Burberry Group Plc · LSE:BRBY
Burberry — H1 FY26 Earnings Presentation
27 slides from Burberry's earnings presentation, Nov 13, 2025
Slide 1: Interim Results
INTERIM RESULTS 13th November 2025 1 Opening Remarks 2 Financial Results 3 Business Update 4 Q&A
Slide 2: Burberry Forward | Year 1 Proof Points
“One year into Burberry Forward, my belief in this extraordinary British luxury house is stronger than ever” 3 BURBERRY FORWARD | YEAR 1 PROOF POINTS 1 Increase in brand desirability Reconnected with customers with sequential 2 improvement in new and returning Customers Improved Full Price sell-thro
Slide 3: Summary of H1 FY26 Financial Performance
1 Opening Remarks 2 Financial Results 3 Business Update 4 Q&A SUMMARY OF H1 FY26 FINANCIAL PERFORMANCE • Comparable retail sales flat in H1 • Returned to growth in Q2 +2% • Total revenue £1.03bn • -3% at CER; -5% reported • Adjusted operating profit £19m • Margin 1.8% CER and 1.9% reported • Adjuste
Slide 4: Implemented Actions to Drive Sustainable Performance
IMPLEMENTED ACTIONS TO DRIVE SUSTAINABLE PERFORMANCE PROFITABILITY GROSS MARGIN INVENTORY OPEX CASH WHAT WE • Restore profitability • Rebuild gross margin • Restore scarcity to the • Reassess cost base and • Drive cash generation SAID inventory model deliver £80m cost and strengthen long-term saving
Slide 5: H1 FY26 | Regional Retail Comparable Sales
H1 FY26 | REGIONAL RETAIL COMPARABLE SALES GROUP H1 0% Q1 -1% Q2 +2% GREATER CHINA EMEIA H1 -1% AMERICAS H1 +1% Q1 -5% H1 +3% Q1 +1% Q2 +3% Q1 +4% Q2 +1% FY25 Total Retail Sales Q2 +3% ASIA PACIFIC Greater China Asia Pacific H1 -2% 30% 18% (Mainland Q1 -4% China 24%) Q2 0% EMEIA 30% Americas 22% (US
Slide 6: H1 FY26 | Key Drivers of Gross Margin
H1 FY26 | KEY DRIVERS OF GROSS MARGIN +410bps CER 67.9% Rpt 67.6% CER Transformation benefits Inventory actions 63.4% Gross Margin Gross Margin H1 FY25 H1 FY26 11 H1 FY26 | FREE CASH FLOW AND LEVERAGE H1 FY26 H1 FY25 £m Adjusted operating profit/(loss) 19 (41) Depreciation and amortisation 188 199 W
Slide 7: FY26 Outlook
FY26 OUTLOOK We are still in the early stages of our turnaround and the macroeconomic environment remains uncertain. Our focus this year is to build on the early progress we have made in reigniting brand desire, as a key requisite to growing the topline. We expect to see the impact of our initiative
Slide 8: Burberry Forward
“As we enter year two of Burberry Forward, our confidence continues to grow – this is the right path to restore brand relevance and value creation” 15 BURBERRY FORWARD OUR STRATEGY TO DELIVER SUSTAINABLE VALUE CREATION 1 TIMELESS BRITISH LUXURY Juxtaposition of heritage and innovation PLACE CUSTOMER
Slide 9: Burberry Forward
BURBERRY FORWARD OUR STRATEGY TO DELIVER SUSTAINABLE VALUE CREATION 1 TIMELESS BRITISH LUXURY Juxtaposition of heritage and innovation PLACE CUSTOMER AT THE CENTRE OF 2 LEAD WITH OUTERWEAR Earn authority in other categories; fewer bigger ideas EVERYTHING WE DO 3 ALIGN DISTRIBUTION WITH PRODUCT & CUS
Slide 10: Brand | Deliberate and Disruptive Product and Marketing Initiatives
19 BRAND | DELIBERATE AND DISRUPTIVE PRODUCT AND MARKETING INITIATIVES WITH BROAD UNIVERSAL APPEAL JUXTAPOSITION OF HERITAGE AND INNOVATION ACROSS ALL CONSUMER TOUCHPOINTS UNIVERSALLY APPEALING IMAGERY CELEBRATE OCCASIONS WITH LEVERAGE BALANCING TOWN & COUNTRY WARMTH AND WIT 170TH ANNIVERSARY 20
Slide 11: Brand | Juxtaposition of Heritage and Innovation Across All Consumer Touchpoints
BRAND | JUXTAPOSITION OF HERITAGE AND INNOVATION ACROSS ALL CONSUMER TOUCHPOINTS ICONS CELEBRATING BURBERRY AUTHENTICITY Olivia Dean Tommy Paul & Jack Draper 21 _____________ 22
Slide 12: Brand | Increasing Investment in Lunar New Year
23 BRAND | INCREASING INVESTMENT IN LUNAR NEW YEAR STORE WINDOW PRODUCT CAPSULE 24
Slide 13: Burberry Forward
BURBERRY FORWARD OUR STRATEGY TO DELIVER SUSTAINABLE VALUE CREATION 1 TIMELESS BRITISH LUXURY Juxtaposition of heritage and innovation PLACE CUSTOMER AT THE CENTRE OF 2 LEAD WITH OUTERWEAR Earn authority in other categories; fewer bigger ideas EVERYTHING WE DO 3 ALIGN DISTRIBUTION WITH PRODUCT & CUS
Slide 14: Product | Synchronicity Between Runway and Commercial
PRODUCT | SYNCHRONICITY BETWEEN RUNWAY AND COMMERCIAL WINTER 25 SUMMER 26 Winter 25 runway Winter 25 collection Summer 26 runway Summer 26 collection 27 PRODUCT | ADDRESSING PRODUCT NEEDS AND EMBEDDING CUSTOMER INSIGHTS Priority segments TARGET SEGMENTS OPINIONATED INVESTOR CONSERVATIVE HEDONIST ASP
Slide 15: Product | Moving Forward with Confidence
PRODUCT | MOVING FORWARD WITH CONFIDENCE EARN AUTHORITY IN OTHER CATEGORIES; FEWER BIGGER IDEAS REFRESH HERITAGE BUILD WARDROBING STRENGTHEN ACCESSORY TRENCH ASSORTMENT WITH AUTHORITY ASSORTMENT 29 BURBERRY FORWARD OUR STRATEGY TO DELIVER SUSTAINABLE VALUE CREATION 1 TIMELESS BRITISH LUXURY Juxtapos
Slide 16: Distribution | Increasing Density, Category Destinations and Cross-Category Merchandising
DISTRIBUTION | INCREASING DENSITY, CATEGORY DESTINATIONS AND CROSS-CATEGORY MERCHANDISING FROM TO Marina Bay Sands – May ‘24 Marina Bay Sands – Aug ‘25 31 DISTRIBUTION | 200 SCARF BARS BY YEAR-END FROM TO Regent St – Jul ‘25 Regent St – Oct ‘25 32
Slide 17: Distribution | Accelerating E-Commerce
DISTRIBUTION | ACCELERATING E-COMMERCE EVOLVED PRODUCT STORYTELLING ELEVATED STYLING & IMAGERY PRODUCT PERSONALISATION SHOPABLE LOOKS FROM CAMPAIGNS WORDMARK PRODUCT PRODUCT MONOGRAMMING AND PERSONALISATION 33 DISTRIBUTION | WHAT’S NEXT FOR RETAIL PROMINENCE, PRODUCTIVITY AND PROFITABILITY TRENCH AN
Slide 18: Distribution | Leveraging Key Partners to Amplify Brand Visibility
DISTRIBUTION | LEVERAGING KEY PARTNERS TO AMPLIFY BRAND VISIBILITY ENGAGING NEW CUSTOMERS EXPANDING REACH 35 DISTRIBUTION | LEVERAGING KEY PARTNERS TO AMPLIFY BRAND VISIBILITY 36
Slide 19: Burberry Forward
BURBERRY FORWARD OUR STRATEGY TO DELIVER SUSTAINABLE VALUE CREATION 1 TIMELESS BRITISH LUXURY Juxtaposition of heritage and innovation PLACE CUSTOMER AT THE CENTRE OF 2 LEAD WITH OUTERWEAR Earn authority in other categories; fewer bigger ideas EVERYTHING WE DO 3 ALIGN DISTRIBUTION WITH PRODUCT & CUS
Slide 20: ESG | We Will Maintain Our Steadfast Commitment to Acting Responsibly
ESG | WE WILL MAINTAIN OUR STEADFAST COMMITMENT TO ACTING RESPONSIBLY PRODUCT PLANET PEOPLE COMMUNITIES Responsible Become net zero Diversity, Equity and Inclusion Positively impact craftsmanship and protect nature and people in our supply chain young people 39 40
Slide 21: Summary | Accelerating & Executing Our Plan to Deliver Sustainable Performance
SUMMARY | ACCELERATING & EXECUTING OUR PLAN TO DELIVER SUSTAINABLE PERFORMANCE PLACE C U S T O M E R AT THE CENTRE OF EVERYTHING WE DO BURBERRY FORWARD Mid-term 1 TIMELESS BRITISH LUXURY SUSTAINABLE PROFITABLE GROWTH 2 LEAD WITH OUTERWEAR • Outperform Revenue Growth 3 ALIGN DISTRIBUTION WITH PRODUCT
Slide 22: Questions
1 Opening Remarks 2 Financial Results 3 Business Update 4 Q&A QUESTIONS
Slide 23: Thank You
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Slide 24: Disclaimer
DISCLAIMER The financial information contained in this presentation is unaudited. Certain statements made in this announcement are forward-looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to d
Slide 25: Alternative Performance Measures
ALTERNATIVE PERFORMANCE MEASURES APM Description and purpose GAAP measure reconciled to Adjusted Profit/(loss) Adjusted profit/(loss) measures are presented to provide Reported profit/(loss): additional consideration of the underlying performance of the A reconciliation of reported profit/(loss) bef
Slide 26: FY26 | Financial Outlook
FY26 | FINANCIAL OUTLOOK Retail space Space is expected to be broadly stable in FY26. REVENUE Wholesale Wholesale revenue is expected to decline by around mid-single digit % in FY26. Annualised cost savings expected to be £80m in FY26, of which £24m was OPEX delivered in FY25. ADJUSTING ITEMS Restru
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