new geography and a new
asset also remains our highest priority.
Customers The clear need to deliver for our customers
based on initial orders during FY 2025 and
ensure a smooth customer experience. Several
Western-based customers established facilities
in China to drive growth underpinned by
Victrex materials, with customer deliveries
being fulfilled through the financial year.
Suppliers Initial operational issues meant the
requirement to keep our suppliers informed
during start-up and operational ramp-up.
Thishelped support a smooth transition
inthefirst full year of operation.
The outcome and impact on the long-term sustainable
success of Victrex: the collaborative efforts of the UK and
China-based teams led to improved performance by the year
end, ensuring we can supply customers in full. This supports
customer trust and satisfaction as we further build out our
China growth opportunities.
Link to section 172
A B C D E
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
19Annual Report 2025 – Victrex plc

FINANCIAL REVIEW
STRONG VOLUMES,
WEAKER PBT
OPERATING REVIEW
STRONG VOLUMES, DRIVEN BY
SUSTAINABLE SOLUTIONS
Group sales volume of 4,164 tonnes was up
12% on the prior year (FY 2024: 3,731 tonnes),
driven by Sustainable Solutions and in
particular the end markets of Value Added
Resellers (‘VARs’) and Energy & Industrial.
REVENUE UP 1%, REFLECTING
SALES MIX, WEAKER MEDICAL
SPINE AND CURRENCY
FY 2025 Group revenue was up 1% at
£292.7m (FY 2024: £291.0m) and up 3%
inconstant currency. Performance reflects
that whilst sales volume was strong, revenue
growth lagged volume growth due to
improved performance being concentrated
in VARs and Energy & Industrial end markets,
as well as revenues being much softer in
Medical Spine.
SOLID Q4 PERFORMANCE
MOMENTUM
Sales volume momentum continued in Q4,
with sales volume up 7% (Q4 volumes of
1,089 tonnes vs Q4 2024: 1,015 tonnes),
and Group revenue slightly down at £75.5m
(Q4 2024: £77.7m), reflecting a continuation
of sales mix and Medical Spine weakness.
ASP OF £70/KG, DRIVEN BY SALES
MIX AND CURRENCY; ROBUST
LFLPRICING
Our average selling price (‘ASP’) of £70.3/kg
was in line with our most recent guidance
and down 10% on the prior year (down 7%
in constant currency) primarily due to the
impact of sales mix, weaker Medical Spine
and currency moving adversely during the
year. Approximately 80% of the year on
year movement was due to sales mix and
currency. Like for like (‘LFL’) pricing was
robust across key end markets outside of
VARs and Energy & Industrial, with more
competitive pressure in VARs.
In cases where price has reduced, this has
reflected the opportunity to regain business
(for example in Energy & Industrial) or has
been in response to competitive activity,
including from less established Asian
manufacturers. The advantages and
differentiation of using Victrex products
alongside our technical service and
application development capabilities
(‘delivering solutions, not just products’)
remain strong.
FY 2025 WAS A
CHALLENGING YEAR
FORVICTREX.
WHILST WE DELIVERED
STRONG SALES VOLUMES,
STRONG CASH CONVERSION
AND RESULTS WERE IN‑LINE
WITH OUR MOST RECENT
GUIDANCE, SALES MIX,
CURRENCY AND CHINA
START‑UP COSTS LED TO
AWEAKER PROFIT BEFORE
TAX (PBT) PERFORMANCE.
Ian Melling
CFO
Volume (t) Revenue (£m)
FY 2025 FY 2024 Growth FY 2025 FY 2024 Growth
Transport (Aero & Auto) 1,012 1,022 -1%
Electronics 464 454 +2%
Energy & Industrial 705 604 +17%
VARs 1,797 1,488 +21%
Sustainable Solutions 3,978 3,568 +11% 233.9 229.1 +2%
Medical 186 163 +14% 58.8 61.9 -5%
Total Group 4,164 3,731 +12% 292.7 291.0 +1%
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20 Victrex plc – Annual Report 2025

SELF‑HELP: GO TO MARKET
ANDINITIAL BENEFITS FROM
PROJECT VISTA
FY 2025 saw some initial benefits of our
‘self-help’ and improvement actions under
Project Vista. These included how we Go to
Market and serve our customers, and through
digital tools. This supported volume growth
and a record sales pipeline build in FY 2025
of £62m, or an 18% increase, with Mature
Annualised Revenues (‘MAR’) at £414m
(FY2024: £352m). Mature Annualised
Revenues rely on all sales targets being
converted, with typical conversion rates
being lower than the full value of the sales
pipeline. We also benefited from £2m
ofannualised procurement savings.
SUSTAINABLE PRODUCT REVENUES
Victrex has strong alignment to megatrends
like CO
2
reduction, energy efficiency
andclinical innovation, supporting the
commercial use of VICTREX™ PEEK and
enabling environmental and societal benefit
for our customers. End market alignment
tothese megatrends includes Aerospace,
Automotive and Medical, with some
applications in Electronics and Energy
&Industrial included in our measure of
sustainable product revenues
2
. In FY 2025,
53% of our revenues were based on
sustainable products (FY 2024 (restated): 56%),
with weaker Medical and stronger VARs
offsetting the year on year comparative.
‘MAGMA’ KEY MILESTONE
SUPPORTS COMMERCIAL
ROADMAP
In our ‘Magma’ programme, which supports
a composite pipe solution for existing and
future oil and gas fields based on VICTREX
TM
PEEK, the technological contract order –
from Petrobras to TechnipFMC – was
announced in May 2025. The final elements
of qualification work are being completed
during FY 2026, providing improved visibility
on the ramp-up requirements from our
customer, TechnipFMC, and likely timing
forrevenues to step-up.
MEGA‑PROGRAMME REVENUES
IMPACTED BY E‑MOBILITY AND
TRAUMA ADOPTION
Despite a key milestone and increased
revenue for our Magma programme, and
technical milestones in Aerospace Composites
and Knee, FY 2025 mega-programme
revenues totalled £9.1m, lower than the prior
year (FY 2024: £10.2m). Lower revenues in
E-mobility for 800-volt platforms and a slower
ramp-up in Trauma, due to regulatory timing,
impacted progress.
As part of our Profit Improvement Plan,
weare assessing the shape of our product
portfolio, which may consider prioritising
where we invest in our mega-programmes
(mega-programmes are defined as offering
peak year revenues above £50m).
FY 2025 key milestones in our
mega-programme portfolio included:
•
Aerospace Composites:
•
Business wins in Advanced Air
Mobility (‘AAM’) to support short
tomedium-term growth, as AAM
applications focus on lightweight
anddurable materials.
•
E-mobility:
•
Lower revenues but additional
platforms to support 800 volt electric
vehicles (‘EVs’).
•
Magma:
•
Anticipated volumes starting to scale
up from FY 2026 onwards, subject to
the final commercial roadmap
between TechnipFMC and Petrobras.
•
Trauma Plates:
•
Regulatory submission for six new
plates in China, launching in FY 2026.
•
PEEK Knee:
•
First patient implants in US clinical trial,
with 85 patients implanted globally,
including 20 in the US.
•
Regulatory process ongoing in India,
with regulatory submission pathways
being prepared for other geographies.
PEEK‑BASED
‘MAGMA’ M‑PIPE
®
Hybrid Flexible Pipe (‘HFP’) is a
Thermoplastic Composite Pipe based
on VICTREX™ PEEK
In May 2025, TechnipFMC announced
thatithad secured a technological order
contract from Petrobras SA (Brazil). This order
supports the pathway towards qualification
and a potentially significant multi-year
opportunity for Victrex’s ‘Magma’ mega-
programme, which is based on VICTREX
TM
PEEK polymer, Victrex composite tape and
Victrex pipe extrusion know-how. The
Hybrid Flexible Pipe offers a sustainable
and durable alternative for the industry.
Approximately 50% lighter than steel in
water, HFP seeks to address the stress
corrosion cracking issues of metal based
pipes in deepwater fields within Brazil.
50%
lighter than steel in water
Visit victrex.com/en/
magma-m-pipe
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21Annual Report 2025 – Victrex plc

OUR UPDATED CAPITAL ALLOCATION POLICY:
MAINTAIN BALANCE SHEET STRENGTH
FINANCIAL REVIEW CONTINUED
OPERATING REVIEW
CONTINUED
INNOVATION INVESTMENT
Research & Development investment totalled
6% of revenues this year, at £18.8m (FY 2024:
6% or £17.5m). The focus of incremental
growth and innovation investment in
thenear term remains in our Medical
Acceleration programme. We also saw
increasing use of digital tools and digital
modelling to support customers this year,
including R&D.
GOING FURTHER IN FY 2026:
PROFIT IMPROVEMENT PLAN
Our Profit Improvement Plan will lead to
amore agile and delivery focused growth
business. Full year benefits will be realised
inFY 2027, with initial benefits in H2 2026.
Weare targeting annualised cost savings
ofat least £10m, with a cost to deliver
(exceptional items) of approximately £10m
incurred in FY2026. Our initial focus will be
on cost ofmanufacture and cost efficiency
actions, as well as simplifying our portfolio.
We will implement these actions during FY
2026, led by our incoming Chief Executive,
JamesRouth.
DIVISIONAL PERFORMANCE
Full year revenue in Sustainable Solutions
was up 2% at £233.9m (FY 2024 (restated in
note 2): £229.1m), driven by VARs (volumes
up 21%) and Energy & Industrial (volumes
up 17%), resulting in a softer sales mix.
Revenue in constant currency was up5%.
The initial benefits of Project Vista and
ourGo to Market approach supported
performance in FY 2025, including regaining
business and using digital solutions to
support customers and increase our key
account management capabilities.
The impact of increased price competition
was felt primarily within VARs and Energy
&Industrial, despite strong volumes.
Gross margin was slightly higher at 37.8%
(FY 2024 (restated): 37.1%) with the benefit
of improved volumes through our UK plants
and lower raw material costs partially offset
by annualised costs for our new China
facility, sales mix and currency.
Geographically, North America showed
volume growth vs the prior year, driven by
abetter performance in Energy & Industrial
and VARs. Europe also saw improvement
through VARs, with Asia-Pacific also ahead,
supported by Electronics. Asia-Pacific, and
China specifically, remains our fastest growing
region over recent years. North America was
up 26% at 769 tonnes (FY 2024: 612 tonnes);
Europe was up 8% at 2,224 tonnes (FY 2024:
2,062 tonnes) and Asia-Pacific was up 11%
at 1,171 tonnes (FY 2024: 1,057 tonnes).
In Medical, we saw a mixed picture, with
Non-Spine revenues up 7% and Spine
revenues down 28%. Within Non-Spine,
Non Implantable revenues (which comprise
less than one-third of Non-Spine, or less
than 20% of total Medical revenues) were
up 12%. Overall Medical revenue was down
5% at £58.8m (FY 2024 (restated): £61.9m).
Our Non-Spine business grew strongly
across a range of applications with particular
highlights in cranio-maxillofacial (‘CMF’)
surgery, cardio devices and other medical
applications in a broad range of geographies.
Destocking appears to be over in
thesesegments.
In Spine we continued to be impacted
bythe trends away from PEEK towards
expandable and porous titanium cages,
primarily in the US market. In China there
was an impact from volume-based pricing
(‘VBP’) which caused price reductions and
market share shifts amongst medical device
companies, including the withdrawal of
some of our Western customers from that
market. These impacts will not necessarily
recur annually, although these share shifts
have resulted in a lower price point going
forward.
We continue to see a healthy growth rate
inclinical procedures, which underpins our
mid-term opportunities. Medical is now a
much more diverse business than historically,
with increasing penetration in Cardio,
Orthopaedics and Drug Delivery. Revenues
inMedical were 26% Spine and 74%
Non-Spine (FY 2024 (restated): 34% Spine
and 66% Non-Spine).
Average selling price in Medical reflects a wide
divergence of applications, from Non-Spine
(which also includes Non-Implantable, at the
lower end of the pricing spectrum) and Spine.
Spine and various Non-Spine applications,
including Cardio applications, are significantly
higher than divisional ASP.
Gross profit was £44.1m (FY 2024 (restated):
£49.4m) and gross margin was lower at 75.0%
(FY 2024 (restated): 79.8%), which reflects
the impact of sales mix (more Non-Spine vs
Spine) and currency. Geographically, revenues
in the US and Europe were 8% and 6%
lower respectively, with Asia revenues
up1%.
Capex
• Capex at low end of
c.8–10% of sales
• No capacity spend in
current 5 year plan
TARGET TO MAINTAIN NET DEBT/EBITDA IN 0.5x - 1.0x RANGE
•
EXCESS CASH RETURNS CONSIDERED (VIA SHARE BUYBACKS OR
SPECIAL DIVIDENDS) WHEN NET DEBT/EBITDA MOVES
SUSTAINABLY <0.5x
Investment
• Growth investment
orcapability: e.g.
MedicalAcceleration
Regular dividends
• Dividends maintained at
current levels provided
net debt/EBITDA
doesnot exceed the
0.5x-1.0x range
Share buybacks
• Incremental returns if no
investment requirements
• Optionality for modest
buybacks when ND/
EBITDA moves <0.5x
Special dividends
• Incremental returns if no
investment requirements
EXCESS CASH
RETURN OPTIONS
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22 Victrex plc – Annual Report 2025

FINANCIAL REVIEW
GROSS PROFIT SLIGHTLY LOWER
ON CHINA PLANT START‑UP COSTS
AND CURRENCY HEADWIND
Gross profit was down 1% at £132.6m
(FY2024: £134.3m), driven by currency, the
softer ASP and the annualised costs from
our new China manufacturing facility
(including annualised depreciation costs),
alongside wage inflation. Gross profit was up
5% in constant currency. With production
volumes of PEEK approximately 30% higher
in FY 2025 following a period of destocking
in FY 2024, we saw a positive impact from
higher asset utilisation, alongside the benefit
of lower raw material prices. This represented
a total tailwind in FY 2025 of approximately
£10.7m. In FY 2026, with some further
inventory unwind, production is likely to be
broadly similar to FY 2025. We also have an
opportunity to realise further raw material
savings, building on an improved focus on
procurement, with a £2m saving in this
areaduring FY 2025.
GROSS MARGIN OF 45.3%,
REFLECTING SALES MIX,
CURRENCY AND CHINA
PLANTCOSTS
Full year Group gross margin of 45.3%
wasin line with our most recent guidance,
90 basis points (‘bps’) lower than last year
(FY 2024: 46.2%), driven by a softer ASP
within Sustainable Solutions (more VARs and
Energy & Industrial) and the annualised costs
(£4m adverse year on year impact vs FY 2024
and £8m full year operating loss for FY 2025)
from our China manufacturing facility,
alongside currency. Excluding the impact of
the China plant start-up, gross margin was
47.7% (FY 2024: 47.0%).
For FY 2026, with sales mix expected to
besimilar and production levels relatively
unchanged compared to FY 2025, based
oncurrent assumptions, we anticipate gross
margin will be similar. Any upside will be
driven by Continuous Improvement (‘CI’)
programmes and raw material savings. Whilst
our China facility is expected to see increased
volumes, it will remain loss making and cash
negative in the current year. Improvement
inour China facility during FY 2026 would
support a limited benefit to gross margin
improvement, as the facility continues to
build towards break-even volumes.
Victrex has seen the fastest growth coming
from China over recent years, with the new
Panjin plant helping to further bolster our
existing presence in the region and support
additional medium term growth.
PROGRESS IN NEW CHINA
MANUFACTURING FACILITIES
We were able to deliver in line with
customer demand by the end of the year,
with approximately 50 tonnes being
produced. Our taskforce, involving
manufacturing, engineering and
commercialteams, helped us to deliver
initial improvement in manufacturing,
withactive management of the facility
supporting an expected gradual increase
involumes during FY 2026. This production
facility helps to broaden our portfolio of
PEEK grades, with a new ‘Elementary’
type2 PEEK polymer grade tailored to
thelocal market.
Separately from our new manufacturing
facility, in our existing and long standing
commercial business within China, overall
demand, within our target end markets,
remains positive and it continues to be our
fastest growing region.
GAINS & LOSSES ON FOREIGN
CURRENCY NET HEDGING
Fair value gains and losses on foreign
currency contracts in FY 2025 were a gain
of£3.7m (FY 2024: gain of £5.2m), arising
from contracts where the deal rate obtained
in advance was favourable to the average
exchange rate prevailing at the date of the
related hedged transactions. We continue
tohedge the net currency exposure, which
reflects the diversity of our customer and
cost base across regions.
Our hedging policy is kept under review, for
the duration of hedging, level of cover and
currencies covered. It requires that at least
80% of our US Dollar and Euro forecast cash
flow exposure is hedged for the first six
months, then at least 75% for the second
six months of any rolling twelve-month
period. As at the date of this report,
ourlevel of cover for FY 2026 was
approximately80%.
FURTHER ADVERSE IMPACT FROM
CURRENCY IN FY 2026
Based on spot rates and currency contracts
in place at the date of this report, currency
represents a £2m–£3m headwind to underlying
PBT in FY 2026, which will be weighted to
the first half. This reflects the strengthening
of Sterling, particularly against the US Dollar
and some Asian currencies.
UNDERLYING OPERATING
OVERHEADS
1
SLIGHTLY AHEAD
EXCLUDING WAGE INFLATION &
PARTIAL EMPLOYEE REWARD
Total underlying operating overheads
1
,
which exclude exceptional items of £8.6m,
increased by 14% to £84.2m (FY 2024:
£74.0m). The majority of this increase
related to employee related expenditure,
primarily £3.7m of non-cash share incentives
to support retention. The remainder included
wage inflation, the UK government imposed
employer national insurance (‘NI’) increase,
and partial bonus awards to employees
following three years of low to no payout
under existing employee reward schemes.
Partial bonus payments reflected metrics
achieved on operating cash conversion and
some strategic objectives, with no awards
made under the main profit-based metric
(profit is 60% weighting for the all
employee annual bonus).
The increase in share-based charges reflects
firstly, the absence of charges in the prior
year, due to the reversal of accruals from
prior years for share plans failing to vest (for
all employees, including Executive Directors).
Secondly, the share incentive structure for
employees has changed, as previously
communicated, thereby supporting
retention. Share incentive schemes for
Executive Directors are unchanged.
For Executive Directors and Victrex
Management Team (‘VMT’) members,
theRemuneration Committee used its
discretion to conclude that partial bonuses
for FY 2025should be further reduced,
noting the shareholder experience during
the year.
Underlying operating overheads, when
excluding the effects of wage inflation,
theemployer NI increase, Executive
recruitment fees and partial employee
reward, were up 2%. Tight cost control
prevails, including on recruitment, travel and
reductions in discretionary spend.
Innovation spend was primarily supporting
our Medical Acceleration programme.
In line with our Profit Improvement Plan,
additional actions to improve efficiencies
and reduce our cost base and cost to serve
will be the focus for the year ahead.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
23Annual Report 2025 – Victrex plc

FINANCIAL REVIEW CONTINUED
FINANCIAL REVIEW
CONTINUED
NET INTEREST EXPENSE
Net interest expense increased to £2.0m
inFY 2025 (FY 2024: net interest expense of
£1.2m) and we expect a similar level through
FY 2026. The increase is driven by the
annualised impact of our China loan used to
fund the investment in manufacturing assets
which started to be expensed (rather than
capitalised) from H2 2024.
UNDERLYING PBT
Underlying PBT of £46.4m was down 21%
(FY 2024: £59.1m). In constant currency,
underlying PBT was down 10%.
Despite strong volumes, a significantly
adverse sales mix (across both divisions) and
some price pressure in VARs resulted in a
weaker drop through to PBT. Whilst the
Group saw improved asset utilisation across
our asset base, costs from our new China
facility recorded an £8m loss. The currency
headwind was £8.0m.
LOWER EXCEPTIONAL ITEMS
FY 2025 saw the final costs of implementing
our ERP system, and associated business
improvements, including the Project Vista
programme. Our ERP system – Microsoft D365
– is helping to drive a stronger customer
facing platform, including digital tools for
sales and our Research & Development
(‘R&D’) teams. We have also recognised a
£4.0m loss from our equity investment in
Surface Generation, which included the
non-cash reduction in the fair value of our
investment to £nil and the write off of
associated receivables.
Taking into account one-off costs associated
with our new Profit Improvement Plan,
weanticipate exceptional items will be
approximately £10m for FY 2026.
REPORTED PBT UP 44%
Reported PBT increased by 44% to £33.8m
(FY 2024: £23.4m) as we saw a much lower
value of exceptional items compared to the
prior year. FY 2025 reflected exceptional
items of £12.6m in total (FY 2024: £35.7m),
mainly comprising ERP system costs, with our
Microsoft D365 system being successfully
implemented, and associated costs from
Project Vista.
EARNINGS PER SHARE UP 62%
Basic earnings per share (‘EPS’) of 32.0p was
up 62% on the prior year (FY 2024: 19.8p),
reflecting the improvement in reported PBT,
including the effect of exceptional items
being lower. Underlying EPS was down 15%
at 43.9p (FY 2024: 51.7p).
TAXATION
In FY 2025 the effective tax rate was 26.3%
(FY 2024: 32.5%) and tax paid was £4.4m
(FY2024: £4.3m). The year on year reduction
was driven by a higher proportion of current
year exceptional items being tax deductible.
The underlying effective rate was 23.9%
(FY2024: 22.2%) with the increase
attributedto the higher losses in China
whereno deferred tax asset is recognised.
Our mid-term guidance for the effective
taxrate is marginally higher than previously
communicated at 15%–19% (previously
14%–18%), due to an increase in the forecast
proportion of profits arising outside the UK,
therefore not benefiting from the UK Patent
Box regime. In FY 2026 the effective rate
islikely to again exceed the top end of the
range, with no asset recognised for carried
forward losses in China and the proportion
ofUK profits available for Patent Box being
the key drivers.
BALANCE SHEET
Retaining a strong balance sheet to support
our global customers – and reflecting the
nature of our long-term programmes – remains
key. Net assets at 30 September 2025
totalled £431.2m (FY 2024: £461.6m).
ROIC
1
Return on invested capital (‘ROIC’) is one
ofour strategic KPIs. Our ROIC in FY 2025
was 9% (FY 2024: 10%). This declined due
to the reduction in underlying profits which
was partially mitigated by a reduction in
average invested capital driven by asset
impairments in both the current and
prioryear.
INVENTORY UNWIND
Following our UK Asset Improvement
programme in FY 2023, we commenced
inventory unwind during FY 2024. In FY2025,
we saw further progress, resulting in closing
inventory reaching £109.7m (FY 2024:
£115.1m). Our goal of approximately £100m
is higher than historical levels, but reflects
the broader business, asset and geographic
portfolio. This includes an increased range
of polymer grades and product forms
tosupport a wider customer base. For
FY2026, we expect to see some additional
progress on inventory unwind, with broadly
similar production levels from UK assets.
LOWER CAPITAL EXPENDITURE
Our asset portfolio is well invested and
underpins our core business and future growth
programmes. Cash capital expenditure reduced
to £21.8m (FY 2024: £32.6m), below the
lower end of our 8–10% of Group revenues
guidance. Our largest investment in the year
was in an essential safety and regulatory project
at our monomer plant in Rotherham, UK.
Mid-term capital expenditure guidance is
unchanged (8–10% of revenues) but is likely
to remain below these levels in the short
term, with production capacity already in
place to support our five-year strategic plan.
Following a review of options to phase
investment in support of decarbonisation,
any major step-up in related capital
expenditure would be phased in FY 2028
and beyond, whilst noting our interim
science-based targets (‘SBTi’) in 2032. This
will only commence subject to available
technology and visibility towards a
decarbonised grid in the UK, as well
asaffordability.
STRONG OPERATING CASH
CONVERSION
1
OF 121%
Cash generated from operations was
down14% at £75.9m (FY 2024: £88.7m)
reflecting the lower operating profit and the
significant benefit of inventory unwind in
the prior year. Underlying operating cash
conversion
1
improved to 121% (FY 2024:
114%) driven by lower capital expenditure.
In June 2025 we paid the 2025 interim
dividend of 13.42p/share at a value of
£11.7m. Net debt at 30 September 2025
was £24.8m (FY 2024: £21.1m), including
cash of £24.2m (FY 2024: £29.3m).
The Group has continued to utilise the UK
revolving credit facility (‘RCF’) to support
payment of the final dividend in FY 2025
and FY 2024 before being fully repaid by
30September in each year. Borrowings,
including lease liabilities, at 30 September 2025
were £49.0m (FY 2024: £50.4m).
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
24 Victrex plc – Annual Report 2025

UPDATED CAPITAL ALLOCATION
POLICY
Alongside our Profit Improvement Plan and
incremental actions to drive performance
improvement, we are maintaining the
strength of our balance sheet, which is a key
consideration for customers and investors.
Reflecting all stakeholder interests, we will
target maintaining net debt/EBITDA
1
in a
range of 0.5x–1.0x.
Dividends will be maintained vs FY 2024,
with the Group securing additional term debt
to reduce reliance on the RCF. The FY 2025
proposed final dividend is 46.14p (FY 2024:
46.14p). We will maintain dividends at these
levels provided the net debt/EBITDA
1
target
range of 0.5x-1.0x is not exceeded. This
ensures that the balance sheet strength, for
which Victrex is well known, is maintained.
Additional returns of cash, via share
buybacks, or special dividends, will be
considered when net debt levels fall
sustainably below the low end of this range.
Ian Melling
CFO
2 December 2025
RECOGNITION IN A CHALLENGING
ENVIRONMENT
In a challenging environment, our culture of
innovation remains strong. With the Chemical
industry seeing continuing challenges during
FY 2025, we were pleased to be recognised
as Company of the Year by the Chemical
Industries Association.
1 Alternative performance measures are defined
in note 26.
2 Sustainable revenues as a % of total revenues
is another internal metric calculated as the %
of revenue earned from sustainable products,
which are defined as those which offer a
quantifiable environmental or societal benefit.
These are primarily in Automotive and
Aerospace (supporting CO
2
reduction) but also
in Energy and Industrial and Electronics (e.g.
wind energy applications, or those which
support energy efficiency) and Medical (both
implantable and non-implantable), supporting
better patient outcomes.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
25Annual Report 2025 – Victrex plc

DIVISIONAL & END MARKET SUMMARY
SUSTAINABLE SOLUTIONS
STRONG VOLUMES, SOFTER SALES MIX
SUSTAINABLE SOLUTIONS
REVENUE
£233.9m
+2% vs FY 2024*
SUSTAINABLE SOLUTIONS
GROSS PROFIT
£88.5m
+4% vs FY 2024*
and supply chain challenges with specific
customers in Aerospace vs strong growth
inFY 2024, alongside new business in
Chinahaving a slower ramp up. We remain
optimistic for Aerospace in FY 2026, with
new business wins and an expected
ramp-up in China, with Victrex having
material specified on platforms where build
rates are increasing, including COMAC’s
C919 aircraft, which forecasts build rates
increasing over the coming years. During
FY2025, we also secured a key business
winin Advanced Air Mobility (‘AAM’),
wherelighter materials and strength are
keyrequirements. In Automotive, industry
forecasts (S&P Global) suggest car production
in 2025 of approximately 1% growth versus
2024, or 89.3 million cars built. We saw
aslightly improved performance in
Automotive duringH2 2025.
VALUE ADDED RESELLERS (‘VARS’)
Our VARs end market sees VICTREX™ PEEK
processed into stock shapes or compounds,
for onward sale into multiple supply chains.
VARs, who are amongst our largest
customers, are integral to our route to
market andinnovation partnerships with
major customers, helping us to grow the
market for VICTREX™ PEEK. It is our lowest
cost toserve area, with limited R&D and a
low-touch business model to support
long-term customers. VARs sales
volumewas up 21% to 1,797tonnes
(FY2024: 1,488 tonnes).
12 months 12 months
ended ended %
30 Sept 30 Sept % change
2025 20 24 * change (constant
£m £m (reported) currency)
Revenue 233.9 229.1 2% 5%
Gross profit 88.5 84.9 4% 13%
* Restated to reflect non-implantable medical reclassification from Sustainable Solutions
toMedical segment (see note 2).
ELECTRONICS
Within Electronics, Global Semiconductor
and Consumer Electronics markets comprise
approximately two-thirds of our exposure.
Electronics sales volumes grew 2% at 464
tonnes (FY 2024: 454 tonnes), though we
saw some slowdown in the second half year,
in line with market data.
VICTREX™ PEEK has a range of applications
serving Electronics, which include CMP rings
(for Semiconductor), material used in the
chip manufacturing process and to support
smart devices. In smart devices, our APTIV™
film underpins small space acoustic
applications, including in speaker diaphragms
and related components. We also continue
to see business in home appliances and
related applications. Opportunities driven
by6G mobile applications and related
areasoffer good growth prospects.
ENERGY & INDUSTRIAL (‘E&I’)
VICTREX™ PEEK has a long-standing track
record of durability and performance in
many demanding Oil & Gas applications,
where lightweighting, durability and
performance are key. Metal replacement
remains a key trend and with higher activity
levels within the industry, sales volume of
705 tonnes was up 17% on the prior year
(FY 2024: 604 tonnes).
General Industrial accounts for over half of
the sales volume within this end-market.
Our development of VICTREX™ PEEK as a
PFAS (Per and Polyfluoroalkyl chemicals)
alternative continues to make good progress.
TRANSPORT (AUTOMOTIVE
&AEROSPACE)
Our products have supported ‘avoided
emissions’ for over 30 years, through
underpinning CO
2
emission reduction, which
is a key megatrend. We replace metal on
light vehicles and on a range of aircraft, with
content per plane currently varying from 100kg
to 500kg, dependent on the application.
Transport sales volume was down 1% to
1,012 tonnes (FY 2024: 1,022 tonnes), with
Aerospace down 2% and Automotive down
1%. This performance reflects order phasing
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26 Victrex plc – Annual Report 2025

MEDICAL
GOOD GROWTH IN NON‑SPINE AND
NON‑IMPLANTABLE; SPINE REMAINS
CHALLENGING
MEDICAL REVENUE
£58.8m
-5% vs FY 2024*
MEDICAL GROSS PROFIT
£44.1m
-11% vs FY 2024*
12 months 12 months
ended ended %
30 Sept 30 Sept % change
2025 20 24 * change (constant
£m £m (reported) currency)
Revenue 58.8 61.9 -5% -2%
Gross profit 44.1 49.4 -11% -7%
* Restated to reflect non-implantable medical reclassification from Sustainable Solutions to
Medical segment (see note 2).
CHALLENGES IN SPINE
Whilst we remain cautious about the
prospects in Spine, PEEK retains advantages
over titanium in many respects and that the
first porous spinal cages using PEEK-
OPTIMA™ are expected tobe available in
the coming year. We therefore expect to see
a reduction in the rate of decline in Spine.
With Non-Spine showing good growth, a
stabilisation in USSpine offers the prospects
of a return tooverall revenue growth in this
division. Visibility remains limited.
DIVERSIFICATION WITHIN
MEDICAL
Beyond our next generation Porous PEEK,
which has regulatory approval in the US,
and offers an alternative to titanium 3D
printed or porous spinal cages, we also
continue to assess further next generation
opportunities within Spine.
New application areas
Cardio (PEEK used in artificial hearts and
heart pumps) was a key growth driver
withinNon-Spine this year, as well as Active
Implantable devices. PEEK’s inert nature and
biocompatibility remain key drivers. There is
also a growing opportunity for PEEK in
pharmaceutical contact (part of Non-Spine),
where PFAS containing materials are in direct
contact with the active pharmaceutical
ingredient. Our sales pipeline remains strong.
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27Annual Report 2025 – Victrex plc

RISK
Risk
assessment
Risk
response
Risk
governance
RISK
MANAGEMENT
Risk management is embedded in Victrex’s culture, ensuring that we
assess risks as part of delivering our strategy.
1
RISK AGENDA
WHY DO WE UNDERTAKE
RISKMANAGEMENT?
Risk objectives
Victrex undertakes risk management with
the objective of facilitating better decision
making, resilience and sustainability in order
to stabilise and improve the performance of
our business. In today’s challenging market,
with increasing competition, it is important
we continue to drive innovation and
differentiated offerings. The enterprise risk
management framework ensures risks are
identified across the business, owned and
appropriately managed, and linked to our
strategic imperatives so that impacts on
delivery of our strategy can be identified
and managed.
The Board is responsible for reviewing
thedesign and effectiveness of the risk
management systems, and for determining
the Company’s risk appetite in delivering our
strategy, which is set out on pages 10 to 13.
We have an established framework for risk
appetite classification which guides our
approach to managing principal risks. For
example, our ‘very low’ appetite for risk in
areas such as Safety, Health and Environment
(‘SHE’), and cyber security means that the
avoidance of risk and vulnerabilities is a key
objective, and when faced with multiple
choices, we will generally take the lowest
risk option.
This contrasts with our more ‘open’ appetite
to risk for strategic growth opportunities,
meaning thatwe will consider a wider set of
potential approaches that balance the merits
of both risk and reward.
As a company focused on delivering
sustainable solutions to our customers, we
also believe that Victrex is ready to meet the
demands of the ESG agenda within our own
business while recognising the risks and
costs associated with stricter emissions
targets, life cycle impacts and other
requirements.
Risk strategy
The Board is responsible for ensuring
theeffective operation of the Group’s risk
management framework and for ensuring
risk management activities are embedded
inour processes. The Board is also
responsible for ensuring that appropriate
andproportionate resources are allocated
torisk management activities.
2
RISK ASSESSMENT
When assessing risk, management considers
in detail:
•
external factors, including legal and
regulatory, environmental, social and
governance (‘ESG’), and market factors
arising from the environment in which
we operate; and
•
internal factors arising from the nature
ofour business, the effectiveness of our
internal controls and processes, and our
decision making.
Risk agenda
ANALYSIS AND RECORDING
OFRISKS
Our divisional and functional leaders are
responsible for the day to day management
and reporting of risks. An enterprise risk
management (‘ERM’) system is operated
across the business for the capture and
reporting of risk, to ensure consistency of
approach in the identification and evaluation
of risks. The Management Team documents
identified risks in the ERM, including new
and emerging issues, maps these to the
principal risks and ensures risks are managed
appropriately, escalating where required.
Each risk is evaluated based on its likelihood
of occurrence and severity of impact on
business performance at both a gross and
net (after mitigation) level. Risk reviews take
place quarterly between the business
leaders and the Risk Management team to
review current mitigations and identify any
further activities required to bring the risk to
a tolerable level.
We operate a three lines of defence risk
assurance model:
1st line of defence:
The day to day operational risk
management, including the systems and
processes established to ensure internal
controls are in place and effective.
2nd line of defence:
Monitoring and compliance activities which
advise and oversee first-line controls and risk
management processes, primarily through
Group functions that are at least one step
removed from first-line management.
3rd line of defence:
Independent business assurance provided
byboth third parties and the Group Internal
Audit team over the first and second lines
ofdefence.
3
RISK RESPONSE
Risks and risk registers are regularly
re-evaluated and challenged so as to remain
relevant to the changing environment in
which we operate which could affect our
strategic objectives.
For each risk, we decide whether to
eliminate the exposure, mitigate it through
appropriate internal controls or mitigating
actions, transfer it (e.g. through insurance)
or tolerate any residual risk.
1
2 3 4
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28 Victrex plc – Annual Report 2025

We continually challenge and evaluate
theefficiency and effectiveness of existing
internal controls and seek to continually
improve our risk management framework.
The risk process ensures that risks are owned
and risk reduction activity is captured and
managed through action plans which aim to
ensure risk taking remains within appetite.
Oversight is provided by the specialist Risk
and Compliance team which has regular
reviews with management across the
business. Following an independent maturity
assessment conducted by KPMG during 2024
an improvement plan was designed and
delivered during FY 2025 to strengthen
therisk management framework.
When a significant new risk arises or
newlegislation is introduced (e.g. ECCTA
inFY2025) requiring a timely response,
adedicated working group is established to
ensure that robust oversight and management
are applied and appropriate mitigations
areimplemented.
We use insurance as a mitigation tool in our
response to several risks and potential financial
impacts that can result. We regularly review
and update the types and limits of our
insurance coverage, e.g. for cyber security,
ensuring that they are aligned to external
obligations, insurance product developments
and changes to our corporate risk profile.
The insurance programme and levels of
cover are reviewed annually by the Board.
4
RISK GOVERNANCE
The following processes are in place to provide
effective risk governance:
•
the Board is responsible for approving the
risk management policy and determining
the nature and extent of the risks it is
willing to take in achieving its strategic
objectives. The Board considers the
continued effectiveness of risk management
processes, controls and culture, changes
to principal risks and their management,
and the quality of our public reporting
process. Twice yearly, the Board carries
out a comprehensive review of the
principal risks;
•
the Audit Committee responsibilities
include reviewing the Company’s risk
management systems to provide assurance
on the effectiveness of financial and
operational controls to ensure compliance
with laws, regulations and contracts;
•
the Risk & Compliance function supports
the Audit Committee in its review of the
effectiveness of the system of internal
control, as do the external auditors on
matters identified during the course of
their statutory audit work;
•
the Group’s internal audit function
provides independent and objective
3rdline assurance to the Audit
Committee on the adequacy and
effectiveness of our risk management
and key internal control frameworks
within the business. A comprehensive
‘audit universe’ assessment defines the
range of potential audit activities and
includes risk assessments based on
current and historic activity, and is
maintained by the internal audit function.
The risk-based internal audit plan provides
the schedule of audit work that covers
core processes, key programmes and
geographic regions, aligned to our
strategic imperatives, and is approved
annually by the Audit Committee;
•
the Executive Risk Committee (‘ERC’),
chaired by the CFO, reviews the corporate
risk register at least half yearly to ensure
it remains appropriate and effective.
During the year feedback from these
reviews is provided directly to the Audit
Committee and the Board by the Director
of Audit & Risk. The ERC is attended by
the full Victrex Management Team (‘VMT’)
which comprises: the Executive Directors
(CEO and CFO), Managing Directors of
the Medical and Sustainable Solutions
businesses, the Chief Operating Officer
(COO), Group HR Director, General Counsel
& Company Secretary and the Director
ofInvestor Relations. Risk management
subcommittees provide further governance
at divisional and functional levels and
formajor programmes where they are
deemed necessary depending on current
business activity;
•
the quarterly VMT Risk and Compliance
review provides oversight of the risks,
controls and assurance activity across the
business including Legal, Regulatory, SHE,
Quality, Security (including cyber) and
Internal Audit. Membership comprises the
CEO, CFO, COO, Managing Directors,
Group HR Director and the General Counsel
& Company Secretary alongside a number
of other senior leaders from 2nd line risk
management functions;
•
as appropriate, significant incidents, issues
and new risks are reported to the Board
via the relevant Executive Director; and
•
risk management is an integral aspect
ofGroup functional governance, including
through the SHE steering committees
(quarterly), Process Safety Steering meetings
(monthly), Quality product review meetings
(monthly) and the ESG steering group
(which meets twice a year).
EMERGING RISKS
The Board has identified and assessed
emerging risks or areas of increased focus
aspart of the established risk management
and strategic planning processes. The key
emerging risk areas identified were:
•
further geo-political and macro-economic
instability, including:
•
impacts on supply chains and end
markets resulting from escalation of
tensions in Ukraine and developments
in the Middle East;
•
ongoing geo-political tensions,
including the unpredictability of
import/export tariffs and their impact
on global supply chains and therefore
customer demand; and
•
increasing competition, including
inEurope, putting pressure on
sellingprice;
•
increasing prevalence and success of
cyber-attacks, particularly ransomware,
on a broader range of targets,
particularly in the UK;
•
business resilience, which is increasingly
a factor in external and customer audits
and which has been given particular
focus during FY 2025; and
•
future of end markets – directing
focusand resources to sustainable
endmarkets and products with
environmental & societal benefits
inlinewith global megatrends.
These emerging or changing risks have been
recorded and will be continually monitored
through the ongoing Corporate Risk
Management process so that their potential
impact can be further understood and
mitigated. They will also be considered as
anintegral part of the strategic planning
process, aligned with Victrex’s risk appetite.
CLIMATE-RELATED RISKS
ANDOPPORTUNITIES
We continue to develop our climate-related
risks and opportunities (see pages 44 to 49),
monitoring changes in regulation and
legislation. A focused risk assessment covering
ESG risks is in place, with clear links to existing
principal risks such as Supply Chain and
Strategy Execution with oversight from the
Corporate Responsibility Committee.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
29Annual Report 2025 – Victrex plc

RISK CONTINUED
MANAGING
OURRISKS
The Group’s strategic objectives can only be achieved
if certain risks are taken and managed effectively. We
have listed below the most significant risks that may
affect our business, although there are other risks
that may occur and impact the Group’s performance.
RISK HEATMAP
1
Safety, Health and Environment
2
Recruitment and retention of the right people
3
Supply chain
4
Network and IT systems & cyber security
5
Product liability
6
Legal and regulatory compliance, ethics
andcontracts
7
Strategy execution
8
Geo-political and macro-economic environment
Impact
Likelihood
2
1
3
5
6
84 7
Low
Low
High
High
1
SAFETY, HEALTH ANDENVIRONMENT
Primary link to strategy Link to climate change
RISK AREA AND DESCRIPTION
Delivery of our strategy is dependent on us conducting our
business safely. Given the nature of our various manufacturing
facilities, a significant operational disruption could adversely affect
the safety of people on or close to our sites. Disruption could also
impact our ability to make and supply products.
The environment in which we operate is subject to numerous
legislative and regulatory requirements. A failure of our controls
could adversely impact the local environment, our employees, our
manufacturing capability, or the attractiveness of our business or
products to various stakeholders.
Our ability to respond effectively to climate change faces a
number of challenges, including our ability to access green energy
sources. Minimising our environmental impact and ensuring future
business sustainability as we transition to a low carbon economy
remain fundamental objectives.
MITIGATION
SHE remains our number one priority. We have policies and
procedures to manage our operations, protect the safety and
health of our employees, contractors and visitors, and manage our
environmental responsibility by reducing emissions to continually
improve our resource efficiency.
The SHE function has been structured to ensure adequate and
specific focus on both process safety management (‘PSM’) and
occupational health and hygiene. Following an increase in minor
injuries, our safety ‘Golden Rules’ and risk assessment training has
been refreshed; and a new campaign to refocus on safety across
the organisation was launched, led by the CEO, resulting in
improvements in safety outcomes.
Significant focus is placed on process safety hazards and control
procedures, and we partner with external leaders to provide
additional independent assessment and assurance of relevant
plants and processes. Any events or near misses that do occur
areinvestigated to determine root causes and remedial actions
areput in place to prevent re-occurrence.
SHE management software has been updated during FY 2025
acrossall global assets to further support this and we have SHE
improvement plans and KPIs that are monitored and reviewed
monthly, alongside SHE and PSM Steering Committees for people
and process safety which provide oversight and governance.
Change
No change
Viability statement links
Risk considered
Risk modelled in sensitivity analysis
Climate change risk is embedded in our
other risk assessments and noted with the
link to climate change key.
Strategy and KPIs
Pages 10 to 15
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30 Victrex plc – Annual Report 2025

3
SUPPLY CHAIN
Primary link to strategy Link to climate change
RISK AREA AND DESCRIPTION
Failure to maintain a secure supply of high quality products to our
customers globally could lead to loss of earnings and damage to
reputation. This could be caused by, for example, incapacity of our
production facilities, quality failure or restricted access to raw
material supplies or transport links potentially leading to
insufficient levels of inventory and/or manufacturing capacity.
Climate change poses several specific supply-related risks both
tous and to our suppliers, including potential asset or production
disruptions due to rising sea levels and increasingly harsh weather
events or cost impacts due to changes in carbon taxation and
increased energy costs.
MITIGATION
Our policy is to keep capacity ahead of demand by continually
investing in our supply chain so that our customers can be confident
that we can meet their requirements today and in the future.
In FY 2025 we gained IATF16949 accreditation in recognition of
the strength of our customer-focused controls.
We have a robust, Class A standard Integrated Business Planning
(‘IBP’) process in place through which changes in demand are
anticipated and appropriate supply is maintained.
Strategic supplier sourcing, development and performance
management are our key mitigations for the quality and security
ofsupply of key raw materials. We have continued to focus on the
breadth and resilience of our supplier base in response to the current
and future uncertainties. This has included a strategic increase in the
number of suppliers of key materials, a reduction in single-source
suppliers, and focused supplier assessments and audits.
We also consider alignment with our Modern Slavery and Human
Rights policies within our supplier review process.
In our own operations, we have reviewed the possible contingencies
for energy interruptions affecting our manufacturing sites, including
the use of alternative fuel sources.
During FY 2025 we have refreshed our business continuity
management system, including resilience and response plans
toprotect security of supply.
Change
No change
Viability statement links
Risk considered
Risk modelled in sensitivity analysis
2
RECRUITMENT AND RETENTION
OFTHE RIGHT PEOPLE
Primary link to strategy Link to climate change
RISK AREA AND DESCRIPTION
Our success depends on our ability to recruit and retain the
rightpeople. We rely on the skills, knowledge, experience and
competence of our people in order to drive business growth
andsuccessfully deliver our downstream strategy.
Due to the nature of our business, there is an inherent requirement
for highly skilled employees (for example in areas of polymer
chemistry, R&D and process engineering) and the specific end
market-related competencies needed (for example in medical
andaerospace parts manufacturing).
Our ability to recruit and retain talent is affected by numerous
factors including: upholding our values, pay and benefits,
sustainability credentials, the nature of the working environment,
regional employment levels and changing workforce behaviours.
The recruitment market continues to show that there is an
expectation for flexible working arrangements and less
dependency on location-based roles.
MITIGATION
Throughout FY 2025, structural enhancements within the Sustainable
Solutions and Medical divisions have been successfully embedded,
enabling a sharper focus on building capability in critical roles. This
progress has been underpinned by the implementation of a refreshed
and effective approach to talent pipelining, learning and development.
We have continued to expand the reach of our external recruitment
campaigns, resulting in more diverse candidate pools and hires.
This has positively influenced performance expectations across the
organisation. To further strengthen our employee value proposition,
we have consistently launched new attraction collateral, targeting
both internal and external audiences.
Our Employee Resource Groups (‘ERGs’) have played a pivotal role
inshaping compelling attraction narratives, appealing to a broad
spectrum of talent from emerging professionals to experienced hires.
Looking ahead to FY 2026, our emerging careers programme will be
enhanced through the launch of the Apprentice Academy, which will
offer integrated business and life skills alongside vocational training.
For the second consecutive year, we are proud to have been
recognised in The Sunday Times Best Places to Work list. We
continue to operate our annual Organisational Capability Review
(‘OCR’), which remains central to evaluating role transitions,
supporting succession planning and promoting internal mobility
across disciplines preserving institutional knowledge while creating
new career opportunities.
Recent changes to our variable pay framework, including the
introduction of new bonus and share schemes, have been well
received and are contributing to a more compelling total
rewardoffering.
Change
No change
Viability statement links
Risk considered
Key to strategy
Drive core business Differentiate through innovation Create and deliver futurevalue Underpin through safety,
sustainabilityandcapability
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31Annual Report 2025 – Victrex plc

RISK CONTINUED
4
NETWORK AND IT SYSTEMS
& CYBER SECURITY
Primary link to strategy Link to climate change
RISK AREA AND DESCRIPTION
Targeted cyber-attacks could result in the theft, manipulation or
destruction of confidential and sensitive information and severely
disrupt business operations.
Significant failure of, or interruption to, our IT or OT systems or
services could lead to business process disruption.
The adoption of AI technologies, if used inappropriately, could
exacerbate risks around data creation and management including
accountability for data integrity, data protection and privacy, and
loss of IP.
We note the increased prevalence of disruptive cyber-attacks on
prominent businesses in the UK and wider world and continue to
keep abreast of what is a fast-changing landscape.
MITIGATION
Victrex operates a Global Information Security Management System
aligned to ISO 27001 and National Institute of Science and Technology
standards, providing a multi-layered approach to security and control.
We continue to make enhancements to the control framework
and layers of defence using Extended Detection and Response,
and Security Incident and Event Management technologies, along
with next generation firewalls and Network Access Control and
aglobal software defined LAN and WAN for our core network.
Independent external experts conduct annual penetration
testingand assess cyber health and awareness. Victrex is certified
toCyber Essentials Plus, and we hold the Trusted Information
Security Assessment Exchange accreditation. We have a global
incident response plan, supported by third-party experts, for
crisisresponse within both IT and OT networks.
Our internal Security Operations Centre and team provide round
the clock detection and response capabilities. We recognise the
increased prevalence of cyber-attacks and continuously review the
latest threats and trends in cyber and IT security to ensure ongoing
controls effectiveness. To support this we have enhanced cyber
security awareness across the business through mandatory training
and a culture monitoring platform, applicable to all users, and
conduct exercises to test our resilience and response capabilities.
We have completed implementation of a new ERP system D365
and reduced dependence on legacy systems.
We have provided guidance on the safe use of AI and cloud-based
technologies and all staff are trained in protective practices to
mitigate the risks associated with cyber-attacks.
Change
No change
Viability statement links
Risk considered
5
PRODUCT LIABILITY
Primary link to strategy Link to climate change
RISK AREA AND DESCRIPTION
Selling into highly demanding end use applications and regulated
markets such as Medical and Aerospace means a failure to supply
in accordance with the agreed specification has the potential to
lead to consumer harm or a potential product liability claim.
This could result in fines or damages being payable and could in
turn lead to a loss of business and reputational damage.
MITIGATION
Robust regulatory standards and accredited quality management
systems are in place relevant to our markets, including medical
devices, automotive and aerospace.
We have established Risk and Warranty Committees which provide
additional governance overour key programme activity in the
Automotive and Aerospacesectors to ensure adequate consideration
of complex contract terms, with involvement of our Legal team
where deemed appropriate.
We continue to utilise external experts to support with complex
contract matters, where required. We use supply contract terms and
conditions to limit exposure, which include agreed specifications
and manufacturing to defined standards and processes. In addition,
the Group maintains appropriate levels of product liability insurance.
We have effective product regulatory control procedures and
governance arrangements delivered through the Regulatory and
Product Stewardship (‘RAPS’) team including established specialists
in key markets such as China. Recognising the core importance
ofproduct quality, our RAPS and Quality Assurance teams are
integrated across the Group.
Supplier risk management processes have been a focus of attention
during FY 2025 with an improvement programme ongoing through
FY 2026 to strengthen our supplier management processes.
A robust Management of Change process is used to ensure that
supply and quality are consistent and any change in process,
system or use is appropriately validated.
During FY 2025 we gained IATF16949 accreditation in the UK.
Change
No change
Viability statement links
Risk considered
Risk modelled in sensitivity analysis
Strategy and KPIs
Pages10 to 15
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32 Victrex plc – Annual Report 2025

6
LEGAL AND REGULATORY
COMPLIANCE, ETHICSAND CONTRACTS
Primary link to strategy Link to climate change
RISK AREA AND DESCRIPTION
We are required to adhere to all applicable laws, regulations
andethical standards including those covering:
•
anti-bribery and corruption;
•
exports controls and sanctions;
•
competition;
•
data protection; and
•
human rights, modern slavery and labour.
Increasingly, geo-political factors pose additional complexities to
navigate in several areas including export controls and sanctions.
Any failure to comply with contractual commitments and ethical and
regulatory compliance standards has the potential to result in loss of
earnings, civil or criminal legal exposure, or reputational damage,
and could affect our ability to achieve the business strategy.
Our future opportunities in a number of markets bring new
regulatory challenges and contractual requirements.
MITIGATION
Compliance policies, procedures and training are in place for key
regulatory compliance risks and have been refreshed during FY2025.
Our Code of Conduct is regularly reviewed and annual refresher
training is mandated. Compliance is monitored and reported to
the VMT risk and compliance meeting.
We continue to use internal and external subject matter experts to
support risk identification, set standards and policies, and provide
advice and training. We seek external specialist support as needed,
and our Internal Audit team has embedded legal and regulatory
compliance testing into all audits (where applicable) to provide
ongoing assurance.
Commercial contracts and our pricing strategy are reviewed by
ourLegal and Product Management teams.
As our business activities continue to expand, appropriate
measures are put in place to manage the associated legal and
regulatory requirements and ensure understanding and
compliance across all territories in which we operate.
We have a dedicated Regulatory and Product Stewardship team
inplace covering all markets in which we operate, and which also
incorporates our Quality Assurance team.
Horizon-scanning is in place for all relevant functions to identify
any emerging risks.
Change
No change
Viability statement links
Risk considered
Risk modelled in sensitivity analysis
7
STRATEGY EXECUTION
Primary link to strategy Link to climate change
RISK AREA AND DESCRIPTION
Our future business growth is dependent on the effective
implementation of our strategy.
This risk considers the potential failure to execute the strategy
effectively and generate value from our investment in our strategic
programmes. Key elements include: maintaining the health of our
core business; generating innovation-based growth by driving
adoption of parts and forms in addition to polymer; driving
growth in China through our new assets; and protecting and
managing intellectual property.
Successfully managing the climate-related risks and opportunities
summarised in the TCFD section pages 44 to 49 remains
fundamental to the successful execution of the business strategy.
MITIGATION
The Group has a well-established, clear business strategy which
issubject to a robust annual Board review process to ensure its
continued effectiveness. The Board monitors progress in implementing
the strategy and is given updates from specific programmes
throughout the year. While the change in CEO leadership presents
an inherent risk, it also brings opportunities for new insights.
The start of FY 2025 saw a new organisational structure designed
and implemented to focus on programme delivery and drive forward
our innovation strategy, working with a growing number of key
customers while ensuring appropriate focus on our core business
and addressing the challenges to the top line.
Our UK manufacturing improvement plans have continued and
will be delivered over the coming years which will strengthen the
security of supply to our customers.
We continue to offer a strong value proposition as a solutions company
through unique chemistry, product quality and technical service,
working alongside our customers in developing new applications,
leveraging the performance and sustainability benefits of our products.
We monitor technological changes to materials and potential
challenges and opportunities for PEEK and PAEK polymers by
developing new grades with differing properties, as well as
creating new markets for PEEK/PAEK polymers. Programme
governance is achieved through Strategic Portfolio Management
which tracks milestone achievement.
As our intellectual property (‘IP’) is critical to the delivery of our
strategy, robust protective controls are in place as well as for identifying
new IP, which are supported by our dedicated global IP team.
Change
No change
Viability statement links
Risk considered
Risk modelled in sensitivity analysis
Key to strategy
Drive core business Differentiate through innovation Create and deliver futurevalue Underpin through safety,
sustainabilityandcapability
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33Annual Report 2025 – Victrex plc

RISK CONTINUED
8
GEO-POLITICAL AND
MACRO-ECONOMIC ENVIRONMENT
Primary link to strategy Link to climate change
RISK AREA AND DESCRIPTION
We serve over 40 countries globally, operating in numerous
geographies across a range of markets which can be affected by
political and/or economic changes or uncertainties. In many cases
weexport products to one jurisdiction which are then converted into
parts and re-exported to markets around the world.
Risks related to the geo-political and macro-economic conditions
have continued to increase over the year, primarily as a result of
the ongoing war in Ukraine, continued conflict in the Middle East,
and international tensions caused by the imposition of barriers to
international trade, such as tariffs. The increasing scale of competition
from PEEK manufacturers in China and their approach, particularly
to Western markets, also poses risks to our established business.
While inflation has steadied, uncertainty in the global economic
outlook including potential changes in carbon taxation, energy
pricesand impacts on interest and exchange rates have the potential
toaffect our profitability. This is compounded through impacts on end
customer demand, cost pressures, competitive dynamics and other
factors including the increased prevalence of economic nationalism vs
globalisation having consequences for international trade. Increased
levels and cost of debt for Western economies is impacting fiscal policy.
This external environment has the potential to impact a number of
other principal risks and the delivery of our strategic objectives.
MITIGATION
This risk separates the external factors from the strategy execution
risk and remains high partly due to the current volatility caused by
unpredictable US and retaliatory tariffs creating uncertainty in the
markets with impacts on customer demand. The Board has received
updates from external experts to provide independent context to this
area of risk.
A key mitigation is close monitoring of the geo-political and
macro-economic conditions and reacting accordingly with scenario
plans in place and under continuous review to respond to changes in
customer demand and agility through the business strategy process.
Our range of markets and geographic spread help to mitigate political
and economic change. Threats from low cost competitors are being
addressed through our strategy in China where we are now selling
product into the Chinese market.
Uncertainty in supply chains has been addressed by increasing
supplyresilience around dual/multiple sourcing of key raw materials.
Maintaining UK production of these ensures we are not solely
reliant on international routes and gives a potential advantage
intimes of uncertainty.
We use foreign exchange hedging to delay the impact of changes
in exchange rates.
Change
No change
Viability statement links
Risk considered
Risk modelled in sensitivity analysis
Key to strategy
Drive core business
Differentiate through innovation
Create and deliver futurevalue
Underpin through safety,
sustainabilityandcapability
Strategy and KPIs
Pages10 to 15
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34 Victrex plc – Annual Report 2025

GOING CONCERN AND VIABILITY STATEMENT
GOING CONCERN
The Directors have performed a robust
going concern assessment including a
detailed review of the business’ rolling
forecast and consideration of the principal
risks faced by the Group and the Company,
as detailed on pages 28 to 34. This
assessment has paid particular attention to
current trading results and both the impact
of the ongoing global economic andsector
specific challenges on the aforementioned
forecasts.
Both the Group and the Company maintains
a strong balance sheet providing assurance
to key stakeholders, including customers,
suppliers and employees. The Group had net
debt of £24.8m at 30 September 2025, a
reduction of £15.9m from 31 March 2025, and
an increase of £3.7m from 30September 2024.
The increase in net debt during the year
largely relates to the payment of dividends
in February 2025, £40.1m, and June 2025,
£11.7m. Underlying operating cash
conversion improved to 121% for the year
ended September 2025 from 114% for the
year ended September 2024, supported by
lower capital expenditure and the ongoing
reduction in the inventory position. The Group
drew on its UK revolving credit facility during
the period to pay the final dividend, with
amaximum drawn down of £18m (£26m
maximum drawn down in the year ended
30September 2024), before fully repaying the
facility by the end of the year from operating
cash flows. Of the gross debt position of
£49.0m, £19.4m is due within one year. The
Group maintains a cash balance sufficient
tomanage short-term liquidity and provide
headroom against ongoing trading volatility.
The cash balance at 30 September 2025 was
£24.2m. Approximately 50% is held in the
UK, on instant access, where the Group incurs
the majority of its expenditure. At the date
of this report, the Group has drawn c.£32m
of its Chinese banking facility in its Chinese
subsidiaries (with a total facility of c.£40m
available until June 2029, subject to
continuing to meet draw down criteria
which will be reassessed in November 2026
as detailed below) and has unutilised UK
banking facilities of £60m through to
October 2028 of which £40m is committed
and immediately available and a further
£20m is available subject to lender approval.
The rolling forecast is derived from the
Group’s Integrated Business Planning (‘IBP’)
process which runs monthly. Each area of
the business provides forecasts which
consider a number of external data sources,
triangulating with customer conversations,
trends in market and country indices as well
as forward-looking industry forecasts: for
example, forecast aircraft build rates from
the two major manufacturers for Aerospace;
rig count and purchasing manager indices for
E&I; World Semiconductor Trade Statistics
semiconductor market forecasts for
Electronics; and Needham and IQVIA
forecasts for medical procedures.
The assessment of going concern included
conducting scenario analysis on the
aforementioned forecast. Whilst Sustainable
Solutions has seen a continued recovery in
sales volumes during FY 2025, although
revenue growth was lower due to sales mix,
Medical continues to experience lower
demand, primarily in Spine which is offsetting
strong progress in other application areas,
with Medical sales reducing for the second
year in a row since the record FY2023.
Witheconomic forecasts remaining mixed,
particularly for the chemical sector, and
supply chains continuing to be cautious
inboth segments, the scenario analysis
performed by management focuses on the
Group’s ability to sustain a further period of
suppressed demand in Medical and a return
to lower volumes in Sustainable Solutions. In
assessing the severity of the scenario analysis
the scale and longevity of the impact
experienced during previous economic
downturns have been considered, including
the differing impacts on the Sustainable
Solutions and Medical segments.
Using the IBP data and the reference points
from previous economic cycles, management
has created two scenarios to model the
impact of a reversal of the recovery seen
inSustainable Solutions since January 2024
and the continuing effect of softer demand
within Medical at a regional/market level
and aggregated levels on the Group’s profits
and cash generation through to January 2027
with consideration also given to the six months
beyond this. The impact of climate change is
not considered to have a significant impact
over the going concern period and, as a
result, the scenario testing noted below
does not incorporate any additional
sensitivity specific to climatechange.
The Directors have modelled the
followingscenarios:
Scenario 1 – Sustainable Solutions demand
reduces back to the levels seen before the
recovery in volumes for a period of six months
from January 2026, before recovering to the
levels seen in the past 12 months for the
remainder of the going concern period.
Medical revenue remains in line with the
softer level experienced during FY 2025
through to June 2026 before recovery
commences at a rate of 10% per annum
through the remainder of the going concern
period. Inventory is reduced in line
withsales.
Scenario 2 – In line with scenario 1 through
to June 2026 but with the lower demand
continuing throughout 2026, i.e. throughout
the going concern period. This would give
an annualised volume below c.3,500 tonnes,
a level not seen since 2013 with the exception
of the COVID impacted FY 2020. In this
scenario softer demand would continue
toimpact Medical revenue which would
remain at an annualised revenue comparable
to FY 2025 of c.£58m throughout the going
concern period, a level, prior to FY 2025,
not seen in the past 10 years. Inventory is
reduced in line with sales. The Directors
consider scenario 2 to be a severe but
plausible scenario.
Following operational challenges sales
fromthe new PEEK manufacturing facility in
China have remained at a modest level during
FY 2025; however, with the challenges now
largely resolved and the Commercial team
inplace to more aggressively pursue the
opportunities, volume growth is forecast
toaccelerate. Whilst this happens there is a
period where additional funding is required
to see it through to net cash generation.
Inconcluding on the going concern position,
ithas been assumed that the Group will
provide the additional funds in full, which
the Board considers to be the worst case
scenario. The locally provided external funding
is due for repayment in December 2026.
TheGroup has agreed to refinance this facility
through to June 2029 with the drawdown
of a new facility in November 2026 to
repaythe existing facility. This facility is
notcommitted until it is drawn down and
therefore the going concern assessment
assumes that the £24.6m is repaid by
December 2026, which would require
apartial drawdown of the UK revolving
credit facility in each of the scenarios.
Before any mitigating actions the sensitised
cash flows show the Group has significantly
reduced cash headroom, which would require
continued use of the committed UK banking
facility during the going concern period. The
level of facility drawn down is forecast to be
similar with the past two financial years. The
level of facility drawn down is higher in
scenario 2 but in neither scenario is the
committed facility fully drawn, nor drawn
down for the whole year. With cash levels
lower than has historically been the case for
Victrex, particularly if the aforementioned
new China bank facility is not drawn down
and therefore the existing facility requires
repayment using the UK revolving credit
facility, or other as yet unsecured new
facilities, in December 2026, the Group and
the Company have identified a number of
mitigating actions which are readily available
to increase theheadroom.
These include:
•
Use of committed facility – the
undrawn committed facility could be
drawn at short notice. Conversations
with our banking partners indicate that
the £20m uncommitted accordion could
also be readily accessed. The covenants
of the facility have been successfully
tested under each of the scenarios;
•
Securing additional debt facilities
– the company could seek to obtain
additional debt from existing banking
partners or other potential lenders;
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35Annual Report 2025 – Victrex plc

GOING CONCERN AND VIABILITY STATEMENT CONTINUED
GOING CONCERN CONTINUED
•
Deferral of capital expenditure – the
base case capital investment over the next
12 months is lower than recent years with
major projects now completed. This could
be reduced further by limiting expenditure
to essential projects and deferring all
other projects later into 2026 or beyond;
•
Reduction in discretionary overheads
– costs would be limited to prioritise and
support customer-related activity;
•
Further reduction in inventory levels
– the elevated inventory level seen at
theend of FY 2023 has been partially
unwound across FY 2024 and FY 2025
with a further reduction targeted in
FY2026. The scenarios noted above
include an acceleration of the inventory
unwind but a more aggressive approach
could be taken to provide additional
cashresources; and
•
Reduction/deferral/cancellation of
dividends – the Board considers the
cash position and interests of all
stakeholders before recommending
payment of a dividend. A dividend has
been proposed for payment in February
2026 of c.£40m and in the past an
interim dividend of c.£12m has been paid
in July, giving a combined annual
outflow of c.£52m.
Reverse stress testing was performed to
identify the level that sales would need to
drop by in order for the Group or Company
to be unable to meet its liabilities as they fall
due before the end of the going concern
assessment period. Sales volumes would
need to consistently drop materially below
the low point in scenario 2 which is not
considered plausible.
As a result of this detailed assessment and
with reference to the Group and Company’s
strong balance sheet, existing committed
facilities and the cash preserving levers at
the Group and Company’s disposal, but
alsoacknowledging the current economic
uncertainty created by the increase in global
tariffs, particularly in the US, the depressed
chemical sector and the war in Ukraine
continuing, the Board has concluded that
both the Group and Company have sufficient
liquidity to meet their obligations when they
fall due for a period of at least 12 months
after the date of this report. For this reason,
they continue to adopt the going concern
basis for preparing the financialstatements.
VIABILITY STATEMENT
1. Assessment of prospects
The Directors have assessed the Group’s
longer-term prospects, primarily with
reference to the results of the Board-
approved five-year strategic plan. This is
driven by the Group’s business model
(detailed on pages8 and 9) and strategy
(detailed on page 10 to 13), which are
fundamental to understanding the future
direction of the business, while factoring
inthe Group’s principal risks (detailed on
pages 28 to 34) and the potential
opportunities and risks of climate change
(detailed on pages 46 to 47). The Directors
continue to consider the ongoing challenges
to the global economy, including the impact
on each market and geography which the
Group serves, and the uncertainty this
creates, particularly in the early years of
thestrategic plan. The Directors have also
considered the Group’s ability to generate
cash, manage shareholder returns and
maintain a strong financial position
throughout the economic cycle, including
the level of cash and overall net debt at
30September 2025.
The strategic planning process is undertaken
annually and includes analyses of profit
performance (including core business and new
product pipeline and ‘mega-programmes’),
cash flow, investment programmes (including
manufacturing capacity increases and
theacquisition pipeline) and returns to
shareholders. Completion of the strategic
plan is a Group-wide process engaging
employees throughout the business,
including all senior management in their
respective areas. The strategy was reviewed
and approved by the Board in March 2025
(covering the five years to September 2030).
The strategy is built market by market,
geography by geography recognising the
differing dynamics in each whilst also
considering the longer-term impact of the
Company achieving its goal of Net Zero
across all scopes by 2050, including reducing
2022 Scope 1 & 2 emissions by 50% by
theinterim testing date of 2032, combined
with the wider global ambition to reduce
carbon usage. The Company also operates
ashorter-term rolling 24-month forecast,
predicated on the IBP process, which forms
the basis for the 2026 budget and key
operational decisions over this shorter time
frame. The first year of the strategy has been
realigned to the 2026 budget, taking account
of changes to the economic outlook since
the strategy was finalised, with subsequent
years reviewed and updated where the
revisions to the first two years are expected to
have a consequential impact, either positive
or negative. The realigned strategy was
approved by the Board alongside the 2026
budget in October 2025 and has also been
used for the annual impairment review
detailed on page 149.
2. Viability period
The Directors have assessed the viability
ofthe Group over the five-year period to
September 2030, being the period covered by
the Group’s Board-approved strategic plan.
The Board considers five years to be an
appropriate time horizon for the strategic
plan, being the period over which the Group
actively focuses on its development pipeline
and resulting capital investment programme.
As part of the longer-term considerations,
tosupport capacity planning and assessment
of projects which will take longer to reach
meaningful revenue, the Group does prepare
forecasts for a period of more than five years;
however, a period greater than five years is
considered too long for the strategic plan
given the inherent uncertainties involved.
3. Assessment of viability
To make their assessment of viability, the
Directors have tested a number of additional
scenarios on the base case position of the
five-year strategic plan. These scenarios
encompass key trading assumptions
combined with the potential impact of
crystallisation of one or more of the
principal risks over the five-year period.
Whilst each of the principal risks has a
potential impact, the scenario analysis has
been focused on those considered to have
the most significant financial impact, primarily
to the revenue growth of the Group. The
risks have been assessed for their potential
impact on the Group’s business model,
future trading and funding structure.
The mega-programmes are forecast to have
a material impact on the Company’s revenue
over the strategic period. Progress continues
to be made across the mega-programmes
with milestones being achieved as outlined
in the Strategic report on pages 1 to 67
even though the translation of the progress
into revenue growth has been slower than
anticipated. The timing of future milestone
achievement and the resulting impact on
revenue growth remain the key variables
which the Directors have incorporated into
scenario 3 described below.
The impact on the strategy of both the
Company achieving its goal of Net Zero
across all scopes by 2050 and the wider
economy achieving Net Zero carbon over a
long period continues to be understood and
assessed. The physical risks and transitional
opportunities and risks have been considered
in detail as described in the Sustainability
report on pages 38 to 67. The physical risks
presented by climate change are not
expected to have a material impact on the
Company’s ability to manufacture product
over the strategy period and therefore no
sensitivity has been performed. At the
revenue level the transitional opportunities
are considered to outweigh the risks over
both the short and longer time horizons,
supporting continued growth in Company
revenues, albeit the impact of this is only
likely to be material outside of the five-year
strategy window. The primary transitional risk
relates to the additional capital and operating
costs associated with electrification of the
heat sources used in the manufacturing
processes, which primarily rely on the burning
of gas. Failure to do this will potentially leave
the Group exposed to the likely levers used
by regulators and governments to drive
down use of carbon – taxation and levies.
Work is ongoing to reduce the carbon usage
in the manufacturing process, both through
using green sources of electricity to supply
the aforementioned electrical heat sources
and redesigning the chemical process to
reduce the overall energy requirement and
waste generation. Acknowledging the risk
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
36 Victrex plc – Annual Report 2025

to the decarbonisation of the manufacturing
process, primarily in respect of timing, and
increased cost of operation have been assumed
in scenario 5. The Company would seek to
recover this cost from customers but for the
purpose of the scenario analysis a worst case
position of no recovery has been assumed.
The scenarios tested were carefully considered
by the Directors, factoring in the potential
impact, probability of occurrence and the
effectiveness of the mitigating actions. In
addition, whilst considered implausible, a
combined scenario (scenario 6) was also
tested, which contained an aggregation of
all scenarios considered. Consistent with
going concern, it has been assumed in all
scenarios (except scenario 6 - see below)
that the future funding needs, including the
repayment of external debt when it
becomes due, of the PEEK manufacturing
facility in China are met by the Group, which
the Board considers tobe the worst case
scenario.
The downside scenarios applied to the strategic plan are as follows:
Scenario modelled Link to principal risk
1. General competitive pressure in the marketplace resulting in a decrease of Sustainable Solutions and
Medical revenue for both core and mega-programmes. Annual volume reduction between 5% and 18%
in each year of the strategy.
Geo-political and macro-
economic environment
Strategy execution
2. Mega-programmes not achieving all milestones set or investment/adoption is delayed, for example
byeconomic conditions or regulatory approval, therefore delaying the time to meaningful revenue.
Anaverage of two years’ delay to revenue growth versus the base case.
Geo-political and macro-
economic environment
Strategy execution
3. An extended period of economic contraction (in line with scenario 2 for going concern) resulting in lower
sales in 2026 and 2027 before returning to strategy growth rates thereafter. Annual volume reduction of
c.19% in each year of the strategy.
Geo-political and macro-
economic environment
Strategy execution
4. A natural or other event impairing key manufacturing assets resulting in supply disruption for around
twoyears, with associated reputational damage. Annual volume reduction from FY 2028 of 25% for
twoyears followed by 10%.
Supply chain
5. Increase to direct cost base potentially arising from:
a. additional regulatory compliance, environmental or otherwise;
b. increase in duty and tariffs;
c. product liability issues;
d. increased cost of operating lower carbon manufacturing assets;
e. the transitional risks of moving to a lower carbon economy – increases in tax/levies on utility or waste usage; or
f. increase in raw material and/or other input prices.
Operating costs increased by 5–15% per annum across the strategy period from FY 2027 onwards.
Legal and regulatory
compliance, ethics
andcontracts
Safety, Health and
Environment
Product liability
6. All of the above*, with an associated reduction in the overhead cost base and capital expenditure. Annual
volume reduction between 5% and 30% in each year of the strategy (averaging 21% over the five years).
* Where two or more scenarios impact the same revenue stream in the same period the lower outcome is taken.
The key mitigating actions available to the
Directors are consistent with those outlined
above in going concern, incorporating the
Group’s ability to manage its cost base, reduce
working capital and raise new finance and
the possibility of delaying capital programmes
and/or restricting shareholder returns, all
ofwhich could be applied over the longer
viability period. In addition to these specific
mitigation plans, the Group’s two distinct
segments, both with diverse geographic
markets, assist in reducing the risk of
regional economic challenges and sector
specific issues. Further, the strategy of
partnering closely with customers to
develop the right applications and our
existing and growing list of specified
products are also important mitigants.
The results of this stress testing showed that
the Group would be able to remain solvent
and maintain liquidity over the assessment
period. The Group is profitable under all
scenarios, including scenario 6. The lowest
cash balance was in scenario 6, in which the
cash balance remains positive albeit at a
level where continued use of the debt
facilities in China and partial use of the RCF
is required through the five-year period. The
China facility has recently been refinanced
through to June 2029, subject to a
reassessment of the draw down criteria in
November 2026. The Directors anticipate
that the criteria will be met and that the
facility could be further extended, based on
the forecast sales growth and cash
generation, if required through to the end
of the 5 year horizon, but recognise this is
not committed.
The RCF isavailable until October 2028 and
the Directors anticipate refinancing would
takeplace before this date. Whilst there
isno guarantee this will be successful, the
Directors anticipate, based on the ongoing
profitability of the business, tobe able to
successfully refinance through tothe end of
the five-year horizon. Covenant compliance
has been successfully tested under scenario 6
throughout the period to October 2028.
Inthe event refinancing of the China facility
and the RCF is unsuccessful, the Directors
have other mitigating options available to
increase headroom which are outlined in the
going concern disclosure on pages 35
and36. Due to the severity and implausibility
of scenario 6, an outcome that requires use
of the aforementioned facilities, this is
considered akin to a reverse stress test.
4. Viability statement
Based on the results of this detailed analysis
the Directors have a reasonable expectation,
that the Group will be able to continue in
operation and meet its liabilities as they fall due
over the five-year period to September 2030.
This is predicated on the assumption that
anunforeseen event outside of the Group’s
control (for example, an event of nature or
terror) does not inhibit the Company’s ability
to manufacture for a sustained period.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
37Annual Report 2025 – Victrex plc

ENABLING
ENVIRONMENTAL
& SOCIETAL BENEFITS
CONTENTS
39 Decarbonisation: our roadmap
40 Sustainability: embedded in our
purpose
41 Our achievements and accreditations
inFY 2025
42 Task Force on Climate-related
FinancialDisclosures (‘TCFD’)
50 Our sustainability vision and goals
52 People (social responsibility)
55 Planet (resource efficiency)
63 Safety, health and environment
64 Products (sustainable solutions)
65 Our Code of Conduct & Ethics
– doingthe right thing
66 Non-financial and sustainability
information statement
SUSTAINABILITY REPORT
Sustainability is embedded in our purpose: bringing transformational
and sustainable solutions that address world material challenges
every day.
Our Sustainability programme is driven through our People, Planet
&Products pillars. We support our employees, nature and local
communities where we operate; we focus on minimising our use of
resources; and we demonstrate to our customers how our products
are enabling environmental and societal benefits (for example
supporting CO
2
reduction in Aerospace and Automotive, or clinical
benefits in the Medical device industry).
PEOPLE
SOCIAL
RESPONSIBILITY
PLANET
RESOURCE
EFFICIENCY
PRODUCTS
SUSTAINABLE
SOLUTIONS
See pages52–54 See pages55–62 See page 64
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
38 Victrex plc – Annual Report 2025 39Annual Report 2025 – Victrex plc

PROGRESS THIS YEAR
13%
Reduction in Scope 1 & 2
(market‑based) emission
intensitycompared to FY 2024
SBTI INTERIM TARGETS
BY2032
50.4%
reduction in Scope 1 & 2 emissions
30%
reduction in Scope 3 emissions
FUTURE GOALS
Net Zero
2050
Across Scope 1, 2 & 3
DECARBONISATION:
OUR ROADMAP
Victrex is aligned to the Science Based Targets initiative (‘SBTi’). We are
SBTivalidated for Net Zero emissions targets across Scope 1, 2, and 3 by 2050,
withaninterim milestone by 2032, benchmarked against our FY 2022 baseline.
Electrification of our boilers is the route identified, but we retain optionality
fordelivery, based on affordability, as well as being reliant on a decarbonised
electricity grid (in the UK) and available technology.
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050
tCO
2
e
30,000
25,000
20,000
15,000
10,000
5,000
DECARBONISATION OPTIONS (SCOPE 1 & MARKET-BASED SCOPE 2)
& POTENTIAL ROADMAP
Actual Scope 1 tCO
2
e
Projected Scope 1 (growth) tCO
2
e
Actual Scope 2 tCO
2
e
Projected Scope 2 (growth) tCO
2
e
Near-term target 2032
(10 years from base year)
Long-term
target
(2050)
Scope 1 & 2 – SBTi 1.5ºC near term then Net Zero tCO
2
e
Initial projection Scope 1 and 2 (growth)
Potential roadmap (based on
electrification of gas boilers)
Other
improvement
programmes
(UK & China)
Impact of increased UK
and China production
Potential to
defer start‑up of
electric boilers
Electrification
of two boilers
completed
(indicative)
Sustainability report
Pages38 to 67
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38 Victrex plc – Annual Report 2025 39Annual Report 2025 – Victrex plc 39Annual Report 2025 – Victrex plc

SUSTAINABILITY REPORT CONTINUED
SUSTAINABILITY:
EMBEDDED IN
OUR PURPOSE
In diversity & inclusion, we continue to make
good progress, with various activities during
the year and progress to meet our 40% of
females in leadership roles target by 2030
(achieved in FY 2025), as measured by the
FTSE Women Leaders methodology.
PLANET
Our Planet agenda is focused on minimising
resources and decarbonising in a way that
isbased on affordability, the availability
oftechnology and reliance on appropriate
policies, for example to support a decarbonised
electricity grid. Victrex is SBTi validated with
interim (2032) and long-term (2050) targets.
We continue to retain optionality for the
best decarbonisation route, as well as the
timing, which is shown indicatively on page 39.
This reflects that major investment in
decarbonisation will commence later than
our previous assumptions, reflecting reliance
on electrical grid capacity, technology and
balancing affordability.
During FY 2025 we further progressed
ourefforts on circularity and how we can
improve recycling rates in the supply chain,
including facilitating waste polymer reuse.
Inour use of resources, our greenhouse gas
(‘GHG’) intensity, based on global Scope 1
&2 market-based metrics, improved this
year, with a 13% improvement in intensity
metrics as we drove efficiencies in our assets.
We also saw water intensity improve by
10% despite higher absolute water volumes
as production increased.
For the longer term, Victrex continues to assess
sustainable chemistry, for example through
alternative process routes. Sustainability metrics
will be adverse over the short to medium term
– particularly as our China facility ramps
up.Our Continuous Improvement (‘CI’)
programme continues to deliver benefits,
with over 700 tonnes of CO
2
saved this year
and the start of improving water intensity.
On transition planning to support Net Zero,
we also continue to work with industry and
the Chemical Industries Association (‘CIA’)
to assess best practice and our future
disclosures in this regard.
PRODUCTS
Across our Products pillar, our sustainable
product revenues were 53% (FY 2024: 56%),
offset by a weaker Medical performance.
Sustainable product revenues include not only
Aerospace and Automotive – supporting the
CO
2
reduction trend – but some applications
in Electronics for energy efficiency and of
course Medical, where we can demonstrate
improved clinical outcomes. This includes
over 15 million implanted devices, to date,
using PEEK-OPTIMA™ as a replacement
formetal.
Victrex continues to enjoy a favourable
(lower) climate change impact based on Life
Cycle Analysis (‘LCA’) for our main product
grade compared to the industry average, as
shown on page 64. We have now completed
LCA assessments for over 80% of our product
portfolio, measured by sales volume. Our
target is to complete LCAs for products
covering 80% of our volumes and revenues
by FY 2026. These LCA assessments are
important for our customers in being able
toleverage their own sustainability
credentials in key applications.
GOVERNANCE & ACCREDITATIONS
The Board’s Corporate Responsibility
Committee (‘CRC’) continues to govern
ourSustainability programme, with further
detail on the Committee’s work shown
onpages 93 and 94.
Victrex also retains positive accreditations for
the progress we are making. These are shown
on page 41 and include an A rating from
MSCI and a B rating within the Carbon
Disclosure Project (‘CDP’). Victrex was also
pleased to be recognised by the Chemical
Industries Association as Company of the
Year 2025, building on our The Sunday Times
Best Places to Work 2025 accreditation.
Our employees continue to play a key part
insupporting our Sustainability programme,
which is a testament to the passion across
our organisation for our customers, for
ourproducts and for society wherever
weoperate.
Jakob Sigurdsson
CEO
2 December 2025
OVERVIEW
Victrex’s sustainability credentials remain
strong and directly align to our purpose of
‘bringing transformational & sustainable
solutions which address world material
challenges every day’.
Our Sustainability framework is based
aroundour People, Planet & Products pillars,
which are aligned to the UN Sustainable
Development Goals 2030. We have a
number of external targets across these
pillars, as set out on pages 50 and 51,
withcontinuing progress. Overall, we have
abalanced approach to sustainability,
ensuring that we can make a difference
whilst recognising commercial needs.
PEOPLE
In our People pillar, our safety culture
remains our highest priority, with a Zero
Accidents, Zero Incidents goal, to make us
‘Safer, Better, Together’. We were pleased to
achieve 20 years without a lost time accident
at our Seal Sands manufacturing facility
inthe UK, as well as securing the Process
Safety Leadership award from the Chemical
Industries Association. Victrex continues to
support the next generation of talent through
our Science, Technology, Engineering & Maths
(‘STEM’) apprenticeship and community
activities. STEM engagement involves our
STEM ambassadors at schools or colleges,
presenting on careers in these industries
andthe vast opportunities they present.
Thisyear we measured our STEM activities
and their translation to those who join
usonapprenticeships, with over 50% of
apprentices having engaged with Victrex
ata careers fair or STEM event.
In the community, our employee
volunteering activity continues to be strong,
with 2,216 hours supported in FY 2025,
lower than the prior year due to business
priorities, but well above annual targets.
Biodiversity activities – supporting nature
where we operate – have further developed,
with two partnerships in place within the
UK. Just like our STEM programme, which is
international, we have the opportunity to
support Biodiversity in other regions.
40 Victrex plc – Annual Report 2025 41Annual Report 2025 – Victrex plc
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40 Victrex plc – Annual Report 2025

OUR ACHIEVEMENTS
AND ACCREDITATIONS
IN FY 2025
FTSE RUSSELL
Part of FTSE Russell Green Revenues Index –
over30%ofVictrex revenues defined as coming
fromsustainable products.
ECOVADIS
EcoVadis is one of the leading organisations assessing the
sustainability strategies of global companies. In FY 2025, we
maintained our overall score, but with thresholds tightening,
we scored Bronze (we target a return to Silver
and Gold).
SEDEX MEMBER
Committed to an ethical and sustainable supply chain.
MSCI
MSCI is one of the leading organisations ranking
listedcompanies for their sustainability performance.
Wemaintained our A rating in 2025.
COMMUNITY FOCUS
Victrex has long-standing partnerships with the Science
Industry Partnership (‘SIP’), supporting engineers and scientists
of tomorrow; STEM Learning, supporting careers in Science,
Technology, Engineering & Maths; and Business in the
Community, where we support a range of local activities
inthe UK. Social value created was close to £1m in FY 2025
alone, as measured by STEM.org.
THE SUNDAY TIMES BEST PLACES TO WORK
Victrex was recognised in The Sunday Times Best Places
toWork list 2025. This was our second year of recognition.
CARBON DISCLOSURE PROJECT (‘CDP’)
Victrex has maintained a strong scoring for Climate Change
of B
1
, and a C in Water Security, reflecting early reporting.
1
APPLE CLEAN ENERGY
SUPPLIER PROGRAMME
Accreditation by Apple on its Clean
Energy Supplier programme; 100%
renewable electricity sourced globally.
1 Victrex plc received a B (the
management band). This is the
same as the Europe regional
average of B, and the Chemicals
sector average of B.
CHEMICAL INDUSTRIES ASSOCIATION
Victrex was awarded Company of the Year by the
UK Chemical Industries Association in recognition
of our approach to safety, innovation, local
communities and our sustainable products.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
40 Victrex plc – Annual Report 2025 41Annual Report 2025 – Victrex plc

SUSTAINABILITY REPORT CONTINUED
TASK FORCE ON CLIMATE-
RELATED FINANCIAL
DISCLOSURES (‘TCFD’)
TARGETS
As outlined on page 55, our Net Zero target
includes a reduction across all scopes by 2050
in line with the 1.5°C and well below 2°C
emissions scenarios of SBTi. This also
recognises the environmental impact of our
manufacturing processes which create CO
2
emissions, use water and generate waste. Our
near and long-term SBTi targets, approved by
SBTi in May 2024, are based upon data from
the SBTi target setting tool and form the basis
for our Net Zero targets. Our CO
2
metrics are
included on page 60 with our path to lower
emissions included on page39. We continue
to invest a small proportion of our R&D
budget in assessing new process technology
aimed at minimising the use of resources and
significantly reducing our own operational
carbonfootprint.
Our goal has already been exceeded, to
drive more than 50% of Group revenue
from products with positive environmental
and societal benefits by 2025 (FY 2025: 53%),
with a longer-term target of 70% by 2030.
Our commitment is clear: to support a lower
carbon economy and provide greater
societal benefits to an increasing proportion
of the population (through our materials
supplied into medical applications). In
delivering our targets, we are collaborating
closely with customers and companies that
share our ambitions.
As plans to deliver our Net Zero target
continue to evolve, management receives
regular input from multiple stakeholders, as
we keep our approach under review, balancing
commitments with cost, affordability and
reliance on external factors. This approach is
supported by the Corporate Responsibility
Committee. Engagement in our climate change
strategy has been particularly strong amongst
our employees with a series of communications
and workshops completed explaining our SBTi
targets and improvement plans. This shows
not only a commitment to supporting
current workstreams but also increasing
levels of idea generation coming from across
the business, including energy saving and
waste reduction.
STATEMENT ON TCFD
We set out here our climate-related financial
disclosures. These comply with UKLR 6.6.6 (8)
by incorporating climate-related financial
disclosures consistent with the TCFD
recommendations, specifically under the four
TCFD pillars and 11 recommendations.
The table on page 43 is presented to
demonstrate consistency and signpost where
the specific disclosures are included in the
Annual Report where they are not within
this section. It also sets out the progress
made during the year and future actions the
Company is taking which will support more
detailed disclosure in futureyears.
In making the above statement of
compliance, the Board has considered
materiality and whether the incorporated
disclosures provide sufficient detail to enable
stakeholders to assess the Group’s exposure
to, and approach to addressing, climate-
related issues. This includes an assessment
of the level of exposure the Group has to
climate-related risks and opportunities
considering our products and manufacturing
processes. Specifically on the financial
disclosures incorporated in the financial
statements (see note 1 for details) a
materiality level consistent with that used
for other financial statement disclosures,
and with the level used by the external
auditors, has been used, which for the
current year is £3.0m (FY 2024: £3.9m).
The Board has considered the TCFD
additional guidance (‘The 2021 TCFD Annex’)
in preparing the disclosures, including the
sector specific guidance for Materials and
Buildings, which is the sector relevant to the
Company, as a chemical manufacturer. The
Company has included the sector specific
disclosures, principally the potential impacts
of stricter constraints on emissions and
therelated impact on costs as well as the
opportunities for its products to reduce
carbon emissions, with a specific metric
(andtarget) included to measure this. The
emphasis of the additional guidance is to
provide more granular and explicit disclosures
which, as stated above, is aligned with the
Company’s objectives for future years. Victrex
is a member of the Chemical Industries
Association – having secured Company of
the Year from the CIA in 2025 – and awaits
further and full industry guidance on SBTi and
climate change targets. Once approved and
issued, this guidance will be assessed for
inclusion in the Group’s targets, aiding
consistency and comparability across the
sector.
OVERVIEW
TCFD continues to provide a useful
framework for the Company to assess its
climate change approach. The framework
supports a full breadth of consideration
which has been supplemented by external
support with the appropriate expertise, to
challenge and provide guidance in how we
approach climate change.
Victrex’s products’ have clear credentials to
enable positive environmental and societal
benefits whilst we recognise the impact we
have from our use of resources, i.e. energy,
waste and water. Our products seek to bring
technical or environmental benefits, for
example supporting CO
2
reduction in
Aerospace & Automotive, or improving
energy efficiency in Electronics and Energy
&Industrial end markets. This is underpinned
by our innovation investment within
Research & Development.
PROGRESS IN FY 2025
VICTREX™ PEEK maintains a lower climate
change impact (global warming potential
orGWP) compared with the available
GaBiindustry data for PEEK manufacture
(seepage 64). We continue to explore
opportunities to reduce our carbon footprint
further through process optimisation and
our Continuous Improvement activities.
A review of our SBTi roadmap was
completed during the year, with capital
costs remaining broadly in line with the
projected capital investment of up to £50m,
in support of decarbonisation. However, the
step-up in this investment has been deferred
beyond FY 2028 to balance meeting our
sustainability goals with a very challenging
trading environment and affordability. Our
consideration also included the increased
operating costs of running on alternative
fuels. Our projected investment, which is
included in existing capital allocation across
the Group’s financial planning processes,
principally relates to reducing our reliance
on fossil-based fuel by switching to low
carbon or renewable alternatives.
Our Life Cycle Analysis (‘LCA’) programme
covers 80% of volumes and revenue, with
29 LCAs in total being completed this year.
Completion of this work by the end of
FY2026 enables Victrex to differentiate
withcustomers, as well as identifying
opportunities to further reduce carbon
inour manufacturing processes.
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42 Victrex plc – Annual Report 2025

OVERSIGHT AND GOVERNANCE OF ESG RISKS & OPPORTUNITIES (INCLUDING TCFD & CLIMATE CHANGE)
The Board reviews and approves the Group’s ESG and SBTi goals and has oversight of how these will be embedded
andreported,whilstensuringsustainability remains at the core of our purpose and strategy
Victrex Board
The CRC oversees the Group’s conduct regarding its corporate societal obligations and commitments. This includes overseeing
andreviewingthedevelopment and execution of the ESG and sustainability strategy and commitments including progress
towardstargets.Furtherdetails on the activities of the CRC are included on pages 93 to 94
Corporate Responsibility Committee (‘CRC’)
Head of Sustainability & ESG
1. People 2. Planet 3. Products 4. ESG governance
Sustainability workstreams
The VMT embeds sustainability strategy target reviews into the regular performance reviews undertaken within their respective teams
Victrex Management Team (‘VMT’)
SUMMARY OF KEY FOCUS AREAS
Recommendation Consistency and 2025 actions Future actions
Further details
(whererelevant)
GOVERNANCE
a. Describe the
Board’soversight of
climate-related risks
andopportunities
The Victrex Board is responsible for shaping and
overseeing strategy, with sustainability firmly embedded
inour purpose. Climate-related risks and opportunities
continue to be monitored at Board level through the CRC.
Following each triannual CRC Board meeting, the Chair
provides the Board with a formal update.
The Board and the CRC will
continue to challenge how the
proposed ESG and sustainability
goals and plans are embedded,
whilst ensuring sustainability
remains at the core of our
purpose, values and strategy.
The key performance
indicators and
milestone targets
areshown on
page51.
b. Describe management’s
role in assessing
andmanaging
climate-related risks
andopportunities
The VMT (chaired by the CEO) is responsible for
reviewingand guiding major plans of action to achieve
thesustainability strategy, including required capital
investment and investment in R&D supporting
sustainableproducts.
Throughout FY 2025, the VMT has integrated ESG and
sustainability strategy target reviews into the routine
performance discussions held with their respective teams.
The VMT will review and
propose appropriate actions
tosupport our ESG and
sustainability strategy, for
example providing guidance
andsupport to achieve our
SBTiNet Zero targets, including
the introduction of alternative,
low carbon fuels and processes
(whilst noting that access to
and availability of alternative
technologies are required).
STRATEGY
a. Describe the
climate-related risks
andopportunities
theorganisation has
identified over the
short, medium and
longterm
Climate change-related risks and opportunities have been
regularly reviewed throughout FY 2025. These risks and
opportunities include those involving our products and
solutions benefiting society (for example in quantified
weight saving and CO
2
reduction in Aerospace & Automotive),
the cost of carbon intensity through taxation from our
operations and the potential increase in the cost of energy.
Victrex has used the TCFD framework to identify material
risks and opportunities along with related examples to
support the identification process, of which six risks and
five opportunities are considered to be most impactful.
We will continue to monitor
and review climate-related
risks, controls and updated
action plans through
theCorporate Risk
Management process.
Locations with a much
lowerimpact on current and
medium-term revenue growth
will be assessed for physical
risks when their revenue
becomes material, with
updates made to existing
climate-related risk
assessments and mitigation
plans as information and
climate change scenario
modelling becomes
moresophisticated.
Risks and
opportunities,
bothphysical and
transitional, are
presented on
pages46to 48.
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43Annual Report 2025 – Victrex plc

SUSTAINABILITY REPORT CONTINUED
SUMMARY OF KEY FOCUS AREAS CONTINUED
Recommendation Consistency and 2025 actions Future actions
Further details
(whererelevant)
STRATEGY CONTINUED
b. Describe the impact
ofclimate-related risks
and opportunities
onthe organisation’s
businesses, strategy
andfinancial planning
The potential climate-related benefits that our products
offer present a strong business opportunity, which is
considered to outweigh the climate-related risks from
markets which will be adversely impacted by climate change.
Climate-related risks, both physical and transitional,
areprimarily assessed in the context of our own
manufacturing operations.
External assurance to the ISAE 3000 standard was gained
on Victrex Scope 1, 2 & 3 emissions for FY 2025 on a
limited assurance basis.
The Group’s financial planning processes, which comprise
the budget and the five-year plan, include revenues and
margin that result from climate-related risks as well as that
element of the previously mentioned £50m capital
expenditure that is expected to be incurred in the planning
period. Increased operating expenses from, for example,
carbon taxes and increased energy costs have not been
included in the underlying planning but rather have been
assessed as an overlaid sensitivity until such time as the
effects are known in enough detail.
The impact assessment
oftheidentified risks and
opportunities has been
refreshed as part of the regular
annual strategy review and this
will be continued with the aim of
maturing our models routinely.
External assurance across all
three scopes was completed
and we continue to explore
internal carbon budgeting.
The impact of risks
and opportunities
ispresented on
pages46 to 48.
Examples of the
benefits our products
bring in reducing
CO
2
emissions and
therefore supporting
the mitigation of
climate change
riskare included
onpage64.
Emissions reporting
isdetailed in the
Planet section on
pages 55 to 62.
c. Describe the resilience
of the organisation’s
strategy, taking into
consideration different
climate-related
scenarios, including
ina1.5°C, 2°C or
3°Cscenarios
The Group believes that its strategy is resilient in a 1.5°C,
2°C or 3°C scenario, primarily through:
•
the Group’s existing products, along with its
mega-programmes, support applications aimed at
reducing carbon dioxide emissions and therefore
assistcurrent and future customers meeting their
ownrequirements to reduce emissions in a 1.5°C,
2°Cor 3°C scenario; and
•
the strategy of the Group includes a clear goal to
decarbonise the manufacturing process as part of
achieving Net Zero in line with SBTi targets (noting
reliance on available technology, electrical grid capacity
and affordability). This will mitigate the impact of the
Group’s manufacturing processes on climate change
and mitigate the tightening of regulatory/government
restrictions and taxes to drive down theuse of carbon
emitting processes.
We will maintain progress
towards Continuous
Improvement opportunities
and work with academia to
lower the overall energy and
water usage and reduce
wastegeneration from the
manufacturing process.
We will continue to assess
options toreplace fossil-based
fuel sources, e.g. solar, wind,
energy from waste and low
carbon fuels and complete a
study into electrification of key
manufacturing assets at our
main UK manufacturing site.
See pages 55 to 62.
RISK MANAGEMENT
a. Describe the
organisation’s
processes for
identifying and
assessing climate-
related risks
During 2022 we conducted an initial climate-related
riskassessment using external specialist support. This
included a risk assessment workshop comprising senior
management from across the business to review
climate-related risks over the short, medium and
long-term horizons. This exercise considered both the
climate-related physical and transition risks under three
climate scenarios and the actions that could be taken
tomitigate them. A summary of the most significant
climate-related risks is included on pages 46 and 47.
Climate risks have been part of our overall Corporate Risk
Management process during 2025 and will continue to be
going forward. Each risk is thoroughly evaluated based on
the likelihood of occurrence and severity of impact.
We will continue to monitor
and review climate-related
risks, controls and updated
action plans through
theCorporate Risk
Management process.
Oversight of action plans
andprogress continues to
bereviewed by the CRC.
The risk management
process is described
from pages 42 to 49.
b. Describe the
& organisation’s processes
c. for managing
climate-related risks,
and how these are
integrated into the
organisation’s overall
risk management
The CRC oversees sustainability workstreams, which
include climate-related risks. Climate-related risks are
integrated into and managed alongside our corporate risk
processes and principal risk profile. Each risk has a
designated risk owner who is responsible for reviewing
and monitoring the risk and providing the necessary
oversight for the implementation and maintenance of
appropriate mitigations.
Our corporate risk framework (page 28) provides details of
the processes used to assess and manage all risk types,
including climate-related risks. We have a well-established
risk impact rating methodology which we have used to
complete qualitative assessments of our transitional and
physical climate-related risks.
We will continue to improve
the response plans for each
significant climate-related risk
and assess its interaction with
the options to achieve Net Zero
with progress monitored by
the CRC.
Climate-related risks, controls
and updated action plans will
continue to be monitored
through the Corporate Risk
Management process.
The building blocks to
Net Zero are included
on pages 55 to 62.
See pages 42 to 49 for
the strategic response
and resilience against
the specifically
identified risks.
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44 Victrex plc – Annual Report 2025

Recommendation Consistency and 2025 actions Future actions
Further details
(whererelevant)
METRICS & TARGETS
a. Disclose the
metricsused by the
organisation to assess
climate-related risks and
opportunities in line
with its strategy and risk
management process
The climate-related metrics are proposed by management
and agreed by the CRC. These include the approved
milestone targets on the path to Net Zero (Scope 1, 2 & 3
emissions aligned to the SBTi) and have been extended to
include energy, water and waste metrics.
These metrics enable us to track and mitigate our risks
associated particularly with low carbon products and
increasing costs of carbon as well as aiding the realisation
of our resource efficiency opportunities.
We will build on our progress
in data collection improvement
to support metrics, whilst
continuing to set and review
interim milestone targets to
monitor progress towards
reductions to Scope 1, 2 & 3
inline with SBTi 1.5°C
emissions scenarios.
Victrex metrics are
set out on page 50
and 51. Targets for
these metrics are
approved in line
withour approved
SBTi targets.
b. Disclose Scope 1,
Scope2 & Scope 3
greenhouse gas (‘GHG’)
emissions and the
related risks
We calculate and track Scope 1, 2 & 3 (Scope 3 categories
where relevant – see page 61) GHG emissions, including
our absolute carbon emissions, and measures of carbon
intensity in line with GHG Protocol Corporate Standards.
Our SBTi plans were approved in May 2024 with targets
covering reductions to Scope 1, 2 & 3 in line with their
1.5°C emissions scenarios.
We will continue to evaluate
options toreplace fossil-based
fuel sources, e.g. solar, wind,
energy from waste, and low
carbon fuels.
We will further engage with
suppliers tosupport
decarbonisation inline with
our Scope 3 reductiontarget.
Emissions are
disclosed on
pages55 to 62.
c. Describe the
targetsused by the
organisation to manage
climate-related risks
andopportunities
andperformance
againsttargets
We have established longer-term goals with associated
near-term milestone targets related to climate change,
which include our aspiration of Net Zero aligned to SBTi.
Interim goals include our target of increasing our
sustainable products to over 70% of revenues by
2030(from 53% in FY 2025).
As set out in the Directors’ remuneration report,
aproportion of executive remuneration will be assessed
against challenging Scope 1 and Scope 2 carbon
reductiontargets.
We will continue to
reviewsustainable product
revenues and engagement
with key customers.
We will further assess options
to replace fossil-based fuel
sources, e.g. solar, wind, energy
from waste, and low carbon
fuels, and engage with suppliers
to support decarbonisation.
Climate-related
metrics and
targetsare set
outonpages55 to
62 foremissions.
The initial revenue
metric is included
onpage 64.
Executive targets
detailed are set out
on pages 95 to 116.
CLIMATE-RELATED RISKS AND OPPORTUNITIES
As noted above, the Group has been through a detailed process to identify climate-related risks and opportunities. As required by TCFD,
this has included the two major climate-related risk categories and their six sub-categories along with the five major categories of opportunity.
Analysis has been undertaken of all material risks against each of the sub-categories to identify the key risk/opportunity relevant to the
Group, the financial impact of that and the likelihood of them arising across a range of timelines and transition climate scenarios. The time
horizons and climate scenarios used for the transitional risk assessment are detailed below with those used for physical risks included on
pages 46 and 47. Different climate scenarios and time horizons have been used to best represent the different drivers behind transitional
and physical risks and opportunities.
Time horizons – in line with corporate
riskpolicy:
They have also been assessed through multiple transition
climate scenarios:
Short
term
Medium
term
Longer
term
1
Accelerated Net Zero
2050 scenario
(aligned to 1.5°C)
2
Mid case scenario
(aligned to 2°C)
3
Current
policiesscenario
(alignedto3°C)
Considered
upto3 years
Between 3
and10 years
More than
10years
Global Net Zero target
achieved by 2050 in line
with the aim of the
ParisAgreement. This
would require swift and
decisive action regarding
both governments
andbusinesses.
Achieve global Net
Zeroby 2080, requiring
aprogressive ramp-up
inpolicy interventions
compared with today.
Global Net Zero not
achieved by 2100,
reflecting lack of
co-ordinated global
commitments with limited
policy interventions.
The analysis is split into transitional and physical risks and opportunities which are detailed on pages 46 to 48.
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45Annual Report 2025 – Victrex plc

SUSTAINABILITY REPORT CONTINUED
MATERIALITY MATRIX KEY RISKS
1. Extreme weather events
2. Increased cost of carbon
3. Increasing raw material, supply chain or logistics costs
4. Innovation-based growth
5. Low carbon products
6. Low emission manufacturing
Low risk
Medium risk
High risk
Impact
Likelihood
2
6
1
3
5
4
Low
Low
High
High
TCFD RISK MATERIALITY MATRIX DESCRIPTION
Risk title Risk category Risk description Risk rating rationale Impact time
Extreme
weather
events
Supply chain Victrex could experience an
extreme weather event including
rain, extreme temperature
variability, high winds, cyclones or
hurricanes as a result of increased
global warming which could lead
to sea level rise/coastal flooding
and flash flooding.
Our Panjin, China, production facility and Grantsburg
and Rhode Island manufacturing sites are determined to
be at aparticularly elevated risk of extreme temperature
waves. An increase in the frequency and intensity of extreme
temperatures, in the form of both heatwaves and cold
waves, could result in disruption of operations and
adverse impacts on employee health and safety.
Limited water security could disrupt production at
Victrex’s Panjin site due to the high potential for water
stress in the region.
Many of our manufacturing sites are located on or near
coastal regions and rivers and could be vulnerable to sea
level rise, associated extreme weather events and coastal
orpluvial flooding.
We continue to review the integration of weather-related
risks in our business continuity plans and site
riskassessments.
Medium
to long
term
Increased cost
of carbon
Strategy
execution
Victrex may experience an increase
in costs which may not be offset by
the customer as a result of carbon
price fluctuations on Victrex’s
operational costs brought on by
regulatory intervention and supply
and demand of low carbon energy.
Victrex’s operational sites across global jurisdictions may
be at risk of existing and emerging regulations to address
industrial GHG emissions.
Carbon pricing is expected to increase in the future,
including the cost of offsets, and carbon-related taxes on
products within Victrex’s value chain. The availability of
low cost offsets is projected to decrease if GHG
emissions reduction targets are to be achieved.
We are exploring an internal cost of carbon to help
further understand and manage this risk.
Short
term
Increasing
rawmaterial,
supply chainor
logistics costs
Strategy
execution
Victrex may be unable to source
raw materials in line with quoted
carbon reduction targets as a result
of increased raw material, supply
chain or logistics costs driven by
climate change.
Rising sea levels, extreme weather, geo-political
instability and increased regulation all have the potential
to impact Victrex’s suppliers and logistics providers
under both 3°C and 1.5°C temperature scenarios,
resulting in increased operational costs that may be
passed toVictrex.
By prioritising dual/multiple sourcing, we strengthen the
resilience of our portfolio and security of supply.
Medium
term
PHYSICAL AND TRANSITION-RELATED RISKS AND OPPORTUNITIES
The team has completed a review of the transition risks and those considered to have the largest impact are included in the
materiality matrix and description below. Opportunities are included in the table on page 48.
Impact time key: Short term (up to 3 years) Medium term (between 3 and 10 years) Long term (more than 10 years)
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
46 Victrex plc – Annual Report 2025

Risk title Risk category Risk description Risk rating rationale Impact time
Innovation-
based growth
Strategy
execution
Victrex could fail to deliver the
forecasted innovation-based
growth due to poor understanding
of customer need, the inability to
develop solutions at an appropriate
price in the desired time or
inaccurate data and forecasting,
asa result of changing customer
demands for low carbon products.
Victrex offers sustainable and low carbon products in
line with megatrends but is also developing the application
of existing PEEK products for green industry use (e.g.
recycled grades). Failure to appropriately balance these
two approaches may lead to loss of market share and
decreased profits.
Victrex has established the circularity steering group
tomonitor customer demands in this space as well as
implement solutions.
Medium
to long
term
Low carbon
products
Legal and
regulatory
compliance,
ethics and
contracts
Victrex may fail to react to
changing government, consumer
orinvestor requirements regarding
low carbon products which could
ultimately lead to damaged
reputation or loss ofrevenue
andcommercial opportunities.
Victrex has committed to its Net Zero objective being
aligned with SBTi targets for Scope 1, 2 and 3 by 2050.
Sphera Life Cycle for Experts software and generation of
LCAs enable us to provide product sustainability data to
customers and suppliers, as well as supporting us to
identify areas where we can further improve our
sustainability credentials.
We also monitor the ever-changing legislative landscape
and the robustness of our climate commitments against
the market.
Short to
medium
term
Low emission
manufacturing
Strategy
execution
Victrex may be unable to source
energy at an appropriate price in
accordance with quoted carbon
reduction commitments due to
alimited availability of suitable
infrastructure and the associated
increased energy costs.
Capital and energy costs required to transition
Victrex’sassets and site infrastructure to low carbon
manufacturing may lead to an increase in operational
costs that cannot be offset or passed to customers.
We continue to advocate for and monitor the options
available to us for our transition and the implications
ofeach on our operational costs, working alongside
industry and trade associations (e.g. the Chemical
Industries Association) in transition planning and
itsimpact.
Medium
to long
term
Impact time key: Short term (up to 3 years) Medium term (between 3 and 10 years) Long term (more than 10 years)
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
47Annual Report 2025 – Victrex plc

SUSTAINABILITY REPORT CONTINUED
TCFD OPPORTUNITIES
A review of the transition opportunities considered to have the greatest materiality impact is included in the table below.
TCFD definition of opportunity Victrex rationale Impact time
NEW PRODUCTS AND NEW APPLICATIONS
The development and/or expansion of Automotive low
emission materials is expected to result in increased revenues
(from higher content per vehicle) for Victrex products and
services over the medium term, resulting in a positive impact
on our financial position.
The drive to reduce CO
2
in the Automotive sector underpinned
by environmental legislation and based on increased fuel
efficiency remains the dominant trend within the industry.
Automotive OEMs are looking at fuel economy in combustion
engines through new materials and car design for lightweighting
as key drivers to reduce CO
2
emissions and fuel efficiency.
Short to
medium
term
NEW PRODUCTS AND NEW APPLICATIONS
The development and/or expansion of electric vehicles is
expected to result in increased revenues from increased
demand (and content per vehicle based on our materials
supporting specific battery applications) for Victrex products
over the medium term resulting in a positive impact on our
financial position.
The Electric Vehicles Initiative (‘EVI’) is a multi-government
global policy forum established under the Clean Energy
Ministerial (‘CEM’), dedicated to accelerating the introduction
and adoption of electric vehicles worldwide. The CEM has
announced a campaign to speed up the deployment of electric
vehicles and target at least 30% new electric vehicle sales by
2030, including passenger cars, Light Commercial Vans
(‘LCVs’), buses and trucks.
Short to
medium
term
NEW PRODUCTS AND NEW APPLICATIONS
The development and/or expansion of Aerospace low
emission materials is expected to result in increased revenues
(from higher content per aircraft based on PEEK being used
in larger components such as wing structures or engine
housings) for Victrex products over the medium term,
resulting in a positive impact on our financial position.
Aerospace manufacturers are striving for weight reduction for
fuel efficiency and reduced CO
2
emissions. VICTREX™ PEEK
and PAEK composites and components offer weight reductions
(up to 60% for structural parts) compared to traditional metal
alloy parts and improved manufacturing cycle times.
Lightweighting underpins our composite activities, with
advanced materials driving long-term R&D and business
growth. Aerospace adoption of our thermoplastic solutions
continues to build including Advanced Air Mobility (‘AAM’).
Short to
medium
term
RESOURCE EFFICIENCY
Increased use of greener, lower emission energy sources,
used to provide energy for our manufacturing assets, could
result in lower carbon emissions and reduced carbon footprint
of our products. This could support increased demand
forVictrex products over the medium term, resulting
inapositive impact on our financial position.
Achieving Net Zero by 2050, in line with SBTi targets, presents
anopportunity to reinforce credentials with key stakeholders,
including customers, investors and employees. Increasing interest
from ESG funds may provide greater access to capital, with
financial institutions also providing more attractive access
tocapital for companies with greener credentials.
Our developments for on-site green energy generation can
partially offset purchased electricity, thus helping to stabilise
energy costs and providing energy stability within an
otherwise costly energy market.
Medium
tolong
term
RESOURCE EFFICIENCY
Increased use of recycled materials and reducing fossil-based
raw materials within selected PEEK products could result in a
lower global warming potential. This could support increased
demand for Victrex products over the medium to long term,
resulting in a positive impact on our financial position.
Customers are increasingly looking for materials with a lower
carbon footprint and are starting to make purchasing decisions
based upon a material’s sustainability benefits as well as cost,
availability and security of supply.
Our circularity and Continuous Improvement programmes are
working towards increased efficiency and recycling initiatives,
including potential recycled grades. This is combined with
Research & Development investment in sustainable chemistry.
Short to
medium
term
Impact time key: Short term (up to 3 years) Medium term (between 3 and 10 years) Long term (more than 10 years)
The ongoing development of lightweight and durable applications for Automotive (including electric vehicles) and Aerospace represents
thegreatest opportunity to Victrex in the short to medium term as governments place increasing decarbonisation challenges on industry.
Inaddition, we believe there will also be an increased demand from our customers for lower carbon and recycled products and these areas
will see the greatest opportunities over the same time period. In both of these areas, we see the opportunity for higher VICTREX™ PEEK
content per vehicle or aeroplane.
To enable us to meet these demands, our planned use of greener, low carbon energy sources will enable us to produce lower carbon,
lightweight products that help our customers meet their own decarbonisation targets.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
48 Victrex plc – Annual Report 2025

TRANSITION-RELATED RISKS
ANDOPPORTUNITIES
The overall financial impact of the risks
andopportunities in this section has been
assessed. From a revenue perspective it
hasbeen concluded that climate change
presents a net positive opportunity for the
Company, with PEEK and its current and
future applications playing strongly across
several end markets where reduction in
carbon emissions is a key driver for
innovation. For financial planning and
scenario modelling, a cautious revenue
neutral position has been assumed.
Climate-related operating costs are being
assessed as decarbonisation plans progress,
with detailed analysis to follow before inclusion
in financial budgets and strategy models. In
order to reflect the potential future impact, the
Group includes a sensitivity in its financial
planning models to allow for the additional
capital and operating costs associated with
electrification of heat sources used in the
manufacturing process, which operationally
primarily reflects the cost of using green
electricity rather than gas.The additional
cost, calculated on a per kg manufactured
basis, has been included in the cost base
from FY 2030, aligned with the current plan
to hit the interim SBTi target in 2032.The
FY2030 cost was increased by c.£16m
which is included in the scenarios used for
the sensitivity analysis.This replaces the
estimate used in prior years (£10m in 2026
and £20m in FY 2027 (growing by inflation
thereafter)) now that the plans to
decarbonise have matured.
The Group’s primary operational
manufacturing assets are in the UK, with
additional capacity in China. The Group
hasa network of regional warehouses,
allofwhich are leased, which affords the
flexibility of being able to readily relocate
these within a short time frame where
elevated risks exist or emerge over time.
The Company’s ability to supply its
customers has been, and remains, a key
business priority. A key mitigation of this risk
is the level of inventory, with targeted levels
of three to four months’ cover at each
warehouse. Inventory levels are reviewed in
light of supply chain risks, plant shutdowns,
and demand volatility, with climate-related
supply risks factored in. Our current target
levels of inventory provide some mitigation,
enabling customer supply during temporary
production losses from extreme weather.
PHYSICAL RISK CLIMATE
SCENARIO ANALYSISMODELLING
Climate scenario analysis (‘CSA’) was
completed within FY 2022 on the Group’s
primary operational manufacturing sites,
defined as those critical to the sustainability
of our current revenue streams and those
which will deliver most of the growth over
our strategic planning horizon of five years.
Three sites met the criteria for inclusion
inthe initial assessment, all based in the
United Kingdom. The information assisted
our understanding of the potential impact
of climate change on the future of our
business which in turn will support the
evolution of our strategy.
The CSA was conducted using a standard
methodology in line with TCFD guidance by
third-party advisors to assess the exposure
to the physical risk noted above. In total,
nine hazard types were assessed, including
flood, wind, precipitation and drought, up to
2100 in 10-year increments. The modelling
has been based on three IPCC climate
change scenarios with a baseline of2020.
The scenarios are based on Shared
Socio-environment Pathways (‘SSP’)
rangingfrom SSP 1–2.6 to SSP 5–8.5.
The conclusion from the analysis of the
sitesis that there was no material financial
impact from the physical risks arising from
climate change through the short-term time
horizon (present to 2040), medium-term
time horizon (2041–2060) nor well into the
long-term time horizon (2061 and beyond),
under any of the temperature scenarios,
neither directly in the working conditions
forour employees nor the operational cost
of the business nor the cost of insuring the
Group’s key assets. The analysis highlights
several factors for the Group to consider in
expanding, replacing and protecting its assets
and providing a safe working environment for
its employees at these sites. The incorporation
of these into the future plans of the business
will be monitored by the CRC. The hazard
types and levels remain consistent with those
disclosed in the FY2024 Annual Report.
The previously identified sites continue
tooffer the greatest impact over the next
five years and additional work is planned
toexpand this analysis to include other
manufacturing locations as their relevance
increases, and to extend the scope across
our supply chain – particularly targeting
strategic suppliers operating in markets
withlimited competition.
FINANCIAL STATEMENT IMPACT
The impact on the financial statements
forthe year ended 30 September 2025 of
the aforementioned risks and opportunities
from climate change has been detailed
inthe notes to the financial statements
(seenote 1 for further details).
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
49Annual Report 2025 – Victrex plc

SUSTAINABILITY REPORT CONTINUED
SUSTAINABILITY PILLARS
PEOPLE
SOCIAL RESPONSIBILITY
Further inspire our employees
andcommunities to positively
impactsustainability
Read more from page52
PLANET
RESOURCE EFFICIENCY
Decarbonisation and focus on minimising
resources (energy, carbon and water)
Read more from page55
PRODUCTS
SUSTAINABLE SOLUTIONS
Our sustainable products support CO
2
reduction and clinical benefit in Medical, as
well as offering recyclability potential
Read more from page64
OUR SUSTAINABILITY
VISION AND GOALS
Our sustainability vision was set in FY 2020 and is aligned to both the SBTi and the UN Sustainable Development Goals
(‘SDGs’), which are shown below. The majority of our goals are focused on a 2030 timeline, with our decarbonisation
roadmap aligned to the SBTi near-term (2032) and Net Zero targets.
SDGs
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
50 Victrex plc – Annual Report 2025

1 Scope 1, 2 & 3 emissions and science-based target. The goal is based on 2022 manufacturing footprint and data.
* Note: The reference to the data within the Sphera Life Cycle for Experts database refers to the Life Cycle Analysis
completed for PEEK used as the GWP benchmark within the system.
OUR KEY IMPERATIVES:
•
Net Zero (Scope 1, 2 & 3) emissions in line with 1.5°C emissions scenarios of SBTi by 2050
•
Increase revenues from our sustainable products which bring environmental and societal benefits
•
Minimise resources (energy, waste and water) used in our own operations
•
Support a diverse and inclusive workplace
GOALS
•
Deliver Zero Accidents and Zero
Incidents culture
•
Grow global STEMprogramme
•
Increase community activity
across our globallocations
•
Focus on supporting DE&I
•
Decarbonisation plan (Net Zero
for Scope 1, 2 & 3 emissions)
inline with the SBTi 1.5°C and well
below 2°C emissions scenarios
1
•
Sustained reduction in
resources through improved
productivity and asset
efficiency: carbon intensity,
waste& water intensities
•
Increase % of revenue from
sustainable products
•
Increase recycling rates of PEEK/
PAEK in the supply chain
•
Life Cycle Assessments for 80%
of our products by volume & sales
MILESTONE TARGETS
•
Improved safety metrics, based
on the OSHA reporting standard
•
STEM ambassadors in every
region by 2030
•
Commit >500 employee hours
to global community activity
annually by 2030
•
Embed DE&I globally; femalesin
leadership roles at40% by 2030
•
Commitment to a
science-basedtarget
•
Exceed 70% from sustainable
products with environmental
andsocietal benefits by 2030
(andexceed 50% by 2025)
•
Establish Victrex’s role in
supporting circularity
2025 PROGRESS
• Improved recordable injury
frequency rate of 0.16
(FY 2024: 0.18)
• Increased number of global
STEM ambassadors at 61
(FY 2024: 55)
• 2,216 employee volunteering
hours; expanded Biodiversity
partnerships
• 40% of females in leadership
roles achieved (FTSE Women
Leaders definition)
• Maintained 100% renewable
electricityglobally and increased
solar PV usage (solar car ports
powering one third of the offices
at our global headquarters)
• Reduction in Scope 1 & 2
market-based emissions
intensity of 13% in FY 2025
• Decarbonisation roadmap and
options prepared for primary
manufacturing facilities (dependent
on affordability, availability of
alternative fuels, technology
andelectrical grid capacity)
• Revenues from our sustainable
products with positive
environmental and societal
benefits at 53% (FY2024: 56%)
• Developed circularity options
to differentiate Victrex and
further support our customers
inreducing their CO
2
footprints
• Progressed Life Cycle Analysis
programme with 80% of
products (by sales volume)
assessed, including favourable
(lower) climate change impact for
main 450G product grade vs the
industry benchmark*
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
51Annual Report 2025 – Victrex plc

SUSTAINABILITY REPORT CONTINUED
PEOPLE
(SOCIAL RESPONSIBILITY)
SAFETY, HEALTH AND WELLBEING
The safety, health and wellbeing of our
employees, contractors and visitors remains
our highest priority and fundamental to
everything we do at Victrex. ‘Safer, Better,
Together’ has been a focus through FY 2025,
which includes expanding annual SHE
improvement plans, enhancing process
safety KPI tracking, updating our event
reporting system, and developing a SHE
competency and training matrix.
Our Shanghai site (technical centre and
compounding facility) maintained ISO 14001
certification and successfully achieved
ISO45001.
We also transitioned to a new UK
occupational health provider, offering
improved service and enhanced wellbeing
resources to further support the health and
wellbeing of our employees. Senior leadership
interactions continue to take place across
our sites, reinforcing a strong focus on SHE.
Our Tier 2 audit programme completed its
second year, with risk-based audits supporting
compliance and continual improvement.
A key highlight this year was our Seal Sands
(UK) team reaching a 20-year milestone of no
lost time accidents, a significant achievement
demonstrating the impact of sustained focus
and teamwork on safety performance.
EMPLOYEE ASSISTANCE
PROGRAMME
We continue to provide occupational health,
private medical insurance and employee
assistance programme (‘EAP’) support
toallour employees. We are committed
toimproving employee wellbeing and
engagement with a healthier and more
Our People pillar focuses on
inspiring our employees and
communities to positively
impact on our three priority
areas, ensuring we operate as
a responsible citizen globally:
•
safety, health and wellbeing;
•
Diversity, Equity & Inclusion; and
•
community and employee
volunteering (including Biodiversity).
inclusive culture, and ensuring ongoing
improvement in the safety, health and
wellbeing of all our employees.
DIVERSITY, EQUITY & INCLUSION
Our focus continues to be putting Diversity,
Equity & Inclusion at the heart of our people
strategy. This year we have realigned our
approach to reporting such that our external
definition* of people in the target group
shows us achieving (realigned to the external
FTSE Women Leaders reporting approach
and based on the VMT and VMT-1 population)
40% of females in leadership (23% on the
original measure**).
Our Victrex ethnicity target for senior
leadership populations was set at 12%
in2024 (target by 2027), with current
representation at 2%.
Being inclusive has become embedded with
applicant tracking software, gender decoding,
diverse job boards and anonymised CVs.
Our ongoing focus on our employee
proposition helps us to attract and retain
adiverse workforce. The recognition in The
Sunday Times Best Places to Work 2025 also
reflects our inclusive culture as well as our
commitment to wellbeing.
For disabled people employed by Victrex, be
that upon commencement or who become
disabled during their employment, Victrex is
committed to ensuring equality of opportunity
for training, career development and promotion
opportunities. Building on the UK government
Level 2 Disability Confident award we have
continued to implement further enhancements
supporting employees with disabilities.
Inaddition, we also guarantee interviews
forall disabled applicants who meet the
minimum criteria for the job.
Our employee voice is heard through the
strategic inclusion group and our employee
resource groups on gender, enablement,
and race & ethnicity.
* New methodology for external reporting in
FY2025: 47 people in target group include
Victrex Management Team (VMT) and
directreports.
** Original methodology included a smaller group
of more senior women in FY 2025: 39 people
in target group, which was originally based on
top two employee grades.
EMPLOYEES
(AS AT YEAR END)
2025 1,169
1993
60
AVERAGE NUMBER OF PEOPLE
EMPLOYED DURING THE YEAR
(INCLUDING DIRECTORS),
BYCATEGORY
TOTAL: 1,115
TOTAL: 1,159
PARTICIPATION IN EMPLOYEE
SHARESCHEMES
2025 2024 2023 2022 2021
81% 83% 85% 77% 89%
Note: Based on eligible employee population.
6%
81%
IN 2024
Make – 658
Develop, market
andsell – 283
Support – 174
IN 2025
Make – 686
Develop, market
andsell – 285
Support – 188
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
52 Victrex plc – Annual Report 2025

SUPPORTING OUR EMPLOYEES
Victrex has a long-standing apprenticeship
programme; in FY 2025 we had 48 employees
(36M:12F) on apprenticeship programmes
including 21 employees (19M:2F) completing
their qualifications. 7employees (2M:5F)
started professional qualifications in
FY 2025 and 9 employees (9M:0F)
completed professional qualifications.
Our recognition programmes celebrate
theachievements of our employees through
our‘instant’ Above & Beyond Awards,
ourFunctional Excellence Awards, our
annual CEO Awards and ourProfessional
Development Awards, celebrating those
employees completing further education
togain a qualification. InFY 2025, there
were 46CEO Awards and 31 Professional
Development Awards.
UK LIVINGWAGE
Victrex is now accredited with the Living
Wage Foundation in the UK (which comprises
the majority of our employees) and we
arecommitted to paying the Living Wage.
Victrex complies in full with any Minimum
Wage obligations in all global locations.
INVOLVEMENT AND LISTENING
TOOUR EMPLOYEES
•
Our colleagues remain informed of
business updates as well as being able to
take part in two-way discussions. We do
this through a variety of communication
channels, both formal and informal,
including ‘town hall’ briefings, CEO
sessions or quarterly employee forums.
•
Quarterly global staff briefings ensure
that employees can stay in touch on
performance and strategy, as well as
having the opportunity to ask questions.
•
Our Workforce Engagement Director,
Brendan Connolly, meets with global
employees to listen to the employee
voice and drive employee engagement.
VOLUNTARY EMPLOYEE
TURNOVER
2025 2024 2023 2022 2021
6% 8% 9% 8% 7%
CLEAN SWEEP: Our Biodiversity activities have
expanded this year, supporting nature where we
operate (picture of Victrex employees litter picking
close to our UK Hillhouse manufacturing facilities).
•
Our 2025 Engagement Survey (UK
employees) received a 90% response rate
and a 76% engagement score. All teams
that scored lower in the previous survey
showed year on year improvement,
withaction plans to support engagement
in place, driven by line managers and
supported by senior leaders and
VMTmembers.
GENDER PAY
The full Gender pay gap report is available
on our Victrex plc website at www.
victrexplc.com. Snapshot headlines for 2025:
•
77% of employees were male and 23%
were female.
•
The % of women in quartiles has shown
a general positive trend, with 25% in the
upper quartile for 2025.
•
The median pay gap has reduced to
2.7% in 2025 (4.2% in 2024).
•
11% of males and 11% of females were
paid a form of bonus (e.g. retention
bonus or recognition award) (note: our
all Company bonus did not trigger within
the period or the prior period).
EMPLOYEE BREAKDOWN (FY 2025)
•
50% of our Board were male and 50%
were female.
•
33% of our Senior Managers were female*.
•
In the grouping of Senior Managers and
their direct reports**, 60% were male
and 40% were female.
•
Of the rest of our employees 75% were
male and 25% were female.
Board
TOTAL: 8
Male – 4
Female – 4
Senior Managers*
TOTAL: 6
Male – 4
Female – 2
Senior Managers & direct reports**
TOTAL: 47
Male – 28
Female – 19
Rest of employees
TOTAL: 1,122
Male – 838
Female – 284
* VMT members excluding the Executive
Directors (VMT members are shown at
www.victrexplc.com).
** VMT members including Executive Directors
and direct reports.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
53Annual Report 2025 – Victrex plc

SUSTAINABILITY REPORT CONTINUED
PEOPLE
(SOCIAL RESPONSIBILITY)
CONTINUED
COMMUNITY & EMPLOYEE
VOLUNTEERING
STEM & careers outreach
Victrex continues to support Science,
Technology, Engineering & Maths (‘STEM’)
activities, working with partners to deliver
meaningful interactions that ‘inspire the
next generation’. At the end of FY 2025,
Victrex had 61 STEM ambassadors across
allglobal regions, primarily in the UK.
One example of employee volunteering is
through our partnership with Pride of Place
Blackpool (UK). This year, for the second
time, we ran the ‘Young Inventor’s Lab’,
engaging 12–13 year olds at risk of
becoming Not in Education, Employment or
Training (‘NEET’). 175 students completed a
six-week design challenge and pitched ideas
in a Dragons’ Den, and some visited our
headquarters to explore STEM careers and
develop key employability skills. In total,
there were 4,816 student interactions
throughout the year.
A recent survey of our current apprentices
revealed that 53% became aware of Victrex
through engagement linked to our STEM
outreach efforts, such as careers fairs,
highlighting the role of early engagement
instrengthening our future talent pipeline.
This underpins and supports our STEM
careers activity.
Biodiversity
Biodiversity continues to be a key focus
forus, ensuring that our interactions with
nature balance the impact we have through
our manufacturing operations. This year,
westrengthened our partnerships in the
UKthrough The Wildlife Trust for Lancashire,
Manchester and North Merseyside and
nowthe Yorkshire Wildlife Trust.
Our employees participated in several
impactful volunteering activities, including
beach cleans and site clean-ups. Other
Biodiversity partnerships around our global
sites are being explored outside of the UK.
Our Biodiversity work supports how we will
report in the future under TNFD, the Taskforce
on Nature-related Financial Disclosures.
Charitable donations
Victrex continues to support STEM and
Biodiversity activities, as well as employee-led
charity nominations on a global basis.
InFY2025, charitable donations totalled
£70,167 (FY 2024: £69,072). In FY 2026, and
reflecting the challenging trading environment,
we expect to see slightly reduced monetary
donations for community activity, though
our key STEM and Biodiversity projects
remain well supported.
BUSINESS ETHICS
We have a well-embedded Global
Whistleblowing Policy. Details can be found
on page 65 within the Code of Conduct.
GROUP POLICIES
Victrex annually reviews its key employment
policies, several of which are shown on
www.victrexplc.com. The Group, through its
Code of Conduct programme, also targets a
100% completion rate by employee training
covering SHE training, the Code of Conduct
(Ethics), IT acceptable use and other linked
topics. A list of the key policies relating to
our employees can be found on page 66.
RESPONSIBLE TAXATION POLICY
The Group is committed to managing its
taxaffairs in a responsible and transparent
manner, as outlined in our tax strategy
(www.victrexplc.com), with the Group
acknowledging its corporate responsibility
inthis area. The profit-based corporation
taxcharge for the current year was £7.8m
(FY2024: £2.0m), with a total tax charge,
incorporating deferred tax and prior period
adjustments, of £8.9m (FY 2024: £7.6m)
giving an effective tax rate of 26.3%
(FY2024: 32.5%). Taxation paid during
FY2025 was £4.4m (FY 2024: £4.3m), in
relation to profit-based taxes, which was
lower than the corporation tax charge
reflecting payments made on account
intheprevious year.
The Group’s medium-term guidance for the
effective tax rate is 15–19% compared to
the current UK corporation tax rate of 25%
and the global minimum rate of 15% for
applicable multinational enterprise groups
(albeit the Group currently does not meet
the group revenue threshold of €750m). The
discount to the standard UK rate is due to
the specific UK government reliefs, including
enhanced capital allowances and specific
innovation incentives (e.g. Patent Box) which
are available to UK companies which invest
heavily in Research & Development, create
highly skilled innovation jobs and develop
unique value-generating intellectual
property (‘IP’). Victrex’s strategy of investing
in, and patenting the output of, innovative
and sustainable products and processes
allows us to benefit from these reliefs.
The Group currently manufactures the
majority of finished goods in the UK, which
are then sold to Group companies in other
jurisdictions. The prices levied between
Group companies, and resulting profits
ineach jurisdiction, are governed by the
Group’s Global Transfer Pricing Policy, which
is based on the arm’s length principle and
set in compliance with OECD principles with
regular benchmarking undertaken using
external advisors.
It is noted that the total tax contribution
forthe Group is significantly higher than
theprofit-related taxes alone. The total
taxcontribution for the Group includes
employee-based taxes, customs duties and
elements of unrecoverable VAT, in addition to
taxes collected on behalf of the government,
including VAT and taxes borne by the
Group’s employees.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
54 Victrex plc – Annual Report 2025

PLANET
(RESOURCE EFFICIENCY)
MANAGING OUR RESOURCES
Victrex has clear goals to improve our
resource efficiency, including reductions
inenergy, waste and water usage. Most
absolute metrics were unfavourable this year
as we saw a 31% increase in production
volumes, though intensity measurements
(per unit of production) improved across
allareas, including a 13% reduction in our
global Scope 1 & 2 (market-based) carbon
intensity. We also saw the first full financial
year impact of our new China facility, which
commenced operations in late FY 2024.
Energy and water consumption will, in the
short term, be influenced by production
volumes. As a result, we anticipate a near-term
rise in absolute emissions, primarily due to
the steady ramp-up of our manufacturing
facilities in China, ahead of the benefits from
larger decarbonisation initiatives. Continuous
Improvement (‘CI’) programmes will ease
this impact through efficiency and
resourcereductions.
Reflecting our focus from FY 2022 onwards
on reporting the breadth of our Scope 3
impact, as well as the enhanced utilisation
of digital solutions to improve data quality
across our key resources, we will, effective
from FY 2025, report a three-year summary of
our key metrics. We will continue to provide
longer-term trends where appropriate.
DECARBONISATION ROADMAP
Our SBTi decarbonisation roadmap and
targets cover absolute reductions to Scopes
1, 2 & 3 in line with the 1.5°C emissions
reduction scenarios.
Our SBTi approved targets are as follows:
•
Near-term targets: Reduce absolute
Scope 1 and 2 GHG emissions by 50.4%
by 2032 from a 2022 base year and
reduce absolute Scope 3 GHG emissions
by 30% within the same time frame.
•
Long-term targets: Reduce absolute
Scope 1 and 2 GHG emissions by 90%
by 2050 from a 2022 base year. Victrex
also commits to reducing absolute Scope
3 GHG emissions by 90% within the
same time frame.
SBTi targets underpin our aspiration to
havea clear differentiator in our products –
in line with our favourable (lower) climate
change impact through Life Cycle Analysis.
Delivering our SBTi targets remains reliant
on affordability, as well as governmental
directives (e.g. electrical grid capacity and
available renewable energy) or technology
(alternative fuel availability).
Decarbonisation investment
Capital requirements for decarbonisation
are embedded into capital expenditure
guidance, set at 8–10% of revenue (annually).
However, alternative fuels may incur higher
operating costs and will need to be factored
into final investment decisions.
As such, the main capital spend for
electrification is deferred to FY 2028
onwards, whilst still providing a roadmap
towards our interim targets (2032).
Continuous Improvement (‘CI’)
programmes & productivity
Complementing our long-term
decarbonisation plans, we continue to
deliver a robust programme of CI activities
across recycling, energy, waste, and water.
These initiatives have already yielded
tangible benefits and improved productivity,
including over 700 tonnes of CO
2
savings
during FY 2025 through:
•
process optimising of water intensive
activities combined with increasing water
recycling rates;
•
improving overall equipment
effectiveness (‘OEE’) on our polymer
plants; and
•
optimising our monomer yields.
We achieved our internal target to reduce
our water intensity by between 3% and 5%
vs FY 2024, with a 10% reduction.
In FY 2025, we also invested in a solar car
port at our UK Hillhouse site, which will help
to power one third of the electricity at our
offices within our global headquarters. This
project was completed in the summer of
2025, and we expect to consider further
options for self-generated solar energy.
Our future programmes include
improvements to other parts of the polymer
manufacturing process, to yield further CO
2
water and waste reductions.
SOLAR ENERGY:
Expanding our
solar-generated
electricity capabilities
through our new solar
car ports (at our global
headquarters in the UK).
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
55Annual Report 2025 – Victrex plc

DECARBONISATION ROADMAP
continued
Circularity
Our circularity steering group has been
assessing multiple circularity options,
aligned to our goal of increasing recycling
rates in the supply chain. Following review
by the Corporate Responsibility
Committee, key areas were prioritised:
•
Recycled products – Potential to
increase recycling rates and offer
lower carbon solutions to customers.
•
Recycling collaborations –
Collaboration with industry partners
&providing recycling support
tocustomers.
•
Waste management – To seek
alternative uses for waste material
andsupport reduction in PEEK waste
tolandfill.
During FY 2025, we expanded our Life
Cycle Assessment modelling to include
end-of-life scenarios, enabling us to
better understand the impact of recycling,
as well as assessing our customer appetite
for circular solutions.
In line with our circularity ambitions,
wenow have the opportunity to
progresstargeted recycling initiatives
aimed at reducing waste and enhancing
materialrecovery.
These include reclaiming high quality
polymer scrap from a supplier to the
Electronics market and repurposing
internal composite waste into an
alternative product via a closed-loop
recycling system. These efforts support
our strategic goals around supporting
customers with a recycled grade
ifrequired.
SUSTAINABILITY REPORT CONTINUED
PLANET
(RESOURCE EFFICIENCY)
CONTINUED
REDUCE
REUSE
F
O
R
M
S
P
A
R
T
S
P
R
O
C
E
S
S
I
N
G
C
U
S
T
O
M
E
R
M
O
N
O
M
E
R
A
N
D
P
O
L
Y
M
E
R
O
E
M
/
E
N
D
U
S
E
R
FUTURE
CIRCULARITY
POSITION
RECYCLE
PRINCIPAL ENVIRONMENTAL
IMPACTS
FY 2025 data is based on PEEK produced
(tonnes) to align with the variation in
production levels in specific years. With
improved systems and data capture from
FY2023, we report a three-year view
acrosskey resource impacts.
Our GHG report aligns with UK government
Energy and Carbon Reporting (‘SECR’) and
includes our corporate CO
2
emissions by
emission type (Scope 1 emissions generated
by the direct combustion of gas, use of
diesel & fugitive/process emissions; Scope 2
emissions from purchased electricity &
steam; total energy used; and Scope 3
emissions indirect from other sources).
Absolute emissions data is reported along
with Scope 1 & 2 emissions per tonne of
PEEK produced. Our approach is based upon
financial control, and we report on 100%
ofall applicable GHG emissions.
Additionally, this report has been
preparedagainst the Sustainability
Accounting Standards Board (‘SASB’),
Resource Transformation–Chemicals
(‘RT-CH’) standard, for our energy metrics
and with reference to the Global Reporting
Initiative (‘GRI’) standards for our water
andwaste metrics.
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56 Victrex plc – Annual Report 2025

Additional GRI water metrics Thousands m
3
Total water withdrawal from all areas with water stress 6
Total water discharge to surface water (freshwater) 9
Total water discharge to surface water (other water) 306
Total water discharge to groundwater (freshwater) 3
Total water discharge to third party (other water) 174
Total water discharge 492
Total water discharge to all areas with water stress (other water) 3
Total water discharge to all areas with water stress (freshwater) 3
Total water consumption 46
Total water consumption from all areas with water stress 0.2
ENERGY CONSUMPTION
SASB DISCLOSURE RT‑CH‑130a.1
We are pleased to report that Victrex
has maintained its use of 100%
renewable electricity across all
locations (where the market exists).
Our total energy consumption relates to
the total amount of gas, electricity, steam
and diesel used across all Victrex locations
with usage data based primarily on meter
readings and invoices. Pleasingly, energy
consumption per tonne (PEEK) reduced by
13%, despite the Group seeing production
volumes increase by more than 30% vs
FY2024 and consequently a higher energy
consumption overall.
Total energy consumption
MWh
Total energy consumption
pertonne (PEEK) produced
MWh/tonne
24
23
156,448
164,717
24
23
49.40
39.52
25 177,914 25
42.86
Currently our solar ports provide around 100 MWh of electricity each year which is wholly consumed by our Hillhouse site. We expect
this figure to grow notably for FY 2026 with the addition of our new solar car port. Our renewable energy consumption comprises our
self-generated electricity as well as purchased electricity including Renewable Energy Certificate (‘REC’) or Guarantees of Origin (‘GO’).
Additional SASB energy metrics
Percentage of electricity from renewable sources (global) (%) 100%
Percentage of energy consumed that is supplied by grid electricity (%) 28%
Percentage of energy consumed that is renewable (%) – this represents the renewable nature of 100% of our
electricity (the remaining key energy source is natural gas) 28%
Self-generated solar electricity consumed (MWh) 126
WATER
GRI DISCLOSURES 3‑3 303‑3 303‑4303‑5
During FY 2025, water usage (per unit of
PEEK produced) reduced by 10% due to
process improvements including work on
our bandcaster system. Our total water
usage increased compared to FY 2024,
driven by higher production volumes.
Wealso completed the CDP climate and
water combined disclosure.
All of our current main manufacturing
assets within the UK are located within
areas of low water stress.* In FY 2025
wehave assessed all other sites using the
World Resource Institute’s (‘WRI’) Water
Risk Atlas tool to identify facilities which
are located in regions with a high or
extremely high baseline water stress level.
All our main manufacturing sites within
the UK and US are located within areas
oflow or very low flood risk.**
Water used at all our sites is withdrawn as
freshwater from municipal water networks
and discharged as effluent or tankered liquid
waste. Our discharged water figure includes
water from raw materials (produced water)
but we currently do not include this small
volume in our water withdrawal figures.
This is something we are working on for
improved reporting in the future. We work
with the Environmental Agency to identify
substances of concern for relevant sites,
where discharge limits are set through
thecompletion of risk assessments. There
were no incidents of non-compliance
withdischarge limits in FY 2025.
Water is predominantly used for cooling
and process water, where water data is
calculated primarily using meter readings,
invoices and waste notes.
Our Continuous Improvement programme
has identified projects to reduce water
usage further by reducing the amount
ofwater used to produce material and
recycling process water in our operations.
* UK Environment Agency Water StressedAreas.
** UK Environment Agency Flood Risk Assessment;
Rhode Island Statewide Planning and Grantsburg
Site 2021 Insurance Risk Assessment.
*** Note: Water figures have been restated to reflect
historic metering issues identified in FY 2025.
Total water withdrawal
Thousands m
3
Water withdrawal per tonne
(PEEK)produced
Thousands m
3
/tonne
24
23
0.15***
0.14***
25 0.13
24
23
458***
583***
25
538
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57Annual Report 2025 – Victrex plc

SUSTAINABILITY REPORT CONTINUED
WASTE
GRI DISCLOSURES 3‑3 306‑3 306‑4 306‑5
Over the 10-year period between 2013
and 2023 Victrex saw a 55% reduction in
hazardous waste to landfill (after treatment)
and FY 2025 saw further improvements,
with a 23% decrease on the prior year.
Victrex continues to make good progress
in waste management and works closely
with licensed waste service providers to
ensure that waste is recycled, or otherwise
reused, or disposed of with minimal
environmental impact.
All our waste is treated offsite and is
eitherrecycled, incinerated, sent to landfill
or otherwise recovered (primarily through
wastewater treatment). We categorise
ourwaste composition for reporting as
hazardous and non-hazardous, where
data has been compiled primarily using
waste transfer notes. We note differences in
waste composition categorisation between
waste generated and that directed to or
diverted from disposal. This is due to
treatment where the composition of
thewaste is altered prior to disposal.
Thisyear we have reported that hazardous
waste per tonne (PEEK) produced reduced
by 18% compared to FY 2024. This is
primarily due to improved plant utilisation.
Our manufacturing assets, used to produce
PEEK, provide us and our customers with
security of supply; however, producing
some of our own rawmaterials means
that we do incur some hazardous waste
due to the nature of our processes. This
isprimarily in our monomer production
assets within the UK (Rotherham and Seal
Sands). We continue to assess options that
could reduce this type of waste within our
process, including exploring sustainable
chemistry, and allocate a proportion of
our Research & Development investment
towards these long-term initiatives.
Hazardous waste produced
Tonnes
24
23
25,506
29,562
25
27,487
Hazardous waste produced
pertonne (PEEK) produced
Tonnes waste/tonnes PEEK
24
23
8.05
7.0 6
25
6.62
24
23
25
Hazardous waste disposed
tolandfill (after treatment)
Tonnes
13
21
10
PLANET
(RESOURCE EFFICIENCY)
CONTINUED
Additional GRI waste metrics – in tonnes (global) Non-hazardous waste Hazardous waste
Total waste generated by composition 2,062 27,487
Total waste generated 29,549
Recycling 242 30
Other recovery 1,339 19,519
Total waste diverted from disposal by composition 1,581 19,549
Total waste diverted from disposal 21,130
Incineration 296 448
Landfill (including without and after treatment) 7,665 10
Total waste directed to disposal by composition 7,961 458
Total waste directed to disposal 8,419
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
58 Victrex plc – Annual Report 2025

GREENHOUSE GAS (‘GHG’) EMISSIONS
Our GHG report has been completed
following guidance within the UK
government regulations on SECR policy
guidance.
Emissions have been calculated based
onthe GHG Protocol Corporate Standard
with all emissions reported being within
FY 2025. We include emissions from global
assets (owned and leased), which include
our manufacturing plants, technical
centres and offices. No material Scope 1
orScope 2 emissions are omitted, and
national and regional emissions conversion
factors have been used.
In FY 2025 we conducted a thorough
analysis of the following indirect value
chain emissions (Scope 3), which are
relevant to Victrex globally:
Category 1. Purchased goods
andservices
Category 2. Capital goods
Category 3. Fuel and energy-related
activities
Category 4. Upstream transportation
anddistribution
Category 5. Waste generated
inoperations
Category 6. Business travel
Category 7. Employee commuting
Category 12. End of life
Category 15. Investments
Processing of sold products (Category 10)
isapplicable and material to Victrex and
work is being carried out to be able to
report on these emissions in the future.
These emissions are very minor when
compared with our purchased goods and
services emissions. The remaining five
Scope 3 categories are either not
applicable or notmaterial.
Note: Victrex produces and sells an
intermediate product with many potential
downstream applications, each of which
has a different GHG emissions profile, and
is hence unable to reasonably estimate the
downstream emissions associated with the
various end uses. This is in line with
section 6.4 of the Scope 3 GHG Protocol
Corporate Standard.
Our GHG emissions are calculated
primarily from gas combustion, electricity
and steam use across all of our global
locations. Emissions from downstream
manufacturing facilities in the US and the
UK are included but are relatively
immaterial, as are the emissions from our
overseas technical facilities and offices,
compared to production activities.
We have made substantial progress on our
long-term carbon intensity measurement.
The FY 2025 Scope 1 & 2 (market-based)
intensity improved by 13% vs FY 2024.
Overall emissions reflect increasing energy
use in our China facilities as production
ramps up. This impacted our Scope 2
emissions as China currently operates
primarily using non-renewable electricity
and district steam. Total Scope 1 emissions
were also higher this year, attributable to
increased production volumes at both our
UK and China plants.
Excluding China, our Scope 1 & 2
(market-based) emissions intensity reduced
by 16%.
VICTREX’S GHG EMISSIONS: FY 2025
Tonnes of CO
2
e FY 2025 from PEEK manufacture and downstream products.
Scope 1: 18%
Scope 2: 4%
Scope 3: 78%
Scope 2
Indirect emissions resulting from
electricity and steam purchased
(market-based method) Tonnes CO
2
e
Scope 1
Direct emissions resulting from
combustion of fuels Tonnes CO
2
e
25
24
23
19,925
18,085
20,958
25
24
23
4,364
3,172
5,772
Intensity measurement
Scope 1 & 2 (market-based)
Tonnes CO
2
e/tonnes of
PEEKmanufactured
Scope 3
Other indirect emissions across nine
categories as listed above Tonnes CO
2
e
25
24
23
88,678
68,869*
119,955*
25
24
23
5.85
6.70
6.39
Scope 1
Scope 3
Scope 2
* Note: FY 2023 and FY 2024 datahas
beenamended to reflect improved
datacollection.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
59Annual Report 2025 – Victrex plc

SUSTAINABILITY REPORT CONTINUED
PLANET
(RESOURCE EFFICIENCY)
CONTINUED
GLOBAL GHG EMISSIONS AND ENERGY USE DATA
FY 2025 FY 2024
Scope 1/tCO
2
e
Global 19,925 18,085
UK 18,022 16,768
Global (excluding UK) 1,903 1,317
Scope 2 (location-based)/tCO
2
e
Global 18,442 16,265
UK 6,864 7,328
Global (excluding UK) 11,578 8,937
Scope 2 (market-based)/tCO
2
e
Global 4,364 3,172
UK 465 435
Global (excluding UK) 3,899 2,737
Gross Scope 1 & Scope 2 (location-based)/tCO
2
e
Global 38,367 34,350
UK 24,886 24,096
Global (excluding UK) 13,481 10,254
Energy consumption/MWh
Global 177,914 156,448
UK 131,799 123,291
Global (excluding UK) 46,115 33,157
Intensity ratio/tCO
2
e
Gross Scope 1 & Scope 2/tonnes ofPEEKmanufactured
Global – Scope 2 (location-based) 9.24 10.85
Global – Scope 2 (market-based) 5.85 6.70
Methodology
Based on GHG Protocol Corporate Standard
SUSTAINABLE PROCUREMENT
ANDSCOPE 3
Key initiatives driving sustainable procurement
include enhancing supplier engagement to
collect comprehensive emissions data. In
FY2025, we received supplier specific Product
Carbon Footprint (‘PCF’) data on 30% of
ourraw material volumes, reflecting our
increasing engagement across our supply
chain, as well as the understanding of our
Scope 3 emissions. We are also committed
to continuous development, with 60% of
the Procurement team receiving sustainable
procurement training.
We are aligning our strategic supply base
with decarbonisation goals and preparing
toincentivise suppliers through development
plans and contracts. Sustainable sourcing
criteria will be increasingly embedded
intosourcing and tender evaluations,
reinforcing Victrex’s commitment to
responsible procurement and long-term
environmentalobjectives.
NOX (OXIDES OF NITROGEN
REPORTING)
Our manufacturing operations emit well
below our environmental permit threshold
level of 100 tonnes per annum.
In FY 2025, 9.9 tonnes of NOx (expressed
asNO
2
) were generated from our principal
manufacturing sites directly in the manufacture
of PEEK. This is approximately 16% higher
than the prior year (FY 2024: 8.5 tonnes)
and is calculated using monitoring data and
assumptions around plant availability and
actual operational periods.
IN FY 2025, WE LAUNCHED
AN ELECTRIC VEHICLE (‘EV’)
CAR SCHEME FOR OUR UK
EMPLOYEES TO INCENTIVISE
A GREENER MODE OF
TRANSPORT. INITIAL TAKE
UP ON THIS PROGRAMME
HAS BEEN PROMISING.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
60 Victrex plc – Annual Report 2025

SCOPE 3 EMISSIONS
EMISSIONS AND GOALS
In FY 2025, we completed a Scope 3
assessment across nine categories
identified as relevant to Victrex, with
a29% increase compared to FY 2024.
Thiswas primarily driven by an increase
inpurchase of key raw materials and thus
an increase in our Category 1 emissions.
These nine categories follow on from our
original full Scope 3 baseline work completed
in FY 2022 with the support of KPMG.
Our Scope 3 emissions are the result
ofactivities from assets not owned or
controlled by the reporting organisation,
but that the organisation indirectly impacts
in its value chain. These include all sources
not within an organisation’s Scope 1 & 2
boundary, with Victrex’s Scope 3 emissions
representing 78% of our total emissions.
The result of this assessment identified our
FY 2025 Scope 3 as 88,678 tCO
2
e, giving
atotal FY 2025 carbon footprint figure,
Scopes 1, 2 (market) & 3, of 112,967 tCO
2
e
(FY 2024: 90,126tCO
2
e).
Opportunities
Our near-term Scope 3 target is to reduce
our absolute Scope 3 GHG emissions by
30% by 2032 from an FY 2022 base year
and a long-term target to reduce absolute
Scope 3 GHG emissions by 90% by 2050,
from an FY 2022 base year.
Our primary areas of focus are to reduce
our SBTi emissions by:
•
supporting our supply chain
decarbonisation;
•
encouraging smarter spending;
•
identifying continuous improvement
opportunities to reduce waste produced;
•
increasing the use of lower carbon
upstream transportation; and
•
encouraging greener methods of
employee travel.
Scope 3 emissions based
inFY2025
Category 1: 71% – purchased goods
andservices.
Other categories: 29% – capital goods, fuel
&energy (not in Scope 1 & 2), upstream
transportation, waste generation, business
travel, employee commuting, end of life
andinvestments.
Other
categories
Category 1
SUSTAINABILITY & ESG
COMPLIANCE
Our UK chemical production plants are
regulated under Environmental Permitting
Regulations and, as such, are subject to
regulatory review by the UK Environment
Agency. We conduct extensive routine
monitoring in line with our environmental
permits, to proactively ensure our plants are
well controlled.
During the year we successfully retained
ourISO 14001:2015 certification for the
environmental management system on all
our UK polymer manufacturing, melt filtration,
compounding, film, tape, pipe, dispersion
and innovation plants, validating our high
level of commitment to environmental
improvement. Victrex has an effective system
for reporting and investigating incidents
andnear misses with zero reportable
environmental incidents within theperiod.
Victrex is continuing to monitor future
regulatory development requirements, e.g.
the Taskforce on Nature-related Financial
Disclosures (‘TNFD’), the Corporate
Sustainability Reporting Directive (‘CSRD’)
and the Carbon Border Adjustment
Mechanism (‘CBAM’), to assess both
impactand opportunities.
UK EMISSIONS TRADING SCHEME
(‘UK ETS’)
A strategic decision was made to exit the UK
ETS scheme effective 25 June 2024, with
confirmation received on 31 March 2025.
This was achieved by permanently shutting
down one of the boilers at our main UK
Hillhouse production site. By decommissioning
the third boiler, the site is below the ETS
threshold and our requirement to purchase
carbon credits falls away.
ENERGY COSTS & GOVERNMENTAL
ENGAGEMENT
As part of our decarbonisation roadmap,
wecontinue to engage with government at
both local and national levels on broader UK
infrastructure and energy policy, particularly
on the challenge for UK-based manufacturers
around energy costs.
This includes participation in political and
business forums to advocate for sufficient
electrical grid capacity, energy cost
reductions, and decarbonisation policy.
Notably, the Director of Investor Relations,
Corporate Communications & ESG attended
several MP engagement events in the UK, and
the CEO participated in a UK parliamentary
reception focused on energy infrastructure
and how UK-based manufacturers can
remain competitive when UK energy costs
continue to be materially higher than other
global regions (where our competitors
arelocated).
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
61Annual Report 2025 – Victrex plc

SUSTAINABILITY REPORT CONTINUED
PLANET
(RESOURCE EFFICIENCY)
CONTINUED
ASSURANCE
SLR has undertaken limited assurance
ofVictrex’s greenhouse gas (‘GHG’)
emissions (Scope 1, 2 and 3) for the
FY2025 reporting year (1 October 2024
– 30 September 2025) against the WRI/
WBCSD ‘GHG Protocol Corporate
Accounting and Reporting Standard’,
2015 revised edition, and the GHG
Protocol ‘Corporate Value Chain (Scope 3)
Accounting and Reporting Standard’.
SLR has also undertaken assurance of
energy against the SASB for Chemicals
Sustainability Accounting Standard.
Thewater and waste assurance were
assessed in reference to the GRI 303
Water and Effluent (2018) and GRI 306
Waste (2020) standards.
This engagement was performed in
accordance with the International
Standard on Assurance Engagement
(‘ISAE’) 3000 (Assurance Engagements
other than Audits or Reviews of Historical
Financial Information) and the relevant
subject matter-specific ISAE for GHG
data (ISAE 3410, Assurance Engagements
on Greenhouse Gas Statements).
SLR has complied with the requirements
for independence, professional ethics
and quality control as stipulated by ISAE
3000 (2020) Requirements 3a and 3b.
Based on the scope of the work
andassurance procedures performed,
nothing has come to our attention
thatcauses us to believe that Victrex’s
Greenhouse Gas (GHG) emissions
(Scope 1, 2 and 3), energy, water
andwaste data is not prepared, in all
material respects in accordance with the
WRI/WBCSD ‘GHG Protocol Corporate
Accounting and Reporting Standard’,
2015 revised edition, and the GHG
Protocol ‘Corporate Value Chain
Accounting and Reporting Standard’,
the SASB for Chemicals Sustainability
Accounting Standard and the GRI 303
and 306 standards, respectively.
CARBON OFFSETTING
Whilst Victrex will consider future
opportunities from carbon offsetting,
wecurrently view this as a very small part
(<10%) of achieving our decarbonisation
targets. Any activities that we progress
willbe complementary to our main
decarbonisationgoals.
VICTREX: REACH COMPLIANT
Victrex Manufacturing Ltd remains fully
compliant to the REACH chemical industry
regulations and is committed to ensuring
compliance for all its current and future
products. UK REACH (S.I. 2020 No. 1577)
isa regulatory requirement for the chemical
industry and was refined post the Brexit
agreement. Victrex has registered all
required substances manufactured in (or
which it imports into) the UK and collaborates
closely with suppliers to ensure key materials
that support its supply chain are registered.
Victrex continues to collaborate with suppliers
to ensure all raw materials will be supported
and Victrex’s manufacturing processes are
not affected, which is essential both for
Victrex and for our customers who are
focusing on long-term demand.
Victrex does not use any materials that are
listed as ‘Substances of Very High Concern’
(‘SVHC’) under the UK REACH regulations.
Ifany chemicals used by Victrex to manufacture
its products become ‘chemicals of concern’,
i.e. are officially listed within the UK REACH
regulation under SVHC, or listed in UK REACH
Annex XVII ‘The Restricted List’, or listed in
UK REACH Annex XIV ‘The Authorisation
List’, and accompanying conditions are met,
Victrex would seek to phase out affected
products in line with sunset clauses or
reformulate to ensure we maintain our
compliance with UK REACH.
Consequently, Victrex is not required to
reformulate any of its products.
PFAS and PFOA materials
Victrex notes the current regulatory
environment for PFAS and PFOA materials
(sometimes known as ‘Forever Chemicals’).
Victrex does not manufacture these
materials and we have started to position
VICTREX™ PEEK as a safe alternative to
PFAS in several applications or industries
including Cookware, Electronics and
Industrial.
SUPPLY CHAIN, ENERGY
SOURCING AND TARIFFS
Geo-political challenges remained front
andcentre in FY 2025. Accordingly, Victrex
continually seeks to ensure it has robust
security of supply for customers and invests
accordingly. With vertical integration into
our key raw materials (monomers), one of
our differentiating factors is our availability
and fast lead times for most product grades,
as well as how our integration into these
raw materials supports our unique type 1
PEEK manufacturing process.
Historically, the vast majority of BDF – one
of the key monomers used to manufacture
PEEK – has been manufactured in our own
operations within the UK. Non-UK sourcing
has recently become a larger proportion
than historically (through several contractual
sources in Asia).
Victrex has strong security of supply for all
other raw materials used in the production
of PEEK. Currently, our raw material
sourcing other than BDF is primarily from
Europe, with Asia and the US also hosting
our strategic suppliers.
For energy supply, most of our production
isin the UK, so we procure energy on
UK-based contracts (primarily gas and
electricity used in our heating processes)
with some energy hedging alsoapplied.
Tariffs remain broadly unchanged for
VICTREX™ PEEK selling into the US, at
approximately 6%. We note that tariffs for
many of our competitors based in Asia –
selling into the US – increased this year. We
continue to monitor supply chains in Asia
and China specifically, which partly support
our raw material purchases.
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62 Victrex plc – Annual Report 2025

SAFETY, HEALTH
ANDENVIRONMENT
GLOBAL
RIFR = total number of recordable injuries x 200,000/total number of hours worked
(employee and contractor).
RIFR FY 2022 FY 2023 FY 2024 FY 2025
Total number of recordable injuries 4 3 3 2
Total hours (employee andcontractor) 3,854,016 2,996,604 3,266,391 2,442,164
Frequency rate 0.21 0.22 0.18 0.16
OSHA benchmark 1.4 1.3 1.3 1.5
LTFR = total number of lost time injuries x 200,000/total number of hours worked (employee
and contractor).
LTFR FY 2022 FY 2023 FY 2024 FY 2025
Total number of lost time injuries 2 2 1 1
Total hours (employee andcontractor) 3,854,016 2,996,604 3,266,391 2,442,164
Frequency rate 0.10 0.10 0.07 0.08
OSHA benchmark 0.8 0.5 0.5 0.5
CHINA
Our China manufacturing subsidiary in Panjin has recorded no recordable injuries in
FY2025. Data on performance during final completion and commissioning is shown below:
Panjin – employees FY 2024 FY 2025
Hours worked 189,833 213,759
Recordable
injuries — —
Total RIFR — —
Reportable
environmental
incidents — —
High potential
incidents 1 1
Panjin – contractors FY 2024 FY 2025
Hours worked 44,824 127,277
Recordable
injuries — —
Total RIFR — —
Reportable
environmental
incidents — —
High potential
incidents — —
OCCUPATIONAL SAFETY, HEALTH
AND ENVIRONMENT (‘SHE’)
Victrex remains focused on enhancing its
environmental performance and making
meaningful contributions that help minimise
our environmental footprint, while ensuring
our operations and wider activities are
aligned with sustainable development.
Additionally, supporting wellbeing continues
to be a central priority for us, with further
detail on our activities shown on page 52.
During FY 2025 we saw a reduction in
thenumber of recordable accidents to
two(down from three in the previous year).
This has helped with the reduction in our
recordable injury frequency rate (‘RIFR’) to
0.16 reportable injuries per 200,000 hours
worked. Since FY 2021, we have delivered
a77% reduction in our recordable injury
frequency rate (FY 2021: 0.71).
Work has continued throughout the year
toupdate the safety management system
which provides guidance and the minimum
levels of expectations for Victrex standards,
to integrate industry best practice.
Tier 1 and 2 audit programmes continued
throughout the year to promote continuous
improvement in SHE and process safety.
SENIOR LEADERSHIP
ENGAGEMENT: SAFER, BETTER,
TOGETHER
Engagement visits have continued across
ourmanufacturing and other locations
throughout the year, remaining a vital part
of a values-led organisation. At Victrex,
maintaining trust is a key priority, with active
leadership engagement playing a crucial role
in sustaining that trust.
During FY 2025 we held a series of refocus
onSHE sessions globally across the business
totake continued action on driving
SHEperformance.
FY 2025 saw the continuation of our Zero
Incidents and Zero Accidents SHE culture
improvement programme and we have
achieved the following:
•
A continued focus in the reporting
ofleading indicators with safety
observations and near miss reporting
being a focus. This has led to a 42%
increase in the number of safety
observations being raised from FY 2024.
•
A strong focus on reducing overdue
actions and ensuring timely completion
was maintained, helping to prevent the
recurrence of similar incidents.
•
A new occupational health provider for
UK sites was onboarded during FY 2025
to improve our service provisions
particularly around health and wellbeing.
•
Continued activities in process safety
management have led to the
development of an overarching Process
Safety & Asset Integrity Framework
document to provide high level standards
and guidelines whilst ensuring integrity is
managed across the full asset life cycle.
•
An update and rebrand of our event
reporting system, saw improvements
made on the categorisation of events
allowing for improved trend analysis.
SHE KPIS
Our FY 2025 performance continued to
show a reduction in our recordable injury
frequency rate (‘RIFR’). At 0.16, we remain
well below the most recent OSHA industry
standard RIFR (1.5) and LTFR (0.5).
Being ‘Safer, Better, Together’ depends on
the collective commitment of every one of
us – acting responsibly and making the right
choices, regardless of our role. This shared
approach enables us to continue building a
productive, successful and environmentally
responsible business, where everyone can
work safely each day and return home free
from harm or injury.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
63Annual Report 2025 – Victrex plc

SUSTAINABILITY REPORT CONTINUED
PRODUCTS
(SUSTAINABLE SOLUTIONS)
LIFE CYCLE ANALYSIS (‘LCA’)
Victrex uses the Sphera LCA For Experts
software (formerly GaBi) to enable a
standardised approach towards data
collection and internal modelling. This
includes material sourcing, inbound logistics,
energy use, and manufacturing (forming a
cradle-to-gate system boundary). Our current
scope excludes distribution, customer
manufacturing, use and end-of-life stages.
The platform quantifies the potential
environmental impacts of our products,
providing robust data fordecision making.
In FY 2023, Victrex established an internal
LCA completion plan, targeting materials
that account for 80% of sales and volume.
The plan aims to complete LCAs for these
materials by the end of FY 2026, ensuring
coverage across our broader product
portfolio. As of FY 2025, we have
completed 53 LCAs in line with the plan.
This represents 91% of the total LCAs
outlined in the strategy, covering products
that deliver 86% of sales volume.
Having achieved the volume target one
yearahead of schedule, we remain on track
to meet the revenue coverage target by the
end of FY 2026. The LCA programme is
designed to help us better understand the
carbon footprint of our products and to
support customers in identifying the benefits
of using them across multiple industries.
LIFE CYCLE ANALYSIS PROGRESS
Overall, VICTREX™ PEEK maintains a lower
climate change impact (GWP) compared to
the Sphera Life Cycle Assessment for Experts
benchmark PEEK data, due to the upstream
integration of Victrex-manufactured BDF
monomers in the UK and the use of 100%
global renewable electricity across our
operations. Supporting data is available
upon request and is based on the use of
UK-based monomers, with the mix of UK
and non-UK raw materials varying year
byyear.
In FY 2025, we expanded our Life Cycle
Analysis efforts to include APTIV™ film,
PEEK-OPTIMA™, and our high temperature
HT™ and ST™ grades. These additions
further strengthen our commitment to
sustainable innovation across key sectors.
APTIV™ film supports lightweighting and
recyclability in electronics and industrial
applications, while PEEK-OPTIMA™
continues to advance biocompatibility and
performance in medical devices. Our HT™
and ST™ grades enable high performance
solutions in extreme environments,
particularly in Aerospace, Automotive, and
Industrial applications where thermal
stability and durability are critical.
We also introduced new modelling
approaches to our LCA framework,
enhancing consistency and improving
efficiency across product evaluations. These
tools automate key stages of the assessment
process, reduce manual input, and ensure
comparability across grades and
applications. The result is a more robust,
scalable system that strengthens our ability
to identify environmental hotspots, prioritise
improvements, and deliver transparent,
decision-ready insights to stakeholders.
LCA continues to guide our identification
offuture opportunities for environmental
improvement, including:
•
reducing indirect supplier impacts –
encouraging suppliers to adopt lower
carbon operations;
•
recycling raw materials – maximising
process yields and evaluating
recyclingoptions;
•
exploring alternative materials – using
impact data to target high emission
materials for substitution; and
•
targeting CO
2
reductions – assessing
more sustainable energy sources and
reducing reliance on natural gas.
LIFE CYCLE
ANALYSIS: Our data
on the Life Cycle
Analysis ofour
products issupporting
ourcustomers’
sustainability journeys.
OUR MAIN PRODUCT
GRADE,VICTREX™ PEEK
450G, CONTINUES TO
HAVEAFAVOURABLE
(LOWER) CLIMATE CHANGE
IMPACT COMPARED TO THE
INDUSTRY STANDARD.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
64 Victrex plc – Annual Report 2025

Our values of Passion, Innovation and
Performance underpin the way we do
business and treat one another. Our Code of
Conduct sets the foundation for how we act
personally, with others and in our communities.
Our continued success as a business rests on
maintaining these principles and ensuring
we strive to always do the right thing. You
can read more about our Code of Conduct
on our website at www.victrexplc.com.
All our employees and Board members
areresponsible for following our Code
ofConduct and its supporting policies. All
employees are required to complete Code
ofConduct e-learning on commencement
of employment and thereafter annually. As
at30September 2025 the completion rate
is98.6% on a rolling annual basis.
WHISTLEBLOWING
We encourage employees and our
stakeholders to speak up if they have
concerns that our Code of Conduct or its
supporting policies are not being followed
and our Global Whistleblowing Policy sets out
how to do this. Our Global Whistleblowing
Policy includes an anonymous employee
whistleblowing hotline facility. All concerns
are investigated fully, regardless of how they
are raised. Our Board is kept apprised of the
number of cases, how each is investigated
and remedial actions taken. During FY 2025
we saw a very small number of
whistleblowing events, which totalled two
and which were fully investigated.
SUSTAINABILITY AT THE HEART
Whilst our products enable environmental
and societal benefits, we also recognise that
some of our operations can impact on the
safety and wellbeing of our people and
those in the communities around us. This is
reflected in a principal risk on page 30. Our
Safety, Health and Environment (‘SHE’)
Policy promotes our continuous
improvement in this area.
OUR EMPLOYEES
Our employees are valued assets to us and
we continue to seek to retain and develop
our teams as well as recruiting talent when
opportunities arise, and this too is reflected
as a principal risk on page 31. Ensuring
werecognise the positive contribution of
adiverse workforce and hold ourselves to
account for delivering it is paramount. Our
policies and procedures are reviewed from
time to time to ensure they remain fit for
purpose and continue to enhance our
employee experience, whilst also serving to
support recruitment processes to ensure we
attract the highest quality talent possible.
Our employees can easily access employment
policies and key work-related information
through our HR intranet site, including our
Group Equal Opportunities, Diversity, Equity &
Inclusion Policy and our Global Flexible
Working Policy.
Our Gender pay gap report was published
this year, details of which can be found on
www.victrexplc.com. Victrex complies with
the government mandated National Minimum
Wage and is also now accredited with the
Living Wage Foundation in the UK. The
Company complies in full with any Minimum
Wage obligations in all global locations.
RESPECT FOR HUMAN RIGHTS
&BUSINESS ETHICS
We recognise the importance of treating the
people around us, and those we may impact,
with respect but also acknowledge there
arepractices globally that seek to threaten
human rights. Victrex does not tolerate
thesepractices.
In relation to our supply chain activities,
wehave focused policies on modern slavery,
human trafficking & human rights, conflict
minerals and anti-bribery & corruption.
Before any vendor can become an approved
supplier to Victrex, it must pass through our
risk-based due diligence process
whichinvolves:
•
site-specific audits where appropriate;
•
detailed responses to a robust
onboarding process that examines all
relevant areas of the business operation,
with special focus on issues pertinent to
legislation and CSR factors; and
•
agreement to comply with the Victrex
Supplier Code of Conduct.
The process is cyclical to ensure the
appropriate focus is maintained on those
vendors deemed as strategically important
or as high risk to Victrex.
Our Modern slavery statement is available
on www.victrexplc.com, reaffirming our
policy commitment and our ongoing actions
in this area.
COMPLIANCE
Our Code of Conduct includes our
commitment to being open and honest and
following all relevant laws and regulations.
This is supported by policies and processes
including Anti-bribery & Corruption (‘ABC’),
Financial Crime, Fraud, Gifts & Hospitality,
Share Dealing (Market Abuse), Data
Protection, Conflicts of Interest, Data
Retention & Disposal, Competition Law,
Sponsorship & Donations, Export Controls &
Sanctions Compliance and interactions with
politically exposed persons and healthcare
professionals (together, ‘Key Compliance
Policies’), as reflected in our principal risks
on pages 28 to 34. Key Compliance Policies
are published on the Company’s intranet
ona dedicated Code of Conduct page.
Ourfocus on doing the right thing extends
beyond the letter of the law to ensure we
act ethically and openly, treating others
fairly and how we would want to be treated.
The desired outcome of our Code of Conduct
and Key Compliance Policies is to ensure we
act responsibly in all our dealings and foster
a sustainable business.
Victrex has a zero-tolerance position on
bribery, made explicit through our ABC
Policy and related policies (refer to above),
procedures and training. We maintain a
manual for managing ABC risk, including a
three lines of defence controls assessment.
Key Compliance Policies are regularly
reviewed and updated as required. New or
material changes to Key Compliance Policies
require Board approval. Compliance with
Key Compliance Policies is included in our
risk management processes, programme
ofinternal audit activities and is regularly
reviewed by the business. Bribery and
corruption risk is considered a key aspect of
the ethics and regulatory compliance principal
risk on page 33, and several mitigations are
inplace, which are reviewed annually such
as ensuring appropriate ABC clauses are
included in relevant contracts. Victrex conducts
enhanced due diligence on individuals or
organisations where there is a perceived or
actual increased risk of bribery (for example,
where engaging with a politically exposed
person), or where conducting due diligence
for a potential corporate transaction. We
keep training materials under review and
supplement e-learning with face-to-face
andvirtual training as required. Completion
oftraining is regularly monitored. Victrex
maintains a register of actual or possible
employee conflicts of interest and a register
of gifts and hospitality given and received
above certain thresholds. Our Gifts and
Hospitality Policy permits employees to give
and accept reasonable and proportionate
hospitality for legitimate business
purposesonly.
OUR CODE OF CONDUCT
&ETHICS – DOING THE
RIGHT THING
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
65Annual Report 2025 – Victrex plc

SUSTAINABILITY REPORT CONTINUED
This section of the Strategic report constitutes Victrex plc’s Non-financial and sustainability information statement, produced to comply with
the Companies Act 2006. The below table, and information it refers to, is intended to help stakeholders understand our position on key
non-financial matters, and where the relevant information is located in this report.
Reporting requirement Material policies and standards that govern our approach
Key risks relating to these matters
(pages 30–34) Read more
Sustainability &
environmental
•
Safety, Health and Environment (‘SHE’) Policy
•
Environmental Policy (ISO system)
•
Sustainability Policy
•
Code of Conduct*
•
Safety, Health and
Environment
•
Legal and regulatory
compliance, ethics
andcontracts
•
Task Force on Climate-related Financial
Disclosures and Companies Act 2006
s414CB2A(A–H) ‘Climate-related financial
disclosures’, pages 42 to 49
•
Sustainability report – resource efficiency,
pages 55 to 62, and Safety, Health and
Environment, page 63
•
Corporate Responsibility Committee report,
pages 93 and 94
Employees
•
Group Equal Opportunities, Diversity, Equity &
InclusionPolicy
•
Disciplinary Policy & Procedure
•
Grievance Policy & Procedure
•
Global Flexible Working Policy
•
Employee Handbook
•
Global Whistleblowing Policy
•
Share Dealing Code
•
Code of Conduct
•
Prevention of Bullying & Harassment Policy
•
Recruitment and
retention of the
rightpeople
•
Legal and regulatory
compliance, ethics
andcontracts
•
Sustainability report – Our Code of
Conduct, page 65
•
Sustainability report – People (social
responsibility), pages 52 to 54
•
Gender pay in Victrex, page 53
Respect for
humanrights
•
Modern Slavery, Human Rights & Human
Trafficking Policy
•
Modern slavery statement*
•
Conflict minerals statement*
•
Global Data Protection Policy
•
Global Document Retention & Disposal Policy
•
Code of Conduct*
•
Legal and regulatory
compliance, ethics
andcontracts
•
Sustainability report – Our Code of
Conduct, page 65
•
Modern slavery, human trafficking,
andconflict minerals statements –
seewww.victrexplc.com
Social matters
•
Sustainability Policy
•
Code of Conduct*
•
Recruitment and
retention of the
rightpeople
•
Our sustainability vision & goals, pages 50
and 51
•
Sustainability report – People (social
responsibility), pages 52 to 54
•
Our stakeholders, pages 16 and 17
Anti-corruption
and anti-bribery
•
Anti-bribery & Corruption Policy
•
Fraud Risk Management Policy
•
Conflict of Interests Policy
•
Gifts & Hospitality Policy
•
Sponsorship & Donations Policy
•
Financial Crime Policy
•
Policy on Interaction with Healthcare
Professionals
•
Procedure on Interaction with Politically
Exposed People
•
Export Controls & Sanctions Policy
•
Competition & Anti-trust Policy
•
Code of Conduct*
•
Legal and regulatory
compliance, ethics
andcontracts
•
Sustainability report – Our Code of
Conduct, page 65
Description of the
business model
•
All principal risks
•
Business model, pages 8 and 9
Non-financial key
performance
indicators
•
All principal risks
•
Non-financial key performance indicators,
pages 14 and 15
* These policies are published on www.victrexplc.com, along with being available to employees via the Group intranet. All other policies listed are available
to employees via the Group intranet.
NON-FINANCIAL
ANDSUSTAINABILITY
INFORMATION STATEMENT
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
66 Victrex plc – Annual Report 2025

APPENDIX
GRI CONTENT INDEX
Statement of use
GRI 1 used GRI 1: Foundation 2021
GRI Standard Disclosure Location
GRI 303: Water and Effluents 2018 3-3 Management of material topic Sustainability report, page 57
303-3 Water withdrawal Sustainability report, page 57
303-4 Water discharge Sustainability report, page 57
303-5 Water consumption Sustainability report, page 57
GRI 306: Waste 2020 3-3 Management of material topic Sustainability report, page 58
306-3 Waste generated Sustainability report, page 58
306-4 Waste diverted from disposal Sustainability report, page 58
306-5 Waste directed to disposal Sustainability report, page 58
SASB CONTENT INDEX
Topic Accounting metric Category Unit measure Code Disclosure location
Energy Management (1) Total energy
consumed,
(2)Percentage
gridelectricity,
(3)Percentage
renewable,
(4) Total self-generated
energy
Quantitative Megawatt hours
(MWh), Percentage
(%)
RT-CH-130a.1. Sustainability report,
page 57
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
67Annual Report 2025 – Victrex plc

CORPORATE
GOVERNANCE
CONTENTS
69 Introduction from the Chair
72 Board of Directors
74 Statement of corporate governance
82 Nominations Committee report
86 Audit Committee report
93 Corporate Responsibility
Committeereport
95 Directors’ remuneration report
117 Directors’ report – other
statutoryinformation
121 Statement of Directors’ responsibilities
in respect of the Annual Report and the
financial statements
122 Independent auditors’ report to
themembers of Victrex plc
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
68 Victrex plc – Annual Report 2025 69Annual Report 2025 – Victrex plc

INTRODUCTION FROM THE CHAIR
STRONG GOVERNANCE
FOUNDATIONS
DEAR SHAREHOLDERS,
This has been another challenging year for
Victrex, with continued headwinds in the
external macro-economic environment as
well as specific challenges for our Company.
Throughout the period, the Board has
remained highly engaged, providing guidance,
support and constructive challenge to
management. We have been particularly
focused on the developments in our
endmarkets, the increasingly competitive
landscape and geo-political uncertainty.
Ourfocus in FY 2026 remains on addressing
our performance challenges to enhance
profitability as well as delivering our
long-term growth opportunities.
An overview of our results can be
found on pages 20 to 27
STAKEHOLDERS
Stakeholder interests are at the centre of
ourdecision making as we strive to meet our
purpose and strategic aims. Our section 172(1)
statement, including Board engagement
channels, is set out on pages 16 to 19. The
annual report from our Non-executive Director
for Workforce Engagement, Brendan Connolly,
can be found on page 81. In October 2024,
the Board visited our operations in China in
person, and this provided the Board with
greater local insight and engagement with
employees together with an opportunity
tomeet with customers.
Victrex’s culture is built on innovation.
TheBoard routinely monitors culture and
ensures that it is aligned to the Group’s
purpose, values and strategy. The Board
received insights from the Employee
Engagement Survey which was conducted
during the year and showed further
improvement. We were also delighted to be
recognised in The Sunday Times Best Places
to Work for the second year in a row. More
information can be found on page 52.
THE BOARD’S ROLE HAS
BEEN TO GUIDE, SUPPORT
AND CONSTRUCTIVELY
CHALLENGE MANAGEMENT.
Dr Vivienne Cox DBE
Chair
FY 2025 HIGHLIGHTS
•
Addressing near-term performance
as well as progress in our
strategicgoals
•
Focusing on Board composition and
strategic capability enhancements
•
Managing an external recruitment
process and the appointment of
anew CEO
•
Development of our Management
Team with the appointment of
aChief Operating Officer
•
Continued oversight of our
ongoing safety enhancements to
reinforce a strong culture of safety
and effective risk management
•
Approved revised bonus and share
incentive structures in our
workforce, reinforcing
commitment to continued
performance and talent retention
FY 2026 FOCUS AREAS
•
Ensure smooth and well-supported
transition of the new CEO
•
Sustained attention on operational
delivery in China
•
Continued focus on performance
improvement to enhance profitability
as well as delivering our long-term
growth opportunities
Strategy and KPIs pages 12 to 15
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
68 Victrex plc – Annual Report 2025 69Annual Report 2025 – Victrex plc 69Annual Report 2025 – Victrex plc

INTRODUCTION FROM THE CHAIR CONTINUED
GOVERNANCE REPORTING
In considering our approach to corporate
governance reporting for this year’s Annual
Report we concluded that, given the length
and potential for complexity and repetition,
we should focus on concise reporting whilst
continuing to demonstrate to our shareholders
and wider stakeholders how we endeavour
to apply high standards of governance.
Accordingly, we have removed the detailed
review of how we have complied with the
principles of 2018 Corporate Governance
Code (the ‘2018 Code’) which has featured
in our previous Annual Reports and instead
provided a more concise statement of
compliance with the 2018 Code which can
be found on page 74. This signposts where
relevant information can be found in this
Annual Report to demonstrate compliance.
The Board welcomed the Financial Reporting
Council’s publication of the 2024 Corporate
Governance Code (the ‘2024 Code’) and
wehave undertaken a full review of our
governance framework in light of this.
TheAudit Committee has monitored
readiness for the applicability of provision 29
of the 2024 Code which will apply to Victrex
from FY 2027. Further details can be
foundin the Audit Committee report
onpages 86 to 85.
DIVERSITY
Victrex supports diversity in its widest
sense.Our Corporate Responsibility
Committee monitors progress against
ourEqual Opportunities, Diversity, Equity
&Inclusion (‘DE&I’) goals at an enterprise
level and this is an area where the Board
continues to support and challenge.
Details on gender and ethnicity targets are
included in our report from the Nominations
Committee on page 85.
Our Board Diversity, Inclusion and Equal
Opportunity Policy can be found on our
website at www.victrexplc.com. Appointments
to our Board and Committees are made
onmerit with regard to skills, background
and experience and overall Board balance
and composition, with diversity being an
important consideration. Please see the
report from our Nominations Committee on
pages82to85.
BOARD DEVELOPMENTS
During the year, Jakob Sigurdsson
announced his intention to retire as CEO.
Onbehalf of the Board and the wider
Group, we extend our sincere thanks to
Jakob for his dedication and leadership
overthe past eight years. His passion and
contribution have played a key role in
strengthening our foundations. Jakob
willremain with Victrex until 7 July 2026
tosupport a smooth transition.
We conducted an extensive search using
external consultants and are pleased to
welcome James Routh asour new CEO,
effective from 1 January 2026. James joins
us from AB Dynamics plc. Hisexperience
across the automotive and aerospace sectors
aligns well with Victrex’s strategic priorities
and the substantial opportunities ahead for
our business. Our focus is very clearly on
improving execution and delivery of our
growth opportunities.
FY 2025 NED SEARCH PROCESS
Stage 1:
Building the brief
The Board tasked the
Nominations Committee with
developing a brief setting out the
attributes, skills and experience
the Board required and to oversee
the search process for two
Non-executive Directors to
further strengthen the capabilities
of the Board as a whole and
position the Board well for
futurechallenges in meeting
itslong-term growthstrategy.
Having regard to succession
planning and the Board skills
matrix, the criteria for the
prospective new appointments
included recent and relevant
financial experience, competence
in accounting or auditing and
prior experience serving on a
remuneration committee. Other
desirable attributes included
expertise in the Group’s end
industries, in particular
Automotive, Electronics,
Aerospace, Digital and Cyber
Security, and regional market
knowledge to support broader
strategic priorities.
Stage 2:
Candidate search
An executive search firm,
EgonZehnder, has been
engaged to identify candidates
aligned with the brief and a
sub-committee ofthe
Nominations Committee was
established to review candidates.
The Company confirms that Egon
Zehnder has no other connection
with the Directors or the
Company.
A long list of potential
candidates was produced and
reviewed against the role
specification of desired skills,
experience and attributes agreed
by the Committee.
Stage 3:
Review, assessment
andinterview
Adiverse shortlist is developed.
Each candidate is assessed
toevaluate their fit with
theCompany’s culture and
strategic needs and confirm
theirability to meet the
expectedtime commitment.
Shortlisted candidates meet with
Nominations Committee
members, the Executive Directors
and relevant third party advisors.
Regular updates are provided to
the Nominations Committee via
its Chair.
Stage 4:
Recommendation
totheBoard
Following completion of
interviews and assessments, the
Nominations Committee will
consider whether to recommend
candidates for appointment to
the Board.
Brief Search Assess Offer
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
70 Victrex plc – Annual Report 2025

We continue to place a strong emphasis on
ensuring the Board has the right skills and
experience to support the delivery of our
strategy. During the year, an independent
external search was commenced for a
further two Non-executive Directors to
support orderly succession planning
including future Committee leadership as
well as enhancing strategic insight across
key areas, aligned with the Group’s broader
strategic priorities. More information on
thesearch and selection process can be
found on page 84 ofthe Nominations
Committee report and in the case study
onpage 70.
At the conclusion of the 2025 AGM, Jane
Toogood stepped down from the Board,
having served for nine years since her
appointment in September 2015. The Board
is immensely grateful for her contributions.
BOARD PERFORMANCE REVIEW
We conducted an internal Board and
Committee performance review in the
summer of 2025 which provided valuable
insights on the operation of our Board and
Committees. More information can be
found on page 80.
ANNUAL GENERAL MEETING
The Board looks forward to welcoming
shareholders at our Annual General Meeting
(‘AGM’) in February 2026. Whether or not
you propose to attend the AGM in person,
you are encouraged to vote on each of the
resolutions set out in the Notice of Annual
General Meeting by appointing a proxy to
act on your behalf.
You are strongly encouraged to appoint the
Chair of the meeting as your proxy. This will
ensure that your vote will be counted if you
(or any other proxy you may otherwise
choose to appoint) are not able to attend
the AGM for any reason. If you appoint the
Chair of the meeting as proxy, the Chair will
vote in accordance with your instructions.
Ifthe Chair is given discretion as to how to
vote, they will vote in favour of each of the
resolutions in the Notice of Annual General
Meeting. All proposed resolutions in the
Notice of Annual General Meeting will be
put to the vote on a poll.
If you have any questions for the Board on
the business of the AGM, please send them
in advance of the AGM to ir@victrex.com.
We will aim to respond to all questions as
quickly as possible. A summary and key
themes of the questions and answers will be
posted on our website, www.victrexplc.com,
on the morning of the AGM.
We hope the information in this report will
help you to understand how your Board runs
the Company, manages risks and monitors
internal controls and how decisions taken
over the year have been made.
Dr Vivienne Cox DBE
Chair
2 December 2025
INDUCTING A NEW NED – A DIRECTOR’S PERSPECTIVE
When I formally joined the Board in May
2024, I was welcomed with a thorough
and thoughtfully designed induction
programme that helped me get visibility
and perspective with the business, its
culture, its strategic priorities and its
currentchallenges.
Over the following months, I had the
opportunity to engage with colleagues
across the organisation and gain valuable
insights into our operations both in the
UKand internationally. I met with fellow
Board members, the Victrex Management
Team and other senior leaders, and visited
the headquarters at Hillhouse. Throughout
the induction, I was provided with
acomprehensive suite of Company
documents, including strategic reports,
relevant prior Board and Committee papers
and other internal policies. I also completed
regulatory and compliance training,
whichsupported my understanding
ofourgovernance framework and my
responsibilities as a Board member.
Asafirst time Non-executive Director
inapublic company, the Board Chair
wasinstrumental in supporting a cohesive
and inclusive induction programme.
One of the highlights during my induction
period was a site visit to our facilities
inShanghai in October 2024. The visit
included a tour of the manufacturing
assets and a lunch with employees.
Thisprovided an opportunity to connect
informally and better understand the
working culture and day to day operations
on the ground. I also met with a key
Medical customer, gaining insight into
innovation in medical-grade materials,
expectations and challenges of our
customers, and the strategic partnerships
that support our growth in
medicalapplications.
My most recent visit to Leeds in
October2025 has provided additional
insights into our productdevelopment.
This induction has been essential to
helping me contribute meaningfully
toBoard discussions and decisions, and
how we address our current challenges,
aswell as driving towards our significant
opportunities. I’ve appreciated the openness
of the team and the opportunity to engage
with employees and stakeholders across
the business.
A THOROUGH AND
THOUGHTFULLY DESIGNED
INDUCTION PROGRAMME.
Urmi Prasad Richardson
Non-executive Director
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
71Annual Report 2025 – Victrex plc

BOARD OF DIRECTORS
OUR BOARD
All Directors listed below were Directors throughout FY 2025.
Dr Vivienne Cox DBE
Chair
Nationality: British
Appointed to the Board:
December2021, Chair February 2022
Independent on appointment:
Yes
Skills and experience: Vivienne
brings over 40 years of executive
and non-executive experience, with
a particular focus on sustainability,
innovation and alternative energy.
She held senior roles at bp plc and
has served on boards including
Eurotunnel plc, BG Group plc,
RioTinto plc, Pearson plc, GSK
and Stena AB in Sweden and
waschair of Vallourec SA and
Climate Change Capital.
Vivienne was honoured with a
CBE in 2016 and a DBE in 2022 for
her contributions to sustainability,
diversity and inclusion. Vivienne
holds an MA (Oxon) in Chemistry,
an MBA from INSEAD, and
honorary doctorates from Hull
andHertfordshire.
Current appointments:
•
Non-executive director at
Haleon plc (audit and risk,
remuneration and sustainability
committees; workforce
engagement director).
•
Non-executive director
ofVenterra Group plc
(aprivately owned company).
•
Chair of the Rosalind
FranklinInstitute (until
December 2025).
Specific contribution to the
Company’s long-term success:
Vivienne’s deep governance,
board and sector expertise,
combined with her leadership
insustainability and diversity,
supports strong and effective
Board leadership.
Dr Ros Rivaz
Senior Independent Director
Nationality: British
Appointed to the Board:
May 2020
Independent: Yes
Skills and experience: Ros has
nearly 30 years of international
executive experience in the
engineering, manufacturing and
chemicals industries with deep
expertise in supply chain management ,
logistics, manufacturing, IT,
procurement and systems. She
hasheld senior executive roles
atExxon, Tate & Lyle, ICI, Diageo
andPremier Foods and served as
global chief operating officer at
Smith & Nephew plc from 2011 to
2014. Her non-executive roles include
ConvaTec plc, RPC Group plc,
Boparan Holdings Limited, Rexam
plc and CEVA Logistics AG.
Shechaired the Nuclear
Decommissioning Authority and
served on the Ministry of Defence
equipment and support board.
Until September 2024, Ros was
SID, employee engagement
director and chair of the
remuneration committee of
Computacenter plc. She holds a
BSc (Hons) in Chemistry and an
honorary doctorate from
Southampton University.
Current appointments:
•
Lead independent director
ofAperam SA.
•
Chair at privately owned
Anglian Water.
Specific contribution to the
Company’s long-term success:
Ros’ strong executive and
non-executive track record,
particularly in the medical sector,
supports growth and strengthens
the Chair in her SID role.
N
A
N
R
C
Janet Ashdown
Non-executive Director
Nationality: British
Appointed to the Board:
February2018
Independent: Yes
Skills and experience: Janet has
over 30 years’ experience in the
international energy sector, working
across the value chain from customer
facing through to manufacturing
in increasingly senior roles. Janet
had a distinguished career at bp plc
for 30 years where her final role
was head of the UK fuels business
unit. From 2010 to 2012, she
served as CEO of Harvest Energy,
an international private equity
backed business. Janet also brings
more than a decade of board level
experience having served as a
non-executive director at SIG plc,
Coventry Building Society and
Marshalls plc and as chair of
theprojects & programmes
committeeof the Nuclear
DecommissioningAuthority.
Current appointments:
•
Non-executive director, chair of
the remuneration committee
and chair of the corporate
sustainability committee of
RHIMagnesita NV.
•
Non-executive director of
Stolt-Nielsen Norway Limited.
•
Non-executive director of
Synthomer plc.
Specific contribution to the
Company’s long-term success:
Janet has extensive international
executive and non-executive
experience. She has experience of
chairing remuneration committees
across different sectors for over
10years and has now been
chairing sustainability committees
for over five years.
A
N
R
C
David Thomas
Non-executive Director
Nationality: British
Appointed to the Board:
May 2018
Independent: Yes
Skills and experience: David
isamember of the Institute of
Chartered Accountants of England
and Wales with extensive experience
in finance across listedcompanies,
as both a senior executive and an
audit professional. He served as
CFO at Invensys plc from 2011 until
his retirement in 2014, having held
senior roles within the business
since 2002. Prior to that, he was a
senior partner at Ernst & Young,
specialising in long-term industrial
contracting businesses, and was a
member of the Auditing Standards
Board. Until May 2023 he was
interim chair of Dialight plc as well
as chair of the nomination committee,
having previously served as senior
independent director and chair of
the audit committee.
Current appointments:
•
None.
Specific contribution to the
Company’s long-term success:
David contributes his expertise
infinance and his understanding
of the investment community
andregulators as both a Board
member and Chair of the Audit
Committee, as well as his industry
knowledge to enhance the risk
lens for Board decision making.
A
N
R
C
C
Roles and gender Board diversity Nationality Chair and Non-executive tenure
Female Chair – 1
Female Senior Independent Director – 1
Male Executive Directors – 2
Male Non-executive Directors – 2
Other female Non-executive Directors – 2
Female – 50%
Male – 50%
Icelandic – 1
British – 6
American – 1
Up to 3 years – 16%
3 to 6 years – 33%
6 to 9 years – 50%
9+ years – 0%
BOARD COMPOSITION as at the date of this Annual Report
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
72 Victrex plc – Annual Report 2025

Jane Brisley
General Counsel &
CompanySecretary
Urmi Prasad Richardson
Non-executive Director
Nationality: American
Appointed to the Board:
May2024
Independent: Yes
Skills and experience: Urmi has
over 25 years of global experience
in executive and non-executive
roles with a particular focus on life
sciences, biotechnology, medical
and innovation-based business.
Urmi began her career with G.D.
Searle (a Pfizer company) and has
held leadership roles across Europe,
the US and Asia-Pacific. Her executive
career includes senior positions at
the Linde Group, where she was
global head of healthcare, Novartis
vaccines and diagnostics division,
and Foundation Medicine (a Roche
company), and until September 2025
president EMEA of Thermo
FisherScientific.
Current appointments:
•
None.
Specific contribution to the
Company’s long-term success:
Urmi has extensive global experience
in strategy, business development,
commercial operations and product
commercialisation in Europe, the
Middle East, Africa, Asia and the
Americas. Her wealth of relevant
experience in medical and
science-based innovation will
bevaluable as Victrex unlocks
thetrue potential of its
Medicalbusiness.
The Directors’ attendance
recordat the Annual General
Meeting (‘AGM’) and Board and
Committee meetings for the year
ended 30 September 2025 is set
out opposite. Attendance is shown
as the number of meetings
attended out of the number
thateach Director was eligible
toattend. Only in exceptional
circumstances would a Director
not attend a Board or
Committee meeting.
AGM Board
A R N C
Number of meetings 1 7 5 5 6 3
Chair
V Cox 1 7/7 — — 6/6 2/2
Executive Directors
J O Sigurdsson 1 7/7 — — — —
I C Melling 1 7/7 — — — —
Non-executive Directors
J E Ashdown 1 7/7 5/5 5/5 6/6 3/3
B W D Connolly 1 7/7 5/5 5/5 6/6 —
U Prasad Richardson
1
1 7/7 — — — —
D Thomas² 1 7/7 5/5 5/5 5/6 3/3
J E Toogood
3
1 3/3 2/2 3/3 1/1 1/1
R Rivaz 1 7/7 5/5 5/5 6/6 3/3
1 Urmi Prasad Richardson attended all scheduled Board meetings during the year but did not attend the full meeting held in March and May due to
pre-existing commitments. In both instances, she provided feedback on the meeting papers and shared insights with the Chair in advance of the meetings.
2 David Thomas was unable to attend one Nominations Committee meeting due to a medical appointment.
3 Jane Toogood stepped down from the Board on 7 February 2025.
Ian Melling
Executive Director – CFO
Nationality: British
Appointed to the Board:
July 2022
Independent: No
Skills and experience: Ian held
the role of senior vice president,
corporate finance and R&D for
Smith & Nephew plc, the medical
technology company, having served
as interim chief financial officer
during 2020. Ian has worked in
several senior finance roles in the
UK and internationally for Smith
&Nephew, including those with
divisional and functional responsibility ;
having joined the group in 2006
he was senior vice president, group
finance for five years until October
2021. Ian started his career and
qualified as a Chartered Accountant
at Deloitte LLP and holds a first
class Master’s degree in Chemistry
from Oxford University.
Current appointments:
•
Member of the UK
Endorsement Board Preparer
Advisory Group.
Specific contribution to the
Company’s long-term success:
Ian contributes his significant
financial experience as well as his
background in the medical device
sector which is relevant to the
Company’s growth plans.
Key to Committees
A
Audit
N
Nominations
R
Remuneration
C
Corporate Responsibility Committee Chair
Jakob Sigurdsson
Executive Director – CEO
Nationality: Icelandic
Appointed to the Board:
October 2017
Independent: No
Skills and experience: Jakob has
over 25 years’ experience in large
multinational companies, both listed
and private, in speciality chemicals,
plastics manufacturing and bio-tech
sectors, including nine years with
Rohm & Haas (now part of Dow
Chemical) in the US. His executive
responsibilities have spanned
marketing, supply chain, business
development, strategy and M&A,
with a strong emphasis on driving
growth in new or developing
markets. He has served as chief
executive of Alfesca, Promens and
VIS and held board positions at
the University of Iceland and the
Technology Development Fund of
Iceland. Jakob holds a BSc in Chemistry
from the University of Iceland and
an MBA from Northwestern
University in the US.
Current appointments:
•
Non-executive director
ofCoats Group plc.
Specific contribution to the
Company’s long-term success:
Jakob brings his diverse and
international background in
chemicals coupled with wider
business, executive and
non-executive experience to
inspire andlead the Group.
Brendan Connolly
Non-executive Director
Nationality: British
Appointed to the Board:
February2018
Independent: Yes
Skills and experience: Brendan
has over 35 years’ experience in
the international oil and gas industry
having held a number of senior
executive roles. Brendan was a senior
executive at Intertek Group plc
and had previously been CEO of
Moody International (acquired by
Intertek in 2011); prior to Moody,
Brendan was managing director of
Atos Origin UK. Brendan has also
held board positions, including
senior independent director
andchair of the remuneration
committee of Synthomer plc, and
as an independent director on the
board
of Applus Services SA until
June 2024.
Current appointments:
•
Non-executive director of
Pepco Group N.V.
Specific contribution to the
Company’s long-term success:
With extensive executive and
non-executive experience, Brendan
brings operational, commercial
and strategic expertise and
insights; his role as the designated
Non-executive Director for Workforce
Engagement enhances the Board’s
understanding of the views of
employees and the culture of
theCompany.
A
N
R
ATTENDANCE AT MEETINGS
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
73Annual Report 2025 – Victrex plc

STATEMENT OF CORPORATE GOVERNANCE
This section contains details of how we have applied the principles of the 2018 UK Corporate Governance Code (the ‘Code’).
The Code can be found on www.frc.org.uk. For the year ended 30 September 2025, we are pleased to report that we have
applied the principles and complied with all provisions of the Code.
Details on how we have applied the principles set out in the Code and how governance operates at Victrex have been summarised
throughout this Governance section and elsewhere in this Annual Report as set out below.
1. BOARD LEADERSHIP AND COMPANY PURPOSE
Principle Summary Location of information
A. Effective Board Pages 72–80
B. Purpose, values, strategy and culture Pages 2 and 3, 10–13, 77 and 81
C. Resources and controls Pages 28–34 and 86–92
D. Engagement with shareholders and stakeholders Pages 16–19, 69, 76–79, 81 and 98
E. Workforce policies and engagement Pages 65 and 66
2. DIVISION OF RESPONSIBILITIES
F. Role of the Chair Page 76
G. Composition and responsibilities Pages 72 and 73 and 75 and 76
H. Role of the Non-executive Directors Pages 72 and 73, 75 and 76, 83 and 84 and 117
I. Board resources Pages 76 and 117
3. COMPOSITION, SUCCESSION AND EVALUATION
J. Appointments to the Board and succession planning Pages 70–73 and 82–85
K. Board skills, experience and knowledge Pages 72 and 73 and 83
L. Annual Board performance review Pages 80 and 84
4. AUDIT, RISK AND INTERNAL CONTROL
M. Independence and effectiveness of external and internal auditors Pages 86–92
N. Fair, balanced and understandable assessment Pages 87–92 and 121
O. Internal controls and risk management Pages 28–34 and 86–92
5. REMUNERATION
P. Remuneration policy and practices Pages 50–65 and 95–106
Q. Executive remuneration Pages 95–116
R. Judgement and discretion Pages 96, 110 and 116
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
74 Victrex plc – Annual Report 2025

LEADERSHIP – OUR GOVERNANCE FRAMEWORK AS AT 30 SEPTEMBER 2025
BOARD OF DIRECTORS
BOARD COMMITTEES
BELOW BOARD SUPPORT
A number of meetings are in operation to support the CEO to run the business of the Group on a day to day basis. Key meetings are
described below:
Victrex Performance Review
Reviews monthly the supply, demand and financial and business performance. It is attended by the VMT, and other senior leaders
relevant to the agenda.
VMT Risk and Compliance meeting
Reviews legal compliance, internal audit, IT security and performance in SHE, quality and regulatory matters, and is attended by the
VMT and the Director of Audit & Risk.
Executive Risk Management meeting
Reviews corporate and emerging risks and is attended by the VMT and the Director of Audit & Risk.
Currency Committee
Supports the Board in its oversight of the Treasury and Cash Management Policy. Further details are provided in note 17 to the financialstatements.
SHE Steering Committee
Oversees safety, health and environmental risk management. Further detail is available on page 29 of the Strategic report.
Strategic Portfolio Review meeting
Reviews and manages the innovation portfolio to ensure effective resource allocation. It is attended by the CEO, CFO, MDs and senior
R&D and marketing leaders, alongside relevant subject matter experts.
IP Committee
Manages the Group’s intellectual property portfolio and is attended by relevant experts as needed.
Audit Committee members: four
independent Non-executive Directors
Role:
•
Assisting the Board in its oversight of financial reporting,
internal controls and risk management
•
Managing the relationship with the Group’s
externalauditors
Nominations Committee members: Board Chair
and four independent Non-executive Directors
Role:
•
Reviewing Board structure, size, composition
andsuccession planning
•
Leading the process for Board appointments
•
Overseeing senior management succession
Remuneration Committee members: four
independent Non-executive Directors
Role:
•
Setting remuneration policy for Executive Directors,
senior management and the Chair
•
Determining the application of remuneration policy
Corporate Responsibility Committee
members: a minimum of three Non-executive
Directors, including the Board Chair
Role:
•
Overseeing the Company’s conduct with regard to
itscorporate societal obligations and commitments
•
Overseeing and reviewing the development and
execution of the Company’s sustainability strategy
andcommitments including progress towards targets
See the Audit Committee report from
page86 for more information
See the Nominations Committee report
from page 82 for moreinformation
See the Directors’ remuneration report from
page 95 for moreinformation
See the Corporate Responsibility Committee
report from page 93 for moreinformation
THE VICTREX MANAGEMENT TEAM
The Victrex Management Team ('VMT') is comprised of the CEO, the CFO and representatives of all business functions. The team advises the
CEO and CFO on stakeholder interests and business impact. The VMT meets monthly and works to nurture the culture, maximise employee
engagement, support the business in delivering profitable growth, ensure consistent and appropriate communications both internally
and externally and drive faster execution of business and functional activities and plans which rely on cross-functional dependencies.
More detail on the members of the VMT and their individual roles and
responsibilities are on our website: https://www.victrexplc.com
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75Annual Report 2025 – Victrex plc

STATEMENT OF CORPORATE GOVERNANCE CONTINUED
BOARD RESPONSIBILITIES
CEO: Jakob Sigurdsson
Key responsibilities:
•
Day to day running of the Group
•
Recommending to the Board and implementing agreed strategy
•
Executing Board decisions
•
Matters not reserved for Board decision are delegated
totheCEO
Chair: Vivienne Cox
Key responsibilities:
•
Leading the Board
•
Creating the right Board dynamic
•
Ensuring Board effectiveness, including contribution
andchallenge from all Directors
•
Ensuring effective engagement with shareholders
Executive Directors: Jakob Sigurdsson, IanMelling
Key responsibilities:
•
Performing designated executive responsibilities
•
Discharging duties in respect of the Group as a whole
General Counsel & Company Secretary: JaneBrisley
Key responsibilities:
•
Acting as secretary to the Board and its Committees
•
Keeping the Board up to date on relevant legislative,
regulatory and governance matters
•
Reviewing Board policies and procedures, and facilitating
information flows between management and the Board to
support efficient and effective Board functioning
Independent Non-executive Directors:
JanetAshdown, Brendan Connolly, Urmi Prasad
Richardson, Ros Rivaz, David Thomas
Key responsibilities:
•
Exercising independent and objective judgement
indecisionmaking
•
Scrutinising and constructively challenging management
•
Providing strategic guidance and specialist advice
Senior Independent Director: Ros Rivaz
Key responsibilities:
•
Acting as a sounding board to the Chair
•
Serving as an intermediary for other Directors when necessary
•
Being available to meet with shareholders should they have
any concerns, where contact through the normal channels
may be inappropriate
•
Leading the review of the Chair’s performance
•
Deputising for the Chair if the Chair is unable to fulfil her duties
Board: one Chair (independent on appointment), five independent Non-executive Directors, twoExecutive Directors
Key responsibilities:
•
Providing entrepreneurial leadership
•
Setting the Company’s purpose and strategic aims
•
Being collectively responsible and accountable to shareholders for the
long-term sustainable success of the Group and for the responsible
operation of the Group in delivering its strategic objectives
•
Ensuring the interests of all stakeholders are taken into account
•
Ensuring that the necessary financial and human resources are
in place for the Company to meet its objectives and measuring
performance against them
•
Ensuring a sound system of risk management and internal controls
which enables risk to be assessed and managed is in place
•
Reviewing management performance and the operating and
financial performance of the Group
•
Setting the Company’s culture, values and behaviours
•
Ensuring good corporate governance
How the Company generates value for shareholders and other
stakeholders and contributes to wider society is set out on
pages4to13.
BOARD ACTIVITIES
OCTOBER 2024
Scheduled meetings
B R C
Other events
NED regional visit (Shanghai
andPanjin)
Executive regional visit (Japan, Korea)
NOVEMBER 2024
Scheduled meetings
A R N
Other events
CEO Awards
NED regional visit (Leeds)
Executive regional visit (US)
DECEMBER 2024
Scheduled meetings
B
Other events
FY 2024 full year results
Publication of FY 2024 Annual Report
and Notice of Meeting
Full year investor roadshow
Key to scheduled meetings
B
Board
A
Audit
R
Remuneration
N
Nominations
C
Corporate Responsibility
M
Annual General Meeting
Other calendar events
Director attended events
Employee engagement sessions
Market announcements
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76 Victrex plc – Annual Report 2025

COMPANY PURPOSE, VALUES, STRATEGY AND CULTURE
FEBRUARY 2025
Scheduled meetings
B A R M
Other events
Q1 trading update
MARCH 2025
Scheduled meetings
B C
Other events
Employee engagement sessions
(Medical, Quality & Regulatory,
Operations (Hillhouse)
andManufacturing)
US investor roadshow
MAY 2025
Scheduled meetings
B A R N
Other events
NED regional visit (Seal Sands)
Global staff briefing (Seal Sands)
2025 half year results
Magma Mega-Programme
advancement
Half year investor roadshow
JULY 2025
Scheduled meetings
B A R N C
Other events
Q3 trading update
CEO succession
SEPTEMBER 2025
Scheduled meetings
B A R N
Other events
Long Service Awards
AUGUST 2025
Other events
Executive regional
visit (Japan)
The Board has established the Company’s
purpose, values and strategy and monitors
Company culture to ensure that these are
aligned. This includes oversight of conduct,
affairs and long-term success in line with
section 172.
Culture
Values Behaviours
Strategy
Purpose
•
Our purpose is to bring transformational
and sustainable solutions that address
world material challenges every day.
•
Our strategy is to drive the core business
and create and deliver future value
through PEEK and PAEK based polymer
solutions across our two business areas
of Sustainable Solutions and Medical.
This is with the aim of shaping future
performance for our customers and
creating long-term value for our
shareholders, enabled by differentiation
through innovation and underpinned by
safety, sustainability and capability.
•
Our long-term values of Passion,
Innovation and Performance shape our
culture and drive responsible business
conduct in line with our Code of
Conduct. You can find more on our
Codeof Conduct on page 65.
•
Our entire workforce (including our
Executive Directors) is reviewed against
our core behaviours of driving results,
working together, doing the right thing,
continuously improving and focusing on
our customers.
•
Through its annual programme of
business, receiving reports from Brendan
Connolly, our Non-executive Director
responsible for Workforce Engagement,
and meeting with employees, the Board
gains insight into the culture of Victrex.
Aformal review of corporate culture is
conducted by the Board twice a year
using the dashboard of cultural indicators
which has been developed.
Our cultural dashboard has a behavioural
focus tracking cultural insights in the
following areas:
Safety
Employee engagement,
inclusion anddiversity
Doing the right thing Service for customers
Innovation
Sustainable
businesspractices
The Board ensures that culture is embedded
across the organisation through its governance
framework, set out on page 75, and active
leadership engagement. To embed culture
effectively, the Board works closely with
theVMT which is tasked with developing
and monitoring cultural initiatives, talent
development and leadership succession
below Board level. Victrex continues to invest
in its people through targeted learning and
development programmes and inclusive
reward schemes. These efforts are designed
to foster a high performing culture and
strengthen a diverse leadership pipeline. The
Board receives regular updates on cultural
progress and is satisfied that cultural values
are consistently reinforced throughout
thebusiness.
The Board retains the power to take decisions
which affect the future developments and
business prospects of the Group and the
authority and responsibility for planning,
directing and controlling the activities of
theGroup. Where the matter has not been
reserved for Board decision, it is delegated
to the CEO. The Group operates a Group
Authorities Manual which sets out the
delegation of operational decision making
authorities for certain management roles
operating at different levels of the organisation.
The operational management of our
business is delegated by the Board to the
CEO who uses several teams, meetings and
below Board committees to assist him in this
responsibility. Further details are set out
onpage 75.
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SUMMARY OF BOARD ACTIVITY IN FY 2025 LINK TO STRATEGY STAKEHOLDERS CONSIDERED
Strategy
Held the annual strategy review at which the Group’s strategy
was reviewed in detail
Reviewed and approved the Group’s purpose and strategy
Reviewed performance against strategy
Reviewed the Group’s innovation portfolio
Reviewed corporate development activities
Conducted deep dives into strategic areas and key
functionalstrategies
Reviewed how changes in the organisational structure made
inthe prior year have been embedded
Reviewed and approved key contracts
Received regular updates on the Group’s manufacturing assets in
China and conducted a whole Board visit to China in October 2024
Received external expert briefing on strategic potential of
othergeographies
Financial,
operations
and risk
Reviewed operational performance
Approved the budget and monitored financial performance
Reviewed and approved the half and full year results and
associated announcements
Reviewed and approved the going concern and viability statement
Reviewed and approved the Group’s 2025/26 UK tax strategy
Reviewed and approved the Group’s treasury policies
Reviewed and debated the risk profile of the Group, and in
particular the principal risks and risk appetite, and agreed
aprogramme of periodic risk deep dives
Received updates on significant IT project (a new ERP system)
deployed during the year
Reviewed the effectiveness of the risk management and internal
control systems including bribery prevention arrangements and
Group whistleblowing policies and processes
Reviewed annual insurance arrangements and received a briefing
from the Group’s insurance brokers
Conducted risk related deep dives
Shareholder
relations
Received regular updates and discussed feedback from
roadshows, presentations and meetings between the Chair, the
CEO, the CFO and/or the Director of Investor Relations, Corporate
Communications & ESG and other engagement with large
investors, prospective investors andanalysts
STATEMENT OF CORPORATE GOVERNANCE CONTINUED
BOARD ACTIVITIES CONTINUED
Key to strategy
Drive core business Differentiate through innovation Create and deliver futurevalue Underpin through safety,
sustainabilityandcapability
Key to stakeholders
Employees Customers Investors Suppliers Communities and environment Regulators and government
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78 Victrex plc – Annual Report 2025

SUMMARY OF BOARD ACTIVITY IN FY 2025 LINK TO STRATEGY STAKEHOLDERS CONSIDERED
Leadership
and
employees
Reviewed health and safety activities, considered health
andsafety incidents impacting employees and contractors
andmaintained focus on embedding an enhanced health
andsafety culture
Reviewed and discussed Executive Director and senior
management succession plans and monitored progress on
keyaspects of talent and development plans, identifying
generalmanagement and functional leadership potential,
anddeveloping our employee value proposition and aspiration
fora diverse workforce
Whole Board visited China which included engagement
withemployees
Considered outcomes of the 2025 Employee Engagement Survey
Reviewed the Board Diversity, Inclusion and Equal
OpportunityPolicy
Considered reports on workforce engagement from Brendan
Connolly as the Non-executive Director with designated
responsibility for Workforce Engagement
Reviewed dashboard of workforce composition and conditions
Interacted with members of senior management through Board
presentations, dinners and site tours
Monitored culture using a combination of formal and informal
methods including a dashboard of cultural indicators
Reviewed whistleblowing arrangements
Conducted annual review of stakeholder
engagementarrangements
Governance
Reviewed the governance framework and the Terms of Reference
for each Board Committee and received post-meeting reports
from the Chairs of each Committee summarising discussions,
decisions and actions
Reviewed periodic updates on developments in corporate
governance and best practice
Received training on listed company regulations
Implemented actions from the FY 2024 performance review of
the Board and agreed the approach for the FY 2025 internal
performance review
Determined independence of the Non-executive Directors
Reviewed the performance of the external auditors and
recommendation for re-appointment
Reviewed the Modern Slavery, Human Trafficking and Human
Rights Policy and approved the FY 2025 Modern slavery and
human trafficking statement
Reviewed and approved updates to Key Compliance Policies
Reviewed and approved the 2024 corporate governance
actionplan
External briefing on sustainability reporting landscape
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79Annual Report 2025 – Victrex plc

BOARD PERFORMANCE REVIEW
The 2025 performance review was
undertaken internally and led by the
SeniorIndependent Director (‘SID’) through
a series of free format style one-to-one
conversations with each Director to allow
organic discussion and to provide opportunity
to raise matters of importance. Discussion
areas included matters that were relevant to
Victrex plc as well as those items laid down
in the Code and questions were shared with
the Directors in advance.
The outcome of the performance review is that
the Board continues to operate effectively
and provides appropriate and constructive
challenge and support. Key findings included:
•
The Board continues to operate with
ahigh degree of openness and mutual
respect. Contributions are thoughtful
and well balanced, with all members
actively participating in discussions.
There is no evidence of dominance or
reticence, and the tone of debate
remains constructive and collegiate.
•
The Board benefits from a balanced
composition, with a breadth of industry
experience that supports challenge and
insight. While the current mix is effective,
the Board recognises the opportunity to
further enhance its depth of knowledge
and experience, and its degree of
challenge through the recruitment of
additional NEDs.
•
While Board members had differing
perspectives on the time currently
devoted to governance matters, there
was broad agreement on the need to
rebalance the agenda to allow greater
focus on operational performance.
•
The Board is appreciative of the
continued efforts by management to
deliver focused, succinct meeting papers
and materials but this remains an area for
continuous improvement.
•
The cadence and time allocation of
Board and Committee meetings were
generally considered appropriate. While
preferences varied between virtual and
in-person formats, the current approach
was seen as a reasonable balance. Meeting
locations were also considered to support
accessibility and participation. However, as
the composition of the Board continues
toevolve, this approach will need to be
reviewed to ensure it remains appropriate
and inclusive.
•
All Committees are viewed as effective,
with appropriate meeting cadence and
strong chairing.
Following a review of the outcomes from the FY 2025 performance review, the Board agreed the following actions:
Topic Action/recommendation
CEO transition
Ensure a smooth and well-supported transition of new CEO.
Performance, accountability
and risk
Continue to challenge forecasting and delivery and maintain focus on operational, quality
and risk improvements.
Ensure appropriate agenda time is allocated to support these discussions.
China
Consider the balance of focus between business development and operational delivery.
During the year, the Board has also reviewed progress made in relation to the actions identified from the Board performance review
conducted in FY 2024.
Topic Action/recommendation Progress
Deep dive
onChina
Schedule additional deep dive on China. The full Board visited China in October 2024. Several Board members also
visited the Panjin facility and provided feedback to the Board. During the
China visit, the Board received a deep dive presentation on the commercial
strategy, market opportunities and financial forecast.
Strategy
Conduct strategic investment appraisals. The strategy day defines key features for future investments to grow the
business, including speed to market adoption, and will include an annual
lookback of investment decisions as part of this session.
Insightful
Board
discussion
Extend attendance of the MDs, Sustainable
Solutions and Medical at Board meetings
where appropriate and increase employee
engagement to further understand
strengths and potential.
To grow awareness of business operations, with effect from December
2024 MDs attend Board meetings, though their attendance to specific
agenda items is determined at the Board’s discretion.
Further information on how the Board engages with employees can
befound in our stakeholder statement on pages 16 and 17.
Review of the Chair’s performance
Dr Ros Rivaz, as the SID and in discussion
with the other Non-executive Directors, led
the appraisal of the Chair’s performance
which took into consideration both the
Executive and Non-executive Directors’ views.
Further, during FY 2025 the Non-executives
met without the Chair present. There was
unanimous agreement that the Chair leads
the Board in an effective manner, fulfilling
Principle F of the Code. The Directors agree
that she demonstrates thoughtful and
objective judgement, promotes a culture
ofinclusiveness, openness and debate, and
facilitates constructive Board relations and the
effective contribution of all Non-executive
Directors. This, in turn, supports Non-executive
Directors in fulfilling the requirements
ofPrinciple H of the Code in providing
constructive challenge and strategic
guidance, offering specialist advice and
holding management to account.
Review of the individual
Directors’performance
The Chair reviewed the individual performance
and effectiveness of each Director. Each of
the Directors was found to be effective in
discharging their responsibilities and to be
making a valuable and effective contribution
to the Board. In addition to the formal
review, the Non-executive members of the
Board met at various times during the year
without the Executive Directors present.
All Directors will be subject to annual
re-election with the exception of Jakob,
who will step down from the Board at the
conclusion of the AGM, and James, who
willstand for election for the first time. The
Board recommends that shareholders vote in
favour of those standing at the forthcoming
AGM, as they will be doing in respect of
their individual shareholdings. The Director
biographies on pages 72 and 73 detail each
ofthe Directors’ contribution, and why it
continues to be important to the Company’s
long-term sustainable success. A full
biography for James is available in the
Notice of Meeting.
STATEMENT OF CORPORATE GOVERNANCE CONTINUED
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WORKFORCE ENGAGEMENT REPORT
– HEARING THE EMPLOYEE VOICE
HIGHLIGHTS DURING FY 2025
In FY 2025, workforce engagement
remained a vital pillar of our commitment
tolistening, learning and evolving with our
people. To enable more targeted feedback,
this year’s approach embraced a more personal
and conversational style, favouring smaller
focused group discussions and one-to-one
meetings across our global sites – from
Shanghai to Hillhouse, Seal Sands toLeeds.
The conversations were rich and candid,
offering a window into the lived experiences
of our colleagues. While no major concerns
were raised, several recurring themes
emerged, providing useful insights into
theorganisation’s current climate.
A renewed sense of energy and optimism
was evident, particularly in teams where
engagement levels have notably improved.
Some employees expressed a desire for
greater clarity around organisational
structure and career pathways, highlighting
the importance of transparent communication
and thoughtful workforce planning.
Themes such as operational complexity
andinternal processes revealed a shared
aspiration for greater agility and simplicity,
reflecting a culture that is ready to evolve.
The overall tone of engagement was
positiveand forward looking, with
employees expressing pride in their work
and a genuine interest in contributing to
theCompany’s success.
A standout moment this year was the
improvement shown by teams that had
scored lower in the FY 2024 Engagement
Survey, driven by tailored action plans
designed to foster a more connected
andmotivated workforce.
Other Non-executive Directors have also
been involved in engagement activities
throughout the year, including a site visit to
China and Seal Sands and in October 2025
asite visit to Rotherham and Leeds where the
Board members engaged with employees.
The engagement journey continues, and the
insights gathered this year will help shape
our priorities for the future.
Key focus areas for FY 2026 include
continuing to involve other Non-executive
Directors in employee engagement initiatives
where practical, leveraging insights from
the2026 Engagement Survey results to
support targeted conversations and explore
opportunities for a global session that deepens
understanding of topics important to
ouremployees.
The Workforce Engagement NED reports to
the Board on matters raised by employees.
Relevant Board papers contain a workforce
impact statement to ensure that the
interests of our employees are a central
consideration in Board decision making.
OBJECTIVES AND ROLE
The role of the Workforce Engagement NED
is to serve as a bridge between the Board
and the broader organisation and to support
the Directors’ collective responsibility to
consider the voices of our people in its strategic
decision making. This role is central to fostering
a culture of openness, accountability and
shared purpose, ensuring that our people
remain at the heart of everything we do.
The Workforce Engagement NED is
responsible for the following matters:
•
championing the workforce perspective
in Board discussions;
•
ensuring that the Board, and particularly
the Executive Directors, take appropriate
steps to evaluate the impact of proposals
and developments on the workforce;
•
where relevant and appropriate,
providing feedback to the workforce on
Board decisions and direction during the
engagement process;
•
primarily using existing engagement
mechanisms, including the Employee
Engagement Survey, quarterly staff
briefings, works council meetings, union
meetings, regional forums and Q&A
sessions, togather the relevant feedback
from theworkforce;
•
ensuring that feedback is obtained from all
levels of the workforce in multiple locations;
•
organising bespoke events for additional
feedback where required;
•
soliciting employee views about
executive remuneration and sharing
feedback obtained with the Remuneration
Committee; and
•
providing both formal and informal
updates to the Board throughout
theyear.
The Workforce Engagement NED is not
expected to take on responsibilities that
arethose of an Executive Director or of the
HR team or act as a proxy for those teams.
Brendan Connolly
Workforce Engagement NED
2 December 2025
WORKFORCE
NEDACTIVITIES
OCTOBER 2024
•
Regional site visit (China)
NOVEMBER 2024
•
Regional site visit (Leeds)
•
CEO Awards
MARCH 2025
•
Dinner, meeting with talent
from Hillhouse
•
Employee listening groups
– Quality & Regulatory;
Medical team; Operations
(Hillhouse); Manufacturing
People Managers
MAY 2025
•
Reviewed Employee
Engagement Surveyresults
•
Regional site visit (Seal Sands)
•
Attended global staff
briefing (Seal Sands)
•
Attended the 20 years
without a‘lost time accident’
recognition event and
celebration evening
(SealSands)
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81Annual Report 2025 – Victrex plc

NOMINATIONS COMMITTEE REPORT
DRIVING BOARD
EXCELLENCE
MAIN RESPONSIBILITIES
OFCOMMITTEE
•
Leading the process for Board
appointments and making
recommendations to the Board about
proposed appointments to the Board,
including the General Counsel &
Company Secretary
•
Evaluating the skills, experience
andknowledge of the Board
•
Overseeing the development of a
diverse and effective pipeline for
succession to Board and senior
management positions
Committee meetings in FY2025
The Committee held six meetings during
FY 2025 and has a programme of
business reflecting its Terms of Reference.
Committee meeting attendance is set out
on page 73. The composition of the
Committee is also detailed on pages 72
and 73.
Other attendees:
•
the CEO is not a member of the
Committee but is invited to attend;
•
the Group HR Director regularly
attends meetings; and
•
the General Counsel &
CompanySecretary.
All members of the Committee are
independent, thus fulfilling the Corporate
Governance Code requirement that a
majority of members of the Nominations
Committee should be independent
Non-executive Directors.
The Chair would not chair or otherwise
participate in the Committee when it
isdealing with the appointment of her
successor. No Director would participate
in the Committee when it is dealing with
the appointment of his or her successor.
The Chair’s other significant commitments
are set out in her biography on page 72.
Terms of Reference for the Nominations
Committee can be found at
www.victrexplc.com
ALLOCATION OF TIME
Board & Committee composition – 25%
Executive succession – 30%
Governance – 25%
Board performance – 20%
FY 2025 HIGHLIGHTS
•
CEO succession process and
appointment of James Routh
witheffect from 1 January 2026
•
Reviewing succession planning and
leading the search for two
additional Non-executive Directors
•
Undertaking the annual Board
andCommittee performance
reviewexercise
IN ADDITION TO OUR USUAL
PROGRAMME OF BUSINESS,
A KEY FOCUS AREA IN FY 2025
WAS CEO SUCCESSION.
Dr Vivienne Cox DBE
Chair
FY 2026 FOCUS AREAS
•
Ensuring a smooth and
well-supported transition ofthe
newCEO
•
Induction of new
Non-executiveDirectors
•
Continue to identify and
developinternal talent
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82 Victrex plc – Annual Report 2025

DEAR SHAREHOLDERS,
On behalf of the Nominations Committee,
Iam pleased to present its report for the year
ended 30 September 2025.
This has been a particularly busy year for
theCommittee.
In addition to our usual programme
ofoverseeing talent, Board and senior
management composition, succession and
diversity and inclusion, a key focus in FY 2025
was CEO succession and initiating the search
for two additional Non-executive Directors
to support a smooth transition plan for Board
refreshment given three Non-executive
Directors were appointed in the same
calendar year.
A principal activity in FY 2025 was the
succession process which resulted in
theannouncement in July 2025 of the
appointment of James Routh as CEO.
Jamesjoins the Board on 1 January 2026
and succeeds Jakob Sigurdsson. Jakob will
remain on the Board until the conclusion of
the 2026 AGM as Executive Director and will
not seek re-election. He will remain with the
Company until July 2026 as part of the
agreed succession process.
Victrex is committed to diversity in the
workforce, inclusive practices and equality of
opportunity for all employees. In compliance
with the FCA UK Listing Rules, please see
page 85 for information on Board and
executive management gender and ethnicity.
The Board meets, and exceeds, the FCA target
of having at least 40% female representation
on the Board and having at least one of the
senior Board positions held by a woman.
The Board also meets the Parker Review
target of having at least one Director from
aminority ethnic background.
While the Nominations Committee looks
atdiversity within the Board and approves
the Board Diversity, Inclusion and Equal
Opportunity Policy, which can be found on
our website, our Corporate Responsibility
(‘CR’) Committee oversees the focus on
Equal Opportunities, Diversity, Equity &
Inclusion (‘DE&I’) in the wider workforce.
This includes how we are performing against
our targets. You can read more about DE&I
on page 52.
The FY 2025 Board and Committee
performance review was internally facilitated
by our Senior Independent Director,
DrRosRivaz, and I am pleased to say this
was a very meaningful exercise with strong
engagement from our Board members.
Further details can be found on page 80.
The Nominations Committee approved this
report on its work.
Dr Vivienne Cox DBE
Chair of the Nominations Committee
2 December 2025
SUCCESSION PLANNING
During the year, the Committee reviewed
the succession plans for the Board and
senior management over the short and
medium term, as well as contingency plans
for emergency situations. The Committee
aims to ensure that the Board and senior
management have the appropriate balance
of skills and experience to support the
Group’s strategic objectives.
The Committee uses a succession planning
toolkit which includes consideration of
diversity and skills to help assess the Board’s
composition and identify any opportunities
for enhancement. Our skills matrix was
further evolved in FY 2025 to include digital
and AI capabilities and support there being
a broad balance of skills, experience and
knowledge on the Board and across
geographies, with particular strength in
chemicals, strategic direction setting, M&A,
risk management and compliance, and
balanced experience across functional
disciplines. Each Director completes a
self-assessment questionnaire to evaluate
their own skills and experience by reference
to the focus areas in the matrix. The results
feed into the matrix which is then kept
under review by the Committee.
The Committee holds regular Board
succession planning discussions, to ensure
that we balance skills, experience, knowledge,
diversity and independence and take into
account Directors’ tenure and the evolving
needs of the business. The tenure of
Non-executive Directors is set out
onpage72.
DIRECTOR INDEPENDENCE
Independence of Non-executive Directors
isreviewed against the circumstances which
are likely to impair, or could appear to impair,
aNon-executive Director’s independence as
set out in the Code. Following assessment, all
of the Company’s Non-executive Directors
are considered independent. The Chair was
considered independent on appointment.
THE COMMITTEE’S ACTIVITIES
The Committee’s principal activities
during the year, and up to the date of
approval ofthis Annual Report, were
asfollows:
NOVEMBER 2024
•
Reviewed and recommended
to the Board the Nominations
Committee report in the
FY2024 Annual Report and
FinancialStatements
•
Recommend the appointment
of VivienneCox as Chair of
CR Committee
MAY 2025
•
Reviewed senior
management composition
and succession planning
•
Reviewed the talent
management framework
andpipelinedevelopment
•
Reviewed the Board
skillsmatrix
•
Reviewed Board induction,
training and development
JUNE 2025
•
Considered the CEO
succession process
•
Decided to commence the
search for two additional
Non-executive Directors
JULY 2025
•
Approved the appointment
ofJames Routh as CEO
SEPTEMBER 2025
•
Reviewed Board composition
and succession planning
•
Reviewed the Board Diversity,
Inclusion and Equal
Opportunity Policy
•
Reviewed the Committee
Terms of Reference and
annual programme
ofbusiness
•
Recommend the appointment
of Urmi Prasad Richardson as
a member of the CRC
POST FY 2025
•
Received an update on the
new NED process
•
Reviewed and Recommended
this Committee report
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
83Annual Report 2025 – Victrex plc

BOARD APPOINTMENTS
INCLUDING THE APPOINTMENT OF
A NEW CEO AND INITIATING
SEARCH FOR NEW NON-EXECUTIVE
DIRECTORS
As set out in the introduction, the
Committee has overseen a number of
appointment processes during the period
under review. In relation to the comprehensive
selection processes that resulted in the
appointment of James Routh, a professional
search agency, Egon Zehnder, was engaged.
There is no personal connection between
Egon Zehnder and any individual Director.
Inthe appointment process for the CEO, a
diverse list of candidates was prepared and
carefully considered to identify the shortlist
of candidates that would proceed to the
interview panel and assessment. Following
acomprehensive process and taking into
consideration the feedback provided by the
interview panel, James Routh was ultimately
identified as the preferred candidate as
CEOdue to his proven experience in driving
growth and highly relevant expertise gained
in related industries. The appointment was
made on merit and based on objective criteria,
and reflects the Committee’s commitment to
ensuring effective leadership and continuity.
To support a smooth transition plan
forBoard refreshment, the Committee
determined that it would be appropriate to
bring additional depth to the Board’s expertise
and strengthen future Committee leadership
with the appointment of two additional
Non-executive Directors. An overview of
theprocess is set out on page 70.
Any new Directors are appointed by the
Board must be elected at the next AGM
tocontinue in office. All existing Directors
stand for re-election every year. This year,
allDirectors, with the exception of Jakob
Sigurdsson who is not standing for re-election
due to his forthcoming retirement, will submit
themselves for re-election or election at
theAGM.
BOARD INDUCTION, DEVELOPMENT
AND BUSINESS ENGAGEMENT
A formal induction programme is in place
for new Board members and is tailored as
appropriate depending on role, skills and
experience. This has been reviewed during
FY 2025. Our induction programme allows
new Directors to meet members of senior
management, business and functional
leaders, and high potential talent as well
asexternal auditors, brokers and advisors.
NewDirectors also visit operations and
sitesto understand the manufacturing and
production process and meet operations staff.
They have access to Board and Committee
papers, undertake relevant training, and
receive briefings on pertinent matters. A
case study of Urmi’s induction experience
can be found on page 71.
All Directors are encouraged to keep up
todate with relevant legal and governance
matters, best practice and evolving areas of
risk. The Board receives training and updates
on relevant topics as appropriate and Directors
are supported to undertake any other
professional development identified as
necessary or desirable.
VMT members, other senior leaders and
those designated as talent are invited, as
appropriate, to deliver presentations at Board
meetings on their areas of responsibility. It is
the Company’s usual policy for all Directors
to attend the AGM.
BOARD, COMMITTEE AND
INDIVIDUAL DIRECTOR
EFFECTIVENESS
The Board and its Committees carry out a
formal performance review of effectiveness
eachyear. An internal performance review
was conducted in FY 2025 led by our Senior
Independent Director, Dr Ros Rivaz. Details
of process, outcomes and focus areas for
FY2026, together with progress on actions
identified in FY 2024, are set out on page80.
The reviews of the Audit, Nominations,
Remuneration and Corporate Responsibility
Committees confirmed that these
Committees continue to provide effective
support to the Board.
Each Director receives a formal performance
review process. The Chair led the review
ofeach Non-executive Director. The annual
performance review of the Chair was led
bythe Senior Independent Director, Dr Ros
Rivaz. The Nominations Committee reviewed
the performance of the Executive Directors.
These reviews confirmed that each Director
continues to make a valuable personal
contribution to the Board. Individual
contributions are summarised in the
biographies on pages 72 and 73. All
Non-executive Directors are considered
tohave sufficient time to perform their
duties at the Company. Where an Executive
Director has an external appointment,
thetime commitment involved is kept
underreview and the Board is satisfied
theExecutive Directors devote sufficient
time to discharging their responsibilities to
the Company. Details of individual Executive
Director appointments are included in the
biographies on pages 72 and 73.
BOARD DIVERSITY, INCLUSION
AND EQUAL OPPORTUNITY
The Board recognises the many benefits
ofdiversity in its widest sense and its
contribution towards effective Board and
Committee operations and decisions. The
Board and Committee seek to encourage
applications from a diverse range of
candidates, subject to the selection criteria
being met. Our Board Diversity, Inclusion
and Equal Opportunity Policy is available
onour website at www.victrexplc.com.
The Board has not set express gender,
ethnicor other related diversity quotas
ormeasurable objectives for the Board’s
composition. The Board will continue to
consider the various diversity factors set
outin the UK Corporate Governance
Code,the FCA UK Listing Rules, and the
recommendations of the FTSE Women
Leaders Review and the Parker Review.
The current ethnic composition of our Board
and a breakdown of nationalities is provided
on page 72.
The Board strives to broaden the diversity of
the Board and senior management pipelines.
As at 30 September 2025, we have four
women on our Board, representing 50%
(FY2024: 56%). For the purposes of the
UKCorporate Governance Code, as at
30September 2025 two members of senior
management are women (representing 25%)
and 40% of senior management andtheir
direct reports are women (19 men, 28 women).
Senior management is defined as the VMT;
please see our website, www.victrex.com,
for a list of members oftheVMT.
For further details on diversity and inclusion
across Victrex, including our Group Equal
Opportunities, Diversity, Equity and Inclusion
Policy, see pages 52 and 53.
NOMINATIONS COMMITTEE REPORT CONTINUED
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
84 Victrex plc – Annual Report 2025

BOARD AND EXECUTIVE MANAGEMENT DIVERSITY DATA DISCLOSURES
As required by FCA UK Listing Rule 6.6.6R(9), below is the Company’s compliance statement regarding Board diversity targets
asat30September 2025, being the selected reference date used for the purposes of FCA UK Listing Rule 6.6.6R(9)(a).
Target Position as at 30 September 2025
At least 40% of the individuals on the Boardare women Victrex is compliant with this target as 50% of the Board are women.
At least one of the senior Board positions
1
isheld by a woman Victrex is compliant with this target as both the Chair and Senior
Independent Director positions are held by women.
At least one individual on the Board ofDirectors is from a minority
ethnic background
2
Victrex is compliant with this target.
In accordance with FCA UK Listing Rule 6.6.6R(10), set out below is the data on the gender identity and ethnic background of the Board
and the VMT (including the Executive Directors and the General Counsel & Company Secretary) which is the cohort designated by the
Company as executive management for the purposes of the FCA UK Listing Rules.
GENDER IDENTITY OR SEX AS AT 30 SEPTEMBER 2025
Number
of Board
members
Percentage
of the Board
Number
of senior
positions
on the Board
1
Number in
executive
management
Percentage of
executive
management
Men 4 50% 2 6 75%
Women 4 50% 2 2 25%
Not specified/prefer not to say — — — — —
ETHNICITY REPRESENTATION AS AT 30 SEPTEMBER 2025
Number
of Board
members
Percentage
of the Board
Number
of senior
positions
on the Board
1
Number in
executive
management
Percentage of
executive
management
White British or other White (including minority White groups) 7 87.5% 4 7 87.5%
Mixed/multiple ethnic groups — — — — —
Asian/Asian British 1 12.5% — 1 12.5%
Black/African/Caribbean/Black British — — — — —
Other ethnic group — — — — —
Not specified/prefer not to say — — — — —
1 Senior Board positions are the CEO, CFO, Senior Independent Director and Chair.
2 Minority ethnic background is defined as from one of the following categories:
•
Asian/Asian British;
•
Black/African/Caribbean/Black British;
•
Mixed/multiple ethnic groups; and
•
Other ethnic groups.
Data for the above disclosures has been collected by questionnaire and/or directly from the relevant individuals.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
85Annual Report 2025 – Victrex plc

AUDIT COMMITTEE REPORT
INTEGRITY OF THE
FINANCIAL STATEMENTS
MAIN RESPONSIBILITIES
OFCOMMITTEE
•
Financial reporting – reviewing the
integrity of the financial statements
andannouncements relating to the
financial performance of the Company,
including reporting to the Board on
thesignificant issues considered by the
Committee in relation to the financial
statements, how these were addressed,
and whether the financial statements
are fair, balanced and understandable
•
External auditors – reviewing and
challenging matters associated with
the appointment, terms, remuneration,
independence, objectivity and
effectiveness of the external audit
process and reviewing the scope and
results of the external audit
•
Risk management, internal control
and internal audit – reviewing
thescope, remit and effectiveness
ofthe internal audit function and
theGroup’s internal control and risk
management systems
•
Governance and other matters
– reporting to the Board on how the
Committee has discharged its
responsibilities and overseeing
compliance with applicable significant
legal and regulatory requirements
Committee meetings in FY2025
The Committee met five times
duringFY2025 and has a programme
ofbusiness reflecting the Committee’s
Termsof Reference. Committee meeting
attendance is set out on page 73.
Thecomposition of the Committee
isalsodetailed on pages 72 and 73.
The following other attendees regularly
attend meetings:
•
the Chair and Executive Directors;
•
the Director of Audit & Risk;
•
the Commercial Finance Director;
•
the Group Financial Controller;
•
the General Counsel & Company
Secretary; and
•
representatives from the external
auditors, PricewaterhouseCoopers LLP
(‘PwC’).
Other members of the Management
Team may also be asked to attend
meetings for discussion on specific issues.
The Committee also meets with the
external auditors at least twice each year
without management being present.
The Chair meets with the Executive
Directors, Management Team and
PwCoutside of formal Committee
meetings todiscuss matters which
fallwithin the Committee’s Terms
ofReference. Thesehave included
meetingswith theaforementioned
otherattendees aspart ofreviewing
relevant matters andforward planning
onthe business ofthe Committee.
The Committee is authorised to seek
outside legal or other independent
professional advice as it sees fit but
hasnot done so during the year.
The qualifications of Committee
members, including the Chair, are
outlined in the Directors’ biographies
onpages 72 and 73. The members
oftheCommittee are all independent
Non-executive Directors. The Board is
satisfied that the Committee as a whole
has competence relevant to the sectors
inwhich the Group operates and its
members have an appropriate level of
experience in corporate and financial
matters and are financially literate.
Theeffectiveness of the Committee in
fulfilling its remit was considered as part
of the most recent performance review
which was internally facilitated by the
Senior Independent Director in summer
2025 and subsequently reported to the
Board. The Board is satisfied that the
Committee Chair has recent and relevant
financial experience as required by the UK
Corporate Governance Code (the ‘Code’).
Terms of Reference for the Audit
Committee can be found on
www.victrexplc.com
ALLOCATION OF TIME
Financial reporting – 45%
Internal audit, risk management
andinternalcontrol – 24%
External auditors – 20%
Governance and
other matters – 11%
DURING THE
IMPLEMENTATION OF THE
NEW ERP SYSTEM DURING
FY2025, THE COMMITTEE
MONITORED AND REVIEWED
MANAGEMENT’S PLAN
FORTESTING, TRAINING
ANDCUTOVER, ENSURING
ROBUSTFINANCIAL RECORDS
WEREMAINTAINED.
David Thomas
Chair
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
86 Victrex plc – Annual Report 2025

DEAR SHAREHOLDERS,
I am pleased to present the report of the
Audit Committee for the year ended 30
September 2025.
The Committee has received regular
reportsfrom management covering the
keyareas of estimation and judgement
underpinning the financial statements.
TheCommittee’s role is to ensure that
management’s disclosures reflect the
supporting information or challenge them
toexplain and justify their interpretation.
During FY 2025, as outlined below, this
specifically included the judgements made
inthe assessment of whether impairment
indicators exist at the PEEK manufacturing
assets in China. Following detailed discussion
and consideration, the Committee concurred
with management that at 30 September
2025 there were no indicators. In addition,
the Committee also considered and agreed
with management assessments that the
fairvalue of its equity investment in Surface
Generation Limited should be reduced to
£nilalong with the disclosure of this as a
separate line item onthe income statement
and treated as anexceptional item. The
Committee has discussed these matters
withthe external auditors during the audit
planning stage and at the finalisation of
theyear-end statutory audit and noted
therewere no significant differences
between the conclusions drawn by
management and the external auditors.
TheCommittee is satisfied that there
wasanappropriate level of challenge
onthecritical judgements made in the
processof applying the accounting
policiesand reported its conclusions
totheBoard accordingly.
The focus of the internal audit and
assurance activities during the year has
beenacross key strategic and emerging
risks, core financial and operational controls
frameworks and regional compliance. Group
internal audit (‘GIA’) methodologies have
been enhanced in FY 2025 by embedding
testing of key legal and financial controls
such as anti-bribery and corruption and
testing the effective application of the
Global Authorities Matrix (‘GAM’) across
allaudits. With the introduction of ECCTA
legislation a review of controls effectiveness
for the prevention of fraud was undertaken
and identified this as a low risk area.
Work on defining the ‘material controls’
hasprogressed during FY 2025, based
onthe existing lines of defence model
whichhas been used over the past several
years toprovide assurance to the Board on
theeffectiveness of Victrex’s key controls
framework. An evaluation of potentially
material controls has commenced and
willbe progressed through FY 2026 to
confirm those which will form the basis
ofthe declaration of effectiveness under
provision29 in the 2027 Annual Report.
The Committee remains satisfied that
theprinciples concerning internal audit are
reflected in the responsibilities and activity
of the Group Internal Audit (‘GIA’) function.
With the new ERP system implemented
during the year, the Committee has received
regular updates in relation to testing, training
and cutover activities, along with post-go live
updates on performance, reporting and the
control environment. This includes updates
from both management (IT and wider
business) and PwC. Following work performed
as part of the FY 2025 audit, it is expected
FY 2025 HIGHLIGHTS
•
Detailed review of the work performed
by management and reporting from
PwC in relation to key accounting
policies, financial reporting and the
associated judgements and estimates.
This included the recognition and
disclosure of the fair value loss in relation
to the Group’s equity investment in
Surface Generation Limited and the
consideration of whether impairment
indicators exist at the Group’s PEEK
manufacturing assets in China
•
Consideration of the appropriateness
oftransferring the medical non-
implantable business to the Medical
segment from the Sustainable Solutions
segment following the update to the
Group’s management structure at
thestart of FY 2025, as well as the
completeness of the disclosures
maderelating to this change
•
During the implementation of the
newERP system during FY 2025,
theCommittee monitored and reviewed
management’s plan fortesting, training
and cutover, ensuringrobust financial
records were maintained. In addition,
theCommittee reviewed the quality of
reporting and status of PwC’s audit work
including the cutover and review of
theIT and business process control
environment. This involved receiving
regular updates from PwC’s Digital
AuditPartner
•
Ensuring compliance with the updated
2024 Corporate Governance Code with
effect from FY 2026 and undertaking
areview of financial and operational
controls in support of compliance with
provision 29 which applies from FY 2027,
with work ongoing to test and validate
the Group’s material controls
•
Supporting the Corporate Responsibility
Committee in assessing the external and
internal assurance procedures performed
on the climate change related disclosures
that PwC will be able to place reliance on
the new system’s control environment for the
FY 2026 audit. This adds to the automated,
data driven revenue testing performed
following the ERP implementation in FY2025,
enhancing audit quality and efficiency.
The Committee supports the Board
inits‘fair, balanced and understandable’
assessment by performing an independent
review of the Annual Report, holding
discussions with management, including
assessment of alternative performance
measures (‘APMs’) against the regulatory
guidance and consideration of FRC
ThematicReview findings and reporting
from PwC. Aswell as the Annual Report,
the Committee also considers other market
disclosures to support the Board in providing
fair, balanced and understandable reporting.
During 2025, the Audit Quality Review
Team(‘AQRT’) of the FRC conducted
areviewof PwC’s audit of the Group’s
financial statements for the year ended
30September 2024. In July 2025, the AQRT
provided its final report, which assessed the
audit as good, the highest rating achievable,
with no reportable findings from the
AQRT’sinspection.
Having reviewed PwC’s tenure, independence
and objectivity and the audit quality and
effectiveness, as outlined in the Audit
Committee report below, the Committee
recommended to the Board that PwC
beproposed for re-appointment at the
forthcoming AGM in February 2026. In
accordance with independence rules, the
Committee will complete the next competitive
audit tender in FY 2026 for audit services
tocommence 1 October 2027.
We continue to be committed to providing
meaningful disclosure of the Committee’s
activities as well as ensuring the Committee’s
agenda is kept under review and that
wemaintain an awareness of relevant
developments. Details of the annual
performance review process and the
Committee’s performance can be found
inthe Corporate governance report.
The Committee has considered the
recommendations of the FRC’s Audit
Committees and the External Audit:
Minimum Standard and has concluded
itremains compliant with the provisions
forthe year ended 30 September 2025.
The Audit Committee approved this report
on its work.
I will be available to answer any questions
inrelation to this Audit Committee report
before the Annual General Meeting. Please
email your queries to ir@victrex.com.
David Thomas
Chair of the Audit Committee
2 December 2025
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
87Annual Report 2025 – Victrex plc

THE COMMITTEE’S ACTIVITIES
The Committee’s principal activities during the year, and up to the date of approval
ofthis Annual Report, were as follows:
NOVEMBER 2024
•
Reviewed FY 2024 draft Annual Report (including accounting judgements,
going concern and viability, and whether the report was fair, balanced and
understandable) and full year results announcement
•
Reviewed principal risk disclosures
•
Noted PwC’s external audit report
•
Reviewed the effectiveness of the FY 2024 external audit process,
confirmedthe auditors’ independence and expertise and recommended
there-appointment of the external auditors to the Board
•
Reviewed the effectiveness of the risk management and internal controls
•
Reviewed Internal audit update and risk management
•
Reviewed non-audit services
FEBRUARY 2025
•
Reviewed the Q1 Trading Update
•
Received an update on D365 implementation
•
Received an update on ECCTA
MAY 2025
•
Noted FY 2025 half year accounts (including accounting judgements and
going concern) and half year results announcement
•
Reviewed and approved the internal audit plan and approach for FY 2026
•
Reviewed and approved the Audit Charter
•
Reviewed the internal audit update including risks and risk management
•
Received an update on provision 29 readiness
•
Reviewed the principal risk assessment for H1 FY 2025 reporting
JULY 2025
•
Reviewed the Q3 Trading Update
•
Reviewed and approved the external audit plan for FY2025 statutory audit
•
Reviewed the output of the Audit Quality Review Team (AQRT) of the FRC’s
review of PwC’s audit
•
Reviewed the external auditors’ effectiveness
•
Reviewed and approved the external audit engagement letter and audits’ fee
•
Reviewed the updates to the Financial Crime and Fraud Risk Management Policy
SEPTEMBER 2025
•
Received an update on tax matters and approved the FY 2026 tax strategy
•
Received an update on FY 2025 audit process
•
Reviewed the internal audit update including risks and risk management
•
Reviewed the conclusions of the Committee’s annual performance review
•
Reviewed the Terms of Reference and Programme of Business for FY 2026
POST FY 2025
•
Reviewed FY 2025 draft Annual Report (including accounting judgements,
going concern and viability, and whether the report was fair, balanced and
understandable) and full year results announcement
•
Reviewed principal risk disclosures
•
Noted PwC’s external audit report
•
Reviewed the effectiveness of the FY 2025 external audit process, confirmed
the auditors’ independence and expertise and recommended the re-
appointment of the external auditors to the Board
•
Reviewed the effectiveness of the risk management and internal controls
•
Reviewed internal audit update and risk management
•
Reviewed non-audit services
AUDIT COMMITTEE REPORT CONTINUED
FINANCIAL REPORTING
REVIEW OF FINANCIAL
STATEMENTS
The primary role of the Committee in relation
to financial reporting is to review with both
management and the external auditors, and
report to the Board the integrity and
appropriateness of, the annualand interim
financial statements andresults announcements,
considering amongst other matters:
•
clarity of the disclosures, assessment
ofwhether suitable accounting policies have
been applied in compliance with financial
reporting standards and relevant financial
and governance reporting requirements;
•
areas in which significant judgements and
estimation have been applied, including
discussions on such matters undertaken
with the external auditors toensure that
robust challenges, professional scepticism
and audit procedures had been performed
on these judgements during the audit;
•
whether the Annual Report, taken
asawhole, is fair, balanced and
understandable and provides the
information necessary for shareholders
to assess the Company’s performance,
business model and strategy. The statement
incorporating the conclusion of this
assessment is included on page 121; and
•
any correspondence from regulators
inrelation to our financial reporting.
To assist this review the Audit Committee
considered detailed reports prepared by
management which outlined the basis of
theGroup’s accounting policies, Alternative
Performance Measures (‘APMs’) andkey areas
of judgement and estimation. In relation to
judgements and estimation, management
referenced both quantitative and qualitative
judgement factors across each significant
account balance, assessing the impact on
the user of the financial statements.
FY 2026 FOCUS AREAS
•
Planning and conducting a
competitive audit tender
•
Continued monitoring of the
financial reporting and audit of the
critical judgements and key sources
of estimation uncertainty
•
Preparing for reporting under
provision 29 of the 2024 Corporate
Governance Code, with a ‘dry run’
of assuring the effectiveness of
theidentified material controls
being performed through FY2026,
including consideration of how
thenew ERP system can help
meetthese requirements
•
Continued support of the Corporate
Responsibility Committee in the
assessment of assurance required
over non-financial information and
assessing the impact of relevant
sustainability reporting standards and
management plans for compliance
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
88 Victrex plc – Annual Report 2025

SIGNIFICANT ISSUES CONSIDERED BY THE COMMITTEE IN RELATION TO THE FINANCIAL STATEMENTS AND
HOW THESE WERE ADDRESSED
The following table sets out the significant issues reviewed and discussed by the Committee throughout the year, being those requiring
management to exercise the highest level of judgement or estimation. These were also all discussed and addressed with our external
auditors, PwC, and included in their reporting.
Area of focus Committee considerations and outcomes
Indicators of
impairment in
relation to property,
plant and equipment
(specifically at the
Group’s PEEK
manufacturing
assetsin China)
FY 2025
FY 2024
—
The Committee reviewed and challenged management’s assessment of whether there are indicators of impairment in
relation to the Group’s PEEK manufacturing assets in China, where construction was completed in the prior year and the
final local project audit was completed in December 2024, at a total cost of c.£65m.
The Committee reviewed papers prepared by management, which considered a wide range of potential indicators, noting
the judgement required is particularly significant because the asset is new and still operating well below capacity with the
plant requiring additional funding in the near term.
Following discussion and challenge, the Committee agreed with management’s assessment that no indicators of impairments
exist at this time, noting that the assessment considered both internal and external factors, including the assets current
forecast profit and cash flow performance against the original budget, the plant’s ability to scale up volumes and the number
and magnitude of opportunities in each target market, including the level of competition and barriers to entry that exist.
Such assessments are inherently judgemental with the potential for the conclusion to change in the next 12 months.
TheGroup is now able to more aggressively pursue the sales opportunities with production capacity and inventory now in
place, which will provide more evidence over the future profitability of the assets and the deliverability of management’s
strategy for the plant. As a result, the Committee concluded that the judgement as to whether indicators of impairment
exist should be elevated to a critical judgement at 30 September 2025.
The Committee asked PwC to specifically consider whether the view taken regarding the existence of impairment
indicators was appropriate and in line with accounting standards. PwC is satisfied with the Committee’s conclusion
thatnoindicators of impairment exist at the balance sheet date.
Valuation of
inventory
FY 2025
FY 2024
The Committee reviewed and challenged the valuation of inventory including both the basis for valuing gross inventory
andthe level of provisioning where there is uncertainty over the net realisable value of the gross inventory value.
The Committee reviewed the level and nature of costs absorbed into inventory and the level of production over which these
costs are absorbed. Where variances are absorbed into inventory, to better reflect the actual cost of production, the Committee
assessed these for reasonableness against the analysis of performance presented to the Committee throughout the year.
Increased focus is given to the areas of critical judgement and estimation which are the level of production over which costs
areabsorbed and the basis for and level of provisioning, including for aged, obsolete and non-conforming product.
Production levels in the current year increased compared to FY 2024 and this resulted in an inventory reduction. As a result,
sensitivity was lower than in the prior year, though the impact remains potentially material. The Committee reviewed
management’s detailed papers on this area, including the sensitivity analysis on the level of normal used, along with
consideration of the consistency of the level deemed normal versus previous periods, with the assessment of the
conclusions further supported by the professional scepticism, testing and reporting provided by PwC.
The Committee concluded that, after discussion with management, and review of reporting from PwC, the valuation of
inventory and level of provisioning were reasonable. The impact of changes in the key areas of estimation on inventory is
included in note 14.
UK defined benefit
pension scheme
accounting
FY 2025
FY 2024
The Committee considered the key assumptions used in calculating the UK defined benefit pension scheme asset value,
with a number of these being inherently judgemental or requiring a high level of estimation. These have been based on
reports received from management and the Group’s actuarial advisors. The Committee also noted that PwC found the
assumptions used by management in the valuation of the UK defined benefit pension scheme to be within an acceptable
range in the reporting received.
The Committee concluded that the valuation of the assets and assumptions made about the discount rate, Consumer Price
Index, Retail Price Index and mortality were reasonable and the disclosures in the Annual Report were appropriate. The
sensitivity of the scheme valuation to interest rate and inflation assumptions is disclosed in note 18.
Exceptional items
FY 2025
FY 2024
Whilst the level of exceptional items has decreased in FY 2025 to £12.6m from £35.7m in FY 2024, the Committee continues to
consider the application of the accounting policy for exceptional items as a critical judgement. This is due to the classification as
exceptional being inherently judgemental and is an area where the Audit Committee supports the Remuneration Committee in
making an assessment of the treatment of exceptional costs for executive remuneration purposes.
Exceptional items, as outlined in note 4, include one new item in the current year, being the losses relating to the Group’s
investment in Surface Generation Limited of £4.0m, which largely comprise the fair value loss of the equity investment of
£3.5m, which was designated as a financial asset held at fair value through profit and loss.
The remaining exceptional charge of £8.6m relates to business process improvements including the new ERP system
(FY2024: £9.9m). With the new ERP system implemented in FY 2025, no further exceptional costs are expected in
futureyears in relation to this.
The Committee was provided with papers setting out management’s rationale for classifying the aforementioned items as
exceptional and considered and challenged whether the presentation as exceptional items was appropriate, also factoring in
the reporting received from PwC. With both items material in size and one-off in nature the Committee concurred that the
treatment as exceptional was appropriate, and not disclosing as exceptional would adversely impact the reporting of
underlying trends.
Key
Critical judgements and key sources of estimation uncertainty in the notes to the financial statements on pages 135 to 177.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
89Annual Report 2025 – Victrex plc

FINANCIAL REPORTING
CONTINUED
GOING CONCERN AND
VIABILITYSTATEMENT
The Committee supports the Board in
completing its assessment of the adoption
of the going concern basis of preparing the
financial statements. In addition, as part of
the Committee’s responsibility to provide
advice to the Board on the long-term viability
statement, the Committee performed a
robust review of the process and underlying
assessment of the Group’s longer-term
prospects made by management, including:
•
the review period and its alignment with
the Group’s five-year strategic plan;
•
the assessment of the prospects of the
Group after consideration of the Group’s
principal risks, current financial position,
available banking facilities, and ability to
generate cash and to repay its external
banking facilities as they fall due;
•
the modelling of the financial impact of
additional key scenarios which encompass
the potential impact of crystallisation of
one or more of the principal risks;
•
the consideration of the impact of climate
change on the Group’s strategic plan; and
•
ensuring transparent disclosures in the
Annual Report as to why the viability
period selected was appropriate, including
what the key scenarios tested were and
how the analysis was performed.
As a result of that review, the Committee
recommended to the Board the preparation of
the financial statements on a going concern
basis and was satisfied that the approach
adopted to assess the longer-term prospects
was appropriate. The viability statement for the
FY 2025 financial year was prepared on a
consistent basis with that reported in previous
years and is on pages 36 and 37, with the
going concern assessment on pages 35 and 36.
CLIMATE CHANGE
Climate disclosures and emissions reporting is
an area which is complex and continually
evolving. The Committee’s role is to gain
assurance that the effects and consequences of
climate change are being adequately reflected
in the Company’s financial statements and
valuations. The impact of climate change has
been considered as part of impairment testing
of goodwill and intangible assets, and the
going concern and viability assessment. The
Committee has considered the disclosures on
climate change and considers them to be
appropriate. The Committee reviewed the
limited assurance obtained over the GHG
emissions metrics presented in the Sustainability
report in conjunction with the Corporate
Responsibility Committee.
The Committee will continue to monitor
developing best practice, and seek training/
professional guidance when required, to
ensure it continues to effectively oversee
inthe area.
AUDIT COMMITTEE REPORT CONTINUED
FAIR, BALANCED AND UNDERSTANDABLE
The Committee concluded that the Annual Report, taken as a whole, is fair, balanced
and understandable and provides the information necessary for shareholders to assess
the Company’s financial position and performance, business model and strategy.
In reaching this conclusion the Committee made this assessment by:
•
reviewing key messages proposed for the Annual Report to ensure reporting meets
the requirement to be fair, balanced and understandable;
•
reviewing the Annual Report at an early stage, and throughout the drafting
process, to ensure the key messages were being followed and were aligned with
the Company’s position, performance and strategy being pursued and that the
narrative sections of the Annual Report were consistent with the financial
statements. Section owners were also challenged to ensure the writing style was
concise and specific to the business avoiding boilerplate language;
•
ensuring that all key events and issues which had been reported to the Board in
theexecutive Board reports during the year had been appropriately referenced or
reflected within the Annual Report;
•
reviewing how APMs were used in the Annual Report, ensuring completeness and
accuracy of definitions, consistency of use, relevance to users of the Annual Report
and balance of disclosure with statutory metrics;
•
considering management’s paper assessing ‘fair, balanced and understandable’
andhow the aforementioned areas have been specifically demonstrated in the Annual
Report. In FY 2025 the writing of this paper was led by the Director of Audit&Risk who
is familiar with the strategy, business model and financial performance, but less involved
in the wider drafting of the Annual Report outside ofrisk management, and therefore is
well placed to carry out this detailed review; and
•
considering feedback from the external auditors, which reviewed the Annual
Report, and incorporating recommendations made as appropriate.
EXTERNAL AUDITORS
EXTERNAL AUDITORS’
INDEPENDENCE ANDOBJECTIVITY
To assess the external auditors’ independence
and objectivity the Committee considered
thefollowing:
•
the written assurances received from
theexternal auditors that all partners
and staff involved with the audit are
independent of any links to Victrex
andcomplied with its ethics and
independence policies and procedures
which are fully consistent with the FRC’s
Ethical Standard;
•
the tenure of the external auditors and
the lead audit partner and other senior
team members. PwC operates a policy
requiring the change in lead audit partner
every five years, with other senior audit
staff rotating at regular intervals. FY 2025
represents Graham Parsons’ third year as
lead audit partner; and
•
how the external auditors demonstrated
professional scepticism and challenged
management’s assumptions, where
necessary, particularly in respect to
challenging the approach taken to its
significant judgements and estimates.
Taking into account the above, in addition to
the level of value of non-audit fees provided,
as detailed below, the Committee is satisfied
that PwC meets the required standard of
independence and is free from conflicting
interests with the Company.
FEES PAID TO THE
EXTERNALAUDITORS
Non-audit fees
Non-audit services to be provided by the
external auditors are considered and where
appropriate authorised by the Committee
inaccordance with its non-audit services
policy. The policy is outlined in an appendix
to the Committee’s Terms of Reference,
which are published on our investor website
– www.victrexplc.com. When awarding
non-audit work to PwC, the Committee is
also cognisant of the FRC Revised Ethical
Standard 2019, paragraph 4.15, including
the limit on non-audit fees of 70% of the
audit fee based on a rolling three-year average.
There have been no non-audit fees for the
year ended 30 September 2025 (FY 2024: £nil),
with the level of non-audit fees provided
over a three-year rolling period also £nil.
Audit fees
The PwC audit fee agreed for FY 2025 is
£978,000, of which £152,000 is attributed
tonon-recurring audit fees in relation to the
new ERP system implementation covering
theaudit of the data migration/cutover, along
with impact of additional time required by the
auditors in building their knowledge base on
new or updated business processes and the
resulting changes to the control environment.
Excluding these non-recurring audit fees the
base fee has increased 5% from £790,000
in FY 2024 reflecting current year inflation.
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90 Victrex plc – Annual Report 2025

EFFECTIVENESS AND QUALITY OF THE EXTERNAL AUDIT
The Committee actively considers the effectiveness and quality of the external audit
process on an ongoing basis, including through:
1
Review of PwC’s audit plan and work versus specific audit quality risks and
significant issues in relation to the financial statements identified.
•
The Committee discussed and agreed at the planning stage the draft list
ofspecific risks to audit effectiveness, efficiency and quality (specific audit
quality risks).
•
PwC provided the Committee with its audit plan for the FY 2025 audit
inJuly 2025 following the completion of the audit planning, giving the
Committee the opportunity to comment and input. The Committee
assessed the audit plan to verify that the specific audit quality risks
identified were being considered and ensured that matters of key interest
(including those listed as significant issues above) received the appropriate
level of challenge and professional scepticism.
•
PwC reported against audit scope at subsequent meetings providing the
Committee with an opportunity to monitor progress and raise questions.
•
The Committee assessed the final audit work and reporting along with the
overall conclusion reached regarding specific audit quality risks and the
significant issues (as outlined above).
2
FRC’s PwC Audit Quality Inspection Report – the Committee reviewed the
results of PwC’s most recent FRC Audit Quality Inspection Report and the
actions PwC are taking as a consequence of the inspection, particularly in
relation to findings which are relevant to the Company. PwC also report on
these inspection results directly to the Committee, with the Committee
challenging on audit approach as a result where relevant.
In July 2025, the Audit Committee also reviewed the output of the Audit
Quality Review Team (AQRT) of the FRC’s review of PwC’s audit of the Group’s
financial statements for the year ended 30 September 2024. The audit was
assessed as good, the highest rating achievable, with no reportable findings.
3
Regular private meetings – at most Audit Committee meetings, private
meetings between the Committee and representatives from the external
auditors were held without management being present in order to encourage
open and transparent feedback by both parties.
4
The Committee discussed both internally and with PwC the extent to which
PwC have demonstrated professional scepticism and challenged management’s
assumptions through the audit process, particularly in significant audit areas,
being those requiring management to exercise the highest level of judgement
or estimation.
5
Annual internal effectiveness assessment – all Committee members, key
members of management and those who regularly provide input into the Audit
Committee or have regular interaction with the external auditors are asked for
feedback on how well PwC performed the year-end audit including (but not
limited to) the quality of the team, their accounting, technical and governance
insight and quality and timeliness of reporting. Any opportunities for
improvement are brought to the attention of the external auditors.
6
Final conclusion – after taking all of the above factors into account, the
Committee concluded that the external audit process and services provided by
PwC for the year ended 30 September 2025 were satisfactory and effective.
The Committee has currently
determinedthata tender in advance
oftheproposed tender date would not
beinthe Company’s or its shareholders’
bestinterests, consideringa range of factors
including auditor effectiveness and timing
ofthe new ERP system implementation. The
Committee currently believes that it is in the
best interests of the shareholders to conduct
thecompetitive tender process in FY 2026,
before the start of the cooling in period,
toensure that it has the fairest choice of
suitable external auditors at the next tender.
There are no contractual obligations that
restrict the Committee’s choice of external
auditors, the recommendation is free from
third-party influence and no auditors liability
agreement, in accordance with sections
534–538 of the Companies Act 2006, has
been entered into.
STATEMENT OF COMPLIANCE
The Committee confirms the Company
hascomplied with the provisions of
TheStatutory Audit Services for Large
Companies Market Investigation (Mandatory
Use of Competitive Tender Processes and
Audit Committee Responsibilities) Order
2014 for FY 2025.
RISK MANAGEMENT,
INTERNAL CONTROLS AND
INTERNAL AUDIT
The main features of the Group’s internal
controls and risk management systems are
summarised below:
RISK MANAGEMENT
The Audit Committee has responsibility
forreviewing the risk management systems
and the effectiveness of these systems. The
responsibilities and processes in respect of
riskmanagement are described separately
onpages 28 to 34 and pages 91 and 92.
Atevery meeting, an update is provided on
the activities of the risk management function,
supplemented twice yearly by a more detailed
update and report from the Director of Audit
& Risk on key risksrelating to the Group’s
strategy and performance. These are then
reported to the Board, as appropriate. The
Group designs its risk management activities
in order to manage risk appropriately in line
with the Group’s risk appetite, mitigating
residual risk to within tolerance to achieve its
strategic objectives. Improvement activities
resulting from anexternal risk management
maturity assessment undertaken during FY
2024 havebeen progressed to strengthen the
risk management processes and practices
inplace.
EXTERNAL AUDITORS’ ROTATION
ANDRE-APPOINTMENT
Following a formal tender process, PwC
commenced their appointment for the year
ended 30 September 2018. Graham Parsons
was appointed as lead audit partner for the
year ended 30 September 2023.
The Committee will conduct an audit
services tender at least every 10 years, in line
with current regulations. In line with the
timings previously reported in FY 2024’s
Annual Report, during FY 2026, the
Committee, with the support of
management, will design and implement
anappropriate audit tender process for the
audit of the financial period commencing
1October 2027 (FY 2028). The Committee
intends to recommend a preferred audit firm
to the Board by the end of FY 2026, with a
proposed recommendation being put to
shareholders for approval at the February
2027 AGM. This timing aligns with PwC
completing 10 years as the external auditors
in FY 2027 and coincides with when Graham
Parsons is required to rotate off the audit.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
91Annual Report 2025 – Victrex plc

AUDIT COMMITTEE REPORT CONTINUED
RISK MANAGEMENT,
INTERNAL CONTROLS AND
INTERNAL AUDIT CONTINUED
RISK MANAGEMENT CONTINUED
The CFO has executive responsibility for risk
management and is supported in this role by
the Director of Audit & Risk and her team.
Risk management reviews are undertaken
quarterly for all functions across the
business, supported by the Director of Audit
& Risk, providing ongoing oversight across
the business. These feed into the Executive
Risk Committee (‘ERC’) which meets twice a
year, attended by the Executive Directors,
the Managing Directors of the Medical and
Sustainable Solutions commercial divisions,
the Chief Operating Officer, the Group HR
Director, the General Counsel & Company
Secretary, The Director of Investor Relations,
Communications and ESG, and the Director
of Audit & Risk.
Meetings of the ERC review the principal
risks of the Company, identify emerging
risks, and consider the governance processes
and their effectiveness. The output of this
review process is summarised and presented
to the Audit Committee and the Board to
provide an assessment of risk exposures
andan understanding of the strategies
usedto manage these risks. Further details
of the Group’s risk management procedures
and principal risks, and an explanation as to
howthey are being managed and mitigated
including how the Board conducts its
assessment of the robustness of risk
management are contained on pages
28to34.
Members of the Audit Committee
liaisewiththe Corporate Responsibility
Committee (‘CRC’) members to support
consistency between climate-related and
financial disclosures and discussion on the
level ofassurance obtained over climate-
relatedreporting.
INTERNAL CONTROLS
The Committee also reviews the
Group’sinternal control systems and their
effectiveness and receives updates on the
findings of GIA’s investigations at least three
times a year, prior to reporting any significant
matters to the Board. Fundamental aspects
of the controls framework are the financial
risk and controls matrix (‘RACM’) which is
designed to identify risks to the integrity
offinancial reporting and the mitigating
controls, and the operational controls
framework which considers how we ensure
we remain compliant with legislation and
regulation as well as mitigating the risks
tothe business strategy more broadly.
During FY 2025 a review of the controls
framework was undertaken with the
functional and divisional management
andleadership, confirming the key controls
which are now built into the enterprise
riskmanagement (‘ERM’) system, and
identifying the proposed ‘material controls’
which will be subject to specific assurance
testing in preparation for reporting under
the updated provision 29 of the Corporate
Governance Code. This activity reaffirmed
that responsibility for ensuring adherence
tothe controls and documented processes
isthe responsibility of managers, while
GIA,along with other internal and external
assurance providers, test the effectiveness
ofthe controls framework.
THE INTERNAL AUDIT FUNCTION
The internal audit function is a key
elementof the Group’s corporate
governance framework. The purpose
ofGIAis to enhance and protect
organisational valuebyproviding risk-based
and objective assurance, advice and insight
and thereby add value to improve Victrex
plc’s operations. The internal audit activity
helpsVictrex accomplish its strategic
objectives bybringing a systematic,
disciplined approach to evaluate and
improve the effectiveness ofthe controls
framework and the governance and risk
management processes. The purpose, scope
and authority of GIA are defined within its
charter which is approved annually by the
Audit Committee.
The Director of Audit & Risk reports
functionally to the CFO, attends all scheduled
meetings of the Audit Committee and has
the opportunity to raise any matters with
themembers of the Committee without the
presence of management, as well as with
theChair of the Committee outside of the
Committee meetings.
An audit universe is in place which identifies
key areas requiring periodic assurance over
athree to five-year audit period, depending
on the assessed risk rating of the activity.
This risk rating is reviewed regularly based
on the results of GIA audits and findings
from other governance activities across
thethree lines of defence. This approach
ensures a mix of activities that review
financial, legal and regulatory compliance,
adherence to documented processes,
andeffective risk mitigation aligned
tostrategicrisks and/or projects. The
resulting risk-based annual internal audit
plan is endorsed, managed and approved by
the Audit Committee which receives regular
updates of the delivery and outputs of the
audit schedule.
The in-house audit team is supplemented
byadditional resource and skills sourced
from external providers, for example
wherespecialist knowledge is required.
TheCommittee keeps the relationship with
external providers under review to ensure
the independence of the internal audit
function is maintained.
ASSESSING THE EFFECTIVENESS
OF THE INTERNAL AUDIT FUNCTION
The annual internal audit plan for the GIA
function is considered and approved each
year by the Committee. In reviewing the
proposed plan, the Committee gives
consideration to the Group’s strategic
priorities and specific initiatives which are
being undertaken which could impact the
business and also the information provided
by the risk management function. The
Committee considers the appropriateness of
the internal audit plan and the resourcing of
the function to enable it to deliver it.
GIA maintains a series of activities to
supportongoing quality control of audit
work and to capture opportunities for
continuous improvements. This includes
areview by the Director of Audit & Risk
ofaudit deliverables at selected points
duringthe end to end delivery of audits
andfeedback requests from relevant
auditeesfollowing the conclusion of
anauditto identify opportunities for
improvement to the audit process. An
external quality assessment (‘EQA’) is
undertaken every five years, the last
ofwhichwas in FY 2023, to confirm
adherenceto the International
ProfessionalPractice Framework
(‘IPPF’)andidentify any opportunities
forfunctional improvement.
The Committee receives at each meeting
anupdate on the status of the audit plan,
summaries of audit reports issued since
theprevious meeting, and a report on
thestatus of audit actions agreed with
thebusiness toimprove compliance or
makeefficiencies in process. Functional
andprocess improvements are also
reportedto the Committee.
In combination the above provides assurance
to the Audit Committee that both the GIA
function and the internal controls are effective,
and that actions are being taken to further
strengthen the control framework.
CYBER SECURITY
The Committee and the Board received
regular updates from the Director of IT
andSecurity, which includes the output
ofannual external assurance testing of the
cyber security defensive programme, and
considered that its defences are robust and
effective to withstand an attack. The
Committee is mindful that the threat
landscape continues to evolve and is
monitored as a priority to protect our
Company and stakeholders.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
92 Victrex plc – Annual Report 2025

CORPORATE RESPONSIBILITY COMMITTEEREPORT
OVERSIGHT OF OUR
ENVIRONMENTAL AND
SOCIETAL COMMITMENTS
MAIN RESPONSIBILITIES
OFCOMMITTEE
•
Oversees the Company’s conduct
with regard to its commitments and
corporate societal obligations
•
Supports and challenges the
development and execution of the
Company’s sustainability strategy
and commitments, including
progress towards targets
Committee meetings in
FY2025
The Committee held three scheduled
meetings during FY 2025 and has a
programme of business reflecting its
Terms of Reference. Committee
meeting attendance is set out on page
73. The composition of the Committee
is also detailed on pages 72 and 73.
Other attendees:
•
the CEO, CFO and Workforce
Engagement NED are not members
of the Committee but are invited to
attend; and
•
the Director of Investor Relations,
Corporate Communications & ESG,
Chief Operating Officer, Group HR
Director and General Counsel &
Company Secretary regularly attend
meetings.
Other employees, based on the
programme of business, may be invited
to attend.
FY 2025 HIGHLIGHTS
•
Enhanced the biodiversity agenda
•
Progressed circularity and options
for a recycled product grade
•
Improved roadmap for
environmental waste performance
Terms of Reference for the Corporate
Responsibility Committee can be
found on www.victrexplc.com
ALLOCATION OF TIME
Products – 16%
Planet – 39%
People – 27%
Governance – 18%
THE COMMITTEE’S ACTIVITIES
The Committee’s principal activities
during the year, and up to the date
ofapproval of the Annual Report,
wereas follows:
OCTOBER 2024
•
Assessed our sustainability
&ESG goals and proposition
•
Reviewed FY 2024
environmental performance
against targets
•
Ensured appropriate
governance across our People,
Planet and Products pillars,
including assurance for Scope
1, 2 and 3 emissions
MARCH 2025
•
Reviewed the enhanced
Biodiversity agenda
•
Reviewed DE&I goals
andactivities
•
Monitored decarbonisation
progress against targets
JULY 2025
•
Reviewed current and future
reporting requirements
•
Assessed options to improve
environmental waste
performance
•
Reviewed progress on
circularity and the options for
a recycled product grade
POST FY 2025
•
Reviewed FY 2025
environmental, DE&I
andemployee wellbeing
performance against targets
•
Reviewed the Modern
Slavery, Human Trafficking
and Human Rights Policy
andthe Modern
SlaveryStatement
•
Reviewed the Terms of
Reference and Programme
ofBusiness for FY2026
•
Reviewed the conclusions
ofthe Committee’s annual
performancereview
•
Reviewed this Committee
report
WITH PRODUCTS WHICH
UNDERPIN CO
2
REDUCTION
OR PATIENT BENEFITS,
SUSTAINABILITY REMAINS
AKEY PART OF OUR
CUSTOMER PROPOSITION.
Dr Vivienne Cox DBE
Chair
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
93Annual Report 2025 – Victrex plc

FY 2026 FOCUS AREAS
•
Assess and strengthen our portfolio of
sustainable products and proposition,
which underpin future growth and
support our customers
•
Continue to refine options
forthedelivery phase of our
SBTicommitments
•
Review options to increase
circularity or other lower carbon
options to support our customers
•
Further challenge progress in our
Equal Opportunities, Diversity,
Equity & Inclusion (‘DE&I’) agenda.
Review and assess the talent pipeline
to support delivery of targets
•
Monitor and assess forthcoming
disclosure requirements
DEAR SHAREHOLDERS,
OVERVIEW OF THE COMMITTEE
As Chair of the Corporate Responsibility
Committee, I am pleased to present the report
for the year ended 30 September 2025.
The Committee is accountable for
overseeing Victrex’s sustainability strategy,
ensuring the integrity and transparency of
all sustainability reporting, monitoring
progress against our goals and verifying key
metrics, including compliance with evolving
regulatory and disclosure requirements.
Sustainability has been embedded in
Victrex’s purpose since the formation of
theCompany in 1993. With products which
underpin CO
2
reduction, energy efficiency
or patient benefits, it remains akey part of
our proposition to bring value to our
customers as well as cost benefits to Victrex.
Our Sustainability programme is focused
around the three pillars of People, Planet &
Products. We have clear targets in each of
these areas, which are also aligned to the
UN Sustainable Development Goals 2030.
Our goals and targets (set out on pages 50
and 51) also include appropriate levels of
governance. Part of this includes assurance
being in place for a number of key metrics,
including the Group’s greenhouse gas
(‘GHG’) emissions, and monitoring
regulatory or disclosure requirements.
TheCommittee’s oversight ensures that
climate change, decarbonisation and our
actions to reduce our own use of resources
are well embedded in the Board’s agenda.
PEOPLE
Being socially responsible in the
communities where we operate and having
appropriate Equal Opportunities, Diversity,
Equity & Inclusion goals and activities are
the key priorities within the People pillar.
With our investments over recent years in
people and assets, we are a more diverse
international business. This now includes
manufacturing facilities in China. This has
led to more diversity in our workforce. Using
the FTSE Women Leaders methodology,
which calculates female representation in
senior leadership roles as the VMT and
VMT-1 employees, the Committee was
pleased to note that our 40% target (set in
2020) was achieved during the year -
compared to 23% under our previous
methodology used which focused on our
two most senior grades. We continue to
progress a number of initiatives that reflect
and support inclusion and diversity across
Victrex. All Victrex employees are required
to participate in annual training on DE&I
principles contained in the Code of Conduct
(see page 65).
Last year, the Committee introduced a
target for ethnic minority representation in
senior management (VMT and VMT-1) and
set a voluntary goal of 12% in line with the
Parker Review. Progress will be tracked over
the coming years, with FY 2025
representation currently at 2%.
With a track record of supporting local
communities where we operate, the
Committee was able to assess the benefits
of supporting the next generation of talent
through Science, Technology, Engineering
and Maths (‘STEM’) events. Over 50% of
our current apprentices were involved or
engaged in a careers or other STEM related
event hosted by Victrex over the past 10
years, prior to joining our business. 61 STEM
ambassadors are in place. Our employee
volunteering hours of over 2,000 this year
also reflect a strong commitment aligned to
STEM and our Biodiversity programme. Our
goal is to support over 500 employee
volunteering hours each year across
community activities, with a similar number
across STEM and Biodiversity activities.
PLANET
The Committee rigorously assesses
ourenvironmental performance each year,
andwas pleased to note progress against
ourScope 1 & 2 (market-based) emissions
intensity metrics, which are shown on
pages55 to 62 and reduced by 13% this
year.Whilst the Committee must balance
theimpacts of doing business, including
increasing production to support customers,
we have been able to see progress on some
of our Continuous Improvement (‘CI’)
programme work, including on water.
Duringthe year, we saw water intensity
pertonne of production reduce by 10%
aswe drove manufacturing improvements
inour polymer productionplants.
We have encouraged a greater focus on
Biodiversity over the past year, ensuring that
industry and nature operate in harmony and
also prepare us for future disclosures, such
as the Taskforce on Nature-related Financial
Disclosures (‘TNFD’). We now have two
Biodiversity partnerships in place in the UK,
typically with local nature organisations.
Following our decarbonisation targets being
validated by the Science Based Targets
initiative (‘SBTi’) last year, the Committee
assessed the roadmap to delivery. We are
exploring a number of different options
including electrification of steam boilers,
alternative fuels or processes, and new
technology such as waste to energy. We also
remain reliant on available grid capacity and
government policy for a decarbonised grid.
Balancing a challenging period of financial
delivery with the likely investment needed to
support our decarbonisation targets was a key
focus for the Committee this year. We have
made strong representations to local and
national government – directly and through
the Chemical Industries Association (‘CIA’)
– on energy costs and the requirements in
order to progress decarbonisation investment.
As a consequence, our revised roadmap sees
the likely investment in new technology
moved back to post-FY 2028, to address
affordability. In the meantime, the Group
continues to make good progress with
smallerContinuous Improvement projects,
including new solar PV at our main Hillhouse
headquarters, which will power one third of
our offices with solar electricity.
PRODUCTS
Victrex’s products continue to have strong
alignment to global trends. Whether it be in
supporting ‘abated emissions’ from Aerospace
or Automotive, or clinically improved patient
outcomes, the high performance credentials
of our materials are clear. The Committee
assesses our sustainable product revenues
each year, with FY 2025 at 53% of our
portfolio, against our interim FY 2025 target
of 50%. We will keep the definition of these
sustainable products under review, noting that
they currently align to many of the external
reporting agency requirements.
To further strengthen our sustainability
credentials, the Committee was pleased
tonote that our Life Cycle Analysis roadmap
achieved its first milestone of 80% of our
portfolio (by sales volume) being assessed.
Victrex maintains a favourable Life Cycle
Analysis for our products compared to the
industry average. Further details are shown
on page 64.
The Committee also challenged how
Victrexcan further advance its circularity
plans to support our customers. Our goal is
to increase recycling rates in the supply chain,
with options including introduction of a
recycled grade if customer demand increases
and the facilitation of our customers recycling
efforts. As an example, in the Electronics end
market we have helped a supplier to a major
smartphone company increase the amount it
recycles. Further detail is shown on page 64.
Dr Vivienne Cox DBE
Chair of the Corporate ResponsibilityCommittee
2 December 2025
CORPORATE RESPONSIBILITY COMMITTEEREPORT CONTINUED
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
94 Victrex plc – Annual Report 2025

DIRECTORS’ REMUNERATION REPORT
DIRECTORS’
REMUNERATION REPORT
MAIN RESPONSIBILITIES OF
COMMITTEE
•
Designing and determining
theremuneration for the Board
Chair, Executive Directors and
seniormanagement
•
Reviewing workforce remuneration
and related policies
•
Exercising reasonable judgement when
determining remuneration awards
Committee meetings in FY 2025
The Committee met five times during
FY 2025 and has a programme of
business reflecting the Committee’s
Terms of Reference. Committee
meeting attendance is set out on page
73. The composition of the Committee
is detailed on pages 72 and 73.
Other attendees:
•
the Board Chair and the CEO are
not members of the Committee but
are invited to attend;
•
the Group HR Director regularly
attends meetings;
•
representatives from the Committee’s
remuneration advisors, Korn Ferry,
regularly attend meetings;
•
the Director of Investor Relations,
Corporate Communications & ESG is
an occasional attendee based on
engagement matters with
shareholders;
•
the CFO is an occasional attendee
to represent financial matters such
as target setting; and
•
the General Counsel &
CompanySecretary.
No attendee participates in the
Committee when it deals with their
own remuneration.
FY 2025 HIGHLIGHTS
•
Explored a hybrid remuneration
structure for the Executive Directors
•
Approved the remuneration
package for the new CEO
•
Reviewed and approved salaries and
bonus for the Executive Directors
and the senior leadership team
•
Considered and approved the
Directors’ remuneration report
Terms of Reference for the
Remuneration Committee can be
found on www.victrexplc.com
ALLOCATION OF TIME
Governance & Other matters – 16%
Remuneration of Executive Directors and
Executive Committee members – 36%
Review of wider workforce
remuneration–25%
Remuneration policy – 23%
DEAR SHAREHOLDERS,
On behalf of the Remuneration Committee
(the ‘Committee’), I am pleased to introduce
the Directors’ remuneration report for the
year ended 30 September 2025. This report
is divided into three sections: my statement,
the Directors’ remuneration policy to be put
to shareholders at the 2026 Annual General
Meeting and our annual report on remuneratio n
for the year ended 30 September 2025.
BACKGROUND
The year under review was characterised
bycontinuing macro-economic uncertainty,
in what remains a challenging period for
Victrex and the wider chemical industry.
Notwithstanding the challenges of the
external environment, as a result of our
strategic initiatives such as Project Vista
andthe launch of our ERP programme,
wedelivered strong growth in sales
volumes(up 12%), as well as achieving
record growth in our sales pipeline to
support our future prospects. With a strong
focus on cost discipline during the year, and
effective management of working capital,
we also achieved strong cash generation,
recording an underlying operating cash
conversion of 121%. However, at a profit
level, our results reflected the impact of
anadverse currency headwind (of £8m),
aswell as an adverse sales mix in both
ofour divisions, a weaker Medical Spine
performance and the headwinds from a
slower start in our new China manufacturing
facility, driving underlying PBT down 21%.
Notwithstanding these challenges, our
strategic progress ensures that we have
stronger foundations to capitalise on
thegrowth opportunities that exist,
withaclear focus on improving delivery.
WITH THE CURRENT
REMUNERATION POLICY
WELL ALIGNED TO BEST
PRACTICE, ONLY LIMITED
AMENDMENTS TO THE
REMUNERATION POLICY
AREBEING PROPOSED
TOREFLECT UPDATES
TOINSTITUTIONAL
INVESTORGUIDANCE.
Janet Ashdown
Chair
FY 2026 FOCUS AREAS
•
Overseeing implementation
ofthepolicy
•
Set incentive plan performance
targets for the upcoming year
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
95Annual Report 2025 – Victrex plc

DIRECTORS’ REMUNERATION REPORT CONTINUED
2025 REMUNERATION OUTCOMES
Annual bonus
As set out in the Directors’ remuneration
report last year, we refined the bonus
structure for the year under review such
thatit included a higher weighting on
financial performance metrics, including both
profit (60% of the bonus) and operating cash
conversion (20% of the bonus), with a lower
weighting on strategic targets (20%). In FY
2024 40% of the bonus eligibility had been
based on a combination of strategic and
personal targets. As a result of the heavier
weighting on financial targets versus FY
2024, the binary financial underpin that has
previously applied to bonuses was removed
for FY 2025. Instead, the payment of any
bonus is subject to the Committee being
satisfied that it is a fair reflection of the
overall performance of the Company after
having had regard to the stakeholder
experience during the year.
As detailed in the Strategic report, FY 2025
was a challenging year with profitability levels
impacted by adverse currency movement,
sales mix and China start-up costs, among
other factors. As a result, we did not achieve
the threshold level of profitability for that
element of the bonus. However, as a result of
the strong operating cash conversion achieved
by the Group at 121%, the maximum target
was exceeded. In addition, we also delivered
asolid performance against our strategic
targets, specifically in relation to executing the
efficiency savings and process improvements
identified by Project Vista as well as driving
down the cost of manufacturing PEEK. This
resulted in the strategic targets being met
at56.5% of maximum. Overall, performance
versus the targets set at the start of the year
resulted in total bonuses being earned at
31.3% of the maximum which was the
firstyear of bonuses since FY2022.
As part of the changes made for FY 2025
tothe operation of the bonus scheme, which
included removing the binary profit underpin
to the payment of bonuses and replacing it
with a qualitative assessment of overall
performance, the Committee concluded,
inconjunction with the Executive Directors,
that it would not be appropriate to pay the
bonus earned based on the targets originally
set. Having had regard to a range of factors
that included the Company’s share price and
overall stakeholder experience through the
year, in addition to the absolute level of
profitability and cash conversion delivered,
the Committee concluded that the formula-
based bonuses should be reduced by
one-third for the Executive Directors and
theVictrex Management Team using its
discretion. The Committee considered
thistobe an appropriate level of reduction
whichlimited the bonus out-turn to around
20% of the maximum which was broadly
equivalent to paying out on the financial
cashconversion metric alone.
LTIP
The FY 2023 long-term incentive awards
areeligible to vest based on performance
from 1 October 2022 to 30 September
2025. Performance was based on cumulative
EPS (60%), TSR performance versus FTSE
250 excluding investment trusts (30%) and
reduction in Scope 1 and 2 greenhouse
gasemission intensity (10%). Due to the
challenging market over the last few years,
neither the EPS nor the relative TSR targets
were achieved. A greenhouse gas emission
intensity reduction of 6.9% per annum was
achieved, equating to a pay-out of 6.9% out
of a maximum 10%. The base from which
thereduction was measured was adjusted
following a restatement of the Company’s
emissions data during the period (effectively
toughening the original condition) with
thisadjustment being made to achieve
aconsistent basis of testing so that the
original intent of the condition of
measuringgreenhouse gas intensity
reduction on a like-for-like basis
wasachieved.
The Committee is comfortable that, having
used discretion to reduce the annual bonus
award versus the formula-based outcome,
the actions taken on pay during the year
across the Company were appropriate and
balanced the interests of all stakeholders
and that the remuneration policy operated
as intended.
BOARD CHANGES
It was announced on 8 July 2025 that
JakobSigurdsson had notified the Board of
his intention to retire and that he would be
replaced by Dr James Routh. The details of
Mr Sigurdsson’s retirement are set out
indetail on page 111.
With regard to Dr Routh, his base salary on
appointment will be at £600,000 and he will
be eligible for a pro-rata bonus in relation to
FY 2026. In addition, agreed in connection
with his appointment, he will be eligible to
receive a long-term incentive award for FY
2026. The Committee also agreed to replace
the variable pay awards forfeited on joining
Victrex on a like-for-like basis. This includes
annual bonus and his in-flight 2023, 2024
and 2025 LTIP awards. The compensation
tobe provided in relation to any forfeited
annual bonus will be at the amount he
would have received from his previous
employer and paid in a combination of
cashand deferred shares that matches his
former employer’s policy. With regard to the
2023, 2024 and 2025 LTIP awards, these will
be converted into Victrex shares on joining
and vest to the extent that the awards hit
the performance conditions at his former
employer. Any vested awards, net of any
taxdue, will need to be retained towards
Victrex share ownership guidelines. Full
details of the actual replacement awards
willbe set out in Victrex’s FY 2026 Directors’
remuneration report.
COMMITTEE ACTIVITIES
Our principal activities during the year
and up to the date of approval of this
Annual Report, were as follows:
OCTOBER 2024
•
Agreed the Executive
Directors’ and senior
management FY 2025
remuneration packages and
that ofthe Board Chair
•
Reviewed and approved a
hybrid structure share award
for below board participants
•
Approved the renewal of
ESOP, SAYE and ESPP shareplans
NOVEMBER 2024
•
Assessed FY 2024 bonus and
FY 2021 LTIP outturns
•
Reviewed proposals for grant
of FY 2025 share awards
•
Considered the Directors’
remuneration report
FEBRUARY 2025
•
Reviewed and approved an
out of cycle share award to
senior management
MAY 2025
•
Reviewed proposals for new
Directors’ remuneration
policy and investor
consultation process
•
Received feedback on ED
remuneration from the
Workforce Engagement NED
SEPTEMBER 2025
•
Ratified the CEO
remuneration package
•
Reviewed Terms of Reference
and Programme of Business
for FY 2026 and the
Committee’s annual
performance
POST FY 2025
•
Agreed the Executive
Directors’ and senior
management FY 2026
remuneration packages
andthat of the Board Chair
•
Assessed the FY 2025 bonus
and FY 2022 LTIP outturns
•
Reviewed proposals for
thegrant of FY 2026
shareawards
•
Reviewed this
Committeereport
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
96 Victrex plc – Annual Report 2025

REMUNERATION POLICY REVIEW
The remuneration policy in operation at
Victrex is a conventional pay model that
includes market-consistent base salaries, an
annual bonus and performance share plan.
Two years ago, the Committee oversaw a
review of the pay model and concluded that it
was no longer ‘fit for purpose’ below the
Executive Director level. As a result, a number
of changes were introduced that included
introducing a ‘hybrid’ long-term incentive plan
structure below the Board where a
combination of performance shares and
restricted shares was introduced for the first
time for FY 2025, as well as restructuring the
annual bonus so that divisional performance
had a higher profile in the bonuses of
employees within each business. These
changes were implemented to better align the
long-term incentives with the dual aspects of
our core business and mega-programmes and
to increase the performance focus within each
distinct business. As part of the review
undertaken during the year, the Committee
explored whether it would be appropriate to
implement the same hybrid remuneration
structure for the Executive Directors that
operates across the broader executive
leadership team. The conclusion of this review
process, which included consultation with the
Company’s major shareholders, was that it
was not the right time to replace the current
performance share plan with a hybrid
remuneration structure. The factors that led to
this conclusion included the feedback from
some shareholders, a preference in the short
term to directly and fully align Executive
Directors with improved financial performance
and shareholder value creation and enabling
our new CEO to commence employment
before material changes are made to Executive
Director remuneration. As a result, with the
current remuneration policy well aligned to
best practice, only limited amendments to
thecurrent policy are being proposed
toreflectrecent updates to institutional
investor guidance.
These changes include (i) implementing
flexibility within policy to reduce bonus
deferral once our 200% of salary share
ownership guidelines have been met,
(ii)conforming our malus and clawback
provisions that operate within our incentive
plan rules to the Directors’ remuneration
policy and (iii) clarifying that shares purchased
by Executive Directors from their own funds
will not count towards the post-cessation of
employment share ownership guidelines
(aligning with marketpractice).
With regard to the ability to reduce bonus
deferral, our expectation is that we would
limit any reduction to 50% of the current
deferral amount (which is half of the bonus
earned), but the decision on the rate of
discount would be taken with regard to
accepted market practice at such time as
thisaspect of policy was to operate.
Therevisions have taken account of the
additional flexibility included in the 2024
Investment Association Principles of
Remuneration and 2024 UK Corporate
Governance Code.
IMPLEMENTATION OF POLICY
IN2026
The Committee considered how
remuneration should be implemented
forFY2026. Part of this process was
considering remuneration in the broader
employee context, including considering the
cascade of remuneration under the updated
remuneration policy; the key points to note
are set out below.
Base salary: During the year the Committee
reviewed the salary increases for the wider
workforce, with the salary budget set at 2%.
With regard to the CFO, having considered
both market positioning and the increase
forthe wider workforce, the Committee
approved an increase of 2% with effect
from1 October 2025. Dr James Routh’s base
salary was set at £600,000 being below the
salary of the incumbent CEO (£685,830).
Thelower salary was set having had regard
to salary levels in comparably sized FTSE 250
companies. Dr Routh will next be eligible for
a salary review on 1 October 2026 at which
time the Committee will have regard to his
increased experience in role as an Official List
CEO and market rates of pay at that time. In
light of his retirement, Jakob Sigurdsson was
not eligible for a salary increase with effect
from 1 October 2025.
Pension: Executive Directors are eligible
fora pension contribution of 14% of salary
(in line with the UK employee population).
Annual bonus: In line with FY 2025, the
maximum annual bonus opportunity will be
150% of salary for the CEO and 125% for
the CFO.
The same performance metrics will apply
inFY 2026 as in FY 2025, with 60% of the
bonus continuing to be determined based on
challenging profit targets, 20% of the bonus
being based on underlying operating cash
conversion, which is intended to continue to
align with improved efficiencies in the way
we operate, and 20% being subject to
structured strategic objectives.
In line with the policy, half of any executive
bonus paid will be deferred into shares for
three years.
Long-term incentives: In line with
ourcurrent remuneration policy Dr Routh
andMrMelling will receive awards of
performance shares with a value at grant
of175% and 150% of salary respectively.
MrSigurdsson will not receive an award in
FY2026 as a result of his retirement.
The performance measures to apply to theFY
2026 performance share plan awards are the
same as in FY 2025. Awards will be granted
subject to EPS growth (30%), ROIC (30%),
relative TSR (25%) and reduction in Scope 1
and 2 greenhouse gas emission intensity per
tonne of PEEK produced (15%). The selection
of metrics aligns with our focus on delivering
profitable and sustainable growth from our
core business, as well as maximising value
creation and returns for our shareholders.
The targets are set out on page 116 and have
been set to be realistic at the lower end of
each performance range and stretching
atmaximum performance levels having
hadregard to our internal plans and
externalmarket expectations of our
futureperformance.
The Committee will retain the discretion to
restate the carbon reduction targets in the
event of a change to the Group’s current
manufacturing strategy (e.g. to internalise
oroutsource part of the current production
processes). Any restatement would be made
on the basis that it did not materially increase
or reduce the inherent stretch in the targets.
The Committee retains the ability to adjust
the formulaic LTIP outcomes in the event
that there is a perceived disconnect between
performance and reward.
The Committee will also retain the ability to
reduce awards on vesting in the event that
there is a perceived windfall gain.
Non-executive Board fees: An increase
of2% to the NED base fee was approved
bythe Board. The Remuneration Committee
anticipated an increase of 2% for the Chair,
but as with FY 2024, the Chair waived
theincrease.
OTHER CONSIDERATIONS DURING
THE YEAR
Wider workforce context
andengagement
Employees at Victrex are eligible to receive
share awards on joining and share in the
success of the Company through variable
pay programmes.
Brendan Connolly, who is the designated
Non-executive Director for Workforce
Engagement and is a member of the
Committee, enables employees to provide
feedback on remuneration during the
various engagement mechanisms he
undertakes, which include attendance at
several forums. Brendan shares our
approach to executive remuneration and
how it aligns with the wider workforce and
the Company strategy and invites comments
and questions. The views he receives on
remuneration (including executive and wider
employee remuneration) are then fed back
to the Committee and the wider Board as
part of his membership of the Committee
and his wider workforce engagement role.
The executive remuneration policy and its
implementation were not raised as material
issues during the year.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
97Annual Report 2025 – Victrex plc

SHAREHOLDER ENGAGEMENT ON
THE 2026 REMUNERATION POLICY
The Committee engaged with our major
shareholders and the leading advisory
agencies to discuss the policy that will apply
from the 2026 AGM. The consultation
process involved a letter being sent to our
15 largestinstitutional shareholders who
collectively own c.80% of the Company’s
shares, with the offer of meetings as
necessary. The Committee received
feedback from institutional investors
representing c.60% of the shareholder
register with the consensus view being
thatretaining the current pay model was
appropriate at the current time given the
current industry challenges. However, in
several discussions, it was indicated that
itmay be appropriate to undertake an
accelerated policy review process should
circumstances change (e.g. in the event of
refinements to the Company’s strategy).
The whole Directors’ remuneration report
(excluding the policy) is subject to an
advisory vote. The policy is subject to a
binding shareholder vote. I hope it is clear
from the new policy and the way we are
proposing to apply it in FY 2026 that we
continue to take account of the feedback
ofour shareholders, and we look forward to
receiving your support for the Directors’
policy and remuneration report at the
upcoming Annual General Meeting. I will be
available to answer any questions before the
Annual General Meeting. Please email your
queries to ir@victrex.com.
Janet Ashdown
Chair of the Remuneration Committee
2 December 2025
DIRECTORS’ REMUNERATION REPORT CONTINUED
DIRECTORS’ REMUNERATION POLICY
This report has been prepared in accordance with the provisions of the Companies Act 2006, The Large and Medium-sized Companies
andGroups (Accounts and Reports) (Amendment) Regulations 2008 and the subsequent amendments, and the UK Listing Rules. In
addition, the report has been prepared on a ‘comply or explain’ basis with regard to the UK Corporate Governance Code 2018. The
remuneration policy described in this section is intended to apply for three years and will be applicable from the date of approval by
shareholders at the Company’s 2026 AGM.
DETERMINING THE REMUNERATION POLICY
The Committee is responsible for the development, implementation and review of the Directors’ remuneration policy. In addressing this
responsibility, the Committee works with management and external advisors to develop proposals and recommendations. The Committee
considers the source of information presented to it, takes care to understand the detail and ensures that independent judgement is
exercised when making decisions. The Remuneration Committee works alongside other Board Committees as needed; for example the
Audit Committee confirms incentive plan performance results.
When setting the remuneration policy, the Committee considered the Company’s strategic objectives over both the short and the
long-term, the external market and market best practice. In addition, the Committee also considered the alignment across the business
aswell asstakeholder views.
SUMMARY OF THE PROPOSED CHANGES: 2026 REMUNERATION POLICY
The proposed remuneration policy is effectively a roll-over of the current policy with a number of minor amendments being made which
include (i) an update to the trigger events included in our clawback and/or malus provisions (i.e. recovery and/or withholding) in the annual
bonus and long-term incentive plans, (ii) introducing flexibility to review the level of bonus deferral once the Company’s share ownership
guidelines are met and (iii) clarifying the shares that count towards post-cessation of employment share ownership guidelines. These changes
are being made as a result of the updates included in the 2024 UK Corporate Governance Code and the additional flexibility afforded to
companies in the Investment Association Principles of Remuneration 2024. Other changes are limited to minor modifications to wording
tobetter reflect amendments to share plan rules and the practical operation of the policy. In addition, in line with emerging best practice,
thepolicy wording governing the basis for payment of Non-Executive Director fees is also to be amended to enable the fee to be paid in cash
and/or shares. No incentive pay will be payable to Non-Executive Directors under the Policy.
A summary of the main changes is included in the table below:
Summary of current policy Proposed changes
Annual bonus Maximum:
•
CEO: 150%
•
Other Executive Directors: 125%
Deferral: 50% of any bonus awarded will be deferred
intoshares for three years.
Pay-out schedule: The level of pay-out at threshold will
not be more than 20% of maximum (where practicable).
Discretion: The Committee may override the
formulaicoutcome.
Recovery and withholding trigger events:
Misstatement of financial results, error, misconduct,
reputational damage and insolvency or failure of
riskmanagement.
Timeline: Applies for up to two years following the
payment of the cash bonus, the end of the deferral period
for deferred shares.
Deferral: Once the Executive Directors have met the
shareholding requirement (i.e. have a shareholding of
200% of salary), the bonus deferral requirement may
bereduced (e.g. to 50% of the current level of deferral).
Any such decision would be taken having had regard to
emerging market practice in this area.
Recovery and withholding trigger events: Add
retirement if another comparable roleistaken (i.e. shares
retained as a ‘good leaver’ may be lapsed).
The timeline is considered appropriate in light of market
practice and transparency of reporting at Victrex.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
98 Victrex plc – Annual Report 2025

Summary of current policy Proposed changes
LTIP Vehicle: Performance share plan.
Opportunity
•
Policy maximum: 200% of salary.
•
Current maximum: CEO 175% of salary and other
Executive Directors 150% of salary.
Performance conditions
•
At least half of the award will be subject to financial
and/or shareholder return measures.
•
No more than 25% of the maximum will vest for
threshold performance (where reasonably practicable).
Vesting and holding period: Three-year performance
period with a two-year holding period.
Discretion: The Committee may override the
formulaicoutcome.
Recovery and withholding trigger events: The same
trigger events as above for the annual bonus.
Timeline: Up to a year following the end of the relevant
holding period for LTIP awards.
Recovery and withholding trigger events: Add
retirement if another comparable roleistaken (i.e. shares
retained as a ‘good leaver’ may be lapsed).
The timeline is considered appropriate in light of market
practice and transparency of reporting at Victrex.
Share ownership
guidelines
In-employment shareholding requirements: 200%
ofsalary.
Post-employment: 200% of salary, or if lower the actual
shareholding on departure for two years. The Committee
has discretion to allow half of the shares to be released
after one year.
Post-cessation of employment share ownership
guidelines: Shares purchased from Executive Directors’
personal funds do not count towards this guideline to
mirror market practice.
In line with the 2018 UK Corporate Governance Code, the policy has been tested against the six factors listed in provision 40:
Clarity – The remuneration policy is transparent, and the implementation of the policy is disclosed in straightforward, concise terms
toshareholders.
Simplicity – Remuneration structures are simple and market typical, whilst at the same time incorporating the necessary structural features
to ensure a strong alignment to performance and strategy and minimising the risk of rewarding failure.
Risk – The remuneration policy has been shaped to discourage inappropriate risk taking as remuneration is focused on long-term success
through the LTIP and the Deferred Bonus Scheme (‘DBS’). Awards under the remuneration policy are subject to malus and clawback provisions.
The performance conditions are reviewed annually to ensure that they remain suitable and do not incentivise risk taking. To avoid conflicts of
interest, Committee members are required to disclose any conflicts or potential conflicts ahead of Committee meetings. No Executive Director
or other member of management is present when their own remuneration is under discussion.
Predictability – Examples of the caps under the remuneration policy are illustrated in the scenario charts.
Proportionality – The link between each element of policy and Company strategy is noted in the table below. Variable pay is subject to a
combination of financial and non-financial measures that are linked to Company strategy.
Alignment to culture – The Remuneration Committee reviews workforce composition and remuneration across the Group every year and
takes them into account when reviewing the implementation of the policy. Where possible, in support of our performance culture, we align
remuneration across the Group; for example, all permanent employees are eligible for an annual bonus and receive new joiner share options
after successful probation.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
99Annual Report 2025 – Victrex plc

DIRECTORS’ REMUNERATION POLICY CONTINUED
DIRECTORS’ REMUNERATION POLICY TABLE
The table below and the accompanying notes describe the remuneration policy for Executive Directors.
Element of
remuneration
Purpose and link
to strategy Operation Maximum Performance target
Base salary To provide
competitive and
fixed remuneration.
To attract and
retainexecutives of
the calibre required
to deliver the
Company’s
strategyand
enhanceearnings
over the long term.
The basic salary for each Executive
Director is normally reviewed
annually (effective 1 October),
taking into account individual
performance and the Group’s
financial circumstances, as well as
pay for all employees in the Group
and the external market.
Increases in salary above those of
the general workforce should only
take place infrequently, for example
where there has been a material
increase in role responsibility, size of
the Company or movement in the
external market.
On recruitment or promotion to
Executive Director, the Committee
will take into account previous
remuneration and pay levels for
comparable companies which
maylead to salary being set at
ahigher or lower level than for
thepreviousincumbent.
Executive Directors will
normally receive a salary
increase (expressed as a
percentage of salary) up
tothe level of increase
awarded to the general
workforce. There is no
prescribed maximum.
Where the Committee
hasset the salary of a
newExecutive Director at
adiscount to the market
level initially, a series of
planned increases may
beimplemented over the
following few years to
bring the salary to the
appropriate market
position, subject to
individual performance.
Current salary levels are
shown in the annual
reporton remuneration
onpage 115.
None.
Benefits To provide market-
consistent benefits,
including insured
benefits to support
the individual and
their family during
periods of ill health,
or in the event of
accidents or death.
This is consistent
with a culture of
safety, sustainability
and capability.
Car allowances
tofacilitate
effectivetravel.
Benefit provision includes the
following benefits and allowances:
•
health benefits;
•
car allowance;
•
relocation assistance;
•
life assurance;
•
group income protection;
•
all-employee share schemes
(e.g.opportunity to join the SIP
or SAYE);
•
travel;
•
communication costs; and
•
any reasonable business-
relatedexpenses can be
reimbursed (and any tax
thereonmet if determined
tobea taxablebenefit).
Executive Directors will be eligible
forany other benefits or allowances
which are introduced for the wider
workforce on broadly similar terms
and additional benefits or allowances
might be provided from time to time
if the Committee decides payment of
such benefits is appropriate and/or in
line with marketpractice.
There is no defined
maximum as the costs of
benefits can vary year
onyear.
Not applicable.
DIRECTORS’ REMUNERATION REPORT CONTINUED
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
100 Victrex plc – Annual Report 2025

Pension To attract and retain
high calibre Executive
Directors.
To provide a level
ofbenefits that
allows for personal
retirement planning.
Executive Directors are offered the
choice of:
•
a Company contribution
intoadefined contribution
pension scheme;
•
a cash allowance in lieu
ofpension; or
•
a combination of a Company
contribution into a defined
contribution pension scheme and
a cash allowance.
The maximum Company
pension contribution for an
Executive Director will be
limited to that available
tothe wider workforce
which is currently 14%
ofbase salary.
Not applicable.
Bonus To incentivise
performance against
personal objectives
and selected financial
and operational
KPIswhich are
directly linked to
business strategy.
Deferral of part
ofthe bonus
intoshares aligns
the interests of
Executive Directors
and shareholders.
A maximum of 50% of bonus paid
in cash with 50% of the bonus
deferred into Company shares under
the Deferred Bonus Scheme (‘DBS’)
for a period of at least three years.
The Committee reserves the right
toreview the level of deferral in
theevent the Company’s share
ownership guidelines have been met.
DBS shares accrue dividend
equivalents.
Not pensionable.
Bonus and DBS awards are subject
to ‘malus’ and/or ‘clawback’
provisions (for up to two years
following: (i) the payment of a cash
bonus; or (ii) in the case of a DBS
award, the end of the relevant
deferral period) in exceptional
circumstances, including material
misstatement of the Company’s
audited financial results; an error in
the relevant financial information
that led to the bonus or DBS award
being greater than it otherwise
would have been; personal
misconduct; serious reputational
damage; insolvency; a failure of risk
management; or where an individual
was treated as a ‘good leaver’ within
a Company incentive plan by reason
of retirement but subsequently
became employed in a paid
executive role.
Maximum award of up to
150% of salary for the
CEOand 125% for other
Executive Directors.
At least 50% of the bonus will
normally be based on financial
and operational performance. The
remainder of the bonus (if any)
will be based on the achievement
of other non-financial objectives
such as personal objectives.
Targets and weightings are set
with reference to the Company’s
financial and operating plans
eachyear.
Bonus outcomes are subject to
the Committee being satisfied
that the Company’s performance
on the measures is consistent with
underlying business performance
and individual contribution.
TheCommittee will exercise
discretion on bonus outcomes
ifitdeems necessary.
Where financial targets are set,
upto 20% of the relevant part
ofthe bonus becomes payable at
the threshold performance level
rising on a graduated scale to
themaximum performance level
where 100% of the relevant part
of the bonus becomes payable.
Where non-financial targets are
set (e.g. strategic and/or personal
targets) it may not be practicable
to set a pre-set percentage of the
relevant part of the bonus that
becomes payable at the threshold
performance level (i.e. the testing
of non-financial targets may be
binary or rely on judgement to
score performance for the
relevant part of thebonus).
Element of
remuneration
Purpose and link
to strategy Operation Maximum Performance target
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
101Annual Report 2025 – Victrex plc

DIRECTORS’ REMUNERATION POLICY CONTINUED
DIRECTORS’ REMUNERATION POLICY TABLE CONTINUED
Element of
remuneration
Purpose and link
to strategy Operation Maximum Performance target
Long Term
Incentive Plan
(‘LTIP’)
Designed to align
the strategic
objective of
delivering
sustainable earnings
growth over the
longer term with
theinterests
ofshareholders.
Awards under the LTIP are rights to
receive Company shares, normally
subject to remaining in employment
and the satisfaction of certain
performance conditions.
Performance conditions are normally
tested over a minimum period of
three years.
An additional holding period applies
after the end of the three-year
vesting period so that the total
vesting and holding period is at
leastfive years.
Shares subject to awards may
accruedividend equivalents.
LTIP awards are subject to ‘malus’
and/or ‘clawback’ provisions (for up
to a year following the end of the
relevant holding period) in
exceptional circumstances, including
material misstatement of the
Company’s audited financial results;
an error in the relevant financial
information that led to the award
being greater than it otherwise
would have been; personal
misconduct; serious reputational
damage; insolvency; a failure of risk
management; or where an individual
was treated as a ‘good leaver’ within
a Company incentive plan by reason
of retirement but subsequently
became employed in a paid
executive role.
Policy maximum:
•
200% of salary in
performance shares.
Current maximum:
•
CEO – 175% of salary
inperformance shares.
•
CFO – 150% of salary
in performance shares.
Any change to the
currentmaximum
wouldnormally only
beundertaken following
appropriate dialogue
withthe Company’s
majorshareholders.
Awards will be subject to a
combination of long-term
measures which are aligned to the
shareholder experience and may
include financial metrics (such as
EPS), shareholder value metrics
(such as TSR) and ESG or strategic
measures. At least half of the
award will be subject to financial
and/or shareholder return
measures. The Committee will
have discretion to set different
measures and weightings for
awards in future years to best
support the strategy of the
business at that time.
Normally, below threshold
performance, 0% will vest.
Wherepracticable, no more
than25% of maximum will vest at
threshold performance, increasing
pro-rata to 100% vesting for
maximum performance.
Any vesting is also subject to
theCommittee being satisfied
that the Company’s performance
on the measures is consistent with
underlying business performance
and individual contribution.
TheCommittee will exercise
discretion on LTIP outcomes
ifitdeems necessary.
Share
ownership
guidelines
To increase
alignment between
Executive Directors
and shareholders
including for a period
post-employment.
Awards made under the DBS on a
net of tax basis shall count towards
the share ownership guideline and
Executive Directors are required to
retain 50% of the net of tax vested
LTIP shares until the guideline is met.
The requirement to hold shares for a
period post-employment shall be
implemented by contractual means.
Shares purchased from Executive
Directors’ personal funds do not
count towards this.
Minimum of 200%
ofsalary.
Executive Directors will also
be required to retain shares
equivalent to the lower of
200% of salary or their
actual shareholding at the
time employment ceases.
The shares must be held
for two years with the
Committee having
discretion to allow half of
the shares to be released
after one year.
Not applicable.
DIRECTORS’ REMUNERATION REPORT CONTINUED
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
102 Victrex plc – Annual Report 2025

Non-executive
Directors’ fees
and benefits
(Determined
by the Board)
To attract Non-
executive Directors
with a broad range
of experience and
skills to oversee the
development and
implementation of
our strategy.
Reflects anticipated
time commitments
and responsibilities
of each role.
Reflects fees
paidand benefits
provided by
comparator
companies.
The remuneration policy for the
Non-executive Directors (with the
exception of the Chair) is set by a
separate Committee of the Board.
The policy for the Chair is determined
by the Committee (of which the Chair
is not a member).
Fees may be paid in cash and/or
shares and are reviewed annually
considering the salary increase for the
general workforce and the Executive
Directors, and the level of fees paid
by companies of a similar size and
complexity. Any changes are normally
effective from 1 October.
Additional fees are paid in relation
to extra responsibilities undertaken,
such as chairing certain Board
subcommittees, and to the Senior
Independent Non-executive Director
and the Non-executive Director with
designated responsibility for
Workforce Engagement.
Non-executive Directors may be
eligible for such cash and non-cash
benefits as the Company deems
appropriate from time to time.
In exceptional circumstances, if there is
a temporary yet material increase in the
time commitments for Non-executive
Directors, the Board may pay extra fees
on a pro-rata basis to recognise the
additional workload.
No eligibility for bonuses, Long Term
Incentive Plans (‘LTIPs’), pension
schemes, healthcare arrangements
or employee share schemes.
The Company pays any reasonable
expenses that a Non-executive
Director incurs in carrying out their
duties as a Director, including travel,
hospitality-related and other modest
benefits and any tax liabilities thereon,
and the provision of advice relating to
any such tax liabilities, if appropriate.
There is no prescribed
maximum other than
theCompany’s Articles
ofAssociation containing
alimit on the fees that
canbe paid to Non-
executive Directors.
The Board is guided by
thegeneral increase in the
market for Non-executive
Director roles and for
thebroader employee
population but on occasion
may need to recognise, for
example, an increase in the
scale, scope or responsibility
of the role.
Not applicable.
Non-executive Directors do not
participate in variable pay
arrangements and do not receive
retirement benefits.
ADDITIONAL NOTES TO THE
POLICY TABLE
Annual bonus and long-term
incentives
The Committee will operate the Company’s
incentive plans according to their respective
rules as approved by shareholders and
consistent with normal market practice, the
Listing Rules and the HMRC rules where
relevant. These include making awards and
setting performance criteria each year,
dealing with leavers and adjustments to
awards and performance criteria following
acquisitions, disposals and changes in share
capital and taking account of the impact of
other merger and acquisition activity.
With regard to performance measures
forvariable pay, these are set with
referenceto Victrex’s strategy and align
thesenior executives’ interests with those
ofshareholders. The annual bonus plan
performance metrics include a mix of
financial targets and non-financial objectives,
reflecting the key annual priorities of the
Company. The financial metrics determine
atleast half the bonus and typically include
ameasure of profitability (e.g. PBIT) alongside
a combination of key strategic targets (e.g.
progress with our mega-programmes).
For FY 2026 the performance measures
are60% PBIT (pre-exceptional items),
20%operating cash conversion and 20%
strategic targets. The LTIP performance
shareperformance metrics relate to creating
long-term sustainable returns and typically
include measures of long-term profitable
growth (e.g. EPS) and shareholder returns (e.g.
TSR), along with sustainability and/or strategic
targets (e.g. carbon reduction). For FY 2026,
the performance measures are 30% EPS
growth, 30% Return on Invested Capital, 25%
TSR and 15% ESG targets (set as a measure of
greenhouse gas emission intensity).
Element of
remuneration
Purpose and link
to strategy Operation Maximum Performance target
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
103Annual Report 2025 – Victrex plc

DIRECTORS’ REMUNERATION POLICY CONTINUED
ADDITIONAL NOTES TO THE
POLICY TABLE CONTINUED
Annual bonus and long-term
incentives continued
The Committee retains discretion within the
policy to set different performance criteria
and/or alter weightings for the annual bonus
plan and long-term incentives in line with the
Company’s strategic priorities, pay dividend
equivalents on vested shares under the
long-term incentives up to the date those
shares can first reasonably be exercised and,
in exceptional circumstances, under the rules
of the LTIPs adjust performance conditions (if
any) to ensure that the awards fulfil their
original purposes (for example, if a measure is
no longer available). Performance targets are
set based on a range of expected outcomes,
taking into account both internal and external
expectations of performance. Targets are set
to be challenging yet realistic. All assessments
of performance are ultimately subject to the
Committee’s judgement. Any discretion
exercised, and the rationale, will be disclosed
in the annual report on remuneration.
Legacy scheme and awards
All historical awards that were granted
under any current or previous share schemes
operated by the Company and remain
outstanding remain eligible to vest based
ontheir original award terms.
RECOVERY PROVISIONS
As outlined in the policy table, the
Committee has the power to operate
‘malus’ and/or ‘clawback’ provisions in
exceptional circumstances, including
material misstatement of the Company’s
audited financial results; an error in the
relevant financial information that led to
abonus, DBS or LTIP award being greater
thanit otherwise would have been; personal
misconduct; serious reputational damage;
afailure of risk management; insolvency; or
where an individual was treated as a ‘good
leaver’ within a Company incentive plan
byreason of retirement but subsequently
became employed in a paid executive role.
DISCRETION
The Remuneration Committee can exercise
discretion in a number of areas when
operating the Company’s incentive schemes,
in line with the relevant rules of the
schemes. These include (but are not
limitedto):
•
the choice of participants;
•
the size of awards in any year (subject
tothe limits set out in the Directors’
remuneration policy table);
•
the extent of payments or vesting in light
of the achievement of the relevant
performance conditions;
•
the determination of good leavers and
the treatment of outstanding awards
(subject to the provisions of the scheme
rules and the remuneration policy
provisions); and
•
the treatment of outstanding awards
inthe event of a change of control.
In addition, if events occur which cause
theRemuneration Committee to conclude
that any performance condition is no
longerappropriate, that condition may be
substituted, varied or waived as is considered
reasonable in the circumstances in order to
produce a fairer measure of performance
thatis not materially less difficult to satisfy.
ILLUSTRATIONS OF THE APPLICATION OF REMUNERATION POLICY
Total remuneration (£000)
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
CEO
CFO
100%
31%
26%
43%
39%
33%
28%
16%
33%
28%
23%
100%
29%
24%
47%
38%
31%
31%
16%
32%
26%
26%
£851k
£1,966k
Below target Target Maximum
£3,080k
£516k
£1,100k
£1,684k
£3,680k
£2,002k
Max. + 50% share
price appreciation
Below target Target Maximum Max. + 50% share
price appreciation
Fixed pay
LTIP + 50% share price appreciation LTIP Annual bonus
DIRECTORS’ REMUNERATION REPORT CONTINUED
Notes on the scenario methodology:
•
The above charts give an illustrative value of the remuneration package for each of Jakob Sigurdsson and Ian Melling. Jakob Sigurdsson will step down as
CEO and be replaced by Dr James Routh on 1 January 2026. Dr James Routh’s base salary is set out on page 115 with his incentive structure mirroring that
included in the above scenarios for Jakob Sigurdsson.
•
Minimum is the base salary and pension contribution for FY 2026 plus the value of benefits as disclosed in the FY 2025 single figure table.
•
On target is the aforementioned minimum plus an assumed 50% pay-out of the annual bonus opportunity and 50% vesting of LTIP awards to be made
inFY 2026.
•
Maximum is the aforementioned minimum with an assumed 100% pay-out of the annual bonus opportunity and full vesting of LTIP awards to be made
inFY 2026.
•
Maximum + share price assumption shows maximum plus 50% share price appreciation on the shares subject to vested LTIP awards to be made
inFY2026.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
104 Victrex plc – Annual Report 2025

EXTERNAL DIRECTORSHIPS
The Company accepts that its Executive Directors may be invited to become non-executive directors of other companies outside the
Company and exposure to such non-executive duties can broaden experience and knowledge, which would be of benefit to the Company.
Any external appointments are subject to Board approval (which would not be given if the proposed appointment was with a competing
company, would lead to a material conflict of interest or could have a detrimental effect on a Director’s performance). Whether any related
fees are retained by the individual or are remitted to the Company will be considered on a case-by-case basis.
SERVICE CONTRACTS AND LETTERS OF APPOINTMENT
Each of the Executive Directors’ service contracts are terminable by either the employing company or the Director on 12 months’ notice.
The Chair and other Non-executive Directors have letters of appointment rather than service contracts. Their appointments may be terminated
without compensation at any time, subject to a three-month notice period. All Non-executive Directors are subject to re-election at each
Annual General Meeting.
The table below summarises the notice periods for each Director as well as the date of appointment and current contract/letter of appointment.
Date of
appointment
Date of current
contract/letter
of appointment
Notice from
the Company
Notice from
the individual
Unexpired period
of service contract/
letter of appointment
Executive Directors
J O Sigurdsson¹ 01/10/2017 19/04/2017 12 months 12 months Rolling contract
I C Melling 29/06/2022 04/04/2022 12 months 12 months Rolling contract
Non-executive Directors
V Cox 01/12/2021 17/09/2021 3 months 3 months Rolling contract
J E Ashdown 09/02/2018 18/12/2017 3 months 3 months Rolling contract
B W D Connolly 09/02/2018 18/12/2017 3 months 3 months Rolling contract
D Thomas 14/05/2018 11/05/2018 3 months 3 months Rolling contract
R Rivaz 01/05/2020 24/03/2020 3 months 3 months Rolling contract
U Prasad Richardson 01/05/2024 14/03/2024 3 months 3 months Rolling contract
1 Jakob Sigurdsson will retire with effect from 7 July 2026.
Copies of Executive Directors’ service contracts and Non-executive Directors’ letters of appointment are available for inspection on request;
please contact the General Counsel & Company Secretary at cosec@victrex.com.
POLICY ON PAYMENT FOR LOSS OF OFFICE
The circumstances of termination, the relevant individual’s performance and an individual’s duty and opportunity to mitigate losses are
considered in every case. Our policy is to stop or reduce compensatory payments to former Executive Directors to the extent that they
receive remuneration from other employment during the compensation period. A robust line on reducing compensation is applied and
payments to departing employees may be phased to mitigate loss. Our policy is shown in the table below:
Provision Summary terms
Compensation
for loss of office
•
An Executive Director’s service contract may be terminated without notice and without any further payment or
compensation, except for sums earned up to the date of termination, on the occurrence of certain contractually
specified events such as gross misconduct.
•
No termination payment if full notice is worked.
•
Otherwise, a payment in respect of the period of notice not worked of basic salary, plus pension and benefits for
thatperiod.
•
The termination payment will be paid in monthly instalments over what would have been the period of notice not
worked. This will be reduced by the value of any salary, pension contribution and benefits earned in new paid
employment in that period.
Treatment of
annual bonus
on termination
•
A time pro-rated bonus may be payable for the period of active service; however, there is no automatic entitlement to
payments under the bonus scheme. Any payment (e.g. for a good leaver) is at the discretion of the Committee and is
subject to recovery and withholding provisions as detailed in the policy table.
•
Performance targets would apply in all circumstances.
Treatment of
deferred bonus
on termination
•
Determined based on the DBS rules. Full details are available on request.
•
Deferred bonuses are subject to recovery and withholding provisions as detailed in the policy table.
•
The default treatment for good leavers is that any unvested awards will vest with no time pro-rating applying. Awards
will normally vest at the normal vesting date unless the Committee decides they will vest on cessation of employment.
Awards granted to leavers who are not good leavers will lapse on cessation of employment.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
105Annual Report 2025 – Victrex plc

Provision Summary terms
Treatment
ofunvested
long-term
incentives on
termination
•
Determined based on the relevant plan rules. Full details are available on request.
•
Normally, any unvested awards will lapse on date of cessation of employment (if that occurs during the performance period)
unless, in certain prescribed circumstances, such as death, disability, mutually agreed retirement or other circumstances at
the discretion of the Committee, ‘good leaver’ status is applied. In these circumstances, awards vest on a time pro-rated basis
subject to the satisfaction of relevant performance criteria at the end of the performance period, with the balance of awards
lapsing. The Committee retains the discretion not to time pro-rate if it is inappropriate to do so in particular circumstances.
The Committee will consider the individual’s performance and the reasons for their departure when determining whether
‘good leaver’ status can be applied. Awards will normally vest at the normal vesting date unless the Committee decides
thatthey will vest on the date of cessation of employment.
APPROACH TO RECRUITMENT REMUNERATION
The remuneration package for a new Executive Director will be set in accordance with the terms of the Company’s approved remuneration
policy in force at the time of appointment and the Committee shall seek to recruit within the parameters of the approved policy and on the
principle that recruitment remuneration shall be no more than is necessary to secure the services of a preferred candidate.
Base salary
Base salary levels for new Executive Directors will be set in accordance with the policy, considering the experience of the individual
recruited. Where appropriate, the Committee has the flexibility to set the salary of a new appointee at a discount to the market level
initially, with a series of planned increases implemented over the following years to bring the salary to the appropriate market position,
subject to individual performance in the role.
Maximum level of variable pay
The maximum level of variable pay which may be awarded to a new Executive Director will be as prescribed in the table on page 98. These
limits will be separate to the value of any buy-out arrangement which may be necessary to secure the services of a preferred candidate.
In the case of an internal appointment, any variable pay element awarded in respect of the prior role would be allowed to pay out
according to its terms, underlying as relevant to take into account the appointment. In addition, any other previously awarded entitlements
would continue and be disclosed in the next annual report on remuneration.
Annual bonus performance conditions
Where a new Director is appointed part way through a financial year, the Committee may set different annual bonus measures and targets
for the new Executive Director from those used for other Executive Directors (for the initial part year only).
Buy-out awards
The Committee may offer additional cash and/or share-based elements (on a one-time basis or ongoing) when it considers these to be in
the best interests of the Company (and therefore shareholders). Any such payments would be limited to a reasonable estimate of value of
remuneration lost when leaving the former employer and would reflect the delivery mechanism (i.e. cash and/or share based), time horizons
and whether performance requirements are attached to that remuneration.
Relocation and incidental expenses
The Committee may agree that the Company will meet certain relocation and/or incidental expenses as may be necessary to recruit
apreferred candidate and as deemed appropriate by the Committee.
Outplacement services, reimbursement of legal costs and any other incidental expenses may be provided where appropriate. Any statutory
entitlements or compromise claims in connection with a termination of employment would be paid as necessary. Outstanding savings/shares
under all-employee share plans would be transferred in accordance with the terms of the plans as approved by HMRC.
APPOINTMENT OF NON-EXECUTIVE DIRECTORS
For the appointment of a new Chair or Non-executive Director, the fee arrangement would be set in accordance with the approved
remuneration policy in force at that time. Non-executive Directors’ fees are set by a separate Committee of the Board; the Chair’s fees
areset by the Committee.
CHANGE OF CONTROL
On a change of control, Executive Directors’ incentive awards will be treated in accordance with the rules of the relevant plans. In summary:
•
bonus payments will consider the extent to which the performance measures have been satisfied between the start of the performance
period and the date of the change of control, and the value will normally be pro-rated to reflect the same period;
•
deferred bonuses will generally vest on the date of a change of control, unless the Committee permits (or requires) awards to roll over
into equivalent shares in the acquirer; and
•
LTIP awards will generally vest on the date of a change of control, taking into account the extent to which any performance condition
has been satisfied at that point. Time pro-rating will normally apply unless the Committee determines otherwise.
DIRECTORS’ REMUNERATION REPORT CONTINUED
DIRECTORS’ REMUNERATION POLICY CONTINUED
POLICY ON PAYMENT FOR LOSS OF OFFICE CONTINUED
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
106 Victrex plc – Annual Report 2025

ANNUAL REPORT ON REMUNERATION
MEMBERS OF THE COMMITTEE DURING THE YEAR
The role of the Committee is to determine and recommend to the Board a fair and responsible remuneration framework for the Company’s
Chair and Executive Directors. The members of the Committee (all of whom were independent Non-executive Directors) during the year
under review were as follows:
•
Janet Ashdown (Remuneration Committee Chair);
•
Ros Rivaz;
•
Jane Toogood (resigned 7 February 2025);
•
Brendan Connolly; and
•
David Thomas.
Biographical information on the Committee members, details of attendance at the Committee’s meetings and activities during the year are
set out on pages 72 and 73. The purpose, roles and responsibilities are thereby included in this section of the report by reference.
EXTERNAL ADVISOR
Korn Ferry provided independent advice to the Committee during FY 2025 having been appointed by the Committee following
acompetitive tender process in 2020.
Korn Ferry provided advice on market practice updates and benchmarking and supported management with undertakings such as producing
the Directors’ remuneration report to the extent this did not impact the independence of its advice. The fees paid to Korn Ferry for providing
advice to the Committee in relation to Directors’ remuneration were £70,000 which included fixed fees for planned undertakings and ad hoc
support on a time and expense basis. Korn Ferry provided other human capital-related services during the year to a separate part of the
business, but these services were carried out by a team separate to the remuneration advisory team. As a result, the Committee is satisfied
thatthe advice received was objective and independent. Korn Ferry is a member of the Remuneration Consultants Group and abides by the
voluntary Code of Conduct of that body, which is designed to ensure objective and independent advice is given to remuneration committees.
ANNUAL GENERAL MEETING VOTING OUTCOMES
The following table summarises the details of votes cast for and against the Directors’ remuneration policy at the 2023 AGM and the
Directors’ remuneration report at the 2025 AGM, along with the number of votes withheld. The Committee will continue to consider the
views of, and feedback from, shareholders when determining and reporting on remuneration arrangements.
Voting outcome Votes for Votes against Votes withheld
Directors’ remuneration report 2025 AGM 74,538,606 (98.91%) 823,733 (1.09%) 11,691
Directors’ remuneration policy 2023 AGM 70,116,683 (95.55%) 3,268,026 (4.45%) 439,303
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
107Annual Report 2025 – Victrex plc

ANNUAL REPORT ON REMUNERATION CONTINUED
IMPLEMENTATION OF THE DIRECTORS’ REMUNERATION POLICY FOR THE YEAR ENDED 30 SEPTEMBER 2025
A summary of how the Directors’ remuneration policy was applied for the year ended 30 September 2025 is set out below.
Remuneration received by Directors for the year ended 30 September 2025 (audited)
Salary
and fees
1
£
Taxable
benefits
2
£
Pension
3
£
Total
fixed pay
£
Annual
bonus
4
£
Long-term
incentives
5
£
Total
variable pay
£
Total
£
J O Sigurdsson
2025 685,830 69,284 96,016 851,130 214,450 43,099 257,549 1,108,679
2024 661,990 69,069 89,544 820,603 — 31,525 31,525 852,128
I C Melling
2025 416,480 31,284 58,307 506,071 108,523 20,619 129,142 635,213
2024 402,000 31,069 49,980 483,049 — — — 483,049
V Cox
2025 280,000 — — 280,000 — — — 280,000
2024 280,000 — — 280,000 — — — 280,000
J E Ashdown
2025 70,500 — — 70,500 — — — 70,500
2024 67,470 — — 67,470 — — — 67, 470
B W D Connolly
2025 68,000 — — 68,000 — — — 68,000
2024 65,470 — — 65,470 — — — 65,470
D Thomas
2025 70,500 — — 70,500 — — — 70,500
2024 67,470 — — 67,470 — — — 67, 470
J E Toogood
2025 24,856 — — 24,856 — — — 24,856
2024 67,470 — — 67,470 — — — 67, 470
R Rivaz
2025 69,400 — — 69,400 — — — 69,400
2024 66,470 — — 66,470 — — — 66,470
U Prasad Richardson
2025 58,500 — — 58,500 — — — 58,500
2024 23,321 — — 23,321 — — — 23,321
DIRECTORS’ REMUNERATION REPORT CONTINUED
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
108 Victrex plc – Annual Report 2025

Notes and additional information (audited)
1. Salary and fees
In FY 2025 Jane Toogood resigned as a Non-Executive Director of the Board on 7 February 2025 and in FY 2024, Urmi Prasad Richardson
was appointed as a Non-executive Director of the Board on 1 May 2024. Fees were pro-rated for the period of appointment.
2. Taxable benefits
Both Executive Directors are eligible for a company car allowance up to £21,000, membership to a private medical scheme covering
themselves and their immediate families and an allowance of up to £22,000 in relation to tax services, communication and other benefits.
The CEO also continues to receive a location allowance that is limited to £25,000.
3. Pensions
Executive Directors participate in a defined contribution pension scheme in line with HMRC limits. Both the CEO and the CFO receive
£6,667 as a Company contribution. They receive the balance between this amount and the maximum Company contribution of 14%, which
is aligned to the wider workforce, as a cash supplement (CEO £89,349, CFO £51,640). All supplements are subject to statutory deductions
as appropriate.
Both Directors accrued pension benefits during the year under defined contribution schemes (consistent with FY 2024). Neither of the
Directors is accruing pension benefits under defined benefit schemes (FY 2024: none).
4. Annual bonus payments
The FY 2025 annual bonus as described above was based on three performance measures: stretching Group underlying profit before
interest and tax (‘PBIT’) target (60% weighting), underlying operating cash conversion (20% weighting) and strategic measures (20%
weighting).
The maximum annual bonus opportunity for the CEO is 150% of salary and 125% for the CFO.
The performance against measures to 30 September 2025 is set out in the tables below.
Measure Weighting Threshold Target Stretch
Outcome (% of total bonus earned)
Actual result
1
J O Sigurdsson I C Melling
Financial
Underlying PBIT 60% £62.7m £73.8m £84.9m £48.4m 0% 0%
Underlying operating
cashconversion
20% 85% 95% 105% 121% 20% 20%
Strategic measures 20%
Mega-Programme
Commercialisation
(Sustainable Solutions) (5%)
Partial achievement: Two out of
two milestones on material
specification were achieved. The
sales target was not achieved.
2.5% 2.5%
Mega-Programme
Commercialisation (Medical)
(5%)
Partial achievement: One out of
two validation milestones was
achieved for the Trauma
programme. Regulatory
milestones were not achieved
for other programmes.
1.3% 1.3%
Project Vista (5%) Full achievement: Account
management, procurement savings
and sales programme milestones
were all met.
5% 5%
Manufacturing efficiency and
effectiveness:
PEEK Manufacturing Cost per
kg (5%)
110% of
budget
Budget 90% of
budget
99.8% of budget 2.5% 2.5%
Total 31.3% 31.3%
1 See note 26 for the underlying PBIT (APM 9) and underlying operating cash conversion (APM 4) calculation.
The table below sets out the bonuses earned for FY 2024/25 both before and after the application of Committee discretion. As detailed in the
Chair’s introductory letter, having had regard to a range of factors that included the Company’s share price and overall stakeholder experience
through the year, in addition to the absolute level of profitability and cash conversion delivered, the Committee concluded that the formula-based
bonuses set out above should be reduced by one third. The Committee considered this to be an appropriate level of reduction which limited the
bonus out-turn to around 20% of the maximum which was broadly equivalent to paying out on the financial cash conversion metric alone.
Executive
Formula-based bonus outcome prior to application of discretion
Actual bonus post-application of discretion
(reduced by 1/3)
% of maximum % of salary Bonus outcome (£) % of maximum % of salary
Actual bonus
outcome (£)
J O Sigurdsson 31.3% 46.95% £321,997 20.9% 31.27% £214,450
I C Melling 31.3% 39.13% £162,948 20.9% 26.06% £108,523
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
109Annual Report 2025 – Victrex plc

ANNUAL REPORT ON REMUNERATION CONTINUED
IMPLEMENTATION OF THE DIRECTORS’ REMUNERATION POLICY FOR THE YEAR ENDED 30 SEPTEMBER 2025
CONTINUED
Notes and additional information (audited) continued
5. Vesting of LTIP awards
The LTIP awards granted on 12 December 2022 were based on performance to the year ended 30 September 2025. The performance
targets for these awards and actual performance against those targets were as follows:
Metric Weighting
Payment at
threshold
Threshold
target Maximum Actual % vesting
EPS (compound annual growth over three years) 60% 20% 5% p.a. 12% p.a. -22.4% 0%
TSR versus FTSE 250 (excluding investment trusts) 30% 25% Median Upper quartile Below median 0%
Reduction in Scope 1 and Scope 2 emissions
(pertonne PEEK produced) 10% 20% -3.4% p.a. -9.1% p.a. -6.9%
1
69%
Total 100% Total vesting 6.9%
1 The base from which the reduction was measured (5.99 Scope 1 and Scope 2 emissions per tonne PEEK produced) was adjusted following a restatement of
the Company’s emissions data during the period (to 5.75) effectively toughening the original condition given the lower starting point, with this adjustment
being made to achieve aconsistent basis of testing so that the original intent of the condition of measuring greenhouse gas intensity reduction on a
like-for-like basis was achieved.
The Committee is comfortable that the formulaic outcome of the FY 2023 award is appropriate, considering overall business performance
and wider market share price volatility.
The vesting details for the Executive Directors are therefore as follows:
Executive Grant date Vest date
Number
of shares
at gra nt *
Number
of shares
to vest
Number
of shares
to lapse
Dividend
equivalent
on shares
to vest
£
Estimated
va lue **
£
J O Sigurdsson 12 December 2022 12 December 2025 69,135 4,770 64,365 8,496 42,459
I C Melling 12 December 2022 12 December 2025 33,075 2,282 30,793 4,065 20,313
* The share price at grant was £16.19. As this is higher than the estimated share price at vesting, none of the value of LTIP vesting is attributable to share
price growth.
** The estimated value is calculated applying a share price based on an average over the three-month period ended September 2025 (£7.12).
LONG-TERM INCENTIVES GRANTED DURING THE YEAR (AUDITED)
On 9 December 2024, the following LTIPs were granted to Executive Directors:
Executive Type of award Basis of award
Average share
price used
at grant
1
Number of shares
over which award
was granted
Face value
of award
% of face value
that would vest
at threshold
performance Performance period
J O Sigurdsson Nil-cost option 175% of salary £10.93 109,774 £1,200,192 21.25%
Three financial
years to 30
September
2027I C Melling Nil-cost option 150% of salary £10.93 57,139 £624,718 21.25%
1 The grant share price is the mid-market price quoted over a three-day average on 4, 5 and 6 December 2024 in accordance with the plan rules.
An additional holding period applies after the end of the three-year performance period so that the total vesting and holding period is at
least five years.
The LTIP was awarded as nil-cost options with an exercise price of £nil. There is no change in the approach to the exercise price or date.
The award is subject to the performance conditions set out below:
Performance measure Weighting
Payment at
threshold Threshold Maximum
Underlying EPS (compound annual growth over three years) 30% 20% 15% p.a. 27% p.a.
Return on invested capital 30% 20% 15% 18.4%
Relative TSR versus FTSE 250 (excluding investment trusts) 25% 25% Median Upper quartile
Reduction in market-based Scope 1 and 2 emissions (per tonne PEEK produced) 15% 20% -5.3% p.a. -11.2% p.a.
DIRECTORS’ REMUNERATION REPORT CONTINUED
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
110 Victrex plc – Annual Report 2025

PAYMENTS FOR LOSS OF OFFICE AND TO PAST DIRECTORS (AUDITED)
There were no payments made to past directors or for loss of office during the year. As announced on 8 July 2025, Jakob Sigurdsson will retire
with effect from 7 July 2026. In connection with his retirement, in line with the default in the relevant plan rules, he will be treated as a good
leaver for the purposes of his deferred bonus share awards and his in-flight long-term incentive awards. These will vest on their originally
timetabled vesting dates and be subject to the original performance conditions. In-flight long-term incentive awards will be subject to a
pro-rata reduction to reflect the reduced portion of the relevant periods in employment. Further details will be included in the FY 2026
Directors’ remuneration report.
STATEMENT OF DIRECTORS’ SHAREHOLDINGS AND SHARE INTERESTS (AUDITED)
During employment, Executive Directors are required to build and maintain a shareholding equivalent to 200% of their base salary.
Executive Directors are required to retain 50% of the net of tax value of any vested LTIP shares until the guideline is met. The table below
summarises each Director’s current shareholding, and share awards subject to performance conditions, and whether or not the
shareholding requirement has been met.
Nil-cost options
With performance condition
Without performance
condition
Director
Beneficially
owned at
30 September
2024
1
Beneficially
owned at
30 September
2025
1
Unvested
(LTIP)
Vested but
unexercised
(LTIP)
Unvested
(DBS/SAYE)
Vested but
unexercised
(DBS/SAYE) Total
Total for
shareholding
guidelines
Shareholding
as a % of
salary at
30 September
2025
2
J O Sigurdsson 65,844 78,736 259,107 394 20,056 — 358,293 88,800 93%
I C Melling 5,000 7,000 131,963 — 3,248 — 142,211 8,076 14%
V Cox 4,207 6,954 — — — — — n/a n/a
B W D Connolly 850 1,830 — — — — — n/a n/a
J E Ashdown 3,142 3,142 — — — — — n/a n/a
D Thomas — 1,158 — — — — — n/a n/a
R Rivaz 1,950 1,950 — — — — — n/a n/a
U Prasad Richardson — 100 — — — — — n/a n/a
J E Toogood
3
1,008 1,008
3
— — — — — n/a n/a
1 The table above includes the holdings of persons connected with each of the Directors. The holdings stated represent shares beneficially held.
2 The shareholding as a percentage shown above is based on the average share price during September 2025 of £7.17.
3 J E Toogood resigned 7 February 2025 and her shareholding is reported as at that date.
There are no unvested scheme interests in the form of shares.
Directors’ shareholdings and share interests as at 2 December 2025 remain unchanged to those listed above.
LTIP awards are nil-cost options. Vested but unexercised LTIPs are not subject to performance conditions as they are out of the performance
period. The unvested LTIPs are subject to EPS, TSR and ESG performance conditions. Outstanding deferred bonus share awards are nil-cost
options which are not subject to performance conditions. Outstanding share awards under all-employee share plans relate to the options
issued under the Save As You Earn Scheme; none of this type of option is subject to performance conditions. The details of outstanding
scheme interests are included in the table above.
Aggregate gains of Directors from share options exercised under all share plans in FY 2025 totalled 270,053 (FY 2024: nil). This figure
relates to Jakob Sigurdsson exercising awards granted under the LTIP and DBS.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
111Annual Report 2025 – Victrex plc

ANNUAL REPORT ON REMUNERATION CONTINUED
DETAILS OF OUTSTANDING SCHEME INTEREST (AUDITED)
The table below sets out details of outstanding share awards held by Executive Directors. The table shows changes in the options held by each
Director, taking into account grants made, options which have lapsed and any options exercised. The closing position at 30 September 2025 is
shown in bold.
Plan Grant date
Exercise
price
No. of share
awards at
1 October
2024
Granted
during
the year
Vested
during
the year
Exercised
during
the year
Lapsed/
cancelled
during
the year
No. of share
awards at
30 September
2025
End of
performance
period
Date
from which
exercisable Expiry date
J O Sigurdsson
LTIP
1
11/12/2019 £nil 1,972 — — 1,972 — — 30/09/2022 11/12 / 2022 11/12 /2029
12/02/2020 £nil 394 — — — — 394 30/09/2022 12/02/2023 12/02/2030
10/12/2021 £nil 43,702 — 2,491 2,491 41,211 — 30/09/2024 10/12/2024 10/12/2031
12/12/2022 £nil 69,135 — — — — 69,135 30/09/2025 12/12/2025 12/12/2032
11/12/2023 £nil 80,198 — — — — 80,198 30/09/2026 11/12 / 2026 11/12/2033
09/12/2024 £nil — 109,774 — — — 109,774 30/09/2027 09/12/2027 09/12/2034
Total 195,401 109,774 2,491 4,463 41,211 259,501
SAYE 01/04/2023 £13.94 2,152 — — — — 2,152 n/a 01/04/2028 30/09/2028
Total 2,152 — — — — 2,152
Deferred
shares
10/12/2021 £nil 15,841 — — 15,841 — — n/a 10/12/2024 10/12/2029
12/12/2022 £nil 17,904 — — — — 17,904 n/a 12/12/2025 12/12/2030
Total 33,745 — — 15,841 — 17,904
I C Melling
LTIP
1
12/12/2022 £nil 33,075 — — — — 33,075 30/09/2025 12/12/2025 12/12/2032
11/12/2023 £nil 41,749 — — — — 41,749 30/09/2026 11/12/ 2026 11/12/2033
09/12/2024 £nil — 57,139 — — — 57,139 30/09/2027 09/12/2027 09/12/2034
Total 74,824 57,139 — — — 131,963
SAYE 01/04/2023 £13.94 1,291 — — — — 1,291 n/a 01/04/2026 30/09/2026
Total 1,291 — — — — 1,291
Deferred
shares 12/12/2022 £nil 1,957 — — — — 1,957 n/a 12/12/2025 12/12/2030
Total 1,957 — — — — 1,957
1 Subject to a further 2 year holding period.
DIRECTORS’ REMUNERATION REPORT CONTINUED
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
112 Victrex plc – Annual Report 2025

TOTAL SHAREHOLDER RETURN GRAPH
The following graph shows the cumulative total shareholder return of the Company over the last 10 financial years relative to the FTSE 250 Index.
The FTSE 250 Index has been selected for consistency as it is the Index against which the Company’s total shareholder return is measured for the
purposes of the LTIP. In addition, the Company is a constituent of the Index. TSR is a measure of the returns that a company has provided for its
shareholders, reflecting share price movements and assuming reinvestment of dividends. Data is averaged over three months at the end of each
financial year.
Source: DataStream Return Index.
£0
£50
£100
£150
£200
£250
30
September
2025
30
September
2015
30
September
2016
30
September
2017
30
September
2018
30
September
2019
30
September
2020
30
September
2021
30
September
2022 2024
30
September
30
September
2023
Value of hypothetical £100 investment
Victrex
FTSE 250 Index
£166
£59
CEO TOTAL REMUNERATION
The total remuneration figures for the CEO during each of the last 10 financial years are shown in the table below. The total remuneration
figure includes the annual bonus based on that year’s performance and LTIP awards based on three-year performance periods ending in the
relevant year. The annual bonus pay-out and LTIP vesting level as a percentage of the maximum opportunity are also shown for each of
these years.
Year ended
30September 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Name J O
Sigurdsson
J O
Sigurdsson
J O
Sigurdsson
J O
Sigurdsson
J O
Sigurdsson
J O
Sigurdsson
J O
Sigurdsson
J O
Sigurdsson
D R
Hummel
D R
Hummel
Total
remuneration £1,108,679 £852,128 £798,204 £1,437,24 6 £1,526,756 £888,780 £763,672 £1,071,351 £1,462,274 £668,211
Annual bonus
(% of
maximum) 20.9% 0% 0% 62.9% 93.3% 0% 0% 65% 77.6% 0%
LTIP vesting
(% of
maximum) 6.9% 5.7% 0% 6.7% 0% 19.8% n/a
1
n/a
1
22.1% 0%
1 Jakob Sigurdsson was appointed as CEO on 1 October 2017. His first tranche of LTIPs was eligible to vest in 2020.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
113Annual Report 2025 – Victrex plc

ANNUAL REPORT ON REMUNERATION CONTINUED
ANNUAL PERCENTAGE CHANGE IN DIRECTOR AND EMPLOYEE REMUNERATION
The table below shows the percentage change in the Directors’ salary, benefits and annual bonus over the last five financial years,
compared to the employee average.
Average percentage
change 2024–2025
Average percentage
change 2023–2024
Average percentage
change 2022–2023
Average percentage
change 2021–2022
Average percentage
change 2020–2021
Salary
Taxable
benefits
Annual
bonus² Salary
Taxable
benefits
Annual
bonus Salary
Taxable
benefits
Annual
bonus Salary
Taxable
benefits
Annual
bonus Salary
Taxable
benefits
Annual
bonus
J O Sigurdsson 3.60% 0.30% n/a 3.50% 0.01% n/a 4.00% 1.60% (100.0)% 10.30% (5.40)% (25.70)% 0.00% (24.50)% 100.00%
I C Melling 3.60% 0.70% n/a 12.60% 0.02% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
V Cox 0.00% n/a n/a 0.00% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
J E Ashdown 4.50% n/a n/a 4.50% n/a n/a 3.30% n/a n/a 4.20% n/a n/a 0.00% n/a n/a
B W D
Connolly 3.90% n/a n/a 4.65% n/a n/a 3.40% n/a n/a 4.30% n/a n/a 0.00% n/a n/a
U Prasad
Richardson¹ 4.50% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
D Thomas 4.50% n/a n/a 4.50% n/a n/a 3.30% n/a n/a 4.20% n/a n/a 0.00% n/a n/a
R Rivaz 4.40% n/a n/a 5.41% n/a n/a 3.40% n/a n/a 4.30% n/a n/a 140.00% n/a n/a
Employee
average 3.60% 1.40% n/a (4.31)% (7.39)% n/a 3.66% (5.00)% (100.0)% (0.40)% (11.0 4)% (43.10)% (2.93)% (2.02)% 100.00%
1 Urmi Prasad Richardson was appointed in May 2024.
2 N/a as bonuses were not payable to Executive Directors or employees in FY 2024. In FY 2025 the bonus earned as a % of maximum opportunity for
Executive Directors was 20.9%. For employees, the bonus earned as a % of maximum opportunity was 31.3%.
The employee average for 2024-2025 is based on UK headquartered employees. This is considered a reasonable basis to measure, given
that over 75% of the total workforce is UK based and global variation is unlikely to significantly impact.
RELATIVE IMPORTANCE OF SPEND ON PAY
The following table shows the Company’s actual spend on pay (for all employees) relative to dividends:
2025
£m % change
2024
£m % change
Staff costs 92.5 15% 80.1 2%
Dividends
1
51.9 0% 51.8 0%
1 FY 2025 includes a proposed final regular dividend of 46.14p.
The dividend figures relate to amounts payable in respect of the relevant financial years.
CEO PAY RATIO
Below we have calculated our UK CEO pay ratio comparing the CEO single total figure of remuneration to the equivalent pay for the
lower,median and upper quartile UK employees (calculated on a full-time equivalent basis). The ratios have been calculated in accordance
with the Companies (Miscellaneous Reporting) Regulations 2018 which first formally applied to Victrex from the financial year beginning
1October 2019.
CEO pay ratio
Financial year Calculation methodology 25th percentile pay ratio 50th percentile (median) pay ratio 75th percentile pay ratio
2025 Option A 24:1 19:1 16:1
2024 Option A 19:1 16:1 13:1
2023 Option A 17:1 15:1 12:1
2022 Option A 32:1 27:1 22:1
2021 Option A 33:1 28:1 23:1
2020 Option A 20:1 18:1 14:1
2019 Option A 18:1 16:1 13:1
DIRECTORS’ REMUNERATION REPORT CONTINUED
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
114 Victrex plc – Annual Report 2025

Victrex reports against Option A as this option is considered to be the most statistically robust. The ratios are based on total pay and benefits as
well as short-term and long-term incentives applicable for the financial year 1 October 2024 to 30 September 2025. The reference employees at
the 25th, 50th and 75th percentile have been determined by reference to the last day of the financial year, 30September 2025, and all items of
remuneration for employees have been calculated on the same basis as the single figure for the CEO.
The regulations require the total pay and benefits and the salary component of total pay and benefits to be set out as follows:
Base salary
Total pay
and benefits
CEO remuneration £685,830 £1,108,679
25th percentile employee £40,808 £46,899
50th percentile employee £36,637 £56,912
75th percentile employee £58,239 £69,043
Our principles for pay setting and progression in our wider workforce are the same as for our executives – total reward being sufficiently
competitive to attract and retain high calibre individuals without overpaying and providing the opportunity for individual development and
career progression. The pay ratios reflect how remuneration arrangements differ as accountability increases for more senior roles within the
organisation. In particular, the ratios reflect the weighting towards long-term value creation and alignment with shareholder interests for
the CEO.
The pay ratio has increased for each of the percentile calculations, this is because a bonus has become payable for the first time since 2022,
and the bonus opportunity and outcome for the CEO significantly exceeds that of the wider workforce.
We are satisfied that the median pay ratio reported this year is consistent with our wider pay, reward and progression policies for
employees. The median reference employee has the opportunity for annual pay increases, annual performance payments, career
progression and development opportunities.
IMPLEMENTATION OF THE POLICY IN FY 2026
The section below sets out the implementation of the remuneration policy in FY 2026. During FY 2025 the Remuneration Committee
reviewed incentives across the workforce. The performance measures have been adjusted following the outcome of the review. Further
details are set out in the Chair’s statement on pages 95 to 98.
Salaries and fees
Executive Directors
The Committee reviewed the salary increases for the wider workforce which were typically 2% for UK-based employees. With regard to the
Executive Directors, having considered both market positioning and the increase for the wider workforce, the Committee approved an increase
of 2% with effect from 1 October 2025 for the CFO with the CEO not eligible for a salary increase due to his retirement.
2026 2025 % increase
J O Sigurdsson £685,830 £685,830 n/a
I C Melling £424,810 £416,480 2%
Dr James Routh’s base salary was set at £600,000 and will first be eligible for review with effect from 1 October 2026.
Non-executive Directors
The Company’s approach to Non-executive Directors’ remuneration is set by the Board, with account taken of the time and responsibility
involved in each role, including, where applicable, the chairing of Board Committees.
An increase of 2% to the NED base fee was approved by the Board, to align better with their responsibilities and market rates. The
Remuneration Committee anticipated an increase of 2% for the Chair, in line with the increases for the Executive Directors; however, the
Chair waived their increase again, as in FY 2025, and waived the Corporate Responsibility Committee Chair fee.
The additional fees payable to the Senior Independent Director and Committee Chairs were adjusted to better reflect current
responsibilities, time commitment and market rates of the roles.
The table below shows the fees for the Board with effect from 1 October 2025.
Position 2026 2025 % increase
Chair £280,000 £280,000 0%
Base fee £59,670 £58,500 2%
Senior Independent Director £11,118 £10,900 2%
Workforce Engagement Director £9,690 £9,500 2%
Audit Committee Chair £12,240 £12,000 2%
Remuneration Committee Chair £12,240 £12,000 2%
Corporate Responsibility Committee Chair £12,240 * £12,000 2%
* The Chair of the Corporate Responsibility Committee waived the Committee fee for FY 2026.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
115Annual Report 2025 – Victrex plc

ANNUAL REPORT ON REMUNERATION CONTINUED
IMPLEMENTATION OF POLICY IN FY 2026 CONTINUED
Annual bonus
For FY 2026, the maximum annual bonus will be 125% of basic salary for the CFO. Dr James Routh will have a bonus opportunity of 150%
of salary (pro-rated for his part year in employment). Half of any bonus earned will be deferred into shares for three years. Jakob Sigurdsson
will not be eligible for a FY 2026 bonus due to his retirement.
As set out in the Chair’s statement, the annual bonus will be subject to Group profit (weighted at 60%), underlying operating cash
conversion (20%) and Group strategic objectives (20%). Profit targets for FY 2026 will be based on underlying PBIT (pre-exceptional items)
with the Committee retaining discretion to determine the impact of any exceptional items on the testing of the targets, to ensure
performance outcomes are a fair reflection of underlying business performance. Underlying operating cash conversion will be assessed
post-capital expenditure, and strategic objectives will be based on our core strategic objectives as well as achievements against our
mega-programmes. The Committee will ensure that the Group strategic objectives are measurable, robust and aligned with overall
Group-wide objectives.
The Committee considers certain aspects of the performance targets for the annual bonus to be commercially sensitive and, as such, they
will be disclosed either at the end of the performance period or when they are no longer commercially sensitive.
The Committee will have the discretion to amend the formulaic outcome under the bonus to ensure it reflects wider business performance
during the year.
Long-term incentives
The Committee intends to make performance share awards at 175% of salary to Dr James Routh and at 150% of salary to Ian Melling.
Jakob Sigurdsson is not eligible for a performance share award in FY 2026 due to his retirement.
The extent to which the LTIP awards will vest will be determined by the performance measures listed below.
Targets
Performance measure Weighting Payment at threshold Threshold Maximum
EPS (compound annual growth over three years) 30% 20% 11% p.a. 22% p.a.
Relative TSR versus FTSE 250 (excluding investment trusts) 25% 25% Median Upper quartile
FY 2028 ROIC 30% 20% 12% 15%
Reduction in market-based Scope 1 and 2 emissions (per tonne
PEEKproduced) 15% 20% -4% p.a. -8% p.a.
The above performance ranges were set to provide a realistic incentive at the lower end of the performance range and a stretch
targetatthe top end of the performance range. Inputs into the target setting process included the FY 2025 results, internal plans,
externalexpectations for the Company’s future performance and consideration of the wider external market conditions. The performance
ranges have been recalibrated when compared to those set in prior years to take account of current commercial circumstances and are
considered no less demanding than those previously set. The Committee has a track record of setting challenging performance targets.
The Committee retains discretion to adjust vesting outcomes (e.g. if TSR vesting is not considered aligned with the underlying financial
performance of the Company or EPS vesting outcomes are impacted by relevant events such as material acquisitions or divestments or
material changes in corporation tax rates). Any such discretion would be used to ensure that the performance targets fulfil their original
intent and were not more or less challenging than intended when set but for the relevant events in the performance period. Furthermore,
as set out in the Directors’ remuneration policy, awards are granted subject to malus and clawback provisions.
The Committee will undertake a final review of the targets, quantum and structure prior to grant and will include a provision in the awards
that enables the Committee to reduce vesting based on the formulaic outcomes if it considers there to have been a perceived windfall gain
and/or a perceived disconnect between performance and reward.
This Directors’ remuneration report was approved by the Board on 2 December 2025 and is signed on its behalf by:
Janet Ashdown
Chair of the Remuneration Committee
2 December 2025
DIRECTORS’ REMUNERATION REPORT CONTINUED
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
116 Victrex plc – Annual Report 2025

The Directors’ report required under the Companies Act 2006 comprises this Directors’ report (pages 117 to 120), the Corporate
governance report (pages 68 to 116) and the Sustainability report set out in the Strategic report (pages 38 to 67). The management report
required under Disclosure Guidance and Transparency Rule 4.1.8R comprises the Strategic report (pages 1 to 67) and this Directors’ report.
This Directors’ report meets the requirements of the corporate governance statement required under Disclosure Guidance and Transparency
Rule 7.2. As permitted by legislation, some of the matters required to be included in the Directors’ report have been included in the
Strategic report by cross-reference.
Amendment of Articles
of Association
The Company’s Articles of Association may only be amended by special resolution of the Company at a general
meeting of its shareholders.
Annual General
Meeting
The Annual General Meeting of the Company (‘AGM’) will be held on Friday 6 February 2026 at 11 am at the offices
of J.P. Morgan Cazenove, 1 John Carpenter Street, London EC4Y 0JP. The Notice of AGM, which sets out the
resolutions to be proposed and their explanatory notes, is contained in a separate circular and is enclosed with this
Annual Report.
Appointment
andreplacement
ofDirectors
The rules for the appointment and replacement of Directors are set out in the Company’s Articles of Association.
Each new appointee to the Board is required to stand for election at the next Annual General Meeting following their
appointment. Additionally, any other Director who has not been elected or re-elected at one of the previous two
Annual General Meetings must be proposed for re-election by the shareholders. Notwithstanding the provisions of
the Articles, it is the Company’s current practice that all Directors stand for election or re-election on an annual basis
in compliance with the provisions of the UK Corporate Governance Code.
The Articles are available on the Company’s website (www.victrexplc.com).
Auditors An ordinary resolution will be put before the 2026 Annual General Meeting to re-appoint PricewaterhouseCoopers LLP
as external auditors for the 2026 financial year.
Branches The Company does not have any branches outside the UK. Victrex Manufacturing Limited is a subsidiary of the
Company and has a branch in Korea. Victrex Europa GmbH is a subsidiary of the Company and has a branch in France.
Change of control There are no significant agreements that take effect, alter or terminate on change of control of the Company
following a takeover. None of the Directors’ or employees’ service contracts contain provisions providing for
compensation for loss of office or employment that occurs because of a takeover bid. The rules of the Company’s
employee share plans set out the consequences of a change in control of the Company on participants’ rights under
the plans.
Generally, such rights will vest and become exercisable on a change of control subject to a separate determination
asto the satisfaction of performance conditions.
Conflict of
interestduties
Procedures are in place to ensure compliance with the Directors’ conflict of interest duties set out in the Companies
Act 2006. The Company has complied with these procedures during the year and the Board believes that these
procedures operate effectively. During the year, details of any new conflicts or potential conflict matters were
submitted to the Board for consideration and, where appropriate, these were approved. Authorised conflict or
potential conflict matters will continue to be reviewed by the Board at least on an annual basis.
Directors The Directors of the Company and their biographical details are set out on pages 72 and 73.
Directors’ indemnities
and insurance
The Company has in place qualifying third-party indemnities in favour of all of its Directors under Deeds of Indemnity
(the ‘Deeds’). The Deeds were in force during the year ended 30 September 2025 and remain in force as at the date
of approval of the financial statements. The Deeds are available for inspection during normal business hours on
Monday to Friday (excluding public holidays) at the Company’s registered office. An appointment can be made with
the General Counsel & Company Secretary to review the Deeds. Please contact cosec@victrex.com. The Company has
appropriate directors’ and officers’ liability insurance cover in place in respect of legal action brought against the
Directors. Neither the Deeds nor the insurance provides cover in the event of dishonesty or fraud. No amount has
been paid under the Deeds or insurance during the year.
Directors’ interests in
the Company’s shares
Details of the interests in the Company’s shares held by our Directors and persons connected with them (including
interests under share option and incentive schemes) are shown in the Directors’ remuneration report from page 111.
Disclosure of
information to auditors
The Directors in office at the date of approval of this report each confirm that, so far as they are aware, there is no
relevant audit information of which the Company’s auditors are unaware and that they have taken all the steps that
they ought to have taken as a Director to make themselves aware of any relevant audit information and to establish
that the Company’s auditors are aware of that information.
DIRECTORS’ REPORT – OTHER STATUTORY INFORMATION
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
117Annual Report 2025 – Victrex plc

Employee and
otherstakeholder
engagement
Details of the Company’s arrangements for engaging with employees and actions taken during the year can be found
on pages 52 to 54 of the Strategic report on pages 16 and 17, and 52 to 54 of the Corporate governance report.
Details of the arrangements in place under which employees can raise any matter of concern are set out on page 65.
Disclosures relating to the Group’s human rights and anti-bribery policies are contained on page 65. The Group’s
Non-financial and sustainability information statement is set out on page 66. Details of employee involvement in
Company performance through share scheme participation can be found on page 52. Details of how the Directors
have engaged with employees and how the Directors have had regard to employee interests and the effect of that
regard on the principal decisions taken by the Company during the financial year can be found in the section 172(1)
statement on pages 18 and 19. These are deemed to form part of this Directors’ report.
A summary of how the Company has engaged with suppliers, customers and other third parties can be found
onpages 16 to 19. Details of how the Directors have had regard to the need to foster the Company’s business
relationships with suppliers, customers and others, and the effect of that regard on the principal decisions taken
bythe Company during the financial year, are contained in the section 172(1) statement on pages 18 and 19. Further
information on our payment practices with suppliers can be found on the government’s reporting portal. In addition,
during the year, we have continued to be a signatory to the Prompt Payment Code for suppliers. Further details can
be found on page 17. These are deemed to form part of this Directors’ report.
Employment policies The Group’s policies as regards the employment of disabled persons including those who have become disabled
during their employment with the Group, and a description of actions the Group has taken to encourage greater
employee involvement in the business, are set out on pages 52 to 54. Such information is incorporated into this
Directors’ report by reference and is deemed to form part of this Directors’ report. Read more about the Group’s
diversity on page 52.
Environmental matters Information on our greenhouse gas emissions, energy consumption and energy efficiency actions required to
bedisclosed by the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013, Schedule 7 of the
Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008/410 and our TCFD reporting
are set out in the Sustainability report on pages 42 to 49. Such information is incorporated into this report by reference
and is deemed to form part of this Directors’ report.
Financial instruments Information on the Group’s financial risk management objectives and policies and its exposure to credit risk, liquidity
risk, interest rate risk and foreign currency risk can be found in note 17 to the financial statements. Such information
is incorporated into this Directors’ report by reference and is deemed to form part of this Directors’ report.
Important events since
30 September 2025
There have been no important events affecting the Company or any member of the Group since 30 September 2025.
Information required by
UKLR 6.6.1R
Details of the disclosures to be made under UKLR 6.6.1R are listed below. There are no other applicable disclosures.
Listing Rule statement Detail Page number
(11) Shareholder waiver of dividends Page 120
(4) (5) Waiver of emoluments by a director Pages 97 and 115
(3) Details of any long-term incentives Pages 103 and 104
Information set out in
the Strategic report
Certain information required to be included in the Directors’ report has been set out in the Strategic report. The Strategic
report required by the Companies Act 2006 can be found on pages 1 to 67. The report sets out the business model (pages
8 and 9), strategy (pages 10 to 13) and likely future developments (pages 1 to 67). It contains a review of the business and
describes the development and performance of the Group’s business during the financial year and the position at the end
of the financial year. It also contains a description of the principal risks and uncertainties facing the Group (pages 28 to 34).
Such information is incorporated into this report by reference and is deemed to form part of this Directors’ report.
DIRECTORS’ REPORT – OTHER STATUTORY INFORMATION CONTINUED
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
118 Victrex plc – Annual Report 2025

Major interests
inshares
The following information has been disclosed to the Company under the FCA’s Disclosure Guidance and Transparency
Rules in respect of notifiable interests in the voting rights in the Company’s issued share capital.
Interests disclosed in the financial period (ending 30 September 2025) Holding %
Vidacos Nominees Ltd 10,543,736 12.11
FIL Limited 8,501,667 9.77
Norges Bank 7,916,942 9.09
Interests disclosed between 1 October 2025 and the date of this Annual
Report, 2 December 2025 Holding %
Schroders plc 4,354,096 5.00
Columbia Threadneedle Investment Funds (UK) ICVC 11,635, 242 13.36
The percentage interests shown above were provided by the relevant shareholders at the time of their notification.
These percentages are based on the voting rights and issued share capital as at the date of notification. Current
holdings may have changed since then, as further notification is only required when the next notifiable threshold
iscrossed.
Nominees, financial
assistance and liens
During the year ended 30 September 2025, no shares in the Company were acquired by the Company’s nominee or
by a person with financial assistance from the Company, in either case where the Company has a beneficial interest
in the shares (and no person acquired shares in the Company in any previous financial year in its capacity as the
Company’s nominee or with financial assistance from the Company). Furthermore, the Company did not obtain or
hold a lien or other charge over its own shares.
Notice required for
shareholder meetings
On the basis of a resolution passed at the 2025 Annual General Meeting, the Company is currently able to call
general meetings (other than an Annual General Meeting) on at least 14 days’ notice. The Company would like to
preserve this ability and resolution 20 seeks approval to do so. The approval will be effective until the Company’s
next Annual General Meeting, when it is intended that a similar resolution will be proposed. The Company will offer
an electronic voting facility for a general meeting called on 14 days’ notice.
Own shares held As at the date of this Annual Report, the Company does not hold any shares as treasury shares. Details of the
Company’s share capital are given in note 23 to the financial statements.
The Directors’ authorities relating to market purchases are determined by UK legislation and the Articles of
Association. As part of routine resolutions which are proposed to shareholders at the AGM, the Directors will be
seeking to renew the authority allowing the Company to purchase its own shares, which is set out in resolution 19 of
the Notice of AGM. No market purchases of the Company’s own shares were made during the year ended 30
September 2025 or from 1 October 2025 up to the date on which this Annual Report was approved.
A total of 49,032 ordinary shares are held by the Employee Benefit Trusts in order to satisfy share awards vesting.
Noshares were purchased by the Employee Benefit Trusts in the financial year to 30 September 2025. The Directors
and certain participating employees are beneficiaries of the Employee Benefit Trusts.
Political donations No contributions were made to political parties during the year ended 30 September 2025 (FY 2024: £nil).
Powers of the Directors The powers of the Directors are determined by the Company’s Articles of Association and UK legislation including
the Companies Act 2006. This includes the ability, subject to shareholder approval at the AGM each year, to exercise
authority to allot or purchase the Company’s shares.
Principal activity The Company is a public limited company, incorporated in England, registration number 2793780. The principal
activity of the Company is that of a holding company. The principal activity of the Group is the manufacture and sale
of high performance polymers.
Related party
transactions
During the year ended 30 September 2025, the Company did not have any material transactions or transactions of an
unusual nature with, and did not make loans to, related parties in which any Director has or had a material interest.
Details of related party transactions are given in note 24 to the financial statements.
Research &
Development
Our innovative culture is reflected in high Research & Development investment (of approximately 5 to 6% of
revenue), with the majority of this being on development, as we seek to move our programmes faster towards
greater commercialisation. The Group’s spend on Research & Development is disclosed in note 11 to the financial
statements. Such information is incorporated into this report by reference and is deemed to form part of this
Directors’ report.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
119Annual Report 2025 – Victrex plc

Results and dividends Group profit before tax for the year was £33.8m (FY 2024: £23.4m).
The Directors recommend the payment of a final dividend of 46.14p per ordinary share that, subject to shareholder
approval at the AGM on 6 February 2026, will be paid on 27 February 2026 to all shareholders on the register of
members as at 6 pm on 30 January 2026. Together with the interim dividend paid in July 2025, this makes a total
regular dividend of 59.56p per ordinary share for the year (FY 2024: 59.56p per ordinary share).
The Company has established Employee Benefit Trusts (‘EBTs’) in connection with the obligation to satisfy future
share awards under certain employee share incentive schemes. The trustees of the EBTs have waived their rights to
receive dividends on those ordinary shares of the Company held in the EBTs. Such waivers represent less than 1% of
the total dividend payable on the Company’s ordinary shares. There are no other arrangements in place under which
a shareholder has waived or agreed to waive any dividends.
Rights and obligations
attaching to shares
The rights and obligations attaching to shares are set out in full in the Company’s Articles of Association which are
available on the Company’s website (www.victrexplc.com). Ordinary shareholders are entitled to receive dividends
when declared and the Company’s Annual Report, attend and speak at general meetings, appoint proxies and vote.
There are no restrictions on transfer or holding of ordinary shares. However, the Company may suspend voting rights,
withhold a dividend or restrict transfers if a shareholder fails to comply with a request for information under section 793
of the Companies Act 2006. The Directors may also refuse to register a transfer in certain limited circumstances, such as
where the shares are not fully paid, the transfer is in favour of more than four joint transferees or the instrument does
not comply with the Articles of Association or if any other circumstances apply in respect of which refusal to register a
share transfer is permitted or required by the Uncertificated Securities Regulations 2001. No shares carry anyspecial
rights and there are no known agreements between shareholders that restrict share transfers or voting.
Shares acquired by employees under employee share schemes rank equally with the other shares in issue and have
nospecial rights.
Share capital The Company has a single class of shares (ordinary shares of 1p each) which are listed on the London Stock Exchange
and under the symbol VCT. Details of the Company’s share capital and reserves for own shares are given in note 23
to the financial statements. During the year 17,204 shares were issued in respect of options exercised under
employee share schemes. Details of these schemes are summarised in note 22 to the financial statements and form
part of this Directors’ report by reference.
The Directors’ report was approved by the Board and signed on its behalf by:
Ian Melling
CFO
2 December 2025
DIRECTORS’ REPORT – OTHER STATUTORY INFORMATION CONTINUED
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
120 Victrex plc – Annual Report 2025

The Directors are responsible for preparing
the Annual Report 2025 and the financial
statements in accordance with applicable
law and regulation.
Company law requires the Directors
toprepare financial statements for each
financial year. Under that law the Directors
have prepared the Group and the Company
financial statements in accordance
withUK-adopted International
AccountingStandards.
Under company law, Directors must not
approve the financial statements unless they
are satisfied that they give a true and fair
view of the state of affairs of the Group and
Company and of the profit or loss of the
Group for that period. In preparing the
financial statements, the Directors are
required to:
•
select suitable accounting policies and
then apply them consistently;
•
state whether applicable UK-adopted
International Accounting Standards have
been followed, subject to any material
departures disclosed and explained in the
financial statements;
•
make judgements and accounting
estimates that are reasonable and
prudent; and
•
prepare the financial statements on the
going concern basis unless it is
inappropriate to presume that the Group
and Company will continue in business.
The Directors are responsible for
safeguarding the assets of the Group and
Company and hence for taking reasonable
steps for the prevention and detection of
fraud and other irregularities.
The Directors are also responsible for
keeping adequate accounting records that
are sufficient to show and explain the
Group’s and Company’s transactions and
disclose with reasonable accuracy at any
time the financial position of the Group and
Company and enable them to ensure that
the financial statements and the Directors’
remuneration report comply with the
Companies Act 2006.
The Directors are responsible for the
maintenance and integrity of the Company’s
website. Legislation in the United Kingdom
governing the preparation and dissemination
of financial statements may differ from
legislation in other jurisdictions.
DIRECTORS’ CONFIRMATIONS
The Directors consider that the Annual
Report and financial statements, taken as a
whole, is fair, balanced and understandable
and provides the information necessary for
shareholders to assess the Group’s and
Company’s position and performance,
business model and strategy.
Each of the Directors, whose names and
functions are listed below:
•
Vivienne Cox, Chair;
•
Jakob Sigurdsson, CEO;
•
Ian Melling, CFO;
•
Janet Ashdown, Non-executive Director;
•
Brendan Connolly, Non-executive
Director;
•
Ros Rivaz, Non-executive Director;
•
David Thomas, Non-executive Director; and
•
Urmi Prasad Richardson, Non-executive
Director,
confirm that, to the best of their knowledge:
•
the Group and Company financial
statements, which have been prepared in
accordance with UK-adopted International
Accounting Standards, give a true and fair
view of the assets, liabilities and financial
position of the Group and Company, and
of the profit of the Group; and
•
the Strategic report includes a fair review
of the development and performance of
the business and the position of the
Group and Company, together with a
description of the principal risks and
uncertainties that it faces.
In the case of each Director in office at the
date the Directors’ report is approved:
•
so far as the Director is aware, there is no
relevant audit information of which the
Group’s and Company’s auditors are
unaware; and
•
they have taken all the steps that they
ought to have taken as a Director in order
to make themselves aware of any relevant
audit information and to establish that the
Group’s and Company’s auditors are
aware of that information.
This Responsibility statement was approved
by the Board on 1 December 2025 and
issigned on its behalf by:
Ian Melling
CFO
2 December 2025
STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN RESPECT
OF THE ANNUAL REPORT AND THE FINANCIAL STATEMENTS
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
121Annual Report 2025 – Victrex plc

REPORT ON THE AUDIT OF
THEFINANCIAL STATEMENTS
Opinion
In our opinion, Victrex plc’s group financial
statements and company financial
statements (the “financial statements”):
•
give a true and fair view of the state of the
group’s and of the company’s affairs as at
30 September 2025 and of the group’s
profit and the group’s and company’s cash
flows for the year then ended;
•
have been properly prepared in
accordance with UK-adopted international
accounting standards as applied in
accordance with the provisions of the
Companies Act 2006; and
•
have been prepared in accordance with the
requirements of the Companies Act 2006.
We have audited the financial statements,
included within the Annual Report, which
comprise: the Group and Company Balance
Sheets as at 30 September 2025; the
Consolidated Income Statement, the
Consolidated Statement of Comprehensive
Income, the Group and Company Cash Flow
Statements, the Consolidated and the
Company Statements of Changes in Equity for
the year then ended; and the notes to the
financial statements, comprising material
accounting policy information and other
explanatory information.
Our opinion is consistent with our reporting
tothe Audit Committee.
Basis for opinion
We conducted our audit in accordance with
International Standards on Auditing (UK)
(“ISAs (UK)”) and applicable law. Our
responsibilities under ISAs (UK) are further
described in the Auditors’ responsibilities for
the audit of the financial statements section
of our report. We believe that the audit
evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Independence
We remained independent of the group in
accordance with the ethical requirements
that are relevant to our audit of the financial
statements in the UK, which includes the
FRC’s Ethical Standard, as applicable to listed
public interest entities, and we have fulfilled
our other ethical responsibilities in
accordance with these requirements.
To the best of our knowledge and belief, we
declare that non-audit services prohibited by
the FRC’s Ethical Standard were not provided.
We have provided no non-audit services to
the company or its controlled undertakings
in the period under audit.
Our audit approach
Overview
Audit scope
•
Our audit focused on those entities with
the most significant contribution to the
group’s profit before tax and exceptional
items. Of the Group’s 21 reporting units,
we identified two, which in our view,
required an audit of their complete
financial information for group
reportingpurposes. These were
VictrexManufacturing Limited
andInvibio Limited.
•
Another four reporting units were subject
to audit procedures over specific balances
and transactions, due to their contribution
towards specific financial statement line
items. Revenue and trade receivables were
in scope for Victrex USA Inc., Victrex
Europa GmbH and Invibio Inc. Property,
plant and equipment, and bank loans
were in scope for Victrex (Panjin) High
Performance Materials Co. Ltd.
•
All audits in scope for group reporting
were performed by the Group
engagement team with the exception of
Victrex Europa GmbH, which was audited
by a PwC component audit team.
•
The components within the scope of our
work, and work performed centrally by
the Group team, accounted for 76% of
Group revenue.
Key audit matters
•
Valuation of the UK defined benefit
obligations (group).
•
Risk of impairment of investments in
subsidiaries and amounts owed by group
undertakings (parent).
Materiality
•
Overall group materiality: £3m (2024:
£3.9m) based on 5% of the three-year
average of profit before tax and
exceptional items.
•
Overall company materiality: £1.1m (2024:
£1.3m) based on 0.5% of total assets.
•
Performance materiality: £2.3m
(2024:£2.9m) (group) and £0.8m
(2024:£1.0m) (company).
The scope of our audit
As part of designing our audit, we determined
materiality and assessed the risks of material
misstatement in the financial statements.
Key audit matters
Key audit matters are those matters that, in
the auditors’ professional judgement, were
of most significance in the audit of the
financial statements of the current period
and include the most significant assessed
risks of material misstatement (whether or
not due to fraud) identified by the auditors,
including those which had the greatest
effect on: the overall audit strategy; the
allocation of resources in the audit; and
directing the efforts of the engagement
team. These matters, and any comments
wemake on the results of our procedures
thereon, were addressed in the context of
our audit of the financial statements as a
whole, and in forming our opinion thereon,
and we do not provide a separate opinion
on these matters.
This is not a complete list of all risks
identified by our audit.
The key audit matters on the opposite page
are consistent with last year.
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF VICTREX PLC
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
122 Victrex plc – Annual Report 2025

Key audit matter How our audit addressed the key audit matter
Valuation of the UK defined benefit obligations (group)
Refer to page 89 of the Audit Committee report and Note 18
within the Notes to the financial statements of the Annual
Report 2025.
The measurement of the net defined benefit asset (£9.3m net surplus
at 30 September 2025, (2024: £10.7m net surplus)) requires the
application of an actuarial valuation method, the attribution of benefits
to periods of service, and the use of significant actuarial assumptions
including in particular the discount rate, inflation rates and the average
life expectancy of members. Small changes in the assumptions used
could have a significant effect on the financial position of the Group.
To assess the appropriateness of the valuation of the UK defined
benefit obligations, we performed the following:
•
we evaluated, with the support of our own actuarial experts, the
key assumptions applied to calculate the year end defined benefit
obligation. These procedures included assessing the methodology,
consistency of approach with the prior period and comparison to
acceptable ranges, which are developed using externally derived
market data and internally developed benchmarks; and
•
we considered the adequacy of the Group’s disclosures in respect
of the sensitivity of the surplus to changes in the assumptions.
Based on the results of our testing, we found the assumptions made
inthe valuation of the UK defined benefit obligations to be within
anacceptable range. We also consider the disclosures made in the
financial statements to be appropriate.
Risk of impairment of investments in subsidiaries and amounts
owed by group undertakings (parent)
Refer to Note 12 and 15 of the Notes to the financial statements
of the Annual Report 2025.
The company has investments in subsidiaries of £131.9m (2024: £131.9m)
and amounts owed by group undertakings of £87.2m (2024: £132.1m).
Given the magnitude of both of these balances we considered there to
be a risk that the performance of the subsidiary undertakings is not
sufficient to support the carrying value and the assets may be impaired.
Management has considered both of these balances for impairment
and concluded that no impairments are required.
In assessing the appropriateness of valuation of investment in
subsidiaries and amounts owed by group undertakings we have
performed the following procedures:
•
we obtained a schedule of investments in subsidiaries and ensured
this is reconciled to the financial statements;
•
we performed a review of the performance and net assets of each
material subsidiary against the carrying value of the investments;
•
we compared the overall carrying value of the investments to the
group’s market capitalisation and also our review of the discounted
cash flow models prepared for the purposes of testing overall
group goodwill for impairment;
•
we performed a reconciliation of the amounts owed by group
undertakings and ensured this agrees with the counterparty;
•
we have obtained management’s intercompany recoverability
model and assessed whether the methods applied were consistent
with IFRS 9. We checked the calculations within the model and
agreed the figures included to the relevant financial information
included in the group consolidation schedules;
•
we evaluated management’s assessment of the recoverability of
amounts owed by group undertakings including assessing the
ability of other group companies to settle the intercompany
balances; and
•
we assessed the adequacy of the disclosure provided in the
company financial statements in relation to the relevant
accountingstandards.
Based on the above procedures we concluded that there were no
triggers that would indicate the directors were required to perform
afull impairment test of the carrying value of the investments in
subsidiaries. We found no exceptions as a result of our procedures and
consider the recoverability of amounts owed by group undertakings to
be appropriate.
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial statements
asawhole, taking into account the structure of the group and the company, the accounting processes and controls, and the industry in
which they operate.
The Group is organised into 21 reporting components and the Group financial statements are a consolidation of these reporting
components. The reporting units vary in size. We identified two units that required a full scope audit of their financial information due
toeither their size or risk characteristics. These were Victrex Manufacturing Limited and Invibio Limited. Another four reporting units
weresubject to audit procedures over specific balances and transactions, due to their contribution towards specific financial statement
lineitems. Revenue and trade receivables were in scope for Invibio Inc.,Victrex USA Inc and Victrex Europa GmbH. Property, plant and
equipment andbank loans were in scope for Victrex (Panjin) High Performance Materials Co. Ltd. Our audit scope was determined
byconsidering thesignificance of each component’s contribution to profit before tax and exceptional items, and individual financial
statementline items, withspecific consideration to obtaining sufficient coverage over significant risks. On the remaining 15 components
weperformed analyticprocedures to respond to any potential risks of material misstatement to the group financial statements.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
123Annual Report 2025 – Victrex plc

REPORT ON THE AUDIT OF THE
FINANCIAL STATEMENTS
CONTINUED
Our audit approach continued
How we tailored the audit scope
continued
All audit work was performed by the Group
team, with the exception of Victrex Europa
GmbH which was performed by a PwC
component audit team. The Group audit
teamsupervised the direction and execution
of the audit procedures performed by the
component team. Our involvement in their
audit process included the review of their
reporting and supporting working papers.
TheGroup audit team also attended planning
and clearance meetings during the audit cycle.
Together with the additional procedures
performed at Group level, this gave us the
evidence required for our opinion on the
financial statements as a whole.
The Group engagement team also
performed the audit of the Company.
The impact of climate risk on
ouraudit
We made enquiries of management to
understand the process they have adopted
toassess the extent of the potential impact
ofclimate risk on the Group’s financial
statements, including their commitments
made to achieving Net Zero carbon emissions
for Scope 1, 2 & 3 by 2050. The key areas of
the financial statements where management
evaluated that climate risk has a potential
impact are set out in note 1, Basis of
preparation, Climate change in the notes
tothe financial statements. The Directors
havereached the overall conclusion that
therehas been no material impact on the
financial statements for the current year
fromthe potential impact of climate change.
We used our knowledge of the Group to
challenge management’s assessment. We
particularly considered how climate Risk
would impact the assumptions made in the
forecasts prepared by management used in
their impairment analyses, going concern and
viability. We also considered the consistency
of the disclosures in relation to climate
change (including the disclosures in the Task
Force on Climate-related Financial Disclosures
(‘TCFD’) section) within the Annual Report
with the financial statements and our
knowledge obtained from our audit.
Our procedures did not identify any material
impact in the context of our audit of the
financial statement as a whole, or on our
key audit matters for the year ended
30September 2025.
Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These,
together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit
procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both individually
and in aggregate on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Financial statements – group Financial statements – company
Overall materiality £3m (2024: £3.9m). £1.1m (2024: £1.3m).
How we determined it 5% of the three-year average of profit before tax and
exceptional items.
0.5% of total assets.
Rationale for benchmark
applied
Based on the benchmarks used in the Annual Report
2025, profit before tax and exceptional items is in our
view the primary measure used by the shareholders in
assessing the performance of the Group, and is a
generally accepted auditing benchmark. In FY25, we have
used a three year average given that volatility in the
market has resulted in a decrease in volumes and
profitability without any fundamental changes in the
balance sheet or size of operations.
We believe that total assets is the primary
measureused by the shareholders in assessing the
performance of the entity, and is a generally accepted
auditing benchmark for non-trading companies.
For each component in the scope of our
group audit, we allocated a materiality that
is less than our overall group materiality.
The range of materiality allocated across
components was £1.1m to 2.6m. Certain
components were audited to a local
statutory audit materiality that was also
lessthan our overall group materiality.
We use performance materiality to reduce
to an appropriately low level the probability
that the aggregate of uncorrected and
undetected misstatements exceeds overall
materiality. Specifically, we use performance
materiality in determining the scope of our
audit and the nature and extent of our
testing of account balances, classes of
transactions and disclosures, for example in
determining sample sizes. Our performance
materiality was 75% (2024: 75%) of overall
materiality, amounting to £2.3m (2024:
£2.9m) for the group financial statements
and £0.8m (2024: £1.0m) for the company
financial statements.
In determining the performance materiality,
we considered a number of factors – the
history of misstatements, risk assessment
and aggregation risk and the effectiveness
of controls – and concluded that an amount
at the upper end of our normal range
wasappropriate.
We agreed with the Audit Committee that
we would report to them misstatements
identified during our audit above £0.2m
(group audit) (2024: £0.2m) and £0.1m
(company audit) (2024: £0.1m) as well as
misstatements below those amounts that,
in our view, warranted reporting for
qualitative reasons.
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF VICTREX PLC
CONTINUED
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
124 Victrex plc – Annual Report 2025

Conclusions relating
togoingconcern
Our evaluation of the directors’ assessment
of the group’s and the company’s ability to
continue to adopt the going concern basis
of accounting included:
•
we obtained from management their
latest assessments that support the
Board’s conclusions with respect to the
going concern basis of preparation for
the financial statements;
•
we reviewed management’s base case
forecast and downside scenarios (Scenario
1 and Scenario 2) and challenged the
adequacy and appropriateness of the
underlying assumptions;
•
we reviewed management accounts for
the financial period to date and checked
that these were consistent with the
starting point of management’s scenarios
and supported the key assumptions
included in the assessments;
•
we reviewed the historical accuracy of
the budgeting process to assess the
reliability of the data;
•
we challenged management with
regardsto the impact of climate
changeand how this has been
takenintoaccount in the forecasts;
•
we reviewed financing agreements to
understand bank covenants and
performed covenant calculations under
Scenario 2;
•
we tested the mathematical integrity of
management’s going concern forecast
models; and
•
we reviewed the disclosures made in
respect of going concern included in the
financial statements.
Based on the work we have performed, we
have not identified any material
uncertainties relating to events or conditions
that, individually or collectively, may cast
significant doubt on the group’s and the
company’s ability to continue as a going
concern for a period of at least twelve
months from when the financial statements
are authorised for issue.
In auditing the financial statements, we have
concluded that the directors’ use of the going
concern basis of accounting in the preparation
of the financial statements is appropriate.
However, because not all future events or
conditions can be predicted, this conclusion
is not a guarantee as to the group’s and
thecompany’s ability to continue as a
goingconcern.
In relation to the directors’ reporting on
howthey have applied the UK Corporate
Governance Code, we have nothing material
to add or draw attention to in relation to the
directors’ statement in the financial statements
about whether the directors considered it
appropriate to adopt the going concern
basisof accounting.
Our responsibilities and the responsibilities
of the directors with respect to going
concern are described in the relevant
sections of this report.
Reporting on other information
The other information comprises all of the
information in the Annual Report other than
the financial statements and our auditors’
report thereon. The directors are responsible
for the other information. Our opinion on
the financial statements does not cover the
other information and, accordingly, we do
not express an audit opinion or, except to
the extent otherwise explicitly stated in this
report, any form of assurance thereon.
In connection with our audit of the financial
statements, our responsibility is to read the
other information and, in doing so, consider
whether the other information is materially
inconsistent with the financial statements or
our knowledge obtained in the audit, or
otherwise appears to be materially
misstated. If we identify an apparent
material inconsistency or material
misstatement, we are required to perform
procedures to conclude whether there is
amaterial misstatement of the financial
statements or a material misstatement of
the other information. If, based on the work
we have performed, we conclude that there
is a material misstatement of this other
information, we are required to report that
fact. We have nothing to report based on
these responsibilities.
With respect to the Strategic report and
Directors’ report, we also considered
whether the disclosures required by the UK
Companies Act 2006 have been included.
Based on our work undertaken in the course
of the audit, the Companies Act 2006
requires us also to report certain opinions
and matters as described below.
Strategic report and Directors’
report
In our opinion, based on the work undertaken
in the course of the audit, the information
given in the Strategic report andDirectors’
report for the year ended 30September 2025
is consistent with the financial statements and
has been prepared in accordance with
applicable legal requirements.
In light of the knowledge and understanding
of the group and company and their
environment obtained in the course of the
audit, we did not identify any material
misstatements in the Strategic report and
Directors’ report.
Directors’ Remuneration
In our opinion, the part of the Directors’
Remuneration Report to be audited has
been properly prepared in accordance with
the Companies Act 2006.
Corporate governance statement
The Listing Rules require us to review the
directors’ statements in relation to going
concern, longer-term viability and that part
of the corporate governance statement
relating to the company’s compliance with
the provisions of the UK Corporate
Governance Code specified for our review.
Our additional responsibilities with respect
to the corporate governance statement as
other information are described in the
Reporting on other information section of
this report.
Based on the work undertaken as part of
our audit, we have concluded that each of
the following elements of the corporate
governance statement is materially
consistent with the financial statements and
our knowledge obtained during the audit,
and we have nothing material to add or
draw attention to in relation to:
•
The directors’ confirmation that they
have carried out a robust assessment
ofthe emerging and principal risks;
•
The disclosures in the Annual Report
thatdescribe those principal risks,
whatprocedures are in place to identify
emerging risks and an explanation of how
these are being managed or mitigated;
•
The directors’ statement in the financial
statements about whether they
considered it appropriate to adopt the
going concern basis of accounting in
preparing them, and their identification
of any material uncertainties to the
group’s and company’s ability to
continue to do so over a period of at
least twelve months from the date of
approval of the financial statements;
•
The directors’ explanation as to their
assessment of the group’s and
company’s prospects, the period this
assessment covers and why the period is
appropriate; and
•
The directors’ statement as to whether
they have a reasonable expectation that
the company will be able to continue in
operation and meet its liabilities as they
fall due over the period of its assessment,
including any related disclosures drawing
attention to any necessary qualifications
or assumptions.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
125Annual Report 2025 – Victrex plc

REPORT ON THE AUDIT OF THE
FINANCIAL STATEMENTS
CONTINUED
Corporate governance statement
continued
Our review of the directors’ statement
regarding the longer-term viability of the
group and company was substantially less in
scope than an audit and only consisted of
making inquiries and considering the directors’
process supporting their statement; checking
that the statement is in alignment with the
relevant provisions of the UK Corporate
Governance Code; and considering
whetherthe statement is consistent
withthefinancial statements and our
knowledge and understanding of the
groupand company and their environment
obtained in the course of the audit.
In addition, based on the work undertaken
as part of our audit, we have concluded that
each of the following elements of the
corporate governance statement is
materially consistent with the financial
statements and our knowledge obtained
during the audit:
•
The directors’ statement that they
consider the Annual Report, taken as a
whole, is fair, balanced and
understandable, and provides the
information necessary for the members
to assess the group’s and company’s
position, performance, business model
and strategy;
•
The section of the Annual Report that
describes the review of effectiveness of
risk management and internal control
systems; and
•
The section of the Annual Report describing
the work of the Audit Committee.
We have nothing to report in respect of our
responsibility to report when the directors’
statement relating to the company’s
compliance with the Code does not properly
disclose a departure from a relevant
provision of the Code specified under the
Listing Rules for review by the auditors.
Responsibilities for the financial
statements and the audit
Responsibilities of the directors
for the financial statements
As explained more fully in the Statement of
Directors’ responsibilities in respect of the
Annual Report and the financial statements,
the directors are responsible for the
preparation of the financial statements in
accordance with the applicable framework
and for being satisfied that they give a true
and fair view. The directors are also
responsible for such internal control as they
determine is necessary to enable the
preparation of financial statements that are
free from material misstatement, whether
due to fraud or error.
In preparing the financial statements,
thedirectors are responsible for assessing
the group’s and the company’s ability to
continue as a going concern, disclosing,
asapplicable, matters related to going
concern and using the going concern
basisof accounting unless the directors
either intend to liquidate the group or
thecompany or to cease operations, or
havenorealistic alternative but to do so.
Auditors’ responsibilities for the
audit ofthe financial statements
Our objectives are to obtain reasonable
assurance about whether the financial
statements as a whole are free from material
misstatement, whether due to fraud or
error, and to issue an auditors’ report that
includes our opinion. Reasonable assurance
is a high level of assurance, but is not a
guarantee that an audit conducted in
accordance with ISAs (UK) will always detect
a material misstatement when it exists.
Misstatements can arise from fraud or error
and are considered material if, individually or
in the aggregate, they could reasonably be
expected to influence the economic
decisions of users taken on the basis of
these financial statements.
Irregularities, including fraud, are
instancesof non-compliance with laws
andregulations. We design procedures in
line with our responsibilities, outlined above,
to detect material misstatements in respect
of irregularities, including fraud. The extent
to which our procedures are capable of
detecting irregularities, including fraud,
isdetailed below.
Based on our understanding of the group
and industry, we identified that the principal
risks of non-compliance with laws and
regulations related to medical devices
regulations and REACH regulations
(Registration, Evaluation, Authorisation and
Restriction of Chemicals), and we considered
the extent to which non-compliance might
have a material effect on the financial
statements. We also considered those laws
and regulations that have a direct impact on
the financial statements such as Companies
Act 2006 and tax legislation. We evaluated
management’s incentives and opportunities
for fraudulent manipulation of the financial
statements (including the risk of override of
controls), and determined that the principal
risks were related to posting journal entries
to manipulate revenue and financial
performance, and management bias within
accounting estimates and judgements. The
group engagement team shared this risk
assessment with the component auditors so
that they could include appropriate audit
procedures in response to such risks in their
work. Audit procedures performed by the
group engagement team and/or component
auditors included:
•
challenging assumptions and judgements
made by management in their significant
accounting estimates, in particular
around the valuation of inventories and
the valuation of the UK defined benefit
pension scheme;
•
identifying and testing journal entries, in
particular any journal entries posted with
unusual account combinations;
•
discussions with the Audit Committee,
management, internal audit and the
in-house legal team including
consideration of known or suspected
instances of non-compliance with laws
and regulation or fraud; and
•
reviewing minutes of meetings of those
charged with governance throughout the
year and post-year end to identify any
one off or unusual transactions.
There are inherent limitations in the audit
procedures described above. We are less
likelyto become aware of instances of
non-compliance with laws and regulations
that are not closely related to events and
transactions reflected in the financial
statements. Also, the risk of not detecting a
material misstatement due to fraud is higher
than the risk of not detecting one resulting
from error, as fraud may involve deliberate
concealment by, for example, forgery
orintentional misrepresentations,
orthroughcollusion.
Our audit testing might include testing
complete populations of certain transactions
and balances, possibly using data auditing
techniques. However, it typically involves
selecting a limited number of items for
testing, rather than testing complete
populations. We will often seek to target
particular items for testing based on their
size or risk characteristics. In other cases, we
will use audit sampling to enable us to draw
a conclusion about the population from
which the sample is selected.
A further description of our responsibilities
for the audit of the financial statements
islocated on the FRC’s website at:
www.frc.org.uk/auditorsresponsibilities.
Thisdescription forms part of our
auditors’report.
Use of this report
This report, including the opinions, has been
prepared for and only for the company’s
members as a body in accordance with
Chapter 3 of Part 16 of the Companies Act
2006 and for no other purpose. We do not,
in giving these opinions, accept or assume
responsibility for any other purpose or to
any other person to whom this report is
shown or into whose hands it may come
save where expressly agreed by our prior
consent in writing.
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF VICTREX PLC
CONTINUED
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
126 Victrex plc – Annual Report 2025

OTHER REQUIRED REPORTING
Companies Act 2006
exceptionreporting
Under the Companies Act 2006 we are
required to report to you if, in our opinion:
•
we have not obtained all the information
and explanations we require for our
audit; or
•
adequate accounting records have not
been kept by the company, or returns
adequate for our audit have not been
received from branches not visited by us; or
•
certain disclosures of directors’
remuneration specified by law are not
made; or
•
the company financial statements and
thepart of the Directors’ Remuneration
Report to be audited are not in agreement
with the accounting records and returns.
We have no exceptions to report arising
from this responsibility.
Appointment
Following the recommendation of the
AuditCommittee, we were appointed
bythemembers on 9 February 2018
toauditthe financial statements for
theyearended30September 2018 and
subsequentfinancial periods. The period
oftotal uninterrupted engagement is
eightyears,covering the years ended
30September2018 to 30 September 2025.
OTHER MATTER
The company is required by the Financial
Conduct Authority Disclosure Guidance and
Transparency Rules to include these financial
statements in an annual financial report
prepared under the structured digital format
required by DTR 4.1.15R - 4.1.18R and filed
on the National Storage Mechanism of the
Financial Conduct Authority. This auditors’
report provides no assurance over whether
the structured digital format annual financial
report has been prepared in accordance
with those requirements.
Graham Parsons (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Manchester
2 December 2025
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
127Annual Report 2025 – Victrex plc

FINANCIAL
STATEMENTS
SHAREHOLDER
INFORMATION
CONTENTS
129 Consolidated income statement
130 Consolidated statement
ofcomprehensiveincome
131 Balance sheets
132 Cash flow statements
133 Consolidated statement
ofchangesinequity
134 Company statement
ofchangesinequity
135 Notes to the financial statements
CONTENTS
178 Five-year financial summary
and Cautionary note regarding
forward-looking statements
179 Financial calendar
180 Advisors
128 Victrex plc – Annual Report 2025
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION

Revenue
2
2 92 .7
2 9 1. 0
Gains on foreign currency net hedging
3.7
5. 2
Cost of sales
(16 3 . 8)
(161.9)
Gross profit
132 . 6
13 4 . 3
Sales, marketing and administrative expenses
(74 . 0)
(71. 0)
Research and development expenses
11
(1 8 . 8)
(1 7. 5)
Operating profit before exceptional items
48.4
6 0.3
Exceptional items
4
(8 .6)
(14 . 5)
Operating profit
39. 8
45.8
Losses on equity investment
4
(4 . 0)
—
Finance income
7
0. 4
0 .7
Finance costs
7
(2 . 4)
(1. 9)
Result of associate
4, 12
—
(21. 2)
Profit before tax and exceptional items
46.4
5 9 .1
Exceptional items
4
(12 . 6)
(35 .7)
Profit before tax
33 .8
23.4
Income tax expense
8
(8 .9)
( 7. 6)
Profit for the financial year
24 .9
15 . 8
– Owners of the Company
2 7. 8
1 7. 2
– Non-controlling interests
12
(2. 9)
(1. 4)
Basic
9
32. 0p
19. 8p
Diluted
9
31. 8p
19 . 7p
Interim
23
13. 4 2p
Final
23
4 6 .1 4p
4 6 .1 4p
23
59.56p
59.5 6p
A final dividend in respect of FY 2025 of 46. 14p per ordinary share (£40.2m) has been recommended by the Directors for approval at the
AnnualGeneral Meeting on 6 February 2026.
CONSOLIDATED INCOME STATEMENT
for the year ended 30 September
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129Annual Report 2025 – Victrex plc

Profit for the financial year
24 .9
15 . 8
Defined benefit pension schemes’ actuarial (losses)/gains
18
(1 . 8)
0.3
Income tax on items that will not be reclassified to profit or loss
8
0. 4
(0 .1)
(1 . 4)
0.2
Currency translation differences for foreign operations
(1. 6)
(6 .7)
Effective portion of changes in fair value of cash flow hedges
(0.9)
9.6
Net change in fair value of cash flow hedges transferred to profit or loss
(3.7)
(5. 2)
Income tax on items that may be reclassified to profit or loss
8
1. 2
(1 .1)
(5.0)
(3. 4)
Total other comprehensive expense for the year
(6. 4)
(3 .2)
Total comprehensive income for the year
18 .5
12 . 6
– Owners of the Company
21. 4
14 . 0
– Non-controlling interests
(2.9)
(1. 4)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30 September
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130 Victrex plc – Annual Report 2025

Property, plant and equipment
10
3 4 8 .7
3 5 2 .1
—
—
Intangible assets
11
16. 4
1 7.1
—
—
Investment in subsidiaries
12
—
—
131.9
131.9
Financial assets held at fair value through profit and loss
12
—
3.5
—
—
Financial assets at amortised cost
17
1. 0
1. 0
—
—
Deferred tax assets
13
6 .1
6.2
—
—
Retirement benefit asset
18
9. 3
10.7
—
—
3 81. 5
39 0.6
131.9
131.9
Inventories
14
10 9.7
11 5 . 1
—
—
Current income tax assets
2.7
3.9
—
—
Trade and other receivables
15
46.5
45 .8
87.2
132.1
Derivative financial instruments
17
2.3
7. 3
—
—
Cash and cash equivalents
17
24 .2
29. 3
0.1
0.1
185.4
20 1. 4
87.3
132.2
Total assets
566.9
592. 0
219.2
26 4.1
Deferred tax liabilities
13
(4 2 .1)
(4 0. 8)
—
—
Long-term lease liabilities
20
(7. 0)
(8 .3)
—
—
Borrowings
16
(22 .6)
(32.9)
—
—
Retirement benefit obligation
18
(2 . 4)
(2.5)
—
—
(7 4 .1)
(8 4 .5)
—
—
Derivative financial instruments
17
(1. 6)
(0 .3)
—
—
Borrowings
16
(1 7. 5)
(7. 5)
—
—
Current income tax liabilities
(0.6)
(2. 2)
—
—
Trade and other payables
19
(4 0 .0)
(3 4. 2)
(1.2)
(1.2)
Current lease liabilities
20
(1. 9)
(1.7)
—
—
(61. 6)
(45.9)
(1.2)
(1.2)
Total liabilities
(1 3 5 .7)
(13 0 . 4)
(1.2)
(1.2)
Net assets
4 31. 2
4 61. 6
218.0
262.9
Share capital
23
0.9
0.9
0.9
0.9
Share premium
23
62. 2
6 2 .1
62.2
62.1
Translation reserve
23
(5 .5)
(3.9)
—
—
Hedging reserve
23
0. 5
3.9
—
—
Retained earnings
1
23
375 . 4
39 8.0
154.9
199.9
Equity attributable to owners of the Company
433 .5
4 6 1. 0
218.0
262.9
Non-controlling interest
(2.3)
0.6
—
—
Total equity
4 31. 2
4 61. 6
218.0
262.9
1 The profit for the financial year dealt with in the financial statements of the Company is £3.3m, which includes dividends from subsidiaries of £4.3m
(FY2024: profit of £4 1.4m, which includes dividends from subsidiaries of £42.4m).
These financial statements of Victrex plc on pages 129 to 177, registered number 2793780, were approved by the Board of Directors on
2 December 2025 and were signed on its behalf by:
Jakob Sigurdsson Ian Melling
CEO CFO
BALANCE SHEETS
as at 30 September
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131Annual Report 2025 – Victrex plc

Group
Company
Profit for the financial year
24.9
15 . 8
3.3
41.4
Income tax expense
8
8 .9
7. 6
0.2
0.2
Finance income
7
(0. 4)
(0 .7)
—
—
Finance costs
7
2.4
1.9
—
—
Losses on equity investment
4
4.0
—
—
—
Result of associate
3, 12
—
2 1. 2
—
—
Dividends received from subsidiaries
—
—
(4.3)
(42.4)
Operating profit/(loss)
39. 8
45. 8
(0.8)
(0.8)
Depreciation
10
24 .2
21. 5
—
—
Amortisation
11
0 .7
1.7
—
—
Impairment of property, plant and equipment
10
—
4.6
—
—
Gain on early termination of long-term lease liabilities
—
(0 .1)
—
—
Loss on disposal of non-current assets
10, 11
0 .1
0 .1
—
—
Equity-settled share-based payment transactions
22
3.5
0. 2
3.5
0.2
Losses/(gains) on derivatives recognised in income statement that have
notyet settled
17
1.7
(2.4)
—
—
Decrease in inventories
5.0
1 7. 2
—
—
(Increase)/decrease in receivables
(4 .1)
(1. 7)
44.9
8.9
Increase in payables
5.7
2.5
—
1.1
Retirement benefit obligations charge less contributions
(0.7)
(0 .7)
—
—
Cash generated from operations
75. 9
8 8 .7
47.6
9.4
Interest received
0. 4
0 .7
—
—
Interest paid
(0 .8)
(1 .1)
—
—
Net income tax paid
(4 . 4)
(4. 3)
(0.2)
(0.2)
Net cash flow generated from operating activities
7 1 .1
8 4.0
47.4
9.2
Acquisition of property, plant and equipment and intangible assets
10, 11
(21. 8)
(32.6)
—
—
Withdrawal of cash invested for greater than three months
17
—
0 .1
—
—
Dividends received
—
—
4.3
42.4
Other loans granted
17
—
(0 .7)
—
—
Loans to associated undertakings
12
—
(2.2)
—
—
Net cash flow (used in)/generated from investing activities
(21. 8)
(35.4)
4.3
42.4
Proceeds from issue of ordinary shares exercised under option
23
0 .1
0. 2
0.1
0.2
Repayment of lease liabilities
20
(2 . 2)
(1. 9)
—
—
Bank borrowings received
16, 17
25 .5
33.8
—
—
Bank borrowings repaid
17
(2 5. 3)
(3 1 .1)
—
—
Interest paid on capital-related bank borrowings
16
(0. 9)
(1 .1)
—
—
Dividends paid
23
(51. 8)
(51. 8)
(51.8)
(51.8)
Net cash flow used in financing activities
(5 4 .6)
(51 . 9)
(51.7)
(51.6)
Net decrease in cash and cash equivalents
(5. 3)
(3. 3)
—
—
Effect of exchange rate fluctuations on cash held
0. 2
(0.8)
—
—
Cash and cash equivalents at beginning of year
29. 3
33. 4
0.1
0.1
Cash and cash equivalents at end of year
24. 2
29. 3
0.1
0.1
CASH FLOW STATEMENTS
for the year ended 30 September
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132 Victrex plc – Annual Report 2025

Equity at 1 October 2023
0 .9
61. 9
2. 8
0.6
432. 8
499.0
2.0
5 01. 0
Profit for the year attributable to owners of the Company
—
—
—
—
17. 2
1 7. 2
—
1 7. 2
Loss for the year attributable to non-controlling interest
—
—
—
—
—
—
(1. 4)
(1. 4)
Currency translation differences for foreign operations
—
—
(6 .7)
—
—
(6 .7)
—
(6 .7)
Effective portion of changes in fair value of
cashflowhedges
—
—
—
9.6
—
9.6
—
9.6
transferred toprofit or loss
—
—
—
(5. 2)
—
(5. 2)
—
(5. 2)
Defined benefit pension schemes’ actuarial gains
18
—
—
—
—
0. 3
0. 3
—
0.3
Tax on other comprehensive expense
8
—
—
—
(1 .1)
(0 .1)
(1. 2)
—
(1. 2)
fortheyear
—
—
(6 .7)
3.3
0.2
(3 . 2)
—
(3. 2)
Total comprehensive (expense)/income for the year
—
—
(6 .7)
3.3
17. 4
14 . 0
(1. 4)
12. 6
Share options exercised
23
—
0.2
—
—
—
0.2
—
0.2
Equity-settled share-based payment transactions
22
—
—
—
—
0. 2
0. 2
—
0. 2
Tax on equity-settled share-based payment transactions
8
—
—
—
—
(0.6)
(0.6)
—
(0.6)
Dividends to shareholders
23
—
—
—
—
(51. 8)
(51. 8)
—
(51. 8)
Equity at 30 September 2024
0.9
6 2 .1
(3.9)
3.9
39 8.0
4 61. 0
0.6
4 61. 6
Profit for the year attributable to owners of the Company
—
—
—
—
2 7. 8
2 7. 8
—
2 7. 8
Loss for the year attributable to non-controlling interest
—
—
—
—
—
—
(2 . 9)
(2 .9)
Currency translation differences for foreign operations
—
—
(1 . 6)
—
—
(1 . 6)
—
(1. 6)
Effective portion of changes in fair value of
cashflowhedges
—
—
—
(0. 9)
—
(0 .9)
—
(0. 9)
transferred toprofit or loss
—
—
—
(3.7)
—
(3.7)
—
(3.7)
Defined benefit pension schemes’ actuarial losses
18
—
—
—
—
(1. 8)
(1. 8)
—
(1 . 8)
Tax on other comprehensive income
8
—
—
—
1. 2
0.4
1. 6
—
1. 6
Total other comprehensive expense fortheyear
—
—
(1 . 6)
(3 .4)
(1. 4)
(6 . 4)
—
(6. 4)
Total comprehensive (expense)/income for the year
—
—
(1 . 6)
(3 .4)
26.4
21. 4
(2 .9)
18 . 5
Share options exercised
23
—
0 .1
—
—
—
0 .1
—
0 .1
Equity-settled share-based payment transactions
22
—
—
—
—
3.5
3. 5
—
3.5
Tax on equity-settled share-based payment transactions
8
—
—
—
—
(0.7)
(0 .7)
—
(0 .7)
Dividends to shareholders
23
—
—
—
—
(51 . 8)
(51 . 8)
—
(51 . 8)
Equity at 30 September 2025
0.9
62 .2
(5 .5)
0.5
3 75. 4
4 33.5
(2.3)
4 31. 2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
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133Annual Report 2025 – Victrex plc

Note
Share
capital
£m
Share
premium
£m
Retained
earnings
£m
Total
£m
Equity at 1 October 2023 0.9 61.9 210.1 272.9
Total comprehensive income for the year
Profit for the year — — 41.4 41.4
Contributions by and distributions to owners of the Company
Share options exercised 23 — 0.2 — 0.2
Equity-settled share-based payment transactions 22 — — 0.2 0.2
Dividends to shareholders 23 — — (51.8) (51.8)
Equity at 30 September 2024 0.9 62.1 199.9 262.9
Total comprehensive income for the year
Profit for the year — — 3.3 3.3
Contributions by and distributions to owners of the Company
Share options exercised 23 — 0.1 — 0.1
Equity-settled share-based payment transactions 22 — — 3.5 3.5
Dividends to shareholders 23 — — (51.8) (51.8)
Equity at 30 September 2025 0.9 62.2 154.9 218.0
COMPANY STATEMENT OF CHANGES IN EQUITY
134 Victrex plc – Annual Report 2025
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134 Victrex plc – Annual Report 2025

1. BASIS OF PREPARATION
General information
Victrex plc (the ‘Company’) is a public company, which is limited by shares and is listed on the London Stock Exchange. The Company is
incorporated and domiciled in England in the United Kingdom. The address of its registered office is Victrex Technology Centre, Hillhouse
International, Thornton Cleveleys, Lancashire FY5 4QD, United Kingdom.
The consolidated financial statements of the Company for the year ended 30 September 2025 comprise the Company and its subsidiaries
(together referred to as the ‘Group’).
These consolidated financial statements have been approved for issue by the Board of Directors on 2 December 2025.
Basis of preparation and statement of compliance
Both the consolidated and Company financial statements have been prepared in accordance with International Accounting Standards in
conformity with the requirements of the Companies Act 2006 and in accordance with UK-adopted International Accounting Standards.
The financial statements have been prepared under the historical cost basis except for derivative financial instruments, defined benefit
pension scheme assets and financial assets held at fair value through profit and loss, which are measured at their fair value.
The Group’s business activities, together with factors likely to affect its future development, performance and position, are set out in the
Strategic report on pages 1 to 67. In addition, note 17 on financial risk management details the Group’s exposure to a variety of financial
risks, including currency and credit risk.
On publishing the Company financial statements here together with the consolidated financial statements, the Company is taking
advantage of section 408 of the Companies Act 2006 not to present its individual income statement and related notes that form part
of the approved financial statements.
Unless a change has been required by adoption of new standards, the accounting policies set out in these notes have been applied
consistently to all periods presented in these consolidated and Company financial statements.
The accounting policies have been consistently applied by Group entities.
Climate change
In preparing the financial statements of the Group, an assessment of the potential impact of climate change has been made in line with
the requirements of the Task Force on Climate-related Financial Disclosures (‘TCFD’) and with specific consideration of the disclosures made
in the Sustainability report starting on page 38. This has specifically incorporated the impact of the physical risks of climate change and
transitional risks including the potential impact of government and regulatory actions as well as the Group’s stated Net Zero targets.
The potential impact has been considered in the following areas:
•
the key areas of judgement and sources of estimation – see below;
•
the expected useful lives of property, plant and equipment;
•
those areas which rely on future forecasts which have the potential to be impacted by climate change:
•
carrying value of non-current assets;
•
going concern; and
•
viability;
•
the recoverability of deferred taxation assets; and
•
the recoverability of inventory and trade receivables.
The specific considerations have been included in the corresponding financial statement notes below.
The Directors recognise the inherent uncertainty in predicting the impact of climate change and the actions which regulators and
governments, both domestic and overseas, will take in order to achieve their various targets. However, from the work undertaken to date,
outlined in the Sustainability report, the Directors have reached the overall conclusion that there has been no material impact on the
financial statements for the current year from the potential impact of climate change.
The specific considerations in respect to the viability of the Group are included in the Viability statement on pages 36 and 37.
The Group’s analysis on the impact of climate change continues to evolve as more clarity on timings and targets emerges, with Victrex
committed to reducing its carbon impact towards Net Zero across all scopes by 2050 in line with SBTi targets.
Going concern
The Directors have performed a robust going concern assessment including a detailed review of the business’ rolling forecast and
consideration of the principal risks faced by the Group and the Company, as detailed on pages 28 to 34. This assessment has paid particular
attention to current trading results and both the impact of the ongoing global economic and sector specific challenges on the
aforementioned forecasts.
Both the Group and Company maintains a strong balance sheet providing assurance to key stakeholders, including customers, suppliers and
employees. The Group had net debt of £24.8m at 30 September 2025, a reduction of £15.9m from 31 March 2025, and an increase of
£3.7m from 30 September 2024. The increase in net debt during the year largely relates to the payment of dividends in February 2025,
£40.1m, and June 2025, £11.7m. Underlying operating cash conversion improved to 121% for the year ended September 2025 from 114%
for the year ended September 2024, supported by lower capital expenditure and the ongoing reduction in the inventory position. The
Group drew on its UK revolving credit facility during the period to pay the final dividend, with a maximum drawn down of £18m (£26m
maximum drawn down in the year ended 30 September 2024), before fully repaying the facility by the end of the year from operating cash
flows. Of the gross debt position of £49.0m, £19.4m is due within one year. The Group maintains a cash balance sufficient to manage
short-term liquidity and provide headroom against ongoing trading volatility.
NOTES TO THE FINANCIAL STATEMENTS
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135Annual Report 2025 – Victrex plc

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
1. BASIS OF PREPARATION CONTINUED
Going concern continued
The cash balance at 30 September 2025 was £24.2m. Approximately 50% is held in the UK, on instant access, where the Group incurs the
majority of its expenditure. At the date of this report, the Group has drawn c.£32m of its Chinese banking facility in its Chinese subsidiaries
(with a total facility of c.£40m available until June 2029, subject to continuing to meet draw down criteria which will be reassessed in
November 2026 as detailed below) and has unutilised UK banking facilities of £60m through to October 2028 of which £40m is committed
and immediately available and a further £20m is available subject to lender approval.
The rolling forecast is derived from the Group’s Integrated Business Planning (‘IBP’) process which runs monthly. Each area of the business provides
forecasts which consider a number of external data sources, triangulating with customer conversations, trends in market and country indices as
well as forward-looking industry forecasts: for example, forecast aircraft build rates from the two major manufacturers for Aerospace; rig count
and purchasing manager indices for E&I; World Semiconductor Trade Statistics semiconductor market forecasts for Electronics; and Needham and
IQVIA forecasts for medical procedures.
The assessment of going concern included conducting scenario analysis on the aforementioned forecast. Whilst Sustainable Solutions has seen a
continued recovery in sales volumes during FY 2025, albeit at a weaker mix, Medical continues to experience lower demand, primarily in Spine which
is offsetting strong progress in other application areas, with Medical sales reducing for the second year in a row since the record FY 2023. With
economic forecasts remaining mixed, particularly for the chemical sector, and supply chains continuing to be cautious in both segments, the scenario
analysis performed by management focuses on the Group’s ability to sustain a further period of suppressed demand in Medical and a return to lower
volumes in Sustainable Solutions. In assessing the severity of the scenario analysis the scale and longevity of the impact experienced during previous
economic downturns have been considered, including the differing impacts on the Sustainable Solutions and Medical segments.
Using the IBP data and the reference points from previous economic cycles, management has created two scenarios to model the impact of a
reversal of the recovery seen in Sustainable Solutions since January 2024 and the continuing effect of softer demand within Medical at a regional/
market level and aggregated levels on the Group’s profits and cash generation through to January 2027 with consideration also given to the six
months beyond this. The impact of climate change is not considered to have a significant impact over the going concern period and, as a result,
the scenario testing noted below does not incorporate any additional sensitivity specific to climate change.
The Directors have modelled the following scenarios:
Scenario 1 – Sustainable Solutions demand reduces back to the levels seen before the recovery in volumes for a period of six months from
January 2026, before recovering to the levels seen in the past 12 months for the remainder of the going concern period. Medical revenue
remains in line with the softer level experienced during FY 2025 through to June 2026 before recovery commences at a rate of 10% per
annum through the remainder of the going concern period. Inventory is reduced in line with sales.
Scenario 2 – In line with scenario 1 through to June 2026 but with the lower demand continuing throughout 2026, i.e. throughout the
going concern period. This would give an annualised volume below c.3,500 tonnes, a level not seen since 2013 with the exception of the
COVID impacted FY 2020. In this scenario softer demand would continue to impact Medical revenue which would remain at an annualised
revenue comparable to FY 2025 of c.£58m throughout the going concern period, a level, prior to FY 2025, not seen in the past 10 years.
Inventory is reduced in line with sales. The Directors consider scenario 2 to be a severe but plausible scenario.
Following operational challenges sales from the new PEEK manufacturing facility in China have remained at a modest level during FY 2025; however,
with the challenges now largely resolved and the Commercial team in place to more aggressively pursue the opportunities, volume growth is forecast
to accelerate. Whilst this happens there is a period where additional funding is required to see it through to net cash generation. In concluding on the
going concern position, it has been assumed that the Group will provide the additional funds in full, which the Board considers to be the worst case
scenario. The locally provided external funding is due for repayment in December 2026. The Group has agreed to refinance this facility through to
June 2029 with the drawdown of a new facility in November 2026 to repay the existing facility. This facility is not committed until it is drawn down
and therefore the going concern assessment assumes that the £24.6m is repaid by December 2026, which would require a partial drawdown of the
UK revolving credit facility in each of the scenarios.
Before any mitigating actions the sensitised cash flows show the Group has significantly reduced cash headroom, which would require
continued use of the committed UK banking facility during the going concern period. The level of facility drawn down is forecast to be
similar with the past two financial years. The level of facility drawn down is higher in scenario 2 but in neither scenario is the committed
facility fully drawn, nor drawn for the whole year. With cash levels lower than has historically been the case for Victrex, particularly if the
aforementioned new China bank facility is not drawn down and therefore the existing facility requires repayment using the UK revolving
credit facility, or other as yet unsecured new facilities, in December 2026, the Group and Company have identified a number of mitigating
actions which are readily available to increase the headroom. These include:
•
Use of committed facility – the undrawn committed facility could be drawn at short notice. Conversations with our banking partners
indicate that the £20m uncommitted accordion could also be readily accessed. The covenants of the facility have been successfully
tested under each of the scenarios.
•
Securing additional debt facilities – the company could seek to obtain additional debt from existing banking partners or other potential
lenders;
•
Deferral of capital expenditure – the base case capital investment over the next 12 months is lower than recent years with major projects now
completed. This could be reduced further by limiting expenditure to essential projects and deferring all other projects later into 2026 or beyond.
•
Reduction in discretionary overheads – costs would be limited to prioritise and support customer-related activity.
•
Further reduction in inventory levels – the elevated inventory level seen at the end of FY 2023 has been partially unwound across
FY 2024 and FY 2025 with a further reduction targeted in FY 2026. The scenarios noted above include an acceleration of the inventory
unwind but a more aggressive approach could be taken to provide additional cash resources.
•
Reduction/deferral/cancellation of dividends – the Board considers the cash position and interests of all stakeholders before
recommending payment of a dividend. A dividend has been proposed for payment in February 2026 of c.£40m and in the past an
interim dividend of c.£12m has been paid in July, giving a combined annual outflow of c.£52m.
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1. BASIS OF PREPARATION CONTINUED
Going concern continued
Reverse stress testing was performed to identify the level that sales would need to drop by in order for the Group or Company to be unable
to meet its liabilities as they fall due before the end of the going concern assessment period. Sales volumes would need to consistently drop
materially below the low point in scenario 2 which is not considered plausible.
As a result of this detailed assessment and with reference to the Group and Company’s strong balance sheet, existing committed facilities and
the cash preserving levers at both the Group and Company’s disposal, but also acknowledging the current economic uncertainty created by
the increase in global tariffs, particularly in the US, the depressed chemical sector and the war in Ukraine continuing, the Board has concluded
that both the Group and Company have sufficient liquidity to meet their obligations when they fall due for a period of at least 12 months after
the date of this report. For this reason, they continue to adopt the going concern basis for preparing the financial statements.
Critical judgements made in applying accounting policies
The critical judgements involving estimation uncertainty are shown below. The Directors also consider the critical judgements, other than
those involving estimation uncertainty, in the process of applying accounting policies that would have a significant effect on the amounts
recognised in the financial statements.
The Directors consider that the application of the exceptional items accounting policy involves significant judgement, with the application
and areas of judgement outlined in note 4, consistent with the prior year. In addition, as detailed in note 10, the accounting policy for
property, plant and equipment requires the recoverable amount of the assets to be assessed when there is an indication that the carrying
amount of the assets may not be recoverable. The Directors undertake a review for indicators of potential impairment at each reporting
date. This assessment is considered a critical judgement, particularly where the assets are new and therefore currently operating well
below capacity and expected to generate a loss which requires ongoing funding.
There are no other judgements that the Directors have made in the process of applying accounting policies that would have a significant
effect on the amounts recognised in the financial statements.
Sources of estimation uncertainty
The Group uses estimates and assumptions in applying accounting policies to value balances and transactions recorded in the financial
statements. The estimates and assumptions that, if revised, would have a significant risk of a material impact on the valuation of assets
and liabilities within the next financial year, and therefore classified as critical at 30 September 2025, are retirement benefits (see note 18)
and the valuation of inventory (see note 14), consistent with the prior year.
The critical judgements and key sources of estimation uncertainty that the Directors have considered in the process of applying the
Group’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements are included
within the relevant notes. Critical judgements and key sources of estimation uncertainty can be identified throughout the notes by the
following symbol . Management has discussed these with the Audit Committee. These should be read in conjunction with the material
accounting policies provided in the notes to the financial statements.
The consideration of critical judgements and key sources of estimation uncertainty includes consideration of the potential impact of
climate change on the financial statements. The areas considered and the conclusions made can be identified throughout the financial
statements by the symbol . None of the areas of estimation uncertainty considered had a significant risk of material adjustment in
the next 12 months as a result of climate change, although it is noted that there could be a more significant impact over the medium
and longer-term time frames.
Other areas of judgement and sources of estimation uncertainty
The financial statements include other areas of judgement and sources of estimation uncertainty which do not meet the above definition
of critical either due to the level of risk or the time frame of the potential impact; however, they apply to the measurement of certain
material assets and liabilities. These include the useful economic lives and residual value of property, plant and equipment and the
recognition of deferred taxation balances for which there is uncertainty over the longer-term recoverability.
New accounting standards and amendments to existing standards
New standards and amendments to existing standards were effective for the financial year ended 30 September 2025, which included:
•
Amendments to IAS 1 – Liabilities with Covenants;
•
Amendment to IFRS 16 – Lease Liability in a Sale and Leaseback; and
•
Amendments to IAS 7 and IFRS 7 – Supplier Finance Arrangements.
None of these have had a material impact on the consolidated or Company result or financial position.
Standards effective from 1 October 2025 onwards
A number of standards, amendments and interpretations have been issued and endorsed by the UK but are not yet effective in the UK and,
accordingly, the Group has not yet adopted them. These include:
•
Amendments to IAS 21 – Lack of Exchangeability; and
•
Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments.
None of these are expected to have a material impact on the consolidated or Company result or financial position.
The Group continues to monitor the potential impact of other new standards and interpretations which may be endorsed and require
adoption by the Group in future reporting periods. The Group does not consider that any other standards, amendments or interpretations
issued by the IASB, but not yet applicable, will have a material impact on the Group’s consolidated result or financial position.
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. SEGMENT REPORTING
The Group complies with IFRS 8 – Operating Segments, which requires operating segments to be identified and reported upon that are
consistent with the level at which results are regularly reviewed by the entity’s chief operating decision maker (‘CODM’). The CODM for
the Group is the Victrex plc Board. Information on the business units is the primary basis of information reported to the Victrex plc Board.
The performance of the business units is assessed based on segmental gross profit. Management of sales, marketing and administration,
and Research and Development functions servicing both business units is consolidated and reported at a Group level. Segmental balance
sheets are not produced; instead, the CODM reviews the balance sheet at a Group level which provides the necessary level of detail to
make an informed assessment of the financial position of the Group on which to base key business decisions.
The Group’s business is strategically organised as two business units (operating segments): Sustainable Solutions, which focuses on our
Energy & Industrial, VAR, Transport and Electronics markets, and Medical, which focuses on providing specialist solutions for medical
device manufacturers.
Segment revenue
239.5
58.8
298.3
235.2
61.9
297.1
Internal revenue
(5.6)
—
(5.6)
(6.1)
—
(6.1)
Revenue from external sales
233.9
58.8
292.7
229.1
61.9
291.0
Gains on foreign currency net hedging
3.0
0.7
3.7
4.2
1.0
5.2
Cost of sales
(148.4)
(15.4)
(163.8)
(148.4)
(13.5)
(161.9)
Segment gross profit
88.5
44.1
132.6
84.9
49.4
134.3
Transactions between segments are conducted at arm’s length.
Restatement of segment reporting
At the start of FY 2025 the Group’s management structure changed with a consolidation of our two Medical businesses under the leadership
of the Managing Director for Medical. The non-implantable Medical business, which in FY 2024 represented 3% of Group revenue, has
historically been managed by the Managing Director for Sustainable Solutions and Board reporting has consolidated this business with the
other Sustainable Solutions businesses. However, with more strategic opportunities arising in this market, including more focus on pharmaceutical
applications, across an increasingly similar value proposition to the implantable business, the Board concluded that the two Medical businesses
would benefit from being under the same Managing Director. The way in which results are reported to the Board has been realigned, with
Medical now comprising both the implantable and non-implantable businesses. Accordingly, the segmental disclosures have been updated to
reflect the revised structure with the comparatives for FY 2024 restated on a consistent basis.
There is no change to the Group level results as a consequence of this restatement.
A table setting the previous and new segmental reporting for FY 2024 comparatives is set out below.
Segment revenue
240.6
53.0
293.6
235.2
61.9
297.1
Internal revenue
(2.6)
—
(2.6)
(6.1)
—
(6.1)
Revenue from external sales
238.0
53.0
291.0
229.1
61.9
291.0
Gains on foreign currency net hedging
4.2
1.0
5.2
4.2
1.0
5.2
Cost of sales
(151.9)
(10.0)
(161.9)
(148.4)
(13.5)
(161.9)
Segment gross profit
90.3
44.0
134.3
84.9
49.4
134.3
Impact of climate change
The Board monitors climate change metrics, primarily the revenue from sustainable products, on a six-monthly basis. However,
the primary basis for reviewing financial performance over all time horizons, from monthly to annually, remains at the operating
segment level. It is noted that products sold into sustainable applications are primarily the same as products sold into non-
sustainable applications. It is only the end application which differentiates them. As a result, it is not anticipated that any
change will be required in the segmental reporting as a result of the Group’s focus on sustainable applications.
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2. SEGMENT REPORTING CONTINUED
Revenue recognition
Revenue in both segments comprises the amounts receivable for the sale of goods, net of value added tax, rebates and discounts
and after eliminating sales within the Group. Revenue from the sale of goods is recognised when all performance obligations are met,
which is when the goods are dispatched or delivered in line with Incoterms. Victrex receives Medical Unit Payments (‘MUPs’) from a
number of medical customers. MUPs are deferred payments contingent on the customer selling its final component to the end user.
Revenue from MUPs is a form of variable consideration where all performance obligations have been met when the material is sold
by the Group. The initial value of the MUP recognised is based on management’s best estimate of the value that will flow to the
Group only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised
will not occur when the uncertainty associated with the variable consideration is subsequently resolved. This will be adjusted
as appropriate, with a final adjustment being made in the period the final declaration is made. The value of MUPs recognised
but not invoiced is included in prepayments and accrued income. See note 15.
No revenue is recognised if there is significant uncertainty regarding recovery of the consideration due or associated costs.
The Group has taken advantage of the expedient allowed in IFRS 15 (121b) not to disclose information about its remaining performance
obligations because the Group only recognises revenue on the satisfaction of performance obligations.
Information about products
The Group derives its revenue from the sale of high performance thermoplastic polymers.
Information about geographical areas
The Group’s country of domicile is the United Kingdom.
1) Revenue from external sales
The following is an analysis of revenue from external sales based on the customer’s location.
United Kingdom
5.1
—
5.1
3.1
—
3.1
Europe, the Middle East and Africa (‘EMEA’)
104.2
20.3
124.5
107.3
21.4
128.7
Americas
50.5
24.4
74.9
46.3
26.6
72.9
Asia-Pacific
74.1
14.1
88.2
72.4
13.9
86.3
233.9
58.8
292.7
229.1
61.9
291.0
United Kingdom
3.1
—
3.1
3.1
—
3.1
Europe, the Middle East and Africa (‘EMEA’)
114.1
14.7
128.8
107.3
21.4
128.7
Americas
48.2
24.6
72.8
46.3
26.6
72.9
Asia-Pacific
72.6
13.7
86.3
72.4
13.9
86.3
238.0
53.0
291.0
229.1
61.9
291.0
Revenue from external customers based in Germany was £75.0m (FY 2024: £76.6m), from the US was £73.3m (FY 2024: £70.7m) and from
China was £45.7m (FY 2024: £44.0m). The revenue from any individual country, with the exception of Germany, the US and China, is not
more than 10% of the Group’s total revenue in either the current or prior year.
2) Non-current assets
The following is an analysis of the carrying value of non-current assets by the geographical area in which the assets are located.
Non-current assets include property, plant and equipment, intangible assets and investments in associates. They do not include retirement
benefit assets, deferred tax assets and financial instruments.
United Kingdom
262.5
261.9
China
86.4
90.7
Other
16.2
16.6
365.1
369.2
At 30 September 2025 and 2024, non-current assets held in any individual country, with the exception of the United Kingdom and China,
are not more than 10% of the Group’s total non-current assets.
Segmental assets and liabilities are not presented because neither management nor the Board receive or review this information.
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. SEGMENT REPORTING CONTINUED
Information about major customers
In the current year no customers contributed more than 10% to Group revenue (FY 2024: no customers contributed more than 10% to
Group revenue).
3. OPERATING PROFIT
Detailed below are the key amounts recognised in arriving at our operating profit:
Staff costs
6
92.5
80.1
Depreciation of property, plant and equipment
10
24.2
21.5
Loss on disposal of non-current assets
10, 11
0.1
0.1
Amortisation of intangibles
11
0.7
1.7
Trade receivables impairment allowance during the year
17
0.1
—
Reversal of trade receivables impairment allowance
17
—
(0.1)
Inventory written down during the year
14
3.6
3.0
Reversal of previously written down inventory
14
(2.6)
(1.9)
Fees payable to auditors
5
1.0
0.8
Exchange differences recognised in the Consolidated income statement, except for those arising on financial instruments measured at fair
value through profit or loss in accordance with IFRS 9, are a gain of £0.6m (FY 2024: gain of £1.6m).
4. EXCEPTIONAL ITEMS
Exceptional items
Exceptional items are those which are, in aggregate, material in size and/or unusual or infrequent in nature.
Critical judgement in relation to application of the accounting policy in relation to exceptional items
The application of the accounting policy for exceptional items contains a number of judgements. These include determining whether an
item would have a material impact on the understanding of the financial performance if it was included within pre-exceptional profit for
the year, including the impact on trends/movements between financial periods. In addition, determining whether an item is unusual in
nature is a matter of judgement which requires comparison with other items to conclude if it is sufficiently different to meet the criteria
of being unusual in nature.
Exceptional items were as follows:
Business process improvements including ERP system
8.6
9.9
Impairment of property, plant and equipment relating to gears manufacturing
—
4.6
8.6
14.5
Fair value loss on equity investment in Surface Generation Limited
3.5
—
Write off of associated receivables owed from Surface Generation Limited
0.5
—
4.0
—
Impairment of investment in associate
—
9.1
Fair value loss on loans due from Bond
—
11.9
Legal fees in relation to Bond
—
0.2
—
21.2
Exceptional items before tax
12.6
35.7
Tax on exceptional items
(2.2)
(8.0)
Exceptional items after tax
10.4
27.7
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4. EXCEPTIONAL ITEMS CONTINUED
Business process improvements including ERP system implementation
During FY 2022 the Group commenced a multi-year improvement project centred around the implementation of a new cloud-based ERP
system. The project, which includes process redesign, customisation and configuration of the new ERP system, change management and
training, will deliver benefits to both customer interactions and internal business processes including those covering procurement, back
office processing and organisational efficiency.
The project costs relating directly to the new ERP system implementation do not meet the criteria for capitalisation (as the majority of
costs relating to past systems have), in line with the IFRS Interpretations Committee’s decision clarifying how arrangements in respect of
cloud-based Software as a Service (‘SaaS’) systems should be accounted for. Accordingly, the cost is expensed rather than capitalised and
amortised. Given the size of the overall improvement project and its impact on the reported profit-based metrics, the fact the system is
evergreen and thus this level and nature of cost will not happen again, it meets the Group’s criteria to be presented as exceptional. The
improvement project and ERP implementation has been completed in 2025.
Fair value loss on equity investment in Surface Generation Limited (‘Surface Generation’) and write off of
associated receivables
Following an assessment of the fair value, the carrying value of Group’s equity investment in Surface Generation, £3.5m, and associated
receivables has been reduced to £nil at 30 September 2025. The minority investment in Surface Generation was acquired in 2019 to gain
access to an innovative and differentiated tooling and design and processing technology called Production to Functional Specification. The
company has exhausted cash invested by Victrex and without further funding would not be able to continue as a going concern. Surface
Generation has been unable to find a suitable external investor to provide the funding or acquire the business and therefore limited funding
has been advanced by current shareholders with the aim of providing 12 months’ runway to complete development of pivotal technology
and mature key customer relationships. The terms of the funding are such that they heavily dilute existing shareholders, including Victrex.
Accordingly, the fair value of the current investment is significantly reduced and with a high level of uncertainty over the future value of the
business the Directors have reduced the fair value to £nil. The Group has also advanced short-term loans to Surface Generation, held within
other receivables, that have also been written off, which along with costs incurred increases the total exceptional charge to £4.0m. Given
the size of the impairment, its impact on the reported profit-based metrics and the infrequent nature of such charges (it is the only
investment currently in the financial asset held at fair value through profit and loss), it meets the Group’s criteria to be presented as
exceptional. £3.95m of the £4.0m is capital in nature for tax purposes and therefore not deductible for tax.
Prior-year exceptional items (excluding those recurring in FY 2025)
Impairment of property, plant and equipment relating to gears manufacturing
Following a review of its property, plant and equipment specific to its gear manufacturing activity, the Company wrote down a number
of assets which were either no longer required or were not forecast to be fully utilised in the future by the gears business and couldn’t be
redeployed elsewhere in the Group. The assets were written down to their recoverable amount with an impairment loss recognised of
£4.6m recognised, none of which is deductible for tax. Given the size of the impairment, its impact on the reported profit-based metrics
and the infrequent nature of such charges, it met the Company’s criteria to be presented as exceptional.
Impairment of investment in associate and fair value loss on loans due from Bond 3D High Performance
Technology BV (‘Bond’)
In late May 2024, Bond had exhausted its cash reserves, and the last potential investor had declined to invest. With the Bond directors
having no other options to sustain the business in the current ownership structure, the trade and assets of Bond were sold for a nominal
value, leaving all amounts owed to Victrex still outstanding. Bond 3D High Performance Technology BV was liquidated on 30 October 2024.
As a result, the Group recognised a total charge in the prior-year income statement of £21.2m, which was disclosed in ‘Result of associate’
in the income statement and comprised the impairment of investment in associate of £9.1m, fair value loss on the convertible loan notes
of £11.0m and 2024 bridging loan of £0.9m, and £0.2m of legal fees. The impairment of investment in associate is non-tax deductible.
At £21.2m, this charge met the criteria to be disclosed as exceptional, being material in size, and would therefore impact the reported
profit-based metrics unduly affecting the comparability of the performance between reporting periods. The total cost was disclosed
within ‘Result of associate’ on the income statement, a presentation which the Directors consider appropriately reflected the nature
of the impairment and reduction in fair value of the loans.
The cash flow in the year associated with exceptional items was a £9.0m outflow (FY 2024: £11.7m outflow).
5. FEES PAYABLE TO AUDITORS
Auditors’ remuneration was as follows:
– Victrex plc and Group consolidation
459
287
– The Company’s subsidiaries, pursuant to legislation
520
503
979
790
Non-audit fees for FY 2025 were £nil (FY 2024: £nil).
Of the current year audit fee, £152,000 is non-recurring audit fees in relation to the new ERP system implementation.
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
6. STAFF COSTS
Wages and salaries
73.9
66.5
Social security costs
8.2
6.8
Defined contribution pension schemes
18
7.3
6.9
Defined benefit pension schemes
18
(0.4)
(0.3)
Equity-settled share-based payment transactions
22
3.5
0.2
92.5
80.1
Detailed disclosures that form part of these financial statements are given in the Directors’ remuneration report on pages 95 to 116.
The monthly average number of people employed by the Group during the year, analysed by category, was as follows:
Make
686
658
Develop, market and sell
285
283
Support
188
174
1 ,1 5 9
1,115
There are no people employed by the Company (FY 2024: none).
7. FINANCE INCOME AND COSTS
– Interest received
0.4
0.7
– Interest payable and similar charges
(2.1)
(1.4)
– Other finance costs
—
(0.2)
– Interest on lease liabilities
(0.3)
(0.3)
(2.0)
(1.2)
In the prior year, the Group also incurred interest costs of £0.9m on bank loans and loans payable to the non-controlling interest funding
the construction of property, plant and equipment in China, which were capitalised within the associated cost of the qualifying property,
plant and equipment (see note 10). Capitalisation of these interest costs ceased in April 2024 when the property, plant and equipment to
which the loans relate were commissioned.
8. INCOME TAX EXPENSE
Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the
extent that it relates to items recognised directly in other comprehensive income or equity as appropriate.
Current tax is the expected tax payable on the taxable income for the current and prior years, using tax rates (and tax laws) enacted or
substantively enacted at the balance sheet date. The Group is subject to income tax in numerous jurisdictions. Estimates are required in
determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax
determination is uncertain because it may be unclear how tax law applies to a particular transaction or circumstance. Where the Group
determines that it is more likely than not that the tax authorities would accept the position taken in the tax return, amounts are
recognised in the financial statements on that basis. Where the amount of tax payable or recoverable is uncertain, the Group recognises
a liability or asset based on either the Group’s judgement of the most likely outcome or, where there is a wide range of possible
outcomes, the expected value.
Deferred tax is provided in full, using the liability method, on temporary differences arising between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for tax purposes. The following temporary differences are not provided
for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that affects neither accounting nor taxable
profit; and differences relating to investments in subsidiaries except to the extent that they will probably reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and
liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
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8. INCOME TAX EXPENSE CONTINUED
A deferred tax asset is recognised only to the extent that it is probable, within a reasonable time frame (typically a period of up to five years),
that future taxable profits will be available against which the asset can be utilised. The probability assessment takes into account the legislation
in each jurisdiction, including any restrictions in place, on a company-by-company basis, including consideration of the ability to relieve losses
between Group companies in the same country and jurisdiction. The availability of taxable temporary differences (i.e. deferred tax liabilities)
relating to the same tax jurisdiction and company, which are expected to reverse over a similar time frame, is also taken into account when
assessing the recognition of any deferred tax asset. Deferred tax assets are reduced to the extent that it is no longer probable that the related
tax benefit will be realised. The assessment over the recoverability of deferred tax assets is reviewed at each reporting date. Where forward-
looking forecasts are used to assess the recognition of a deferred tax balance, forecasts consistent with those used for other assessments within
the Annual Report (including going concern, impairment and viability) are used, but disaggregated to a level appropriate for tax to be assessed,
either by company or by tax jurisdiction.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where
the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a
legally enforceable right to offset and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
UK corporation tax on profits for the year
6.0
(0.7)
Overseas tax on profits for the year
1.8
2.7
7.8
2.0
Origination and reversal of temporary differences
13
1.1
5.3
– Current tax
—
0.2
– Deferred tax
—
0.1
Total tax expense in income statement
8.9
7.6
Reconciliation of standard and effective tax rate
2025
2024
%
£m
%
£m
Profit before tax
33.8
23.4
Tax expense at UK corporation tax rate
25.0
8.5
25.0
5.9
– Income not deductible for tax purposes
(0.1)
(1.1)
– Higher rates of tax on overseas earnings
—
1.2
– Impairments and fair value losses not deductible for tax purposes (note 4)
1.0
3.4
– Withholding tax suffered
0.2
0.2
– Foreign deferred tax
—
(1.0)
– Tax adjustments relating to prior years
—
0.3
– Difference in rates between deferred tax and corporation tax
(0.1)
—
– Deferred tax on losses not recognised
3.4
1.7
– Deferred tax on unremitted earnings
(0.1)
0.2
– Patent Box deduction
(3.9)
(3.2)
Effective tax rate and total tax expense
26.3
8.9
32.5
7.6
The Group has reviewed the requirements of amendments to IAS 12 relating to deferred tax on assets and liabilities arising from a single
transaction and has concluded that there is no material impact on the Group’s result or financial position. In addition, the Group has
reviewed its position in respect of the OECD Pillar 2 rules and has concluded that, at this stage, it is not within the remit of these rules due
to being below the €750m revenue threshold.
Deferred tax assets/liabilities have been recognised at the rate they are expected to reverse. For UK assets/liabilities this is 25% of the
assets and liabilities (30 September 2024: 25% for the majority), being the UK tax rate effective from 1 April 2023, in accordance with
the Finance Bill 2021, which was substantively enacted on 24 May 2021. For overseas assets/liabilities the corresponding overseas tax rate
has been applied.
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
8. INCOME TAX EXPENSE CONTINUED
Tax components of other comprehensive expense
Deferred tax credit/(charge) on defined benefits pension schemes’ actuarial result
0.4
(0.1)
Current tax credit/(charge) on changes in fair value of cash flow hedges
1.2
(1.1)
1.6
(1.2)
Current tax credit/(charge)
1.2
(1.1)
Deferred tax credit/(charge)
0.4
(0.1)
1.6
(1.2)
Tax components of items recognised directly in equity
Deferred tax charge on equity-settled share-based payment transactions
(0.7)
(0.6)
9. EARNINGS PER SHARE
Basic earnings per share is based on the Group’s profit attributable to ordinary shareholders and a weighted average number of ordinary
shares outstanding during the year, excluding own shares held (see note 23). Diluted earnings per share is calculated by adjusting the
weighted average number of shares used for the calculation of basic earnings per share as increased by the dilutive effect of potential
ordinary shares. Dilutive shares arise from employee share option schemes where the exercise price is less than the average market price of
the Company’s ordinary shares during the year. Where the option price is above the average market price, the option is not dilutive and is
excluded from the diluted earnings per share calculation.
2025
2024
Earnings per share
– basic
32.0p
19.8p
– diluted
31.8p
19.7p
Profit for the financial year attributable to the owners of the Company
£27.8m
£17.2m
– Issued ordinary shares at beginning of year
87,034,903
87,018,377
– Effect of own shares held
(49,032)
(75,847)
– Effect of shares issued during the year
12,352
8,421
Basic weighted average number of shares
86,998,223
86,950,951
Effect of share options
716,833
420,332
Diluted weighted average number of shares
87,715,056
87,371,283
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144 Victrex plc – Annual Report 2025

10. PROPERTY, PLANT AND EQUIPMENT
Owned assets
All owned items of property, plant and equipment are stated at historical cost less accumulated depreciation and provision for
impairment. The cost of self-constructed assets includes the cost of materials, direct labour and an appropriate proportion of overheads.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable
that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other
repairs and maintenance costs are charged to the income statement during the financial year in which they are incurred.
Borrowing costs relating to the construction of qualifying property, plant and equipment are capitalised at the actual cost incurred where
the funds are borrowed specifically to fund the construction project. All other finance costs are expensed as incurred.
Depreciation
Depreciation is charged to the income statement on a straight line basis over the estimated useful economic lives as follows:
Buildings 25–50 years
Plant and machinery 10–30 years
Fixtures, fittings, tools and equipment 5–10 years
Computers and motor vehicles 2–5 years
Freehold land is not depreciated.
The residual values and useful lives of assets are reviewed annually for continued appropriateness and indications of impairment and
adjusted if appropriate.
Depreciation on assets classified as in the course of construction commences when the assets are ready for their intended use and
transferred from assets in the course of construction into the relevant asset category.
Profits and losses on disposals are determined by comparing proceeds with the carrying amount. These are included in the income statement.
Impairments
At each reporting date, property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate that
the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount is assessed by
reference to the assets’ value in use or fair value less costs to sell if higher. Any impairment in value is charged to profit or loss in the
period in which it occurs.
Critical judgements made in relation to the assessment of whether impairment indicators exist at the
Group’s PEEK manufacturing assets in China.
At each reporting date the Group assesses whether there are indicators that its assets may be impaired. This assessment considers a wide
range of potential indicators, including those detailed in IAS 36 – Impairment of Assets. The level of judgement required varies across the
Group’s asset base but is considered more significant when an asset is new and operating well below capacity with costs expected to
exceed the revenue generated and therefore requiring ongoing funding. The Group completed the construction of its PEEK manufacturing
plant in China during the year ended 30 September 2024 at a total cost of c.£65m and a book value at 30 September 2025 of £61.4m.
The PEEK plant has experienced operational challenges during the commissioning and start-up phases, none of which are considered uncommon
for a project of this scale and complexity nor have an adverse impact on the plant’s ability to produce over its operational lifespan. They have,
however, resulted in a delay in ramping production and therefore product available for sale. Whilst good progress has been made in resolving
these challenges during the final quarter of FY 2025, significant judgement is required in considering whether impairment indicators exist. The
Directors have considered both internal and external factors in applying the judgement, including the asset’s current forecast profit and cash flow
performance against the original budget, the plant’s ability to scale up volumes and the number and magnitude of opportunities in each target
market, including the level of competition and barriers to entry that exist. The Directors have concluded that no indicators of impairment exist but
recognise that future assessments will evolve as more information and data points emerge now that the Group is in a position to more aggressively
pursue the opportunities with production capacity and inventory in place. Should an indicator of impairment be identified and an impairment
assessment be required, there is potential that this could trigger a material change in the recoverable value of the asset given the value of the asset
relative to materiality. Therefore the level of judgement in the application of the accounting policy meets the definition to be disclosed as critical.
Impact of climate change
The impact of climate change on property, plant and equipment is primarily a result of physical risks, for example increasing
severity of flooding or high winds which could impact the useful economic life of the asset. The maximum useful life of assets is
50 years, relating to office buildings, with primary plant assets being depreciated over 30 years. The latest date for an asset to be
fully depreciated is 2062, with the latest date for manufacturing assets currently under construction expected to be 2055. Based on
the site-by-site climate change impact assessments performed to date, it is not anticipated that any physical risks would materially
impact the Group’s assets to the extent that their current carrying value or remaining useful economic lives would be reduced.
Assets which may be impacted by proactive actions to reduce carbon emissions, for example gas powered boilers, or by
potential regulations to curb carbon emissions are being assessed as the path to Net Zero is planned in detail and regulators
provide more transparency on their potential approach. Based on the planning work performed to date, for example replacing
gas as the heat source with hydrogen, biogas or green electricity, and the infancy of the regulatory approach, there is not
expected to be a material impact on the remaining useful economic lives, or the carrying value, of the assets held by the Group.
The Company has minimal asset value in market/application specific property, plant and equipment where there is expected to
be a material drop in demand due to climate change.
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
10. PROPERTY, PLANT AND EQUIPMENT CONTINUED
Right of use (‘ROU’) assets
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Leases are recognised as an
ROU asset and a corresponding lease liability at the date at which the leased asset is available for use by the Group.
At the lease commencement date an ROU asset is measured at cost comprising the following: the amount of the initial measurement of
the lease liability; any lease payments made at or before the commencement date less any lease incentives received; any initial direct
costs; and restoration costs to return the asset to its original condition.
The ROU asset is depreciated over the shorter of the asset’s useful economic life and the lease term on a straight line basis. If ownership
of the ROU asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is
calculated using the estimated useful economic life of the asset.
Contracts may contain both lease and non-lease components. The Company allocates the consideration in the contract to the lease and
non-lease components based on their relative stand-alone prices. However, for leases of retail estate for which the Company is a lessee
and for which it has major leases, it has elected not to separate lease and non-lease components and instead accounts for these as a
single lease component.
At 1 October 2023
67.8
378.8
9.3
4.0
13.3
93.4
566.6
Exchange differences
(0.7)
(3.7)
(0.1)
(0.1)
(0.1)
(1.9)
(6.6)
Additions
—
0.5
—
—
2.4
30.9
33.8
Disposals
(0.1)
(0.9)
(0.8)
(0.1)
(3.0)
—
(4.9)
Reclassification
1.7
93.1
1.1
0.1
—
(96.0)
—
At 30 September 2024
68.7
467.8
9.5
3.9
12.6
26.4
588.9
Exchange differences
(0.9)
(0.8)
—
—
—
—
(1.7)
Additions
—
2.0
—
—
0.8
19.7
22.5
Disposals
—
(0.2)
—
—
—
—
(0.2)
Reclassification
1
23.2
(10.8)
0.2
0.8
—
(13.4)
—
At 30 September 2025
91.0
458.0
9.7
4.7
13.4
32.7
609.5
At 1 October 2023
21.0
182.9
4.6
3.6
3.3
—
215.4
Exchange differences
(0.2)
(0.6)
(0.1)
(0.1)
—
—
(1.0)
Disposals
(0.1)
(0.8)
(0.8)
(0.1)
(1.9)
—
(3.7)
Impairment
2
0.8
3.8
—
—
—
—
4.6
Depreciation charge
2.3
16.3
1.4
0.1
1.4
—
21.5
At 30 September 2024
23.8
201.6
5.1
3.5
2.8
—
236.8
Exchange differences
—
(0.1)
—
—
—
—
(0.1)
Disposals
—
(0.1)
—
—
—
—
(0.1)
Depreciation charge
2.8
18.0
1.4
0.2
1.8
—
24.2
At 30 September 2025
26.6
219.4
6.5
3.7
4.6
—
260.8
At 30 September 2025
64.4
238.6
3.2
1.0
8.8
32.7
348.7
At 30 September 2024
44.9
266.2
4.4
0.4
9.8
26.4
352.1
At 30 September 2023
46.8
195.9
4.7
0.4
10.0
93.4
351.2
1 Reclassification relates to the movement from assets in the course of construction to the relevant asset category when the assets are ready for their
intended use. Details of significant projects reclassified are included in the Financial review.
Following the final project audit of the Victrex (Panjin) High Performance Materials Co., Ltd manufacturing facility in China, £21.1m of assets initially
categorised as plant and machinery in the prior year have been redesignated as land and buildings, with their useful economic lives updated accordingly.
The impact on accumulated depreciation brought forward was less than £0.1m and therefore there is no reclassification within accumulated depreciation.
2 During the prior year, the Group recognised an impairment loss of £4.6m in relation to property, plant and equipment which is specific to its gears
manufacturing operations. The impairment charge is included in exceptional items.
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146 Victrex plc – Annual Report 2025

10. PROPERTY, PLANT AND EQUIPMENT CONTINUED
The fair value of property, plant and equipment is not materially different to its carrying value.
The Company has no property, plant or equipment.
At 30 September 2025 and 30 September 2024, the Group leased a small number of assets, principally land and buildings:
Balance at 1 October 2023
9.7
0.3
—
10.0
Additions
2.0
0.4
—
2.4
Depreciation charge
(1.2)
(0.2)
—
(1.4)
Disposal
(1.2)
—
—
(1.2)
Balance at 30 September 2024
9.3
0.5
—
9.8
Additions
0.1
0.3
0.4
0.8
Depreciation charge
(1.6)
(0.2)
—
(1.8)
Balance at 30 September 2025
7.8
0.6
0.4
8.8
The information in respect of the lease liabilities associated with the right of use assets is disclosed in note 20.
Land and building right of use assets are primarily leases to support manufacturing capability.
11. INTANGIBLE ASSETS
Goodwill
Goodwill arising on the acquisition of businesses is allocated, at acquisition, to the cash-generating units (‘CGUs’) that are expected
to benefit from that business combination.
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is not amortised but is tested annually for impairment.
Any impairment provisions that arose during impairment testing would not be reversed.
In respect of acquisitions prior to 1 October 2004, goodwill is included on the basis of its deemed cost, which represents the net amount
recorded previously under UK GAAP. In respect of acquisitions that have occurred since 1 October 2004, goodwill represents the difference
between the cost of the acquisition and the fair value of the assets, liabilities and contingent liabilities acquired.
Goodwill is tested annually for impairment by reference to the estimated future cash flows of the relevant CGU, discounted to their
present value using risk-adjusted discount factors to give its value in use. A CGU is the smallest identifiable asset group that generates
cash flows that are largely independent from other assets and groups.
Impairment losses are recognised if the carrying amount of the CGU to which goodwill has been allocated exceeds its recoverable value
(the higher of value in use and fair value less costs to sell) and are recognised in the income statement.
Other intangible assets
Other intangible assets are stated at cost less accumulated amortisation and any provisions for impairment. The cost of an internally
generated intangible asset comprises all directly attributable costs necessary to create, produce and prepare the asset to be capable of
operating in the manner intended by management. The cost of intangible assets acquired in a material business combination is the fair
value as at the date of acquisition. Other intangible assets are assessed for impairment only when there is an indication that they might
be impaired. The estimated useful economic life and amortisation method are reviewed at the end of each reporting period, with the
effect of any changes in estimate being accounted for on a prospective basis.
Intangible assets not yet ready for use are not amortised but are subject to annual impairment reviews.
Amortisation
Amortisation is charged to sales, marketing and administrative expenses in the income statement over the estimated useful economic
lives as follows:
Computer software 3–7 years straight line
Customer relationships 10 years systematic
Brand name 5 years systematic
Know-how 10 years straight line
Amortisation on assets classified as in the course of construction commences when the assets are ready for their intended use, the point
at which they are reclassified from assets in the course of construction, on the same basis as other assets of that class.
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
11. INTANGIBLE ASSETS CONTINUED
At 1 October 2023
14.3
16.9
1.7
0.7
3.2
—
36.8
Additions
—
—
—
—
—
0.1
0.1
Disposals
—
(0.6)
—
—
—
—
(0.6)
Reclassification
—
0.1
—
—
—
(0.1)
—
At 30 September 2024
14.3
16.4
1.7
0.7
3.2
—
36.3
Additions
—
—
—
—
—
—
—
Disposals
—
—
—
—
—
—
—
Reclassification
—
—
—
—
—
—
—
At 30 September 2025
14.3
16.4
1.7
0.7
3.2
—
36.3
At 1 October 2023
—
14.7
1.7
0.7
1.0
—
18.1
Disposals
—
(0.6)
—
—
—
—
(0.6)
Amortisation charge
—
1.4
—
—
0.3
—
1.7
At 30 September 2024
—
15.5
1.7
0.7
1.3
—
19.2
Amortisation charge
—
0.4
—
—
0.3
—
0.7
At 30 September 2025
—
15.9
1.7
0.7
1.6
—
19.9
At 30 September 2025
14.3
0.5
—
—
1.6
—
16.4
At 30 September 2024
14.3
0.9
—
—
1.9
—
17.1
At 30 September 2023
14.3
2.2
—
—
2.2
—
18.7
Computer software is an internally generated intangible asset. The average remaining useful life is less than one year (FY 2024: one year).
The Group has know-how in respect of the hybrid overmoulding technology for brackets. The remaining useful life of the know-how is five
years (FY 2024: six years).
Goodwill recognised is assessed for impairment against discounted future pre-taxation cash flow projections for the relevant CGU (value in
use model). Management has prepared cash flow projections for a five-year period derived from the business’ 24-month forecast and the
five-year strategy. These forecasts are the same ones used for both the going concern and viability reviews. Further details are included on
pages 35 to 37. These forecasts include assumptions around volumes and sales prices, costs of manufacture, operating costs, working
capital movements and capital expenditure. In measuring these assumptions, the Directors have taken into account:
•
expected demand in the markets and geographies within which the Group operates, including industry trends and external market forecasts;
•
operating profits, based on historical experience of operating margins including changes to the price of raw material and utility costs
and production volumes;
•
the timing and cost of major capital projects;
•
cash conversion, based on historical rates; and
•
the impact of climate change (see below).
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11. INTANGIBLE ASSETS CONTINUED
Impact of climate change
The impact of climate change on the carrying value of goodwill has been considered. The majority of the goodwill relates to
the acquisition of the monomer supply chain. As with all manufacturing areas, the monomer supply chain is being assessed for
its impact on the path to Net Zero with the potential for decarbonising and reducing water usage and waste. The impact of
this on the processes associated with the goodwill is not yet known, but current forecasts used for the consideration of
impairment, see below, underpin the carrying value at 30 September 2025. This position will continue to be monitored as the
approach to decarbonisation of the monomer supply chain is developed to support the Group’s path to Net Zero.
Climate change will potentially impact the future forecasts of the Group which are used for the aforementioned impairment
review. The overall impact on the revenue of the Group is assessed as positive, with the majority of the growth programmes
supporting carbon reduction in end markets, which will more than offset the adverse impact from reductions anticipated to be
seen, for example in Oil & Gas and internal combustion engine-related applications. The primary adverse impact is expected to
be the cost of decarbonising the manufacturing processes by using green energy sources in line with the current plan. To reflect
this in the impairment review the forecast includes an allowance for the additional cost of running the assets on green electricity
rather than gas. The additional cost, calculated on a per kg manufactured basis, has been included in the cost base from FY 2030,
aligned with the current plan to hit the interim SBTi measurement point in 2032. The FY 2030 cost was increased by c.£16m
which is included in the scenarios used for the sensitivity analysis supporting the impairment review. This replaces the estimate
used in prior years (£10m in 2026 and £20m in FY 2027 (growing by inflation thereafter) now that the plans to decarbonise the
manufacturing processes have matured. Further detail of this is included in the Sustainability report starting on page 38.
The sensitivity analysis performed as part of the viability assessment on the CGUs of the Group demonstrated a sufficient level of headroom
as noted below; therefore, no specific adjustments or impairments have been made.
The Group has two CGUs, Sustainable Solutions and Medical, which are the smallest identifiable independent groups of assets that
generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Where assets and costs are
shared between the two CGUs, a reasonable apportionment of these is made for the purpose of the impairment calculation.
Goodwill is split between the two CGUs: Sustainable Solutions £12.5m (30 September 2024: £12.8m) and Medical £1.8m (30 September 2024:
£1.5m), with £0.3m having been reclassified to the Medical CGU from Sustainable Solutions CGU aligned with the non-implantable Medical
business now being included within the Medical segment.
The goodwill and other intangible assets that relate to the Sustainable Solutions CGU include previous acquisitions that have been fully
integrated. The businesses acquired generate, or have the potential to generate, revenue across all Sustainable Solutions geographies
and markets.
The long-term average growth rate used was 2.0% (FY 2024: 2.0%) which reflects the long-term inflation rates in the main territories within
which the Group operates and the risk-adjusted pre-tax discount rate was 9.7% (FY 2024: 9.6%). The impairment test results in more than
100% headroom in the base scenario (FY 2024: more than 100% headroom). In addition, a number of sensitivities, incorporating reverse
sensitivities, have been performed including increasing the discount rate by 20%, removing both the growth through the strategy period and
the terminal growth rate and the aforementioned potential impact of climate change, with the results indicating that a reasonably possible
change in key assumptions would not result in an impairment of goodwill or other intangibles.
Research & Development
Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding,
is recognised within the income statement as an expense as incurred.
Development expenditure is recognised in the income statement as an expense as incurred unless it meets all the criteria to be capitalised
under IAS 38 – Intangible Assets, including technical feasibility of completing the asset, intention to complete, probability of future
economic benefits, the availability of resources to complete and the ability to reliably measure expenditure attributed to the development.
Research & Development expenditure of £18.8m (FY 2024: £17.5m) was expensed to the income statement in the year within sales,
marketing and administrative expenses. No development expenditure was capitalised (FY 2024: £nil) as the Directors consider there is
insufficient evidence available that the criteria have been met for the reasons noted below.
The Group has the intention and resources to complete the projects being undertaken, along with the ability to accurately measure
attributable expenditure. Therefore, whilst these criteria are met, the assessment of the technical feasibility and future economic benefits is
more difficult.
For Medical-based development projects there are strict regulatory approvals which are required to be obtained before a new product can
be brought to market. Prior to these approvals a varying degree of clinical trials need to be undertaken, many of which are multi-year in
length. The vast majority of development expenditure is incurred up to the point of regulatory approval; however, the outcome cannot be
considered probable until approval is obtained. Without approval the Group or its customers cannot sell a Medical product. Even with
regulatory approval, market adoption remains uncertain and therefore the criteria for capitalisation is rarely met.
Sustainable Solutions-based development projects typically do not have the same strict regulatory approvals; however, they are often
subject to rigorous qualification and testing programmes, often over a sustained period of time. Examples of this include wear testing within
Automotive, Aerospace and Energy & Industrial. Potential customers are also often testing multiple solutions at the same time with a view
to selecting one following the testing/qualification programme. As a result it is only when a successful outcome to the testing/qualification
programmes is achieved that technical feasibility is reached and market adoption becomes the key assessment. At this point, whilst market
adoption risk remains, the vast majority of development expenditure has been incurred and expensed.
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
12. INTERESTS IN OTHER ENTITIES
Basis of consolidation
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns
from its involvement with the investee and can affect those returns through its power over the investee. This can be determined either by
the Group’s ownership percentage or by the terms of the shareholder agreement. Where there is deemed to be an ability to affect the
return, investments are consolidated from the date that ability commences until the date that it ceases.
The acquisition method is used to account for business combinations. Goodwill represents the difference between the acquisition date
fair value of the consideration transferred, the amount of any non-controlling interests in the acquiree and the net of the acquisition date
fair values of the identifiable assets acquired, including intangibles, and liabilities assumed, including contingent liabilities as required by
IFRS 3. If this difference is negative, the amount is recognised directly in the Consolidated income statement.
A non-controlling interest is the proportion of net assets of the subsidiary entity owned by shareholders external to the Group. The value
of non-controlling interests at the acquisition date is measured as the non-controlling interests’ proportionate share of net assets of the
acquiree or at fair value. The choice of measurement basis is determined on an acquisition-by-acquisition basis as permitted by IFRS 3.
Financial derivatives in place over the remaining equity of an entity are taken into account when calculating the proportionate share of
the non-controlling interest.
Any contingent consideration is measured at fair value at the date of acquisition. Subsequent changes to the fair value of contingent
consideration are recognised in the Consolidated income statement.
Costs related to the acquisition, other than those associated with the issue of debt, that the Group incurs in connection with a business
combination are expensed as incurred.
Non-controlling interests in the net assets of consolidated subsidiaries are distinguished from the equity attributable to holders of the
Parent. The value of non-controlling interests comprises the value of non-controlling interests on the date control commences, adjusted
for the non-controlling interests’ share of any subsequent changes in equity.
Investment in subsidiaries
Investments in subsidiaries are stated at cost less any impairment in the value of the investment.
Investment in associated undertakings
An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint
arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but where
the Group does not have control or joint control over those policies.
The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the equity method of
accounting. Investments in associates are carried in the balance sheet at cost as adjusted for post-acquisition changes in the Group’s
share of the net assets of the associate, less any impairment in the value of the investment. Any goodwill recognised on acquisition is
included in the carrying values of the investment. Impairment is recognised when there is objective evidence that a loss event (or events)
has arisen which adversely impacts the future cash flows from the net investment and therefore provides evidence of impairment.
Objective evidence includes observable data about the associate that comes to the Group’s attention covering the loss events described
in IAS 28 – Investments in Associates and Joint Ventures, paragraphs 41A to 41C. Where objective evidence exists, an impairment test is
performed whereby the carrying value of the investment is compared to the recoverable amount (higher of value in use and fair value less
costs to sell).
The Group’s share of the post-tax profits/(losses) of associates is included in the Consolidated income statement. If the Group’s share of
losses in an associate equals or exceeds its investment in the associate, the Group does not recognise further losses, unless it has incurred
legal or constructive obligations to do so or made payments on behalf of the associate. Unrealised gains arising from transactions with
associates are eliminated to the extent of the Group’s interest in the entity.
Interests in joint arrangements
A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to
joint control. Joint arrangements are either joint operations or joint ventures.
Joint operations
A joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets, and obligations for the
liabilities, relating to the arrangement or other facts and circumstances indicate that this is the case. The Group’s share of assets, liabilities,
revenue, expenses and cash flows is combined with the equivalent items in the financial statements on a line-by-line basis.
Transactions eliminated on consolidation
Intragroup balances and transactions, and any unrealised gains and losses or income and expenses arising from intragroup transactions,
are eliminated in preparing the consolidated financial statements.
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12. INTERESTS IN OTHER ENTITIES CONTINUED
Basis of consolidation continued
Financial assets held at fair value through profit and loss
Financial assets held at fair value through profit and loss comprise investments in unquoted companies and convertible loans made to
associated undertakings. Investments in unquoted companies are initially carried at fair value, where neither control nor significant influence
is held. The initial fair value is deemed to be at cost where transactions are at arm’s length. They are remeasured at subsequent reporting
dates to fair value with any changes recognised directly in the income statement.
Financial assets that are compound financial instruments from the holder’s perspective are accounted for under IFRS 9. Under IFRS 9
financial assets are held at either amortised cost, fair value through other comprehensive income (‘FVTOCI’) or fair value through profit and
loss (‘FVTPL’). In making the assessment the Company’s business model and the contractual terms are assessed against the conditions in IFRS
9. Where the conditions for holding an asset at amortised cost are not met and where no election is made to measure at FVTOCI, FVTPL is
the default.
At initial recognition financial assets are measured at fair value. This is assumed to be the transaction price unless there is evidence
to the contrary.
All transaction costs related to financial instruments designated as at fair value through profit and loss are expensed as incurred.
Investments in unquoted companies and convertible loans are classified as Level 3 in the financial hierarchy because there are no
observable market inputs. For these assets unobservable inputs are used to measure the range of fair values, using an income approach
to convert future cash flows into present values. Inputs into the valuation model include both Group forecasts and forecasts from the
investee, with consideration given to performance against technical and commercial milestones. Where there is insufficient information
to determine fair value or there is a wide range of possible fair value measures, and cost represents the best estimate in that range, then,
as permitted by IFRS 9, cost will continue to be used as a proxy for fair value. Cost will not be used as a proxy if, at the balance sheet
date, there is an identified change in value, which could be illustrated by significant performance variations to plan or the value implied
by subsequent funding rounds or other equity transactions.
Group
Material subsidiaries and non-controlling interest (‘NCI’)
Victrex (Panjin) High Performance Materials Co., Ltd (‘VIPL’) is a limited liability company set up for the purpose of the manufacture of
PAEK polymer powder and granules, based in mainland China. The Group continues to hold a 75% equity interest with the remaining 25%
held by Liaoning Xingfu New Material Co., Ltd. (‘LX’). Consistent with prior years, with 75% of the voting equity and the majority of
appointments on the board, the Group is considered to have control of VIPL and therefore it is accounted for as a subsidiary. The income
statement and balance sheet of VIPL are fully consolidated with the share owned by LX represented by a non-controlling interest.
In the year to 30 September 2025 the subsidiary incurred a loss of £11.7m (FY 2024: loss of £5.7m), of which £2.9m (FY 2024: £1.4m)
is attributable to the non-controlling interest. Total non-controlling interest as at 30 September 2025 is £(2.3)m (FY 2024: £0.6m).
At 30 September 2025 the subsidiary had negative equity of £9.4m (30 September 2024: aggregate capital and reserves of £2.1m).
Investments in associates and financial assets held at fair value through profit and loss
At 1 October 2023
9.1
13.2
22.3
Convertible loan notes and 2024 bridging loan issued to Bond
—
2.2
2.2
Impairment of investment in associate
(9.1)
—
(9.1)
Fair value loss on convertible loan notes and 2024 bridging loan issued to Bond
—
(11.9)
(11.9)
At 30 September 2024
—
3.5
3.5
Fair value loss on equity investment in Surface Generation
—
(3.5)
(3.5)
At 30 September 2025
—
—
—
Surface Generation Limited
—
3.5
3.5
Bond 3D High Performance Technology BV
—
—
—
At 30 September 2024
—
3.5
3.5
Surface Generation Limited
—
—
—
At 30 September 2025
—
—
—
Surface Generation Limited
During the year the Group reduced the fair value of its equity investment in Surface Generation to £nil. Further details on this reduction are
included in the exceptional items note, note 4.
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151Annual Report 2025 – Victrex plc

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
12. INTERESTS IN OTHER ENTITIES CONTINUED
Group continued
Bond 3D High Performance Technology BV (‘Bond’)
At 1 October 2023 the Group had an investment in associate of £9.1m and convertible loan notes of £9.7m issued to Bond. During the
prior year the Group recognised a £21.2m charge, included in ‘Result of associate’ in the income statement, comprising the impairment
of its investment in associate of £9.1m, the fair value loss on the convertible loan notes of £11.0m and 2024 bridging loan of £0.9m, and
£0.2m of legal fees. This reduced the carrying value of its Bond assets at 30 September 2024 to £nil. Bond was subsequently liquidated on
30 October 2024 confirming no chance of the Group recovering any value from its Bond assets. Further details are included in the 2024
Annual Report and in the exceptional items note, note 4.
Company
At 1 October 2024 and at 30 September 2025
131.9
The Company has considered impairment of its investment in subsidiaries with this including amounts receivable from those subsidiaries.
The Directors do not consider that the carrying value of the Company’s investment in subsidiaries has been impaired.
The following is a full list of the Company’s interests:
Company number
Company status
Registered office address
Victrex Manufacturing Limited
1
2845018
Trading entity
Victrex Technology Centre,
4088050
Trading entity
Invibio Knees Limited
8149440
Trading entity
8861250
Trading entity
Juvora Limited
8149439
Active, non trading
Zyex Limited
2890014
Dormant
Victrex USA Holdings Inc.
1
300
Conshohocken State Road, Suite 120,
Victrex USA Inc.
Trading entity
Invibio Inc.
Trading entity
Invibio Device Components Manufacturing Inc.
Trading entity
Victrex Europa GmbH
1
Trading entity
Langgasse
16, 65719
Hofheim, Germany
Victrex Japan, Inc.
1
Trading entity
Mita Kokusai Building Annex, 1-4-28 Mita,
Trading entity
Victrex Asian Innovation & Technology Centre,
Invibio (Beijing) Trading Co., Limited
Trading entity
Room
710
8, Building 7, Second Lane 5, The South of
Kleiss Gears, Inc.
Trading entity
390
Industrial Avenue, Grantsburg, WI 54840, USA
TxV Aerospace Composites LLC
Trading entity
55 Broadcommon Road, Bristol,
RI
0280
9, USA
Victrex Hong Kong Limited
Trading entity
Room
1919,
19/F, Lee Garden One, 33 Hysan Avenue,
Subsidiary undertaking with
non-controlling interests
Trading entity
Room 501–23, Technology Mansion, Qingyu Road
Co., Ltd
2
Aghoco 1491 Limited
3
10523749
Trading entity
Victrex Technology Centre, Hillhouse International,
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152 Victrex plc – Annual Report 2025

Company number
Company status
Registered office address
Surface Generation Limited
4379384
Trading entity
7 Brackenbury Court, Lyndon Barns,
1 Directly held by Victrex plc.
2 Victrex (Panjin) High Performance Materials Co., Ltd is also referred to as ‘VIPL’.
3 On 13 December 2016, the Group, via its subsidiary Victrex Manufacturing Limited, incorporated Aghoco 1491 Limited with AGC Chemicals Europe
Limited. Aghoco 1491 Limited is a joint arrangement in which the Group holds equal ownership and rights over the entity. The purpose of Aghoco 1491
Limited is to build, operate and maintain an electrical substation (cost of c.£3m) for both parties’ own use to ensure continuity of electrical supply. Due to
the terms of the joint arrangement, Aghoco 1491 Limited meets the criteria to be accounted for as a joint operation.
Annual reports and financial statements are filed with Companies House for all UK dormant companies.
All subsidiaries are wholly owned, with the exception of Victrex (Panjin) High Performance Materials Co., Ltd (‘VIPL’), and are involved in the
principal activities of the Group. Chinese subsidiary entities follow the calendar year for the financial year and therefore the year-end date
of 31 December.
In the opinion of the Directors the recoverable amount of investments in and amounts due from the Company’s subsidiary undertakings are
at least the carrying value at which they are stated in the balance sheet.
13. DEFERRED TAX ASSETS AND LIABILITIES
balances
1
Deferred tax assets
—
0.8
4.4
—
2.2
7.4
(1.3)
6.1
Deferred tax liabilities
(40.3)
(2.3)
—
(0.8)
—
(43.4)
1.3
(42.1)
Net deferred tax (liabilities)/assets
(40.3)
(1.5)
4.4
(0.8)
2.2
(36.0)
—
(36.0)
balances
1
Deferred tax assets
—
0.9
4.7
—
2.0
7.6
(1.4)
6.2
Deferred tax liabilities
(38.6)
(2.7)
—
(0.9)
—
(42.2)
1.4
(40.8)
Net deferred tax (liabilities)/assets
(38.6)
(1.8)
4.7
(0.9)
2.0
(34.6)
—
(34.6)
1 The Group has applied the tax consolidation legislation, in accordance with IAS 12, whereby deferred tax assets and liabilities recognised on consolidation
have been allocated to the tax jurisdictions where they arise, resulting in an offset within deferred tax assets and deferred tax liabilities in the balance sheet.
At 1 October 2023
(34.7)
(0.9)
7.0
(1.0)
1.2
(28.4)
Exchange differences
—
—
—
—
(0.1)
(0.1)
Prior period adjustment
(0.2)
—
—
—
0.1
(0.1)
Recognised in income statement
8
(3.7)
(0.2)
(2.3)
0.1
0.8
(5.3)
Recognised in other comprehensive income
—
(0.1)
—
—
—
(0.1)
Recognised directly in equity
—
(0.6)
—
—
—
(0.6)
At 30 September 2024
(38.6)
(1.8)
4.7
(0.9)
2.0
(34.6)
Recognised in income statement
8
(1.7)
0.6
(0.3)
0.1
0.2
(1.1)
Recognised in other comprehensive income
—
0.4
—
—
—
0.4
Recognised directly in equity
—
(0.7)
—
—
—
(0.7)
At 30 September 2025
(40.3)
(1.5)
4.4
(0.8)
2.2
(36.0)
12. INTERESTS IN OTHER ENTITIES CONTINUED
Company continued
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
13. DEFERRED TAX ASSETS AND LIABILITIES CONTINUED
Of the net deferred tax liability of £36.0m (30 September 2024: £34.6m), a £0.5m net liability (30 September 2024: £0.2m net asset) is
expected to be recovered no more than 12 months after the balance sheet date, and a £35.5m net liability (30 September 2024: £34.8m
net liability) is expected to be settled more than 12 months after the balance sheet date.
Deferred tax liabilities of £0.8m (30 September 2024: £0.9m) have been recognised for the withholding tax and other taxes that would be payable
on the unremitted earnings of £16.6m (30 September 2024: £18.3m) of the EU subsidiary, as the Group no longer benefits from the EU Parent
Subsidiary Directive on dividends. It is likely that future amounts will be remitted as a dividend rather than being permanently reinvested.
Outside the EU no deferred tax liabilities have been recognised (30 September 2024: £nil) for the withholding tax and other taxes, as such
amounts are permanently reinvested, and the Group can control the timing of any dividends. Unremitted earnings from non-EU subsidiaries
totalled £59.9m at 30 September 2025 (30 September 2024: £56.5m).
Impact of climate change
Deferred tax assets are recognised to the extent that it is probable that future taxable profits are generated against which
to utilise the carried forward tax losses and other timing differences. The majority of the deferred tax assets relate to profit
in inventory generated when the UK manufacturing entities sell products to overseas subsidiaries that distribute the products
to the end customer. The targeted inventory levels at overseas locations are set at approximately three to four months, a time
period considered to be too short to be impacted by climate change. The short time period between 30 September 2025
and the expected external sale of the aforementioned inventory makes the realisation of the deferred tax asset probable,
supporting its recognition at the end of the year.
Unrecognised deferred tax assets
In the US, the Group has unrelieved net operating losses arising in the year ended 30 September 2025 of £1.1m (FY 2024: £nil). The cumulative
unused operating losses at 30 September 2025 are £5.1m (30 September 2024: £3.5m). Of this, £3.1m arises in TxV Aerospace Composites LLC
(30 September 2024: £2.2m) on which deferred tax of £0.7m (30 September 2024: £0.5m) has been recognised following the treatment of
specified Research and Development expenditure under US tax law resulting in TxV Aerospace Composites LLC generating taxable profits to
utilise these losses. The potential deferred tax asset on the remaining cumulative unrelieved tax losses of £1.9m (30 September 2024: £1.3m),
which arise in Kleiss Gears, Inc, amounts to £0.4m (30 September 2024: £0.3m). Deferred tax has not been recognised on these net operating
losses because of uncertainty regarding their future availability and deductibility. There are also unrecognised net deferred tax assets in TxV
Aerospace Composites LLC and Kleiss Gears, Inc of £2.8m (30 September 2024: £2.3m) in relation to timing differences on capital and
Research and Development expenditure because of uncertainty regarding their future availability and deductibility.
In addition, the Group has unrelieved net operating losses arising in the year ended 30 September 2025 of £11.7m (FY 2024: £5.7m), which
relate to the early stage losses in Victrex (Panjin) High Performance Materials Co., Ltd. Total cumulative losses are £23.4m (FY 2024: £12.0m)
and the potential deferred tax asset on these losses amounts to £5.8m (FY 2024: £3.0m). Although the plant has now been commissioned,
given the early stage in the commercialisation of the new polymer grades being manufactured, there is inherent uncertainty over the time
period to profitability, and therefore utilisation of the losses meaning that recovery within a reasonable time frame is uncertain.
14. INVENTORIES
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in, first-out principle and
includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. The cost of finished
goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (allocated based on
the higher of actual and normal production levels). Cost is calculated using the standard cost method. Net realisable value is the estimated
selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.
In calculating the estimated selling price, a number of factors are taken into account, including the age of the inventory, customer order
profiles, the quality status, alternative routes to market and options to reprocess. Where the net realisable value is below the cost of the
inventory a provision is made to write down the inventory to the net realisable value which is expensed to the profit and loss account. If
subsequently the value realised from the inventory is above the net realisable value the provision is written back to the profit and loss account.
Critical judgements and key sources of estimation uncertainty in relation to valuation of inventories
The carrying value of inventory, comprising raw materials, work in progress and finished goods totalling £109.7m, requires the use of
estimates and judgement. The Group absorbs directly attributable costs over the higher of actual production and normal production to
avoid absorbing more overheads than incurred in periods of high production or absorbing excess overheads in periods of low production.
Judgement is required when assessing the level of normal production to compare with the actual production in determining the rate at
which to absorb the directly attributable costs. This judgement considers historical production levels and budgeted production, as well
as the relationship between production and sales when concluding on the appropriate level over which to absorb production costs.
The primary estimate is in respect of the level of variations, including material usage and purchase price variances, between actual and
standard cost absorbed into inventory at each period end. Management uses its detailed experience in the process of forming its view on
the adjustments required to record inventory at cost. Management has assessed the range of possible outcomes which might result from a
change in assumptions and has determined this to be from a £1.1m increase in inventory to a £5.9m reduction in inventory at 30 September
2025 (30 September 2024: £0.5m increase in inventory to a £4.7m reduction in inventory).
Inventory provisions are put in place for slow moving and potentially obsolete inventory as well as damaged and/or out of specification
product where cost is considered to be higher than net realisable value. The level of provisioning is an estimate, with judgement required on
ageing, customer order profiles, alternative routes to market and the option to reprocess. The estimation of the range of possible outcomes
is an increase in the value of inventory of £0.9m to a decrease of £3.8m (30 September 2024: £0.9m increase in inventory to a decrease of
£3.2m) and is therefore not considered to materially impact the carrying value of inventory within the next 12 months.
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14. INVENTORIES CONTINUED
Impact of climate change
The impact of climate change on consumer behaviour may affect the demand for the Group’s products, resulting in
obsolescence or reduced demand, thus reducing the net realisable value. The Group targets carrying approximately three to
four months of inventory cover across the supply chain at any point in time, a time frame over which climate change on
consumer behaviour is not expected to impact. The majority of the Group’s core products serve multiple applications in
multiple markets, further reducing the risk of material obsolete inventory over the longer term with each SKU’s inventory
holding levels and manufacturing plan regularly reviewed against forecast demand over the next 24 months.
Raw materials and consumables
18.9
25.4
Work in progress
31.2
29.9
Finished goods
59.6
59.8
109.7
115.1
The amount of inventory expensed in the year is £149.0m (FY 2024: £147.2m).
During the year the Group wrote down inventory by £3.6m (FY 2024: £3.0m) and reversed previously written down inventory by £2.6m
(FY 2024: £1.9m) resulting in a net inventory write down charge in the year of £1.0m (FY 2024: increase of £1.1m). The Group continues to
focus on driving down aged and non-conforming product by working with suppliers and customers, reworking and repackaging product to
realise value from this inventory and, where successful, any provision against this inventory is reversed.
15. TRADE AND OTHER RECEIVABLES
Trade receivables are amounts due from customers for goods sold in the ordinary course of business.
Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost
using the effective interest method less any impairment losses. The carrying amount of these balances approximates to fair value due to
the short maturity of amounts receivable.
Allowances are calculated by reference to credit losses expected to be incurred over the lifetime of the receivable using the simplified
approach, as described in note 17.
Group
Company
Trade receivables
33.6
33.0
—
—
Amounts owed by Group undertakings
—
—
87.2
132.1
Prepayments and accrued income
7.9
7.9
—
—
Sales taxes recoverable
3.9
3.9
—
—
Other receivables
1.1
1.0
—
—
46.5
45.8
87.2
132.1
Amounts owed by Group undertakings are interest free, unsecured, have no fixed date of repayment and are repayable on demand, with
sufficient liquidity in the Group to flow funds if required. These balances have been considered for impairment and no future credit losses
are recognised on these balances.
No credit losses have been recognised in the current year or the prior year on the sales taxes recoverable balance due to the financial
strength of the counterparties.
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
16. BORROWINGS
Borrowings are recognised initially at fair value, which equals the proceeds received less attributable transaction costs. Following the
initial recognition, borrowings are subsequently held at amortised cost.
Bank loans
11.2
7.5
Loan payable to non-controlling interest
6.3
—
Total due within one year
17.5
7.5
Bank loans
20.8
25.0
Loan payable to non-controlling interest
1.8
7.9
Total due after one year
22.6
32.9
Bank loans
Bank loans relate to the capital expenditure facility and the working capital facility in China.
The Group’s total capital expenditure facility is RMB 250m with the amount due at 30 September 2025 £24.6m/RMB 232m (30 September 2024:
£26.2m/RMB 243m). The amount due on the capital expenditure facility is split between the amount due within one year of £3.8m/RMB 35m (30
September 2024: £1.2m/RMB 11m) and the amount due after one year of £20.8m/RMB 197m (30 September 2024: £25.0m/RMB 232m). The
purpose of the loan was to fund the construction of a manufacturing facility in China. This manufacturing facility was commissioned in April 2024.
At 30 September 2025 the capital expenditure facility was due for repayment in December 2026. Post year end, in November 2025, the facility has
been refinanced through to June 2029 with the draw down of a new facility in November 2026 to repay the existing facility. The amount due
within one year at 30 September 2025, detailed above, has not changed. Interest is charged at the five-year Loan Prime Rate of the People’s Bank
of China, which has been in the range of 3.50–3.85% in the year ended 30 September 2025.
In the prior year £0.7m of interest was capitalised as part of qualifying capital expenditure within property, plant and equipment.
Capitalisation ceased in April 2024 when the property, plant and equipment to which the loans relate were commissioned.
The working capital facility in China is RMB 150m (30 September 2024: RMB 150m). Each drawdown under the working capital facility is
required to be repaid at least annually, after which the balance can be redrawn. As such the outstanding balance due on the working
capital facility of £7.4m/RMB 70m (30 September 2024: £6.3m/RMB 58m) is included within the amount due within one year at 30
September 2025. Interest is charged at the one-year Loan Prime Rate of the People’s Bank of China +50 bps and is charged to the income
statement, included within finance costs.
Loan payable to non-controlling interest
The Group’s loan payable to the non-controlling interest (‘shareholder loan’), Liaoning Xingfu New Material Co., Ltd. (‘LX’), is interest
bearing at 4% per annum. Interest payable on the shareholder loan is rolled up into the value of the loan until repayment occurs. The
purpose of the shareholder loan was to fund the construction of a manufacturing facility in China. This manufacturing facility was
commissioned in April 2024. Interest payable was capitalised as part of qualifying capital expenditure within property, plant and equipment
until the plant was commissioned.
The loan is unsecured and is denominated in Chinese Renminbi (‘RMB’). The loan is repayable in two instalments: the first is on
30 September 2026, with the second on 30 September 2027, or such date as may be mutually agreed by the shareholders, LX and
Victrex Hong Kong Limited.
At 30 September 2025 the Sterling value of the loan, including rolled up interest and the impact of exchange rate movement, was £8.1m
(30 September 2024: £7.9m), with the amount due split between the amount due within one year of £6.3m and the amount due after one
year of £1.8m accordingly.
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17. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Derivative financial instruments and hedging activities
Derivative financial instruments are primarily used by the Group to manage its exposure to changes in foreign exchange rates relating to
overseas sales and purchases. In accordance with its treasury policy, the Group does not hold or issue derivative financial instruments for
trading purposes.
The Group hedges a proportion of its net forecast sales, purchases and expenses which are denominated in a foreign currency (cash flow
hedge) using forward exchange contracts. The Board is responsible for setting the hedging policy which is detailed overleaf. The policy is
reviewed and approved annually by the Board. Hedging is only applied for the most significant currency exposures which are reviewed
annually alongside the policy. During FY 2025 the currencies hedged were US Dollar and Euro (FY 2024: US Dollar and Euro).
At the inception of the transaction, the Group documents the relationship between hedging instruments and hedged items including
whether or not a net position is being hedged. A conclusion is reached as to whether the transaction qualifies as a cash flow hedge.
Details on hedge documentation are shown below.
Cash flow hedges
As permitted by IFRS 9 B.6.6.1, the Group designates overall net positions as hedged items when:
•
transactions are managed as net positions for risk management purposes;
•
the hedges are for foreign currency risks; and
•
the initial hedge designation and documentation set out how the items within the net position will affect the income statement.
The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in
hedging transactions are effective in offsetting changes in cash flows of hedged items.
These foreign exchange contracts are initially recognised at fair value, with most having maturities of less than one year after the balance
sheet date.
Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a
highly probable forecast transaction, the effective portion of changes in fair value is recognised in equity via the Consolidated statement
of comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the income statement, through
sales, marketing and administrative expenses.
The recognition of any cumulative gain or loss existing in equity is aligned to the timing of the hedged transaction impacting the income
statement and is classified as follows:
•
hedging of a net position – the cumulative gain or loss transferred from equity is separately presented on the face of the income
statement within gains/losses on foreign currency net hedging. Subsequent revaluations prior to the settlement date are included in
sales, marketing and administrative expenses; and
•
other cash flow hedges – cumulative gain or loss existing in equity at the time when the forecast transaction occurs is recognised in
the income statement in the corresponding line that the hedged item goes through, being revenue, cost of sales or sales, marketing
and administrative expenses.
When a forecast transaction is no longer expected to occur, and therefore does not meet the criteria for cash flow hedge accounting, the
cumulative gain or loss that was reported in equity is immediately transferred to the income statement, through sales, marketing and
administrative expenses.
Hedge documentation and effectiveness testing
The documentation includes identification of the hedging item(s), the nature of the risk being hedged and how the Group will assess
whether the hedging relationship meets the hedge effectiveness requirements.
Hedge effectiveness is a qualitative assessment of effectiveness performed in accordance with IFRS 9. A hedging relationship qualifies
for hedge accounting if it meets all the following effectiveness requirements:
•
there is an economic relationship between the hedged item and the hedging instrument;
•
the effect of the credit risk does not dominate the value changes that result from the economic relationship; and
•
the hedge ratio of the hedging relationship is the same as that used for risk management purposes.
For financial instruments not designated in hedge accounting relationships or that do not meet the criteria for hedge accounting,
the gain or loss on remeasurement to fair value is recognised immediately in the income statement through sales, marketing and
administrative expenses.
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
17. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT CONTINUED
Group
Currency risk
Currently, the Group exports in excess of 97% of sales from the UK and also imports raw materials from overseas.
Currency risk is managed by the Currency Committee, which is chaired by the CFO and comprises the CEO and senior finance executives.
It meets monthly to review and manage the Group’s currency hedging activities, in line with the hedging policy approved by the Board.
The Group’s hedging policy is to defer the impact on profits of currency movements by hedging:
•
a minimum of 80% and a maximum of 100% of projected transaction exposures arising from trading in the forthcoming six-month
period; and
•
a minimum of 75% and a maximum of 100% of projected transaction exposures arising in the following six-month period.
Profitability can vary due to the impact of fluctuating exchange rates on the unhedged portion of the transaction exposures and from
revised forecasts of future trading, which can lead to an adjustment of currency cover in place.
In addition, the Group includes a number of foreign subsidiaries. As a result of these factors, the Group’s financial statements are exposed
to currency fluctuations. The currencies giving rise to this translation risk are primarily US Dollar and Euro.
Sensitivity analysis
The impact of a 5% strengthening in the average Sterling/US Dollar, Sterling/Euro, and Sterling/Chinese Renminbi rates reduces profit for
2025 by £3.9m, £4.7m and £1.5m (FY 2024: £3.5m, £4.7m and £1.2m) respectively. The impact of a 5% strengthening in the average
Sterling/US Dollar, Sterling/Euro and Sterling/Chinese Renminbi rates reduces equity for 2025 by £0.9m, £0.9m and £1.5m (FY 2024:
reductions of £1.4m, £1.0m and £2.3m) respectively.
In accordance with IFRS 9, the fair value of gains and losses recognised on cash flow hedges is recognised in the Consolidated income
statement as part of gross profit.
The notional contract amount, carrying amount and fair value of the Group’s forward exchange contracts and swaps are as follows:
As at 30 September 2025
As at 30 September 2024
Current assets
87.4
2.3
177.8
7.3
Current liabilities
75.8
(1.6)
10.3
(0.3)
163.2
0.7
188.1
7.0
The fair values have been calculated by applying (where relevant), for equivalent maturity profiles, the rate at which forward currency
contracts with the same principal amounts could be acquired at the balance sheet date. These are categorised as Level 2 within the fair
value hierarchy under IFRS 7.
The following table shows the notional contract amounts of the Group’s forward exchange contracts and swaps by remaining maturity for
which hedge accounting is applied are expected to occur:
As at 30 September 2025
As at 30 September 2024
– Assets
87.4
35.1
34.5
17.8
177.8
82.8
76.2
18.8
– Liabilities
75.8
39.6
35.7
0.5
10.3
7.0
3.3
—
163.2
74.7
70.2
18.3
188.1
89.8
79.5
18.8
The average exchange rates on open forward currency contracts are:
As at 30 September 2025
As at 30 September 2024
US Dollar
1.29
1.33
1.34
1.25
1.28
1.32
Euro
1.17
1.15
1.12
1.15
1.16
1.18
* Notional contract amounts and associated average exchange rates have been updated to reflect the absolute notional contract amounts and associated
average exchange rates.
Gains and losses deferred in the hedging reserve in equity on forward foreign exchange contracts at 30 September 2025 will be recognised
in the income statement during the period in which the hedged forecast transaction affects the income statement, which is typically one to
two months prior to the cash flow occurring. At 30 September 2025, there are a number of hedged foreign currency transactions which are
expected to occur at various dates during the next 12 months. During the year, gains of less than £0.1m (FY 2024: gains of £1.8m) relating
to unsettled forward exchange contracts on the balance sheet at 30 September 2025 were released to the income statement.
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17. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT CONTINUED
Group continued
Sensitivity analysis continued
Gains and losses recognised in the income statement on contracts which are yet to settle are adjusted as a non-cash movement on the cash
flow statement. This equated to a loss of £1.7m in the year (FY 2024: gain of £2.4m).
There was no hedge ineffectiveness during the year (FY 2024: nil). The hedge ratio is 1:1 in all instances.
Credit risk
The Group manages exposure to credit risk at many levels, ranging from Executive Director approval being required for the credit limits of
larger customers, to the use of letters of credit and cash in advance where appropriate. Internal procedures require regular consideration of
credit ratings, both internally for lower value customers and from recognised credit reference agencies for higher value customers, payment
history, aged items and proactive debt collection. All customers are assigned a credit limit which is subject to annual review. Consideration
is given to significant adverse changes in business, financial and economic conditions that may cause a significant change in the ability of
customers to meet their obligations. Any adverse data relating to these factors is considered in determining whether there has been a
significant increase in credit risk of a financial asset on an ongoing basis throughout each reporting period. Regardless of the analysis, an
increase in credit risk is presumed if a debtor is more than 30 days past due in making a contractual payment.
The Group has applied the simplified approach to measuring expected credit losses, which requires lifetime expected losses to be
recognised from initial recognition for trade receivables. Lifetime expected credit losses for trade receivables are calculated based on
historical loss rates and adjusted where necessary for relevant forward-looking estimates. Trade receivables have been grouped for this
analysis based on shared credit risk characteristics, including the segment and country/region in which the customer operates. The model,
which considers macro-economic information, has been applied to the Group’s two segments differently. For trade receivables in the
Sustainable Solutions sector, a different loss rate has been applied to the USA and Japan compared to the remainder of the segment’s
geographical markets. In the Medical sector, a single higher rate of allowance has been used to reflect the higher risk of default of the
customer base.
The Group’s payment terms typically range from 30 to 60 days depending on geography. Trade receivables are specifically impaired and
considered in default when the amount is in dispute, when customers are believed to be in financial difficulty, or if any other reason exists
which implies that there is doubt over the recoverability of the debt. They are written off when there is no reasonable expectation of
recovery, based on an estimate of the financial position of the customer.
Impact of climate change
Climate change will impact the Group’s customers in different ways and over different time horizons. Whilst the overall impact
of climate change on the Group’s revenue is anticipated to be positive, there will be markets/sectors which are adversely
impacted. This is not anticipated to have an adverse impact in the short-term assessment of recoverability, i.e. over the life of
the receivables on the balance sheet at 30 September 2025. The ageing of trade receivables is shown below with 89% not yet
due, of which the vast majority will become due within 60 days of the year end. The Group monitors the ageing and profile of
the receivables on a regular basis, including the regular use of external credit rating agencies, and updates the expected credit
loss model assumptions if evidence of changing trends or risk profiles emerges.
Trade receivables, being ‘held to collect’ assets, can be analysed as follows:
Amounts not past due
30.6
30.1
– Less than 30 days
2.6
2.5
– 30 to 60 days
0.4
0.6
– More than 60 days
0.5
0.3
Total past due
3.5
3.4
Lifetime expected credit losses
(0.5)
(0.5)
Amounts specifically impaired
0.1
—
Specific allowances for bad and doubtful debts
(0.1)
—
Carrying amount of impaired receivables
—
—
Trade receivables net of allowances
33.6
33.0
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
17. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT CONTINUED
Group continued
Credit risk continued
Movements in the allowance for impairments were:
At beginning of year
0.5
0.6
Charge in the year
0.1
—
Release of allowance
—
(0.1)
At end of year
0.6
0.5
The range of expected credit loss (‘ECL’) allowance is as follows:
% allowance
0–0.3%
0.5–1.5%
20–50%
50–60%
75–100%
Trade receivables
30.6
2.6
0.4
0.2
0.4
34.2
Allowance (inclusive of specific impairments)
(0.1)
—
(0.1)
(0.1)
(0.3)
(0.6)
% allowance
0–0.3%
0.5–1.5%
20–50%
50–60%
75–100%
Trade receivables
30.1
2.5
0.6
0.1
0.2
33.5
Allowance (inclusive of specific impairments)
(0.1)
—
(0.1)
(0.1)
(0.2)
(0.5)
The credit risk in respect of cash and cash equivalents, other financial assets and derivative financial instruments is limited because the
counterparties with significant balances are established international banks whose credit ratings are monitored on an ongoing basis. These
balances are therefore considered to have low credit risk on initial recognition.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances, call deposits and other short-term deposits with original maturities typically of three
months or less. The cash and cash equivalents disclosed in the Group balance sheet and in the Group cash flow statement include £0.1m
ring-fenced in the Group’s Chinese subsidiaries, which is committed to capital expansion (30 September 2024: £0.8m) and therefore is
not available for general use by the other entities within the Group.
Other financial assets
Cash invested in term or notice deposits with original maturities greater than three months in duration does not meet the criteria to be
classified as cash and cash equivalents. Accordingly, these deposits have been presented within other financial assets and are carried at
amortised cost in accordance with IFRS 9.
Financial assets held at amortised cost
Financial assets held at amortised cost consist of loans receivable. The loan receivable’s initial fair value is the present value of the future
repayments, discounted using a market rate of interest for an arm’s length loan, when the loan is granted interest free. As the loans
receivable are held for collection of contractual cash flows, where cash flows represent solely payments of principal and effective interest,
they are measured at amortised cost in accordance with IFRS 9. Both the initial discount between the fair value and loan value and the
subsequent unwind of the discount are included within finance (costs)/income in the income statement.
As at 30 September 2025, the maximum exposure with a single bank for deposits (cash and cash equivalents and other financial assets) was
£12.2m (30 September 2024: £15.2m) for the Group. As at 30 September 2025, the largest mark to market exposure for gains on forward
foreign exchange contracts to a single bank was £1.6m (30 September 2024: £3.0m). The amounts on deposit at the year end represent the
Group’s maximum exposure to credit risk on cash and deposits.
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17. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT CONTINUED
Group continued
Liquidity risk
The Group’s objective in terms of funding capacity is to ensure that it always has sufficient short-term and long-term funding available,
either in the form of the Group’s cash resources or committed bank facilities. The Group has sufficient funds available to meet its current
funding requirements for both revenue and capital expenditure. In order to further manage liquidity risk to an acceptable level, the Group
has a bank facility of £60.0m (£40.0m committed and £20.0m accordion) which expires in October 2028. Interest is charged at a rate of
SONIA +0.75% to SONIA +1.05% depending on the level of utilisation. In February 2025, £18.0m of the bank facility was drawn and was
fully repaid by 30 September 2025. In February 2024, £26.0m of the bank facility was drawn and was fully repaid by 30 September 2024.
The facility contains covenant measures that are tested biannually. They consist of:
•
leverage, being the ratio of Group consolidated net debt to Group consolidated profit before interest, tax, depreciation and
amortisation; and
•
interest cover, being the ratio of Group consolidated profit before interest and tax to the Group consolidated net interest.
The Group has complied with these covenants throughout FY 2025.
In addition to the UK bank facility, the Group has an RMB loan facility in VIPL, details of which are included in note 16.
As at 30 September 2025, the Group had a cash and cash equivalents balance of £24.2m (30 September 2024: £29.3m). The Group had no
cash held on 95-day notice deposit accounts (30 September 2024: £nil), with all funds held in instant access or overnight deposit accounts
both during the year ended 30 September 2025 and up to the date of this report.
Financial assets held at amortised cost
The loans receivable granted in the previous year are secured and non-interest bearing with an agreed term of 12 years, with repayments
commencing from FY 2029. The loans receivable have been discounted to present value, with this discount charge included in finance costs
in the income statement, matching against where the interest is being unwound over the term of the loan.
The credit risk in relation to the loans receivable is deemed to be low after consideration of the risk of default; the debtor is considered to
have capacity to meet the contractual cash flow obligations per the contract.
Price risk
The Group’s products contain a number of key raw materials and its operations require energy, notably electricity and natural gas. Any
increase or volatility in prices and any significant decrease in the availability of raw materials or energy could affect the Group’s results.
Victrex strives to obtain the best prices and uses contractual means to benefit where appropriate and possible. The Group has a significant
degree of influence over its supply chain which enables it to effectively manage the risk in this area.
Interest rate risk
The Group has an exposure to interest rate risk only on its borrowings which are at variable rates of interest. The loans from HSBC, referred
to in note 16, and the revolving credit facility are at variable rates of interest. The Group does not manage this risk through the use of
financial derivatives. The impact of a 100 bps increase in the interest rate charged on the HSBC loans would reduce profit in FY 2025 by
£0.3m (FY 2024: £0.3m). The impact of a 100 bps increase in the interest rate charged on the revolving credit facility would reduce profit
in FY 2025 by £0.1m (FY 2024: £0.1m).
Capital management
The Group defines the capital that it manages as the Group’s total equity. The Group’s policy for managing capital is to maintain a strong
balance sheet with the objective of maintaining customer, supplier and investor confidence in the business and to ensure that the Group
has sufficient resources to be able to invest in the future development and growth of the business.
Share buybacks are now included as an option for future shareholder returns, alongside special dividends, within our capital allocation
policy. To ensure the Board has the necessary flexibility, there is a resolution proposed at each AGM to authorise the Company to make one
or more market purchases of its ordinary shares up to a maximum number of shares equal to 10% of its issued ordinary share capital as at
the date of the Notice of Annual General Meeting.
The Group’s capital and equity ratio is as follows:
Total equity
431.2
461.6
Total assets
566.9
592.0
Equity ratio
76%
78%
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
17. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT CONTINUED
Financial instruments
Summary of categories of financial assets and liabilities
As at 30 September
Note
Classification under IFRS 9
Forward exchange contracts used for hedging (derivative instruments)
Fair value –
2.3
7.3
Unquoted investments
12
FVTPL
—
3.5
Other financial assets held at amortised cost
Amortised cost
1.0
1.0
Trade and other receivables
15
Amortised cost
34.7
34.0
Cash and cash equivalents
Amortised cost
24.2
29.3
Forward exchange contracts used for hedging (derivative instruments)
Fair value –
(1.6)
(0.3)
Borrowings – due within one year
16
Amortised cost
(17.5)
(7.5)
Borrowings – due after one year
16
Amortised cost
(22.6)
(32.9)
Trade and other payables
19
Other financial liabilities
(40.0)
(34.2)
Financial assets and liabilities held at fair value
Fair value is determined using the fair value hierarchy which takes into account the availability of input data into the fair value calculation,
with levels going from Level 1 (quoted market prices available) through to Level 3 (unobservable inputs) with more assumptions inherent
in the fair value calculation of Level 3 assets. Where observable inputs are not available then another valuation technique is used, such as
an income approach or market approach.
All financial assets and liabilities measured at fair value are categorised as Level 2 within the fair value hierarchy, with the exception of
investments in unquoted companies and other financial assets held at fair value which are categorised as Level 3. See note 12 for further
details. The maturity profiles of the derivative instruments in designated hedge accounting relationships and trade receivables are given
on pages 159 and 160 respectively. Information on the maturity of the financial liabilities is included both within this note and within
note 16. For trade and other payables there are no amounts due after one year, with the majority falling due in 30 days or less. All fair
value measurements are recurring.
Reconciliation of movement in net debt
Net (debt)/funds consists of cash and cash equivalents together with other financial assets (within current assets), long-term and short-term
loans and finance lease liabilities.
Cash and cash equivalents
17
29.3
(5.3)
0.2
24.2
Borrowings
16, 17
(40.4)
1.5
(1.2)
(40.1)
Lease liabilities
20
(10.0)
2.2
(1.1)
(8.9)
Net debt
(21.1)
(1.6)
(2.1)
(24.8)
Cash and cash equivalents
17
33.4
(3.3)
(0.8)
29.3
Other financial assets
17
0.1
(0.1)
—
—
Borrowings
16, 17
(39.7)
(0.5)
(0.2)
(40.4)
Lease liabilities
20
(10.5)
1.9
(1.4)
(10.0)
Net debt
(16.7)
(2.0)
(2.4)
(21.1)
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17. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT CONTINUED
Company
The only receivables of the Company are amounts owed by subsidiary undertakings. These are carried at amortised cost subsequent
to initial recognition.
The future expected credit losses on amounts owed by subsidiary undertakings are considered to be immaterial and therefore no expected
credit losses have been recognised.
The Company has issued financial guarantee contracts to guarantee the indebtedness of other companies within its Group as follows:
•
in favour of Barclays Bank PLC (‘Barclays’) to cover any liabilities due to Barclays by the Company and its fellow UK subsidiaries up
to a maximum value of £12m; and
•
in favour of HSBC Bank (China) Company Ltd (‘HSBC’) to cover the RMB loan facilities due to HSBC by VIPL (see note 16).
The probability of default is considered remote and therefore the estimated financial effect of issuing is £nil (FY 2024: £nil). The fair value
of the issued financial guarantee contracts is deemed to be immaterial.
18. RETIREMENT BENEFITS
Employee benefits
Defined contribution pension schemes
Obligations for contributions to defined contribution pension schemes are recognised as an expense in the income statement as incurred.
Defined benefit pension schemes
The Group’s asset and obligation in respect of defined benefit pension schemes recognised in the balance sheet are the present value of
the future benefits that employees have earned in return for their service in the current and prior periods, less the fair value of plan assets.
The defined benefit obligation is calculated by independent actuaries using the projected unit credit method. The present value of the
defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate
bonds that are denominated in the currency in which the benefits will be paid and have terms to maturity approximating to the terms of
the related pension liability.
When the calculation results in a benefit to the Group, the recognised asset is the present value of economic benefits available in the form
of any future refunds from the plan or reductions in future contributions to the plan. In order to calculate the present value of economic
benefits, consideration is given to any minimum funding requirements that apply. An economic benefit is available to the Group if it is
realisable during the life of the plan or on settlement of the plan liabilities. When the benefits of a plan are improved, the portion of the
increased benefit relating to past service by employees is recognised in profit or loss on a straight line basis over the average period until
the benefits become vested. To the extent that the benefits vest immediately, the expense is recognised in profit or loss.
Actuarial gains and losses are immediately recognised in full through the Consolidated statement of comprehensive income.
Critical judgements and key sources of estimation uncertainty in relation to pension scheme valuation
The valuation of pension scheme liabilities is calculated in accordance with Group policy. The valuations are prepared by independent
qualified actuaries, but significant estimates are required in relation to the assumptions for pension increases, inflation, the discount rate
applied and member longevity, which underpin the valuations. Information about the assumptions relating to retirement benefit assets
and obligations and also the sensitivity of the pension asset and liability to movements in these assumptions is presented below. The
sensitivity shows that a change in the estimation assumptions could result in a material change in the carrying value of the scheme assets
and liabilities within the next 12 months.
Impact of climate change
The impact of climate change has been discussed with the UK pension trustee. Whilst not an income statement impacting
change, a movement in the net defined benefit pension balance would potentially impact long-term cash flows if further
contributions were required or a lower surplus were returned to the Company on satisfaction of all outstanding liabilities.
The potential impact of climate change would most likely be seen in the value of scheme assets if they were not appropriately
managed.
At 30 September 2025 the scheme does not hold any equities or growth funds with the funds. The pension trustees, with the
support of the Company, continue to develop their own ESG policy which is likely to result in an ESG linked investment strategy
for if and when equity and growth assets are held by the scheme. This will align to the Company’s strategy and also ensure that
investments are not ‘stuck’ in declining equities, thus risking underperformance. As a result, the Directors have concluded that
no climate-related risk adjustment is required at 30 September 2025.
The Group operates a number of pension schemes for its employees throughout the world. Outside the UK and Germany, the Company
operates defined contribution pension schemes. Each scheme operates under the regulatory environment of the jurisdiction in which it
is located.
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
18. RETIREMENT BENEFITS CONTINUED
Employee benefits continued
Victrex Pension Fund (UK)
The principal scheme operated by the Group is a funded UK pension scheme, which is subject to the statutory funding objective under
the Pensions Act 2004, in which employees of UK subsidiary undertakings participate. The scheme has two sections. One section provides
benefits on a defined benefit basis with benefits related to final pensionable pay. The defined benefit section was closed to new members
from 31 December 2001. From this date new employees have been invited to join the second section that provides benefits on a defined
contribution basis. The defined benefit scheme closed to future accrual on 31 March 2016, with employees in the scheme eligible to join
the defined contribution scheme.
The latest triennial valuation was performed to 31 March 2022 and showed a scheme surplus of £16.8m. The surplus position means the
Group has no current obligation to make further contributions to the scheme, although this may change following future valuations. The
Group made additional contributions of £1.0m during the years ended 30 September 2022 and 2023 as part of an ongoing programme
with the trustees to work towards self-sufficiency. The Group remains committed to working towards self-sufficiency with the assets
increasingly matched to the nature and term of the liabilities, protecting the scheme against market risks. The investment strategy is
reviewed on a regular basis with the trustees and scheme advisors. The next triennial valuation performed to 31 March 2025 is ongoing
with the preliminary results due in H1 FY 2026.
The defined contribution scheme is open to all UK employees with the Group making contributions at a level which varies with the
percentage of salary the employee contributes. The total expense for the defined contribution scheme is included in ‘staff costs’ within
the income statement line where the employee operates. The expense for the year ended 30 September 2025 was £7.3m (FY 2024: £6.9m).
In June 2025, the UK government announced that legislation will be introduced to give pension schemes impacted by the High Court judgement
involving the Virgin Media vs NTL Pension Trustees Limited the ability to retrospectively obtain written actuarial confirmation that historic benefit
changes met the necessary standards. Once this legislative update has been made, the trustee plans to obtain the required written confirmation(s)
and the Directors and the trustee have concluded there is no impact to the valuation of scheme liabilities at the current time.
Victrex Europa GmbH Pension Fund (Germany)
The Group operates another defined benefit scheme in Germany for the benefit of one, now retired, employee.
Risks associated with the defined benefit scheme
Investment risk
The scheme has the option to hold investments in asset classes, such as equities, which have volatile market values, and while these assets
are expected to provide real returns over the long term, the short-term volatility can cause additional funding to be required if a deficit
emerges.
Interest rate risk
The scheme’s liabilities are assessed using market yields on high quality corporate bonds to discount the liabilities. As the scheme holds
assets such as equities, the value of the assets and liabilities may not move in the same way, although this is mitigated to some extent by
the scheme’s liability-driven investment holdings which, although not based on changes in corporate bonds, would be expected to move
in a similar way to the liabilities.
Inflation risk
A significant proportion of the benefits under the scheme are linked to inflation. Although the scheme’s assets are expected to provide
a good hedge against inflation over the long term, in particular through the scheme’s liability-driven investment holdings, movements in
the short term could lead to deficits emerging.
Longevity risk
In the event that members live longer than assumed, an additional deficit will emerge in the scheme, as the present value of the defined
benefit liabilities is calculated with regard to a best estimate of the mortality of plan members.
Where the IAS 19 valuation shows scheme assets in excess of scheme liabilities, an asset is recognised based on the fact that under the
terms of the Trust Deed agreement, the sponsoring company is entitled to any assets that remain in the scheme after the settlement
of all pension liabilities. There are no restrictions on the current realisability of the surplus.
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18. RETIREMENT BENEFITS CONTINUED
Principal actuarial assumptions
IAS 19 disclosures relating to defined benefits are as follows:
As at 30 September
2025 – UK Scheme
2025 – German Scheme
2024 – UK Scheme
2024 – German Scheme
Discount rate
5.80%
3.58%
5.05%
3.41%
RPI inflation
3.25%
n/a
3.40%
n/a
CPI inflation
2.75%
2.20%
2.80%
2.20%
Future pension increases
3.15%
n/a
3.25%
n/a
– Male
92% of S3PMA
100%
of RT2018G
92% of S3PMA
100% of RT2018G
– Female
95% of S3PFA
n/a
95% of S3PFA
n/a
– Model
CMI2024
R
T
2
018G
CMI2023
RT2018
G
– Long-term rate of improvement
1.25%
Individual
1.25%
Individual
– Initial addition
0.25%
Individual
0.25%
Individual
– Male
25.4 yrs ¹
23. 8 yrs ¹
25.3 yrs
2
23.7 yrs
2
– Female
27.6 yr s ¹
n/a
27.6 yrs
2
Life expectancy from age 62 of active and
deferred members:
– Male
26 .6 yr s ³
2 6. 3 yr s ³
26.5 yrs
4
26.0 yrs
4
– Female
2 8. 9 yrs ³
n/a
28.9 yrs
4
1 Life expectancy from age 62 for members aged 62 in 2025.
2 Life expectancy from age 62 for members aged 62 in 2024.
3 Life expectancy from age 62 for members aged 45 in 2025.
4 Life expectancy from age 62 for members aged 45 in 2024.
The average duration of the benefit obligation at the end of the reporting period is 14 years (FY 2024: 15 years).
Significant actuarial assumptions for the determination of the defined benefit surplus are discount rate and inflation rate. The sensitivity
analysis below has been determined based on reasonably possible changes in the assumptions occurring at the end of the reporting period
assuming that all other assumptions are held constant:
Reduce discount rate by 1% p.a.
6.5
7.8
Increase inflation expectations by 1% p.a.
4.1
5.4
Increase life expectancy by one year
1.2
1.4
Inter-relationships between the assumptions, especially between discount rate and expected inflation rates, are expected to exist in
practice. The above analysis does not take the effect of these inter-relationships into account.
Amounts recognised in the balance sheet
UK Scheme
9.3
10.7
Total retirement benefit assets
9.3
10.7
German Scheme
(2.4)
(2.5)
Total retirement benefit liabilities
(2.4)
(2.5)
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
18. RETIREMENT BENEFITS CONTINUED
UK Scheme/Combined Scheme disclosures
Present value of funded obligations
(43.0)
(47.7)
(45.7)
(49.2)
(81.1)
Fair value of scheme’s/schemes’ assets
52.3
58.4
55.4
64.1
95.3
Net asset before deferred taxation
9.3
10.7
9.7
14.9
14.2
Related deferred taxation liability
(2.3)
(2.7)
(2.4)
(3.7)
(3.6)
Net asset after deferred taxation
7.0
8.0
7.3
11.2
10.6
arising on scheme’s/schemes’ liabilities
5.2
(1.4)
3.4
30.8
(0.4)
Experience adjustments arising on scheme’s/schemes’ assets
(7.1)
1.7
(10.4)
(31.4)
4.1
Changes in the present value of the funded obligation
Defined benefit obligation at beginning of year
(47.7)
(45.7)
Interest cost
(2.4)
(2.4)
– Changes in demographic assumptions
—
0.1
– Changes in financial assumptions
5.3
(1.5)
– Experience losses on liabilities
(0.1)
—
Benefits paid
1.9
1.8
Defined benefit obligation at end of year
(43.0)
(47.7)
Changes in the fair value of the scheme assets
Fair value of scheme assets at beginning of year
58.4
55.4
Interest income on assets
2.9
2.9
Return on assets excluding interest
(7.1)
1.7
Contributions by employer
0.3
0.3
Benefits paid
(1.9)
(1.8)
Administration expenses
(0.3)
(0.1)
Fair value of scheme assets at end of year
52.3
58.4
Major categories of UK Scheme assets
UK Scheme
UK Scheme
Liability-driven investments
1
35.6
—
35.6
26.9
—
26.9
Debt instruments
15.9
—
15.9
17.9
13.1
31.0
Cash
0.8
—
0.8
0.5
—
0.5
Fair value of scheme assets at end of year
52.3
—
52.3
45.3
13.1
58.4
1 Liability-driven investments are a portfolio of assets that are linked to the drivers of movements in pension liabilities such as inflation and interest rates.
These are assets designed to deliver geared movements in the underlying liabilities as they reflect changes to inflation and interest rates.
Quoted assets are those with a quoted price in an active market. The liability-driven investments and certain debt instruments are recognised
as quoted above based on the underlying assets of the funds invested in, which have quoted prices in active markets. The funds themselves,
however, are unquoted as they are not listed and traded on an active market. Unquoted assets are those which do not have a daily market
price and are valued by investment managers.
The Group does not hold any of its own transferable financial instruments as plan assets and the plan assets do not contain any properties
that are occupied by the Group.
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18. RETIREMENT BENEFITS CONTINUED
Amounts recognised in the income statement
Interest on liabilities
(2.4)
(2.4 )
Interest income on assets
2.9
2.9
Total income
0.5
0.5
Interest on liabilities – German Scheme (see below)
(0.1)
(0.1 )
Total income included in staff costs
6
0.4
0.4
Administration expenses
(0.3)
(0.1 )
Total included in the income statement
0.1
0.3
The total amount included in the income statement is included within sales, marketing and administrative expenses.
Gross amounts of actuarial gains and losses recognised in the Consolidated statement of
comprehensive income
UK Scheme at beginning of year
(3.6)
(3.9 )
(Loss)/gain in year
(1.9)
0.3
Cumulative amount at end of year
(5.5)
(3.6 )
Gains and losses recognised in the Consolidated statement of comprehensive income
Changes in demographic assumptions
—
0.1
Changes in financial assumptions
5.3
(1.5 )
Experience losses on liabilities
(0.1)
—
Total actuarial gains/(losses) on scheme liabilities
5.2
(1.4 )
Return on assets excluding interest
(7.1)
1.7
Total (losses)/gains recognised in other comprehensive income
(1.9)
0.3
German Scheme disclosures
Present value of funded obligations
(2.4)
(2.5 )
Related deferred taxation asset
0.2
0.4
Net liability after deferred taxation
(2.2)
(2.1 )
Change in assumptions and experience adjustments arising on scheme’s liabilities
0.1
—
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
18. RETIREMENT BENEFITS CONTINUED
Changes in the present value of the funded obligation
Obligations at beginning of year
(2.5)
(2.5 )
Exchange gain on opening obligations
—
—
Interest cost
(0.1)
(0.1 )
Actuarial gains
0.1
—
Benefits paid
0.1
0.1
Defined benefit obligation at end of year
(2.4)
(2.5 )
The German Scheme had no scheme assets at 30 September 2025 (30 September 2024: £nil).
The gross amount of actuarial gains and losses recognised in the Consolidated statement of comprehensive income in respect of the
scheme was a gain of £0.1m (FY 2024: £nil).
German Scheme at beginning of year
1.7
1.7
Movement in year
0.1
—
Cumulative amount at end of year
1.8
1.7
Actuarial gains and losses arising from changes in demographic and financial assumptions
Changes in financial assumptions
0.1
—
Experience gains on liabilities
—
—
Total actuarial gains on scheme liabilities
0.1
—
19. TRADE AND OTHER PAYABLES
Trade payables are obligations to pay for goods acquired in the ordinary course of business from suppliers.
Trade and other payables are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using
the effective interest method.
Group
Company
Trade payables
5.4
6.9
—
—
Accruals
30.1
21.0
0.1
0.1
Other
4.5
6.3
—
—
Amounts owed to Group undertakings
—
—
1.1
1.1
40.0
34.2
1.2
1.2
The fair value of trade and other payables approximates to their carrying value.
Amounts owed to Group undertakings are interest free, unsecured, have no fixed repayment and are repayable on demand, with sufficient
liquidity in the Group to flow funds if required.
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20. LEASE LIABILITIES
Lease liabilities
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease
payments made.
The Group has elected not to recognise ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or
less and those leases of low value assets. Payments associated with short-term leases and leases of low value assets are recognised
on a straight line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less that
do not contain a purchase option. Low value assets mainly comprise office equipment.
Lease liabilities are initially measured at their present value, which includes the following lease payments: fixed payments (including
in-substance fixed payments), less any lease incentives receivable; variable lease payments that are based on an index or a rate (using the
index or rate in place at transition); amounts expected to be payable by the Group under residual value guarantees; the exercise price of
a purchase option if the Group is reasonably certain to exercise that option; payments of penalties for terminating the lease, if the lease
term reflects the Group exercising that option; and payments to be made under reasonably certain extension options. Lease liabilities and
the corresponding right of use asset are subsequently remeasured where there is a change in future lease payments resulting from a rent
review or change in index or rate.
The lease payments are discounted using the Group’s incremental borrowing rate. Each lease payment is allocated between the principal
and finance cost. The finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of
interest on the remaining balance of the lease liability for each period.
At 30 September 2025 and 30 September 2024, the Group’s lease liabilities are as follows:
Balance at 1 October
10.0
10.5
Additions
0.8
2.4
Payments
(2.2)
(1.9)
Interest on lease liabilities
0.3
0.3
Disposals
—
(1.2)
Exchange differences
—
(0.1)
Balance at 30 September
8.9
10.0
The maturity of these lease liabilities at 30 September is as follows:
Due within one year
1.9
1.7
Due between two and five years
3.7
4.4
Due after five years
3.3
3.9
Total
8.9
10.0
21. CONTINGENT LIABILITIES
Contingent liabilities
Contingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote but is not
considered probable or cannot be measured reliably.
At 30 September 2025, the Group had no contingent liabilities (30 September 2024: none).
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
22. SHARE-BASED PAYMENTS
Share-based payment transactions and employee share ownership trusts (‘ESOT’)
The fair value of the employee services received in exchange for the grant of the options is recognised as an expense with a
corresponding increase in equity. Share-based payment transactions are recharged from the Company to those subsidiaries benefiting
from the service of the employees to whom options are granted.
The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding
the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of
options that are expected to vest and include employee service periods and performance targets which are not related to the Company’s
share price, such as earnings per share growth. The fair value of the options is measured by the Black-Scholes or stochastic model, taking
into account the terms and conditions upon which the instruments were granted. At each balance sheet date, the entity revises its
estimates of the number of options that are expected to become exercisable. It recognises the impact of the revision of original
estimates, if any, in the income statement and a corresponding adjustment to equity over the remaining vesting period.
Any failure to meet market conditions, which include performance targets such as share price or total shareholder return, would not
result in a reversal of original estimates in the income statement and any remaining charges would be accelerated.
The proceeds received, net of any directly attributable costs, are credited to share capital (nominal value) and share premium when the
options are exercised.
The Group and Company provide finance to the ESOT to purchase Company shares in the open market. Costs of running the ESOT are
charged to the income statement. The cost of shares held by the ESOT is deducted in arriving at equity until they are exercised by employees.
All share-based payment costs are recharged to the trading entities.
All options are settled by the physical delivery of shares. The terms and conditions of all the grants are as follows:
Victrex 2025 Executive Share Option Plan (‘ESOP’)
From 2024 onwards the ESOP is available exclusively to new employees joining the Company. All ESOP options are exercisable from the date
of vesting (typically the third anniversary of the grant date) to the 10-year anniversary of the grant date. The exercise price of the options
is equal to the three-day average market price of the shares preceding the date of grant. ESOP options are conditional on the employee
completing three years’ service (the vesting period) and achieving an EPS performance condition over the vesting period. The Remuneration
Committee has determined Executive Directors are excluded from participating in this plan.
Victrex 2025 Sharesave Plan (’SAYE’)
UK resident employees and full-time Directors of the Company or any designated participating subsidiary are eligible to join. Under the
plan, eligible participants may be granted options to purchase ordinary shares at an exercise price set at a 20% discount to the market value
on the date of grant. The number of shares awarded is based on the total amount an employee has contributed over a three or five-year
savings period.
Victrex 2025 Employee Stock Purchase Plan (‘ESPP’)
US-based employees (including Executive Directors) are eligible to participate. Under the ESPP, eligible participants may be granted options
to purchase ordinary shares at an exercise price set at a 15% discount to the market value on the date of grant, or the date of vest,
whichever is the lower. The number of shares awarded is based on the total amount an employee has saved over a one-year savings period.
Victrex 2019 Long Term Incentive Plan (‘LTIP’)
All employees are eligible to receive LTIP options at the discretion of the Remuneration Committee. Participants may receive conditional
awards or nil-cost options to acquire ordinary shares at no cost, subject to completing three years’ service (the vesting period). Options may
be granted without a performance condition (Restricted Stock Units (‘RSUs’)), or with performance conditions (‘performance shares’).
Executive Directors receive performance shares only, in line with the remuneration policy which can be found on pages 98 to 106 of the Directors’
remuneration report. Senior Managers (the members of the VMT (excluding Executive Directors) and their direct reports at a senior organisational
level) are eligible to receive RSUs and performance shares. Employees below a senior organisational level may receive RSUs in recognition of
exceptional performance.
Victrex 2017 Deferred Bonus Scheme (‘DBS’)
Adopted by the Remuneration Committee on 9 October 2017, this plan requires Executive Directors to defer up to a maximum of 100% of
their earned bonus into shares for three years.
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22. SHARE-BASED PAYMENTS CONTINUED
Number and weighted average exercise prices of share options
ESOP
Sharesave Plan
Stock Purchase Plan
LTIP
DBS
Outstanding at
1 October 2023
1,965p
924,846
1,520p
426,033
—
—
nil p
599,735
nil p
51,267
Granted during the year
1,430p
322,783
1,129p
364,846
1,046p
16,526
nil p
400,304
—
—
Forfeited during the year
1,996p
(293,082)
1,537p
(10,170)
—
—
nil p
(80,923)
—
—
Cancelled during the year
—
—
1,346p
(357,561)
—
—
nil p
(109,460)
—
—
Exercised during the year
—
—
—
—
1,046p
(16,526)
—
—
—
—
Outstanding at
30 September 2024
1,776p
954,547
1,260p
423,148
—
—
nil p
809,656
nil p
51,267
Granted during the year
945p
158,419
827p
528,034
785p
17,20
4
nil p
599,547
nil p
4,887
Forfeited during the year
2,160p
(264,866)
1,763p
(5,207)
—
—
nil p
(56,566)
—
—
Cancelled during the year
—
—
1,079p
(439,574)
—
—
nil p
(116,916)
—
—
Exercised during the year
—
—
—
—
785p
(17,204)
nil p
(7,285)
nil p
(19,152)
Outstanding at
30 September 2025
1,500p
848,100
930p
506,401
—
—
nil p 1,228,436
nil p
37,002
2025
815p
–2,730p
827p–1,997p
—
nil p
n/a
2024
1,305p
–2,730p
1,129p–1,997p
—
nil p
n/a
2025
7.0
3.2
0.4
6.1
5.0
2024
7. 2
3.2
0.4
8.6
5.8
2025
1,998p
163,212
1,906p
9,885
—
—
nil p
1,671
nil p
9,117
2024
1,964p
201,315
1,949p
21,597
—
—
nil p
3,472
—
—
During the year, there were no ESOP or Sharesave Plan exercises (FY 2024: no ESOP or Sharesave Plan exercises). Details of the LTIP and DBS
exercises are included in the Directors’ remuneration report on page 112.
Fair value of share options and assumptions
Fair value of share options and weighted average assumptions
As at 30 September 2025
As at 30 September 2024
Plan
LTIP
DBS
ESOP
Plan
LTIP
DBS
Fair value at
measurement date
276p
236p
166p
1,032p
1,641p
323p
385p
241p
1,318p
1,826p
Share price at grant
1,537p
1,100p
924p
1,312p
1,810p
1,788p
1,540p
1,297p
1,678p
1,996p
Exercise price
1,533p
930p
n/a
nil p
n/a
1,781p
1,260p
n/a
nil p
n/a
Expected volatility
28%
29%
31%
27%
n/a
28%
28%
27%
27%
n/a
Expected dividends
3.9%
5.7%
6.4%
4.7%
3.4%
3.3%
4.0%
4.6%
3.8%
3.1%
rate
3.4%
3.9%
4.4%
3.9%
n/a
2.6%
3.6%
4.9%
3.3%
n/a
Option life
10 years
3.5 years
1 year
9 years
8 years
10 years
3.6 years
1 year
10 years
8 years
The Company uses the Black-Scholes model for calculating the fair value of the share options where there are no market-based
performance conditions. Where there are market-based performance conditions a stochastic model is used.
The expected volatility is based on historical volatility over the period prior to grant equal to the expected term.
All share options are granted under a service condition and, for ESOP and LTIP performance shares, a non-market condition (‘EPS’).
In addition, LTIP performance shares also have up to two further non-market conditions (ESG metric from FY 2022 and ROIC metric from
FY 2024). Such conditions are not taken into account in the grant date fair value measurement of services received. In addition, LTIP
performance shares also have a market condition (‘TSR’) which is taken into account in the grant date measurement of fair value.
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
22. SHARE-BASED PAYMENTS CONTINUED
Staff costs – equity-settled share-based payment transactions
ESOP
0.2
(0.1)
Sharesave Plan
1.2
0.6
LTIP and Deferred Bonus Scheme
2.1
(0.3)
Total equity-settled share-based payment transactions recognised in staff costs
6
3.5
0.2
23. SHARE CAPITAL AND RESERVES
Share capital
2025
2024
Number
£m
Number
£m
Allotted, called up and fully paid shares of 1p each
Ordinary shares
At 1 October 2024 and 1 October 2023
87,034,903
0.9
87,018,377
0.9
Issued for cash
17,204
—
16,526
—
At 30 September 2025 and 30 September 2024
87,052,107
0.9
87,034,903
0.9
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per ordinary share
at meetings of the Company.
Share premium
During the year 17,204 (FY 2024: 16,526) shares were issued for cash, resulting in an increase in share premium of £0.1m (FY 2024: £0.2m).
Retained earnings
Retained earnings have been reduced by the reserve for own shares, which consists of the cost of shares of Victrex plc held by employee
trusts, and are administered by independent trustees. The total number of shares held in trust as at 30 September 2025 was 49,032 (30
September 2024: 75,847). Distribution of shares from the trusts is at the discretion of the trustees. Dividends attaching to these shares have
been waived.
Translation reserve
The translation reserve comprises all foreign exchange differences, since 1 October 2004 (as permitted by IFRS 1), arising from the
translation of the financial statements of foreign operations, adjusted for exchange differences arising on intragroup monetary items, that,
in substance, form part of the entity’s net investment in a foreign operation.
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related
to forecast hedged transactions.
Dividends to shareholders
Dividend distribution
Dividend distribution to the Company’s shareholders is recognised as a liability in the Group’s financial statements in the period in which
the dividends are approved.
– Final dividend paid February 2024 at 46.14p per ordinary share
—
40.1
– Interim dividend paid June 2024 at 13.42p per ordinary share
—
11.7
– Final dividend paid February 2025 at 46.14p per ordinary share
40.1
—
– Interim dividend paid June 2025 at 13.42p per ordinary share
11.7
—
51.8
51.8
A final dividend in respect of 2025 of £40.2m (46.14p per ordinary share) has been recommended by the Directors for approval at the
Annual General Meeting in February 2026. These financial statements do not reflect this dividend.
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24. RELATED PARTY TRANSACTIONS
Identity of related parties
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and so are only
disclosed for the Company’s financial statements.
Administrative expenses paid on the Company’s behalf by subsidiaries
0.8
0.8
Dividends received from subsidiaries (net of withholding tax)
4.1
42.2
Cash transfers received from subsidiaries
55.9
58.5
Cash transfers made to subsidiaries
4.2
6.9
Amounts receivable from subsidiaries are disclosed in note 15.
The Group’s retirement benefit plans are related parties and the Group’s and Company’s transactions with them are disclosed in note 18.
Details of transactions during the year relating to the Company’s investments in subsidiaries can be found in note 12.
During the prior year the Group fully impaired its investment in associate, Bond 3D High Performance Technology BV (‘Bond’), with the fair
value of the loans due from Bond also reduced to £nil. On 30 October 2024 Bond was liquidated. There were no sales of material to Bond
in FY 2025 prior to its liquidation (FY 2024: £11,000).
Transactions with key management personnel
The key management of the Group and Company is those people having authority and responsibility for planning, directing and controlling
the activities of the Group and consists of the Board of Directors.
Compensation of key management personnel is shown in the table below:
Short-term employment benefits
2.2
1.8
Post-employment benefits
0.2
0.1
2.4
1.9
More detailed information concerning Directors’ remuneration, including non-cash benefits and contributions to post-employment defined
benefit plans, is given in the Directors’ remuneration report on pages 107 to 116.
Directors of the Company control 0.116% of the voting shares of the Company, details of which are given on page 111.
Details of Directors’ indemnities are given on page 117.
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
25. EXCHANGE RATES
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic
environment in which the entity operated (the ‘functional currency’). The consolidated financial statements are presented in Sterling,
which is the Company’s functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rate prevailing on the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the retranslation to balance
sheet date exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement,
except when deferred in equity as qualifying cash flow hedges. In addition, where an exchange difference arises on an intragroup
monetary item that, in substance, forms part of the entity’s net investment in a foreign operation, these differences are recognised in other
comprehensive income in the consolidated financial statements and accumulated in equity until the disposal of the foreign operation.
Group companies
The results and financial position of all the Group entities (none of which have the currency of a hyperinflationary economy) that have a
functional currency different from the presentation currency are translated into the presentation currency as follows:
•
assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;
•
income and expenses for each income statement are translated at weighted average exchange rates; and
•
all resulting exchange differences, from 1 October 2004, are recognised as a separate component of equity.
The most significant Sterling exchange rates used in the financial statements under the Group’s accounting policies are:
2025
2024
Average spot
Closing
Average spot
Closing
US Dollar
1.30
1.33
1.26
1.32
Euro
1.19
1.14
1.16
1.18
The average exchange rates in the above table are the weighted average spot rates applied to foreign currency transactions, excluding the
impact of foreign currency contracts. Any gains and losses on foreign currency contracts, where net hedging has been applied for cash flow
hedges, have been separately disclosed in the income statement as required, in accordance with IFRS 9.
26. ALTERNATIVE PERFORMANCE MEASURES
This section includes a reconciliation of certain alternative performance measures (‘APMs’) to the most directly reconcilable line items in the
financial statements. The presentation of APMs should not be considered in isolation or as a substitute for related financial measures prepared
in accordance with IFRS. The APMs presented in this report may differ from similarly titled measures used by other companies.
Where one APM is derived from another APM, a cross-reference to the relevant APM has been included, which then provides the
reconciliation to the most directly reconcilable line items. APM 1 to APM 10 below have been calculated on a consistent basis to the prior
year. One additional APM, net debt/EBITDA (APM 11), has been included in the current year because it has been used by the Board to
assess the business’ ability to meet debt obligations using its operational earnings.
APM 1 Operating profit before exceptional items (referred to as underlying operating profit) is based on operating profit before
the impact of exceptional items. This metric is used by the Board to assess the underlying performance of the business excluding
items that are, in aggregate, material in size and/or unusual or infrequent in nature. The exceptional item for FY 2025 within
operating profit is a charge of £8.6m (FY 2024: charge of £14.5m) relating to business process improvements including ERP
system implementation (FY 2024: business process improvements including ERP system implementation and the impairment
of property, plant and equipment relating to gears manufacturing), further details of which are disclosed in note 4.
Operating profit
39.8
45.8
Exceptional items
8.6
14.5
Underlying operating profit
48.4
60.3
174 Victrex plc – Annual Report 2025
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174 Victrex plc – Annual Report 2025

26. ALTERNATIVE PERFORMANCE MEASURES CONTINUED
APM 2 Profit before tax and exceptional items (referred to as underlying profit before tax) is based on profit before tax (‘PBT’) before
the impact of exceptional items. This metric is used by the Board to assess the underlying performance of the business excluding
items that are, in aggregate, material in size and/or unusual or infrequent in nature. Exceptional items for FY 2025 are a charge
of £12.6m (FY 2024: charge of £35.7m) relating to business process improvements including ERP system implementation and
the fair value loss on equity investment and write off of associated receivables relating to Surface Generation (FY 2024: business
process improvements including ERP system implementation, impairment of property, plant and equipment relating to gears
manufacturing, impairment of investment in associate and fair value loss on the loans due from Bond), further details of which
are disclosed in note 4.
Profit before tax
33.8
23.4
Exceptional items
12.6
35.7
Underlying profit before tax
46.4
59.1
APM 3
Constant currency metrics are used by the Board to assess the year on year underlying performance of the business excluding
the impact of foreign currency rates, which by nature can be volatile. Constant currency metrics are reached by applying current
year (FY 2025) weighted average spot rates to prior-year (FY 2024) transactions. Gains and losses on foreign currency net
hedging are shown separately in the income statement and are excluded from the constant currency calculation.
£m
% change
Revenue at reported currency
292.7
291.0
1%
Impact of FX retranslation
—
(7.8)
Revenue at constant currency
292.7
283.2
3%
Volume (tonnes)
4,164
3,731
ASP at constant currency (£/kg)
70.3
75.9
(7%)
£m
% change
Revenue at reported currency
233.9
229.1
2%
Impact of FX retranslation
—
(6.2)
Revenue at constant currency
233.9
222.9
5%
£m
% change
Revenue at reported currency
58.8
61.9
(5%)
Impact of FX retranslation
—
(1.6)
Revenue at constant currency
58.8
60.3
(2%)
Note: The prior-year comparatives for FY 2025 have been restated for APM 3 to reflect the change in segmental reporting
relating to the non-implantable medical market. See note 2 for further details.
APM 4 Underlying operating cash conversion is used by the Board to assess the business’ ability to convert underlying operating
profit into cash effectively. Underlying operating cash conversion is underlying operating cash flow as a percentage of underlying
operating profit. Underlying operating cash flow is underlying operating profit before depreciation, amortisation and loss on
disposal, less capital expenditure, adjusted for working capital movements.
Underlying operating profit (APM 1)
48.4
60.3
Depreciation, amortisation and loss on disposal
1
25.0
23.3
Change in working capital
7.0
17.5
Capital expenditure
(21.8)
(32.6)
Underlying operating cash flow
58.6
68.5
Underlying operating cash conversion
121%
114%
1 Excludes impact of profit or loss on disposal of right of use assets.
175Annual Report 2025 – Victrex plc
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175Annual Report 2025 – Victrex plc

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
26. ALTERNATIVE PERFORMANCE MEASURES CONTINUED
APM 5 Underlying EPS is earnings per share based on profit after tax but before exceptional items divided by the weighted average
number of shares in issue. This metric is used by the Board to assess the underlying performance of the business excluding items
that are, in aggregate, material in size and/or unusual or infrequent in nature.
Profit after tax attributable to owners of the Company
27.8
17.2
Exceptional items
12.6
35.7
Tax on exceptional items
(2.2)
(8.0)
Profit after tax before exceptional items net of tax
38.2
44.9
Weighted average number of shares
86,998,223
86,950,951
Underlying EPS (p)
43.9
51.7
APM 6 Underlying dividend cover is used by the Board to measure the affordability and sustainability of the regular dividend.
Underlying dividend cover is underlying earnings per share/total dividend per share. This excludes special dividends.
Underlying earnings per share (APM 5)
43.9
51.7
Total dividend per share
59.56
59.56
Underlying dividend cover (times)
0.7
0.9
APM 7 Return on invested capital (‘ROIC’) is used by the Board to assess the return on investment at a Group level and provides a
metric for long-term value creation. ROIC is defined as profit after tax adjusted to exclude exceptional items net of tax, finance
costs and finance income (‘ROIC adjusted profit’)/average adjusted net assets. Adjusted net assets is total equity attributable to
shareholders at the year end excluding cash and cash equivalents, other financial assets, retirement benefit asset, retirement
benefit obligations and borrowings. Average adjusted net assets is (adjusted net assets at the start of the year plus adjusted net
assets at the end of the year)/2.
Profit after tax attributable to owners of the Company
27.8
17.2
Exceptional items
12.6
35.7
Tax on exceptional items
(2.2)
(8.0)
Finance income
(0.4)
(0.7)
Finance costs
2.4
1.9
ROIC adjusted profit
40.2
46.1
Net assets
431.2
461.6
Cash and cash equivalents
(24.2)
(29.3)
Retirement benefit asset
(9.3)
(10.7)
Retirement benefit obligations
2.4
2.5
Borrowings
40.1
40.4
Adjusted net assets
440.2
464.5
Average adjusted net assets
452.4
482.2
ROIC
9%
10%
176 Victrex plc – Annual Report 2025
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176 Victrex plc – Annual Report 2025

26. ALTERNATIVE PERFORMANCE MEASURES CONTINUED
APM 8 Underlying operating overheads is made up of sales, marketing and administrative expenses, and Research and Development
expenses, before exceptional items. This metric is used by the Board to assess the underlying movement in overheads of the
business excluding items that are, in aggregate, material in size and/or unusual or infrequent in nature.
Sales, marketing and administrative expenses
74.0
71.0
Exceptional items
(8.6)
(14.5)
Research and Development expenses
18.8
17.5
Underlying operating overheads
84.2
74.0
APM 9 Underlying PBIT is used by the Group as the financial measure on which the Executive Directors’ performance is assessed for
the annual bonus targets as set out in the Directors’ remuneration report starting on page 95. This metric removes the impact of
finance income and costs from the underlying profit before tax metric (APM 2).
Underlying profit before tax (APM 2)
46.4
59.1
Finance income
(0.4)
(0.7)
Finance costs
2.4
1.9
Underlying PBIT
48.4
60.3
APM 10 Underlying effective tax rate is used by the Board to assess the Group’s effective rate excluding the impact of exceptional
items. This metric is the underlying tax charge divided by underlying profit before tax. The underlying tax charge is the tax
expense adjusted to exclude the tax effect of exceptional items.
Underlying profit before tax (APM 2)
46.4
59.1
Tax expense/effective tax rate
8.9
26.3%
7.6
32.5%
Tax on exceptional items
3.3
8.9
Less: tax effect of exceptional items not deductible for tax purposes
(1.1)
(3.4)
Underlying tax charge/underlying effective tax rate
11.1
23.9%
13.1
22.2%
APM 11 Net debt/EBITDA is used by the Board to assess the business’ ability to meet debt obligations using its operational earnings.
Net debt is defined as total interest-bearing liabilities minus cash and cash equivalents. EBITDA is underlying PBIT before
depreciation, amortisation and loss on disposal.
Net debt
17
24.8
21.1
Underlying PBIT (APM 9)
48.4
60.3
Depreciation, amortisation and loss on disposal
1
25.0
23.3
EBITDA
73.4
83.6
Net debt/EBITDA
0.34
0.25
1 Excludes impact of profit or loss on disposal of right of use assets.
27. COMMITMENTS
Capital expenditure authorised and contracted for which has not been provided for in the financial statements amounted to £10.6m
(30 September 2024: £9.2m) in the Group and £nil (30 September 2024: £nil) in the Company.
177Annual Report 2025 – Victrex plc
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177Annual Report 2025 – Victrex plc

2021
£m
2022
£m
2023
£m
2024
£m
2025
£m
Results
Revenue 306.3 341.0 307.0 291.0 292.7
Profit before tax 92.5 87.7 72.5 23.4 33.8
Balance sheet
Property, plant, equipment and intangible assets 330.5 367.4 369.9 369.2 365.1
Investments and other non-current financial assets 24.1 20.5 22.9 4.5 1.0
Inventories 70.3 86.8 134.5 115.1 109.7
Net cash 74.9 58.7 33.4 29.3 24.2
Other financial assets 37.5 10.1 0.1 — —
Trade receivables and other assets 63.8 83.2 56.1 63.2 57.6
Retirement benefit asset 14.2 14.9 9.7 10.7 9.3
Retirement benefit obligation (1.9) (2.7) (2.5) (2.5) (2.4)
Borrowings (5.9) (22.5) (39.7) (40.4) (40.1)
Trade payables and other liabilities (95.8) (125.8) (83.4) (87.5) (93.2)
Equity shareholders’ funds 511.7 490.6 501.0 461.6 431.2
Cash flow
Net cash flow from operating activities 127.1 80.0 41.7 84.0 71.1
Capital expenditure (41.9) (45.5) (38.5) (32.6) (21.8)
(Deposit)/withdrawal of cash invested for greater than three months (37.5) 27.4 10.0 0.1 —
Other investing activities (3.8) 1.9 (3.8) (2.8) —
Transactions with non-controlling interest 5.6 — 2.6 — —
Net bank borrowings received — 14.5 17.2 2.7 0.2
Dividends and other financing items (47.3) (96.9) (53.5) (54.7) (54.8)
Net increase/(decrease) in cash and cash equivalents 2.2 (18.6) (24.3) (3.3) (5.3)
Ratios
Earnings per ordinary share – basic 84.3p 87.6p 70.9p 19.8p 32.0p
Full year dividend per ordinary share 59.56p 59.56p 59.56p 59.56p 59.56p
Special dividend per ordinary share 50.00p — — — —
Return on invested capital (‘ROIC’) 18% 20% 14% 10% 9%
Sales volume
Tonnes 4,373 4,727 3,598 3,731 4,164
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report may contain forward-looking statements that may or may not prove accurate. Although it is believed that the expectations
reflected in these statements are based on reasonable assumptions, such statements involve risk and uncertainty. There are a number of factors,
many of which are outside the control of Victrex plc and its subsidiaries (’Victrex’), which could cause actual outcomes and results to be materially
different from those anticipated. All written or oral forward-looking statements attributed to Victrex are qualified by this caution. Victrex does not
undertake any obligation to update or revise any forward-looking statements to reflect any change in circumstances or in its expectations. The
information in this Annual Report is believed to be accurate at the date of its preparation but no warranty, guarantee or representation as to its
accuracy or completeness is made. Nothing in this Annual Report should be construed as a profit forecast.
FIVE-YEAR FINANCIAL SUMMARY
for the year ended 30 September and as at 30 September
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
178 Victrex plc – Annual Report 2025

Ex-dividend date 29 January 2026
Record date
1
30 January 2026
AGM 6 February 2026
Payment of final dividend 27 February 2026
Announcement of 2026 half yearly results May 2026
Payment of interim dividend June/July 2026
1 The date by which shareholders must be recorded on the share register to receive the dividend.
FINANCIAL CALENDAR
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
179Annual Report 2025 – Victrex plc

This is the Annual Report of Victrex plc for the year ended
30September2025.
This Annual Report has been sent to shareholders who have elected
toreceive a copy, along with the Notice of the AGM to be held on
6February 2026.
In this Annual Report, references to ‘Victrex’, ‘the Group’, ‘the
Company’, ‘we’ and ‘our’ are to Victrex plc and its subsidiaries and lines
of business, or any of them as the context may require.
References to the years 2025/FY 2025, 2024/FY 2024, 2023/FY 2023
and 2022/FY 2022 are to the financial years ended 30 September 2025
(for 2025), 30 September 2024 (for 2024), 30 September 2023 (for
2023) and 30 September 2022 (for 2022). Unless otherwise stated,
allnon-financial statistics are at 30 September 2025.
This Annual Report contains forward-looking statements with respect to
the Group’s financial condition, operating results and business strategy,
plans and objectives.
Please see the discussion of our principal risks and uncertainties in the
sections entitled ‘Risk management’ and ‘Principal risks’, and the section
entitled ‘Cautionary note regarding forward-looking statements’.
This Annual Report contains references to Victrex’s website. These
references are for convenience only – we are not incorporating by
reference any information posted on www.victrexplc.com.
This Annual Report has been drawn up and presented in accordance
with and in reliance upon applicable English company law and the
liabilities of the Directors in connection with this report shall be subject
to the limitations and restrictions provided by such law.
The Directors’ report – Strategic report has been prepared to inform
theCompany’s shareholders and help them assess how the Directors
have performed their duty to promote the success of the Company
forthe benefit of the Company’s shareholders as a whole. It should not
be relied upon by anyone, including the Company’s shareholders, for
any other reason. The Directors’ report – Strategic report contains a fair
review of the business of the Group and a description of the principal
risks and uncertainties that the Group faces. As a consequence, the
Directors’ report – Strategic report only focuses on material issues
andfacts.
This Annual Report does not constitute an invitation to underwrite,
subscribe for, or otherwise acquire or dispose of any Victrex plc shares.
INDEPENDENT AUDITORS
PricewaterhouseCoopers LLP
1 Hardman Square
Manchester
M3 3EB
JOINT BROKERS
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Canary Wharf
London
E14 5JP
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London
EC2V 7QP
LAWYERS
Addleshaw Goddard LLP
One St Peter’s Square
Manchester
M2 3DE
BANKERS
Barclays Bank PLC
3 Hardman Street
Manchester
M3 3AX
HSBC UK Bank PLC
St Peter’s Square
Manchester
M1 4PB
REGISTRARS
Equiniti
Aspect House
Spencer Road
Lancing
BN99 6DA
Visit www.victrexplc.com or scan with your QR code reader
tovisitour Group website.
ADVISORS
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
180 Victrex plc – Annual Report 2025

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Victrex plc
Victrex Technology Centre
Hillhouse International
Thornton Cleveleys
Lancashire
FY5 4QD
United Kingdom
Tel: +44 (0) 1253 897700
Fax: +44 (0) 1253 897701
Web: www.victrexplc.com
VICTREX PLC ANNUAL REPORT 2025

VICTREX PLC ANNUAL REPORT 2025