Victorian Plumbing Group Plc · LSE:VIC
Victorian Plumbing — H1 2026 Earnings Presentation
32 slides from Victorian Plumbing's earnings presentation, May 19, 2026
Slide 1: Half Year Results Presentation
Victorian Plumbing Group plc HALF YEAR RESULTS PRESENTATION SIX MONTHS ENDED 31 MARCH 2026 Presented by Stephnie Judge (CEO) and Daniel Barton (CFO) 19 MAY 2026
Slide 2: Presenters: Stephnie Judge (CEO) and Daniel Barton (CFO)
HALF YEAR RESULTS PRESENTATION STEPHNIE DANIEL JUDGE BARTON CEO CFO 2
Slide 3: H1 2026 Overview
H1 2026 OVERVIEW CONTINUED MARKET SHARE GAINS AND ADVANCING STRATEGIC GROWTH INITIATIVES. STRATEGIC PROGRESS RECORD OPERATIONAL PERFORMANCE CEO succession completed in an orderly Record half year revenue of £168.8m (+11%), fashion. continuing to outperform the wider RMI Semi-automation further embed
Slide 4: Retail Marketing
RETAIL MARKETING INVESTMENT IN BRAND MARKETING CONTINUES TO Brand investment through sport sponsorships IMPROVE ONLINE EFFICIENCY. at Wimbledon and the Ultimate Tennis Showdown. RETAIL MARKETING COSTS 1 50 45 5.0 40 3.1 4.0 5.3 35 30 25 Front of shirt sponsor for Bolton £m 41.6 Wanderers FC. 20 38.2
Slide 5: Driving Brand Strategy
DRIVING BRAND STRATEGY CONTINUED IMPROVEMENT IN BRAND AWARENESS DRIVEN BY EFFECTIVE MEDIA PLACEMENT AND CREATIVE CONTENT. BRAND AWARENESS 1 100% 90% 90% 86% 80% 73% 70% 60% 50% 40% 30% 20% 12% 9% 10% 6% 4% 5% 0% 2022 2023 2024 2025 2026 1Victorian Plumbing prompted brand tracking – February 2026 vs.
Slide 6: Technology Progress
TECHNOLOGY PROGRESS AI AND ROBOTIC IMPROVEMENTS DRIVE MORE GROWTH AND EFFICIENCY. AI ENHANCEMENTS AID CONVERSION IMPROVEMENT TO 4.0% (HY25: 3.7%) - Introduction of ‘Ask Vic’ in March 2026 – an agentic AI feature that delivers instant and personalised chat support to enhance the customer experience o
Slide 7: People
PEOPLE DELIVERING MORE REVENUE PER FTE THAN OUR COMPETITORS. AVERAGE FTE & REVENUE (ROLLING 12 MONTHS) 1 H1 2026 VS. H1 2025 REVENUE PER AVERAGE FTE 2 323.9 350.0 +7% 800 303.8 Victorian Plumbing 282.3 282.9 300.0 700 262.0 710 722 +2% 600 250.0 Company 4 625 557 567 500 Revenue (£m) 200.0 Closing F
Slide 8: Sovereign Joins the Group
SOVEREIGN JOINS THE GROUP OVERVIEW Acquired on 31 January 2026. For consideration of £2.3m (net of cash acquired). Provides the ability to better control rising costs of sale. OPERATIONAL STRENGTH & GROUP BENEFITS Fleet of 65 trucks and 90 trailers. Collect and deliver over 1 million pallets per yea
Slide 9: MFI: Progress since launch
MFI: Progress since launch Summer 2025 launch: End December 2025: 600 SKUs 3,250 SKUs 100% UK c80% Bedding & Textiles c20% Furniture & Décor First Autumn/Winter, Black Friday and Christmas – January sale End September 2025: End March 2026: Remainder of FY26: 1,400 SKUs 5,500 SKUs Product expansion e
Slide 10: MFI: Progress since launch
MFI: Progress since launch 3.0 160 5.0 4.0 2.3 120 3.0 1.5 80 2.0 0.8 40 1.0 0.0 0 0.0 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Placed Revenue Visitors Items per basket AOV Trustpilot Reviews Tr
Slide 11: Review of Financials
REVIEW OF FINANCIALS 11
Slide 12: Income Statement
INCOME STATEMENT GROUP REVENUE UP BY 11%, POWERED BY VOLUME GROWTH IN BOTH THE CORE BUSINESS AND TILES & FLOORING. FINANCIAL SUMMARY Victorian Victorian Victorian Plumbing MFI H1 2026 Plumbing MFI H1 2025 Plumbing Group £m £m £m £m £m £m PoP PoP Retail 166.7 0.5 167.2 152.7 - 152.7 Haulage 1.6 - 1.6
Slide 13: Retail Revenue – Orders
RETAIL REVENUE – ORDERS ORDER VOLUME UP 12%, LARGELY DRIVEN BY TILES & FLOORING, CONTINUING TO OUTPERFORM THE WIDER RMI MARKET. ORDERS BARCLAYS HOME IMPROVEMENTS & DIY SPENDING 700 10.0% 8.0% 600 6.0% 500 4.0% 2.0% YoY Movement 400 '000 0.0% Nov-24 Nov-25 May-25 Feb-25 Aug-25 Feb-26 Jun-25 Mar-25 Oc
Slide 14: Retail Revenue – Overall
RETAIL REVENUE – OVERALL DOUBLE DIGIT GROWTH IN CONSUMER AND A CONTINUED SHIFT TO OWN BRAND PRODUCTS REDUCES AOV. REVENUE AVERAGE ORDER VALUE 180 350 166.7 305 296 +3% 293 160 152.7 +2% 282 300 (4%) 274 146.8 144.6 39.0 (4%) +8% (3%) 23% 140 133.9 36.1 29.6 32.3 24% 20% 250 24.6 22% 83% 120 18% 81%
Slide 15: Retail Revenue – Tiles & Flooring
RETAIL REVENUE – TILES & FLOORING 84% GROWTH IN TILES & FLOORING REVENUE TO £14.0M, WITH SIGNIFICANT OPPORTUNITIES TO GO FOR. REVENUE: TILES & FLOORING ADDRESSABLE MARKET FOR OUR GROWTH 16 14.0 Victorian Plumbing now 2%... +84% 14 12 10 7.6 8 +36% £1.4bn £m 5.6 6 +19% 4.7 +57% 4 3.0 +7% 2 … huge mar
Slide 16: Product Mix & Gross Profit
PRODUCT MIX & GROSS PROFIT SHIFT TO OWN BRAND PRODUCTS OFFSETS CHANGE IN MIX AND MAINTAINS HIGH GROSS PROFIT MARGIN. GROSS PROFIT & GROSS PROFIT MARGIN OWN BRAND VS. THIRD PARTY RETAIL REVENUE 90 50% 50% 50% 160 29.0 (2ppt) 80 17% 46% 28.4 140 70 33.7 30.1 19% 44% 23% 21% 120 34.4 60 26% 100 50 £m £
Slide 17: Underlying Costs
UNDERLYING COSTS MARKETING EFFICIENCY OFFSETTING INFLATIONARY COST INCREASES. UNDERLYING COSTS 70 5.7 +14% 60 5.0 6.0 5.8 14.4 +15% 50 4.2 12.5 9.4 10.5 8.0 40 £m 30 42.6 43.9 46.6 +6% 20 40.2 41.7 10 - H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 Marketing People costs* Property & other overheads UNDERL
Slide 18: Adjusted EBITDA
ADJUSTED EBITDA MARKETING EFFICIENCY COVERS INFLATIONARY HEADWINDS, MAINTAINING MARGIN. ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN ADJUSTED EBITDA MARGIN BRIDGE 18 12.0% 16 1.1% 10.0% 10.1% 10.0% (0.5%) 14 (0.5%) 12 10% 10% 8.0% 9% 10 6.0% £m 17.0 7% 8 15.2 +12% 13.2 +15% 6 5% +33% 4.0% 9.9 +47% 4 6
Slide 19: Adjusted PBT
ADJUSTED PBT FIRST H1 PERIOD WITH NEW WAREHOUSE INFRASTRUCTURE, INCREASING NON-CASH FINANCE CHARGES AND DEPRECIATION. DEPRECIATION, AMORTISATION AND FINANCE INCOME / COST ADJUSTED PBT AND ADJUSTED PBT MARGIN 1 14 0.1 0.3 0 12 (1) (1.7) (1.8) (2.0) (2.7) 10 (0.2) 8% 8% (2) (4.5) 7% 8 6% (3) £m £m (0.
Slide 20: Group Free Cash Flow & Conversion
GROUP FREE CASH FLOW & CONVERSION CONTINUED STRONG CASH GENERATION REFLECTS STRONG UNDERLYING PERFORMANCE. GROUP FREE CASH FLOW 1 & OPERATING CASH CONVERSION 2 16 88% 14 84% 12 66% 65% 10 8 £m 12.9 12.9 6 +50% -% 8.6 4 21% +32% 6.5 +364% 2 1.4 (92%) - H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 1 2 Free
Slide 21: Capital Allocation
CAPITAL ALLOCATION CAPITAL ALLOCATION POLICY CONTINUES TO OPTOMISE SHAREHOLDER RETURN. Invest in growth opportunities Sustainable dividend growth INTERIM ORDINARY DIVIDEND • Prioritising growth in existing TAM • Delivering value back to 0.80 while unlocking new markets. shareholders with progressive
Slide 22: Current Trading & Outlook
CURRENT TRADING & OUTLOOK 22
Slide 23: Current Trading & 2026 Outlook
CURRENT TRADING & 2026 OUTLOOK • The Group has delivered mid-single digit revenue growth in the first six weeks of H2 2026, despite the widely reported subdued consumer sentiment driven by the Middle East conflict and its impact on discretionary spending. • There have been no material cost increases
Slide 24: Appendices
APPENDICES 24
Slide 25: Group Balance Sheet (Unaudited)
GROUP BALANCE SHEET (UNAUDITED) H1 2026 H1 2025 2025 £m £m £m Right-of-use assets 47.9 48.0 47.3 Property, plant and equipment 26.6 27.7 26.8 Goodwill 22.2 18.8 18.8 Other non-current assets 5.8 5.3 4.7 Non-current assets 102.5 99.8 97.6 Inventory 50.8 43.4 45.6 Cash 21.2 10.9 17.7 Other current ass
Slide 26: Group Cash Flow (Unaudited)
GROUP CASH FLOW (UNAUDITED) H1 2026 H1 2025 £m £m Adjusted EBITDA 15.4 14.6 Movement in working capital 2.2 3.6 Cash generated from operating activities before exceptionals 17.6 18.2 Exceptional & share based payment cash outflow (0.1) (1.5) Cash generated from operating activities 17.5 16.7 Tax pai
Slide 27: Group Free Cash Flow & Operating Cash Conversion
GROUP FREE CASH FLOW & OPERATING CASH CONVERSION UTILISING FREE CASH TO ENHANCE SHAREHOLDER RETURN AND FUND THE ACQUISITION OF SOVEREIGN. H1 2026 CASH FLOWS 20 18 2.2 16 15.4 (2.2) 14 12.9 (2.5) 12 £m 10 8 (4.7) 6 (2.2) 4 3.5 (2.5) 2 - Change in working Capital expenditure Dividend Tax & other 2 Adj
Slide 28: Market
MARKET BATHROOM AND BATHROOM ACCESSORIES MARKET FORECAST TO GROW BY 2.5% IN 2025 TO £1,690M. UPTICK IN GROWTH EXPECTED IN 2026 BY 6.6%, WITH ESTIMATES RANGING FROM 0% TO 14%. 1 ONLINE RETAIL PENETRATION 2 BATHROOM & BATHROOM ACCESSORIES MARKET VALUE 2,000 35% 1,800 30% 1,600 1,400 25% 1,200 20% 1,00
Slide 29: We Are the Leading Bathroom Retailer
WE ARE THE LEADING BATHROOM RETAILER CONSISTENT MARKET LEADER AMONGST ONLINE SPECIALIST BATHROOM RETAILERS, WITH A GROWING ONLINE MARKET SHARE. SHARE OF WEBSITE VISITS AMONGST ONLINE SPECIALIST BATHROOM RETAILERS 1 50% 47% 47% 45% 45% 45% 43% 44% 44% 44% 44% 45% 43% 43% 42% 42% 42% 40% 41% 41% 42% 4
Slide 30: We Are the Leading Bathroom Retailer
WE ARE THE LEADING BATHROOM RETAILER NUMBER ONE RETAILER FOR BATHROOM PRODUCTS ACROSS BOTH ONLINE AND OFFLINE CHANNELS. UNRIVALLED PRODUCT RANGE AND EXCELLENT AVAILABILITY – MORE THAN 36,000 PRODUCTS FROM OVER 150 BRANDS. MARKET SHARE OF TOP BATHROOM & BATHROOM ACCESSORY RETAILERS 1 25.0% 21.5% 20.9
Slide 31: Shareholder Register
SHAREHOLDER REGISTER As of 10 March 2026: • The company had 328,769,068 ordinary shares of £0.001 in issue and does not hold any shares as treasury shares; • Insofar as the Company is aware, 64.14% of its shares are not in public hands; and • The identity and percentage holdings of the Company’s sig
Slide 32: Disclaimer
DISCLAIMER PLEASE READ THE FOLLOWING DISCLAIMERS WHEN USING THE INFORMATION IN THIS PRESENTATION. The information and opinions provided in this presentation are provided as of the date of this presentation. Certain statements in this presentation constitute forward looking statements (including beli
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