Watches Of Switzerland Group Plc · LSE:WOSG
Watches Of Switzerland — FY2026 Earnings Presentation
25 slides from Watches Of Switzerland's earnings presentation, July 2026
Slide 1: FY26 Results
WATCHES OF SWITZERLAND GROUP PLC FY26 Results July 2026 53 weeks ended 3 May 2026
Slide 2: Disclaimer
Disclaimer Cautionary note regarding forward-looking statements This presentation has been prepared by Watches of Switzerland Group PLC (the ‘Company’). It includes statements that are, or may be deemed to be, "forward-looking statements". Forward-looking statements are statements based on the Compa
Slide 3: Presenters
Presenters CEO Overview & Market Financial Results & Outlook Performance Anders Romberg Brian Duffy Chief Financial Officer Chief Executive Officer Closing Remarks and Q&A 3 The Watches of Switzerland Group FY26 Results, July 2026
Slide 4: CEO Overview
WATCHES OF SWITZERLAND GROUP PLC CEO Overview Brian Duffy, Chief Executive Officer
Slide 5: Strong Financial Progress in the Year
Strong Financial Progress in the Year Group revenue £1,828m (+13%) Improving trend in H2 (+17%) US reached milestone of >50% Group revenue Adjusted EBIT £155m (+6%) Statutory PBT £133m (+76%) Strong balance sheet Net borrowing of £57m All financial measures in constant currency exc statutory PBT - R
Slide 6: Significant Strategic Progress in the Year
Significant Strategic Progress in the Year Showroom Investment • £66 million of expansionary capex Acquisitions • Acquisition of Deutsch & Deutsch, comprising four Rolex-anchored showrooms in Texas Pre-Owned • Group pre-owned sales grew 22% vs prior year • Continued the roll-out of Rolex Certified P
Slide 7: US Share of Sales Surpasses UK, with Performance Led by Domestic Clientele
US Share of Sales Surpasses UK, with Performance Led by Domestic Clientele Revenue mix by market 24% FY19 51% FY26 49% UK and Europe 76% US CAGR FY19 to FY26 (UK and Europe) + 6.3% CAGR FY19 to FY26 (US) at constant currency + 26.4% Revenue mix by customer segment 5% 33% FY19 FY26 Domestic 67% Touri
Slide 8: Strong Track Record of Profitable Growth
Strong Track Record of Profitable Growth £M Significant revenue growth £M Significant profit growth 2,500 200 12.0% 1,828 1,652 10.0% 2,000 1,543 1,538 150 1,238 8.0% 1,500 905 811 927 100 6.0% 774 653 692 786 1,000 631 428 299 4.0% 185 225 50 500 90 810 890 846 866 901 2.0% 410 509 541 589 586 606
Slide 9: US
WATCHES OF SWITZERLAND GROUP PLC US
Slide 10: Strong Growth While Navigating Tariff-Driven Pricing and Margin Changes
Strong Growth While Navigating Tariff-Driven Pricing and Margin Changes US Revenue 927 • Broad based growth across brands and price points 900 786 800 692 • Acquisition of Deutsch & Deutsch 700 600 500 • Successful Roberto Coin marketing campaign and Mayor’s £m 400 shop-in-shop growth 300 +11% +16%
Slide 11: Acquisition: Deutsch & Deutsch
Acquisition: Deutsch & Deutsch On 22 January 2026, the Watches of Switzerland Group announced that it has completed the acquisition of Deutsch & Deutsch. • New acquisition model with owners maintaining equity • Adds a century-old Texas luxury retailer to the Group • Brings four highly-complementary
Slide 12: UK
WATCHES OF SWITZERLAND GROUP PLC UK
Slide 13: Solid UK Growth in a Subdued Macroeconomic Environment
Solid UK Growth in a Subdued Macroeconomic Environment UK and Europe Revenue L3Y 1000 846 866 901 • Improved trading throughout the year across Watches and 900 800 Jewellery 700 600 • Old Bond Street a leading destination for Global luxury £m 500 400 (5%) +2% +4% 300 • Continued investment in showro
Slide 14: Rolex, Old Bond Street: A Landmark Project with a Strong First Year
Rolex, Old Bond Street: A Landmark Project with a Strong First Year Engaged with international client experience expert AHA Group for external training and expertise Satisfaction with colleague experience 97% Net Promoter Score 93.6% 14 The Watches of Switzerland Group FY26 Results, July 2026
Slide 15: Financial Results & Outlook
WATCHES OF SWITZERLAND GROUP PLC Financial Results & Outlook Anders Romberg, Chief Financial Officer
Slide 16: Sales and Profit Growth, Strong Cash Generation and Return On Capital Employed
Sales and Profit Growth, Strong Cash Generation and Return On Capital Employed Revenue Adjusted EBIT Free cash flow ROCE £155m £1,828m +6% constant currency £162m 18.0% +13% constant currency Adjusted EBIT % 8.5% -60bps 16 16 Refer to Glossary in Appendix for definitions Return on Capital Employed i
Slide 17: Income Statement
Income Statement Income Statement FY26 FY25 YoY % Income Statement presented pre-IFRS 16 and pre-exceptional items (£million) Revenue 1,828 1,652 +11% Revenue +13% vs LY in constant currency, +11% reported Net margin 651 599 +9% • US business now exceeds 50% Group revenue Net margin % 35.6% 36.3% -7
Slide 18: Strong FY26 Revenue Performance Driven by US Growth
Strong FY26 Revenue Performance Driven by US Growth Group revenue £1,828 million, +13% at constant currency, +11% at reported rates Revenue (£m) +11% +13% Reported +4% +25% +22% 23 1,872 168 (5) 1,828 (44) 35 1,652 FY25 UK & Europe US Retail Wholesale Eliminations FY26 FX FY26 constant currency All
Slide 19: Adjusted EBIT Growth of +6% in Constant Currency
Adjusted EBIT Growth of +6% in Constant Currency Adjusted EBIT (£m) +6% +3% Constant Reported 1.9 13.8 159.3 (1.8) 154.8 (4.5) 149.7 (4.1) FY25 UK & Europe US Retail Wholesale Corporate FY26 FX FY26 constant currency Adjusted EBIT margin % • Adjusted EBIT £155 million, +6% vs prior year in constant
Slide 20: Ongoing Balance Sheet Strength
Ongoing Balance Sheet Strength Balance Sheet (£million) FY26 FY25 YoY % Balance Sheet is presented on a post IFRS-16 basis Goodwill & intangibles 320 304 5% • £39m spent on acquisitions Joint venture 1 1 - • Continued investment with £66m of expansionary capex PP&E 217 192 13% • Inventory levels +£1
Slide 21: Strong Cash Flow
Strong Cash Flow Cash Flow (£million) FY26 FY25 YoY % Adjusted EBITDA 202 192 +5% Highly cash generative Working capital (4) (52) Tax (23) (30) Free cash flow of £162m Other 1 2 Cash generated from operating 176 112 +57% • Adjusted EBITDA increased by 5% activities Maintenance capex (3) (3) • 80% fr
Slide 22: Outlook and FY27 Guidance
Outlook and FY27 Guidance FY27 guidance assumes/reflects: • FY27 is 52 weeks • Visibility of supply of key brands • Reflects confirmed showroom projects FY27 guidance (pre-IFRS 16) • Excludes uncommitted capital projects and acquisitions Revenue growth in constant 5 to 10% currency Adjusted EBIT mar
Slide 23: Summary
Summary • Strong performance across the Group executing well against a complex operating backdrop • Consistent progress against each of our strategic growth pillars • ROI list remains strong with good conversion • Encouraging trading in the first 10 weeks of FY27 • Guidance reiterated; confident in
Slide 24: Q&A
WATCHES OF SWITZERLAND GROUP PLC Q&A
Slide 25: Glossary
Glossary Adjusted EBIT: Adjusted Earnings Before Interest and Tax is operating profit before exceptional items and IFRS-16 impact Adjusted EBIT margin: Adjusted EBIT divided by revenue Adjusted EBITDA: Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation is shown before exceptional
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