Defence and space technology specialist Filtronic has delivered half-year results in line with expectations whilst investing heavily for future growth, securing its largest-ever contract and entering H2 with a record order book.
Filtronic reported revenue of £25.3 million for the six months ended 30 November 2025, broadly flat compared to £25.6 million in the same period a year prior.
Adjusted EBITDA fell to £5.1 million from £8.7 million, with operating profit declining to £2.6 million from £6.8 million.
Profits were hit by investments in people, facilities, and product development, which should bolster the foundations for future growth. Despite lower profitability, cash generation improved slightly, with operating cash flow improving to £3.4 million from £2.1 million.
Filtronic shares were marginally lower on Tuesday, which is no surprise given results were in line with expectations and the stock has already added around 80% over the past year.
Strong order momentum
Although profits were lower in H1, there is a lot for investors to look forward to. The period saw significant contract wins, including Filtronic’s largest-ever order, a $62.5 million agreement with SpaceX. The company also secured a €7.0 million multi-year contract with a European space customer and a £13.4 million deal with a leading European defence prime, demonstrating accelerating customer diversification.
Filtronic has notably entered the second half with a record order book, with approximately 90% of FY2026 revenues now covered by contracted orders, providing strong visibility.
Following strong momentum in new business activity, the firm remains confident it will meet current market expectations for FY2026 revenues and EBITDA, supported by a record order book and growing customer diversification across core markets.
“The first half of the year demonstrated the strength of Filtronic’s positioning in markets where performance, reliability and security are mission critical,” said Nat Edington, Chief Executive Officer.
“Demand across our space, aerospace and defence markets remains robust, and our focus on high-frequency RF technologies continues to differentiate us with customers operating in the most demanding environments.
“With a record order book, increasing customer diversification and the business now operating at greater scale, we have entered the second half confident of continuing our planned growth.”