Eurocell Plc · LSE:ECEL
Eurocell — FY2025 Earnings Presentation
31 slides from Eurocell's earnings presentation, Mar 19, 2026
Slide 1: Full Year Results 2025
eurocell Full Year Results 2025
Slide 2: Contents
Contents Agenda Presenters Overview Will Truman Financial Review Michael Scott Strategy Update 2
Slide 3: Overview
Overview Revenue Will Truman – Chief Executive £403.5m ▲ 13% 2024 Resilient financial performance and a strong contribution from Alunet Adjusted operating profit Continuing focus on operational improvements, cost reduction and £24.1m ▲ 6% 2024 cashflow management Further progress with 5-year strateg
Slide 4: Financial Review
FINANCIAL REVIEW 4
Slide 5: Financial Highlights
Financial Highlights Michael Scott – Chief Financial Officer Revenue Adjusted operating profit Adjusted earnings per share £403.5m £24.1m 14.6p ▲ 13% 2024: £357.9m ▲ 6% 2024: £22.8m ▲ 1% 2024: 14.4p Net cash from operating activities Net debt (pre-IFRS 16) Total dividends £48.4m £22.1m 6.4p per shar
Slide 6: Financial Performance
Financial Performance Income Statement £m 2024 2025 Change ► 2025 non-underlying items £6.8m (2024: £6.2m) - £4.2m implementation costs for ERP systems replacement (total to date £6.4m) Revenue 357.9 403.5 ▲ 13% - £1.8m termination costs in respect of restructuring Gross profit 188.3 205.3 - £0.8m A
Slide 7: Sales
Sales Resilient Despite Continued Subdued Market Conditions Sales 410 ▲ 13% 400 403.5 390 380 £m 370 360 357.9 46.7 350 (3.5) 6.0 340 (13.0) 9.4 330 (1) FY 2024 Profiles volume Branch Network Branch Network Selling prices Alunet FY 2025 underlying strategic volume initiatives ► Sales ▲ 13%, with org
Slide 8: Adjusted Operating Profit
Adjusted Operating Profit Strong Contribution from Alunet Adjusted operating 30 profit ▲ 6% 25 24.1 22.8 1.2 20 3.1 (0.8) 0.8 4.8 (4.8) 1.8 £m 15 (8.6) 3.8 10 5 - (1) FY 2024 Volume Margin New branches Other strategic Alunet Labour inflation Variable labour 2025 cost Other FY 2025 initiatives costs
Slide 9: Capex
Capex Investing to Drive Strategic Plan ► 2025 capex £11.8m (2024: £10.7m) Total Capital Expenditure and Allocation - £3.7m new branches, branch relocations and refurbishments - Remainder largely maintenance capex £m 2021 2022 2023 2024 2025 ► 2026 capex guidance c.£15m Manufacturing capacity 7 4 1
Slide 10: Cash Flow
Net Debt Reconciliation Cash Flow £m 2024 2025 Change Cash and overdraft (2.6) 6.3 8.9 Strong Balance Sheet Borrowings (0.5) (27.7) (27.2) Deferred consideration - (0.7) (0.7) Net debt (pre-IFRS 16) (3.1) (22.1) (19.0) IFRS 16 leases (59.4) (76.1) (16.7) 60 Net debt (62.5) (98.2) (35.7) 45 51.5 (1)
Slide 11: Capital Allocation Policy
Capital Allocation Policy Focused on Shareholder Returns Driving shareholder returns through a combination of ordinary dividends and share buybacks 1 2 3 4 5 Organic Ordinary No share Selective Supplementary investment dividend dilution acquisitions distributions ► Prioritise organic ► Recognise imp
Slide 12: Financial Summary
Financial Summary Including Technical Guidance for 2026 ► Resilient financial performance Guidance (post-IFRS 16) 2025 2026 Reported Guidance - Adjusted operating profit up 6% - Continuing focus on cost reduction and cash flow management Underlying Income Statement - Cash conversion remains good Dep
Slide 13: Strategy Update
STRATEGY UPDATE 13
Slide 14: Strategy
Strategy An Ambitious Strategy ► Strategy launched at the beginning of 2024 - Pathway to building a bigger, stronger and more profitable business ► Anticipated a modest market recovery - But trading conditions have deteriorated and remain weak - Sales and operating profits reported to date are below
Slide 15: Alunet Acquisition
Alunet Acquisition March 2025 CUSTOMER GROWTH Aluminium Share of UK Door and Window Market ► Compelling strategic fit Volume Value - Addresses growing trend towards aluminium in residential fenestration - Significantly strengthens position in composite doors - Adds garage doors to product portfolio
Slide 16: Alunet Acquisition: Strong Post-acquisition Performance
Alunet Acquisition Strong Post-acquisition Performance CUSTOMER GROWTH Alunet Systems Comp Door Garage doors 2025 sales of £17.6 million(1), up 26% v 2024 2025 sales of £17.9 million(1), up 41% v 2024 2025 sales of £11.2 million(1), up 12% v 2024 • Full range of window and door solutions incl. bi-fo
Slide 17: Branch Network Strategy Overview
Branch Network Strategy Overview CUSTOMER GROWTH BRANCH NETWORK STRATEGY UPDATE We are optimising our and continuing to invest in to provide a great place to where we can grow our Branch Network… our branch proposition… work for our colleagues… core and new ranges • Estimated optimum network size of
Slide 18: Branch Network Key Strategic Initiatives
Branch Network Key Strategic Initiatives CUSTOMER GROWTH New branches and relocations Customer loyalty scheme (launched June 2025) BRANCH NETWORK New branch Power Up members Relocated branch qualify for savings on top c.7,000 brands across retail, Member hospitality, leisure, tech, Customers Discoun
Slide 19: Windows, Doors and Fabricators
Windows, Doors and Fabricators Key Strategic Initiatives CUSTOMER GROWTH Windows and doors PVC Profiles (fabricators) Sales of windows and doors (£m) Sector-led strategy to become the number 1 sustainable choice for fabricators across the UK ▲ 26% vs 2023 ▲ 38% vs Q4 2023 ▲ 12% vs 2024 ▲ 21% vs Q4 2
Slide 20: Extended Living Spaces and Digital Growth
Extended Living Spaces and Digital Growth Key Strategic Initiatives CUSTOMER GROWTH Extended living spaces Digital growth Sales: £9.6m Sales: £6.6m ▲ 117% vs 2023 (£4.4m) ▲ 118% vs 2023 (£3.0m) Growth: Growth: ▲ 9% vs 2024 (£8.8m) ▲ 40% vs 2024 (£4.7m) 2025 Performance 2025 Performance • Launched fo
Slide 21: Group Strategy
Group Strategy Key Strategic Initiatives PEOPLE FIRST BUSINESS EFFECTIVENESS ESG LEADERSHIP People First Business Effectiveness ESG Leadership Target Net Zero by 2045 Metrics shown are per 2025 Performance Health and safety KPIs Integrated branch trading million hours worked and ERP systems • Use of
Slide 22: Summary and Outlook
Summary and Outlook Resilient financial performance and a strong contribution from Alunet Continuing focus on operational improvements, cost reduction and cashflow management Further progress with 5-year strategy Driving shareholder returns through ordinary dividends and share buybacks Confident in
Slide 23: Appendix
APPENDIX 23
Slide 24: Eurocell Product Range
Eurocell Product Range Ranges of window profile Ranges of doors Fascias, soffits and Traded goods guttering Standard products Conservatories, skylights Windows Garden rooms Patio and bi-fold doors and Equinox tiled roofs Made-to- order products 24 Note: Alunet product range is covered separately wit
Slide 25: Profiles Division
Profiles Division ► Manufactures: - Extruded rigid and foam PVC profiles using virgin PVC compound - Rigid products also include recycled compound ► Recycles: - Factory offcuts (post-industrial) and old windows (post-consumer waste) ► Sells: - Rigid PVC profiles to a network of c.400 third party fab
Slide 26: Branch Network Division
Branch Network Division ► Sells: - Range of Eurocell manufactured and branded PVC foam roofline and window fitting / maintenance products - Third party manufactured ancillary products: sealants, tools and rainwater products - Vista doors - Windows fabricated by third parties using products manufactu
Slide 27: Divisional Review
Profiles Division P&L Divisional Review £m 2024 2025 Change 2025 Performance 3rd party revenue 146.1 146.7 ▲ 1% ► Profiles Inter-segmental revenue (1) 63.7 61.5 ▼ 3% - Sales up 1%, with volumes down 2% • Reduced RMI activity through our trade fabricators, partially offset by some modest improvement
Slide 28: Working Capital
Working Capital Efficient Cash Flow Management ► 2025 inflow from working capital £3.7m (2024: outflow £0.2m) Key Working Capital Metrics (organic business) ► Organic stock days at 89 vs 85 at December 2024 Stock Days Debtors Days - Stocks ▲ £0.2m 2024 85 27 ► Organic debtor days at 26 vs 27 at Dece
Slide 29: Environmental and Social
Environmental and Social Targets and KPIs KPI 2024 Result 2025 Result Target Link to UN SDGs Environmental – circular economy No more than 5% waste to landfill by 2025 and 1% Waste to landfill % landfill 2.5% 3.9% by 2030 Increase of 2% per annum in waste recycled (to Waste recycled % recycled 69% 6
Slide 30: Sustainable Construction
Sustainable Construction A Commercial Opportunity ESG LEADERSHIP ► Industry context and drivers - Climate urgency, government regulation and consumer demand are pushing the sector toward sustainability Logik Windows and Doors - Homeowners increasingly value lower energy bills, comfort and greener li
Slide 31: eurocell
eurocell