Howden Joinery Group Plc · LSE:HWDN

Howden Joinery — Investor Presentation (July 2026)

15 slides from Howden Joinery's investor presentation, July 2026

  1. Slide 1: An introduction to Howdens

    An introduction to Howdens July 2026 The UK’s #1 Specialist Kitchen and Joinery Supplier

  2. Slide 2: We are the UK's leading specialist trade-only kitchen and joinery supplier

    We are the UK’s leading specialist trade-only kitchen and joinery supplier 2025 FINANCIAL HIGHLIGHTS ATTRACTIVE END MARKETS % Howdens revenue £2.4bn £355m 62.7% 90% Residential 95% Revenue Operating profit Gross margin Repair, Maintenance, Improvement (RMI) 49.2p 21.9p £345m Basic EPS Total dividend

  3. Slide 3: We help our trade customers achieve exceptional results

    We help our trade customers achieve exceptional results Empowered depot teams support the needs of the local builder CORE STRENGTHS*  Trade only focus and the best local prices.  Local delivery model – 85% of customers are 891 500k+ less than 5 miles from a Howdens depot.  Product leadership - al

  4. Slide 4: Differentiated model focused on our trade relationships and service

    Differentiated model focused on our trade relationships and service Market leading Kitchen and Joinery Trade only: An empowered, depot-led business, product ranges focused on our customers’ needs close to the trade Knowledgeable depot teams Products immediately available locally Competitive confiden

  5. Slide 5: Large and attractive markets with significant future growth potential

    Large and attractive markets with significant future growth potential UK market by revenue1 UK market revenue by vendor category1 Contract specialists 9% 26% Trade specialists Independents 34% 31% Retail Kitchens Joinery Howdens £6bn £5bn £2.3bn £11bn* * Established Kitchens and joinery markets only

  6. Slide 6: The long-term drivers of the kitchen and joinery market support continued growth

    The long-term drivers of the kitchen and joinery market support continued growth Structural drivers Recent trends  The UK population could reach nearly 74 million by 2036 with net  More than a quarter of working adults in Great Britain (28%) were migration fuelling the rise. The UK population will

  7. Slide 7: DIY Kitchens acquisition - compelling financial logic

    DIY Kitchens acquisition - compelling financial logic EBIT MARGIN 27% £136m REVENUE  Acquisition completed on 23 June 2026 5-year CAGR +17%  Enterprise value £390m – cash and debt-free basis 1  Attractive EBITDA multiple of c.8.5x LTM to 31 March 2026  2025 Revenues £136m, over 17% CAGR over the

  8. Slide 8: DIY Kitchens and Howdens two of the best business models in the UK kitchen industry

    DIY Kitchens and Howdens two of the best business models in the UK kitchen industry  HOWDENS TRADE ONLY MODEL:  Entirely dedicated to trade customers who build their own businesses off the back of our in-stock depot proposition  Net trade customer account base has continued to grow year-on-year 

  9. Slide 9: We have identified the major steps to achieve net zero emissions

    We have identified the major steps to achieve net zero emissions 9

  10. Slide 10: Total kitchen market volumes at the lower end of the longer-term cycle

    Total kitchen market volumes at the lower end of the longer-term cycle Average kitchen market volume Howdens has gained market share through the economic cycle 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/21 2022 2023 2024 2025 Macroeconomic (avg.) headwinds are Sources: JKM

  11. Slide 11: Howdens is a growth compounder with sector leading margins

    Howdens is a growth compounder with sector leading margins £2.4bn Revenue Return on sales (reported) (%) Gross margin (%) 62.7% £0.8bn £355m 56.2% 14.7% £80m 10.3% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 11

  12. Slide 12: Historical sales growth has been robust in previous downturns

    Historical sales growth has been robust in previous downturns Howdens demonstrated greater resilience 35%35% versus peers during …during the …and once the GFC… COVID-19 again in pandemic... 2023 21% 19% 17% 17% 14%14% 14%14% 13% 13% 12% 11% 11% 12% 11% 10% 9% 8% 8% 7% 7% 8% 8% 6% 6% 6% 6% 5% 4% 5% 5

  13. Slide 13: Strong track record of cash generation, investment, and capital returns

    Strong track record of cash generation, investment, and capital returns Over the past 10 years: £3.8bn £901m £814m £760m £495m Generated in operating Invested in capex Returned in ordinary Returned in buybacks cashflow dividends and special dividends £373m £284m £270m £100m £238m £209m £187m £164m £

  14. Slide 14: Howdens' investment case

    Howdens’ investment case Sustainable growth, sector leading margins and strong cash generation A differentiated business model with benefits of scale and local trade relationships A well-established strategy to deliver profitable growth Leading positions in attractive markets with opportunities to g

  15. Slide 15: www.howdenjoinerygroupplc.com www.howdens.com

    www.howdenjoinerygroupplc.com www.howdens.com

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