Nwf Group Plc · LSE:NWF
Nwf — FY2026 Earnings Presentation
41 slides from Nwf's earnings presentation, Jul 28, 2026
Slide 1: NWF Group 2026 Results
Final results to 31 May 2026 NWF Group 2026 Results Building on the foundations for growth
Slide 2: Welcome to the NWF Group Results Presentation
Overview and highlights Contents Welcome to the NWF Group Results Presentation Overview and highlights 3 Business model and market 8 position Financial review 11 Chris Belsham Strategic progress and Chief Executive Officer 18 investment case Summary and outlook 26 Katie Shortland Chief Financial Off
Slide 3: Highlights – further strategic progress
Overview and highlights Summary Highlights – further strategic progress Resilient performance Building on the Fuels - embedding the delivering a full year foundations for growth regional operating result only slightly – business improvement model and completing below initial market initiatives being
Slide 4: Resilient result slightly below initial expectations
Overview and highlights Results summary Resilient result slightly below initial expectations Revenue Headline operating profit¹ Headline profit before tax¹ £920.3m +1.9% £16.8m +3.1% £12.5m -5.3% 26 920.3 26 16.8 26 12.5 25 903.1 25 16.3 25 13.2 Headline EBITDA¹ Net cash² Dividend per share £22.8m +
Slide 5: Underlying progress in all three businesses
Overview and highlights Key highlights Underlying progress in all three businesses Fuels Food Feeds Third largest bulk liquid fuel A leading ambient Second largest ruminant feed distributor in the UK. grocery consolidator. distributor in the UK. Headline operating profit Headline operating profit He
Slide 6: Market review – volatile conditions
Overview and highlights Market review – volatile conditions Fuels NWF Group plc Final results to 31 May 2026 6
Slide 7: Market review – headwinds managed
Overview and highlights Market review – headwinds managed Food Feeds NWF Group plc Final results to 31 May 2026 7
Slide 8: Business model and market position
Business model and market position NWF Group plc Final results to 31 May 2026 8
Slide 9: Our business model
Business model and market position Our business model Applying our expertise in connecting suppliers and their customers who otherwise would struggle to connect or would connect in a sub-optimal manner. Off gas grid Major oil suppliers domestic homes – refinery and and SME terminal owners purchasers
Slide 10: Leading market positions
Group overview Business model and market position Business overview Leading market positions NWF Fuels is a leading distributor Fuels Food Feeds of fuel oil and fuel cards, delivering over 647 million litres across the UK. Litres per annum Pallets stored Tonnes per annum Boughey Distribution is a le
Slide 11: Financial review
Financial review NWF Group plc Final results to 31 May 2026 11
Slide 12: A resilient performance
Financial review Financial overview A resilient performance • Revenue increased by £17.2 million (1.9%): • Reflecting the higher price of oil during the final quarter of the financial year. FY26 FY25 Abs. change % change • Increased activity levels in Food. Revenue 920.3 903.1 +17.2 +1.9% • Headline
Slide 13: Income statement summary
Financial review Financial overview Income statement summary May 2026 May 2025 • Amortisation of intangibles increased in the £m £m year as a result of the two Fuels acquisitions. Revenue 920.3 903.1 Cost of sales (865.5) (852.8) • Net exceptional income relates to: Gross profit 54.8 50.3 • Transact
Slide 14: Segment performance
Financial review Financial overview continued Segment performance Fuels Food Feeds Revenue Revenue Revenue £636.7m +4.0% £90.6m +5.1% £193.0m -5.7% Headline operating 26 636.7 26 90.6 26 193.0 profit % 25 612.3 25 86.2 25 204.6 Headline operating profit Headline operating profit Headline operating p
Slide 15: Cashflow
Financial review Financial overview continued Cashflow Net cash from operating activities Net cash from investing activities 45 20.5 0.1 (0.1) 0.1 (17.5) 35 £m 25 (3.9) 16.8 16.0 (4.8) 15 (4.2) (2.5) (2.9) 5 1.4 (0.3) 2.7 -5 Headline Depreciation Amortisation Profit on Movement in Lease capital Capi
Slide 16: Robust balance sheet to support investment
Financial review Financial overview continued Robust balance sheet to support investment Net cash Total assets ROCE £9.0m £285.9m 17.8% • Increase in net cash since FY25 • Increase in total assets driven • Food and Feeds have seen improved reflects investment of operational by acquisitions, increase
Slide 17: Capital allocation policy
Financial review Our strengths Capital allocation policy Organic capital • Operational capex in line with business activity levels. investment • Investment in margin or market share growth through capex and lease commitments. Dividend underpin • Annual dividend payment to shareholders. • Grow sustai
Slide 18: Strategic progress and investment case
Strategic progress and investment case NWF Group plc Final results to 31 May 2026 18
Slide 19: Making every connection count
Strategic progress and investment case Making every connection count The Group’s strategy aims to deliver long-term sustainable value for stakeholders. Commercial effectiveness Optimising sales through understanding our customers’ needs. ‘Selling well’. Operational efficiency Continuous focus on hig
Slide 20: Commercial effectiveness
Strategy and investment case Making every connection count continued Commercial effectiveness Fuels • Embedding the regional operating model. • Benefits: • Full visibility of commercial and domestic sales activity and performance levels. • Improved margin management – reacting immediately to fluctua
Slide 21: Operational efficiency
Strategy and investment case Making every connection count continued Operational efficiency Fuels • Embedding the regional operating model. • National visibility over fleet utilisation, delivery capacity and delivery plan attainment. • Moving vehicles and drivers around the depot network to meet loc
Slide 22: Growth investment & targeted acquisitions
Strategy and investment case Making every connection count continued Growth investment & targeted acquisitions Food Growth Strategy to develop a national network of scale Target market: NWF Food Market Share Ambient grocery consolidation Biscuits, Fruit & veg Target addressables: cakes & pastry Choc
Slide 23: Growth investment & targeted acquisitions
Strategy and investment case Making every connection count continued Growth investment & targeted acquisitions Food Growth Strategy to develop a national network of scale (continued) Existing Food locations: UK ports importing ambient • Wardle food: • Crewe • Dover 28% • Lymedale • London 25% • Humb
Slide 24: Growth investment & targeted acquisitions
Strategy and investment case Making every connection count continued Growth investment & targeted acquisitions Food Growth Strategy to develop a national network of scale (continued) Significant synergy opportunities: How we are going to achieve this: • Fleet rationalisation through • Optimise curre
Slide 25: Delivering consistent attractive financial returns
Strategy and investment case Reasons to invest Delivering consistent attractive financial returns Essential services to Leveraging business Investment in Delivering attractive markets improvement growth and targeted financial return initiatives acquisitions • Leading player in each of • Focus on con
Slide 26: Summary and outlook
Summary and outlook NWF Group plc Final results to 31 May 2026 26
Slide 27: Confident in NWF's potential and prospects
Summary and outlook Further progress made Confident in NWF’s potential and prospects Summary Outlook • Resilient performance, only slightly below initial expectations. • Fuels navigated fluctuating market conditions. • Strong performance in Food as new business secured. Normalisation of trading Fuel
Slide 28: Thank you
Thank you ME group
Slide 29: Appendix
Appendix NWF Group plc Final results to 31 May 2026 29
Slide 30: At NWF Group we deliver what really matters
Appendix Our purpose and vision At NWF Group we deliver what really matters Purpose Why we exist Connecting essential suppliers with their All three current Group businesses operate, and have core competencies, in specialist customers. distribution markets. As such, our reason to exist as a Group is
Slide 31: Our structure
Appendix Organisation Our structure Non-Executives Chief Executive Officer Chair: Amanda Burton Chris Belsham Richard Armitage Tim Cooper Company Secretary: Tom Harland Chief Financial Officer Katie Shortland Fuels Food Feeds 339 employees 847 employees 245 employees NWF Group plc Final results to 3
Slide 32: An experienced and capable team
Appendix Leadership team An experienced and capable team Chris Belsham Katie Shortland Chief Executive Officer Chief Financial Officer Skills & Experience Skills & Experience • Joined the Group in April 2017 • Joined the Group in as CFO, appointed CEO March October 2023. 2024. • Extensive senior lea
Slide 33: Delivering sustainable value
Appendix ESG framework Delivering sustainable value Our sustainability framework consists of four strategic objectives that • An increase in internal promotions across the Group, enabling the reflect our values and are designed to ensure we take a proactive and sharing of skills and strengthening co
Slide 34: Analyst coverage and consensus forecasts
Appendix Analyst coverage and consensus forecasts Actual Consensus forecasts 2026 2027 2028 Revenue £920.3m £1,053.3m £1,013m • The consensus is an arithmetic calculation of the forecasts made by contributing Headline operating profit £16.8m £18.3m £19.2m investment analysts as at 12 May 2026 and is
Slide 35: Track record
Appendix Track record Headline operating profit Headline PBT 25 25 20 20 15 15 £m £m 10 10 5 5 0 0 2019 2020 2021 2022 2023 2024 2025 2026 2019 2020 2021 2022 2023 2024 2025 2026 Headline EPS Dividend 40.0 10 35.0 9 8 30.0 7 25.0 6 Pence Pence 20.0 5 15.0 4 3 10.0 2 5.0 1 0.0 0 2019 2020 2021 2022 2
Slide 36: Business track record
Appendix Business track record Key Revenue Operating profit Fuels Food Feeds 800 20 100 5.5 700 4.5 18 90 5 4 700 600 4.5 16 80 3.5 600 4 500 14 70 3 Operating profit £m Operating profit £m Operating profit £m 500 3.5 Revenue £m Total tonnes sold Litres sold m 12 60 400 3 2.5 400 10 50 2.5 2 300 8 4
Slide 37: Cash flow
Appendix Cash flow May 2026 May 2025 £m £m Operating profit 16.8 12.6 Depreciation – property, plant and equipment 5.9 5.8 Depreciation – right of use assets 14.6 12.5 Amortisation 1.5 0.9 Impairment of intangible assets - 0.1 Working capital movements 0.1 (1.1) Share-based payment debit/(credit) 0.
Slide 38: Balance sheet summary
Appendix Balance sheet summary May 2026 May 2025 £m £m Fixed assets 95.0 94.1 Right of use assets 65.1 57.2 Net working capital 5.3 3.6 Current income tax assets - — Reimbursement assets 2.8 2.9 Derivative financial instruments 0.1 0.2 Assets employed 168.3 158.0 Pension surplus / (deficit) 2.7 (2.3
Slide 39: Additional metrics
Appendix Technical update Additional metrics May 2026 May 2025 % % Effective Tax Rate UK basic rate of corporation tax 25.0 25.0 Effects of; Non-taxable income (0.8) — Adjustments in respect of prior year — 6.5 Depreciation on assets not qualifying for capital allowances — 2.2 Acquisition and other
Slide 40: Additional metrics continued
Appendix Technical update continued Additional metrics continued May 2026 May 2025 £m £m Cash conversion Headline operating profit 16.8 16.3 Depreciation and amortisation of intangibles not acquired 20.6 18.4 Profit on disposal of fixed assets (0.1) (0.3) Change in working capital 0.1 (1.1) Lease ca
Slide 41: Thank you
Thank you ME group