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EXPERTS IN FLUID
CONVEYANCE
AND THERMAL
MANAGEMENT
ANNUAL REPORT & ACCOUNTS 2025
EXPERTS IN FLUID CONVEYANCE
AND THERMAL MANAGEMENT
SENIOR PLC IS A SPECIALISED ENGINEERING COMPANY
THAT DESIGNS, ENGINEERS AND MANUFACTURES
HIGH PERFORMANCE, MISSION CRITICAL COMPONENTS
USED IN EXTREME ENVIRONMENTS
MULTI-DECADE EXPERTISE IN ENGINEERING
AND MANUFACTURING BELLOWS, DUCTING,
HOSES AND EXPANSION JOINTS
OUR FOCUSED EXPERTISE HELPS ENGINEER THE
TRANSITION TO A SUSTAINABLE WORLD FOR THE
BENEFIT OF ALL OUR STAKEHOLDERS
Strategic Report
1 Financial and Non-financial
Highlights
2 Senior at a Glance
4 Investment Proposition
6 Chair’s Statement
8 Group Chief Executive
Officer’sStatement
11 Our Strategic Framework
12 Business Model
14 Market Overview
16 Technology
20 Strategic Progress
24 Stakeholder Engagement
30 Key Performance Indicators
32 Divisional Reviews
32 Aerospace
35 Flexonics
38 Financial Review
44 Sustainability Review
56 Risks and Uncertainties
66 TCFD
70 Viability Statement
71 Non-financial and Sustainability
Information Statement
Governance
73 Chair’s Governance Letter
74 Board of Directors
77 Executive Leadership Team
78 Board at a Glance
79 Board Leadership and
Company Purpose
84 Division of Responsibilities
86 Composition, Succession
andEvaluation
86 Nominations Committee
Report
92 Audit Committee Report
100 Remuneration Committee
Report
100 Chair’s Annual Statement
102 2025 Remuneration Report
ataGl anc e
103 Remuneration Report:
Policy
107 Annual Report on
Remuneration
117 Report of the Directors
119 Statement of Directors’
Responsibilities
120 Independent Auditor’s Report
to the Members of Senior plc
Financial Statements
130 Consolidated Income
Statement
131 Consolidated Statement
ofComprehensive Income
132 Consolidated Balance Sheet
133 Consolidated Statement
ofChanges in Equity
134 Consolidated Cash Flow
Statement
135 Notes to the Consolidated
Financial Statements
179 Company Balance Sheet
180 Company Statement
ofChangesin Equity
181 Notes to the Company
FinancialStatements
186 Group Undertakings
188 Five-year Summary
Additional Information
190 Additional Shareholder
Information
11
Achieving global FCTM leadership
24
Collaboration for mutual
success
CEO discusses Senior’s
growth opportunity
https://www.investis-live.com/
senior-plc/
72
Our governance provides
effective oversight and
direction
Latest presentations
Can be found at:
https://www.seniorplc.com/investors/
presentations.aspx
77
The right experience and
skills to deliver
Our website
All of the latest information on
Senior plc:
https://www.seniorplc.com/
16
Meeting market needs with IP-rich,
innovative technologies
2025 HIGHLIGHTS
Financial highlights
Continuing Group
Non-financial highlights
REVENUE
£738.2m
+ 4%
PROFIT BEFORE TAX
£34.1m
-9%
CDP (CLIMATE DISCLOSURE
PROJECT)
A
2024 – A Leadership rating
“Implementing best practices”
WASTE RECYCLED
92.4%
+ 1.3%
2024 – 91.1%
TOTAL SCOPE 1 AND 2 CARBON
DIOXIDE EMISSIONS (TONNES CO
2
EQUIVALENT EMITTED)
34,870 tonnes
– 3,368 tonnes
2024 – 38,238 tonnes
ETHICS – PERCENTAGE OF
EMPLOYEES WHO COMPLETED
ANNUAL CODE OF CONDUCT
TRAINING
96%
+ 0%
2024 – 96%
LOST TIME INJURY RATE
(PER100EMPLOYEES)
0.30
2024 – 0.19
WOMEN IN LEADERSHIP –
BOARDOF DIRECTORS
44%
- 12%
2024 – 56%
WOMEN IN LEADERSHIP –
EXECUTIVE COMMITTEE
38%
+ 0%
2024 – 38%
DIVIDEND PER SHARE
3.00p
+ 25%
ADJUSTED EARNINGS PER SHARE
3
9.65p
+ 9%
FREE CASH FLOW
5
£35.8m
+ 37%
BASIC EARNINGS PER SHARE
3
6.60p
-18%
CASH CONVERSION
6
90%
+ 400bps
NET DEBT
5
£117.3m
- £112.3m
ADJUSTED OPERATING MARGIN
1
8.6%
+ 110bps
ADJUSTED PROFIT BEFORETAX
2
£51.2m
+ 21%
RETURN ON CAPITAL EMPLOYED
4
13.1%
+140bps
2025
2024 £707.4
m
£738.2m
2025
2024 7.5
%
8.6%
2025
2024
£42.2m
£
51.2m
2025
2024 8.86
p
9.65p
2025
2024 8.01
p
6.60p
2025
2024 11.7
%
13.1%
2025
2024
£37.4m
£
34.1m
2025
2024
£26.1m
£
35.8m
2025
2024 86
%
90%
2025
2024
£229.6m
£117.3m
2025
2024 2.40
p
3.00p
Adjusted operating profit and adjusted profit before tax are stated before £1.6m amortisation of intangible
assets from acquisitions (2024 – £1.6m), £2.4m site relocation costs (2024 – £3.5m), £5.0m restructuring
costs (2024 – £nil) and £7.3m pension benefit clarifications (2024 – £nil). Adjusted profit before tax is
alsostated before costs associated with corporate undertakings of £0.8m (2024 – £1.4m net income).
Areconciliation of adjusted operating profit to operating profit is shown in Note 9.
(1) Adjusted operating margin is the ratio of adjusted operating profit to revenue.
(2) A reconciliation of adjusted profit before tax to profit before tax is shown in Note 9.
(3) A reconciliation of adjusted earnings per share to basic earnings per share is shown inNote12.
(4) See page 31 for the derivation of return on capital employed.
(5) See Notes 31b and 31c for the derivation of free cash flow and of net debt respectively.
(6) Cash conversion is operating cash flow divided by adjusted operating profit. Operating cash flow is
netcash from operating activities after investment in capital expenditure and excludes adjusting items,
butbefore interest and tax.
The following measures are used for the purpose of assessing covenant compliance for the Group’s
borrowing facilities:
a) EBITDA is adjusted profit before tax and before interest, depreciation, amortisation and profit or loss on
sale of property, plant and equipment. It also excludes EBITDA from businesses which have been disposed
and includes EBITDA for businesses acquired and it is based on frozen GAAP (pre-IFRS 16). EBITDA for the
12-month period ending December 2025 was £85.7m.
b) Net debt is defined in Note 31, however for covenant purposes it is based on frozen GAAP (pre-IFRS 16)
and as required by the covenant definition, it is restated using 12-month average exchange rates.
c) Interest is adjusted finance costs and finance income before net finance income of retirement benefits.
Italso excludes interest from businesses which have been disposed and it is based on frozen GAAP
(pre-IFRS 16).
d) The definition of adjusted items in the Condensed Consolidated Income Statement is included in Note 9.
The US Dollar exchange rate applied in the translation of revenue, profit and cash flow items ataverage
rates for 2025 was $1.31 (2024 – $1.28). The US Dollar exchange rate applied tothebalance sheet at
31 December 2025 was $1.34 (31 December 2024 – $1.25).
Cautionary statement
The Annual Report & Accounts 2025 contains certain forward-looking statements Suchstatements
aremade by the Directors in good faith based on the information available tothem at the date of this
Reportandthey should be treated with caution due to the inherent uncertainties underlying any such
forward-looking statements.
1 Senior plc Annual Report and Accounts 2025
Strategic report Governance report Financials statements Additional information
SENIOR AT A GLANCE
Experts in Fluid Conveyance and
Thermal Management
We have a global footprint operating
inprimary home markets and cost-
competitive locations. Our technical
expertise and product differentiation
ingrowth markets drive value creation.
What we doOur Purpose
How we deliver
We help engineer the transition to a sustainable world
for the benefit of all our stakeholders. We do this by:
Technology expertise
Utilising our technology expertise in Fluid Conveyance and
Thermal Management (FCTM) to provide safe and innovative
products for demanding applications in some of the most
hostileenvironments.
Customer transition
Enabling our customers, who operate in some of the hardest
todecarbonise sectors, to transition to low-carbon and clean
energy solutions.
Climate action
Staying at the forefront of climate disclosure and action by
ensuring our own operations achieve our Net Zero commitments.
We serve as a trusted strategic supplier and partner
toblue-chip customers, supported by valuable
intellectual property and our cost-competitive
manufacturing footprint.
We build long-term trusted relationships with customers
Our engineering expertise enables us to solve complex
challenges presented by our customers
We develop proprietary IP solutions
We collaborate with customers on design and engineering
We leverage our cost-competitive manufacturing footprint
Our global marketing teams ensure we go to market as
onecompany
Our customers’
challenge
Our customers require
the mission critical
movement of fluids and
gases within hazardous
environments, where
pressure and
temperature vary
widely.
A strategic FCTM focus
Our FCTM components
and systems ensure
thesafe movement of
fluids and gases and
effectively handle
thermal challenges,
often in extreme
environments,
throughout the life of
the platform or asset.
Highly engineered,
differentiated products
We design and
manufacture the
products – bellows,
ducting, hoses and
expansion joints –
required to achieve
thisprocess.
Applications across
aerospace and flexonics
We serve a wide
rangeof end markets
including aerospace &
defence, land vehicles,
power & energy,
medical, and
semiconductor
equipment.
Hydromechanical triple bellows assembly used in a commercial aeroengine
fuel control system, providing precise linearity between the bellows to
control critical fuel metering for optimised engine performance.
Strategic report Governance report Financials statements Additional information
2 Senior plc Annual Report and Accounts 2025
S
e
n
i
o
r
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c
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t
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o
n
Rest of the world
China
SF Upeca (Tianjin),
JV (Wuhan)
India
SF New Delhi
South Africa
SF Cape Town
Europe
UK – SA Bird Bellows,
SA BWT (incorporating
SA Thermal Engineering)
Senior Innovation Centre,
SF Lymington Precision,
Rickmansworth HO
Germany – SF Kassel
Czechia – SF Czech
France – SA Calorstat
(incorporatingSA Ermeto)
Canada
SF Canada
Mexico
SA Mexico (part of SSP)
SF Mexico (part of Bartlett)
Continuing Operations:
North America
USA
California – SA SSP,
SA Spencer, SA Steico
Texas – SF Pathway
Maine – (part of Pathway)
Illinois – SF Bartlett
Wisconsin – SF GA
Massachusetts – SA Metal
Bellows
We maintain a global footprint and operate in
primary home markets and cost-competitive
locations
Design centres
Manufacturing sites
Autonomous and collaborative approach
Collaboration unlocks synergies across our Group
We design and develop new products which improve efficiency and extend
lifespan. Our solutions share common features across various applications,
opening up opportunities in diverse markets.
Civil Aerospace
Defence
Adjacent Markets
Land Vehicle
Power & Energy
Industrial
We leverage existing customer relationships to develop cross-divisional
opportunities and generate commercial synergies.
Find out more on our markets on page 14
Where we are
Strategic report Governance report Financials statements Additional information
3 Senior plc Annual Report and Accounts 2025
INVESTMENT PROPOSITION
A differentiated business
withstrong fundamentals
We are a trusted and collaborative
high-value-added engineering,
manufacturing and technology
company.
Reasons to invest
Differentiated
products
Differentiated
products
supported by
design-rich
Intellectual
Property and
technical
expertise.
Attractive markets
Strong positions
inresilient and
attractive markets.
Customer
relationships
Deep customer
relationships with
high barriers
toentry.
Operational
excellence
Senior Operating
System (SOS)
driving operational
excellence and
efficiency.
Global footprint
Established cost
competitive global
footprint.
Financial strength
Balance sheet
strength,
enhanced profit
and cash
generation
supports
investment and
shareholder
returns.
Flexible exhaust connector from Senior Innovation Centre
Strategic report Governance report Financials statements Additional information
4 Senior plc Annual Report and Accounts 2025
Acquisition of Senior Aerospace
Spencer in 2022
Our enablers
Capital allocation
Capital deployment to enhance returns
Capital allocation:
Organic growth
Objective:
Outgrow end markets,
improve cost efficiency
How:
Invest 2% to 3% of
revenue into R&D, Capex/
depreciation of 1.1x
Capital allocation:
Dividends
Objective:
Continue progressive
dividend policy
How:
Maintain earnings cover
of 2.5x to 3.5x
Capital allocation:
Leverage
Objective:
Maintain strong
BalanceSheet
How:
Target net debt /
EBITDA of 0.5x to 1.5x
Value accretive bolt-on M&A
Maintain disciplined approach to portfolio bolt-ons
Optionality for investment in growth
and shareholder returns
Focus areas
Fluid Conveyance and Thermal Management
Leadership in attractive end market
Highly engineered products for customers
Engineering and design expertise (with IP)
Owner-managed or FCTM businesses owned
bytrade or privately
Synergies
Leverage global customer relationships to expand
andaccelerate sales growth
Utilise Senior’s operating systems to improve
manufacturing capability
Leverage Senior’s global footprint and supply
chainexpertise
Return of capital
Return excess cash
to shareholders
Value accretive bolt-on M&A
Executing disciplined
bolt-onM&A to add value
totheGroup
Axial swage fittings from Senior Aerospace Spencer
Strategic report Governance report Financials statements Additional information
5 Senior plc Annual Report and Accounts 2025
2025 marks a pivotal point for Senior
characterised by the execution of the
Group’s strategy. The sale and
completion of our Aerostructures
business positions Senior as a market-
leading Fluid Conveyance and Thermal
Management (FCTM) business.
Supporting this strategic focus are our
medium-term financial targets outlined in
early 2025 which highlight the scope of
our ambitions. Looking ahead, we are
confident that our clear strategy and
financial discipline will allow us to deliver
medium-term target returns, generate
enhanced value for all stakeholders,
andstrengthen Senior’s position.
Overview
The completion of the Aerostructures
transaction at the end of December was
the culmination of intense activity by the
management team and they all did an
exceptional job in not only closing the
transaction but also in delivering strongly
on the retained businesses for 2025.
This year was not impacted heavily by
external events: the US Government
closure was concerning but lifted in
timefor regulatory clearance to be gained
in timefora December closure of the
Aerostructures disposal.
Aerospace sales are ramping both for
Airbus and Boeing. Senior’s strength is
also its diversity of platforms whether
large commercial, regional or business
jetor military. Activities on defence
applications are strong. Action on pricing,
increasing volumes and operational
efficiencies are all making good progress
and contributing to growth in operating
margins for Aerospace.
Performance across other strategic
markets was strong; of note were the
high levels of aftermarket activity within
our power & energy market over the
whole year, which helped to deliver
robust performance in our Flexonics
Division.
The land vehicle cycle was largely as
expected and we have taken decisive
action to minimise costs whilst still
protecting the franchise, maintaining
double-digit operating margins in 2025
and protecting future profitability.
Strategy
The strategy is well defined across
FCTMand was revalidated during the
Group Strategy Board Review at the end
of November 2025. The key messages
being:
Good progress on pricing
Book to bill strong
Well-equipped operations with strong
design and manufacturing capabilities
Access to growth markets (Aerospace
& Defence, Land Vehicles and Power
&Energy)
Growth and increasing exposure for our
businesses to attractive end markets.
We have ended the year with a strong
balance sheet: the recent disposal and
strong free cash flow generation allowed
us to pay down external debt. TheUK
defined benefit Pension Plan buy-in
transaction de-risks the balance sheet.
There are no restrictions on our ability
toorganically grow the business.
Bolt-on acquisitions may be considered
ifthey enhance organic options.
Senior Aerospace Spencer (“Spencer”) is
an example of how access toAerospace
markets has been expandedand
enhanced across highly engineered
“standardproducts”.
Spencer is performing very well with
tremendous growth and has integrated
well within the Group. Collaboration
across the Group, particularly with
Ermeto in France for European market
access, is very proactive and deep.
TheBoard had the opportunity to see the
health of the business during its recent
visit to Spencer’s facility in Valencia, CA.
The Board is confident in the Group’s
FCTM strategy and our ability to deliver
enhanced value for our shareholders.
CHAIR’S STATEMENT
Strategic progress to deliver value
WE REMAIN CONFIDENT IN
OUR ABILITY TO MAXIMISE
VALUE FOR OUR
SHAREHOLDERS OVER
THEMEDIUM TERM.
Ian King
Chair
Ian King
Chair
Strategic report Governance report Financials statements Additional information
6 Senior plc Annual Report and Accounts 2025
Our sector-leading sustainability
credentials
The Board recognises the importance
ofarobust sustainability programme.
Ourcommitment to sustainability is
integral to our Group’s purpose and
provides a distinct competitive advantage
as the global economy transitions to
lowercarbon solutions. Sustainability is
embedded in our strategy, culture and
employee behaviours.
In 2025, we achieved key milestones,
including earning a top ‘A’ score from
CDPfor climate transparency, reducing
Scope 1 and 2 emissions by 39% from
our 2018 baseline, and meeting our
Near-Term Science-Based Target ahead
of schedule.
For 2026, we will build on this foundation
by further strengthening our sustainability
initiatives and reporting, with continued
focus on both financial and
environmental/social impacts to ensure
long-term value for all stakeholders.
The Sustainability Report on pages 44
to53 provides more detail on how weare
progressing.
Our Board
In 2025, we were delighted to welcome
Alpna Amar to Senior’s Board as the
Group’s Chief Finance Officer, and we
alsowere pleased to announce the
appointment of Graham Oldroyd as
anon-executive Director.
I would like to thank Bindi Foyle who
retired in May 2025 for her significant
contribution to Senior over 18 years and
wish her all the best. In addition, Susan
Brennan ended her 9-year tenure as a
non-executive Director in April 2025 and
we thank her for her insights and support.
I am confident that the Board continues
tohave the right balance of skills and
capabilities to provide effective
oversightover the Company’s future
strategic journey.
Further information can be found in the
Governance section of the Report on
page72.
Stakeholder engagement
The Board recognises its responsibility
toall of Senior’s stakeholder groups
including shareholders, employees,
customers, suppliers, and the
communities in which we operate.
Constructive and continuous
engagement with these stakeholders
isessential to theGroup’s long-term
andsustainable success.
Our performance and dividend
In 2025, the Board and the Executive
teamcontinued to make good strategic,
operational, and financial progress.
Seniordelivered trading comfortably
ahead of previous expectations; with
strong performance in Aerospace and
improved trading in Flexonics.
Continuing Group revenue increased
6%(on a constant currency basis) to
£738.2m. Our adjusted operating profit
for the Continuing Group increased to
£63.6m which resulted in the Continuing
Group’s adjusted operating margin
increasing by 110 basis points (on a
constant currency basis), to 8.6%. Our
reported operating profit also increased to
£47.3m.
The Group has a healthy balance sheet
and period-end net debt to EBITDA
of0.9x, after the completion of the
Aerostructures disposal £88.7m and after
taking intoaccount a £16.7m net payment
for dividends and net purchase of shares,
and£13.8m contingent consideration and
other costs forthe acquisition of Spencer
following further strong growth post-
acquisition.
The Board has confidence in the Group’s
performance, financial position and
futureprospects, and is proposing a
finaldividend of 2.15 pence per share.
Thiswould bring total dividends, paid and
proposed for 2025 to 3.00 pence per
share, an increase of 25% year-on -year.
TheBoard will continue to follow a
progressive dividend policy reflecting
earnings per share, free cash flow
generation, market conditions and
dividend cover over the medium term.
In 2025, the Executive Team and Group
Chair continued active dialogue with
shareholders. This included a recent
investor and analyst visit to the opening
ofour Innovation Centre, relocated to
Oakdale, Wales. The Innovation Centre is
a research and development centre and
showcased its design and manufacturing
capabilities, plus deep customer
relationships.
The Group’s annual global Employee
Engagement Survey yielded participation
of 88%, ensuring results and insight
arewholly representative. In addition,
theBoard conducted several visits to
operating businesses, participated
inleadership events and training, and
engages through mentoring professional
talent. Mary Waldner, our non-executive
Director for employee engagement, and
Silvia Schwark, Executive Vice President,
HR, continued to lead face-to-face focus
groups across the organisation.
The Board engages in active reviews and
discussions of customer and supplier
relationships, the global landscape,
collaboration opportunities, and market
movements throughout board meetings
and by inviting Division Presidents and
the Group HSE & Sustainability Director.
Customer feedback continues to shape
capital investment priorities and
operational improvement initiatives.
Looking forward
Senior is delivering in line with our
strategy, upholding our focus on highly
engineered, IP-rich, FCTM expertise
andcapabilities. The completion of
theAerostructures disposal allows
theBoard and Executive Leadership
Team toconcentrate on our FTCM
businesses which operate in attractive
and structurally resilient markets.
Excellent progress both strategically and
operationally, led to a strong performance
in 2025 which is on track to achieve
ourmedium-term targets, gives us
confidence that Senior will continue to
deliver value for all our stakeholders.
On behalf of the Board, I would like
tothank our employees and all other
stakeholders for their continued support
and commitment.
Ian King
Chair
PROPOSED DIVIDEND
2.15p
Pence per share
GROUP REVENUE,
CONTINUING OPERATIONS
+6%
Year-on-year increase on
a constant currency basis
EMISSIONS
39%
Reduction on Scopes 1 and 2 against our
2018 baseline, ahead of the 2025 target
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7 Senior plc Annual Report and Accounts 2025
2025 HAS BEEN A PIVOTAL
YEAR FOR SENIOR.
David Squires
Group Chief Executive Officer
GROUP CHIEF EXECUTIVE OFFICER’S STATEMENT
Strong results, firmly on track to
achieve medium-term targets
Delivery of Group Strategy
Senior is successfully executing its
strategy to become a market leading Fluid
Conveyance and Thermal Management
(FCTM) business.
Senior’s Investment Proposition
Having completed the sale of its
Aerostructures business, Senior is now a
global, market leading FCTM business
supplying highly engineered products and
systems with:
Differentiated products supported by
design-rich Intellectual Property and
technical expertise.
Strong positions in resilient and
attractive markets.
Deep customer relationships with high
barriers to entry.
Senior Operating System (SOS) driving
operational excellence and efficiency.
Established cost competitive
globalfootprint.
Balance sheet strength, enhanced profit
and cash generation supports
investment and shareholder returns.
Strategic Growth
Senior will continue to manage actively
itsportfolio to optimise performance and
drive value, including continuing to invest
in markets with strong growth potential
where its FCTM capabilities can be
leveraged. Aerospace remains a key
focus, benefiting from long-term growth
potential, high barriers to entry and
attractive returns. The Group is expanding
its highly engineered standard products
offering in areas such as flanges,
couplings and fittings to be able to better
serve the demand backdrop. Senior
Aerospace Spencer (“Spencer”), which
supplies high pressure hydraulic fittings,
once again delivered strong sales growth
of 32% year-on-year.
2025 Highlights:
Successful completion of the sale of the
Aerostructures business on 31 December
2025 to position Senior as a leading Fluid
Conveyance andThermal Management
company
Strong financial performance from
continuing operations
– Book-to-bill ratio of 1.09
– Revenue up 6% and adjusted profit
before tax up 24% driven
byimproved performance in
Aerospace
– Robust performance by division;
strong margin growth in Aerospace
to 11.4% and increased double-digit
margin in Flexonics (including JV) to
12.1%
– Good progress on ROCE up 140 bps
to 13.1%
– Excellent operating cash flow
conversion of 90%, exceeding
medium-term target
Strengthened balance sheet with
leverage (net debt to EBITDA) reducing
to0.9x (FY24: 1.8x)
De-risked the balance sheet during
theyear with a buy-in transaction for
theUK Pension Plan
Final dividend of 2.15 pence per share
proposed, up 30% on the prior year, with a
total dividend of 3.00 pence per share, up
25% on 2024
Attained CDP Climate A list and CDP
Supplier Engagement A list: continues
tobe a differentiator with customers
2026 trading in line with expectations,
outlook unchanged
On track to achieve medium-term targets
DELIVERING ON OUR STRATEGY SUPPORTS PROGRESS TO AMBITIOUS TARGETS
Strategic report Governance report Financials statements Additional information
8 Senior plc Annual Report and Accounts 2025
Investor Day 2025
Investor Event
Senior plc
Experts in fluid conveyance and
thermal management
Market Overview
Civil Aerospace (32% of Group)
The civil aerospace sector continued to
deliver strong growth during 2025, with air
traffic increasing in all regions. According to
the International Air Transport Association
(“IATA”), the latest data showed that total
demand during the year, measured in
Revenue Passenger Kms (RPKs),
increased by 5% year-on-year. Air traffic is
expected to continue to grow as incomes
increase, especially in developing markets
in Asia. The long-term demand for new
commercial aircraft is forecast to grow by
3-4% per annum driven by growth in air
traffic and ongoing fleet replacement.
Global business jet activity was up by 5%
year-on-year in 2025 according to WingX,
due to strong demand in North America.
Longer-term trends indicate growth will
be driven by global GDP growth and the
increasing adoption of fractional ownership.
Global deliveries of business jets are
anticipated to increase by 3% per annum
for the next decade according to
Honeywell’s Global Business Aviation
Outlook.
This positive market backdrop and
growing build rates across civil aerospace
supports our expectation that Senior will
continue to benefit from good long-term
structural growth.
Defence (16% of Group)
Senior’s sales to the Defence sector are
primarily focused on US military aircraft
platforms including F-35, C-130J and
newer platforms such as T-7A Red Hawk.
With defence spending in Europe
increasing due to heightened geopolitical
tension and sovereignty concerns,
demand for Senior’s components and
systems was robust during 2025.
Geopolitics is driving government
spending in Defence which is expected to
support Senior’s defence platforms
through OEMs and aftermarket.
Adjacent Markets (10% of Group)
Sales from our Aerospace operating
businesses into end markets outside of
the civil aerospace and defence markets
are classified under “Adjacent Markets”,
the largest of which is the semiconductor
equipment market, which grew by 11% in
2025. This market is forecast to grow by
9% in 2026 (Source: Semi.org).
FIND OUT MORE ABOUT HOW OUR
TRANSITION TO A MARKET
LEADER IN FCTM DRIVES OUR
FUTURE GROWTH
www.seniorplc.com/ceostatement
Land Vehicle (25% of Group)
Demand in heavy-duty truck markets
during 2025 declined in North America,
while the off-highway market remained
subdued and light vehicle markets
experienced mixed conditions.
According to Americas Commercial
Transportation (“ACT”) research, North
American heavy-duty truck production
declined by 24% in 2025 compared to 2024,
as OEMs responded to declining demand
and high inventories of unsold trucks.
ACT expects production to continue at the
current lower rate during the first half of
2026 before the start of an anticipated
recovery in the second half of 2026.
Reflecting these challenging market
conditions Senior took proactive steps to
protect profitability in those businesses
most impacted by these trends.
Power & Energy (17% of Group)
Senior’s main markets in Power & Energy
are the power generation and
downstream Oil & Gas (O&G) sectors.
Activity in the power generation sector
isbeing driven by growth in electricity
demand, which is forecast to continue
increasing steadily. The IEA are
forecasting demand for electricity will
grow 3.6% per annum from 2026 – 2030.
In the downstream O&G sector Senior
completed the delivery of expansion
jointsinto a new CATOFIN plant in
India,while also continuing to provide
aftermarket products and services for its
installed baseof products in other plants.
The construction of new downstream
infrastructure, and so future opportunities
in this market, remains focused on the
Middle East and Asia, where cheap
feedstock and economic growth
respectively are driving investment.
Results Overview – Continuing Operations
Please note that unless stated otherwise,
Group references below focus on the
continuing operations.
The Group delivered a strong trading
performance, with increased revenue
andoperating profitability in 2025.
Book-to-bill ratio for the period was 1.09,
with Aerospace at 1.21, driven by strong
demand across most markets. Flexonics
book-to-bill at 0.93, reflecting end-market
dynamics described above. Book-to-bill
was supported by notable contract wins in
Aerospace and Flexonics as noted in the
divisional reviews.
Group revenue increased by 6% on a
constant currency basis in 2025 to
£738.2m, with growth in both divisions.
Exchange rates had an adverse impact of
£9.7m or 1.4% of revenue.
In Aerospace, revenue increased 10.4%
year-on-year on a constant currency basis.
The increase reflected improved pricing;
continued strong growth in Spencer;
higher defence volumes; and good growth
in sales to adjacent markets such as
semiconductor equipment.
REVENUE ACROSS CONTINUING OPERATIONS:
Civil aerospace 32%
Defence 16%
Adjacent
markets 10%
Land Vehicles 25%
Power &
Energy 17%
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9 Senior plc Annual Report and Accounts 2025
There was particularly strong progress in
Aerospace adjusted operating margin,
which increased by 190 bps in the year, to
11.4%. The increase in profitability was
driven by higher volumes; improved
pricing; increased aftermarket; and the
delivery of operational efficiencies
resulting from our Senior Operating
System lean manufacturing techniques.
Flexonics, excluding the JV, performed
better than anticipated with revenue
marginally increasing 0.1% compared to
prior year, on a constant currency basis.
Land vehicle revenues increased 1.6%,
asnewer contracts moved into series
production. Double-digit adjusted
operating margins were increased for
Flexonics to 11.2% (increased by 20 bps),
helped by favourable mix and restructuring
initiatives in certain Flexonics operations,
and adjusted operating margins of 12.1%
when including our China JV which
performed very strongly in the year. The
Group continued to see robust demand
inour downstream oil & gas and nuclear
business, which partially offset the
expected lower sales in upstream oil
&gas and other industrial sectors.
The Group’s adjusted operating profit
increased by 22% on a constant currency
basis to £63.6m (2024: £52.0m). Adjusted
operating margin increased by 110 basis
points, to 8.6% for the year. The Group’s
adjusted profit before tax increased by
21% to £51.2m (2024: £42.2m) and
adjusted earnings per share was 9.65
pence (2024: 8.86 pence).
Reported operating profit was £47.3m
(2024: £46.8m) and this performance is
further described in the Other Financial
Information section below. Profit before
tax was £34.1m (2024: £37.4m) and basic
earnings per share was 6.60 pence
(2024: 8.01 pence).
After reported loss after tax of £31.5m
from discontinued operations, which
reflects the loss on disposal of
Aerostructures, the reported loss after tax
for the continuing and disconinued Group
was £4.2m (2024: profit of £25.9m).
During 2025 there was much discussion
around tariffs and as mentioned previously
the impact on Senior has been limited and
manageable.
The Group generated free cash flow of
£35.8m in 2025 compared to £26.1m in
2024. Good progress was also made on
enhancing ROCE with a 140 bps
improvement in 2025 to 13.1%
(2024: 11.7%).
The initial cash proceeds from the sale
ofthe Aerostructures business in
combination with strong free cash
generation have supported deleveraging,
with net debt of £73m (pre-IFRS 16) at the
end of 2025 (2024: £153m). 2025 leverage
ratio is 0.9x net debt to EBITDA (pre-IFRS
16) down from 1.8x at the end of 2024.
Good progress has been made towards
the Group’s medium-term financial targets
announced in March 2025. Group and
divisional operating profit margins have all
increased with Flexonics division firmly
within the double-digit range of 10-12%
and when including the JV above the
range at 12.1%. Aerospace operating
profit margin increased to 11.4% in 2025,
firmly on track to the medium-term target.
Consequently, Group operating profit
margin at 8.6% for the year is also on track
to meet the medium-term target.
Cash conversion at 90% in 2025 is above
the >85% through the cycle medium-
target financial target. ROCE at 13.1%
inthe year is also on track to meet our
medium-term target.
Further 2025 financial performance is
described in the Divisional and Financial
Review sections from pages 32 to 43.
Dividends
Reflecting its confidence in the Group’s
performance, financial position and future
prospects, the Board has proposed a
finaldividend of 2.15 pence per share,
representing a 30% increase compared to
the prior year (2024: 1.65 pence). Thiswill
be paid on 29 May 2026 to shareholders
on the register at the close of business on
1 May 2026. Combined with the interim
dividend of 0.85 pence per share this give
a total dividend for theyear of 3.00 pence
per share, representing an earnings cover
of 3.2x. In the medium term, we will
continue tofollow a progressive dividend
policy reflecting earnings per share, free
cash flow generation, market conditions
and dividend cover.
Aerostructures Disposal
Senior was pleased to announce on
31 December 2025 that it had completed
the sale of its Aerostructures business
toSullivan Street Partners.
The earn out and other customary
adjustments will be concluded after the
final completion accounts are agreed,
which is expected during the the first
half2026.
Share buyback programme
Previously we have stated that, consistent
with the Group’s capital allocation policy,
the upfront net cash proceeds arising from
the Aerostructures transaction of £95.7m
would be used to reduce net debt and to
undertake a £40m share buyback
programme. In view of the Company’s
ongoing discussions with the potential
offerors, announced on 27 February 2026,
and mindful of the Company’s regulatory
obligations, the Board has postponed the
start of the £40m buyback programme
which had been due to commence
following publication of the full year
results. The Board will keep this under
review and make a further announcement
as necessary.
Sustainability
Senior continues to be a leading performer
in sustainability disclosure and action
among its peer companies. We remain
committed to this priority – an approach
that is increasingly aligned with our
customers’ expectations and a key
differentiator for Senior, as many now
view sustainability performance as a
critical criterion in supplier selection.
This year, we continue to make progress
towards our greenhouse gas reduction
targets by expanding our use of renewable
energy and increasing on-site solar
generation across our operations.
We have continued to make good
progress with our key sustainability
metrics and activities. In particular, in 2025
we were awarded by CDP ‘A’ leadership
scores for our disclosure and action on
climate change and for Supplier
Engagement.
Outlook
Trading in the first two months of 2026
has started well and the Board’s
expectations are unchanged for 2026.
In Aerospace, growth in civil aircraft build
rates and increased demand across its
other markets is expected to drive further
good progress in 2026 and beyond.
Flexonics expectations for2026 are
unchanged, with robust double-digit
margins being maintained when including
the JV, notwithstanding the softer
conditions incertain end markets.
Looking ahead, we are confident of
delivering enhanced shareholder value
aswe execute on our strategy and
continue to strengthen our financial
performance inline with our medium-
term financial targets.
David Squires
Group Chief Executive Officer
GROUP CHIEF EXECUTIVE OFFICER’S STATEMENT continued
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10 Senior plc Annual Report and Accounts 2025
OUR STRATEGIC FRAMEWORK
Achieving global
FCTMleadership
Our priorities
1
Autonomous
and
collaborative
business
model
7
Talent and
development
2
Focus on
growth
3
Highly
engineered
products and
IP generation
4
Considered
and effective
capital
deployment
6
Cost
competitive
country
strategy
5
High
performance
model
Delivering sustainable profitable growth
Respect and Trust Accountability Excellence
OUR CORE VALUES
STRATEGIC ACTIONS
GROUP STRATEGY
Safety Integrity Customer Focus
To be the global leading Fluid Conveyance and Thermal Management company
To engineer the transition to a sustainable world for all our stakeholders
VISION
PURPOSE
Attract and retain a
skilled workforce
Engineered products,
rich in IP
High
performanceculture
Growth in structurally
resilient end markets
Strong free
cash flow management
Senior
OperatingSystem
Market-led
Innovation
Focus on FCTM
11 Senior plc Annual Report and Accounts 2025
Strategic report Governance report Financials statements Additional information
Engineering/
Innovation
Synergies
Global
Footprint
Synergies
Shared
Services
Economies
of Scale in
Procurement
Commercial
Synergies
Manufacturing
Standardisation
BUSINESS MODEL
Our business model aims to create
value for all Senior’s stakeholders
We use our design expertise,
intellectualproperty, and know-how
in Fluid Conveyance and Thermal
Management to provide high-value
solutions for environments with extreme
temperature and pressure conditions
where safe, efficient fluid handling and
thermal management are crucial.
The way that we workOur strengths and
differentiators
Technology, innovation, and sustainability
Senior specialises in Fluid Conveyance and Thermal
Management, developing products that better serve
customers and benefit shareholders.
Customer partnerships
We are a valued partner to our clients, trusted to
collaborate in supporting their production and
development programmes, which in turn helps to
inform our innovation investments.
Global footprint
We operate across 10 countries, serving a variety of
markets, sharing best practices across the Group.
Ourglobal presence allows for close market proximity
and cost efficiencies.
People and culture
Our Group upholds integrity and high ethical
standards, promotes a safety-first culture, empowers
local leadership within a robust control framework,
and invests in employee development.
Effective capital deployment
The Company’s financial strength promotes
investment, innovation, and customer confidence.
Our strong balance sheet and careful capital allocation
guarantee benefits for shareholders.
Our collaborative and autonomous approach
Senior’s Business Model is one of empowering and
holding accountable our operating businesses,
operating within a clearly defined control framework.
Business plans are developed in line with the overall
Group strategy. Increasing collaboration amongst
operating businesses in the Group is a priority in order
to address our customers’ needs whilst maintaining
an autonomous business structure. Business leaders
actively embrace collaboration.
See our Divisional Review on page 32
See our Financial Review on page 38
Strategic report Governance report Financials statements Additional information
12 Senior plc Annual Report and Accounts 2025
We maximise our
growth opportunity
A global leader in Fluid Conveyance and Thermal
Management with c.100 year’s experience
Senior plc is a specialised engineering company that
designs, engineers and manufactures high performance
components used in demanding environments
Global specialist in components that manage and control
extreme temperature and high-pressure fluids or gases
Multi-decade expertise in high-barrier engineering
andmanufacturing bellows, ducting, hoses and
expansion joints
Products and systems used in aerospace and defence,
land vehicles, power & energy and industrial markets
Resilient, competitive and flexible cost structure
A focused Senior well positioned to deliver profitable
growth
Our Business Model is straightforward in terms of
revenue recognition, with no exposure to long-term
contract accounting
The value we deliver
for our stakeholders
Our employees
A highly motivated and skilled workforce
Global Employee Opinion Survey provided rich and
representative insights across the Group.
Our customers
Trusted and collaborative design partner
Close engagement with Aerospace and Flexonics
customers has reinforced Senior’s position as a
trusted supply partner.
Our suppliers
Reliable, ethical and sustainable supply chains
Collaboration with suppliers manages residual supply
chain volatility through lead time management, order
flexibility and other cooperative solutions.
Our shareholders
Sustainable growth to deliver enhanced value
The Board and management gained a clearer
understanding of shareholder expectations in
relation to strategic decisions.
Our communities
Aim to improve the quality of life in our communities
Community engagement activities continue to
generate positive impact for individuals and groups
across the regions in which we operate.
Our environment
Sustainability leader we strive to protect the
environment
See Stakeholder Engagement on page 24
Strategic report Governance report Financials statements Additional information
13 Senior plc Annual Report and Accounts 2025
A
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r
o
s
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&
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c
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MARKET OVERVIEW
Senior operates in resilient and
attractive growth markets
Turning global
challengesinto growth
opportunities
By engineering a sustainable future, Senior leverages
specialised engineering expertise across multiple
markets to turn global challenges, including energy
security and decarbonisation, into a unified growth
strategy. Our markets rely on highly engineered
products for demanding applications, such as ducting
systems, control bellows, thermal insulation, and
edge welded bellows that must perform reliably in
extreme conditions, such as aerospace platforms and
nuclear processing infrastructure. Senior supports
precise thermal and pressure management across
sectors. Examples include thermal management for
blood transfusions and MRI scanners, cooling plates
for electric vehicle batteries and expansion joints for
power generation. Each market is high growth and
sustainable, with products that contribute directly to
decarbonisation, efficiency, and the energy transition,
enabling Senior to harness megatrends and drive
market leadership and growth.
Aerospace & defence
Ducting systems,
control bellows, thermal
insulation and
aerospace standard
parts for demanding
applications on both
civil and defence-
aerospace platforms.
Power & energy
Thermal and pressure
management solutions
including bellows,
dampers, expansion
joints, hoses and tubes
for demanding
applications within the
industrial, process
industries and power
generation sectors.
Land vehicles
Highly-engineered
bellows, hoses and
tubes for thermal
management and
emission reduction
applications in
commercial and
off-highway vehicles.
Battery cooling plates
for trucks and other
niche EV applications.
Semiconductor
manufacturing
Edge-welded bellows
enable the very precise
manufacturing of
densely-packed
wafersproduced by
semiconductor
manufacturers, driven
in part by the
introduction of AI.
Medical devices &
equipment
Highly-engineered
products for use in the
thermal management
of blood transfusions
and MRI scanners,
andbellows for drug
delivery and cryogenic
tubing used in open
heart surgery.
ADDRESSABLE MARKET
$4bn p.a.
growth: 2% pa
ADDRESSABLE MARKET
$200m p.a.
growth: 8% pa
ADDRESSABLE MARKET
$400m p.a.
growth: 3-6% pa
ADDRESSABLE MARKET
$3bn p.a.
growth: 2% pa
ADDRESSABLE MARKET
$6bn p.a.
growth: 3-4% pa
Strategic report Governance report Financials statements Additional information
14 Senior plc Annual Report and Accounts 2025
Harnessing megatrends for market leadership
Our businesses are exposed to five megatrends which drive sustainable growth:
Growth in air travel Geopolitical tension Energy demand
Description
Growth in air-passenger traffic is being
driven by two main factors: rising GDP per
capita in emerging markets, especially in
Asia, where the middle class is expanding;
and the liberalisation of air travel markets
alongside the growth of low-cost carriers.
New-generation aircraft further cut
unitcosts and enable more city pairs.
Together, these trends are bringing
airtravel within reach of increasing
numbersof people.
Description
Heightened geopolitical tensions are
driving governments worldwide to re-arm.
In Europe, Russia’s invasion of Ukraine,
NATO-Russia confrontation fears, and
sovereignty concerns have sharply
raiseddefence spending since 2022.
Meanwhile, in East Asia, China’s
risingdefence budget is prompting
neighbouring countries to respond in kind.
Description
Economic growth in emerging economies
with its accompanying expansion of
manufacturing and process industries,
and urbanisation, with its greater
utilisation of buildings and transportation,
is the fundamental driver of increasing
energy demand. Meanwhile, the
increased use of digital technologies,
ledby AI, cloud computing and related
datacentres, is acting as an important
source of incremental growth.
What this means for Senior
Senior’s aerospace products are used
onawide range of aerospace platforms
soan increase in demand for aircraft
drives growth.
What this means for Senior
Senior’s products are incorporated into
awide range of military-aerospace
platforms, so growth in defence
spendingis positive.
What this means for Senior
Greater demand for energy requires more
power generation, fossil-fuel and nuclear
processing infrastructure and creates
aneed for our thermal management
products.
Links to Strategy
Priorities 2, 3, 6
Links to Strategy
Priorities 2, 3, 4
Links to Strategy
Priorities 1, 2, 3
Electrification Digitalisation
Description
The trend towards electrification is
primarily a consequence of the need to
decarbonise and the related energy
transition, which has been driven by policy
mandates andincentives. Diversity of
supply and energy security, coupled with
electric technologies that offer greater
efficiencies than fossil-fuel alternatives
are now alsoimportant factors in its
adoption. Together,these factors are
driving growth in electricity consumption
at well above recent historical levels.
Description
Companies are embracing digital
toolssuch as AI, cloud computing,
IoTandmobile applications to increase
productivity, improve customer
experience, and generate new revenue
streams. These trends are being
accelerated as technology in this field
becomes cheaper and so more
accessible. Consequently, it is being
adopted widely leading to the requirement
for the necessary computer equipment
and datacentres which in turn leads to
demand for semiconductors and the
wafer fabs required to manufacture them.
What this means for Senior
The drive towards more sustainable
mobility creates demand for Senior’s
thermal management and fluid
conveyance products used in aircraft
andland vehicles.
What this means for Senior
The growth in digital systems and
processes drives demand for increased
volumes of semiconductors and so the
need for semiconductor-manufacturing
equipment.
Links to Strategy
Priorities 1, 2, 3
Links to Strategy
Priorities 2, 3, 5
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15 Senior plc Annual Report and Accounts 2025
TECHNOLOGY
ENGINEERING
COLLABORATION
In 2025, we refreshed our Innovation
Steering Group, combining Engineering,
Marketing and Strategic Leadership.
Akey Steering Group responsibility is to
sponsor processes to allow engineers to
collaborate. In 2025, our monthly Global
Technology Collaboration Forum hosted
external speakers from Safran, Rolls-
Royce and the Advanced Manufacturing
Research Centre sharing insights on
hydrogen propulsion, SAF propulsion
developments and AI assisted vision
systems. Other Forums shared internal
technology developments including AI
deployment and high-pressure hydrogen
hose certification. The annual Innovation
Awards recognise exceptional
technology breakthroughs, with
business unit collaboration used as a key
success criterion. We saw an increase
intechnology collaboration in 2025, and
we are encouraging further collaboration
in 2026 across the Group.
TECHNOLOGY AND INNOVATION
ARE THE FOUNDATION FOR
DELIVERING HIGH-PERFORMANCE
SOLUTIONS THAT MEET OUR
CUSTOMERS’ EVOLVING
REQUIREMENTS.
Nigel Major
Executive Vice President, Strategy
TECHNOLOGY
Meeting market needs
withIP-rich, innovative
technologies
Focus on FCTM
Fluid Conveyance (FC) and Thermal
Management (TM) are core capabilities of
both Aerospace and Flexonics Divisions.
We design, develop and supply FCTM
solutions from individual component to
system level, often operating in extreme
temperature and pressure environments.
Our products help ensure aircraft safety,
petrochemical and power generation
plant safety and other mission critical
application such as cryogenic medical
tools used in open heart surgery.
Two global megatrends are defining our
product and technology development.
Global warming legislation is driving
reduced emissions with the ultimate goal
of achieving Net Zero. In combustion
engines, this translates to conveying air
and gases at increased temperatures,
switching to non-fossil fuels and driving
down system weight.
The megatrend towards electrification
translates to precision battery and power
electronics cooling and highly efficient
cooling ofelectricity generating
hydrogen fuelcells.
The temperatures of fluids we convey
range from cryogenic fuels at -250ºC to
combustion engine gases approaching
1,000ºC, whilst pressures range from
strong vacuums (negative pressure) in
our vacuum jacketed products to 1,000x
atmospheric pressure for high pressure
hydrogen gas applications. These
environmental extremes, often
presenting niche market opportunities,
require a variety of design, testing
andproduction capabilities which we
arecontinuously developing in our
globallocations.
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CASE STUDY: NEXT GENERATION SINGLE AISLE AERO ENGINE
Mega trend: Growth in air travel
Innovation driving more efficient and cleaner
engines
Forecast global aviation passenger
growth and future aviation emissions
reduction targets are driving aerospace
OEM’s to demonstrate disruptive
technological innovations to be
industrialised to meet the launch of
nextgeneration aircraft by 2035. The
goal for engines is to demonstrate a
fuel-burn reduction of 20% over current
state-of-the-art engines. Founded on a
longstanding engineering relationship,
in2025 we were invited to partner with
an engine OEM to develop innovative
FCTM products for its next generation
single aisle engine. Partnering in this
demonstrator programme will allow
usto secure external funding from the
UK’s ATI. This exciting programme
willprovide breakthrough technology
opportunities for Senior to develop
innovative fuel pipes and hoses, with
separable connectors which provide a
fire break and guaranteed containment
of potential fuel leaks. This technology
enables a reduction in the complexity
and weight of other engine structures,
yielding an overall engine efficiency
benefit. The project will require
engineering and manufacturing
collaboration between our businesses
inthe UK, France and Canada and is
animportant step in our capability to
develop aerospace cryogenic hydrogen
fuel pipes and hoses.
Additionally, our Innovation Centre will
be developing a new lightweight heat
exchanger, a first with this customer.
Inparallel, we will continue our existing
FCTM technology projects which are
tobe tested on the same demonstrator
engines. These include a breakthrough
pneumatic valve being developed by
ourSenior Aerospace Metal Bellows
business which will yield significant
commercial and operational benefits
tothe customer. Finally, our Senior
Aerospace BWT facility is engaged in
aninnovative ultra-light weight duct
which will utilise our 3D knitted preform
composite technology. Thisrepresents
a breakthrough in the application of
ourcomposite products at higher
temperatures than we have previously
experienced. Our involvement in
thismajor next generation engine
programme, with demonstrator engines
running in 2028, is an excellent example
of aligning our technology priorities to
deliver value to the customer, helping
reduce aviation emissions to benefit the
environment and deepen our customer
relationships. We will become more
IPrich, broaden our global FCTM
capabilities and position ourselves
strongly for sustained organic growth
inour chosen markets.
Fluid Conveyance
Our FC products perform mission or
safety critical roles, conveying liquids,
gases or breathable air and must be
leak-free and durable in rapidly cycling
thermal gradients and pressures.
Our FC applications include hydraulic
tubes and separable connectors for civil
and military aerospace and diesel engine
fuel rails for automotive. In these
applications, our products are industry
standards-compliant and must also meet
specific customer requirements. These
standards and customer requirements
present high barriers to entry. We have
industry leading tube manufacturing
capabilities at Senior Aerospace Steico
Industries (US), Senior Aerospace Ermeto
(France) and Senior Flexonics Czech
(Czech Republic), and our fittings
businesses are successfully growing
aerospace market share through a key
collaboration between Senior Aerospace
Spencer (US) andSenior Aerospace
Ermeto (France).
Our aero engine bleed air systems convey
high pressure air at up to 700ºC and
upto30 x atmospheric pressure from
theengine casing to the aircraft pylon
interface. These systems utilise
aerospace superalloys to withstand high
temperature and pressure-related forces.
We specialise in developing flexible joints
containing bellows which are validated
digitally using simulation software and by
physical testing on our test rigs, replicating
actual operating conditions. Senior
Aerospace SSP (US), Senior Aerospace
BirdBellows (UK) and Senior Aerospace
Calorstat (France) are our leading sites in
this product type. In 2025 we commenced
a key collaboration between Senior
Aerospace SSP and Senior Aerospace
Bird Bellows to deliver a new bleed air
system for the innovative Deutsche
D328eco aircraft. This programme will
beour first new civil aviation programme
tofully utilise our metal additive capability
at Senior Aerospace SSP, realising
important product optimisation and
weight reductions.
By contrast, another example of FC are
thecustomised cockpit and cabin air
distribution systems for business, regional
and rotorcraft aviation applications
designed and manufactured by Senior
Aerospace BWT (UK).
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Computational Fluid Dynamics (CFD) analysis image showing coolant velocity in a
battery cooling plate developed by our Innovation Centre.
Thermal Management
Our Thermal Management solutions often
combine with Fluid Conveyance products
as part of an overall FCTM system to
provide the critical cooling of fluids or
devices in dynamic environments.
Our off-highway truck and automotive
customers require ever increasing
performance from our exhaust gas
recirculation coolers which are a critical
component reducing harmful emissions
by cooling the exhaust gas prior to
reingestion and combustion.
Our Innovation Centre (UK) and Senior
Flexonics Bartlett (US) facilities perform
the design and validation of these bespoke
to application products which cool exhaust
gases to the required temperatures
withinthe demanding package space
requirements. Operating in an
environment of rapidly cycling thermal
gradients and vibrations and complying
with tight space envelopes make the
design of these products challenging.
Inaddition to the EGR cooler, purpose
designed corrugated thin-wall, flexible
EGR tubes and bellows reduce vibration
between the EGR cooler and the engine
ensuring high-temperature durability.
Serial production is supported by our
business units in India, Cape Town,
CzechRepublic and China.
EXPLOITING AI
We have deployed AI to enhance and
improve the effectiveness of a key
manufacturing process of our bellows
assemblies. In a new automated welding
cell, a vision system not only tracks
andautomatically maintains perfect
alignment and proximity of the weld
torch to the weld seam, it also
automatically inspects and certifies
thecompleted welds. Our Advanced
Technology and Automation Team
validated the AI-based approach and
gained NADCAP (National Aerospace
and Defence Contractors Accreditation
Programme) support to include
provisions for automated inspection
intotheir latest Audit Criteria updates.
Senior performs millions of welds
every year. Fully automating this critical
process not only presents a significant
cost benefit, it also helps mitigate
potential shortfalls of skilled labour
availability as we grow our business.
Additionally, automation presents the
opportunity to reduce variation in the
manufacturing process and improve
quality assurance to customers. We
plan to read across this new capability
where possible to our many other
businesses performing welding
operations.
Delivering filtered, breathable air, silently
at the correct pressure and temperature
isthe comfortable and essential
environment that we rely on when
travelling by air. These systems comprise
ultra-lightweight, non-metallic low-
pressure ducts, joints and flexibles and
arecontinuously being improved by
introducing new technologies such as our
RT2i™ weight-saving 3D knitted preforms
and the polymer additive manufacturing
processes of FDM and SLS.
Finally, taking FC to a physical extreme,
our Senior Flexonics Pathway (US)
business designs, supplies and repairs
expansion joints up to 6 metres in
diameter to convey gases at up to 1100ºC
and at 80 x atmospheric pressure. These
products are safety and mission critical
components in a range of large-scale
chemical, refinery and power generation
plants where thermal expansion and
contraction have to be absorbed reliably.
Designing for durability utilising high
temperature alloys helps to prevent
unplanned plant down-time which is
extremely costly for our customers.
Additionally, in 2025, Senior Flexonics
Pathway also began supplying safety
critical 3 metre diameter bellows used to
convey liquid methane and liquid oxygen
for the refuelling of space rockets
deploying satellites into earth’s orbit.
TECHNOLOGY continued
DESIGN SIMULATIONS
(CFD & FEA)
Computer simulations which predict
stresses in materials (FEA) and fluid
velocity and pressures (CFD) are
essential for the design of FCTM
products. Understanding how our
designs respond to thermal expansion
and contraction and rapidly cycling fluid
pressures and vibrations, is vital to our
mission and safety critical products.
Ourspecialised material selection and
design of flexible joints incorporating
bellows or a flexible hose ensure our
products can withstand these dynamic
conditions. Our design rules are
grounded by physical testing on our
comprehensive test rigs located at our
major design centres.
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At much lower temperatures and
pressures, in response to the
electrification megatrend, we have
evolved our TM capabilities to develop
battery and power electronics cooling.
Commensurately, a variety of
manufacturing techniques have been
developed including the controlled
atmosphere brazing and laser welding of
cooling plates and the utilisation of thinner
sheet materials allowing improved shapes
and profiles to yield higher efficiency
cooling. Design, development and series
production is undertaken at the Innovation
Centre (UK) and Senior Flexonics Bartlett
(US). Current applications are a variety of
land vehicles including motorcycles,
elitesupercars, buses and trucks and
prototypes have been delivered for a
military aerospace application.
Hydrogen propulsion for land vehicles
andaviation is presenting some exciting
breakthrough TM opportunities, and we
are proud to be supporting our customers’
transition to Net Zero products.
In 2025, our Innovation Centre designed
anew high pressure heat exchanger to
cool hydrogen gas at 400 x atmospheric
pressure for a hydrogen fuelled heavy
truck engine. Extensive CFD
(computational fluid dynamics) and FEA
(finite element analysis) simulations
predicted the need for a bellows to absorb
thermal expansion and shaped the heat
exchanger design to be sufficiently
durable to withstand the extreme internal
pressures. Hydrogen gas can be
extremely explosive when mixed with air,
hence the safety critical nature of our heat
exchanger which will be located directly
behind the truck’s cab underneath the
storage tanks.
2025 also brought an agreement with
aDutch-based consortium Conscious
Aerospace, leading an international
aerospace consortium to develop and
supply the entire TM system for its
pioneering, zero emission fuel cell
powered electric powertrain which will
beretrofitted to existing DeHavilland
Dash8-300 aircraft. This exciting
opportunity will be our first aerospace
TMsystem and will drive innovation to
develop our existing ground-based fuel
cell TM know-how to a new level. This
safety critical TM system will comprise
avariety of FC and TMproducts.
CASE STUDY: CONSCIOUS AEROSPACE
Mega trend: Electrification
Towards zero-emission flights
The Aerospace industry will be one of
the most difficult sectors to achieve
zero emissions. Whilst SAF offers a
route to zero carbon, and will be
adopted for medium and long-haul
flights, it is not free from harmful
emissions. A leading cost effective and
scalable solution for emission-free
aviation is the use of a hydrogen-
electric powertrain.
Senior has 10 years’ experience in the
hydrogen fuel-cell energy sector,
providing thermal management (TM )
solutions to dissipate the significant
amount of heat generated by the
electrochemical reactions taking place
inside. Our TM pedigree in this market
led to the signing of an agreement in
2025 with HAPPS (Hydrogen Aircraft
Powertrain and Storage System)
consortium, led by Dutch-based
Conscious Aerospace. The goal of the
consortium is to deliver a certifiable
zero emissions hydrogen fuel cell
aircraft powertrain system by the end
of 2029. This powertrain is designed to
be retrofitted to existing DeHavilland
Dash 8-300 aircraft providing zero
emissions flights in the 30-seat
regional aviation market, currently 500
retrofits are targeted. Beyond 2030, the
ambition is to expand the portfolio to
new regional aircraft programmes.
Senior’s scope is to lead and integrate
the entire TM system including design,
validation and manufacture. Located
mainly in the propulsion unit nacelle,
the TM system will include innovative
high efficiency heat exchangers,
valves, rigid and flexible coolant lines.
In addition to the agreed TM work
scope there is potential to increase our
scope of work to also include hydrogen
storage and distribution solutions.
OurInnovation Centre in South Wales
will lead the programme, taking
responsibility for the overall design
andvalidation activities and integrating
supporting activities from other Senior
businesses and external partners
asrequired.
This project is truly pioneering; it will
push boundaries and take our FCTM
technical know-how to new levels. It
also demonstrates the opportunity for
Senior to leverage its Flexonics Division
capabilities into the aerospace sector.
Consequently, Senior will be in a very
strong position to secure incremental
TM business with future aerospace
adopters of hydrogen-electric or
hydrogen combustion propulsion
systems. Importantly, from a
technology development and IP
perspective, the knowledge gained
from this project will enable us to grow
our scope of TM solutions to our other
market sectors.
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1 Autonomous and collaborative
business model
Overview
Senior’s Business Model is one of
empowering and holding accountable our
operating businesses, within a clearly
defined control framework. Business
plans are developed in line with Group
strategy. Increasing collaboration amongst
operating businesses is a priority to
address our customers’ needs whilst
maintaining an autonomous business
structure. Business leaders throughout
Senior are actively embracing
collaboration activities.
What we achieved in 2025
In 2025, here are some of the investments
Senior in support of the business model:
Opened a state-of-the-art innovation
centre in Oakdale, South Wales,
specialising in thermal management
solutions, high efficiency heat
exchangers and the design of a range of
fluid conveyance and emissions control
products. Their designs are often
developed in conjunction with other
businesses, such as Senior Flexonics
Czech, Senior Flexonics New Delhi,
Senior Flexonics Cape Town and
Saltillo, Mexico.
Working with a major engine
manufacturer to develop future
propulsion for single aisle aircraft:
collaborating across business units.
Senior Aerospace Spencer (Spencer)
working closely with Senior Aerospace
Ermeto (Ermeto) to gain accreditation
for supplying standards-compliant parts
to European aerospace customers.
Qualification will open a great market
opportunity for both businesses.
Senior Aerospace SSP (SSP) and Senior
Aerospace Bird Bellows (Bird Bellows)
have worked on the high-pressure
system for a European customer’s
engine interface system. Design,
development, testing and qualification
are from SSP, with production hardware
supplied by Bird Bellows, and Ermeto
and Spencer also in the supply chain.
Next steps
Flexonics businesses will continue
working with their Aerospace colleagues
to advance Conscious Aerospace’s goal of
electric-powered flight by 2027/2028. We
will also support Spencer’s growth
through provision of high-precision parts
from Senior Flexonics GA. In Europe,
Senior Flexonics Kassel is working with
Ermeto to gain AS9100 accreditation.
The seven strategic priorities are key
elements of how we work, within the
context ofour Business Model, to deliver
our strategy and drive the creation of
stakeholder value. Our progress since
these priorities were established is
shown and they continue to receive
specific attention and focus.
STRATEGIC PROGRESS
Delivering sustained
profitable growth
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2 Focus on growth
Overview
Senior operates in end markets with
structural long-term growth drivers.
Weaim to outgrow our end markets by
focusing on product innovation with key
customers and expanding geographically.
Aerospace is growing our highly
engineered, standards-compliant parts
offering, including fittings, flanges, clamps
and couplings. The acquisition of Senior
Aerospace Spencer was an important first
step in this strategy. Flexonics is helping
customers transition to more sustainable
solutions in hard-to-decarbonise sectors,
and we are gaining an increasingly strong
aftermarket position in power and energy
markets.
What we achieved in 2025
Aerospace saw significant growth in
2025, which is anticipated to increase as
OEM build rates accelerate further. The
division works with the major commercial
aerospace, business jet and regional jet
manufacturers, as well as aero-engine
OEMs and Defence suppliers. Senior
Aerospace Bird Bellows and Senior
Aerospace Calorstat have been
successful in the supply of standards-
compliant clamps and flanges to
commercial aerospace customers and
have secured new production contracts
commencing 2026.
A world leader in designing industrial
process control expansion joints, Pathway
is working with customers to design
products which operate under the stress
of incredible heat, movement and velocity.
These expansion joints are custom-
designed and must be replaced on a
regular cycle.
Next steps
We are working with a major provider of
energy storage solutions for Industrial,
Defence, Urban Transport and Power
markets, to provide thermal management
cooling plates, and expanding our reach
into the medical device market, where
wecurrently work with three major
manufacturers, focused on specialist
cryogenic instrumentation and heat
exchangers.
We see opportunities in emerging
markets too, such as energy generation
for datacentres and small modular
reactors in the nuclear power generation
market.
3 Highly engineered products and
IPgeneration
Overview
Following the divestment of
Aerostructures, Senior is focused on
delivering IP-rich fluid conveyance and
thermal management products. We have
several engineering hubs delivering
longer-term innovation and new product
introduction across the Group. Our
Innovation Steering Group oversees
technology roadmaps across all
businesses, ensuring a coherent
development path for innovation.
What we achieved in 2025
We have increased our collaboration
withuniversities and other research
organisations, looking at long-term
innovation. These projects are typically
ledby one of our key customers.
Senior runs a series of Innovation Awards
annually, where teams compete to
demonstrate disruptive new products
orsignificant process improvements.
These awards give younger engineers an
opportunity to showcase their ideas and
win capital investment for their business.
Senior Aerospace Metal Bellows has been
successful in capturing growth in the
military and commercial engine sectors
aswell as in the nuclear market, typically
redesigning existing technology in
seamless edge-welded bellows and
accumulators and using AI to develop new
products and platforms.
Next steps
We anticipate expanding our role in
externally funded R&D projects, and the
scope of our Innovation Awards, in 2026.
We will also continue the development of
a new product with a major European
OEM that further improves the efficiency
and durability for thermal management
and emissions control in land vehicles.
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HAVING DIVESTED OUR
AEROSTRUCTURES
BUSINESSES, THE COMPANY
IS ABLE TO DIFFERENTIATE
ITSELF MOVING FORWARD
THROUGH A STRONG AND
DEVELOPING ENGINEERING
CAPABILITY.
Nigel Major
E V P, Str a tegy
Safety-critical accumulator from Senior
AerospaceMetal Bellows
4 Considered and effective capital
deployment
Overview
Senior is delivering effective capital
deployment in the interest of maximising
shareholder value. All significant
investments and portfolio changes,
including M&A and Prune to Grow, are
assessed using a rigorous investment
appraisal process and are supported by
abusiness case.
We propose to grow the full-year dividend
by 25%.
What we achieved in 2025
We maintained our pricing and return
oncapital discipline when negotiating
contracts and assessing investments and
issued new medium-term financial targets
at the investor event held in March. Key
investments made and implemented
during the year included the opening of a
new, larger, state-of-the-art facility for our
product design and development centre
inOakdale which will support new growth
in select other manufacturing sites such
as Senior Flexonics Cape Town. We also
opened a new modern, high-capacity
production facility in New Delhi, India, as
well as closing a smaller and older facility.
We divested our Aerostructures
businesses during 2025 and continued
tomanage the portfolio, evaluating our
operating businesses in terms of strategic
fit within the Group.
The Group is highly focused on delivering
excellent overall return on capital
employed which clearly exceeds the
Group’s cost of capital.
Next steps
We aim to continue to increase the
Group’s ROCE and to drive working
capitalefficiencies at all operations in the
medium term.
5 High performance operating
model
Overview
Senior strives for excellence through
ahigh-performance operating model,
drawing on the many world-class
practices from across the Group, of which
the key elements are:
the Senior Operating System (SOS), an
operational toolkit incorporating best
practice processes such as lean and
continuous improvement techniques,
supplier management, new product
introduction, 5/6S methodology, factory
visual management systems, risk and
financial management;
a comprehensive business review
process utilising a balanced scorecard
incorporating KPIs with a focus on
performance, growth, operational
excellence and talent development; and
clear processes for developing strategy,
ensuring top-down and bottom-up
alignment, considering inorganic
investments and managing M&A
transactions.
What we achieved in 2025
A considerable amount of SOS training
has been delivered, with new standards
developed and central repository records
enhanced. Training has focused on
inventory management in key strategic
sites, and Kaizen events have increased
both in velocity and quality, with a 40%
increase compared to 2024. We have also
recruited new coaches in SSP and Metal
Bellows in the US, and in Saltillo, Mexico.
Next steps
We aim to continue strengthening the
SOS to deliver operational efficiencies,
inventory reduction, strategic plan
deployment, best practice sharing and
Kaizen events. We will continue to
increase the number of Kaizen events
across all sites and introduce more formal
maturity assessment as we monitor
continuous improvement success.
STRATEGIC PROGRESS continued
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6 Cost competitive country strategy
Overview
Senior’s global footprint ensures that our
operating businesses stay competitive
atboth a capability and cost level. Key
investments have been made in Cape
Town, China, the Czech Republic, India
and Mexico to help ensure we meet our
customers’ cost and price challenges
whilst enhancing returns on investment.
We have established increasingly
sophisticated capabilities in these
countries, optimising production capacity
to align with growing demand and
enabling expansion into new markets.
What we achieved in 2025
We have opened a new factory in India,
offering more modern facilities and
considerably greater capacity, and at the
same time exited an older, smaller facility.
This is helping us meet higher demand
from new business wins.
We have continued the transfer of fluid
conveyance products from California to
our aerospace facility in Saltillo, Mexico,
which is improving the operational
efficiency of both sites.
Next steps
We aim to invest further in enabling
SeniorFlexonics Cape Town to offer a
cost-competitive option for aerospace
products.
Our cost competitive locations are playing
an ever-increasing role in meeting our
customers’ global requirements while
providing attractive returns for
shareholders.
7 Talent and development
Overview
Senior’s long-term performance depends
on the depth and resilience of our talent
and organisational capabilities. We have
ahighly skilled workforce, experienced
entrepreneurial business leaders and
functional experts.
What we achieved in 2025
We have strengthened our foundations
toensure we have the right skills,
leadership and capacity to deliver our
strategic priorities.
We are expanding technical and
engineering capability through new
training approaches, including AI
masterclasses, automation skills
programmes and coding for
CMCmachinery.
Our welders and craftsmen remain
central to our operation, and we are
deepening investment in specialised
training for these skills to maintain this
competitive edge.
We are enhancing succession
planningby strengthening our critical
role pipeline, broadening cross-
functional mentoring, improving
knowledge transfer and building
leadership readiness aligned with
futurestrategic demands.
We continue to mature a culture where
employee voice shapes performance,
improvinng engagement locally and
across the Group.
To attract top talent in technology
andinnovation, we are developing a
data-driven candidate engagement
approach that strengthens our
employer brand and builds future-ready
capability.
We are embedding a global culture of
continuous learning and development
to build and prepare for emerging
business needs.
Next steps
We will intensify our capability
assurancestrategy, accelerating
technology-enabled learning, expanding
the adoption of AI, strengthening talent
pipelines, and ensuring that leaders
havethe skills, capacity and readiness
todeliver successfully.
WE REGARD TALENT AND
CAPABILITY DEVELOPMENT
AS A KEY STRATEGIC
ACTIVITY TO SUPPORT
FUTURE GROWTH.
Silvia Schwark
EVP, Human Resources
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How we engage
In 2025 we further strengthened our
approach to open, consistent and
meaningful employee engagement
acrossall operating businesses.
Buildingon the solid practices
establishedin previous years, we
focusedon enhancing accessibility
anddeepening leadership involvement
indialogue with teams globally.
A key development this year was the
introduction of General Manager webinars
and workshops with external engagement
experts, which provided leaders with
advanced tools to interpret engagement
data, improve team conversations and
embed stronger engagement practices
across sites. Participation in the Global
Employee Opinion Survey rose to 88% in
2025, up from 85% in 2024, significantly
exceeding industry norms and reflecting
both more visible leadership involvement
and strengthened communication
channels. Business leaders and HR teams
continued to hold regular face to face
briefings, team meetings, skip level
sessions and informal check ins,
supported in some operating businesses
by employee apps and local
communication screens.
The Executive Leadership Team and the
Board remained highly active through site
visits, focus groups and roadshows,
creating opportunities for employees to
raise questions, share concerns and
understand Group level strategic priorities.
These activities further reinforced
transparency and strengthened our
culture of open dialogue.
Outcome of engagement
This year’s Global Employee Opinion
Survey provided rich and representative
insights across the Group. With 88%
participation, the results captured a broad
cross section of employee experience and
reinforced confidence in the process. The
Group engagement score remained at
7.5,consistent with the improvement
recorded in 2024 and reflecting a stable
and positive engagement environment.
Employees
STAKEHOLDER ENGAGEMENT
Collaboration for
mutualsuccess
Senior’s engagement with stakeholders
is a continuous process with the full
involvement of our Board and Executive
Leadership team.
Our stakeholders are people,
communities and organisations with
aninterest or concern in our Purpose,
strategy, operations, and actions.
Senior engages with five key groups
– ouremployees, customers, suppliers,
shareholders, and communities.
Byengaging and collaborating with
ourstakeholders we can ensure
ourbusiness delivers long-term
sustainable value.
Our Business Model lists our
stakeholdersalongside the environment.
We protect the environment through
oursustainability framework as outlined
inthe sustainability section on pages 44
to5 3.
BY ENGAGING AND
COLLABORATING WITH
OURSTAKEHOLDERS WE
CAN ENSURE OUR BUSINESS
GROWS AND DELIVERS
LONG-TERM SUSTAINABLE
VALUE.
David Squires
Group Chief Executive Officer
Strategic report Governance report Financials statements Additional information
24 Senior plc Annual Report and Accounts 2025
At operating business level, several teams
demonstrated significant year-on-year
improvement, building on focused
leadership effort, stronger communication
practices and disciplined follow through
on previous action plans. These operating
businesses have established internal good
practice approaches, offering valuable
examples for others across the Group to
learn from. Their progress highlights the
growing maturity of engagement
capability within the organisation,
supported by the leadership development
activities and strengthened organisational
insight introduced during 2025.
Beyond the headline score, we
continuedto track wider indicators
suchaswellbeing, values alignment
andstrengthsand focus areas analysis.
These dimensions help inform both local
and Group level priorities and ensure
operating businesses maintain clarity on
the drivers that most influence employee
motivation and alignment.
Company actions responding to
engagementoutcomes
Management level actions
Each Operating Business developed
refreshed 2025 action plans grounded in
both survey data and qualitative insights,
with all communicating outcomes to
employees and many engaging in focus
groups or one to one exploration
conversations to deepen understanding.
Using survey comments and focus group
insights, all leadership teams identified
core development areas and actions,
including enhanced recognition, facility
improvements, strengthened line
manager and functional training and more
consistent communication rhythms such
as regular all hands meetings.
Executive Leadership facilitated progress
through the business review cycle,
ensuring quality, consistency and
alignment with Group expectations.
Leadership capability was further
strengthened through the webinars and
external expert workshops launched
in2025.
Employees
88%
of our employees completed
our Global Employee Opinion Survey
The EVP HR continued to support
operating businesses through targeted
workshops with leadership teams,
drawing on feedback from focus groups
and review meetings and enabling leaders
to clarify actions taken, communicate
decisions transparently, ensure resource
availability and maintain accountability
forprogress.
Board level actions
The Board maintained active involvement
in employee engagement throughout the
year. Non-executive Directors continued
their programme of site visits, focus
groups and leadership conversations,
gaining valuable insight into local culture,
workforce sentiment and emerging
organisational themes.
The Board reviewed the 2025 survey
results and associated action plans,
receiving regular updates from the EVP
HR and the non-executive Director for
Employee Engagement, ensuring
engagement insights continued to inform
governance, strategic decision-making
and people-related priorities across
theGroup.
Looking ahead to 2026
In 2026 we will expand into enhanced
digital communication channels to enable
more accessible, timely and transparent
information sharing. These channels
willcomplement our face to face and
leadership led engagement activities
andwill be supported by a continued
webinar and workshop series for leaders
on engagement programme impact,
including good practice sharing between
Operating Businesses as part of our
learning series, while we continue to
worktowards our goal for all Operating
Businesses to perform consistently above
the external 50th percentile benchmark.
REFLECTIONS FROM
MARYWALDNER
The non-executive Director
designated toengage with
theGroup’s employees
As a non-executive Director
designatedto provide insight on
Senior’s employees as stakeholders,
Ihave drawn on my leadership
background and experience of working
in the engineering sector. I strongly
believe personal interaction provides
robust insight and hence, over the past
year, have facilitated 12 in-person focus
groups with employees of all levels,
five leadership team conversations
andconducted plant tours in the
UK(Senior Aerospace Bird Bellows),
France (Senior Aerospace Ermeto
andSenior Aerospace Calorstat)
andthe USA (Senior Aerospace SSP
and Senior Aerospace Steico
Industries). My objective has been to
strengthen two-way communication
between the workforce and the Board,
ensuring that employee perspectives
and concerns are heard and
understood.
A key theme that emerged from the
2025 workforce engagement was a
strong appreciation and desire for
collaboration, which enables
knowledge sharing and supports
operational excellence. Employees
recognise and welcome ongoing
investment in tools, machinery, and
quality initiatives, seeing these as
essential for maintaining high standards
and supporting future growth.
By incorporating these insights into
Board deliberations, I have helped
ensure the Board’s decisions are
informed by, and aligned with, the
priorities and feedback of our people.
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25 Senior plc Annual Report and Accounts 2025