Response to Advanced Energy Statement

18 June 2024

XP Power Limited

(‘XP Power’ or ‘the Company’)

Response to Advanced Energy Statement and
reiteration of full year outlook

The Board note the announcement released today by Advanced Energy Industries, Inc. ("Advanced Energy") stating that they have no intention of making an offer for the Company.  The Board confirms that it has had no contact from Advanced Energy since its indicative proposal was rejected on 13 May 2024.

The Board confirms that its full year trading expectations remain unchanged. The Company will announce its Interim Results on 6 August 2024.

Enquiries:

XP Power  

Gavin Griggs, Chief Executive Officer [phone]

Matt Webb, Chief Financial Officer [phone]

Citigate Dewe Rogerson 

Kevin Smith/Lucy Gibbs [phone]

Note to editors

XP Power designs and manufactures power controllers, the essential hardware component in every piece of electrical equipment that converts power from the electricity grid into the right form for equipment to function. Power controllers are critical for optimal delivery in challenging environments but are a small part of the overall customer product cost.

XP Power typically designs power control solutions into the end products of major blue-chip OEMs, with a focus on the Industrial Technology (circa 41% of sales), Healthcare (circa 20% sales) and Semiconductor Manufacturing Equipment (circa 39% of sales) sectors. Once designed into a programme, XP Power has a revenue annuity over the life cycle of the customer’s product which is typically five to seven years depending on the industry sector. XP Power has invested in research and development and its own manufacturing facilities in China, North America, and Vietnam, to develop a range of tailored products based on its own intellectual property that provide its customers with significantly improved functionality and efficiency.

Headquartered in Singapore and listed on the Main Market of the London Stock Exchange since 2000, XP Power is a constituent of the FTSE All Share Index. XP Power serves a global blue-chip customer base from over 30 locations in Europe, North America, and Asia.

For further information, please visit www.xppowerplc.com.

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