SHAPING FUTURE PERFORMANCE

1 An innovative world leader in high PERFORMANCE polymer solutionsSHAPING FUTURE PERFORMANCEVICTREX PLCANNUAL report 2020 Victrex is an innovative world leader in high PERFORMANCE polymer solutions, focused on the strategic markets of Automotive, Aerospace, Energy (including Manufacturing & Engineering), Electronics and Medical. Every day, millions of people rely on sustainable products and applications which contain our polymers and materials, from smartphones, aeroplanes and cars to oil and gas operations and medical devices. With over 40 years experience, we develop world leading solutions in PEEK and PAEK based polymers, and selected semi-finished and finished parts which shape FUTURE PERFORMANCE for our customers and markets, bring environmental and societal benefits, and drive value for our & PARTS: delivering on our strategyVisit or scan with your QR code reader to visit our Group website1 Victrex plc Annual report 2020 STRATEGIC REPORT1 Highlights2 Victrex at a glance4 Our markets and megatrends6 COVID -198 Chairman s review10 Our business model12 Strategy14 Overview of strategy18 Stakeholder engagement and section 17220 Strategy and key PERFORMANCE indicators22 Financial review27 Chief Commercial Officer s report31 Risk management 33 Principal risks37 Going concern and viability statement40 Sustainability reportCORPORATE GOVERNANCE58 Introduction from the Chairman60 Board of Directors62 Statement of corporate governance75 Nominations Committee report78 Audit Committee report84 Directors remuneration report103 Directors report other statutory information108 Statement of Directors responsibilities109 Independent auditors

2 ReportFINANCIAL STATEMENTS115 Consolidated income statement116 Consolidated statement of comprehensive income117 Balance sheets118 Cash flow statements119 Consolidated statement of changes in equity120 Company statement of changes in equity121 Notes to the financial statementsSHAREHOLDER INFORMATION152 Five-year financial summary153 Cautionary note regarding forward-looking statements154 Notice of Annual General Meeting159 Explanatory notes164 Financial calendarIBC AdvisorsRESILIENT FINANCIAL POSITION AND STRONG LONG-TERM GROWTH PIPELINE, DESPITE COVID-19 HEADWINDSG roup sales volume tonnes3,492 -7%Group revenue m -10%Underlying profit before tax1 -29%Underlying earnings per share1 -31%Available cash1 m 6 7. 5 -7%Dividend per share p 4 6 .14 -23%193,7514,407 5 18 Regular dividends onlySpecial OPERATIONAL HIGHLIGHTSFINANCIAL , 5204 6 .14FY impacted by significant COVID-19 headwinds in H2 uFY sales volume down 7% & revenue down 10%, impacted by end-market weakness in H2 uH2 revenue down 23%; subsequent signs of having bottomed out in Auto, Electronics and Medical, with incremental improvement uMedical revenue down 14%, with US remaining weak and Asia improving uUnderlying PBT down 29% at ; continuing margin impact from under absorption of fixed costs uReported PBT of , reflecting of exceptional items in FY 2020 driven by cost actions, with anticipated annualised savings of c 10mLong-term mega-programme pipeline remains strong.

3 Little evidence of slowdown uMeaningful revenue of 1m+ delivered for Aerospace Loaded Brackets programme uPEEK indicated as material of choice by TechnipFMC for Magma oil & gas qualification programme uPEEK Knee clinical trial underway, with additional trial sites being prepared uNew E-mobility growth programme gaining tractionInvestments underpin FUTURE growth opportunities uNew PEEK manufacturing facility in China progressing to stimulate growth uFurther progress to enhance our Additive Manufacturing (3D printing) capability Resilient financial position with cash and cost actions implemented uFY cash ; operating cash conversion of 101%1 uCommitted and undrawn RCF of 20m, with 20m accordion uUK debottlenecking programme paused to reflect demand outlook uStrong inventory position (FY 2020: ) to manage Brexit transition uReinstatement of dividends, with proposed final dividend of ESG strategy with carbon net zero focus uLaunch of enhanced ESG strategy aligned to UN Sustainable Development Goals uFocused on delivering carbon net zero by 2030 uAspiration to increase sustainable products >50% of revenue mid-term1 Alternative PERFORMANCE measures are defined in note Includes of cash ring-fenced in the China REPORTV ictrex plc Annual report 20202 Victrex at a glanceSHAPING FUTURE PERFORMANCEV ictrex is headquartered in the UK, with technical and support facilities across our major geographical markets, giving us global reach for our solutions are found across a range of +employees globally25%of products defined as green (FTSE Russell Green Revenues Index)40+countries served c5% 6%of sales invested in R&D1 Note.

4 Source data available on ,000+aircraft flying with Victrex solutionsENERGY75m+Victrex PEEK seal rings in use todayAUTOMOTIVE500m+Victrex PEEK applications in carsMANUFACTURING & ENGINEERING100m+machines using Victrex solutionsELECTRONICS4bn+mobile devices using APTIV filmMEDICAL13m+implanted devices STRATEGIC REPORT3 Victrex plc Annual report 2020 OUR PURPOSE AND INVESTMENT CASEWe bring transformational solutions which address the world s material challenges every innovative world leader: building the PEEK/PAEK marketN PEEK expertsRead more online pipeline of medium to long-term growth opportunities7 mega-programmesOur markets and megatrends Pages 4 and 5A focused and differentiated strategy: moving downstream10% 20%aspiration for total sales from new products in medium termOverview of strategy Pages 12 to 15 Highly cash-generative business model 73m cashOur business model Pages 10 and 11 Sector leading returnsc20%5-year average return on capital employed ( ROCE )1 Financial review Pages 22 to 261 Alternative PERFORMANCE measures are defined in note products>50%Group revenue from sustainable products with environmental and social benefits by 2025 Financial review Pages 22 to 26 STRATEGIC REPORTV ictrex plc Annual report 20204 SIZEABLE AND SUSTAINABLE GROWTH OPPORTUNITIESWith long-term megatrends in our favour and sustainable products, we have a strong and diverse mix of growth opportunities across our key MARKETSMARKET OPPORTUNITYMEGATRENDSCONSEQUENCESOUR CHALLENGES AND OPPORTUNITIESA erospace39,000 Source.

5 Lighter uLighter weight and CO2 reduction trends with more efficient manufacturing using PEEK, PAEK and composites mean fuel saving a strategic imperative for the Aerospace industry. uOpportunities to support reduction of OEM backlogs through volume production/quicker , cost reduction and fuel efficiency uWeight, cost reduction and improved fuel efficiency are primary strategic drivers for the Aerospace metal replacement uVictrex PEEK helps Aerospace lightweighting via metal replacement and is a key part to driving improved fuel efficiency and reduced emissions. uOur materials can also provide more efficient reduction and durability uFuel efficiency, CO2 reduction, safety and reliability improvements resulting from consumer and regulatory trends. Transition from internal combustion engines ( ICE ) to electric vehicles ( EVs ).Emissions reduction design challenges uEnergy efficiency, comfort, heat resistance and durability are primary strategic imperatives for the Automotive metal replacement uVictrex PEEK enables lightweighting and reliability via metal replacement and is key to meeting the complex challenges of next generation Automotive powertrain technology.

6 UABS braking systems, gears and transmission systems are key application areas. Next generation electric vehicles ( EVs ) offer an emerging +Source: , smaller, smarter uThe need for instant access to communication and information on the move is driving trends for mobile and thermal management benefits uIncreased functionality and miniaturisation create challenges for mobile device PERFORMANCE as well as energy and thermal durability, thin film technology uVictrex materials, such as PEEK resin, PEEK blends and our APTIV acoustic film technology, create design opportunities by virtue of their durability in today s thinner, smaller, smarter mobile Other Industrial and Manufacturing & Engineering1%Source: resource depletion and cleaner energy uIncreasing demand for and depletion of existing resources drive exploration into uncharted territory. uMore efficient manufacturing processes create more data and connectivity requirements in Manufacturing & environments uDeeper, hotter, higher pressure and chemically aggressive wells must be tapped to reach new reserves, requiring more durable materials.

7 UEvaluation of higher PERFORMANCE materials in manufacturing, including in the food industry and in renewable more uReliable and high yield operations are enabled using VICTREX PEEK based solutions in exploration and production tooling. uTailored solutions for industrial markets, including Victrex PEEK FG, a food grade to treat a patient with Invibio solutions every15 20 seconds by 2027 (Victrex internal aspiration)Ageing global population uPeople are living longer and have a strong desire to maintain their quality of life in their later replacement and pain management uExtended life expectancy results in an increasing need to replace worn out body parts or to alleviate pain in order to resume normal activities. Long-term demand for new solutions in core markets, such as Spine, and in emerging markets, such as Knee, Trauma and Dental, remains PERFORMANCE solutions providing social benefits uInvibio provides solutions for the Medical market that can be used in a minimally invasive manner, helping to enhance clinical benefit.

8 Our solutions are also being developed or are in early commercialisation for Dental, Trauma and Knee. INDUSTRIALMEDICALnew passenger and freight aircraft by 2038 PEEK/car average (increase from current 8g over medium term (Victrex internal aspiration))internet of tomorrow devices by 2025global increase every year in annual energy needs by 2040 Our markets and megatrendsSTRATEGIC REPORT5 Victrex plc Annual report 2020 Visit to see how we are SHAPING FUTURE PERFORMANCE in our marketsEND MARKETSMARKET OPPORTUNITYMEGATRENDSCONSEQUENCESOUR CHALLENGES AND OPPORTUNITIESA erospace39,000 Source: lighter uLighter weight and CO2 reduction trends with more efficient manufacturing using PEEK, PAEK and composites mean fuel saving a strategic imperative for the Aerospace industry. uOpportunities to support reduction of OEM backlogs through volume production/quicker , cost reduction and fuel efficiency uWeight, cost reduction and improved fuel efficiency are primary strategic drivers for the Aerospace metal replacement uVictrex PEEK helps Aerospace lightweighting via metal replacement and is a key part to driving improved fuel efficiency and reduced emissions.

9 UOur materials can also provide more efficient reduction and durability uFuel efficiency, CO2 reduction, safety and reliability improvements resulting from consumer and regulatory trends. Transition from internal combustion engines ( ICE ) to electric vehicles ( EVs ).Emissions reduction design challenges uEnergy efficiency, comfort, heat resistance and durability are primary strategic imperatives for the Automotive metal replacement uVictrex PEEK enables lightweighting and reliability via metal replacement and is key to meeting the complex challenges of next generation Automotive powertrain technology. uABS braking systems, gears and transmission systems are key application areas. Next generation electric vehicles ( EVs ) offer an emerging +Source: , smaller, smarter uThe need for instant access to communication and information on the move is driving trends for mobile and thermal management benefits uIncreased functionality and miniaturisation create challenges for mobile device PERFORMANCE as well as energy and thermal durability, thin film technology uVictrex materials, such as PEEK resin, PEEK blends and our APTIV acoustic film technology, create design opportunities by virtue of their durability in today s thinner, smaller, smarter mobile Other Industrial and Manufacturing & Engineering1%Source: resource depletion and cleaner energy uIncreasing demand for and depletion of existing resources drive exploration into uncharted territory.

10 UMore efficient manufacturing processes create more data and connectivity requirements in Manufacturing & environments uDeeper, hotter, higher pressure and chemically aggressive wells must be tapped to reach new reserves, requiring more durable materials. uEvaluation of higher PERFORMANCE materials in manufacturing, including in the food industry and in renewable more uReliable and high yield operations are enabled using VICTREX PEEK based solutions in exploration and production tooling. uTailored solutions for industrial markets, including Victrex PEEK FG, a food grade to treat a patient with Invibio solutions every15 20 seconds by 2027 (Victrex internal aspiration)Ageing global population uPeople are living longer and have a strong desire to maintain their quality of life in their later replacement and pain management uExtended life expectancy results in an increasing need to replace worn out body parts or to alleviate pain in order to resume normal activities.