Mulberry Group Plc · LSE:MUL
Mulberry — FY2026 Earnings Presentation
13 slides from Mulberry's earnings presentation, Mar 28, 2026
Slide 1: Results for the Fifty Two Weeks Ended 28 March 2026
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 28 MARCH 2026
Slide 2: Contents
Contents Financial Highlights 4 Operational Highlights 5 FINANCIAL RE VIEW Revenue7 Omni-Channel Revenue 8 Group Income Statement 9 Group Balance Sheet 10 Group Cash Flow 11 Current Trading and Outlook 12
Slide 3: Andrea Baldo, CEO
ANDREA BALDO, CEO "FY26 has been a year of meaningful progress as we continue to deliver our Back to the Mulberry Spirit strategy. Back in January 2025 I set out my immediate priorities to restore profitability, rebuild gross margin and invest in brand building initiatives, and I am pleased with the
Slide 4: Financial Highlights
Highlights FINANCIAL HIGHLIGHTS • A year of financial progress, strategic delivery and growing momentum – demonstrating early meaningful delivery of the “Back to Mulberry Spirit” strategy. • Group revenue increased by 4% to £125.5m. H2 revenue growth acceleration of 11%, following H1 period of trans
Slide 5: Operational Highlights
Highlights OPER ATIONAL HIGHLIGHTS A year of strengthening the product offer, enhancing creativity and brand desirability, and deepening customer engagement • New creative team successfully launched first products. Return of the Roxanne family, the new Boston family, and evolution of the Bayswater.
Slide 6: Financial Review
Financial Review 6 RE SULTS FOR THE FIF T Y T WO WEEK S EN DED 28 MARCH 2026
Slide 7: Revenue
Revenue 52 WEEKS ENDED 52 WEEKS ENDED £ MILLION % CHANGE 28 MAR 2026 29 MAR 2025 • FY26 demonstrates a successful transition from volume-led to GROUP REVENUE 125.5 120.4 4% value-led revenue growth. DIGITAL 25.8 28.0 (8%) • Group revenue increased to £125.5m (+4% YoY), representing STORES 41.4 39.8
Slide 8: Omni-Channel Revenue
Omni-Channel Revenue H1 H2 FY FY FY % FY FY % FY FY % £ MILLION 2026 2025 CHANGE 2026 2025 CHANGE 2026 2025 CHANGE DIGITAL 16.6 18.4 (10%) 26.9 25.0 8% 43.5 43.4 0% STORES 30.0 32.3 (7%) 37.3 33.6 11% 67.3 66.0 2% RETAIL (OMNI-CHANNEL) 46.6 50.7 (8%) 64.3 58.7 10% 110.9 109.4 1% FRANCHISE AND WHOLES
Slide 9: Group Income Statement
Group Income Statement 52 WEEKS ENDED 52 WEEKS ENDED £ MILLION % CHANGE 28 MAR 2026 29 MAR 2025 REVENUE 125.5 120.4 4% • Gross profit increased to £90.2m, with gross margin expanding to c.72% (FY25: 66.8%). This improvement reflects a structurally COST OF SALES (35.3) (40.0) 12% stronger trading mod
Slide 10: Group Balance Sheet
Group Balance Sheet 52 WEEKS ENDED 52 WEEKS ENDED £ MILLION 29 MAR 2025 % CHANGE 28 MAR 2026 (RESTATED) NON-CURRENT ASSETS 37.3 47.9 (22%) INVENTORIES 26.9 18.2 48% TRADE AND OTHER RECEIVABLES 11.6 13.1 (11%) CURRENT TAX ASSET - - CASH AND CASH EQUIVALENTS 6.7 8.2 (19%) CURRENT TAX LIABILITIES (0.1)
Slide 11: Group Cash Flow
Group Cash Flow 52 WEEKS ENDED 52 WEEKS ENDED £ MILLION 28 MAR 2026 29 MAR 2025 OPERATING CASH INFLOW/(OUTFLOW) 8.5 (10.9) • Cash flow performance improved meaningfully year-on-year. Operating cash generation benefited from stronger gross margins CASH MOVEMENT IN WORKING CAPITAL (5.7) 19.6 and impro
Slide 12: Current Trading & Outlook
Current Trading & Outlook Trading in the current year has started positively, with momentum from the second half of FY26 continuing into FY27. Performance in line with the Board's expectations. • Group revenue for the 13 weeks to 27 June is 23% higher than the same period last year. • Retail & Digit
Slide 13: Slide 13