Howden Joinery Group Plc · LSE:HWDN

Howden Joinery — Merger or Acquisition (June 2026)

17 slides from Howden Joinery's merger presentation, Jun 3, 2026

  1. Slide 1: Howdens agrees to acquire 'DIY Kitchens'

    Howdens agrees to acquire ‘DIY Kitchens’ 3 June 2026

  2. Slide 2: Andrew Livingston, Chief Executive Officer

    Andrew Livingston Chief Executive Officer

  3. Slide 3: We have agreed to acquire 'DIY Kitchens' for an enterprise value of £390m

    We have agreed to acquire ‘DIY Kitchens’ for an enterprise value of £390m DIY Kitchens is high quality, vertically integrated, and sells kitchens exclusively online, principally to end users looking to self-manage their kitchen purchase  Highly profitable and growing enterprise  Proven business mo

  4. Slide 4: We have agreed to acquire 'DIY Kitchens' for an enterprise value of £390m

    We have agreed to acquire ‘DIY Kitchens’ for an enterprise value of £390m  Has the founders’ entrepreneurial spirit in it, which sits well alongside Howdens’ own strong entrepreneurial culture  Best example of a vertically integrated online kitchen business operating at scale in the UK  Standalon

  5. Slide 5: DIY Kitchens gives us an additional route to market

    DIY Kitchens gives us an additional route to market and expands the Group’s accessible UK customer base  Attracts an emerging type of customer:  motivated to plan and design their own kitchen  from the comfort of their home  with control over the ordering process  Online platform is used by pur

  6. Slide 6: Positioned for growth: well invested, scalable, and vertically integrated

    Positioned for growth: well invested, scalable, and vertically integrated across manufacturing and supply chain  Both Howdens and DIY Kitchens have strong integrated manufacturing and supply operations:  DIY Kitchens: short production runs for a made-to-order offering.  Howdens: manufactures to s

  7. Slide 7: Positioned for growth: well invested, scalable, and vertically integrated

    Positioned for growth: well invested, scalable, and vertically integrated across manufacturing and supply chain  DIY Kitchens’ online-only proposition is currently supported by two large destination showrooms adjacent to regional distribution facilities:  Customers can make a trip to see an impres

  8. Slide 8: On completion, the Group will comprise two of the best business models

    On completion, the Group will comprise two of the best business models in the UK kitchen industry  Both Howdens and DIY Kitchens have outperformed the kitchen market as a whole  UK kitchen market is large and remains relatively fragmented  Both Howdens and DIY Kitchens’ business models:  are dis

  9. Slide 9: On completion, the Group will comprise two of the best business models

    On completion, the Group will comprise two of the best business models in the UK kitchen industry  HOWDENS:  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  Bu

  10. Slide 10: DIY Kitchens will be operated as a standalone business with its own leadership team

    DIY Kitchens will be operated as a standalone business with its own leadership team  DIY Kitchens’ leadership team:  To be led by Julian Lee as Managing Director  He has led the Howdens manufacturing and logistics operations for the last six years  He oversaw and led development of our solid sur

  11. Slide 11: Financials: Jackie Callaway, Chief Financial Officer

    FINANCIALS Jackie Callaway Chief Financial Officer

  12. Slide 12: Compelling financial logic

    Compelling financial logic EBIT MARGIN 27% REVENUE £136m  Enterprise value is £390m – cash and debt-free basis 5-year CAGR  Consideration – £292.5m cash plus £97.5m shares +17%  Attractive EBITDA multiple of c.8.5x LTM to 31 March 2026 1  Subject to customary regulatory approvals  2025 Revenues

  13. Slide 13: Balance sheet, capital allocation and shareholder returns

    Balance sheet, capital allocation and shareholder returns  Transaction includes DIY Kitchens’ freehold property assets, valued at around £55m. Invest in organic expansion Progressive and sustainable in line with the strategy dividends through the cycle  £292.5m cash consideration will be funded fr

  14. Slide 14: Andrew Livingston, Chief Executive Officer

    Andrew Livingston Chief Executive Officer

  15. Slide 15: Continuing to invest in Howdens' strong, organic growth model

    Continuing to invest in Howdens’ strong, organic growth model; DIY Kitchens an attractive opportunity to access a new route to market  Like Howdens, DIY Kitchens has:  Well-invested manufacturing  Strong vertical integration Trade  High capture of margin in the value chain only  Scalable capabi

  16. Slide 16: Questions

    Questions

  17. Slide 17: Thank you for joining

    Thank you for joining

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