Rank Group Plc · LSE:RNK
Rank — The Rank Group — FY2025 Earnings Presentation
41 slides from Rank's earnings presentation, September 2025
Slide 1: The Rank Group Plc Full year results
The Rank Group Plc Full year results for the 12 months ended 30 June 2025
Slide 2: Slide 2
Slide 3: John O'Reilly, Chief Executive
John O’Reilly Chief Executive
Slide 4: Financial overview
Financial overview LFL venues NGR Growth in all businesses; land-based +11% reforms now underway LFL digital NGR • LFL NGR up 11% to £795.3m + 10% • Underlying LFL operating profit of £63.7m, up 38% YoY Underlying LFL operating profit • Group underlying LFL operating margin of 8.0%, up from 6.5% £63
Slide 5: Financial performance
Financial performance Richard Harris Chief Financial Officer
Slide 6: Strong operating leverage offsets employment cost pressures
Strong operating leverage offsets employment cost pressures LFL Operating profit (£m) / LFL Operating margin (%) (5.3) (26.4) 11% YoY growth 49.4 8.0% (0.3) 32.9 6.5% 63.7 46.3 FY 2023/24 Revenue Depreciation Employment Other costs FY 2024/25 growth costs • Employment costs expected to increase a fu
Slide 7: Free cash flow bridge
Free cash flow bridge £m FY FY 2024/25 2023/24 Opening net cash (debt) pre IFRS 16 20.9 (5.9) Net free cash flow 27.7 27.6 Business disposal 3.8 (0.8) (39.7) Dividend paid (7.0) - 52.8 Net finance Closing net cash pre IFRS 16 45.4 20.9 cost and tax Lease liabilities (176.2) (153.4) Lease (2.0) Closi
Slide 8: A higher capital investment phase
A higher capital investment phase FY FY £m 2024/25 2023/24 Change £58.5m Grosvenor 35.8 19.0 +16.8 Mecca 9.2 14.1 (4.9) Enracha 2.1 2.3 (0.2) Maintenance Digital 9.3 10.3 (1.0) Corporate Costs 2.1 1.0 +1.1 Total capital expenditure 58.5 46.7 +11.8 • Significant progress made on historical maintenanc
Slide 9: Return on Capital Employed (ROCE)
Return on Capital Employed (ROCE) 14.5% • Targeted capital investment driving ROCE 10.3% improvement • ROCE an integral part of capital allocation policy £63.7m • Clear hurdle rates on individual projects 4.0% £46.3m • Expect further ROCE improvement in medium term £19.7m FY 2022/23 FY 2023/24 FY 20
Slide 10: Grosvenor venues
Grosvenor venues Sustained growth LFL NGR (£m) FY 2024/25 FY 2023/24 Change Table gaming 174.2 147.1 18% LFL weekly average NGR £m Gaming machines 101.8 94.0 8% 7.3 Electronic gaming 59.3 49.2 21% 6.4 Other (inc. Poker) 43.1 41.0 5% 5.9 Total LFL NGR 378.4 331.3 14% London 117.5 108.1 9% Rest of UK
Slide 11: Electronic roulette
Electronic roulette Investment in product delivering great returns Why we invested Total spend: • 40% of ER estate 10+ years old, poor-quality interfaces, limited game selection £7.8m • ER accounts for 16% of revenues – room for growth • Proven machine offering from one supplier already in the estat
Slide 12: Digital
Digital Accelerated growth driven by cross- channel brands LFL NGR (£m) FY 2024/25 FY 2023/24 Change Mecca 96.8 86.9 11% LFL weekly average NGR £m Grosvenor 83.9 69.0 22% Other proprietary brands 22.1 23.2 (5)% 4.5 4.1 Non proprietary brands 6.0 8.0 (25)% Yo /Enracha 26.9 27.0 - 3.6 LFL NGR (£m) 235
Slide 13: Digital
Digital Operating margin growth • Delivered 630 bps margin improvement 630bps over last 2 years 14.1% • Levelling off in 2025/26 • Launch of Yo Portugal will be margin 2.5% dilutive • Further improvement in 2026/27 and beyond Operating model improvements 3.5% Disposal of non- core assets 7.8% Operat
Slide 14: Bingo
Bingo Cash maximisation FY FY Mecca 2024/25 2023/24 Change LFL visits ('000) 4,759.7 4,746.4 0% • Competitive prize boards and consistent good value LFL NGR (£m) 140.3 133.3 +5% • Gaming machines now 41% of total NGR thanks to targeted Underlying LFL 3.4 3.6 (6%) operating profit (£m) modernisations
Slide 15: Mecca – Project Jackpot
Mecca – Project Jackpot Material improvement in gaming machine offering Why we invested Total spend: • Significant opportunity in gaming machines but historically under-invested £5.3m • Opportunity to modernise at low cost with rapid returns on investment • Proven improvement in Luton, reinforced by
Slide 16: CAPEX guidance
CAPEX guidance 59 60 60 50 • Base investment of £25-£30m, including 47 investment in: o Maintenance and Infrastructure o Ongoing development of digital platforms • Total investment of c. £60m per annum for next two years to capitalise on casino reforms • Normalised investment of £50m • Clear hurdle
Slide 17: Cash generation ahead of expectations
Cash generation ahead of expectations Aug 2025 Today Nov 2023 Original Current position CMD expectation Investing for growth Balancing investment Growing shareholder and returns returns Operating Operating Operating profit Capex Capex Capex profit profit Cash flow neutral Modest cash generation Stro
Slide 18: Strategic update and outlook
Strategic update and outlook John O’Reilly Chief Executive
Slide 19: A reminder of our 4 key areas of focus
A reminder of our 4 key areas of focus To excite and to entertain our customers Grosvenor sustained growth Digital accelerated growth Cash maximisation in Gambling Act Review Bingo Technology Safer People and data gambling and culture 19 The Rank Group Plc Full year results for the 12 months ended 3
Slide 20: Grosvenor sustained growth
Grosvenor sustained growth Strong underlying progress with transformative legislation now passed • Clear runway to grow Grosvenor's average weekly NGR to £8.0m per week before the impact of legislative reforms • Strong returns from product investment – tables, wheels, electronic gaming, poker • Comp
Slide 21: Grosvenor Leicester – major refurbishment
Grosvenor Leicester – major refurbishment Significant return from customer experience upgrade Why we invested Total spend: • Competitively strong casino in a good marketplace £4m • No significant investment in over 10 years • Opportunity to modernise, improve customer facilities and ready for legisl
Slide 22: Grosvenor sustained growth
Grosvenor sustained growth Strong underlying progress with transformative legislation now passed • Clear runway to grow Grosvenor's average weekly NGR to £8.0m per week before the impact of legislative reforms • Strong returns from product investment – tables, wheels, electronic gaming, poker • Comp
Slide 23: Implementing the casino reforms
Implementing the casino reforms Transformational opportunity 2024/25: 50 casinos; average of 1367 gaming machines throughout year, £102m revenue On 22 July 2025: Legislation came into force. Variation applications for 38 casinos submitted to local authorities in England and Wales On 20 August 2025:
Slide 24: Digital accelerated growth
Digital accelerated growth Proprietary platform enabling delivery of seamless cross-channel experiences • 8% to 12% NGR CAGR over the medium term • New bonus engine, wallet and operator interface being delivered in 2025/26 • Mecca venues app will be merged with the Mecca Bingo app • Mecca single mem
Slide 25: Cash maximisation in Bingo
Cash maximisation in Bingo Targeted investments to drive cash generation • Selective investment in Mecca gaming machine areas, external décor and signage, and outdoor terraces • Scaling electronic bingo to further build liquidity • Significant political support with much needed legislative and regul
Slide 26: Compelling investment case…
Compelling investment case… • Biggest brands in land-based casino and bingo markets Market leading positions • Significant cross-channel customer economics Targeted investment to in attractive markets • High barriers to entry maximise shareholder value • Investment in best-in-class products in venue
Slide 27: …delivering strong financial outcomes
…delivering strong financial outcomes • Double digit revenue growth with growth Targeted investment to Market leading positions in all businesses and strong profit maximise shareholder in attractive markets conversion value • On track to deliver £100m+ operating profit in the medium term • Cash gene
Slide 28: Current trading and outlook
Current trading and outlook • The good momentum within the Group has continued into 2025/26 with NGR growing 9% in the opening six weeks • We are well placed to meet current expectations in 2025/26 • Capital Markets event, 22nd October 2025, at the Victoria Casino, Edgware Road, London 28 The Rank G
Slide 29: Slide 29
Slide 30: Appendices
42 Rank Group Appendices
Slide 31: Capital allocation policy
Capital allocation policy 1 Maintain a strong balance sheet and appropriate financing structure Disciplined capital investment in the customer proposition 2 and to maximise the opportunity presented by land- based reforms 3 A progressive dividend, with a dividend payout ratio that grows to over 35%
Slide 32: ROCE % Calculation
ROCE % Calculation FY 2024/25 £m FY 2023/24 £m FY 2022/23 £m Total equity 378.7 339.0 325.6 Add back: Net (cash) / debt (45.4) (20.9) 5.9 Lease Liabilities 176.2 153.4 169.0 ROU assets (105.8) (64.1) (64.1) Retirement benefit obligations 3.4 3.4 3.4 Non-current provisions 38.1 33.2 31.7 Net deferred
Slide 33: Liquidity
Liquidity Committed facilities / £m Extension of banking facilities ensures appropriate financing structure 120 120 120 115 100 • Extended £100m of the current £120m bank facility for a further 12 months 75 90 90 90 90 • Further extension option in December 2025 at the discretion of 75 the Banking G
Slide 34: Income statement
Income statement FY 2024/25 FY 2023/24 • Underlying net financing charge lower than prior year due to lower loan LFL underlying operating profit 63.7 46.3 amortisation costs and lower drawings in the period. FX, closed clubs and re-opening - - Underlying operating profit 63.7 46.3 • Separately discl
Slide 35: Separately Disclosed Items
Separately Disclosed Items FY 2024/25 FY 2023/24 • Amortisation (£2.4m) relates to the historic acquisitions of Stride and Amortisation of acquired intangible assets (2.4) (6.6) YoBingo Closure of venues 2.7 (0.2) • Closure of venues £2.7m relates to the Property-related provisions (5.7) (1.9) surre
Slide 36: Balance sheet
Balance sheet At 30 Jun At 30 Jun At 31 Jun At 30 Jun 2025 2024 2025 2024 Assets Liabilities Non-current assets Current liabilities Intangible assets 442.3 446.4 Trade and other payable (155.2) (149.0) Property, plant and equipment 133.7 112.5 Lease liabilities (36.3) (32.6) Right-of-use assets 105.
Slide 37: Group datasheet
Group datasheet H1... H1... 2022/23 H1... 2021/22 H1... 2024/25 2024/25 2023/24 2023/24 restated 2022/23 restated 2021/22* Net gaming revenue (£m) 795.4 401.8 734.7 362.6 681.9 338.9 643.5 333.7 - YOY growth 8% 11% 8% 7% 6% 2% 95% 88% Operating profit (£m) 63.7 32.9 46.3 21.6 18.5 1.2 36.0 23.1 - YO
Slide 38: Grosvenor datasheet
Grosvenor datasheet H1 H1 H1 H1 2024/25 2024/25 2023/24 2023/24 2022/23 2022/23 2021/22 2021/22 Casino licences: London 10 10 9 9 9 9 9 9 Rest of UK 60 60 62 62 62 62 62 63 Total 70 70 71 71 71 71 71 72 Non-trading licences 7 7 7 7 7 7 7 7 Net gaming revenue (£m) 378.4 192.8 331.3 167.5 306.3 153.4
Slide 39: Digital datasheet
Digital datasheet H1 H1 H1 H1 2024/25 2024/25 2023/24 2023/24 2022/23* 2022/23* 2021/22* 2021/22* NGR (£m) 235.7 120.2 226.0 108.4 202.9 100.8 182.8 92.1 Operating profit pre central costs allocation (£m) n/a n/a n/a n/a 18.2 10.0 8.0 14.9 Operating margin pre central costs allocation (%) n/a n/a n/
Slide 40: Mecca datasheet
Mecca datasheet H1 H1 H1 H1 2024/25 2024/25 2023/24 2023/24 2022/23 2022/23 2021/22 2021/22 Venues 50 51 52 55 56 64 71 72 Revenue (£m) 140.4 68.6 138.9 67.2 136.3 67.0 134.0 65.9 Operating (loss) profit pre n/a n/a n/a n/a 2.8 (1.2) (0.8) (1.5) central costs allocation (£m) Operating margin pre cen
Slide 41: Enracha datasheet
Enracha datasheet H1 H1 H1 H1 2024/25 2024/25 2023/24 2023/24 2022/23 2022/23 2021/22 2021/22 Revenue (£m) 40.9 20.2 38.5 19.5 36.4 17.7 30.1 14.1 Operating profit pre central costs allocation (£m) n/a n/a n/a n/a 9.2 4.0 7.5 2.7 Operating margin pre central costs allocation (%) n/a n/a n/a n/a 25.3