Slide 1: Final results for the year ended 31 March 2025
Final results for the year ended 31 March 2025 11 June 2025 Anna Bielby, Chief Executive Keith Winstanley, Chief Financial Officer Leader in equipment rental
Slide 2: Vp Group – a leader in equipment rental
Vp Group – a leader in equipment rental Expert provider of equipment, people, solutions and support for specialist projects Focussed on Infrastructure, Construction, Housebuilding and Energy markets Diverse revenue streams provide resilience in financial performance Strong track record of consistent
Slide 3: Resilient FY25 performance
Resilient FY25 performance Resilient financial performance Market conditions • Revenue of £380m and Adjusted Profit of £36.7m • Strong Infrastructure demand from Water and Transmission, slower start to CP7 in Rail • Industry leading ROACE of 14.2%*, demonstrating earnings quality • Good progress in
Slide 4: Our investment case
Our investment case Key differentiators Reasons to invest Specialist assets, markets and delivery Market leading returns • Deep understanding of market and assets • Target ROACE of 15% drives strong customer loyalty • Strong and consistent margins • High barriers to entry provides resilience • Less
Slide 5: Our markets
Our markets Infrastructure Construction Housebuilding Energy Rail Water Specialist Transmission Other General 38% Revenue 37%Revenue XX% Revenue XX% Revenue 7% Revenue 8% Revenue Supportive end market with Opportunity in Specialist Market remains stable with a Solid end markets with good significant
Slide 6: Financial review
Financial review Keith Winstanley Leader in equipment rental
Slide 7: Resilient financial performance
Resilient financial performance FY25 (£m) FY24 (£m) • Resilient performance despite end Revenue 380.0 368.7 market headwinds. Strong Infrastructure markets Adjusted EBITDA 90.6 91.2 Depreciation (incl. software amortisation) (47.3) (45.0) • Margin % includes impact of investment in people, equipment
Slide 8: Balance sheet positions us well
Balance sheet positions us well FY25 (£m) FY24 (£m) • Strong balance sheet positions the Hire fleet 240.9 226.0 Group well for the future Other fixed assets 30.2 30.9 Intangible assets 29.4 28.6 • Increased investment in fleet – gross £65m during the year IFRS16 net liabilities (7.6) (3.3) Working c
Slide 9: Strong operating cash flows and disciplined capital allocation
Strong operating cash flows and disciplined capital allocation • Net debt of £138.5m - increase of £13.3m • Strong operating cash flows • Continued investment in asset base – targeted towards largest growth opportunities £51.6m • Debt continues to be well managed with disciplined capital allocation
Slide 10: Comfortably operating within stated leverage target
Comfortably operating within stated leverage target FY25 (£m) FY24 (£m) • Operating well within financial Private placement - Jan 2027 65.0 65.0 covenants Private placement - Apr 2028 28.0 28.0 • Facilities and headroom provide RCF - matures Nov 2027* 90.0 90.0 opportunity for growth Total committed
Slide 11: Investment focussed on market opportunity
Investment focussed on market opportunity FY25 (£m) FY24 (£m) • Increase in gross fleet investment Fleet capex 65.4 62.8 • Capex and M&A investment Disposal proceeds (23.7) (25.3) focussed on market opportunity and returns Net fleet capex 41.7 37.5 CPH acquisition 9.9 - • Two locations of interest:
Slide 12: Consistent returns and uninterrupted dividend track record
Consistent returns and uninterrupted dividend track record Historic ROACE 16.0% 14.5% 14.5% 14.5% 14.5% 14.4% 14.0% 14.2% • Consistent strong returns and 12.0% WACC progressive dividend contribute to 10.0% 9.2% compelling investment case 8.0% 6.0% • ROACE strong and consistent 4.0% 2.0% • 30-year+ u
Slide 13: Operational review
Operational review Leader in equipment rental
Slide 14: Infrastructure – strong year and good progression
Infrastructure – strong year and good progression Infrastructure What weopportunity Market do FY25 performance Rail Rail Infrastructure revenue increased year on year: • • Major projects commitment of CP7 (2024-2029) • Track renewals and maintenance • Rail: Slower than anticipated start to CP7. Laun
Slide 15: Construction – momentum in Specialist, challenges in General
Construction – momentum in Specialist, challenges in General Construction Market What weopportunity do FY25 performance Specialist Construction • Specialist Construction: year on year growth with momentum in • Focussed offering redevelopment projects. Investment focussed in this area Specialist • Su
Slide 16: Brandon Hire Station recovery in progress
Brandon Hire Station recovery in progress BRHS has been underperforming Why certain general assets are helpful to Vp • Challenging market conditions in FY25 and FY24 Support major customers • High operational gearing, with Vp’s largest footprint and most Support complex projects employees Support Vp
Slide 17: Housebuilding has been subdued, Energy markets solid
Housebuilding has been subdued, Energy markets solid Housebuilding Energy What we do What we do • •Provide materials Oil price remainshandling supportive • • Provide Oil people, plant and equipment to with • price remains Revenue supportive increase of 52% compared solutions (telehandlers, small pla
Slide 18: Strategy update
Strategy update Leader in equipment rental
Slide 19: Good strategic progress in FY25
Good strategic progress in FY25 Delivering growth Driving operational excellence FY25 progress: FY25 progress: • Group go-to-market strategy, including the launch of Vp Rail • Transition towards centralisation of certain functions (Rehire, • Acquisition of CPH central account management for major cu
Slide 20: Vp has a clear growth story
Vp has a clear growth story Delivering growth Divisional BRHS Group Ireland and growth recovery plan go-to-market Germany strategy Growth area Continued growth of Significant market Further decisive Unlock new and Vp’s specialist opportunity actions in FY26 existing customer divisions opportunities
Slide 21: Group go-to-market strategy represents an opportunity
Group go-to-market strategy represents an opportunity Delivering growth Groupwide approach to drive growth and maximise end sector opportunities Enabled by divisional collaboration, digital roadmap and a centralised rehire team Major customers Vp Group bids and tenders Vp Rail • Response to customer
Slide 22: Summary and outlook
Summary and outlook • Resilient performance, despite challenges in some of our end markets • Good strategic progress: • Improving divisional collaboration and end sector focus • Progressing M&A strategy • Continuing to evolve our operating model • Optimistic about future growth opportunities - stron
Slide 23: Q&A
Q&A Leader in equipment rental
Slide 24: Appendices
Appendices Leader in equipment rental
Slide 25: Our operating model
Our operating model Infrastructure Construction Housebuilding Energy End markets Rail Water Transmission Other General Specialist Groupwide approach: End sector specialists (e.g.Vp Rail) • Major customers • Rehire activities • Simple access to all of Vp Customer Torrent Trackside Airpac Rentals Bran
Slide 26: People at the heart of everything we do
People at the heart of everything we do Teams that work together A great place to work • Trusted and empowered • Supportive and people making decisions collaborative culture to delight our customers • Inclusive employer • Listening to our people • Fair and competitive reward • Reducing attrition rat
Slide 27: Digital roadmap
Digital roadmap We’re progressing our digital roadmap in order to simplify our business and drive growth 1) Drive simplicity and consistency by • Work to harmonise our systems is ongoing, In April 2025, we launched the harmonising our first stage of our centralised rehire function which will allow c
Slide 28: ESG
ESG Achieving our business ambitions relies on our full commitment to ESG • Refreshed ESG Steering Committee People – investing • Launch of our home safe and healthy plan in our people • Employer of choice by instilling trust and autonomy • Continued integration sustainability principles across our
Slide 29: ESG case study
ESG case study Groundforce: Simplifying Carbon Reporting and Supporting Circular Construction Groundforce, our market-leading rental provider of specialist construction solutions for the water, civil engineering, and construction markets operates - like all Vp divisions - with an inherently circular
Slide 30: Corporate development – focussed and disciplined M&A
Corporate development – focussed and disciplined M&A Clear criteria Specialist asset types • Specialist in nature e.g. Power generation, Environmental and Test and • Operating in growing, resilient sectors Measurement • No.1 or no.2 player • Solid base with clear opportunity to scale Disciplined app
Slide 31: Case study - M&A – CPH acquisition
Case study - M&A – CPH acquisition Platform for growth in buoyant Republic of Ireland market • One of Ireland's leading specialist powered access companies • Strong fit for Group creating growth opportunities in growing Irish market • Vp acquired 90% of shares in CPH with remaining 10% to be acquire
Slide 32: Case study – Yorkshire GREEN
Case study – Yorkshire GREEN Building the green energy infrastructure of the future • Part of the National Grid Great Grid Upgrade • Involves upgrading and reinforcing the high-voltage electricity network • TPA providing trackway to support critical installation activity • Complex, multi-phase proje
Slide 33: Case study – Lavender Hill
Case study – Lavender Hill Smart design thinking in a complex site • Working with J Murphy & Sons for Severn Trent Water • Involved at early stage in design process • Water main located under new railway line • Complex mains water diversion project will facilitate future maintenance without disrupti
Slide 34: Vp Rail
Vp Rail Sector focussed specialist offering across the Group • We have made it easier for our customers to work and transact with us, through a single point of contact for project support, a central hire desk, and streamlined quotation and invoicing process regardless of the size of the project. • W
Slide 35: Capital allocation strategy
Capital allocation strategy Net debt / EBITDA less than 2x • Capital investment in rental fleet Organic growth • Short term investment in strategic transformation projects • Progressive dividend with a target of 2x cover Ordinary dividends • Full-year dividend split c.1/3 interim, 2/3 final • Invest
Slide 36: Segmental analysis – UK and International
Segmental analysis – UK and International FY25 (£m) FY24 (£m) Revenue UK 317.6 309.3 International 62.4 59.4 Total 380.0 368.7 Adjusted operating profit UK 37.4 39.4 International 9.6 10.1 Total 47.0 49.5 Leader in equipment rental Vp plc | 36
Slide 37: Income statement items excluded from Adjusted Profit
Income statement items excluded from Adjusted Profit FY25 (£m) FY24 (£m) • Adjusted Profit is Profit Gain on bargain purchase (1.1) - before tax, exceptional Acquisition-related costs 1.0 - items, and amortisation and impairment of trade Contingent remuneration for post-combination services 1.8 - na
Slide 38: Our business
Our business Groundforce A market-leading rental and design provider of excavation support systems and CPH specialist products to the water, civil engineering and construction industries with One of Ireland's leading specialist powered access companies servicing the operations in the UK, Republic of
Slide 39: Disclaimer
Disclaimer This presentation has been prepared by or on behalf of Vp plc (‘Vp’). The information set out in this presentation is not intended to form the basis of any contract. By attending (whether in person, by telephone or webcast) this presentation or by reading the presentation slides, you agre
Slide 40: Leader in equipment rental
Leader in equipment rental