Precision is a process, not a claim

Meridian Instruments · Capital Markets Day, 12 March 2026

A machine hall in raking light

Agenda

  1. 01The businesswhat we make and who buys it
  2. 02The decadethree numbers that moved and one that did not
  3. 03The planwhere the next hundred million goes
  4. 04The askwhat we want the market to hold us to

The business

Instruments that measure what nobody else can

What we make

Four instruments, one measurement problem

Every product in the range answers the same question: how far is this from where it should be, to a tolerance nobody else can hold at production speed.

That is why the range looks narrow from outside and why the moat is real. A competitor can copy the instrument. Copying eleven years of calibration data is a different exercise.

A calibration bench under hard light

The decade in four numbers

  • 612 M€ revenue, 2025, from 188 M€ in 2016
  • 34% gross margin, unchanged across the decade
  • 11 production sites, down from nineteen
  • 1 customer lost to a competitor on measurement accuracy

The plan

Where the next hundred million goes

Capital allocation to 2029

ProgrammeCapitalSharePayback
Calibration data platform44 M€44%3.1 yrs
Site consolidation31 M€31%2.4 yrs
Optical range extension18 M€18%4.8 yrs
Working capital7 M€7%n/a

The sequence

2026202720282029
Data platformBuildBuildLive
ConsolidationTwo sitesTwo sites
Optical rangeDesignPilotShip
Buyback

The same sequence, with the dependencies in it

20262026202620262027202720272027202820282028202820292029202920292030Two sites live Buyback tranches Kaunas and Porto Remaining six Third site Cutover Design Platform live Pilot line First shipment Ramp Data platformConsolidationOptical rangeCapital

The grid opposite is four programmes at the resolution a board reads. This is the same plan where it has to carry dependencies, a critical path and two milestones: for that, ask your agent for a mermaid gantt, written in the deck and drawn in the theme.

The risk we are asked about most

If the data platform slips, the margin story slips with it

  • It is one programme carrying nearly half the capital and most of the case. We have said so rather than spreading it across four line items that would each look survivable.
  • The mitigation is that the platform ships in three parts and the first is already in production at two sites. A slip moves the third part, not the first.
A control room at night

What we want to be held to

  1. Revenue780 M€ to 820 M€ by 2029, organic
  2. Gross margin34% or better, every year, no exceptions
  3. Sitesseven by 2028, and we will name them
  4. Buyback25 M€ a year while the leverage stays under 1.5x