Diploma PLC

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DPLM

GB0001826634

Industrial Machinery & Equipment

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Diploma : Results XHTML Download ZIP (diploma plc annual report and accounts 2025)

Published on 12/08/2025 at 06:08 am EST

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Diploma PLC

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POWERING

PROGRESS

ANNUAL REPORT AND ACCOUNTS 2025

POWERING

PROGRESS

IN MORE PLACES THAN YOU'D IMAGINE

Diploma PLC is a group of specialist businesses that provide critical products and value-added services to customers across a wide range of markets - where quality, reliability and expertise matter most. We help our customers run smarter, safer and stronger. We provide the bolts that hold planes and race cars together, design the seals that make wind turbines work and help surgeons find the best solutions to save lives.

Controls Seals Life Sciences

ADVANCED TECHNOLOGIES FOR CRITICAL APPLICATIONS

READ MORE ABOUT OUR STRATEGY ON PAGE 16

SCALING FOR SUSTAINABLE GROWTH

We probably talk more about the 'grow' part of our strategy than the 'scaling' part. They're equally important.

If we don't scale at the same pace as our growth, our growth can't be sustained. And, if we don't preserve our secret sauce as we scale, our growth won't be sustained.

The majority of my time is spent on building capability. It's our biggest driver of success. Every one of the 3,400 people in Diploma is on their own scaling journey - myself included. As our leaders develop and grow, their teams also step up, so that our capabilities continue to build at every level of the organisation.

We further build on the investments we make in developing our people by bringing in new talent as well.

Growing future succession within our Group is critically important and is something we're very focused on - but it's something that takes time. Our recently-launched graduate programme, in the US and the UK, is designed to develop our businesses and build the leaders of tomorrow.

It's the first programme we've run and it's something I'm very excited about.

The new year has seen a Group-wide focus on scaling our capabilities in Sales Excellence. Following a fantastic event earlier in the year which brought together 75 leaders from across every business in the Group to share, learn and collaborate, our businesses are now driving improvement through the individual sales excellence plans they all developed. I'm excited about what they will deliver.

In the coming year, we will be selectively investing in specialist strategic market expertise, introducing a number of roles that will focus on specific markets to accelerate future growth.

CEO'S REVIEW CONTINUED

At the same time as consciously scaling our businesses and our Group, we consciously preserve our secret sauce. Our differentiated culture

of commerciality, accountability, and continuous improvement is thriving in our businesses. And we complement that with a connectivity

and performance ownership mentality across our decentralised Group.

When coupled with our value-add propositions, this drives loyalty and share of wallet, reputation and market share potential, and pricing power and strong margins.

Delivering Value Responsibly

Our businesses deliver essential products and services that help industries run smarter, safer and stronger - whether that's providing life-saving healthcare solutions, enabling renewable energy generation or supporting a circular economy through aftermarket repairs. Our Delivering Value Responsibly (DVR) framework focuses on three themes - our people, doing business responsibly, and the environment - through which we can have a meaningful, positive impact. There are some great success stories from the year - including solid progress on health and safety, colleague engagement and inclusion - making Diploma an even safer, better and fairer place to work.

An exciting future

A powerful, thriving decentralised culture

Energetic mood

Developing the next generation of leaders

Highly engaged colleagues

FY26 is off to a strong start.

We remain focused on executing our strategy of building high-quality, scalable businesses for organic growth. By continuing to effectively balance ambition and discipline we

are confident in continuing to deliver sustainable quality compounding over the long term, in good times and bad.

I am fuelled by excitement for what Diploma can deliver in the years to come. We're just getting started.

Johnny Thomson

Chief Executive Officer

READ MORE ABOUT OUR PEOPLE ON PAGE 39

‌CFO'S REVIEW

AMBITIOUS GROWTH

DISCIPLINED DELIVERY

FURTHER COMMENTARY RELATING TO THE FY25 FINANCIAL RESULTS CAN BE FOUND IN THE FINANCIAL REVIEW ON PAGES 34-37

Structural growth markets drive strong organic growth

Organic growth is our first priority and is what our strategy is designed to deliver. Our value-add businesses drive growth through end-market exposure, geographic expansion and product extension.

Our portfolio is well diversified and it is increasingly more exposed to structural growth end markets. Historically, we have grown organically at an average of 5%. Over the last 7 years, we have stepped this up to 7%.

We delivered 11% organic growth in FY25.

As always in a portfolio, performance varied across our businesses. We have seen some impressive double-digit growth in a number of businesses, supported by market tailwinds and driven by strong execution. We have seen some more challenged performances, hindered by market conditions in many cases.

Our strategy is to accelerate our organic growth with targeted acquisitions, and our financial model demonstrates that we can deliver double-digit revenue growth within our leverage policy.

We do not set specific annual targets for acquisitions. We're focused on the right deals, not the number of deals

- ambition with discipline.

On average, since FY19, net acquisitions have added 11% per annum to the top line. This year, has been lower, at 3%, reflecting more modest investment in bringing new businesses into the Group, as well as some small disposals.

Value-add solutions drive high operating margin

This year, we delivered an operating margin of 22.5%, an increase of 160 basis points on the prior year. Again, this is the portfolio effect, as some businesses saw a meaningful step up

- such as Peerless - while others saw a dip in margins - such as some of our Life Sciences businesses. Reflecting our local-for-local business models, we have limited exposure to tariffs.

Where we do have exposure, we have successfully passed through pricing and margins have not been impacted.

Diploma's operating margins are sustainable above 20%. This is underpinned by our strong value-add customer propositions. Margins have structurally stepped up over recent years. This reflects operational leverage and accretive margins in recent acquisitions, alongside continued reinvestment.

Our diversified portfolio delivers a broad range of operating margins. Typically, our lower margin businesses have lower asset intensity, whilst those requiring more inventory to support their customer

propositions are compensated with higher margins. What is most important is the return each business generates.

Our financial model recognises that each business should deliver sustainable operating leverage. However, three factors mean margins may not expand every year:

1) business mix; 2) the margin profile of acquired businesses; and 3) the level of reinvestment. In the coming year, we will be upweighting investment in capability, selectively introducing strategic end market expertise, enhancing our assurance platforms, and building our general management capabilities.

The combination of our growth and margin drives the double-digit adjusted earnings per share growth included

in our financial model. This year, we delivered 21% growth.

‌CFO'S REVIEW CONTINUED Capital-light model drives strong cash conversion

Our capital-light business model drives strong cash conversion, and this means we have significant firepower to invest in our growth.

Our financial model demonstrates a sustainable 90% conversion through our disciplined approach. FY25 cash conversion was 105%. Working capital increased by less than prior year while growing organic revenue by 11%. Capital expenditure at 1% of revenue was below the 2% we typically expect.

Sustainable Quality Compounding Ingrained discipline drives strong returns

Our key returns metric, Return on Adjusted Trading Capital Employed (ROATCE), adds back accounting adjustments, such as acquisition related amortisation. This means our performance is driven by genuine economic factors. We believe our

Sustainable quality compounding combines ambition with discipline. Our business model and strategy are designed to support the delivery of strong organic growth, at high margins and with great returns on capital. As a result, we

have a long track record of delivering ambitious compounding earnings growth.

Our financial model lays out how we will continue to deliver this in a set of medium-term financial outcomes. This has consistently delivered superior shareholder returns and will continue to drive compounding value over the long-term.

optimal returns range is high-teens, while deploying significant capital with discipline.

Capital-light business model drives strong cash conversion	90%	105%
Capital stewardship focused on strong ROATCE	High teens	20.9%
Balance sheet discipline maintains prudent leverage	<2.0 x	0.8x
Return to shareholders with a progressive dividend	5%	5%

FY25 returns stepped a little above this level - a very strong 20.9%, up by 180 basis points on the prior year. This is a reflection

Organic revenue growth is our first priority	5%	11%
Total revenue growth accelerated by quality acquisitions	10%*	12%
Value-add drives strong adjusted operating margins	20%+	22.5%
Compounding adjusted EPS growth	Double digit	21%

AMBITION... MODEL FY25 ...WITH DISCIPLINE

MODEL FY25

of: 1) a lower level of acquisition spend in the year; and 2) exceptional returns from the FY24 acquisition, Peerless. While this year's performance has been very strong, delivering a Group return on capital of over 20% is not our goal. The high-teens sweet spot for Diploma reflects the right level

of disciplined investment for growth.

Achieving this requires both consistent operational discipline and a disciplined approach when making acquisitions.

We have simple but strict criteria for potential acquisitions and we focus on the time needed to reach our required level of returns.

* At constant currency.

CFO'S REVIEW CONTINUED

Since the start of FY25, we have completed seven deals for a combined investment of c.£93m at an average EBIT multiple of 8x (including two deals after year end for c.£37m). This more modest investment than our recent average is itself a clear demonstration of our disciplined approach. While many more opportunities were considered, we walked away from a lot of deals during the year because they were not right for Diploma.

We are as disciplined about the effective recycling of capital as we are about its deployment. Over the past five years, we have completed nine disposals at average multiples of 6x, including some small disposals during FY25 for a combined

£47m, at average multiples of 6x.

We don't divest due to underperformance - we see that as our job to resolve -

but we view it as key to responsible stewardship of capital to find new homes for businesses that no longer align with our strategy or business model. While portfolio discipline is very important to our strategy, we have a collection of high quality businesses and do not expect to make divestments on a regular basis.

Balance sheet discipline drives firepower

Our Board policy is to maintain the net debt to EBITDA ratio (leverage) below 2x, with covenants allowing up to 3.5x. As a result of our strong cash generation, leverage reduces at approximately 0.4x per annum.

Reflecting the more modest investment in acquisitions made during the year, we ended FY25 with a leverage ratio of 0.8x. There is, therefore, significant headroom for future investment.

We maintain a well-supported balance sheet. Over the last 18 months, we have secured £885m, through the combination of our revolving credit facility and US private placement notes, termed in tranches out to 2036.

To build our financial firepower to fund our growth ambitions, we intend to raise further finance over and above the existing level of our facilities while staying within the guidelines of our financial model.

Progressive dividend enhances strong shareholder returns

Paying a progressive dividend is integral to our discipline and we have a 25-year track record of doing so. Our financial model includes dividends growing by 5% per annum. The 62.3p dividend proposed for FY25, represents a 5% increase.

FY26 guidance

We expect another strong performance in FY26. Organic growth is expected to be 6%. This is significantly weighted to the first half reflecting the very strong H2'25 comparator. Operating margin is expected to be flat at c.22.5%.

Acquisitions announced to date, net of disposals, will contribute 2% to reported revenue. Of course, any further acquisitions made throughout the year will increase

this contribution.

Wilson Ng

Acting Chief Financial Officer

‌TALENT REVIEW

EMPOWERING

OUR PEOPLE

Our people and culture are the foundation of our growth, and strong leadership is a critical factor as we continue to scale. As a decentralised and lean organisation, strong leadership empowers local accountability, ensures agility,

and drives performance.

Exceptional leaders set the tone for our culture, inspire colleagues and create the conditions for brilliant execution.

Building and sustaining a diverse pipeline of future leaders is therefore one of

our highest people priorities. Alongside this, we continue to foster an engaging culture that motivates colleagues to deliver outstanding service to our customers each and every day.

Fuelling growth through leadership Our growth is only possible through the strength of our leaders. In a decentralised organisation like ours, the role of the business Managing Director (MD) is pivotal - bringing strategy to life locally, empowering teams and ensuring agility in execution. Recognising this, during the year we placed renewed emphasis

on resetting and building leadership capability across our MD community.

In recognition of the importance of these roles, we have enhanced the remuneration framework for our MD cohort to attract and retain the highest-quality talent. We strengthened our leadership bench by refreshing our MD cohort with external hires, while also promoting internal talent into senior roles to support succession and growth. This investment reflects a considered reset in how we approach leadership - viewing it not as a one-off initiative, but as an ongoing, deliberate practice essential to sustaining our performance and delivering on our long-term ambitions.

Building the right skills and capabilities is critical to the success of our MDs. During the year, we ran a leadership development event tailored specifically to the demands of being an MD in Diploma. It was designed to stretch and inspire, helping leaders deepen their capabilities and confidence in driving growth. Alongside this, we committed time to personally discuss the development plan of every MD, ensuring each leader had clarity and support for their individual growth journey.

Building succession for the future It is critical to our long-term success that we have a strong and sustainable succession pipeline. Preparing the

next generation of leaders is central to ensuring our business continues to grow with strength and agility.

We were excited to launch our first graduate programme in early FY26. The programme, running in both the

US and the UK, is designed to develop talent across our businesses and build the leaders of tomorrow. Our first cohort will join us later this financial year, marking an important milestone in our journey to build a diverse and robust pipeline. In tandem with this, we are focused on building the bench strength required to lead and grow our business through identifying and nurturing key high-potential talent in the organisation.

We have taken considered action to strengthen our leadership infrastructure, including our Sector leadership, business CFOs and HR leaders, as well as the addition of experienced sales leadership across a number of businesses to accelerate growth. Scaling the Group

is a key part of our strategy. As our footprint grows, we are evolving our structures and capabilities to ensure we remain fit for the future. Aligned with our growth strategy we undertake targeted analysis of key markets, such as the US, to ensure access to broad and diverse talent pools that will enable us to keep pace with the scale of our ambitions.

Together, these actions reflect our commitment to capability development and succession - laying the foundations today for a leadership pipeline that will drive long term success.

Diversity, equity and inclusion A diverse, equitable and inclusive culture is a competitive advantage.

It supports our growth by bringing diverse

perspectives and experience to our workforce, delivering better outcomes. Our goal is to create an inclusive culture in which everyone can thrive.

TALENT REVIEW CONTINUED

By FY30 we are targeting 40% female representation across our Top 150 (Senior Management Team). We are making steady progress, with 32% women in our SMT compared with

20% in FY19. Within the Executive Team, gender diversity has improved from 10% in FY23 to 30% in FY25.

Across the Group, women represent 32% of the total workforce, a 1.3 percentage point increase since FY24.

Our continued focus on senior hiring has helped to deliver a shift in gender balance and we were delighted to feature in this year's FTSE Women Leaders Review, recognised as one of the top three FTSE 100 companies

that have made considerable progress in our senior leadership representation.

Beyond gender, 10% of our senior

POWERING PROGRESS

THROUGH OUR PEOPLE

In April, we brought together business leaders from across the Group for a two-day event in London focused on delivering Sales Excellence. This was a great opportunity

for teams from across the world to share insights and ideas, explore opportunities for collaboration and celebrate the people behind our success.

leaders

READ MORE ABOUT OUR DVR FRAMEWORK ON PAGES 38-41

management team is from an ethnic minority background and we have increased the ethnic diversity of our Executive Team to 20%, which combined means that 50% of the Executive Team have a diverse characteristic. Within our corporate centre, diversity continues

to improve, and we are delighted to report that 71% of our employees have a diverse characteristic.

Being representative of the communities in which we operate remains a priority and a source of strength for our business. To underline this commitment, and in line with the Parker Review recommendations, we have set ourselves an ethnicity target for Senior Leadership by FY27. We continue to focus on building diversity

through inclusive hiring, intentional leadership, and by actively celebrating the diversity of our colleagues.

Culture

Our culture remains a key differentiator. As a decentralised, service-led business, engaged teams are fundamental to both performance and growth. Protecting and strengthening colleague engagement

is therefore essential to maintaining our cultural advantage, particularly during periods of rapid growth and change.

To underline this, the remuneration of senior leaders now has a direct link to engagement outcomes.

In FY25, our employee engagement score was 78%. While this represents a modest 1 percentage point decline

on the previous year, it remains well above the external benchmark of 68%, underscoring the strength of our culture and leadership. Notably, our Learning & Development score increased by 14%, reflecting the positive impact of targeted investments in capability-building. Key initiatives included the roll-out of a comprehensive line manager training programme, expanded access to online learning modules, and a greater emphasis on apprenticeships across several UK businesses. These actions are integral to our strategy of developing internal talent pipelines, strengthening capability, and supporting higher levels of engagement, retention, and performance over the long term.

Looking ahead, we remain focused

on fostering high levels of engagement and further strengthening our culture. Continued investment in leadership and colleague development will ensure that our culture continues to be a source of competitive advantage as we grow. A disciplined focus on capability development remains a key enabler

of Diploma's high-growth strategy - ensuring we have the leadership depth and organisational resilience to deliver sustained performance.

Donna Catley

Group HR Director

‌OUR BUSINESS MODEL

DELIVERING SUSTAINABLE

QUALITY COMPOUNDING

We are a lean decentralised Group operating a diverse portfolio of businesses that serve multiple end markets, from aerospace to healthcare and renewables to datacentres. We're not here to standardise our businesses, suppress their unique identities, disempower local leaders or add bureaucracy or unnecessary cost. We are here to drive ambitious growth and deliver it with discipline.

OUR SECTORS

Our small Sector leadership teams provide focused support and strategic oversight.

This structure enables us to grow and scale while preserving the power of our decentralised model.

Life Sciences

HOW WE OPERATE

THE CORPORATE CENTRE

The Corporate Centre supports the effective execution of our strategy focusing on capital allocation and performance management. Our lean central team of around 40 people comprises functional experts who support our businesses to grow and scale, whilst also delivering the compliance and control obligations of a FTSE 100 group.

Controls
International Controls		Windy City Wire

Seals
International Seals		North American Seals

OUR BUSINESSES

17 agile, entrepreneurial businesses with dynamic accountable leaders. All of our businesses are unique and they deliver success in different ways through our powerful decentralised model. However, there are some common characteristics to all Diploma businesses:

Delivered by brilliant people with strong leadership

A clear growth trajectory

A strong value-add customer proposition

OUR BUSINESS MODEL CONTINUED

OUR FINANCIAL MODEL THE SECRET TO OUR SUCCESS

We operate a diverse portfolio of capital-light businesses with strong value-add propositions in attractive end markets. Our strategy is to grow and scale each business through disciplined execution, driving strong organic growth, consistent high returns and excellent cash generation.

We continually enhance the quality of our portfolio by reinvesting in organic growth, scaling our businesses and the Group, and pursuing targeted, value-accretive acquisitions.

Our investment approach is disciplined with high return thresholds. Each year we invest in scaling our businesses - upgrading facilities, enhancing technology and developing talent. We also deploy capital on targeted acquisitions that accelerate organic growth and support sustainable long-term performance.

An essential partner providing value-add solutions

Value-add is our key differentiator.

Each of our businesses provides a service far beyond sourcing and

reselling products. The value-add is different for each business. Whether it's technical expertise, speed to market

or product customisation, we create solutions that deliver better outcomes for customers and make their lives easier. The products and services

AMBITIOUS GROWTH

DISCIPLINED DELIVERY

our businesses provide are critical to customer value chains. They're

typically low-cost components funded from operating expenditure, where

the value-add far exceeds the cost of the product. This model drives:

Loyalty and share of wallet;
Grows reputation and market share potential;
Pricing power and strong margins.

A powerful decentralised model enabled by brilliant people

Our decentralised model means our businesses are able to deliver solutions for their customers in their own way by leveraging their specialist knowledge, close customer relationships and market experience. Each business operates independently with local accountability, decision-making and leadership. At the same time, they benefit from being part of a large, multinational Group: networks, central expertise, collaboration and best practice sharing. Through this model, we have a long history of delivering strong shareholder value and generating meaningful shareholder impact.

LEARN MORE AT

DIPLOMAPLC.COM/ABOUT-US

‌OUR STRATEGY

THE RIGHT STRATEGY FOR

SUSTAINABLE GROWTH

To deliver sustainable quality compounding, our strategy focuses on growth, scale and delivering value responsibly. The discipline of continuous improvement is essential to sustain growth and build the right capability for the future.

ORGANIC GROWTH IN THREE BUCKETS:

GROW

COMPLEMENTARY ACQUISITIONS TO DRIVE FUTURE ORGANIC GROWTH

PRODUCT EXTENSION

GEOGRAPHIC PENETRATION

END MARKET EXPOSURE

SCALE

VALUE-ADD BUSINESS MODEL AT SCALE POWERFUL DECENTRALISED GROUP AT SCALE

DELIVER VALUE RESPONSIBLY

Our strategy supports our businesses in delivering their value-add missions. It simultaneously delivers environmental and societal value, and commercial benefit to Diploma. Our Delivering Value Responsibly (DVR) framework focuses on six metrics through which we can have a meaningful, positive impact on our businesses, our people and our environment.

READ MORE ON PAGES 38-41

DISCOVER MORE AT

DIPLOMAPLC.COM/SUSTAINABILITY

Scaling our businesses and our Group for sustained growth

Our strategy supports the individual scaling journey of each business so that they can deliver great customer propositions at scale. It also means developing our Group to sustain execution as we grow. This can be through investment in talent and developing teams, investment in technology systems and processes, and investing in facilities. Scale is about building the capability and capacity to support ambitious growth plans whilst retaining the qualities which underpin our businesses' success.

Each business has its own scaling plan, however, there are core attributes and competencies which are common to all: value-add, route to market, operational excellence, supply chain management, commercial discipline and sales excellence. We are selective in these scaling investments and require high returns from them.

‌

OUR STRATEGY CONTINUED

Strategic Report

Corporate Governance Financial Statements Additional information

ATTRACTIVE

GROWTH MARKETS

Our businesses serve multiple end markets and we have a diverse customer base, from original equipment manufacturers and repair shops to scientists and surgeons.

Increasing exposure to attractive growth markets

Over the last five years the Group has significantly grown its presence in attractive growth markets. Some examples include renewables, datacentres, electrification, aerospace, industrial automation, in vitro diagnostics and infrastructure.

AEROSPACE

We have exciting opportunities at different stages of development The diversity of our portfolio and breadth of exposure across markets bring resilience to Group revenue. We seek opportunities that increase our exposure to markets with positive structural investment trends. Our customers in these markets have complex needs that are met through our value-add propositions.

ESTABLISHED

EARLY STAGE

We position ourselves in our existing and established end markets to increase market share and leverage growth. We also have exciting opportunities in early stage and exploratory end markets.

Aerospace

Defence

Infrastructure

IVD

Datacentres

Automation

Clean energy

Scientific

Long-term growth in aerospace is being driven by OEM backlogs, supply chain constraints, and rising passenger demand in

CLEAN ENERGY

IVD

civil aviation. The aerospace fasteners market, in particular, is highly fragmented and critical

EXPLORATORY

Nuclear

Energy storage

Water

to aircraft manufacturing, creating significant opportunities for specialised suppliers.

DATACENTRES

Accelerating market

Supporting long-term structural growth

growth is being driven by rising AI-related demands for power, infrastructure, and advanced liquid cooling solutions, creating significant opportunities across the datacentre and technology supply chain.

Preventative healthcare is accelerating as governments and health authorities prioritise keeping patients out of hospital. Growing public and private investment across allergy and autoimmune testing, pre-conception and cancer screening, and emerging technologies such as genomics

is driving growth opportunities across the sector.

INDUSTRIAL AUTOMATION

Long-term growth in industrial automation is being driven

by manufacturing reshoring, increased adoption by OEMs to address labour shortages, and the replacement and upgrading of ageing CNC machines and industrial robots.

The shift toward renewables, electrification, and smart infrastructure drives increased demand for high-performance components used in energy, industrial and building applications, as customers invest in upgrading and decarbonising systems.

WATER

Population growth, climate pressures, and ageing systems are driving demand for water management and treatment solutions. Diploma's products and services - particularly in fluid controls, seals, and flow solutions - support customers in maintaining and upgrading critical infrastructure.

DIPLOMA PLC ANNUAL REPORT AND ACCOUNTS 2025 18

‌OUR STRATEGY CONTINUED

GEOGRAPHIC AND PRODUCT

WHITE SPACE

US CANADA UK&I GERMANY FRANCE SPAIN OTHER EU ANZ
CURRENT ADDRESSABLE MARKET	CONTROLS	Wire and cable Interconnect solutions Specialty fasteners Specialty adhesives Industrial automation




	SEALS	Seals Gaskets Hoses and fittings Pumps and valves



	LIFE SCIENCES	In vitro diagnostics Medtech Scientific


GROWING ADDRESSABLE MARKET		New product verticals	Market share Significant Moderate Small White space

We focus on core developed geographies - the US, Canada, the UK, Europe and Australia - where our value-add solutions are valued and we have great opportunity

for growth.

Exciting growth prospects: geographic and product white space

We have significant white space opportunity to expand our geographical reach and extend our product offering.

In our core developed geographies, our penetration remains very small and there are opportunities to expand in all of these markets. As well as extending product ranges within existing product verticals, we occasionally add new verticals which pave the way for

future expansion.

Geographical penetration and product extension are delivered both organically and through selective acquisitions.

OUR GEOGRAPHIC AND PRODUCT OPPORTUNITIES

DIPLOMA PLC ANNUAL REPORT AND ACCOUNTS 2025 19

‌KEY PERFORMANCE INDICATORS

CONTINUED STRONG

PERFORMANCE

Continued strong performance against our strategy (as set out on pages 16-19), our financial model (page 10) and our sustainability framework, Delivering Value Responsibly (pages 38-41).

FINANCIAL KPIS

2025

2024

2023

2022

2021

+11

+15

+12

Organic revenue growth (%)

Our strategy is designed to drive organic revenue growth. This is our key metric. We have a diversified portfolio, giving resilience to revenues.

In year performance:

Growth in all three Sectors. Double-digit growth in Controls and a strong performance in Life Sciences provided balance to more modest growth in Seals.

Financial model:

Five-year performance:

10%

average Reported revenue (£m)*

2025

2024

2023

2022

2021

1,525

1,363

1,200

1,013

787

We accelerate organic growth with selective high-quality acquisitions across our three Sectors. This metric includes organic growth, inorganic growth and the impacts of foreign exchange translation.

In year performance:

Strong organic growth plus 3% contribution from acquisitions, partially offset by foreign exchange headwind.

Financial model:

10% growth (at constant currency)

Five-year performance:

23%

compound average Adjusted operating margin (%)*

2025

2024

2023

2022

2021

22.5

20.9

19.7

18.9

Our differentiated value-add solutions and customer - focused approach drive customer loyalty and create pricing power, supporting sustainable and attractive margins.

In year performance:

160 basis points increase year on year, reflecting operational leverage from the growth of our value-add businesses

and recent acquisitions with accretive margins.

Financial model:

20%+

Five-year performance:

20%

average Adjusted EPS (p)*

2025

2024

2023

2022

2021

176.0

145.8

126.5

107.5

85.2

EPS growth is a measure of how successful we have

been in growing organically and through acquisition, including capital allocation and tax considerations.

In year performance:

Strong contributions from organic and inorganic growth more than offset a foreign exchange headwind and higher interest and tax charges.

Financial model:

Double-digit growth

Five-year performance:

26%

compound average Free cash flow conversion (%)

2025	105
2024	101
2023	100

2022

2021

103

A strong balance sheet and cash flow fuel our growth. Our low-capital intensity enables strong cash flow conversion.

In year performance:

Strong cash conversion was driven by a focus on inventory optimisation across a number of businesses, and supported by low capital requirements in the year, at c.1% of revenue.

Financial model:

90%

Five-year performance:

100%

average ROATCE (%)*

2025

2024

2023

2022

2021

20.9

19.1

18.1

17.3

17.4

Return on Adjusted Trading Capital Employed (ROATCE) measures how successful we are at generating returns on the investments we make. It holds us to account against initial investments made, ensuring our performance is driven by genuine economic factors.

In year performance:

At 20.9%, returns are more than twice our cost of capital. This reflects strong discipline across the Group, including when making acquisitions.

Financial model:

High teens

Five-year performance:

19%

average

* Indicates metrics linked to Directors' remuneration.

DIPLOMA PLC ANNUAL REPORT AND ACCOUNTS 2025 20

KEY PERFORMANCE INDICATORS CONTINUED

Our Delivering Value Responsibly (DVR) framework focuses on six key metrics through which we can have a meaningful, positive impact on our businesses, our people and the environment.

READ MORE ABOUT OUR PROGRESS ON PAGES 38-41

NON-FINANCIAL KPIS

Colleague engagement (%)*

2025	78
2024	79
2023	80
2022	79

We value our colleagues and want them to be engaged and fulfilled in their roles. As a service-led business, this is a

key commercial differentiator.

Measuring and maintaining high colleague engagement supports the delivery of sustainable growth and value creation.

In year performance:

We achieved a consistently high Colleague Engagement Survey Index Score of 78%. Importantly, this was coupled with a high response rate of 87%.

FY30 target:

Maintain

>70%

Women in Senior Management Team (%)

2025

2024

2023

2022

Diversity, equity and inclusion is a competitive advantage that can support our businesses' growth by bringing diverse perspectives and experience to our workforce and driving stronger outcomes.

In year performance:

We made steady progress against our target and ran a number of initiatives to support the inclusion and retention of our female colleagues.

FY30 target:

40%

Key suppliers aligned to supplier code (%)

2025			89
2024			90
2023		73
2022	59

We expect our key suppliers to adhere to ethical, professional, and legal standards and support our environmental

and social commitments.

We ask them to work with us to reduce waste, emissions, and climate change impacts, and uphold human rights across the value chain.

In year performance:

89% of key suppliers are aligned with our updated Supplier Code, surpassing our target and ensuring responsible practices in our value chain.

FY30 target:

85%

Lost time incident frequency rate (LTIFR)

2025

2024

2023

2022

2.9

3.6

3.0

3.4

We prioritise the safety of our colleagues. Embedding a

strong health and safety culture and practices will enhance performance and productivity and reduce costs.

Our LTIFR reflects the number of lost time incidents (LTIs) per million hours worked.

In year performance:

Our LTIFR improved 19% against prior year. We continue to drive actions and culture on health and safety, which will remain an area of focus in FY26.

FY30 target:

ZERO HARM

Total Scope 1 & 2 emissions (Tonnes CO2e)

2025

2024

2023

2022

4,776

7,682

8,928

7,715

We recognise the impact of our operations on emissions. Beyond the moral obligation, we understand that reducing emissions contributes to long-term value creation

and supports the growth of our businesses.

In year performance:

Scope 1&2 market-based emissions reduced by 38%* against the prior year, largely driven by renewable energy procurement in our businesses.

* Currently undergoing external verification.

FY30 target:

>50%

reduction in market-based Scope 1 & 2 (FY22 baseline) Waste to landfill (%)

2025 18

2024

2023

2022

Across our sites, reducing waste to landfill has a positive environmental impact and generates cost savings by creating efficiencies, such

as reducing packaging and improving waste management processes.

In year performance:

We reduced our proportion of waste to landfill to 18%

through increased recycling and improved waste management processes across our operations.

FY30 target:

<15%

* Indicates metrics linked to Directors' remuneration.

DIPLOMA PLC ANNUAL REPORT AND ACCOUNTS 2025 21

Strategic Report Corporate Governance

SECTOR REVIEW: CONTROLS

ADVANCED TECHNOLOGIES FOR

CRITICAL APPLICATIONS

Financial Statements

Additional information

Our Controls businesses provide precision products for highly-technical applications across a wide range of markets, including aerospace, defence, datacentres, energy, infrastructure and medical.

LEARN MORE ABOUT OUR BUSINESSES AT DIPLOMAPLC.COM/ OUR-BUSINESSES/CONTROLS

FINANCIAL HIGHLIGHTS

£836.4m

Revenue

(FY24: £652.4m) | +28% YoY

+20%

Organic revenue growth

(FY24: +10%)

£211.2m

Statutory operating profit

(FY24: £132.3m) | +60% YoY

£250.6m

Adjusted operating profit

(FY24: £169.9m) | +47% YoY

30.0%

Adjusted operating margin

(FY24: 26.0%) | +400bps

DIPLOMA PLC ANNUAL REPORT AND ACCOUNTS 2025 22

SECTOR REVIEW: CONTROLS CONTINUED

WHO WE ARE

International Controls1

WHERE WE SELL

IS GROUP

IS Group supplies electrical-mechanical interconnect solutions to customers in defence, energy, medical and industrial markets.

Customers benefit from tailored solutions, responsive customer service and technical knowledge.

17%

of Sector revenue

PEERLESS

Peerless supplies a specialised range of high performance fasteners to customers in the aerospace market. Customers benefit from breadth of inventory, technical expertise, quality assurance and certification, full lot traceability, bespoke kitting and automatic inventory replenishment.

23%

of Sector revenue

CLARENDON

Clarendon supplies a range of specialty fasteners into aerospace, space, motorsport and defence markets. Customers benefit

from technical expertise, quality assurance and certification, design, bespoke kitting and automatic inventory replenishment.

13%

of Sector revenue

SHOAL

Shoal supplies specialist wire & cable solutions to datacentres, rail, energy, marine and construction industries. Customers benefit from same-day despatch, technical support and custom-made product and inventory solutions.

of Sector revenue

T.I.E.

T.I.E. provides components for the specialist repair, servicing and refurbishment of industrial automation equipment for customers in machine shops, metalworking and manufacturing

industries. Customers benefit from minimised downtime, technical support and asset life extension.

of Sector revenue

TECHSIL

Techsil supplies specialty adhesives to customers in a broad range of industrial manufacturing markets. Customers benefit from innovative and bespoke solutions, inventory and supply chain management, kitting and deep technical support.

of Sector revenue

Revenue by geography1

NORTH AMERICA

62%

EUROPE

16%

WHAT WE SELL

Revenue by product1 UNITED KINGDOM

16%

OTHER

WHO WE SELL TO

Our end markets

Aerospace
Automation
Automotive
Datacentres and digital
Defence
Electrification
Energy
Industrial
Infrastructure
Marine
Medical & pharma
Motorsport
Oil and gas
Rail
Renewables
Space

WINDY CITY WIRE

Windy City Wire supplies low-voltage wire and cable management solutions into broad industrial and infrastructure markets and datacentres. Customers benefit from innovative solutions, expert technical support and significant cost and time savings -from concept to completion.

36%

of Sector revenue

Windy City Wire1

1 Pro forma revenue adjusted for acquisitions and disposals completed up to 18 November 2025.

Wire & cable: 41% Specialty fasteners: 37%

Interconnect solutions: 17%

Industrial automation: 3%

Specialty adhesives: 2%

Our customers

Our Controls businesses supply a wide range of customers across complex supply chains in technically demanding applications often with high regulatory requirements.

Customers include Original Equipment Manufacturers, large infrastructure project managers and businesses providing maintenance and repair services.

SECTOR REVIEW: CONTROLS CONTINUED

STRONG EXECUTION

SUPPORTED BY STRUCTURAL

TAILWINDS

very strong performance in FY25.

Our Controls businesses have delivered another

International Controls delivered organic revenue growth of 25% driven by excellent execution, leveraging opportunities presented by end market tailwinds.

Operating margins increased materially, benefitting from structural improvements and favourable market conditions.

Windy City Wire drove volume-led organic revenue growth of 11%, supported by diversified revenue streams in attractive markets, including datacentres and with continued strength in its core buildings and other established markets. Operating margins remained strong, consistent with the prior year.

Delivering our strategy

DRIVING EXPANSION IN ATTRACTIVE GROWTH MARKETS

Our Controls businesses are well positioned with a high proportion of revenues generated in attractive end markets with limited cyclicality. Organic growth in the year has been driven by gains in a number of strong growth markets. Aerospace has production backlogs on the build of civil aircraft of over 10 years, driving strong customer demand for our specialty fastener products and interconnect solutions.

Our International Controls businesses with strong aerospace exposure have been the best performing during the year, led by Peerless. Datacentres has provided a similarly strong tailwind. Windy City Wire's strong customer offering has continued to resonate in the market, leading to increased specification of Windy City Wire solutions across datacentre builds in the US. Some International

Controls businesses are also gaining increasing traction in the datacentre space, presenting a promising growth opportunity for future years. Defence and energy markets have continued to perform well and have driven significant growth across the Sector. Some of the smaller businesses with more exposure to automotive and construction markets,

had a more challenging year but have had success diversifying towards growth markets to minimise the cyclical impact in future years.

ACQUISITIONS TO ACCELERATE GROWTH

We have welcomed four new businesses to the Sector. Two acquisitions made in FY25 - in Q1 Viking Tapes in the UK and in Q4 Astro Industries in the US -bring complementary offerings to Techsil and IS Group respectively, extending the

product range and geographical footprint. A further two acquisitions in the UK -

Spring Solutions and WDS Components - were completed following the year end, extending our exposure in attractive end markets, including defence, and expanding our product offerings.

INVESTING IN GEOGRAPHIC EXPANSION

As our businesses grow, we support them through selective scaling investment. This year, we have invested, primarily,

in new facilities. IS Group opened a new European distribution centre in the Czech Republic during the year, enabling more efficient direct access to the growing customer opportunities

supporting supply chains, particularly in the European defence and energy markets.

SECTOR REVIEW: CONTROLS CONTINUED

Similarly, we have invested in Clarendon with a new facility in Germany. This creates additional capacity to support growth and improves access to the European aerospace and defence markets. This will be further enabled by the addition of sales talent in France.

A NETWORK GREATER THAN THE SUM OF ITS PARTS

While our Controls businesses are diverse - supplying a broad range of solutions into many varied applications - they are increasingly creating opportunities to collaborate. This takes many forms from cross-selling to sharing best practice. During the year,

UK-based businesses Shoal, Clarendon and Techsil collectively leveraged their individual platforms by joining forces

at the Paris Airshow. They are also presenting their individual customer offerings from a shared space at the Datacentres Ireland Conference.

More recently, the International Controls business leaders met for a two-day strategy workshop to explore emerging growth markets, opportunities within

AI and collaboration opportunities to increase value-add benefits for our global customers. Not only do these sessions generate direct commercial opportunities, they also bring intangible benefits that come from the energy created when our entrepreneurial leaders come together.

STRENGTHENING LEADERSHIP, BUILDING SUCCESSION

The success of our businesses is driven by the strength of our leadership. Aided through the creation of a Sector HR Director role during the year, International Controls embarked on a series of strategic people changes, particularly

in the finance director population. This created development opportunities through internal promotions and strengthened local leadership teams.

The formation of a new leadership team at T.I.E. was completed towards the end of the year enhancing capabilities and strategic focus. Performance in the business has shown encouraging signs of improvement in recent months. This follows a period of more challenging performance since its acquisition

in 2023, reflecting softness across automation markets.

POWERING PROGRESS BY SCALING OUR CAPABILITIES
Developing and enhancing	market expertise. This will support
capabilities to support our growth	growth from the top down -
is vital to our success.	thinking strategically about Sector
We have identified a number of	and Group-wide opportunities
specialist markets with attractive	- and bottom up, working with individual businesses to expand
opportunities and are selectively	product ranges and deliver on
investing to ensure we are well
positioned to maximise the	their strategies. At the same time,
potential growth. This includes the	maintaining the decentralised model that is so important to
introduction of a small number	Diploma's success.
of new roles, including strategic

Outlook

Our Controls businesses have strong value-add customer propositions, solid business models and excellent leadership. This positions the Sector well to leverage its position within attractive markets and deliver strong growth into the future. Following such a strong performance in FY25, we expect more moderate growth in FY26, as we lap strong comparators particularly in the second half.

We therefore expect growth in FY26 to be significantly first half weighted. This is most relevant to Peerless.

Strategic Report

Corporate Governance

Financial Statements

Additional information

SECTOR REVIEW: SEALS

HIGH-PERFORMANCE

SOLUTIONS THAT POWER

PROGRESS

Our Seals businesses provide reliable, high performance sealing and fluid power solutions that protect equipment, power innovation and drive uptime across industries from construction to agriculture and energy to water.

LEARN MORE ABOUT OUR BUSINESSES AT DIPLOMAPLC.COM/OUR-BUSINESSES/ SEALS/

FINANCIAL HIGHLIGHTS

£456.0m

Revenue

(FY24: £489.1m) | -7% YoY

+2%

Organic revenue growth

(FY24: 1%)

£79.0m

Statutory operating profit

(FY24: £62.2m) | +27% YoY

£88.1m

Adjusted operating profit

(FY24: £90.7m) | -3% YoY

19.3%

Adjusted operating margin

(FY24: 18.5%) | +80bps

* FY25 results include the impact of disposals net of one acquisition made during the period. The negative impacts on revenue and adjusted operating profit reflect the impact of the disposals, net of the acquisition. The positive impact on statutory operating profit reflects profit on disposal of businesses.

DIPLOMA PLC ANNUAL REPORT AND ACCOUNTS 2025 26

SECTOR REVIEW: SEALS CONTINUED

WHO WE ARE

R&G

R&G delivers high-quality, reliable fluid power solutions tailored to the needs of its diverse customer base. R&G mainly supplies into aftermarket applications and their customers benefit from their extensive experience, expertise,

product knowledge and inventory.

23%

of Sector revenue

DICSA

Specialising in high-quality stainless steel hydraulic fittings, DICSA supplies a range of fluid power solutions across many end markets. Customers benefit from product assembly and testing, deep technical expertise, breadth of inventory, and advanced international logistics.

16%

of Sector revenue

SPAIN

M SEALS

M Seals supplies high-quality custom sealing solutions for a wide range of industrial applications.

Customers benefit from bespoke services including design and engineering support, and quality control and testing.

of Sector revenue

DENMARK

DIPLOMA AUSTRALIA SEALS (DAS)

DAS supplies premium mechanical engineering products, parts

and servicing for equipment in markets including mining and water management. Customers benefit from reduced lifecycle costs through improved efficiency and reliability, and reduced energy consumption and downtime.

of Sector revenue

AUSTRALIA

International Seals1

WHERE WE SELL

Revenue by geography1

NORTH AMERICA

45%

EUROPE

20%

WHAT WE SELL

Revenue by product1 UNITED KINGDOM

23%

AUSTRALASIA/ OTHER

12%

WHO WE SELL TO

Our end markets North American Seals1

Aerospace
Agriculture
Automotive
Defence
Electrification
Energy
Food & beverage
Industrial
Infrastructure
Marine
Medical & pharma
Mining
Oil & gas
Rail
Renewables
Water management

1 Pro forma revenue adjusted for acquisitions and disposals completed up to 18 November 2025.

Seals: 46%

HERCULES AFTERMARKET

Hercules Aftermarket supplies an extensive range of sealing products and custom kits to customers repairing heavy machinery and hydraulic equipment across many industries. Customers benefit

from next-day delivery, technical assistance, usage and installation instructions, kitting and custom seals, quality assurance and training.

18%

of Sector revenue

VSP

VSP is an engineering-focused company providing bespoke solutions for high-cost-of-failure applications in the transportation, chemical processing, energy, and marine industries. Customers benefit from technical expertise, custom engineering, ongoing support and significant cost savings.

15%

of Sector revenue

HERCULES OEM

Hercules OEM provides a wide range of products and technical solutions to OEMs. Customers benefit from bespoke services including design and engineering support, and quality control and testing.

13%

of Sector revenue

US HQ

Gaskets: 27%

Hoses & fittings: 19% Pumps & valves: 8%

Our customers

Our Seals businesses sell to a wide range of customers across the product lifecycle from Original Equipment Manufacturers (OEMs) to Aftermarket, and including Maintenance, Repair and Overhaul (MRO) projects.

DIPLOMA PLC ANNUAL REPORT AND ACCOUNTS 2025 27

SECTOR REVIEW: SEALS CONTINUED

RESILIENT PERFORMANCE UNDERPINNED BY

DISCIPLINED EXECUTION

Seals delivered a resilient performance in challenging markets, with sequential improvement in the second half.

North American Seals delivered organic growth of 5%, with a very strong H2 performance, supported by improving market conditions, effective strategic delivery and operational execution.

Operating margins improved, driven by operating leverage as growth

accelerates. Reflecting our local-for-local business models, there is limited tariff exposure. Where tariffs have applied, we have effectively recovered costs through pricing.

International Seals saw revenue decline by 2% as markets remained soft in the UK, Europe and Australia. There were some pockets of strong growth, demonstrating the strength of our customer propositions and solid market positions.

Across both, strategic investment in our operational and commercial capabilities has strengthened our foundation, positioning us well for future growth.

Delivering our strategy

NORTH AMERICAN SEALS

Positive momentum and growth driven by disciplined strategic execution

Hercules Aftermarket delivered a strong performance in a challenging market, achieving share gains in its core US repair segment and driving expansion in the industrial aftermarket - a new but rapidly growing market for the business. Investment in sales and digital capabilities has made it easier for customers to do business with us. Our enhanced e-commerce platform has driven significant growth in online ordering - now representing over two-thirds of sales. Continued investment in seal machining and product adjacencies positions the business well for sustained growth.

VSP delivered another strong performance. Organic growth driven by market share gains in transportation, expansion into nuclear and further

product development, more than offset the impact of some market softness amidst tariff uncertainty. VSP has a

POWERING PROGRESS THROUGH STRATEGIC FOCUS AND NEW LEADERSHIP
DICSA joined the Group in 2023.	Director and Finance Director has
An established brand in the Spanish	sharpened strategic focus and
hydraulics market, DICSA is well	strengthened the culture, while
known for its specialist stainless	the appointment of a new Sales
steel components and range of	Director and the reorganisation of
hosing solutions for technically	the commercial team are enhancing
demanding applications.	customer engagement and growth.
During the year, DICSA underwent	The appointment of a new Supply Chain Director and optimisation
a leadership transition with a new	of procurement and logistics are
Managing Director succeeding his	further improving operational
long-serving predecessor. Strong
leadership from the Managing	efficiency across the business.

DIPLOMA PLC ANNUAL REPORT AND ACCOUNTS 2025 28

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Diploma plc published this content on December 08, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on December 08, 2025 at 11:07 UTC.

Latest news about Diploma PLC

Jan. 16	Diploma CEO Johnny Thomson sells GBP1.7 million in shares	AN
Jan. 15	BofA raises LondonMetric; Deutsche cuts easyJet	AN
Jan. 15	UK Stocks-Factors to watch on January 15	RE
Jan. 14	Diploma PLC announces all resolutions at AGM passed except resolution 17	RE
Jan. 14	Miners lift FTSE 100 ahead of US PPI	AN
Jan. 14	Davy raises IAG, cuts Jet2; RBC cuts Reckitt	AN
Jan. 14	Diploma's steady formula delivers another strong quarter
Jan. 14	Diploma backs outlook after "very strong" first quarter	AN
Jan. 14	Diploma plc Provides Earnings Guidance for the Full Year of 2026	CI
Jan. 14	BP posts flat upstream output; Pearson lifts sales	AN
Jan. 14	Diploma plc's Fiscal Q1 Organic Revenue Climbs	MT
Jan. 14	Diploma reports 14% organic revenue growth in Q1	RE
Jan. 07	Diploma plc Coverage Reinstated at Buy as BofA Highlights Four Key Competitive Advantages	MT
Dec. 31	FTSE 100 ends 2025 close to another record high	AN
Dec. 17	Diploma promotes acting CFO Wilson Ng to permanent role	AN
Dec. 17	Diploma Plc Makes Acting CFO Permanent	MT
Dec. 17	Diploma PLC appoints Wilson Ng as group chief financial officer	RE
Dec. 17	Diploma PLC Announces Appointment of Wilson Ng as Chief Financial Officer, Effective December 17, 2025	CI
Dec. 11	Experian on JPMorgan focus list at 'overweight'	AN
Dec. 01	JPMorgan cuts easyJet; Barclays raises Reckitt	AN
Nov. 20	FTSE 100 up but mixed US jobs data tempers gains	AN
Nov. 20	Berenberg Lifts Earnings Assumptions for Diploma After FY25 Results	MT
Nov. 20	Berenberg lifts Atalaya Mining to 'buy'	AN
Nov. 19	Diploma PLC, 2025 Pre Recorded Earnings Call, Nov 18, 2025
Nov. 19	JPMorgan cuts Renewables Infrastructure, HICL	AN

Chart Diploma PLC

Duration

Period

DPLM: Dynamic Chart

Company Profile

Diploma PLC specializes in technical services. Net sales break down by activity as follows: - manufacturing of control systems (47.8%): fluid control systems, harness components, wiring and fastening systems used primarily in aerospace, defense, medicine, energy and motor sports sectors; - manufacturing of seals (35.9%): gaskets, filters, cylinders, machined parts for specialized industrial equipment, cylinder components for repair and maintenance of heavy mobile machinery and industrial equipment, etc.; - manufacturing of healthcare equipment and environmental management equipment (16.3%): medical devices for pathology laboratories, operating rooms, clinics, etc., environmental analyzers, containments and emission control systems. Net sales are distributed geographically as follows: the United Kingdom (20%), Europe (19.7%), the United States (45.9%) and other (14.4%).

Employees

3,390

Sector

Industrial Machinery & Equipment

Calendar

May. 18 - Q2 2026 Earnings Release

More about the company

Income Statement and Estimates

More financial data

Analysis / Opinion

Diploma's steady formula delivers another strong quarter

January 14, 2026 at 04:30 am EST

More analyses

Ratings

Trader

Investor

Global

Quality

ESG MSCI

AAA

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

56.85GBP

Average target price

60.20GBP

Spread / Average Target

+5.89%

Consensus

EPS Estimates

Revisions to estimates

Annual profits - Rate of surprise

Company calendar

102	Independent auditors' report
110	Consolidated income statement
111	Consolidated statement
	of comprehensive income
112	Consolidated statement
	of changes in equity
113	Consolidated statement
	of financial position
114	Consolidated cash flow statement
115	Notes to the consolidated financial
	statements
145	Group accounting policies
154	Parent company statement
	of financial position
154	Parent company statement
	of changes in equity
155	Parent company accounting policies
156	Notes to the parent company
	financial statements