Slide 1: FY25 Annual Results Presentation
FY25 ANNUAL RESULTS PRESENTATION 25 JUNE 2025 Built for better cooking
Slide 2: Agenda
AGENDA a HIGHLIGHTS FINANCIAL STRATEGY CURRENT SUMMARY Q&A REVIEW UPDATE TRADING AND OUTLOOK Lee Tappenden Dan Walden Lee Tappenden Dan Walden Lee Tappenden CEO CFO CEO CFO CEO
Slide 3: FY25 Highlights
FY25 HIGHLIGHTS • Trading momentum building quarter by quarter Revenue EBITDA • Record sales performance for full year £69.5m £8.9m +11% YoY +31% YoY • Outperformed the kitchenware market by 7% New customers L12M active customers • Record new customer acquisition and L12M active customers 737k 1.13m
Slide 4: Enhancing value through own brand, direct to consumer model
ENHANCING VALUE THROUGH OWN BRAND, DIRECT TO CONSUMER MODEL • Direct-sourced own-brand product range through well established supplier base • Offers better value for customers • Enables 65%+ gross margins • Operate own stores and website enabling excellent service • 135,000+ 5-star reviews received
Slide 5: Financial Review
FINANCIAL REVIEW Built for better cooking
Slide 6: Financials strengthening
FINANCIALS STRENGTHENING REVENUE GROSS PROFIT UNDERLYING EBITDA FY25 +11.0% £69.5m FY25 +11.2% £45.7m FY25 +31.3% £8.9m FY24 £62.6m FY24 £41.1m FY24 £6.8m FY23 £62.3m FY23 £38.3m FY23 £5.5m LFL REVENUE % GROSS MARGIN NET CASH/ DEBT FY25 4.9% FY25 +10bps 65.8% FY25 £1.0m FY24 (2.0%) FY24 65.7% FY24 £
Slide 7: Both channels performing well with strong LFL growth
BOTH CHANNELS PERFORMING WELL WITH STRONG LFL GROWTH Revenue growth by channel (£m) 75 Retail +10.3% YoY Ecomm +12.3% YoY Total 73 +11.0% YoY +4.9% LFL 71 +10.3% LFL 0.4 69.5 2.3 69 67 3.6 65 +1.5% LFL 0.6 63 62.6 61 59 57 55 FY24 LFL Retail Non-LfL Retail LFL Ecomm Non-LfL Ecomm FY25 LFL (Like For
Slide 8: Encouraging momentum in revenue growth
ENCOURAGING MOMENTUM IN REVENUE GROWTH Total sales growth of +11% to £69.5m in FY25, with LFL sales growth of +4.9% 17.8% 11.2% 8.8% 5.0% 5.6% 3.0% (2.5%) (1.8%) (6.7%) (7.6%) (9.7%) (22.6%) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY23 FY24 FY25
Slide 9: Gross margin improving trend through the year, returning to our target range
GROSS MARGIN IMPROVING TREND THROUGH THE YEAR, RETURNING TO OUR TARGET RANGE Gross margin % quarterly trend 70% • Freight impact –180bps • FX impact +150bps 68% • Other +40bps 67.6% 67.8% 67.2% 66% 64% 62% 60% 58% 56% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY22 FY23 FY24 FY25
Slide 10: Disciplined execution and improved cost leverage driving EBITDA margin expansion
DISCIPLINED EXECUTION AND IMPROVED COST LEVERAGE DRIVING EBITDA MARGIN EXPANSION EBITDA margin % 0.3% 12.8% 0.4% 0.3% 0.9% 10.9% 0.1% 2.1% (2.2%) Gross profit Marketing efficiency Central cost savings Channel mix FY24 EBITDA % Pay inflation and reward Retail cost leverage Central cost leverage FY25
Slide 11: Income Statement
INCOME STATEMENT £m FY25 FY24 • Underlying operating profit +51% YoY, with OP margin strengthening to 4.6% Revenue 69.5 62.6 Gross profit 45.7 41.1 • Operating expenses up £3.5m year on year driven by: GP% 65.8% 65.7% • Stores costs including the 12 new openings: £1.5m Net operating costs (42.5) (39
Slide 12: Compelling new store payback
COMPELLING NEW STORE PAYBACK FY25 Ave Small Large opening +7% Halo effect on web (6 month measure, 10 mile radius) FY sales £600k £1,000k £900k Square feet 2,200 3,000 2,850 2-3 years Time to maturity Occupancy cost 20% 25% 25% Labour 20% 15% 15% 34,000 sq ft FY25 new retail space added Cash contrib
Slide 13: Maturing stores will benefit operating profit growth in FY26 and beyond
MATURING STORES WILL BENEFIT OPERATING PROFIT GROWTH IN FY26 AND BEYOND Store maturity and accounting impact on EBITDA and operating profit OP represents ~25% OP represents ~75% OP represents ~85% of EBITDA in Y3 onwards of EBITDA in Y1 of EBITDA in Y2 Y0 Y1 Y2 Y3 Y4 Y5 EBITDA OP Note: Above analysi
Slide 14: Maintaining strong free cash flow, with self-funded growth investment
MAINTAINING STRONG FREE CASH FLOW, WITH SELF-FUNDED GROWTH INVESTMENT Increased investment capex (£4.1m total in year) primarily for new store openings 3.8 NWC inflow of £2.2m (FY24: £3.6m due to inventory reduction LY) reflecting improved terms negotiated with key suppliers (1.4) offsetting invento
Slide 15: Strategy Update
STRATEGY UPDATE Built for better cooking
Slide 16: Delivering on our strategic plan
DELIVERING ON OUR STRATEGIC PLAN Grow brand 1. Accelerate profitable awareness and Resilient 2. Improve operating customer sales growth engagement and efficiency Scalable Best in class Tech 11% growth in sales, record customer ACCELERATING WTH IMP Improved marketing and service RO RO customer number
Slide 17: Investing in new stores
INVESTING IN NEW STORES 12 • • £10m+ mature sales expectation 2m extra store footfall p.a. New stores opened • 2Y anticipated payback in FY25 5 • • 3 opened already in Q1 FY26 Pipeline forming for current year New retail stores • Expect 5-10 net new stores in FY26 committed for FY26 • New format des
Slide 18: Strengthening our product offer
STRENGTHENING OUR PRODUCT OFFER • New product launches accelerating • Phases 3 & 4 of electricals launched (>5% sales in Q4) • New Bi-ply, Cast Iron, Damascus Elite ranges • Adding seasonal relevance and stronger promotional campaigns • Expanded Black Friday campaign (>20% LFL) • Improved Christmas
Slide 19: Launch of our own-brand coffee machines beating our expectations
LAUNCH OF OUR OWN-BRAND COFFEE MACHINES BEATING OUR EXPECTATIONS POD: £149 ESPRESSO: £199 BARISTA: £399 BARISTA ELITE: £599 Comp: £189 Comp: £399 Comp: £700 to 1,049 Comp: £1,500 to 2,099 “ It's a total steal at this price, leaving me wondering how ProCook has packed in this much quality to a machin
Slide 20: Delivering best in class omnichannel service
DELIVERING BEST IN CLASS OMNICHANNEL SERVICE Improving conversion and ATV • Maintained 5-star Trustpilot Excellent rating • Retail service: • New Retail Director • Regional trainers • Ecomm experience: • Basket, Navigation, BYO, Recipes • Tokenised baskets • Omnichannel benefits: • Gift cards and re
Slide 21: Growing brand awareness and customer engagement
GROWING BRAND AWARENESS AND CUSTOMER ENGAGEMENT Growing our retail estate, >150m centre visitors, Record customer bespoke launch campaigns for each store numbers Expanding reach through social media, website 737k new customers traffic from social channels +130% YoY +7% YoY 1.13m L12M active Adding m
Slide 22: Improving operating efficiency with robust cost discipline
IMPROVING OPERATING EFFICIENCY WITH ROBUST COST DISCIPLINE Supply Chain Resilient and scalable Cost discipline Transformation technology • New delivery partner • Website A/B testing • Marketing efficiency • Caged deliveries to stores • Attribution tools • Retail labour scheduling • Reducing shrinkag
Slide 23: Doing business the right way for our colleagues, communities and customers
DOING BUSINESS THE RIGHT WAY FOR OUR COLLEAGUES, COMMUNITIES AND CUSTOMERS A GREAT PLACE TO WORK BEING A FORCE FOR GOOD • Record colleague engagement score 77% • BCorp re-certification • Rank 61 by UK Best Places to WorkTM • £21k raised for FoodCycle • Holiday and Retail weekend working • £50k raise
Slide 24: Current Trading and Outlook
CURRENT TRADING AND OUTLOOK Built for better cooking
Slide 25: Good start to Q1 FY26, building on established momentum
GOOD START TO Q1 FY26, BUILDING ON ESTABLISHED MOMENTUM £m Q1 FY26 Q1 FY25 YoY% • Total LFL of +2.0% marking sixth consecutive quarter Revenue 12.8 11.3 13.7% of LFL growth Ecommerce 4.4 4.1 8.2% Retail 8.4 7.2 16.9% • New stores supporting 16.9% year on year growth in retail channel LFL Revenue1 11
Slide 26: FY26 Outlook
FY26 OUTLOOK P&L • 5 to 10 net new stores • Annualisation of new stores opened last year • Low single-digit LFL revenue growth, weighted towards Ecommerce • Improvement in GM% anticipated (~50-100bps) • Operating efficiencies offsetting inflationary and NIC pressures • H1 typically ~40% of FY sales,
Slide 27: Operating margins improve with leverage of fixed cost base and as new stores reach maturity
OPERATING MARGINS IMPROVE WITH LEVERAGE OF FIXED COST BASE AND AS NEW STORES REACH MATURITY Revenue ambition £m 1-2 100 100 15 - 25 5 - 10 5 - 10 2-5 UK retail stores 63 £100m FY24 New stores Product offer Operating profit margin % ambition Service Brand Supply chain MT mission Revenue 3% - 4% 10% 1
Slide 28: Summary
SUMMARY Built for better cooking
Slide 29: Confident of delivering medium term plan
CONFIDENT OF DELIVERING MEDIUM TERM PLAN 100 UK STORE ESTATE £100m REVENUE 10% OPERATING PROFIT MARGIN MT plan 100 MT plan 100 MT plan 10.0% FY25 66 FY25 69.5 FY25 4.6% FY24 57 FY24 62.6 FY24 3.3% New strategy launch FY23 55 FY23 62.3 FY23 1.2% 0 50 100 0 50 100 0% 5% 10% ON TRACK ON TRACK ON TRACK
Slide 30: Summary
SUMMARY Confident in Strong trading Improved financial Transitioning to a Clear plan to business model momentum, growing performance and high-performance accelerate and customer our customer base position culture, leadership profitable growth proposition team now well established STEP CHANGE IN MOME
Slide 31: Appendices
APPENDICES Built for better cooking
Slide 32: An experienced retail leadership team to drive strategy execution
AN EXPERIENCED RETAIL LEADERSHIP TEAM TO DRIVE STRATEGY EXECUTION Lee Tappenden Dan Walden Laurie Houghton CEO CFO Commercial Director • Lee joined ProCook in September • Dan joined ProCook in May 2021 • Laurie Houghton joined ProCook as 2023 and has extensive retail • Previously CFO of Booking.com
Slide 33: Financial Position
FINANCIAL POSITION £m 30 March 2025 31 March 2024 Non-current assets 11.4 8.9 Right of use assets 21.0 20.5 Inventories 12.1 9.7 Trade and other receivables 2.4 3.7 Corporation tax 0.1 0.2 Cash and cash equivalents 2.8 2.0 Total current assets 17.4 15.6 Trade and other payables (14.0) (10.4) Lease l
Slide 34: Cash Flow Statement
CASH FLOW STATEMENT £m FY25 FY24 Revolving credit facility Reported profit before tax 1.2 0.7 Facility £10.0m D&A, impairment and loss on disposal 5.7 3.1 Expiry April 2027 Share based payments 0.3 0.2 Committed Yes Finance expense 1.4 1.4 Covenants1 FX losses / (gains) 0.2 (0.4) Leverage: (net debt
Slide 35: Gross margin improving trend through the year, returning to our target range
GROSS MARGIN IMPROVING TREND THROUGH THE YEAR, RETURNING TO OUR TARGET RANGE £m FY25 FY24 YoY% Gross margin % year on year Gross profit 45.7 41.1 11.2% 67% Gross margin % 65.8% 65.7% +10 bps 66% 0.5% 65.8% Ecommerce gross margin % 66.9% 67.5% (40) bps 65.7% 0.1% (0.2%) 1.5% Retail gross margin % 65.
Slide 36: IFRS Impact
IFRS IMPACT £’000 FY25 Underlying FY24 Underlying Reported IFRS 16 Pre-IFRS 16 Reported IFRS 16 Pre-IFRS16 Revenue 69,493 69,493 62,585 62,585 Cost of sales (23,778) (23,778) (21,486) (21,486) Gross profit 45,715 45,715 41,099 41,099 Operating expenses (36,842) (4,722) (41,564) (34,352) (4,467) (38,
Slide 37: Glossary
GLOSSARY 12m 12 month full financial year period HHT Hand Held Terminal bps Basis points KPI Key Performance Indicator BYO Build Your Own L12M Last 12 Months D&A Depreciation and Amortisation LFL Like for Like EBITDA Earnings before interest, tax, depreciation and amortisation IPO Initial Public Off