Slide 1: Half Year Results 2025/26
HALF YEAR RESULTS 2025/26 6 November 2025
Slide 2: Disclaimer
Disclaimer This presentation contains certain statements, There are a number of factors, which may be statistics and projections that are or may be beyond the control of RS Group plc, which could forward looking. The accuracy and completeness of cause actual results and developments to differ all su
Slide 3: Continued progress
Continued progress Simon Pryce Chief Executive Officer 3 RS Group plc – 2025/26 Half Year Results
Slide 4: Creating a better business
Creating a better business… 1. Outperforming uncertain markets 2. Financial performance as expected 3. Benefiting from active management 4. Strategic and operational investment delivering 5. Confidence in long-term value creation …through focus and investment 4 RS Group plc – 2025/26 Half Year Resul
Slide 5: Markets are uncertain, improving in Americas and APAC
Markets are uncertain… PMI1 vs LFL revenue growth Monthly PMI by key market 52 40% Industrial PMI (RS Weighted) 95 51 RS Group LFL revenue growth 30% RS Group LFL revenue growth % 85 50 RS Group weighted PMI Market expansion 49 20% 75 48 65 10% 47 55 0% PMI 50 46 Market contraction 45 45 (10%) 35 44
Slide 6: Continued market share gains
Continued market share gains… Market share performance Digital Suppliers Outperforming Google search volumes (our proxy for Gaining share within suppliers’ high-service distribution market demand) in EMEA 1 channel 3 H1 EMEA Supplier Distribution Channel Share Gains Demand RS revenue growth % Catego
Slide 7: Performing as expected
Performing as expected Kate Ringrose Chief Financial Officer 7 RS Group plc – 2025/26 Half Year Results
Slide 8: Financial performance as expected
Financial performance as expected… Revenue Adjusted operating Adjusted operating Adjusted profit Adjusted earnings (£m) (1)% LFL profit (£m) (7)% LFL profit margin (%) (0.5) pts LFL before tax (£m) (4)% LFL per share (p) (3)% LFL 1,441 133 9.2 118 112 18.5 1,403 122 8.7 17.6 H1 24/25 H1 25/26 H1 24/
Slide 9: Price action benefiting revenue
Price action benefiting revenue… Revenue (£m) 1,500 FX Days 1,441 (22) US digital impact 1 Volume Price upgrade (9) / mix action (10) (24) 27 1,403 1,400 1,300 1,200 H1 2024/25 H1 2025/26 …offset by FX and working days Notes: 1. Temporary operational impact from Americas digital platform upgrade. 9
Slide 10: Flat costs and disciplined cost management
Flat costs and disciplined cost management… Adjusted operating costs (£m) Restructuring (510) Organic & integration H1 2024/25 One-off Restructuring Inflation FX investment benefits & integration one-off cost (13) 5 Volume (5) costs 1 (491) 9 2 costs 1 benefits (483) 4 (482) 3 (4) (483) (479) (480)
Slide 11: Stable operating profit margin
Stable operating profit margin… Adjusted operating profit margin (%) 11% Restructuring Restructuring & integration One-off Organic 10% Inflation & integration benefits cost benefits 2 investment Volume/mix 9.2% (0.3%) cost 0.6% (0.1%) 9.1% (0.4%) (0.7%) 9% 0.3% 8.7% 8% 7% 6% 5% 4% H1 2024/25 1 H1 20
Slide 12: EMEA: Stable performance and taking share
EMEA: Stable performance and taking share… Like-for-like revenue down 2% H1 H1 Like-for-like – Economic weakness, main markets remain in contraction 2025/26 2024/25 Change change – UK outperforming, France strong, DACH remains challenged Revenue £864m £879m (2)% (2)% – Growth in Corporate customers
Slide 13: Americas: Resilient performance
Americas: Resilient performance… Like-for-like revenue up 1% H1 H1 Like-for-like – H1 revenue up c. 5% excl. digital platform upgrade impact 2025/26 2024/251 Change change – Strong growth in US & Canada in Q2 Revenue £429m £452m (5)% 1% – Markets more uncertain and volatile in Mexico – eProcurement
Slide 14: Asia Pacific: Further revenue growth
Asia Pacific: Further revenue growth… Like-for-like revenue up 4% H1 H1 Like-for-like – Continuing momentum since Q4 2024/25 2025/26 2024/25 Change change – Mostly resilient markets Revenue £110m £110m 0% 4% – Growth in ANZ, Southeast Asia and Japan & Korea; weak Hong Kong performance impacting Grea
Slide 15: Cash flow conversion well in excess of target
Cash flow conversion well in excess of target… Adjusted free Working capital / Inventory turn Adjusted free cash flow broadly flat at £86m cash flow (£m) revenue (%) (x) 89 2.7 2.7 86 24.1 23.9 Ongoing disciplined working capital management – Working capital/revenue stable at 24% – Inventory turn co
Slide 16: An established clear capital allocation policy
An established clear capital allocation policy… 1 ORGANIC INVESTMENT 2 INORGANIC INVESTMENT 3 RETURNS TO SHAREHOLDERS ▪ Operating investment within ▪ Market environment creating ▪ Progressive dividend policy £35m – £45m guided range inorganic opportunities ▪ Return capital to shareholders as ▪ Capit
Slide 17: Full year 2025/26 outlook unchanged
Full year 2025/26 outlook unchanged ▪ Outperformed our markets in H1 ▪ Gross margin expected to be slightly above 43% – Maintained pricing discipline ▪ FY 2025/26 operating cost considerations unchanged – Organic investment: lower half of guided range (£35m – £45m p.a.) – Cost inflation of c. 3% – I
Slide 18: Strategic and improvement investment delivering
Strategic and improvement investment delivering Simon Pryce Chief Executive Officer 18 RS Group plc – 2025/26 Half Year Results
Slide 19: Executing on our multi-year action plan
Executing on our multi-year action plan… Customers Products First choice for Operational and First choice for customers suppliers excellence suppliers Experience Solutions …making tangible progress 19 RS Group plc – 2025/26 Half Year Results
Slide 20: Enhancing our people capability
Enhancing our people capability… Operational Strategic objective excellence Create an inclusive and engaging environment where everyone is proud and excited to come to work, perform at their best, thrive and grow Progress and outcomes • Strengthened leadership team and continued investment in traini
Slide 21: Prioritising high potential customers
Prioritising high potential customers… Operational Strategic objective excellence Focus on higher value customers through harnessing data, effective strategic engagement and optimising cost to serve Progress and outcomes • Completed design and build of customer master data platform Customers ‒ Clean
Slide 22: Strengthening our technical product offer
Strengthening our technical product offer… Customers Strategic objective Seamless, mutually value creative supplier experience with appropriate and data driven breadth, depth & range curation Progress and outcomes • Optimised Product Management Solution Products and suppliers ‒ 3x new product introd
Slide 23: Focusing our solutions and services offering
Focusing our solutions and services offering… Products and Strategic objective suppliers Deliver valued, scalable solutions to build greater strategic engagement and drive product pull-through Progress and outcomes • RS Integrated Supply’s more simple and efficient business model delivering Solution
Slide 24: Investing to improve our customer experience
Investing to improve our customer experience… Solutions Strategic objective Strengthen and tailor our customer experience to provide a digitally-enabled, seamless omnichannel service relevant for our customers’ needs Progress and outcomes • Enhanced digital platforms and functionality Experience ‒ A
Slide 25: Enhancing infrastructure efficiency
Enhancing infrastructure efficiency… Experience Strategic objective Deliver efficient physical, digital and process infrastructure, improved operating leverage and marginal drop-through Progress and outcomes Physical Operational ‒ €10m+ annualised savings from Distrelec DC exit; integration ahead of
Slide 26: Significant opportunity
Significant opportunity… 1. Well positioned for growth markets MEDIUM-TERM TARGETS 2. REVENUE GROWTH Differentiated proposition driving market share gains 2X MARKET 3. Investing to improve efficiency and operating leverage MID-TEEN OPERATING PROFIT MARGIN 4. Disciplined acquisitions to accelerate gr
Slide 27: Questions?
Questions? 27 RS Group plc – 2025/26 Half Year Results
Slide 28: Appendix
Appendix 28 RS Group plc – 2024/25 Full Year Results
Slide 29: Guidance points
Guidance points Foreign USD EUR Other – Fewer trading days are expected exchange 2025/26 to decrease revenue by c. £8 H1 2025/26 average exchange rates 1.342 1.166 considerations million (of which £9 million sensitivity If 5 November exchange rates prevail to end of FY261 1.331 1.156 included in H1
Slide 30: Income statement
Income statement Like-for-like £m H1 2025/26 H1 2024/25 1 Change change Revenue 1,403 1,441 (3)% (1)% Gross profit 605 615 (2)% (1)% Gross margin 43.1% 42.7% 0.4 pts 0.3pts Operating profit 122 119 3% Adjusted operating profit 122 133 (8)% (7)% Adjusted operating profit margin 8.7% 9.2% (0.5) pts (0
Slide 31: Operating profit summary
Operating profit summary £m H1 2025/26 H1 2024/25 1 EMEA 86.0 95.0 Americas 35.1 41.1 Asia Pacific 3.4 3.1 Region operating profit 124.5 139.2 Central costs (3.0) (6.7) Adjusted operating profit 121.5 132.5 Amortisation of acquired intangibles (9.9) (13.5) Acquisition-related items 10.5 - Operating
Slide 32: Cash flow
Cash flow £m H1 2025/26 H1 2024/25 1 Operating profit 122 119 Add back depreciation and amortisation 40 42 EBITDA 162 161 Add back impairments and loss on disposal of non-current assets (3) 1 Movement in working capital 11 5 Defined benefit retirement contributions in excess of charge (6) (6) Moveme
Slide 33: Net debt position
Net debt position ▪ Lease liabilities of £54 million (H1 2024/25: £57 million) ▪ Headroom to Group’s banking covenants of net debt to £m H1 2025/26 H1 2024/25 adjusted EBITDA less than 3.25 times and EBITA to interest Net debt at 1 April (364) (418) of greater than 3 times Adjusted free cash flow 86
Slide 34: Financial key performance indicators
Financial key performance indicators Like-for-like H1 2025/26 H1 2024/25 Change change Like-for-like revenue change (1)% (3)% Adjusted operating profit conversion 20.1% 21.5% (1.4) pts (1.4) pts Adjusted operating profit margin 8.7% 9.2% (0.5) pts (0.5) pts Adjusted earnings per share 17.6p 18.5p (5
Slide 35: ESG is a key enabler of our strategy
ESG is a key enabler of our strategy… …aligned to our strategic action plan 35 RS Group plc – 2025/26 Half Year Results
Slide 36: Non-financial key performance indicators
Non-financial key performance indicators Customer People Health and safety 46.1 73 35% 0.31 Net Promoter Score Employee engagement Percentage of management All Accidents (Group, rolling 12 months) that are women (per 200,000 hours) Environment 1.6 2,250 1.68 85% Carbon intensity Carbon emissions Pac
Slide 37: Basis of preparation
Basis of preparation Unless otherwise stated ▪ Figures have been prepared using UK-adopted international accounting standards. ▪ Adjusted excludes amortisation and impairment of intangible assets arising on acquisition of businesses, acquisition-related items, substantial reorganisation costs, subst