Interim Results

25 November 2025

Autins Group plc

("Autins" the "Company" or the "Group")

Interim Results

Autins Group plc (AIM: AUTG), the UK and European based manufacturer of the proprietary Neptune melt-blown material and specialist in the design, manufacture, and supply of acoustic and thermal insulation solutions, announces its unaudited interim results for the six months ended 30 September 2025 ("H1 2026").

Highlights

In the six months ended 30 September 2025, the Company continued to focus on implementing its "Survive and Thrive" strategy, yielding positive results. The Group has focussed on winning new business in the UK and Germany, alongside cost control and efficiency improvements across the business. 

However, during the period the Group's largest UK customer experienced a significant cyber incident which resulted in a complete suspension of vehicle production for the month of September. Production had not resumed by the end of the reporting period (see Post-Period Events), and this disruption had a material impact on the Group's operations.

Notwithstanding this, the Group continued to benefit from the delivery of its "Survive and Thrive" strategy, achieving improved gross margins, stronger EBITDA performance and a materially reduced net loss compared with the prior period. Across the Group, we secured new business awards of more than £16m over contract life (detailed below).

In the UK, operational efficiencies from Neptune improvements, lower overheads, and continued cost discipline supported performance. We delivered the first off tool production for our awarded auDuct and auTrim programmes during the period with volumes commencing in FY2027, as well as being awarded new business contracts totalling approximately £7.8 million over contract life.

The Group's German operations were profitable at the operating level, reflecting improved efficiencies, higher EV volumes, and the benefits of ongoing business diversification. New business awards in Germany totalled €7.2 million over contract life.

The Swedish business also delivered an operating profit, supported by a growing opportunity pipeline and the start of production on a €2.45 million contract over lifetime, with potential for additional volumes from the same customer.

Post-Period Events and Outlook

Following the period end, the Group's major UK customer resumed vehicle production in late October, with volumes returning to more normal levels during November. While the immediate recovery in demand is encouraging, the Board continues to monitor the position closely, including any potential delays or volume fluctuations in the second half of the financial year.

In October 2025, we secured a temporary overdraft facility of £250k to support the short term cash flow needs of our business during the immediate impact of the cyber-attack on our major UK customer. This facility currently remains undrawn.

The Group continued to secure new business across all geographies, both from existing and new customers, and has maintained progress in strengthening its operational and financial foundations.

Following a challenging first half, the Board remains confident that the actions taken under the "Survive and Thrive" strategy have positioned the Group well for recovery. A return to profitability in the second half of FY2026 will be dependent on the sustained normalisation of demand from the Group's major UK customer, supported by the continued delivery of efficiency improvements, new business wins and disciplined cost management we have been delivering. 

On this basis, we enter the second half of the year with good momentum and remain on track to deliver FY2026 revenue and profit in line with market expectations.1 Looking ahead to FY2027, the Board remains confident that the start of production of the Group's new business awards will underpin further growth in both revenue and profitability. This reflects the strong demand for our Neptune material, particularly within the German automotive market.

1 The Company understands market forecasts for FY26 to be revenue of £20.0 million and adjusted EBITDA of £2.3 million.

Financial Summary (six months ended 30 September 2025)

· Revenue in H1 2026 decreased by 12.3% to £8.59m (H1 2025: £9.79m)

· Gross profit in H1 2026 decreased by 4.6% to £2.90m (H1 2025: £3.04m)

· Gross margins increased to 33.7% (H1 2025: 31.1%)

· Adjusted EBITDA1 increased 46.5% to £0.65m (H1 2025: £0.44m)

· Loss after tax of £0.59m (H1 2025: loss of £0.79m)

· Loss per share of 1.08p (H1 2025: loss per share of 1.45p)

· Operating cashflow was a £0.31m net inflow (H1 2025: £0.58m net inflow)

· Net debt2 excluding IFRS16 lease liabilities increased to £1.78m (H1 2025: £1.18m)

· Cash and cash equivalents were £0.09m (H1 2025: £1.68m)

· Group cash headroom3 was £1.52m (H1 2025: £3.47m)

1: Adjusted EBITDA is stated on an IFRS 16 basis and before exceptional items. 

2. Net debt is cash less bank overdrafts, loans, invoice discounting, hire purchase finance and excludes right of use lease liabilities.

3. Sum of net cash at bank, bank overdrafts and residual invoice financing capacity.

Andy Bloomer, Chief Executive Officer, said:

"While the last six months have presented exceptional challenges, I am proud of how the business has responded. Our improved margins and profitability, despite lower sales volumes, underline the strength of our operational discipline and the resilience of our strategy.

With our key customer returning to production and early signs of stability coming in our markets, we remain confident in our ability to build on this progress through the second half of the year.

Continuing to win new business is critical for our future success and our contract awards in this period along with a strengthening of our pipeline demonstrate our ability to be successful even in a highly challenging market environment. The commitment of our people and the continued success of our 'Survive and Thrive' strategy gives us a solid foundation for long-term growth, driving profitability in future years.

The impact of the recent cyber incident affecting our UK customer, while significant, is expected to be temporary and manageable for the Group. As a result, the Board continues to believe that the Group's growth plans and long-term profit potential remain intact."

For further information please contact:

About Autins

Autins is a UK and continental Europe based industrial materials technology business that specialises in the design, manufacture, and supply of acoustic and thermal products. Its key markets are automotive, flooring, office furniture and commercial vehicles where it supplies products and services to more than 160 customer locations across Europe.

Autins is the UK and European manufacturer of its proprietary Neptune melt-blown material and specialises in the design, manufacture, and supply of acoustic and thermal insulation solutions.

Financial Review

Revenue

Sales across the Group decreased by 12.3% to £8.59m (H1 2025: £9.79m).

Revenue in the UK in the period decreased by 20.3% to £4.91m (H1 2025: £6.16m), the reduction due to the cyber incident at our major customer impacting our component sales. Tooling sales at £0.33m (H1 2025: £0.07m) increased due to new projects for components to be supplied in 2026 and beyond.

Sales through our European operations accounted for 43% of Group turnover in the period, higher than the 37% in the comparative period in 2025, again primarily caused by the loss of revenue in the UK in September 2025.

Within our German entity automotive sales increased by 12.7% to £2.57m (H1 2025: £2.28m), and flooring sales declined by 34.8% to £0.43m (H1 2025: £0.66m). Overall, these fluctuations resulted in a 2% increase in the sales of our German subsidiary to £3.00m (H1 2025: £2.94m).

Sweden automotive sales were at the same level as the comparative six month period at £0.68m (H1 2025: £0.70m).

Sales concentration directly to our largest customer decreased to 25.8% from 31.7% in H1 2025, driven primarily by the reduction in demand from that customer, predominantly caused by the cyber incident.

Gross margin

The actions taken to improve operational efficiencies and lower material purchasing costs have continued to improve margins with an increase of 2.6 percentage points to 33.7% for H1 2026 compared to the prior year comparative period.

Adjusted EBITDA and operating profit

The H1 2026 adjusted EBITDA was 46.5% higher at £0.65m (H1 2025: adjusted EBITDA of £0.44m) and the adjusted operating loss of £0.37m H1 (2025: adjusted operating loss of £0.56m). This improvement is due to continued reductions in our overheads prior to exceptional costs, which were £3.3 million compared to £3.6 million in the prior year comparative period.

Net finance expense

There is a gradual reduction in the bank interest expense as we continue repaying our loans.

Taxation

Given the continuing economic conditions, none of the losses carried forward are recognised in deferred tax balances, consistent with the judgement made at 31 March 2025.

Dividends

The Board continues to believe that during the current period of economic uncertainty a suspension in dividend payments remains appropriate. As such, no interim dividend is proposed.

Net debt and financing

The Group ended the period with net debt (being the net of cash and cash equivalents and the loans and borrowings, excluding right of use lease liabilities) of £1.78m (H1 2025: £1.18m). Including £5.06m (H1 2025: £6.11m) arising from right of use lease liabilities, the Group's net debt would be £6.84m (H1 2025: £7.29m). Net debt has increased as a result of the trading performance in the period and an increase in working capital balances. Cash and cash equivalents at the period end were £0.09m (H1 2025: £1.68m). 

The Group's UK HSBC facilities provided up to £3.5m (H1 2025: £3.5m) of invoice financing facility (subject to available accounts receivable balances). Group cash headroom, being the sum of net cash at bank, bank overdrafts in the UK, Germany and Sweden and residual invoice financing capacity, was £1.52m (H1 2025: £3.47m) at the period end. This reduction was predominantly due to two factors: the significant short term reduction in invoicing caused by the UK customer cyber attack and the continued repayment of our MEIF and CBILS loans. The HSBC CBILS loan is being repaid quarterly, in accordance with its agreed terms and is due to be fully repaid by July 2026. Maven Capital Partners, providers of the MEIF loan, agreed in June 2024 to a revised repayment profile, being £0.25m in each of July 2024, December 2024 and July 2025, all of which have now been paid, with the remaining £0.75m being deferred until January 2026. The HSBC CBILS loan agreement contains financial covenants which have been adhered to since they were renegotiated in June 2024.

Capital expenditure

The Group invested, excluding IFRS16 additions, £0.12m (H1 2025: £0.10m) in its operating facilities during the period.

Employees

In the UK, we continue working with a banked hours scheme to align surety of workers' pay against volatile customer demand patterns. During the period, this remained increasingly important due to the cyber incident affecting our major customer.

Production pay rates have been improved by more than 6.7% (linked to UK minimum wage increases) and improving net take home pay for all staff.

Going Concern

In approving this Interim Financial Information, the Board has considered current and future trading and profit and cash flow forecasts through to March 2027 and assessed existing borrowings and available sources of finance. Lender covenants and repayment profiles were renegotiated in June 2024 as noted above. The Group's liquidity remains healthy, with cash headroom being £1.1m as at 31 October 2025.

The trading forecasts take into consideration:

· the current and expected demand schedules from the Group's key automotive customers, taking account of the cyber incident at our major UK customer and the levels of enquiries for new business;

· the impact of current and future expected demand levels for new vehicles, the migration to EVs and publicly available forward looking market information on market sizes and dynamics;

· the current cost structure of the Group and an allowance for known increases, for example in relation to additional investment and resources required to fulfil new product and customer sales, and various projects to improve efficiency in the operational and procurement processes;

· the latest agreed lender repayment profiles together with a consideration of the latest covenant requirements; and

· discussions with our UK lenders following the cyber incident at our major UK customer and the impact that has had on our trading and cash flow performance. HSBC has provided the Group with a temporary overdraft facility of £250,000 to ease any potential short term cash flow issues. The UK lenders are also working with the Group to potentially extend the repayment profile of their outstanding loans. The Board are confident these discussions will be concluded satisfactorily.

The key sensitivities in the trading forecasts are automotive revenue levels, end market vehicle sales mix and the timing of orders placed by customers. These sensitivities have been factored into the forecasts, and reasonable contingency has also been modelled.

Having due regard to all the matters described above, the Board has a reasonable expectation that the Group will continue to have adequate resources to remain in operation for at least 12 months after the release of this Interim Financial Information. The Board has therefore concluded to adopt the going concern basis in preparing this Interim Financial Information.

Interim Consolidated Income Statement

Interim Consolidated Statement of Comprehensive Income

Interim Consolidated Statement of Financial Position

Interim Consolidated Statement of Changes in Equity

Consolidated Statement of Changes in Equity

Interim Consolidated Statement of Cash Flows

Notes to the Interim Consolidated Financial Information

1 Accounting policies

Description of business

Autins Group plc is a public limited company domiciled in the United Kingdom and quoted on AIM, a market operated by the London Stock Exchange. The principal activity of the Group is the design, manufacture, and supply of acoustic and thermal insulation solutions. The address of the registered office is Central Point One, Central Park Drive, Rugby, Warwickshire, CV23 0WE.

Basis of preparation

This interim consolidated financial information covers the six months ended 30 September 2025 and the equivalent comparative period.

In preparing this interim financial information, the Board have considered the impact of any new standards or interpretations which will become applicable for the FY26 Annual Report and Accounts which deal with the year ending 31 March 2026 and there are not expected to be any changes in the Group's accounting policies compared to those applied at 31 March 2025.

A full description of those accounting policies are contained within our FY25 Annual Report and Accounts which are available on our website (Autins FY23 ARA).

This interim announcement has been prepared in accordance with the recognition and measurement requirements of International Financial Reporting Standards issued by the International Accounting Standards Board, as adopted by the United Kingdom as effective for periods beginning on or after 1 April 2025.

New accounting standards applicable to future periods

There are no new standards, interpretations and amendments which are not yet effective in these financial statements, expected to have a material effect on the Group's future financial statements.

This unaudited consolidated interim financial information has been prepared in accordance with IFRS as adopted by the United Kingdom. The principal accounting policies used in preparing the interim results are those the Group expects to apply in its financial statements for the year ending 31 March 2026.

The financial information does not contain all of the information that is required to be disclosed in a full set of IFRS financial statements. The financial information for the six months ended 30 September 2025 and 30 September 2024 is unreviewed and unaudited and does not constitute the Group's statutory financial statements for those periods.

The comparative financial information for the 18 months ended 31 March 2025 has, however, been derived from the audited statutory financial statements for that period. A copy of those statutory financial statements has been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified, did not include references to any matters to which the auditor drew attention by way of emphasis without qualifying its report and did not contain a statement under section 498(2)-(3) of the Companies Act 2006.

The financial information in the Interim Report is presented in Sterling, the Group's presentational currency.

Basis of consolidation

The consolidated financial statements present the results of the Company and its subsidiaries (the "Group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group.

The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. 

Operating segments

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker has been identified as the management team including the Chief Executive and Chairman.

The Board considers that the Group's activity constitutes one primary operating and one separable reporting segment as defined under IFRS 8. Management consider the reportable segment to be Automotive NVH. Revenue and profit before tax primarily arises from the principal activity based in the UK. All material assets are based in the UK. Management reviews the performance of the Group by reference to total results against budget.

The total profit measure is operating (loss)/profit as disclosed on the face of the consolidated income statement. No differences exist between the basis of preparation of the performance measures used by management and the figures in the Group financial information

2 Revenue

Segmental information

The Group currently has one main reportable segment in each year/period, namely Automotive NVH which involves provision of insulation materials to reduce noise, vibration and harshness to automotive manufacturing. Turnover and Operating Profit are disclosed for other segments in aggregate as they individually have not had a significant impact on the Group result. The majority of the other revenue arises from acoustic flooring sales.

Measurement of operating segment profit or loss, assets and liabilities

The accounting policies of the operating segments are the same as those applied by the Group in the FY25 annual report and accounts.

The Group evaluates performance on the basis of operating (loss)/profit.

Segmental information (continued)

Segmental information (continued)

Reporting of external revenue by location of customers is as follows:

3 Exceptional costs

Exceptional costs in the six months ended 30 September 2024 and 18 months ended 31 March 2025 relate to the change of chief executive officer and chief financial officer including recruitment costs for the chief executive officer.

4 Earnings per share

Loss per share is calculated based on the share capital of Autins Group plc and the earnings of the Group for all periods. There are no potentially dilutive options in place at 30 September 2025 (30 September 2024: none).

5 Right of use assets and liabilities

During H1 2026 there were additions of £42,000 to right of use assets with a corresponding increase to liabilities. During the six month period to 30 September 2024 there were additions of £1,878,000 and in the 18 months ended 31 March 2025 there were additions of £1,925,000 to right of use assets with a corresponding increase to liabilities. These additions were primarily as a result of a rent review increase agreed on the main UK property lease together with new three year commitments made in respect of property leases in Germany and Sweden.

6 Share capital

The total number of ordinary shares in issue since December 2022 is 54,600,984.

7 Taxation

Given the continuing economic and market conditions, losses carried forward are not yet recognised in deferred tax balances, consistent with the judgement made at March 2025.

8 Interim Report

A copy of the Interim Report will be available on the Company's website: www.autins.com.