An innovative world leader in

high performance polymer solutions

Victrex plc

Investor overview

INVESTMENT

CASE

A STRONG TRACK RECORD

#1 PEEK experts & balanced portfolio

Proven record of creating new markets

Differentiated strategy: Polymer & Parts

Strong & innovative growth pipeline

Highly cash generative & sector leading returns

c£300m sales

c20% ROCE (10 year average)

900+ employees

serving over 40 countries

UK & US manufacturing

(polymer & parts)

Operating in

growth

markets

32

Manufacturing product forms: Pipes,

Films, Fibres and Composite Tapes

POLYMER

MANUFACTURING

GLOBAL CAPABILITY

Developing new applications

for PEEK, PAEK and Thermoplastic

Composites

PEEKEXPERTS

Delivering the key PEEK & PAEK

materials with No.1 manufacturing

capacity of 7,150 tonnes

900+ 40+

Employees Countries served

by Victrex across

our markets

PRODUCT FORMS

PARTS & COMPONENTS

40+ YEARS SHAPING

FUTURE PERFORMANCE

Enabling customers to overcome

complex design & engineering

challenges across 6 key markets

A WORLD LEADER IN VALUE

CREATION THROUGH HIGH

PERFORMANCE PEEK & PAEK

POLYMER SOLUTIONS

‘POLYMER & PARTS’

£150m+

Invested in

manufacturing

facilities in the

last 5 years

INVESTMENT IN INNOVATION

c5-6%of annual sales

invested in R&D

NEW CAPABILITIES

• Partnerships • Strategic Alliances • Polymer Innovation Centre• Acquisitions • Composites Manufacturing

c£2bn

• FTSE 250 Company

• c£300m revenue

POLYMER

First to commercialise PEEK, with

unmatched knowledge and experience

DIFFERENTIATE THROUGH INNOVATION

TO CREATE NEW MARKETS

ELECTRONICS

AUTOMOTIVE ENERGY

MEDICAL

AEROSPACE

MANUFACTURING

& ENGINEERING

hProducing new grades including for

Additive Manufacturing (3D Printing)

Market Value

AEROSPACE

20,000+aircraft have VICTREX

solutions on-board

ENERGY

75+ millionVICTREXTM PEEK

seals in use today

MEDICAL

Every 35 seconds a patient is treated using

Invibio PEEK OPTIMA™ solutions

9 million+implanted devices

AUTOMOTIVE

500 million VICTREXTM PEEK based applications

on the road today

ELECTRONICS

Over 4 billionmobile devices use

APTIV™ Film technology

INDUSTRIAL AND

MANUFACTURING &

ENGINEERING

100+ million machines using

Victrex solutions

4

Over 900 people waking up every day focused on making, selling

and developing the market for PEEK and PAEK polymers…

OUR MARKETS & OUR PRODUCTS

CONFIDENTIAL

Differentiation and value creation….

Magma M-Pipes

Dental Discs

Knees

Com

posi

tes

APTIV Film

UD Tape

Loaded Brackets

Trauma Plates

Vicote Coatings

Pipe

Compounds

POLYMER

PRODUCT FORMS

PARTS

PEEK & PAEK

Polymers

Gears

5

POLYMER& PARTS

Differentiation & value creation…

CONFIDENTIAL

Invibio

established

APTIV Films

VICTREX PIPES

DENTAL

GEARS

(US)

MAGMA

(UK)

AEROSPACE

COMPOSITES

(US)

3D PRINTING

(NL)

FIBRES

Composite

(UD) tape

7,150t

4,250t

2,800t

Monomer

investment

1,000t

Global investment across

Polymers, Forms & Parts (organic and other investments)

Future PEEK/PAEK

capacity (UK

debottlenecking and

China joint-venture)

TRAUMA

A HISTORY OF INVESTMENT FOR GROWTH

KNEE

6

Victrex Confidential

WHAT IS PEEK?P

OLY

MER

PER

FO

RM

AN

CE

High

Performance

Polymers

Engineering

Polymers

Commodity

Polymers

VICTREX™PEEK

Polyetheretherketone (PEEK) is part of the PAEK family

of polymers. Developed by ICI in the late 1970s, PEEK

has a unique combination of properties and is typically

used to replace metal across critical applications

Victrex has a unique manufacturing process for PEEK

(not all PEEK is the same)

7

Victrex Confidential

Bio inert

VICTREX™ PEEK:

A UNIQUE COMBINATION OF PROPERTIES

Extreme Temperature

Wear Property

Chemical Resistance

Electrical Property

High PurityEasy

Processing

Recyclable

Mechanical Strengths

Hydrolysis

8

Victrex Confidential

METAL REPLACEMENT: A SIGNIFICANT OPPORTUNITY

Ranked by Weight

(Lightest to Heaviest)

VICTREX® PEEK

Magnesium

Aluminum

Titanium

Steel

Brass0

100

200

300

400

500

600

700

800

0.01.02.03.04.05.06.07.08.09.010.0

Op

era

tin

g T

em

pera

ture

(˚C

)

Specific Gravity

Victrex

Polymer

Aluminium

Brass

Magnesium

Titanium

Stainless Steel

Carbon Steel

9

Victrex Confidential

WEIGHT REDUCTION: A SIGNIFICANT OPPORTUNITY

2,00mm 2,48mm 2,48mm 2,88mm 3,44mm 3,54mm

380gr490gr710gr1000gr 320gr

Steel Cast Iron Titanium Aluminium Magnesium VictrexPolymer

Weig

ht

Th

ickn

ess

+77%

-68%

1130gr

c70% lighter than traditional aerospace materials

$M saving and improved fleet efficiency 10

CONFIDENTIAL

GLOBAL MANUFACTURING FOOTPRINT

Global Manufacturing: Polymer & Parts

ROTHERHAM, SEALSANDS

MONOMER

Upstream integration of key raw

material for supply, quality control &

differentiation

POLYMER

3 independent PEEK & PAEK plants

with over 7000T of capacity

APTIV™ FILM,

2 manufacturing lines

VICTREX PIPES™

Composite PEEK pipe

POLYMER INNOVATION CENTRE

Develop lab concepts at scale

STONEHOUSE

ZYEX™ FIBRES

PORTSMOUTH

MAGMA GLOBAL

Dedicated pipe

manufacturing (Victrex equity

interest)

UK Sites

COMPOSITE UD TAPE

Supporting our Aerospace, Energy & Medical

programmes

MEDICAL DEVICES

- Clean room injection moulding

- Invibio Trauma plates & JUVORA Dental disc

THORNTON-CLEVELEYS

US Sites

BRISTOL, RHODE ISLAND

AEROSPACE COMPOSITES

GRANTSBURG

VICTREX™ PEEK GEARS

11

GLOBAL MANUFACTURING

CONFIDENTIAL 12

NEW POLYMER CAPACITY

Composite parts capability Additional Gears capacity Fibre capacity investment

• UK debottlenecking in FY21 to secure c1,000 tonnes

• Joint-venture in China for 1,500 tonnes of capacity (operational 2022)

Victrex Confidential

POLYMER (VICTREX

TYPE 1 PEEK &

OTHER GRADES)

NEW POLYMERS,

COMPOUNDS &

NEW GRADES

SELECTED PARTSPRODUCT FORMS

Make polymer

(PEEK differentiation)

VICTREX

Make markets

13

DIFFERENTIATION VS COMPETITORS

CONFIDENTIAL

c5-6% of sales invested in R&D

Polymer Innovation Centre (UK)

UKHillhouse

ChinaShanghai

JapanTokyo

Partnering with

academia

USGrantsburg

Prototype development: Polymer Innovation Centre

GLOBAL TECHNICAL EXCELLENCE

Victrex Confidential

15

Current polymer manufacture Mid-term polymer manufacture Mid-term parts manufacture Mid-term total

Polymer cost Parts cost Gross margin

• Focus on absolute margin opportunity vs % margin

• Focus on ROCE

ECONOMICS OF POLYMER & PARTS STRATEGY

Victrex Confidential

Inspire the next generation by

supporting science,

technology, engineering and

maths education (‘STEM’)

SOCIAL RESPONSIBILITY

Maximise resource efficiency

across the value chain

RESOURCE EFFICIENCY

Develop and deliver

sustainable polymer solutions

that provide clear social and

environmental benefits to

society

SUSTAINABLESOLUTIONS

Building on our

strong proposition

SUSTAINABILITY

NEW GOALS BY END OF 2020…..ALIGNING WITH UN SUSTAINABLE

DEVELOPMENT GOALS 2030

Green Revenues IndexRecyclability potentialSupporting CO2 reduction trends

16

CONFIDENTIAL

AEROSPACE

41,000 new or

replacement

planes by 2035

AUTOMOTIVE

Electric vehicles

100g+ PEEK/car

opportunity

ELECTRONICS

$4Trillion revenue

opportunity through

25 billion+ intelligent

systems by 2020

ENERGY

Global energy

demand to increase

>30% by 2040

M&E

2.7bn more mouths

to feed by 2030;

requiring efficient

food processing

MEDICAL

Ageing population

Vision for Invibio

solutions to treat a

patient every 15-20

seconds by 2027

STRONG

FUNDAMENTALS SUPPORTIVE MEGATRENDS

17

CONFIDENTIAL

Size of bubble

= potential annual revenue in peak year:

<£20m

£20-50m

>£50m

(all bubbles are

indicative only)

Position and colour of bubble

= time to meaningful revenue:

Horizon 1 (0-2 years)

Horizon 2 (2-5 years)

Horizon 3 (5 years +)

TODAY

Meaningful revenue delivered

BUBBLE CHART

Strong growth pipeline…

18

Magma

Dental

Gears

Trauma

Aerospace

Loaded

Brackets

Mobile

Devices

HA

Enhanced

Aero Structures Knee

Pro

bab

ility

of

succ

ess

(in

dic

ativ

e)

Time to meaningful revenue of £1m-£2m (indicative)

CONFIDENTIAL

PROGRAMMESREVENUE

STATUSH1 2020 MILESTONES FY 2020 FOCUS

MAGMA

HA-ENHANCED

DENTAL

GEARS

AERO BRACKETS

TRAUMA

AERO

STRUCTURES

KNEE

Meaningful (£1m+)

Meaningful (£1m+)

< £1m

< £1m

< £1m

< £1m

Prototype revenue

n/a

• Extrusion of qualification pipe in

support of TechnipFMC

• On track for revenue growth

• Double-digit revenue growth

• Bond 3D driving progress in

Porous PEEK

• Continued clinical data (Malo)

• Lab network validation (US)

• US and China OEM qualifications

• >10 development programmes

• Manufacturing ready

• Acquired remaining equity in TxV

Aero Composites

• Composite seat pan delivered

• Progressing OEM collaborations

• Manufacturing ready

• AE250 composite tape in

demonstrator programme

• Certification

• Clinical trial paused (Italy)

• Patient recruitment ready to

recommence post COVID-19

• Support manufacture of TechnipFMC

qualification pipe

• Two opportunities: HFP & CR

• Commitment from top 10 device company

• Develop porous PEEK proposition

• Drive adoption through OEM partners

• Deliver additional OEM agreements

• Focused on year on year revenue growth

• Progress towards meaningful revenue

• Explore eVTOL opportunities

• Drive market adoption with top 5 OEM

• Exploring new geographic opportunities

and collaborations

• Support Boeing & Airbus developments

• Engage with 2nd OEM partner

• Extend trial options

19

PIPELINE MILESTONES

CONFIDENTIAL

PROVE

CONCEPT &

CAPABILITY

“Burden of proof”APPLICATION

DEVELOPMENT

BUILD SUPPLY CHAIN &

MANUFACTURING

CAPABILITY

20

PROTOTYPING,

EVIDENCE &

VALIDATION

INNOVATORS,

PARTNERS &

OPINION LEADERS

DELIVERING THE BURDEN OF PROOF

APPENDIX

21

Richard ArmitageChief Financial Officer

Jakob SigurdssonChief Executive Officer

Martin CourtChief Commercial Officer

FORWARD LOOKING STATEMENTS

Sections of this presentation contain forward-looking statements, including statements relating to: future demand and markets for the Group’s products and services; research and development relating to new products and services and liquidity and

capital resources. These forward-looking statements involve risks and uncertainties because they relate to events that may or may not occur in the future. Accordingly, actual performance may differ materially from anticipated performance because of

a variety of risk factors which are summarised in Victrex’s Annual Report, accessed via www.victrexplc.com

22

EXECUTIVE DIRECTORS

CONFIDENTIAL23

USE OF CASH

FY 2015 TO FY 2019

* Regular & special dividends shown are based on the financial year

those dividends are declared (rather than paid)

- Normalised capex c5-6% of revenue

- Periodic investment in capacity & innovation

- ‘Enablers’ to support mega-programmes

- Develop further downstream capability

- Average growth c6%

- Grow in line with EPS

- Policy retained at c50% of net cash

- 50p/share minimum

CONFIDENTIAL24

FUTURE USE OF CASH PRIORITIES

Investment for growth remains the priority

CAPEX

• Maintenance capex

c5-6% of sales

• Periodic investment in

capacity & innovation

M&A / INVESTMENT

• Developing capability

• Further investments to

support mega-

programmes & growth

REGULAR DIVIDENDS

• Average growth c8%

over last 5 years

• Grow in line with EPS

SPECIAL DIVIDENDS

• Policy retained at

c50% of net cash

>£85m threshold

• 50p/share minimum

CONFIDENTIAL 25

INCOME

STATEMENT

FY 2019

WEAKER TRADING & FX IMPACT

• FY 2019 sales volumes down 15% to 3,751 tonnes

• Margin impacted by currency (including IFRS 9), raw

material and energy inflation

TARGTED ‘FRONT-END’ INVESTMENT,

NO BONUS ACCRUAL

• Total overheads (excluding exceptional items) down 13%

• Excluding YoY impact of profit related remuneration

(bonus, LTIP and share options), overheads +5%

(investment in R&D, marketing, sales)

Year ended 30 September

FY 2019 FY 2018 Change

Change

(constant

currency)1

£m £m % %

Revenue 294.0 326.0 -10% -11%

Losses on foreign currency net hedging* (5.9) --100%

Gross profit 176.3 208.0 -15% -14%

Gross margin % 60.0% 63.8% -380bps

Overheads** (70.7) (81.1) -13%

Exceptionals (1.5) - -100% -14%

Interest 0.6 0.6 0%

Underlying profit before tax1

106.2 127.5 -17% -14%

Profit before tax 104.7 127.5 -18% -15%

Earnings per share 107.2p 128.8p -17%

Dividend per share 59.56p 142.24p -58%

* Losses on foreign currency contracts, when net hedging is applied on cash flow hedges, are disclosed separately within gross margin on adoption

of IFRS 9.

** Excluding exceptional items of £1.5m.

CONFIDENTIAL

FY 2019 ASP £78/kg

• Improved sales mix

• Underlying pricing broadly stable

FY 2019 GM 60.0%

• Currency, inflation, and cost of

manufacture impacting margin

• IFRS 9 presentational impact on GM%

Gross margin

(GM) %£/kg Average selling price

(ASP)

26

ASP & MARGIN

CONFIDENTIAL

1Alternative performance measures are defined in the Appendix on slide 36

2Effective rates (includes the impact of hedging)

3Weighted average spot exchange rates (before the impact of hedging)

4Management estimate of impact on 2020 full year forecast PBT from a 5% movement in weighted average spot exchange rates (before the impact of hedging)

27

• FY 2019 currency & inflation headwind c£6m at PBT

• FY 2020 c80% hedging in place, with currency tailwind c£5m-£7m at PBT

CURRENCY

FY19 headwind…

FY20 tailwind…

FY 2019 FY 2018 Change

ReportedCurrency Constant Constant

Impact currency 1 currency 1

£m £m £m £m £m

Revenue 294.0 (5.8) 288.2 326.0 -11%

Losses on foreign currency net hedging (5.9) 5.9 - -

Gross profit 176.3 2.3 178.6 208.0 -14%

Gross margin % 60.0% 62.0% 63.8%

Profit before tax 104.7 3.9 108.6 127.5 -15%

Exchange rates FY 2018 2 FY 2019 3 FY 2020 3 FY 2020 2Exchange

rate sensitivity 4

$/£ 1.30 1.29 1.28 1.28 £5.0m

€/£ 1.13 1.13 1.16 1.13 £4.2m

¥/£ 144 143 139 140 £1.0m

CONFIDENTIAL

FY 2019: 3,751 tonnes

FY 2018: 4,409 tonnes

Volume by Region Volume by Industry

* Medical volume reflects both non-implantable and implantable volumes

28

# Includes Manufacturing & Engineering volumes

Asia-Pacific

-24%

Americas

-2%

EMEA

-14%

Medical *

+2%

Transport

(Auto &

Aero)

-8%

Electronics

-35%

Energy &

Other

Industrial #

-1%

Value Added

Resellers

-17%

GROUP END MARKETS

CONFIDENTIAL

Spine

+2%

Other markets

+8%

Asia-Pacific

+79%

Americas

-7%

EMEA

0%

FY 2019: £57.7m

FY 2018: £55.6m

Revenue by Region Revenue by Market

29

MEDICAL: KEY MARKETS

CONFIDENTIAL

30

* Financial assets held at fair value through profit and loss comprises unquoted minority investments

** Available cash includes cash held on deposit. Excluding cash held on deposit, cash was £72.5m (FY 2018: £71.2m)

BALANCE SHEET

2019 2018

£m £m

PPE and intangible assets 288.2 281.0

Investment in associated undertakings 8.2 -

Financial assets held at fair value through profit and loss* 8.0 4.5

Inventories 92.2 69.3

Cash (available**) 72.8 144.4

Trade receivables and other assets 57.7 51.1

Retirement benefit asset 9.1 13.5

Trade payables and other liabilities (74.6) (73.9)

Equity shareholders' funds 461.6 489.9

CONFIDENTIAL

MEGA-PROGRAMME: GEARS

0

ICE

0

Hybrid/PHEV

0

EV

MULTIPLE APPLICATIONS ACROSS ICE & EVs

50% lower noise vibration & harshness vs metal

Potential 20g+ PEEK per application

Up to 70% lighter than metal gears

First PEEK Gears on the road (Europe)

Closing in on multiple agreements

Manufacturing partnerships in place (retain IP)

31

CONFIDENTIAL

MEGA-PROGRAMME: MAGMA

IDP deployment: auxiliary drill pipeSubsea gas jumper line 6” 2.5km flowline

• Industry qualifications: 3” m-pipe® qualified to DNV standard

• Long term TechnipFMC Brazil opportunity

INCREASING INDUSTRY ADOPTION & VALIDATION

32

Offshore opportunity: Brazil

CONFIDENTIAL

MEGA-PROGRAMME

AEROSPACE

LOADED BRACKETS

PEEK

polymer &

new PAEK

grades

Hybrid

molding

capability

Composite

laminates & parts

• New US composites manufacturing facility operational

• Prototype and commercial orders in place: differentiated solutions

• Increased pull for PEEK and new AETM250 composites grade

33

Differentiated solutions:

>70% weight saving

>20% cost saving

CONFIDENTIAL

2028+

2023

2020

TODAY

Brackets

Hybrid

parts

Secondary structures

AE™250

Hybrid

moulding

PAEK

(NEW GRADES)

TABs

PEEK

‘

Interior

PEKK

Primary structures

3D printing

MEGA-PROGRAMME:

AEROSPACE

STRUCTURES

‘CLEAN SKY 2’ PROGRAMME

• Long-term Airbus development alliance

• Thermoplastic composite solutions for

larger primary & secondary structures

• Thermoplastic composites forecast to

grow 11% CAGR to 2025 (Grand View Research)

Strategic

alliances &

partners

34

CONFIDENTIAL

MEGA-PROGRAMME : DENTAL

A strong proposition:

Quality of life: long term bone & gum health

Lower infection rates & device failure

Manufacturing efficiencies

5 year clinical data; regulatory approvals

Customer agreements in place (Straumann)

Implant Dentures

21,000 patients0 patients 2013 - 2017 2025 - 2028Potential for

>500,000 patients

35

CONFIDENTIAL

MEGA-PROGRAMME: TRAUMA

Tailored stiffness and similar

mechanical strength (vs metal)

PROGRESS AND OPPORTUNITIES

- Initial manufacturing capability in place

- Collaboration with top 5 player

50x greater fatigue resistance (vs metal)

and radiolucent

Improved imaging aiding surgical

techniques and follow up

36

CONFIDENTIAL 37

- Clinical trial & patient recruitment started 2019 (30 patients)

- Sizeable opportunity ($6bn global market) and demand for change

- Simplicity and speed of manufacture

- Develop 2nd OEM partner, build clinical evidence & key opinion leaders

MEGA-PROGRAMME

Knee

Clinical evidence & key opinion leadersIP & manufacturing capability

Manufacturing product forms: Pipes,

Films, Fibres and Composite Tapes

POLYMER

MANUFACTURING

GLOBAL CAPABILITY

Developing new applications

for PEEK, PAEK and Thermoplastic

Composites

PEEKEXPERTS

Delivering the key PEEK & PAEK

materials with No.1 manufacturing

capacity of 7,150 tonnes

900+ 40+

Employees Countries served

by Victrex across

our markets

PRODUCT FORMS

PARTS & COMPONENTS

40+ YEARS SHAPING

FUTURE PERFORMANCE

Enabling customers to overcome

complex design & engineering

challenges across 6 key markets

£150m+

Invested in

manufacturing

facilities in the

last 5 years

INVESTMENT IN INNOVATION

c5-6%of annual sales

invested in R&D

NEW CAPABILITIES

• Partnerships • Strategic Alliances • Polymer Innovation Centre• Acquisitions • Composites Manufacturing

c£2bn

• FTSE 250 Company

• c£300m revenue

POLYMER

First to commercialise PEEK, with

unmatched knowledge and experience

DIFFERENTIATE THROUGH INNOVATION

TO CREATE NEW MARKETS

ELECTRONICS

AUTOMOTIVE ENERGY

MEDICAL

AEROSPACE

MANUFACTURING

& ENGINEERING

hProducing new grades including for

Additive Manufacturing (3D Printing)

Market Value

INFORMATION & CONTACTS

Andrew HansonDirector of IR &

Corporate Communications

+44 (0) 1253 898121ir@victrex.com

www.victrexplc.com