Cranswick Plc · LSE:CWK

Cranswick — H1 FY26 Earnings Presentation

37 slides from Cranswick's earnings presentation, Oct 15, 2025

  1. Slide 1: Interim Results

    IN T E RIM RE S U LTS 26 W EEKS ENDED 27 S EPT EM BER 2025

  2. Slide 2: Agenda

    AGENDA I N T R ODU C T I ON AN D H 1 F Y 26 H I G H L I G H TS Ad am Co uc h, CEO FI N AN C I AL R EV I EW Mark Botto mley, CFO COM M ER C I AL U P DAT E Jim B ris by , CCO OPERAT I N G AN D ST RAT EG I C R EV I EW Ad am Co uc h, CEO Q&A 26 weeks ended 27 September 2025 1

  3. Slide 3: H1 FY26 Highlights

    H1 FY26 HIGHLIGHTS ADAM COUCH CHIEF EXECUTIVE OFFICER 26 weeks ended 27 September 2025 2

  4. Slide 4: Commercial and Strategic Highlights

    C O M M E R C I A L A N D S T R AT E G I C H I G H L I G H T S 10 YEAR CAGR Strong revenue growth of 10.4% with like-for-like revenue 7.9% ahead 1 Compound annual growth rates to 29 March 2025 Revenue up across all categories underpinned by 7.0% volume growth in UK food business REVENUE 21bps increa

  5. Slide 5: Financial Highlights

    FINANCIAL HIGHLIGHTS REVENUE ADJUSTED OPERATING PROFIT2 ADJUSTED OPERATING MARGIN2 ADJUSTED EPS GROWTH2 +10.4% +1 3 . 5 % 7.7 % + 9. 3% Like-for-like1: +7.9% Target: Mid single digit H1 FY26: £113.0m Target: ~7.5% Target: Mid single digit FREE CASH CONVERSION3 ROCE4 LEVERAGE5 DIVIDEND PER SHARE (DPS

  6. Slide 6: Financial Review

    FINANCIAL REVIEW MARK BOTTOMLEY CHIEF FINANCIAL OFFICER 26 weeks ended 27 September 2025 5

  7. Slide 7: Financial Highlights

    FINANCIAL HIGHLIGHTS REVENUE (£M) +10.4%​ ADJUSTED PROFIT BEFORE TAX (£M)1 +9.7%​ H1 FY26 1,468.3 H1 FY26 105.1 H1 FY25 1,329.9 H1 FY25 95.8 H1 FY24 1,253.7 H1 FY24 81.6 ADJUSTED EARNINGS PER SHARE (P)1 +9.3% DIVIDEND PER SHARE (P) +8.0% H1 FY26 144.4 H1 FY26 27.0 H1 FY25 132.1 H1 FY25 25.0 H1 FY24

  8. Slide 8: H1 FY26 Summary

    H1 FY26 SUMMARY £M H1 FY26 H1 FY25 CHANGE Revenue 1,468.3 1,329.9 +10.4% Like-for-like revenue growth1 - - +7.9% Adjusted gross margin2 15.6% 15.3% +29bps Adjusted operating profit3 113.0 99.6 +13.5% Adjusted operating margin3 7.7% 7.5% +21bps Adjusted profit before tax3 105.1 95.8 +9.7% Adjusted EP

  9. Slide 9: Robust Demand and Targeted Acquisitions Driving Strong Revenue Growth

    ROBUST DEMAND AND TARGETED ACQUISITIONS DRIVING STRONG REVENUE GROW TH REVENUE BRIDGE (£M) Revenue growth is driven by: • 7.0% volume growth in UK food 47.8 2.3 • Strong demand and new business wins in added-value poultry 36.2 • The acquisition of Blakemans, accelerating 35.7 growth in Gourmet Produ

  10. Slide 10: Successful Compound Margin Growth

    SUCCE SSFUL COMPOUND MARGIN GROW TH ADJUSTED GROSS MARGIN1 ADJUSTED EBITDA MARGIN 2,3 ADJUSTED OPERATING MARGIN 2,3 15.5% 15.6% 11.0% 15.3% 10.7% 10.8% 7.7% 7.7% 14.7% 10.3% 7.5% 14.1% 9.8% 7.0% 6.8% H1 H2 H1 H2 H1 H1 H2 H1 H2 H1 H1 H2 H1 H2 H1 FY24 FY24 FY25 FY25 FY26 FY24 FY24 FY25 FY25 FY26 FY24

  11. Slide 11: Strong Free Cash Flow Despite Record Investment

    STRONG FREE CASH FLOW DE SPITE RECORD INVE STMENT POST IFRS 16 NET DEBT (£M) (39.7) (46.0) (£121.0m) (127.3) (132.7) 161.4 (20.9) (89.0) (145.0) (172.4) (32.0) (40.6) Lease liabilities Net debt excluding lease liabilities (12.3) (20.5) (272.3) March Adjusted Working capital & Taxation Net capex Acqu

  12. Slide 12: Sustainable Long-Term Cash Generation

    SUSTAINABLE LONG-TERM CASH GENERATION FREE CASH CASH INFLOW / £M FLOW NET CAPEX ACQUISITIONS1 DIVIDENDS PAID (OUTFLOW)2 N EW £360M BAN KIN G FACILIT Y H1 FY26 97.0 89.0 32.0 40.6 (64.6) £360m revolving credit facility FY25 213.6 135.6 25.0 49.5 3.5 in place with six major banks FY24 223.4 90.6 39.2

  13. Slide 13: Strong Pipeline of Capital Projects

    STRONG PIPELINE OF CAPITAL PROJECTS FARMING H1 FY26: £25m PROCESSING H1 FY26: £64m ONGOING PROJECTS ONGOING PROJECTS £7m Incubatory expansion at Crown (£2m in the period) £100m Fresh Pork Hull expansion (£19m in the period) COMPLETED PROJECTS £25m Investment in Worsley houmous facility (£4m in the p

  14. Slide 14: Disciplined Capital Deployment Delivering Strong Returns

    DISCIPLINED CAPITAL DEPLOYMENT DELIVERING STRONG RETURNS 1,400 20% 1,200 15% 1,000 800 £m 10% 600 400 5% 200 0 0% FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 H1 FY26 Average capital employed ROCE1 H1 FY26 ROCE1 Strong ROCE maintained against three-fold increase in capital employed over 10 year

  15. Slide 15: Delivering on Value Creation

    DELIVERING ON VALUE CREATION GU IDING PRINCIPLES QUALITY VALUE Strong business focus on long-term Delight the customer Vertical integration value creation Lead on premium Utilisation Capital Attractive Technical excellence Efficiency Employed ROCE2 INNOVATION PUTTING PEOPLE Well defined strategy del

  16. Slide 16: Driving Strong Compound Growth

    DRIVING STRONG COMPOUND GROW TH COMPOUNDING CONSISTENT COMPOUNDING CONSISTENT QUALITY SUSTAINABLE STRONG ORGANIC INVESTMENTS STRONG CASH HIGH ROCE 5 RESILIENCE OUTCOMES MARGINS GROW TH AND M& A CONVERSION Like-for-like Adjusted Free cash Record investment ROCE 5 H1 FY26 revenue1 operating conversion

  17. Slide 17: Sustainable Capital Allocation

    SUSTAINABLE CAPITAL ALLOCATION • £ 8 9 M SP E NT W I T H ST RO NG INV E STIN G IN THE BUSIN E S S CAP E X OF ~ 5 0 % FO RWA R D P I P E LI NE TO SU PPORT OU R E B I T DA TO ADD CAPACI T Y, • I NV E ST M E NT W E I G H T E D TOWA R DS GROW TH STRATEGY CAPAB I L I T Y AN D AU TOMATI O N CA PAC I T Y A

  18. Slide 18: Commercial Update

    COMMERCIAL UPDATE JIM BRISBY CHIEF COMMERCIAL OFFICER 26 weeks ended 27 September 2025 17

  19. Slide 19: Fresh and Chilled Retail Sales Buoyant

    FRE SH AND CHILLED RETAIL SALE S BUOYANT F R E S H A N D C H I L L E D S A L E S VA L U E B Y R E TA I L E R ( % C H A N G E ) R E TA I L E R P E R F O R M A N C E S T R O N G S A L E S I N R E TA I L 20% • Fresh and chilled +5.7% vs total grocery +4.3% • Tesco and Sainsbury’s balancing value and pr

  20. Slide 20: Volume Growth in Pig Meat and Chicken

    VOLUME GROW TH IN PIG MEAT AND CHICKEN C H I L L E D C AT E G O R Y V O L U M E C H A N G E • Pig meat and chicken gaining market share OTHER • Offer good value for money and low inflation 6.0% • All chicken categories in growth 4.0% • Pig meat volumes increasing although +4.3% bacon hit by warm sum

  21. Slide 21: Volume Growth Across the Food Portfolio

    VOLUME GROW TH ACROSS THE FOOD PORTFOLIO CATEG O RY SA LE S H1 F Y26 SHARE OF PORTFOLIO CHANGE CATEGORY VALUE VOLUME Fresh Pork1 +5.0% +7.7% Convenience2 +7.1% +2.0% Gourmet Products3 +15.9% +19.1% Poultry4 +18.5% +4.6% Pet Products +13.6% -1.7% Fresh Pork Convenience Gourmet Products 23% 37% 18% TO

  22. Slide 22: Strategic Innovation Programme Delivered

    STRATEGIC INNOVATION PROGRAMME DELIVERED D E L I V E R I N G VA L U E ENHANCING PREMIUM R E I N F O R C I N G H E A LT H CONVENIENT SOLUTIONS 26 weeks ended 27 September 2025 21

  23. Slide 23: Commercial Priorities Aligned to Guiding Principles

    COMMERCIAL PRIORITIE S ALIGNED TO GUIDING PRINCIPLE S Q UALIT Y VA L U E FOCU S O N D ELIVER I N G Q UALIT Y R E TA I N I N G C O M P E T I T I V E P O S I T I O N AND PREMIUM SU PPO RTED BY I NVE STM ENT I N N O VAT I O N PEOPLE K E E P I N G P R O D U C T S R E L E VA N T L O N G - T E R M PA R T

  24. Slide 24: Positive Commercial Outlook

    POSITIVE COMMERCIAL OUTLOOK STRO N G C H R I STM A S B U S I N E S S G ROW TH B E YO N D F Y2 6 New cooked meats contract Strong volume plan Sole supply of fresh pork and in discount retailer cooked meats to major retailer Record pigs in blankets and Additional customer for added-value turkey Scale

  25. Slide 25: Operating and Strategic Review

    OPERATING AND STRATEGIC REVIEW ADAM COUCH CHIEF EXECUTIVE OFFICER 26 weeks ended 27 September 2025 24

  26. Slide 26: A Strategy Which Delivers Strong & Sustainable Compound Growth

    A STRATEGY WHICH DELIVERS STRONG & SUSTAINABLE COMPOUND GROWTH GROWING, CASH GENERATIVE CORE DRIVEN BY GROWTH IN AFFORDABLE, HEALTHY PROTEINS C O N S O L I DAT E VALUE-ADDED PRODUCT WHICH RESONATES WITH CUSTOMERS EXPANDING VERTICAL INTEGRATION AND INCREASED REINVESTMENT TO DRIVE GROWTH AND EFFICIENC

  27. Slide 27: Maximising Value Through Targeted M&A

    MAXIMISING VALUE THROUGH TARGETED M&A J S R G E N ETI C S BLAKEMANS F R I DAY TH O R PE M I LL Unlocks additional food service Industry leading capabilities Maximises mill efficiency through markets and addresses enhancing competitive advantage delivery of internal demand identified white space Impr

  28. Slide 28: Independent Welfare Review

    INDEPENDENT WELFARE REVIEW • Independent, veterinarian-led review of Cranswick’s pig farming operations now complete with recommendations published in full • Farms visited were compliant with legislation and animal welfare standards • Range of recommendations set out for Cranswick and the wider indu

  29. Slide 29: Summary and Outlook

    SUMMARY AND OUTLOOK R ECO R D P E R FO R M A N C E O N G O I N G I N V E STM E NT PO S ITIV E O UTLOO K Continued investment driving Strong volume-led revenue growth £100m investment in Fresh Pork Hull further volume-led growth Strong earnings growth £25m houmous and dips investment Positive Christm

  30. Slide 30: Our Strategy

    APPENDIX 1 O UR STRAT EGY OUR Creating great tasting PURPOSE Where great food comes from nutritious food; authentically made and sustainably produced GUIDING PRINCIPLES STRATEGIC ENABLERS OUR DIFFERENTIATORS QUALITY VALUE AGRICULTURAL ENTREPRENEURIAL SUPPLY CHAIN LEAN PROCESSING ROOTS SPIRIT INNOVAT

  31. Slide 31: Our Growth History

    APPENDIX 2 O UR GROW T H HISTORY Animal feed Livestock Grain Fresh Pork Cooked Gourmet Mediterranean Gourmet production trading trading production Meats Sausage Foods Bacon 1978 1979 1985 1995 2004 1975 INCORPORATED 1991 1992 2001 Preston Abattoir Sutton Fields Continental Fine Foods £1bn Added-valu

  32. Slide 32: Our Product Portfolio

    APPENDIX 3 O UR P RO DUCT P ORTFOLIO FRESH PORK G O U R M ET SAU SAG E G O U R M ET BACO N S LOW CO O K CO O K E D M E AT S FRESH CHICKEN R E A DY-TO - E AT COATE D C H I C K E N G O U R M ET PA STRY CHICKEN P ET P RO D U C T S C H A RC UTE R I E O LI V E S & A NTI PA STI A M B I E NT FO O D S HOUMO

  33. Slide 33: ESG Ratings Movements

    APPENDIX 4 E SG RATINGS MOVEMENTS RATINGS AGENCY CURRENT RATING LAST ASSESSMENT PREVIOUS ASSESSMENT MOVEMENT FTSE Russell 3.7 Jun 25 3.4 MSCI AAA Apr 25 AA S&P 46/100 Mar 25 41/100 Sustainalytics - ESG rating Medium risk Mar 25 Medium risk = 51.04/100 performance score 39/100 performance score ISS E

  34. Slide 34: Adjusted & Reported Earnings, Tax & Earnings per Share

    APPENDIX 5 ADJUSTED & REP O RTED EA RNI NGS , TAX & EARN IN GS PER SH ARE ADJUSTED & REPORTED EARNINGS (£M) H1 FY26 H1 FY25 TAX (%) H1 FY26 H1 FY25 Adjusted operating profit 113.0 99.6 Headline tax rate 25.0 25.0 Net IAS 41 movement 5.1 (3.4) Disallowed expenses 1.3 1.1 Acquisition related amortisat

  35. Slide 35: Balance Sheet and Cash Flow

    APPENDIX 6 BA LA NCE SHEET A ND CASH FLOW BALANCE SHEET (£M) H1 FY26 H1 FY25 STATUTORY CASH FLOW (£M) H1 FY26 H1 FY25 Investments 0.1 0.9 Cash generated from operations 121.0 127.2 PPE 679.9 533.8 Tax paid (20.9) (20.6) Intangible assets 221.0 211.9 Net cash from operating activities 100.1 106.6 ROU

  36. Slide 36: Free Cash Flow

    APPENDIX 7 FREE CASH FLOW FREE CASH FLOW (£M) H1 FY26 H1 FY25 Net cash from operating activities 100.1 106.6 Net interest paid (3.1) (1.2) Free cash flow 97.0 105.4 FREE CASH CONVERSION (£M) H1 FY26 H1 FY25 Free cash flow 97.0 105.4 Non-growth capital expenditure (20.2) (13.2) Net IAS 41 valuation m

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Cranswick — H1 FY26 Earnings Presentation on 6ix