Hello, and welcome to Volex's FY 2026 full year results presentation. My name is Nat Rothschild, I am the Chief Executive Officer, and I am joined today by Jon Boaden, our Chief Financial Officer.

Nine weeks ago, we provided a detailed overview of the business at our Capital Markets Day. The focus of today will therefore be the results for the year and a summary of our strategy.

I will begin by taking you through the highlights of the year before passing over to Jon for the market overview and financial performance. I will then provide an update on our strategy and the opportunities ahead, before concluding with the summary and outlook.

Of course, we look forward to taking any questions at the end of the presentation. FY 2026 was a year of very significant progress.

We delivered our five-year plan a full year ahead of schedule. Not only did we deliver the revenue early, but we also exceeded the margin range we had guided to.

This is another year of record revenues. A notable highlight in the period are the growth from data center customers and in Off-Highway.

Once again, the diversity of our platform supports balanced growth across our business, and this resulted in us being comfortably above our $1.2 billion target. Profitability improved also alongside the top line.

Our underlying operating margin reached 10.2%, exceeding our previous 9%-10% target range for the first time. This was supported by operational efficiencies, an improved product mix, and the operating leverage in our model.

We have continued to invest in our centers of excellence, bringing advanced production capabilities together in fewer, larger sites. This enhances customer choice and is enabling site rationalization across our footprint.

We are not standing still. At our first Capital Markets Day in April, we set out a new medium-term plan to take revenue to $2 billion at a 12% operating margin.

Jon will now take you through the numbers in detail.

Thank you, Nat. Look, it is a pleasure to be back on the Investor Meet Company platform.

I find it is a great way to engage with a wide degree of investors, and please do think of questions as we go through the presentation. Look, these were a really strong set of results.

I want to take you through our financial performance. I want to start with the headline numbers, and then I will step through each of the end markets.

In FY 2026, we delivered sustained strong financial performance across every key metric. Revenue grew by 14.4% year-on-year to $1.243 billion, with an organic growth of 14.2%.

I think that is a truly excellent achievement. I will take you through what happened in each end market shortly.

Underlying operating profits grew almost 20% to $127.3 million, and our underlying operating margin was 10.2%, up from 9.8%. Notably, this is above the 9%-10% range that we set out in our previous five-year plan.

This improvement reflects volume growth, operational efficiencies, and an improved product mix. Return on capital employed was better at 21%, which demonstrates the quality of our operations and the enhancement delivered by our reinvestment in CapEx.

Underlying basic earnings per share were $0.435, which is a 20% increase year-on-year. Taken together, these results show a business growing strongly while improving the quality of its earnings and with the financial discipline to keep on doing so.

Before I turn to each of the end markets, I want to frame how we think about the portfolio. We serve five end markets, spanning everyday essential technology in the home through to mission critical applications where there is no room for error.

What connects them is that each is supported by its own structural growth drivers, smart connected appliances and Consumer Electricals, vehicle to load technology and EV, the hyperscaler build-out for AI that we report in Complex Industrial Technology, and growing complexity in both Off-Highway and in Medical. The diversity is deliberate and it is a source of resilience.

It means we are not reliant on any single market cycle, and it has allowed us to deliver a consistent track record of growth through some very mixed conditions. The growth rates shown on this slide are what we expect across these markets over our medium-term plan, and they underpin the organic growth in our path to $2 billion.

Let me now take you through how each market performed in the year. Starting with EV and Electrification, and here we delivered organic growth of 4.8%, resulting in $181.8 million of revenue.

Growth was supported by a full-year contribution from a major vertically integrated charging program for a European charging infrastructure business. This is exactly the kind of work we want, deeply embedded in advanced technology where we are designed in early, we learn faster, and we solve engineering challenges sooner.

We also grew with established customers across multiple Volex facilities, and we are diversifying into adjacent opportunities such as energy storage. Over the medium term, we believe that these adjacencies offer significant avenues for further growth.

Working this closely with customers at the frontier of electrification gives us a visibility of emerging technology and trends, often well ahead of the market, and we expect continued growth in the energy and Electrification sub-sector through new program wins as that pipeline matures. Demand in the first quarter has been strong as consumers adopt EV technology in response to higher fuel costs.

Off-Highway delivered strong organic revenue growth of 20% to $279.3 million. Three things drove this.

First, a significant defense vehicle program with strong in-year performance and potential for follow-on orders. Second, the ramp-up of our North American programs, building on the strong European position we acquired with Murat Ticaret.

Third, continued growth in India alongside an upturn in commercial vehicle revenues as demand conditions improved. We are seeing the benefits of our investment in North America starting to come through with a healthy pipeline of opportunities and some important initial customer wins.

Our existing knowledge from our European operations enables us to incrementally add to our capabilities in North America. A European defense vehicle program was a particularly strong contributor this year.

Beyond that, the structural opportunity in Off-Highway, and especially the white space in North America, is substantial and multi-year. We expect this to remain a strong growth area.

In Consumer Electricals, organic revenue declined 7.8% to $242.4 million. This was against a strong prior year comparative and reflects intensified Chinese competition in European markets during the year.

This remains an important market for us. It is highly cash generative and through vertical integration and automation, we built a very cost-competitive proposition for a global blue-chip customer base who value our quality and global fulfillment as much as price.

Importantly, we secured new domestic appliance harness programs during the year. The harness inside an appliance is worth several times the power cord with the same customer in the same factory, providing a meaningful platform for future growth.

As appliances get smarter and more connected, that complexity increases the manufacturing challenge and therefore increases our relevance. We remain confident in the medium-term opportunity in this market.

Moving to Medical, where organic revenue declined 10.5% to $156.2 million. This reflects an anticipated customer destocking as our customers realigned their inventory with end-user demand throughout the year.

This is something we flagged at the start of the year, and it played out broadly as we expected. The underlying relationship base here is excellent.

We work with global medical pioneers on technologies that change lives, from printed circuit board assemblies through to complete system integration and box build, and some of these partnerships span more than 20 years. That is exactly what a critical partner looks like.

Encouragingly, we secured new program wins during the year in advanced treatment, imaging, and diagnostics. Together, there are some strong structural growth drivers in this market, including changing demographics and advances in treatment technology.

Customers are consolidating supply chains, favoring globally certified partners like us. In FY 2027, we expect Medical demand to stabilize as the market adjusts to new requirements, moving into growth over the medium term as we onboard incremental programs.

Finally, Complex Industrial Technology, which was our single largest contributor to growth with organic growth of 56.3% to $382.9 million. A significant driver of the growth was very strong data center performance as investment in AI infrastructure drove demand for our high-speed cables.

Our revenue in this space doubled year-on-year. We responded quickly to the increasing demand in the year, both through the deployment of incremental capacity and also through proactive management of the supply chain.

By holding additional critical components, we were able to support our customers as demand increased. We have seen demand for data center products sustained at similar levels in the first quarter of FY 2027, which is really strong news.

Outside data centers, we saw strong organic growth of approximately 12% across our industrial and defense customers in this market. The defense sub-sector was particularly strong, reflecting our established position on significant programs with mission-critical applications.

We expect to see continued strong demand from these customers during FY 2027. Now, if we look at our performance around operating margins, our underlying operating margin improved by 40 basis points to 10.2%, taking us above our 9%-10% range for the first time.

In line with our new medium-term plan, 10% is now the baseline for this business, not the ceiling. The improvement was driven by volume growth, operational efficiencies, and an improved product mix, with greater contribution from higher margin, more complex products, including those that we sell into the data center space.

We absorbed the cost of continued targeted growth investments to support our long-term plans, and we managed inflation well. The majority of our inflation pressure comes from Türkiye, and this was largely offset through efficiency savings and customer pass-through.

There was a small adverse foreign exchange movement given we sell primarily in U.S. dollars and incur costs in a mix of local currencies.

The key point is that we are earning higher margins by moving up the complexity curve and operating more efficiently, and that is exactly the foundation for our path towards 12% operating margins. If we turn to cash, we delivered an underlying EBITDA of $164 million, which was up 22%, reflecting our increased revenue and margins.

We invested $35 million in capital expenditure, which represents 2.8% of revenue, focused on the capacity and capability we need to support customer growth. There was an increase in working capital in the year, principally inventory, to support our strong data center revenue growth and to support customer relocation initiatives.

This brought cash conversion to 63.9%. Before capital expenditure, conversion was over 90%, which reflects the underlying efficiency of the business.

We delivered underlying free cash flow of $42 million, consistent with the prior year. Tax increased in line with higher profits.

We also exercised a one-off option to purchase freehold land and buildings in Türkiye that have been previously leased, and you can see that through the repayments of leases line. We ended the year with a covenant leverage of 0.8x, down from 1.0x last year, and just under the lower end of our 1x-2x times range.

That gives us substantial headroom and the flexibility to fund the growth and acquisitions ahead. Our capital allocation priorities are consistent and disciplined, and they are anchored by the return on capital we generate, which was 21% this year.

Our first priority is organic growth. This is where we generate the strongest returns, with most of our capital projects approved based on paying back within two years.

Capital expenditure typically runs at 3%-4% of revenue in our business. Second, targeted capability-led acquisitions that accelerate our growth where we remain highly selective and only acquire at attractive valuations.

Third, a sustainable progressive dividend that reflects our confidence in earnings. Finally, we return surplus capital where circumstances warrant it.

Where appropriate, we continue to buy shares in the market to settle obligations under our incentive schemes, which limits dilution for existing shareholders. It is this disciplined reinvestment and the operating leverage in our model that drives the sustained value creation that you see in our returns.

With that, I'll hand back to Nat.

Thank you, Jon. I will now take you through our strategy and, more importantly, the opportunity ahead.

While I'm very pleased with what we delivered this year, I am even more positive about the future. The strong results Jon presented are the product of a clear and consistent strategy.

Before I take you through where we are going, let me try and set out why this business wins. First, our customer relationships.

We sit at the heart of our customers' complex systems. We are designed in early, and we stay there for the life of the program.

Some of our partnerships now span more than 20 years. That creates real predictability and high switching costs.

Secondly, our technical capability. We are well-suited to complex, high mix, low volume work that others find hard.

It is our methodology, our investment, and our technical depth that create lasting lock-in. The more complex the work, the higher the margin.

Third, our capabilities and scale. We are built around the customer and flexible by design, able to respond quickly to emerging requirements in fast-moving sectors, and our single operating model and global footprint provide optionality.

Fourth, acquisitions. We target acquisitions that enhance capabilities and improve margins.

These four strategic pillars reinforce one another. Taken together, they turn complexity into durable compounding returns, and they are the foundation for the growth I will now describe.

Let me start with our customers because they are central to everything. We do not just serve large customers, we serve category leaders, companies with a number one, two, or three position in their markets.

In fact, 14 of our top 20 customers are leaders in their field. This is a deliberate choice, and it matters because category leaders share three characteristics that are valuable to us.

First, they disrupt and shape their industries. They are leaders, not followers, investing at the cutting edge, constantly developing new products, and expanding into new markets.

Second, they are embedded in their markets with scale and technology advantages that compound over time. These are positions earned through investment and not easily replicated, which gives us a high degree of lock-in, long-term relationships, and recurring revenue.

Third, they are scaling to markets that matter, supported by strong structural growth drivers from electrification to healthcare to AI. These are multi-year investment cycles driven by long-term trends rather than short-term cycles.

What this all means is that these companies need a partner who can help them navigate a world of increasing complexity. We align to their design cycles, we embed in their manufacturing, and we become part of how they build their products.

Their growth becomes our growth. This brings me to complexity, which is the common thread across everything we do.

Complexity is accelerating. Systems are becoming harder to design, build, certify, and deliver as the boundaries between mechanical systems, electronics, software, and connectivity blur.

For us, that is an opportunity, not a threat. We've selected our markets carefully, and these are sectors where our skills and capabilities create a point of differentiation, applications where our ability to respond to change and support customers through an extended product life cycle, and this adds value.

By aligning ourselves with innovators and supporting their next generation of products, we move up the complexity curve. We take on more demanding work, and that work creates deeper customer lock-in.

Vertical integration, it underpins this entire journey. Our specialist cable extrusion, our component production, and our end-to-end manufacturing allow us to control quality and cost, simplify our customer supply chains, and reduce lead times.

This is a key point. As systems become more complex, the value we can add increases.

The harder it is to design, build, and deliver these systems, the more valuable a specialist manufacturer like Volex becomes. This is at the heart of our investment case, and it is why complexity works in our favor.

Customers are increasingly requiring multi-location solutions that reduce their single-country risk, along with the ability to move programs seamlessly between regions. Very few of our competitors can offer that.

It's a genuine differentiator and a consistent operating model throughout, where we learn once and apply many times. Our global footprint is central to this.

We operate 23 sites across Asia, Europe, and North America. That footprint creates optionality.

When tariff landscapes shifted this year, we relocated EV cable production, and our customers received that flexibility with no disruption to quality or lead times. Our business is positioned in a sweet spot in the market.

We focus on high-mix specialty manufacturing, complex programs, often in lower volumes that demand both deep engineering capability and real operational flexibility. This is a demanding place to operate, but that is also why it creates a very defensible position.

Against smaller players, we win on capability. We have the engineering depth, the vertical integration, and the scale and certifications that smaller owner-managed businesses cannot match.

Compared to larger players, we win on flexibility. The big contract manufacturers are built for high-volume, standardized production.

They cannot cope with engineering changes, pull forward of scheduling, or variability in requirements. We are extremely agile and customer-centric.

We adapt quickly as requirements change, and we can tailor a solution and then scale it. Acquisitions.

They have been an important part of our growth, and they will continue to be, but we are, of course, disciplined and selective. We have clear criteria.

We look for businesses we understand in markets where we have deep expertise. We look for embedded customer relationships with high lock-in and high-mix complex products in cost-competitive locations with low trade barriers.

Financially, we acquire only at attractive valuations. We target a post-acquisition return on capital of at least 15% within two years, and we look for around 15% operating margins or a clear path to that level.

Every acquisition must add something specific, a capability, a customer, or a geography. We then connect the business to the Volex platform, our customer relationships, our global footprint, our best practice, and our supply chain, and then we grow together.

For a smaller business, that platform removes the barriers to scale. Crucially, we look for strong existing management, teams who want to stay and grow with us.

inYantra gave us access to India. Murat Ticaret gave us access and scale in Off-Highway.

Each one strengthens the platform, and each one has created mutual value. Let me please bring this together into our path to $2 billion.

The plan is built bottom-up, market by market, in exactly the same way as the five-year plan we've just delivered. It has two components.

First, around $500 million of organic growth, organic revenue growth. This comes from growing our share with existing customers, moving up the complexity curve in every market, and scaling our capability into new markets and geographies, particularly the white space we see in North America.

Second, around $300 million from disciplined capability-led acquisitions that accelerate that organic growth. Inside the revenue, we expect 200 basis points of margin expansion, taking our underlying operating margin to 12%.

That roughly doubles our underlying operating profit to around $240 million. We have done this before.

Four years ago, we set out to double the business by FY 2027, and we delivered it a year early. These targets are built the same way, with the same rigor and backed by the customer relationships, the operating model, and the team behind them.

Let me please summarize. FY 2026 was an outstanding year.

We delivered strong organic growth of 14.2% across a balanced portfolio. We surpassed our 9%-10% margin range for the first time.

In doing so, we delivered our five-year plan a full year ahead of schedule. We have continued to invest in our production capabilities and our centers of excellence, and we have undertaken site rationalization that will drive further margin improvement in the years ahead.

We enter FY 2027 with extremely strong momentum and a more capable platform. Trading to date has been strong and in line with our expectations.

We have set out a clear, credible path to our new medium-term targets of $2 billion of revenue and a 12% operating margin. We are on track to move from AIM to the Main market next month, a natural next step that reflects the scale and quality of the business we have built.

We are a critical manufacturing partner to category leaders in markets defined by increasing complexity. We are built for complexity, and we are positioned for growth.

With significant momentum in FY 2026, we look forward to delivering the first year of our new medium-term plan. That, ladies and gentlemen, concludes our presentation, and Jon and I would now be more than happy to take your questions.

Thanks, guys. We've had some great questions in.

A number on data centers, on the move up to the Main market, on acquisitions, on Türkiye, and lots of other really good questions. We'll just start with data centers.

Question here, the latest results look strong. It's apparent that last year's gains were largely driven by data center demand.

This appears to have been driven by a single customer, raising some concentration risk. What are your thoughts on that, please?

I would say, first of all, that we actually delivered growth in a number of areas across our portfolio. The piece outside of data centers in Complex Industrial Technology was really strong growth.

There was very good growth in Off-Highway, so there was very strong growth in electric vehicles. It's right that the data center growth was a particular highlight.

It's a demonstration of how we're able to work with some of the biggest and most advanced technology businesses in the world with a product that Volex has built itself. I think that's a real credit to our engineering capability.

I think it's a real credit to the performance of our operations team that in the year we effectively doubled our data center revenue, we stood up a lot of additional capacity. We dealt with a complex supply chain in order to do that.

I think as Volex becomes bigger and as we proceed on this journey from $1.2 billion to $2 billion, then we are going to find ourselves working with some real true category-leading customers, which are big, big businesses, and they can drive significant revenue growth for that. We've got examples of that in data centers.

We have examples of those types of customers in our electric vehicle business. I think it's important that we have a mix of those large customers.

Then, we have lots of other smaller customers. If you look outside our two biggest customers, one of which is in data centers, one of which is in electric vehicles, we don't have any other customers who are greater than 4% of revenues.

Actually, from a concentration perspective, that's quite a nice balance to have. The advantage of those larger customers, where it does represent a more concentrated position, is they have the ability to move the dial.

We've really seen that in FY 2026 with the fact that those data center revenues have doubled.

Thanks very much, Jon. A related question, FY 2026 appears to have been an exceptional year, mainly driven by one leading hyperscaler customer.

Can you help us understand what the underlying organic growth rate would've been excluding that customer, and how confident you are that FY 2027 growth will be materially broader based?

Well, I would sort of look at it in two ways. I think it's a bit simplistic to strip out one customer, because as we talked about in the presentation, we had different markets doing different things.

20% organic growth in Off-Highway, and for the reasons we explained around customer destocking, we actually went backwards in Medical. To group everything together and strip out data centers, I don't think gives you a true reflection of the performance across those different customers.

I think the other thing I would say is that one of the strengths of our business has always been the level of diversification that we have across these five different customer sectors. Something I'm particularly proud of is that in FY 2026, we beat our five-year plan revenue target.

We delivered it a year early, and we managed to achieve that despite the fact that we had these headwinds in both Medical and Consumer Electricals. For me, that really talks about the strength of our business and the breadth of our business, and that's a really important thing.

In terms of thinking about the position going forward and the extent to which it's broader based growth, look, first of all, that diversification across those five end markets will continue to be important, relevant, and a real strength for us. I'd really ask people to go through the Capital Markets presentation, which is on our website, where we break out the market growth opportunity in each of those markets.

We also included it on the first slide that I presented, which we had an overview of the markets and what the medium-term growth rate was. That's on slide six that we went through.

I think that demonstrates that this is a very broad growth agenda across all of our markets, each of which has its own significant structural growth drivers.

Thanks, Jon. Lots of questions on data centers, but we'll just do two more.

Could you please elaborate about the sustainability of the data center demand?

I'd like to answer that question, Chris. I think as a business, we have a extraordinary opportunity in data centers over the next five years, and quite possibly, even longer than that.

I'd also like to say something about customer concentration, because this is in itself a very concentrated industry. There's only a very, very small number of hyperscalers, and the fact that we are working so closely with one does not exclude the opportunity that we can work with others in the future.

It is an extraordinary achievement of our team that we have developed this business literally from nothing over the last 15 years. I think it should show to the investors in this company the strength and the quality of the people that we have assembled inside of Volex.

I don't think there's ever been a more positive time for us to be looking forward, and I'm very, very confident about the short and medium, and by the way, long-term outlook for our data center business.

Yeah, if I could add to that around that sustainability, I think there's another piece that's really interesting and something that not everyone is so aware of. Obviously, there's a lot of focus on the high-speed cables that we sell into data centers, but we're also suppliers of power products into data centers.

With a business which has maybe 100 years of heritage in power products, that's a very strong place for us to operate and for us to grow. It's a particularly interesting opportunity because it takes a lot of not only the engineering skills that we have in our EV business, but the world of power and data centers is actually evolving into DC power rather than AC power at 400 V and 800 V, which happens to be exactly the same level of voltage and DC currents that we deal with all day, every day in our EV business.

Not only do we have a huge amount of engineering experience and capability in that area, but our investment in vertical integration for electric vehicles can come into play in relation to the development of power products into the data center market.

Thanks, Nat. Thanks, Jon.

I think we'll move on to questions on the move up now. Question here, can you give us a bit more detail on the reasons for moving to the Main market from AIM at this time?

Then, a related question, have you estimated how much selling pressure may result from AIM IHT funds exiting? Have you already seen increased institutional demand ahead of the move?

Well, look, I think that you have to look back to the history. We actually did the opposite.

We moved from the Main to the AIM in 2016 because we wanted to, because were a much smaller company. Jon and I have increased the market cap of the company, I think by more than 20 times since then.

We did that with a lot of help and support from the AIM market, which was less regulated. It was easier to make acquisitions on AIM when you were a very small business.

I think that what's happened, no one can disagree with this, we have outgrown AIM, and we need a larger platform to take the business from what we hope now will be from the FTSE 250 to the FTSE 100. We certainly can't do that on the AIM market.

Brings more investors, it brings larger capital pools, greater indexation. We believe on balance; it will result in a higher rating for our company once the move completes.

We said this week that we would complete the move on the 24th of July, so that's the date we're looking for. On the rotation of AIM investors, I think I can talk openly as to what we're seeing.

The whole process has been handled remarkably well. I'm grateful to Jon and his team and our external advisors.

We think between 90% and 95% of the recycling has taken place. As we move up to the date, there will be some last selling that occurs.

I think we see that happening as we speak. We think that once you go into the FTSE 250, there will be a significant amount of indexation, index buying from the tracker funds, which we think will be additive to our valuation.

Thanks very much, Nat. We've got a few questions on the specific customer segment.

Slide seven, please expand on the diversification into energy storage systems.

Yeah, look, I'd be very happy to. I think it's a tremendous opportunity for us.

For those of you who've not come across this before, this is an opportunity that's really about connecting batteries to solar generation in the main part. That's one of the use cases that we support.

What has happened is the huge investment that automotive firms have made in battery technology for vehicles have meant that it's much more cost effective to install batteries at home, in small offices, in other commercial premises. Of course, the great thing about solar is that you get free electricity when the sun is shining.

But as most of us know, that during the day is not when we need to power our homes. So, if you couple solar with batteries, then you have an incredibly cost-effective and sustainable solution.

Again, this evolves out of our expertise in electric vehicles. Once again, it's using DC voltage.

It's using currents that we're used to working with in electric vehicles. It's using similar types of connectors.

In fact, some of the companies who operate in this space have engineering pedigree that's developed out of the EV space. We see that as a huge opportunity and quite a new market, but a market where there's lots of investment, lots of interest, and exactly the type of complex and developing technology that we're very used to and good at supporting.

Can I just add one thing? What's also interesting is we are able to make everything in-house.

The cables, the connectors, the plastic, the whole thing is made inside of Volex. This is full vertical integration, and it's also designing the products ourselves.

These are our products with everything made in-house, which makes us hyper-competitive.

Thanks, Nat, and thank you, Jon. Could you please elaborate on the Consumer Electricals division in the medium term?

Do we expect this to stabilize?

Yeah, no, it's a really good question. We pointed out some of the challenges that we faced this year, which was really down to, particularly in the budget end of the domestic appliance space, where we have some very significant customers in Europe, out of our facility in Türkiye, felt under pressure from Chinese imports of domestic appliances, which had stepped up a gear due to tariffs.

Chinese manufacturers are not sending their products to the U.S. anymore because of tariffs.

They're sending them into the European market, and we felt the impact of that. It's caused us to accelerate our move towards doing more harnesses into domestic appliances.

You can imagine inside every dishwasher, cooker, washing machine, et cetera, then there is a harness that connects up all the power critical components. That harness will sell for five to 10 times the cost of the power cord.

Now, we know all of these customers because we've got relationships with them through the power cords, and we're using our expertise in harnesses to really push the harness piece, which means that we can grow revenue even if sales of the underlying appliances don't move significantly.

Thanks, Jon. We've got a question here about acquisitions.

Have acquisition valuations become more attractive recently?

I think that acquisition valuations have actually increased slightly. I think valuations are, I think we're at a point in the cycle where there's greater competition for acquisitions.

It's why we haven't done an acquisition for almost three years. We've also looked at probably 50 companies in the last three years.

We've come very, very close on a number of them. We are very, very selective now about acquisitions, and part of that is because of the tremendous organic growth opportunity that we have in the business as it stands today.

Our acquisition criteria, which we laid out very clearly in the slide, remains, where we're looking at they've got to bring something, they have to have a specific operating margin. They have to have a specific return on capital employed.

Don't expect us not to do acquisitions. We're working hard.

We've got a number of extremely interesting opportunities at the moment. I still view acquisitions as a critical part of our medium-term plan, so watch this space.

Thanks, Nat. Question about Türkiye now.

What impacts have been felt by the business in Türkiye due to the escalation of the conflict in the Middle East?

Across the business and in Türkiye as well, we haven't seen much impact, if any impact, from the situation in the Middle East, that production continues unaffected in Türkiye. It's not close to any of the parts of the region where the conflict has been more intense, and probably the biggest impact that we've seen, like all businesses from the conflict, is in relation to fuel costs and higher energy costs.

Energy is not a significant part of our cost base across the group and as well in different regions of the world, given that we operate so internationally, that energy costs in some places are higher. In some places, they've been very, very stable.

Where we have seen an effect, though, is in freight costs, and obviously a big driver of freight is oil. Freight costs have gone up, and we've done what we always do when freight costs increase, given it's outside our control, is that we pass that through to our customers.

Thanks, Jon. Just a couple more questions, and thanks again, everybody, for sending lots of really good questions in.

Sorry we can't ask all of them. On share price, do you know why the share price has dropped this week despite the positive results?

I think the markets are unpredictable. You've got a big tech-led sell-off in the U.S., so you're seeing, I wouldn't describe it as a correction yet, but valuations, I think we'd all agree, have got quite frothy in the North American market, and there's always a look across, a sort of de-risking that goes on.

I think the second reason is that the conservatism of our team, so we've given extremely conservative forecasts, particularly on the Complex Industrial Technology side, where we're forecasting 5% growth because we're naturally conservative. I stand by what I said earlier on in the call.

We are extremely excited about the opportunity, but that doesn't mean that we shouldn't be conservative in our predictions. I think the final reason is the move from AIM to Main, where whilst the vast majority of the rotation has occurred, there is definitely some additional required selling.

It's not a huge amount, but it's not nothing. It was always going to be the case that as you move forward towards the day, in this case, it's the 24th of July.

I think some people thought it was going to be in August. We've brought the date forward.

As that happens, and I think as we expect there to be a stabilization at some point in the U.S., then I think we should continue to see a healthy share price inside the business.

Thanks very much, Nat. Final question for you both.

Will robotics and space become a future end market? What kind of opportunities do you foresee for Volex in those spaces?

Well, it's a great question, whoever asked it. I think you're going to see closer and closer collaboration between SpaceX and between Tesla.

They're both companies that are in the kind of Musk stable. I think that the humanoid robot, which Tesla is developing, is really an extraordinary opportunity for companies like ourselves, and it's something that we want to try and work on that and on other equivalent robots that are being developed around the world by competitors.

I don't see any scenario where in 10 years' time, every household will have a robot waiting on them. That's a rather exciting prospect for companies like ours, where we, for example, charging all of both, whatever the company, you're not going to have a nuclear-powered robot, so it's going to have to have a charging station which it docks in, and that's obviously what we've been doing for the last 100 years, and I think we can do it for the next 100 years.

I think on space, we actually supplied a PCBA which went into the recent NASA Artemis mission. One of Volex's products was on that NASA vehicle that went around the back of the moon earlier on this year, and we're already involved with some of the largest companies in the world.

Yes, it's extremely fruitful and exciting place for us to look for business in the future.

Thank you, Nat. Thank you, Jon.

That concludes the Q&A side of things. With that, I'll hand over to you, Nat, for closing comments.

Well, this will be our last investor meet as an AIM company, but it's certainly not the last investor meet, so we'll be back as a member of the FTSE 250, the Main market of the U.K. Grateful to all of the investors.

If any of you can't hold our shares beyond the 24th of July, we will be sorry to see you go. For those of you who can, we look forward to making you some more money in the future.

I just want to say grateful to Jon Boaden for managing this process up from the AIM to the Main. Grateful to the Volex team, all of my 13,000 colleagues for an extraordinary year, and we are as motivated as ever to hit the cover off the ball in FY 2027.

We look forward to reconnecting with you soon.