Victrex: Strong Q3 Supports FY26 Confidence

研报英文原文证据摘录

Victrex: Strong Q3 Supports FY26 Confidence

Equity Research

European Chemicals & Ingredients

9 July 2026

Victrex

Strong Q3 Supports FY26

Confidence

Victrex delivered a strong Q3, with volumes and ASPs both VCTX.L/VCT LN EQUAL WEIGHT

ahead of expectations, supporting confidence in FY26 Unchanged

European Chemicals &

delivery. We raise our FY26 volume and earnings forecasts, Ingredients NEGATIVE

Unchanged

reflecting stronger Aerospace and Electronics demand, and Price Target GBp 610

raised 3% from GBp 590increase our PT to GBp610/share.

Price (08-Jul-26) GBp 658

Potential Upside/Downside -7.3%Our view: Victrex's Q3 update was clearly positive, with both volumes and ASPs ahead of

Source: Bloomberg, Barclays Research

expectations, indicating stronger demand momentum and greater pricing resilience than

anticipated. The update supports confidence in FY26 delivery, while the September CMD should

Market Cap (GBP mn) 573provide additional detail on management's profitability improvement plans. Although we

Shares Outstanding (mn) 87.12remain mindful of the evolving PEEK supply-demand backdrop, the Q3 performance was clearly

Free Float (%) 99.84encouraging for FY26. We also see the continued strength in Aerospace and Electronics as a

52 Wk Avg Daily Volume (mn) 0.2positive read-across for Syensqo, where both end markets are important drivers of the

Dividend Yield (%) 9.05company's growth and turnaround ambitions.

Return on Equity TTM (%) -4.95

Model updates: We increase our FY26 volume forecast to 4,500 tonnes, implying 8% YoY growth Current BVPS (GBp) 415

and placing our estimates at the top end of Victrex's guidance for low- to mid-single-digit Source: Bloomberg

growth and 3% ahead of consensus. The revision better aligns with management's expectation