Slide 1: Optimised for growth
Optimised for growth Stelrad Group plc Results for the year ended 31 December 2025
Slide 2: Agenda
RESULTS FOR THE YEAR Agenda • Overview • Financial review • Business review • Summary and outlook • Q&A Leigh Wilcox Chief Financial Officer Stelrad Group plc 2
Slide 3: Overview
Overview $Stelrad Group plc
Slide 4: Stelrad is Europe's leading radiator manufacturer
OVERVIEW Stelrad is Europe’s leading radiator manufacturer Our core purpose is helping to heat homes sustainably UK & Ireland #1 1,300 £131.3m in hydronic people heat emitters 2025 Group revenue Europe • 15.7% overall market share • 24.2% steel panel market share £279.6m £133.5m • Stelrad is Europe’
Slide 5: Continued progress through the market cycle
OVERVIEW Continued progress through the market cycle • Significant operational improvements and commercial optimisation throughout the Group’s flexible, low cost, manufacturing base • Further progress in adjusted operating profit to £32.5m, a Flexible, lowest-cost 3.0% increase year on year manufact
Slide 6: Financial review
Financial review Stelrad Group pic
Slide 7: Strong adjusted operating profit and strong cash conversion despite revenue decline
FINANCIAL REVIEW Strong adjusted operating profit and strong cash conversion despite revenue decline ↓ 3.8% 4.3% decline in sales volume partially offset by £279.6m Revenue (2024: £290.6m) favourable product mix ↑ 3.0% Ongoing operational excellence and £32.5m Adjusted operating profit (2024: £31.5m
Slide 8: Strong operational performance offsetting challenging market conditions
FINANCIAL REVIEW HIGHLIGHTS Strong operational performance offsetting challenging market conditions Revenue Adjusted operating profit Adjusted EPS Dividends per share £279.6m £32.5m 13.08p 8.09p 2025 279.6 2025 32.5 2025 13.08 2025 8.09 2024 290.6 2024 31.5 2024 13.05 2024 7.79 2023 308.2 2023 29.3
Slide 9: Contribution per radiator improvement led by proactive cost initiatives
FINANCIAL REVIEW HIGHLIGHTS Contribution per radiator improvement led by proactive cost initiatives Radiator volumes sold Premium panel % of steel panel volumes Contribution per radiator 4,617k units 6.4% £20.50 2025 4,617 2025 6.4% 2025 20.50 2024 4,823 2024 6.3% 2024 20.15 2023 5,121 2023 6.2% 202
Slide 10: Volume led revenue decline
REVENUE Volume led revenue decline 2025 2025 2024 Movement Movement Revenue by geographical market £m % of total £m £m % UK & Ireland 131.3 46.9 137.4 (6.1) (4.4) Europe 133.5 47.8 139.0 (5.5) (3.9) Turkey & International 14.8 5.3 14.2 0.6 3.9 Total 279.6 100.0 290.6 (11.0) (3.8) UK & Ireland Europe
Slide 11: Strong management initiatives driving adjusted operating profit
ADJUSTED OPERATING PROFIT Strong management initiatives driving adjusted operating profit £32.5m £31.5m £0.3m £2.1m £1.5m £4.0m £1.0m 2024 Volume Mix Cost initiatives Price / other Dep’tion 2025 • Decrease in sales volumes of 206k units • Mix improvement driven by UK & Ireland • Benefits of in year
Slide 12: Radiator size benefits, cost initiatives and structural currency gains driving profit improvements
ADJUSTED OPERATING PROFIT Radiator size benefits, cost initiatives and structural currency gains driving profit improvements 2025 2024 Movement Movement Adjusted operating profit by geographical market £m £m £m % UK & Ireland 30.0 29.6 0.4 1.4 Europe 7.3 7.9 (0.6) (7.6) Turkey & International 1.2 1.
Slide 13: Above target adjusted operating cash flow conversion, leverage reduced
CASH FLOW Above target adjusted operating cash flow conversion, leverage reduced 2025 2024 Movement £m £m £m EBITDA 44.1 43.5 0.6 Exceptional items – cash items (2.3) — (2.3) Gain on disposal of property, plant and equipment (0.1) (0.1) - Share-based payments 0.7 0.4 0.3 Working capital (0.8) (10.1)
Slide 14: Exceptional items
FINANCIAL REVIEW Exceptional items £m Radiators SpA - Impairment of goodwill 2.7 Radiators SpA - Impairment of customer relationships 1.4 Radiators SpA - Impairment of property, plant & equipment 5.8 Radiators SpA - Inventory provision 2.3 Restructuring costs 2.7 Exceptional items* 14.9 * Of which £
Slide 15: Balance sheet, taxation, dividends and ROCE
BALANCE SHEET, TAXATION, DIVIDENDS AND ROCE Balance sheet, taxation, dividends and ROCE Taxation Dividends • Effective tax rate 34.4% (2024: 29.4%) on an • Final dividend of 5.05 pence, 5% increase adjusted basis on 2024 • Tax rate increased year-on-year due to a 5% • In line with progressive divide
Slide 16: FY26 Technical guidance
TECHNICAL GUIDANCE FY26 Technical guidance • Steel prices expected to rise in 2026 from a low base • Other key input prices are expected to remain stable in 2026, remaining mindful of recent global events • Capital expenditure to rise slightly with a periodic investment in the Group’s IT infrastruct
Slide 17: Business Review
Business Review @Stelrad Group plc
Slide 18: As #1 player with a clear strategy, Stelrad is well positioned for sustainable, profitable growth
OPTIMISED FOR GROWTH As #1 player with a clear strategy, Stelrad is well positioned for sustainable, profitable growth Attractive market Key structural growth Sustainable competitive Clear, consistent Key medium-term opportunity drivers advantages strategic objectives targets Replacement 261m market
Slide 19: Our long-term focus on ten core markets has delivered significant share growth
OPTIMISED FOR GROWTH Our long-term focus on ten core markets has delivered significant share growth • Since 2019, Stelrad has grown share Market Volume Share Position Gains Since 2019 in nine of ten core markets, with double digit growth in six UK 4,661 52.1% #1 +2.4 ppts = Turkey 4,180 7.3% #4 -1.1
Slide 20: Driving product mix – premiumisation
OPTIMISED FOR GROWTH Driving product mix – premiumisation • Designer radiator volume Premiumisation progress has been impacted by lower 2015 - 2025 consumer confidence and 14.9% 14.4% reduced RMI spend 14.3% • Despite this challenging 12.4% economic environment, Stelrad’s designer mix has been broad
Slide 21: Driving product mix - decarbonisation
OPTIMISED FOR GROWTH Driving product mix - decarbonisation • Stelrad’s strategy for Decarbonisation progress - UK increasingly decarbonised 2022 - 2025 heating systems is clear: • Promote high output 33% conventional radiators CAGR • Develop hybrid products for low temperature systems • Introduce el
Slide 22: Progress towards medium-term targets
MEDIUM-TERM TARGETS Progress towards medium-term targets Medium-term target Performance Commentary Market share improvement 1–2% 2024: stable Market share is stable (Data released annually) Underlying contribution per 2025: £20.50 radiator is strong with 2025 Contribution per radiator >£21.0 (2024:
Slide 23: Summary and outlook
Summary and outlook $Stelrad Group plc
Slide 24: Optimised for growth
SUMMARY AND OUTLOOK Optimised for growth Continued market leadership underpinned by operational “ Whilst there remains a level of excellence uncertainty around the timing • Competitive advantages continue to underpin market leadership of a wider market recovery, we • Operational and commercial excel
Slide 25: Questions
Questions roup plc
Slide 26: Appendices
Appendices = = = => = = = = De @Stelrad Group plc
Slide 27: Capital allocation priorities
CAPITAL ALLOCATION Capital allocation priorities Strategic execution Strong free cash flow growth Capital allocation Investment for Shareholders Leverage Selective organic growth returns control acquisitions Continued Via a progressive Targeting a leverage Based on our investment in: dividend policy
Slide 28: Consolidated income statement summary
CONSOLIDATED INCOME STATEMENT SUMMARY 2025 2024 Movement Movement £m £m £m % Revenue 279.6 290.6 (11.0) (3.8) EBITDA(1) 44.1 43.5 0.6 1.3 Adjusted operating profit(1) 32.5 31.5 1.0 3.0 Exceptional items (14.9) — (14.9) n/a Amortisation of customer relationships (0.1) (0.1) — 49.6 Operating profit 17
Slide 29: Consolidated balance sheet summary
CONSOLIDATED BALANCE SHEET SUMMARY 2025 2024 2025 2024 £m £m £m £m Non-current assets Non-current liabilities Property, plant and equipment 72.5 79.2 Interest-bearing loans and borrowings 74.4 83.3 Intangible assets 0.3 4.6 Deferred tax liabilities 0.2 0.2 Trade and other receivables 0.3 0.3 Provisi
Slide 30: Consolidated statement of cash flow summary
CONSOLIDATED STATEMENT OF CASH FLOW SUMMARY 2025 2024 Movement £m £m £m EBITDA(1) 44.1 43.5 0.6 Exceptional items (2.3) — (2.3) Gain on disposal of property, plant and equipment (0.1) (0.1) — Share-based payment charge 0.7 0.4 0.3 Working capital (0.8) (10.1) 9.3 Working capital – exceptional items
Slide 31: With its Fit for the Future strategy, the Group is also making good ESG progress
SUSTAINABILITY With its Fit for the Future strategy, the Group is also making good ESG progress In 2025, Stelrad: • achieved zero Lost Time Incidents for the year at four out of six sites and a 55% reduction in the number of days lost due to incidents compared to 2024 • published Environmental Produ
Slide 32: Disclaimer
DISCLAIMER This presentation is not intended to, and does not constitute or form part of, any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Stelrad Group plc or any other invitation or inducement to en