Board changes Xaar has announced the appointment of Ben Stocks as Chairman and Independent NED. Ben will join the Board on 1 October 2025 and on appointment will be Chairman of the Board. Ben will also serve as a member of the Remuneration Committee and Chairman of the Nomination Committee. Ben was CEO of Porvair (PRV.L – Buy, TP 860p) from 1998 to 2025 and has more than 35 years’ experience in management leadership positions and held senior executive positions with Courtaulds and Carnauld Metal Box. Ben is currently a NED of City of London Investment Group and a senior NED of the Aerospace Technology Institute. Ben holds an MBA from INSEAD and MA (Hons) from St Andrews University. As previously disclosed, Andrew Herbert, who has served 9 years on the Board, planned to step down once a successor has been appointed and, as such, will step down from his role as Chairman and leave the Board on 30 September 2025. Investment case In the near-term, we expect FY25E to deliver y-o-y improvement underpinned by new product contribution, with a general end market recovery during FY26 more likely. Beyond this, there are compelling growth opportunities emerging as customers continue to validate Xaar technology, evidenced by multiple new product launches scheduled during 2025. Therefore, we are confident in the growth prospects of the group and believe Xaar is well positioned to capture new revenue opportunities and gain market share. Buy.