Howden Joinery Group Plc · LSE:HWDN
Howden Joinery — Howden Joinery Grp Ord — H1 2026 Earnings Presentation
50 slides from Howden Joinery's earnings presentation, Jul 23, 2026
Slide 1: 2026 Half Year Results
2026 Half Year Results 23rd July 2026
Slide 2: Andrew Livingston, Chief Executive Officer
Andrew Livingston Chief Executive Officer
Slide 3: Business advanced on all fronts in a challenging marketplace
H1 2026 Business advanced on all fronts in a challenging marketplace Results fully met our expectations, on track for 2026 Group sales +3.3% on H1 2025, +3.7% trading day adjusted1 Number of kitchens sold in UK increased, well positioned to gain market share again this year Maintained industry
Slide 4: Performance demonstrates the strength of our local, trade only in-stock model
H1 2026 Performance demonstrates the strength of our local, trade only in-stock model Reflects combination of a market leading product line-up, high stock availability, industry-leading service levels and a very engaged team Benefits of ongoing investment in customer focussed strategic initiativ
Slide 5: Robust business model in fragmented markets with significant growth opportunities
Robust business model in fragmented markets with significant growth opportunities Planned for size of UK kitchen market to be level with 2025 and believe this remains the most likely outcome Well prepared for the challenges and opportunities ahead Model is hard to replicate and compete with, w
Slide 6: Initiatives to increase market share and profits
Initiatives to increase market share and profits Depot Evolution Range and Supply Management Digital Development International 6
Slide 7: Acquisition of the DIY Kitchens business completed on 23rd June 2026
Acquisition of the DIY Kitchens business completed on 23rd June 2026 for an enterprise value of £390m Vertically integrated kitchen business, selling product exclusively online, principally to end users looking to self manage their kitchen purchase A very different model to our relationship base
Slide 8: Financial Review
FINANCIAL REVIEW Jackie Callaway Chief Financial Officer 8
Slide 9: Financial highlights
Financial highlights Strong first half performance with sales exceeding £1 billion for the first time £m H1 2026 H1 2025 Change Performance demonstrates resilience and growth potential of Howdens’ business model Sales 1,030.6 997.6 +3.3% Trading day adjusted sales 3.7% ahead 1 - Adjusted sales +
Slide 10: Sales growth
Sales growth Well positioned to gain market share this year Trading H1 Chang day UK revenue growth reflected: Group sales (£m) H1 2025 2026 e adjusted change balanced pricing and volume to support our trade customers UK same depot basis1 980.4 961.1 +2.0% +2.3% - depots opened in 2025 and 2026 1
Slide 11: Underlying profit before tax
Underlying profit before tax Solid pricing and further efficiency savings in the total cost base £m Volume Operating Gross profit up £28m: & mix Costs 12 balanced pricing and volume Strategic Price initiatives further CoGS efficiencies offsetting inflation £9m (Sales) Vertically integrated s
Slide 12: Operating expenses
Operating expenses Efficiency savings to optimise flow through and fund future growth £m £9m investment in strategic initiatives in: new UK depots NI/ Other digital tools for trade convenience and productivity NMW costs Existing (Q1 only) UK 2 519 International: France focus on same-depot grow
Slide 13: Cashflow
Cashflow Cash generation supports both investment and attractive shareholder returns £m H1 2026 H1 2025 Strong operating cash flow Working capital investment to support growth Opening cash 344.5 343.6 Operating cash flows1 208.3 204.3 Capex investment supporting strategic initiatives Working c
Slide 14: Capital allocation
Capital allocation Delivering sustainable dividend growth and attractive returns to shareholders Maintained strong balance sheet post DIY Kitchens Invest in organic expansion in Progressive and sustainable acquisition: line with the strategy dividends through the cycle Continuing to prioritise o
Slide 15: Summary
Summary First half performance reflects resilience and growth potential of the model Robust balance sheet and strong cash generation support investment for future growth x Grew profits ahead of sales in the first half Well prepared for peak trading with our strongest ever product line-up W
Slide 16: Andrew Livingston, Chief Executive Officer
Andrew Livingston Chief Executive Officer 16
Slide 17: Initiatives to increase market share and profits
Initiatives to increase market share and profits Depot Evolution Range and Supply Management Digital Development International 17
Slide 18: Extending the UK footprint
Extending the UK footprint High service levels valued by customers Over the medium term, scope for around 1,000 depots in the UK 891 depots trading at end of 2025 In 2026: Expect to open c.25 depots (2025: 23) Two opened in the first half 18
Slide 19: Our format innovations enable the best working and trading environment
Our format innovations enable us to provide the best working and trading environment and to make productivity and space utilisation gains cost effectively 19
Slide 20: Format innovations and revamp programme for older depots
Format innovations have strengthened our competitive position, and our revamp programme for older depots is well advanced By end of 2025: 410* revamps completed (mainly of our larger and longest established depots) 2026: 52% Updating the format of around 30 more depots*, ten of these completed i
Slide 21: Initiatives to increase market share and profits
Initiatives to increase market share and profits Depot Evolution Range and Supply Management Digital Development International 21
Slide 22: Sales of new product (NPI) are a significant contributor
Sales of new product (“NPI”) are a significant contributor to our performance H1 2026 15%+ of UK product sales were of new product introduced in the last 24 months, a higher proportion of sales than in H1 2025* 22 * Sales of new product introduced in H1 of the applicable year plus the preceding 18 m
Slide 23: Market leading product which is easy to fit and fairly priced
Providing our customers with market leading product which is easy to fit and fairly priced, is a key feature of our model Price featuring prominently in 2026, as it did in 2025 For 2026: Emphasis on value for money and choice at all price points Well-positioned in all product categories New kitche
Slide 24: NEW in 2026: entry-level colours
NEW in 2026 New colours in established entry-level families 24 Greenwich Natural Walnut
Slide 25: NEW in 2026: mid-level colours
NEW in 2026 New colours in established mid-level families Frome 25 Reed Green
Slide 26: NEW in 2026: mid-level colours
NEW in 2026 New colours in established mid-level families 26 Halesworth Mist
Slide 27: NEW H2 2026: contemporary mid-level family
NEW H2 2026 New contemporary style mid-level family Winterton 27 Gloss Sandstone
Slide 28: NEW H2 2026: contemporary mid-level family
NEW H2 2026 New contemporary style mid-level family 28 Winterton Gloss White
Slide 29: Paint to Order's share of Classic Timber Kitchen sales continued to increase
H1 2026 Paint to Order’s share of Classic Timber Kitchen sales continued to increase H2 2026: Refreshed our Paint to Order palette with four new colours For Ilfracombe, which is exclusively available in Paint to Order colours, we have added a new beaded style door option Two of the most popula
Slide 30: A new Natural Walnut effect cabinet replaces our Croft Grey cabinet
H2 2026 A new Natural Walnut effect cabinet replaces our Croft Grey cabinet First cabinet refresh in several years Complements a wide colour palette and is available for all our kitchen families First Natural Walnut effect cabinet in the UK mass market to be offered from stock for immediate de
Slide 31: A market leading solid work surface capability
A market leading solid work surface capability Solid worktops often associated with sales of higher priced kitchens Our manufacturing capacity for these products is now amongst the largest in the UK, helping us to offer rapid template to fit times Increased the number of decors in recent years 2026:
Slide 32: Major refresh of Lamona own label appliance brand
2026 Major refresh of Lamona, our award-winning own label appliance brand, in place 32
Slide 33: Innovating with own label brands in flooring and ironmongery
2026 Innovating with own label brands in flooring and ironmongery Engineered wood flooring with New finishes and designs in ironmongery market leading water resistance 33
Slide 34: Innovating in Doors and Joinery sub-categories
2026 Innovating in Doors and Joinery sub-categories Solid engineered doors Wall panelling Stair parts Loft spaces 34
Slide 35: Fitted bedroom sales continued to increase
H1 2026 Fitted bedroom sales continued to increase As well as representing a source of incremental sales and profit they help us foster customer relationships Installing fitted bedrooms suits the skills of customers who fit kitchens and a substantial share of bedroom sales are made to new customers
Slide 36: High stock availability is a key component of our offer
High stock availability is a key component of our offer; In H1 2026, deliveries to depots totalled some 30m pieces and our service level from primary to UK depots was 99.98% 36
Slide 37: Recent investment in manufacturing has strengthened our competitive position
Recent investment in manufacturing has strengthened our competitive position: Increased manufacturing capacity plus broader and new capabilities New kitchen furniture lines at Second skirting and architrave Purpose built facility for Howdens Work Surfaces facility Howden site line at Howden site Pai
Slide 38: Three-year development programme for Runcorn underway
Three-year development programme for Runcorn underway and proceeding as planned In line with longer term ambitions for the business, the programme will give us: more capacity, broader capabilities and lower CoGS than otherwise would be the case 38 Runcorn, Cheshire
Slide 39: Initiatives to increase market share and profits
Initiatives to increase market share and profits Depot Evolution Range and Supply Management Digital Development International 39
Slide 40: New registrations for our online trade account facilities increased
H1 2026 New registrations for our online trade account facilities increased C.56k new account registrations C.62% of customers had an online account at the half year-end C.80% of trade users looking at their individual and confidential prices Online account holders trade with us more frequently Spen
Slide 41: High levels of engagement with our web platform and social media
2025 High levels of engagement with our web platform and growing social media presence c.11.3 m site visits #1 for fitted kitchen site visits amongst specialists Page view metrics at consistently high levels 803k followers across leading social media sites: +17% on H1 2025 4.6m engagements a mon
Slide 42: Increased usage of upgraded Click and Collect service
H1 2026 Increased usage of upgraded “Click and Collect” service for ‘every day’ products, backed by real time stock surety New account management tool introduced in 2025 helping depots manage their customer relationships more effectively 42
Slide 43: New depot pricing and margin tool, PAM, now operating in all UK depots
H1 2026 New depot pricing and margin tool, “PAM”, now operating in all UK depots Designed in-house, PAM makes depot price management easier and more effective Provides comprehensive data for making pricing decisions with a higher degree of confidence Enables depots to assess quickly the impact
Slide 44: Initiatives to increase market share and profits
Initiatives to increase market share and profits Depot Evolution Range and Supply Management Digital Development International 44
Slide 45: France & Belgium: total sales increased
H1 2026 France & Belgium: total sales increased following a significant increase in H1 last year Experienced leadership team adept at depot management in place Business continues to respond positively to the measures taken to improve existing depot sales performance, in tough market conditions 2026:
Slide 46: Sales in the Republic of Ireland well ahead of H1 2025
H1 2026 Sales in the Republic of Ireland well ahead of H1 2025 H2 2026 Market suits our differentiated model 3+ Opened for business in 2022, using a similar location strategy to France Supported by UK infrastructure and group digital platform 16 depots trading by end of 2025 (including nine
Slide 47: Well-planned on our strategic initiatives as we deliver value to customers
2026 Well-planned on our strategic initiatives as we deliver value to customers across all price points 23 new kitchens already in stock well ahead of peak trading Best ever line-up in all product categories Rooster promotional activity and other price initiatives Re do with five new Improve
Slide 48: 2026 Outlook
2026 Outlook With peak Autumn trading ahead of us, we’re on track with our plans and our 2026 outlook is unchanged, in what remains a challenging marketplace Planned for the size of the UK kitchen market to be level with 2025 and believe this is still the most likely outcome Well-prepared for th
Slide 49: Questions & Answers
Questions & Answers 49
Slide 50: 2026 Half Year Results
2026 Half Year Results 23rd July 2026
Howden Joinery Grp Ord — H1 2026 Earnings Presentation on 6ix