Nichols Plc · LSE:NICL
Nichols — Singer Capital Markets Uncovered Gems Investor Event April 2026
65 slides from Nichols's conference presentation, Apr 29, 2026
Slide 1: Uncovered Gems Investor Event
UNCOVERED GEMS Investor Event
Slide 2: Event agenda
3:00pm Presentations to start: Presentation 1: Facilities by ADF Presentation 2: Franchise Brands 4:00pm Break (Tea & Coffee to be served) 4:15pm Presentations to resume: Presentation 3: ASOS Presentation 4: Chapel Down 5:15pm Drinks on the roof terrace
Slide 3: Presentation 1: Facilities by ADF
PRESENTATION 1: FACILITIES BY ADF
Slide 4: Facilities by ADF FY25 Full Year Results
FACILITIES BY ADF FY25 Full Year Results
Slide 5: Facilities by ADF Overview
Facilities by ADF Overview Best in class physical production services partner, servicing film and HETV Facilities by ADF Overview Best in class physical production services partner, servicing film and HETV • Leading UK provider of premium film & TV production facilities including expert on-location
Slide 6: FY25 Highlights
FY25 Highlights Commercial progress FY25 Highlights Commercial progress Productions Utilisation 1 Revenue 311 56% £41.3m FY24: 295 FY24: 50% FY24: £35.2m 5% +600bps +17% Non film/TV Revenue Adjusted EBITDA NPS 2 £3.9m £9.2m 89 +96% FY24: £7.2m FY24: 88 FY24: £2m +28% +1 1) Utilisation is for the Fac
Slide 7: Financial KPI Review
Financial KPI Review Improvement across key metrics Financial KPI Review Improvement across key metrics Revenue Adjusted EBITDA Profit After Tax Net Debt £41.3m £9.2m £0.0m £12.3m FY24: £35.2m FY24: £7.2m FY24: £3.0m Loss FY24: £13.8m +17% +28% +100% -11% Leverage Free Ca sh Flow1 Utilisation 2 ROCE
Slide 8: Market Overview
Market Overview UK underlying market drivers remain strong Market Overview UK underlying market drivers remain strong • UK production spend reached £6.8bn1, up 22% YOY, third highest on record • Inward investment spend on Film and HETV production reached £5.8bn1 • HETV accounted for £4bn1 (up 17% YO
Slide 9: Strategic Priorities: Integrated Proposition
Strategic Priorities: Integrated Proposition Enabling the big picture Strategic Priorities: Integrated Proposition Enabling the big picture • One Stop shop - integrated group strategy to unify pipeline, sales, customer proposition, cost efficiencies and active fleet optimisation • National to local
Slide 10: Helping you simplify the process
Helping you simplify the process. facilities by Costume Dining Make-Up Tech Vechicles Production Assisted Offices Access Artiste Trailers | Generators Honeywagon locationone @) Power HVO Fuel Water Costume & Lighting Makeup setups Waste & Recycling Small Hire Kit Autotrak Heavy-Duty Aluminium — Trak
Slide 11: Strategy: Diversification
Strategy: Diversification Targeting new revenue opportunities Strategy: Diversification Targeting new revenue opportunities • Outdoor events: seasonal revenue diversification to monetise existing assets and capabilities, tapping into existing client base at Autotrak • Build strategic partnerships al
Slide 12: Outlook Enabling the Big Picture
Outlook Enabling the Big Picture Reinvigorated structure with ambition for significant growth Outlook Enabling the Big Picture Reinvigorated structure with ambition for significant growth • Q1 FY26 trading in line with the Board’s expectations • FY26 expected to show similar second-half weighting to
Slide 13: Presentation 2: Franchise Brands
PRESENTATION 2: FRANCHISE BRANDS
Slide 14: An Introduction
An Introduction Singer Uncovered Gems Investor Event 29 April 2026
Slide 15: A strong platform for driving value-creation
Franchise Brands plc 15 Singer Uncovered Gems Investor Event A strong platform for driving value-creation A leading international Attractive financial profile multi-franchise platform of our franchise model Portfolio of 7 high-quality franchise Value creation powered by franchisee brands – leaders i
Slide 16: The Group at a glance: 2025
Franchise Brands plc 16 Singer Uncovered Gems Investor Event The Group at a glance: 2025 System sales North America Adjusted EBITDA North America by geography by geography 20% 24% 50% 52% 28% 26% UK Europe UK Europe Pirtek Water & Waste Services Filta International B2C Leading European provider of D
Slide 17: 2025: a resilient, cash generative, profitable performance
Franchise Brands plc 17 Singer Uncovered Gems Investor Event 2025: a resilient, cash generative, profitable performance £435.0m 2.50p System sales1 Dividend per share +2% 2024: £425.6m 4% 2024: 2.40p System sales growth driven by underlying demand for non-discretionary services, One FB strategy and
Slide 18: A continued track record of delivery
Franchise Brands plc 18 Singer Uncovered Gems Investor Event System sales (£m) Adjusted EBITDA1 (£m) 47% 43% CAGR 2021-2025 £426m £435m CAGR 2021-2025 £35.1m £35.2m A continued £30.1m £350m track record £186m £8.5m £15.3m of delivery £94m 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Adjusted ea
Slide 19: Capital allocation
Franchise Brands plc 19 Singer Uncovered Gems Investor Event Strategic fit of non-core or sub-scale businesses Capital Board actively reviewing the strategic fit of businesses that do not support the considerable medium-term potential of key B2B franchise networks. allocation Disposal proceeds to be
Slide 20: Multiple growth levers to unlock our significant potential
Franchise Brands plc 20 Singer Uncovered Gems Investor Event Multiple growth levers to unlock our significant potential Maximum Potential Model: a framework to drive best Levers of growth for our business practice across our franchise networks Business 2025 Maximum % of Maximum System potential Pote
Slide 21: Our business model: how we make money
Franchise Brands plc 21 Singer Uncovered Gems Investor Event Our business model: how we make money Reconciliation of System sales System Statutory Gross Gross profit Admin Adjusted % Adjusted to Adjusted EBITDA in 2025 sales Revenue profit as % expenses EBITDA EBITDA before £m £m £m System sales £m
Slide 22: Acquisition integration strategy
Franchise Brands plc 22 Singer Uncovered Gems Investor Event Acquisition integration strategy Objectives Creating an efficient Driving operational Enhancing sales overhead structure gearing Driven by One Franchise Brands technology platform One One WMS One One IT One CRM One AI One HR One Finance Re
Slide 23: Investment case
Franchise Brands plc 23 Singer Uncovered Gems Investor Event Investment case Marketing-leading Resilient essential Significant growth franchise brands services opportunities Portfolio of seven high quality, Resilient underlying demand for our Small, but growing shares of large franchise brands, lead
Slide 24: Disclaimer
Disclaimer Franchise Brands plc The information contained in this document (“Presentation”) and the presentation made to These forward-looking statements are not guarantees of future performance of the Company you verbally has been prepared by Franchise Brands plc (the “Company”). Franchise Brands a
Slide 25: Break
BREAK
Slide 26: Presentation 3: ASOS
PRESENTATION 3: ASOS GSOS
Slide 27: Delivering our plan, and focusing on growth
Uncovered Gems: ASOS | 29 April 2026 Delivering our plan, and focusing on growth
Slide 28: ASOS the global destination for young fashion lovers
ASOS the global destination for young fashion lovers Unique fashion proposition Fashion-first discovery from structurally faster and more relevant product model Immersive, outfit-first, personalised and community driven shopping experience Adaptable and scalable platform supported by an efficient an
Slide 29: ASOS business model
ASOS business model Rest of World • Over 10 Own Brand labels designed by one of our US c.20 in-house teams • In FY23 launched Test & React, now scaled to >20% of our Own Brand product Top 4 markets: UK UK • This concept brings product from design to site in as little as 3 weeks to: US ➢ Offer the mo
Slide 30: ASOS business model
ASOS business model • We have a differentiated Partner Brand (PB) portfolio of c.650 brands • We have exclusive product/collaborations with >50 of these brands • We offer 4 main services to our PBs Partner Fulfils ASOS Fulfilment Wholesale ASOS Media Group Services Stock ownership PB PB ASOS Paid me
Slide 31: Our 3 strategic pillars for sustainably profitable growth
Our 3 strategic pillars for delivering sustainably profitable growth 31 Profitable, flexible and resilient business model Relevant Inspirational Efficient 1 fashion product 2 shopping experience 3 operating model Offer a unique Provide customers Maintain assortment of with an increasingly operationa
Slide 32: The transformation of ASOS is happening
The transformation of ASOS is happening 1 2 3 Addressing legacy Building the new Re-engaging issues commercial model customers
Slide 33: Stage 1: We have addressed our legacy issues
Stage 1: We have addressed our legacy issues Inventory down >60% vs. FY22 (£1.1bn to c.£400m), leading to less markdown activity and more newness Reduced our warehouse footprint by >50% vs. FY21, including the optimisation of our US operations Improved balance sheet flexibility through >30% net debt
Slide 34: Stage 2: We have built a new commercial model
Stage 2: We have built a new commercial model 34 • New commercial model sets systematic targets for ROI throughout the lifetime of our fashion products leading to: Improved speed to market Flexible Fulfilment Effective in-season sell- models through Improved stock health and profitability ROI = Sell
Slide 35: Completing stages 1 & 2 has given ASOS solid pillars
H126: YoY Completing stages 1 & 2 has given ASOS solid pillars We have delivered in our core priorities With a clear evolution over the last 3 years 1 ADJUSTED1 GROSS MARGIN (%) ADJUSTED EBITDA (£’m) Obtained balance sheet flexibility +330bps +560bps +51% +14x 48.5% 64.0 Radically improved our gross
Slide 36: Stage 3: Re-engaging customers with a clear plan
Stage 3: We started re-engaging customers with a clear and detailed plan… ASOS product getting increasingly ASOS shopping experience, from ASOS, underpinned by an efficient relevant through speed, quality and transactional browsing to confidence- and agile operational model curation at scale led imm
Slide 37: Doubling down on 4 key areas in H2: Product
… doubling down on 4 key areas in H2 1. Product ASOS product getting ASOS shopping experience, from ASOS, underpinned by an increasingly relevant through transactional browsing to efficient and agile operational speed, quality and curation at confidence-led immerse discovery model scale 1. Own Brand
Slide 38: Doubling down on 4 key areas in H2: Marketing
… doubling down on 4 key areas in H2 ASOS product getting ASOS shopping experience, from ASOS, underpinned by an increasingly relevant through transactional browsing to 2. Marketing efficient and agile operational speed, quality and curation at confidence-led immerse discovery model scale 1. Own Bra
Slide 39: Doubling down on 4 key areas in H2: Shopping Experience
… doubling down on 4 key areas in H2 ASOS product getting ASOS shopping experience, from ASOS, underpinned by an increasingly relevant through transactional browsing to efficient and agile operational speed, quality and curation at confidence-led immerse discovery model scale 1. Own Brand driving re
Slide 40: Doubling down on 4 key areas in H2: Enabled by AI
… doubling down on 4 key areas in H2 ASOS product getting ASOS shopping experience, from ASOS, underpinned by an increasingly relevant through transactional browsing to efficient and agile operational speed, quality and curation at confidence-led immerse discovery model scale 1. Own Brand driving re
Slide 41: HY performance: gross margin drives over 50% increase in AEBITDA
HY performance: Strong gross margin drives over 50% increase in AEBITDA 4 3 1 1 ADJUSTED COST TO SERVE (% OF GMV (£’m) ADJUSTED LFL REVENUE (£’m) ADJUSTED GROSS MARGIN (%) ADJUSTED REVENUE) +330bps (90bps) (9%) (14%) 1,277.4 1,291.6 48.5% 1,170.1 43.0% 1,113.5 42.1% 45.2% H1 FY25 H1 FY26 H1 FY25 H1
Slide 42: Current trading: Continued improving trend in March
Current trading: Continued improving trend in March Group new customer growth YoY • Q3-to-date GMV YoY showing improvement versus H1, with UK continuing to outperform • Womenswear YoY GMV2 in growth for March • Group new customers +9% YoY in March, driven by an acceleration in our top 4 markets • Co
Slide 43: Reiterating FY26 guidance
Reiterating FY26 guidance FY26 Medium-term GMV to show an improving trajectory Return to GMV growth throughout the year Gross margin expansion towards 50% GMV performance 3-4ppts ahead of revenue performance, driven by continued growth of Flexible Fulfilment models Adjusted EBITDA margin c.8% Gross
Slide 44: ASOS in 3 messages, delivering on our promises
ASOS in 3 messages, H1 highlights: delivering Delivering on ouron our promises promises 1 Our transformation is happening, we are building on solid foundations 2 We are focused on achieving growth – and seeing early positive signs 3 We have a clear and detailed plan for execution in H2
Slide 45: Q&A
Q&A
Slide 46: Presentation 4: Chapel Down
PRESENTATION 4: CHAPEL DOWN
Slide 47: Uncovered Gems
U N COV E R E D G E MS 29 TH APRIL 2026
Slide 48: FY25 Results Overview
FY25 RESULTS OVERVIEW • Strong momentum with +19% Net Sales and +25% Adjusted EBITDA growth • Good progress made in executing our Value Creation strategy • Strong start to FY26, giving confidence in full-year guidance 48
Slide 49: The Chapel Down Leadership Team
THE CHAPEL DOWN LEADERSHIP TEAM James Pennefather Louan Mouton Chief Executive Officer Chief Financial Officer Chapel Down Group CEO since February 2025. Formerly CEO of A Chartered Accountant with significant experience in consumer The Lakes Distillery PLC, as well as global senior management goods
Slide 50: Traditional Method Sparkling Wine Portfolio
TRADITIONAL METHOD SPARKLING WINE PORTFOLIO SUP E R-P RE MIUM P RE MIUM LUXURY RRP £31.00 £34.00 On trade exclusive £40.00 £48.00 £66.00 £126.00 50 Source: Chapel Down RRPs
Slide 51: Our Business in 5 Charts
OUR BUSINESS IN 5 CHARTS Vineyards by grape variety Vineyards by soil type Vineyards by ownership Other, 4% Greensand, 8% Freehold, Bacchus, Grower 12% Pinot Meunier, 11% contracts, 17% 4% Clay, 16% Chardonnay, Pinot Noir, 54% 27% Chalk, 76% Leased, 71% FY25 NSR by Channel FY25 NSR by Segment Intern
Slide 52: Market Positioning within Global Sparkling Wine
MARKET POSITIONING WITHIN GLOBAL SPARKLING WINE HI G H E R P E R CE I V E D Q UA LI TY CH AMPAGNE INFO RM AL FO RM AL CRÉ MAN T CAVA 52 P RO S ECCO LOW E R P E R CE I V E D Q UA LI TY Source: Chapel Down
Slide 53: What Makes Chapel Down Unique
WHAT MAKES CHAPEL DOWN UNIQUE QUALITY BRAND OCCASIONALITY Off-Trade Value Share 2025 Private Label, 13% Gusbourne, 1% Other, 11% Chapel Kingscote, 1% Down 36% Balfour, 2% Ridgeview, 3% Nyetimber, 33% 53 1Source NIQ UK Sparkling Wines - 52 w/e 27th December 2025 vs 52 w/e 28th December 2024.
Slide 54: 2025 was a pivotal year for Chapel Down
2025 WAS A PIVOTAL YEAR FOR CHAPEL DOWN +9.0% FINANCIAL +19% £3.7m NSR NSR CAGR Adjusted EBITDA growth of +25% 2025: £19.4m / 2024: £16.4m FY22-FY25 excluding FV adjustment to biological produce 2.6m 49% +1ppt OPERATIONAL Bottles produced from the Highest brand awareness Chapel Down Market Share1 ex
Slide 55: Focus on Three Strategic Priorities
FOCUS ON THREE STRATEGIC PRIORITIES 1. 2. 3. B R A N D VALU E S USTAI N AB L E D I SC I P LI N E D E N H AN C E M E N T C H AN N E L CA P I TAL E X PA N SI ON M A N AG E M E N T We are building a global We will develop and implement We will leverage our existing assets sparkling wine brand with the
Slide 56: 1. Build brand proposition, awareness & conversion
1. BUILD BRAND PROPOSITION, AWARENESS & CONVERSION T HE O P P ORTU N I TY P R OG R E SS % who say they have either purchased or are otherwise aware of brand • Reinforce brand proposition with +17pp ‘Urban Epicurean’ consumer target 49% 42% 39% • Build Brand Awareness to Moët & 32% Chandon levels • L
Slide 57: 2. Premiumisation – Luxury Strategy
2. PREMIUMISATION – LUXURY STRATEGY T HE O P P ORTU N I TY P R OG R E SS FY22 FY25* • Gross margin growth through strategic focus on Traditional Method % of Wine 69% 74% Sparkling NSR from TMS • Leveraging: ASP TMS (£) £11.55 £13.77 • Growth of luxury sparkling +24% in FY25 • Listings in 671 Luxury
Slide 58: 3. UK Market Development
3. UK MARKET DEVELOPMENT T HE O P P ORTU N I TY P R OG R E SS • To expand distribution into outlets Unique FY22 FY25 serving less formal celebration outlets/ TMS occasions listings Off-Trade 2,017/3,116 2,329/4,233 • Leveraging: On-Trade 1,271/1,992 2,764/3,058 LESS FORMAL Off-Trade Shopper Basket C
Slide 59: 4. International Market Development
4. INTERNATIONAL MARKET DEVELOPMENT T HE O P P ORTU N I TY P R OG R E SS • To establish Chapel Down in key • Strengthened RTM in 3 priority Champagne export markets markets (USA – Jackson Family Wines; Norway – Anora Group; UAE – A&E) • Leveraging: • International Sales +49% in FY25 • English Sparkl
Slide 60: 5. Disciplined Capital Management
5. DISCIPLINED CAPITAL MANAGEMENT T HE O P P ORTU N I TY P R OG R E SS • To support the delivery of strong double-digit growth into the 2030s without the need for significant capital expenditure • Leveraging: Vineyards 1,006 acres in full production by 2027 Winery 3,400T capacity ERP systems Microso
Slide 61: Strategic Priorities and KPIs
KPIS 1. PRIORITIES S T R AT E G I C 2. 3. B R A N D VA LU E S U STA I N A B L E D I S C I P L I N E D C A P I TA L E NHA NCE ME NT C H A N N E L E X PA N S I O N M A N A GE M E N T We are building a global We will develop and implement We will leverage our existing assets sparkling wine brand DE S C
Slide 62: Shareholder Benefits
SHAREHOLDER BENEFITS Platinum Shareholders Gold Shareholders Silver Shareholders 10,000+ shares 2,000 - 9,999 shares 1-1,999 shares • Ongoing 33% off wine • Ongoing 33% off wine • Annual 25% discount purchases purchases voucher • Annual guided tour • Annual guided tour voucher for 4 voucher for 2 •
Slide 63: Investment Case
INVESTMENT CASE • Leading brand in ‘on trend’ category • Established and profitable business model • Clear value creation plan • Capital largely deployed to support expansion • Supportive shareholder base 63
Slide 64: Please join us at the bar for a glass of Chapel Down
P L E A S E J O I N U S AT T H E B A R F O R A G L A S S OF CHAPEL DOWN GRAND R ESERVE 64
Slide 65: Thank you for attending
THANK YOU FOR ATTENDING ANY FEEDBACK ABOUT THIS EVENT WOULD BE GREATLY APPRECIATED BY OUR TEAM. PLEASE SCAN THE QR CODE BELOW TO COMPLETE A SHORT FEEDBACK FORM. L INK E D I N .C O M / _S I N G E R C M E N Q U I R I E S @ S I N GE R C M .C O M 0 2 0 74 9 6 3 0 0 0 S I N G ER CM . CO M
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