Dfs Furniture Plc · LSE:DFS
Dfs Furniture — H1 FY26 Earnings Presentation
25 slides from Dfs Furniture's earnings presentation, Mar 19, 2026
Slide 1: Interim Results March 2026
DFS FURNITURE PLC INTERIM RESULTS MARCH 2026 1
Slide 2: Overview
DFS FURNITURE PLC | FY26 INTERIM RESULTS OVERVIEW Introduction Tim Stacey Financials & FY26 Outlook Marie Wall Strategy & Operational Update Tim Stacey Future Growth & Summary Tim Stacey Questions & Answers Tim Stacey & Marie Wall 2
Slide 3: Strategic progress drives significant profit growth; leverage now in target range
DFS FURNITURE PLC | FY26 INTERIM RESULTS INTRODUCTION STRATEGIC PROGRESS DRIVES SIGNIFICANT PROFIT GROWTH; LEVERAGE NOW IN TARGET RANGE Order intake growth, GM progression and increased profit: ● Group order intake outperformance; +2.3% YoY in broadly flat market £31M PBTU(A) / 5% MARGIN ● Gross margi
Slide 4: Highlights
DFS FURNITURE PLC | FY26 INTERIM RESULTS HIGHLIGHTS +14% Home YoY order intake growth 42% Exclusive brand participation +10% DFS customer NPS now at record levels (YoY % improvement in score) 4
Slide 5: Overview
DFS FURNITURE PLC | FY26 INTERIM RESULTS OVERVIEW Introduction Tim Stacey Financials & FY26 Outlook Marie Wall Strategy & Operational Update Tim Stacey Future Growth & Summary Tim Stacey Questions & Answers Tim Stacey & Marie Wall 5
Slide 6: Results Overview
DFS FURNITURE PLC | FY26 INTERIM RESULTS RESULTS OVERVIEW STRONG REVENUE & PROFIT GROWTH SUPPORT CONTINUED DELEVERAGING (£m) unless otherwise stated H1 FY26 H1 FY25 YoY Revenue 547.7 504.5 8.6% Underlying PBT(A)1 30.9 17.0 13.9 Reported PBT 30.3 15.8 14.5 Underlying basic EPS 9.8p 5.3p 4.5p Net bank
Slide 7: Revenue
DFS FURNITURE PLC | FY26 INTERIM RESULTS REVENUE STRONGER OPENING ORDER BOOK AND YOY ORDER INTAKE GROWTH DRIVING 8.6% REVENUE GROWTH Order intake growth H1 FY26 YoY DFS 2.0% Sofology 3.4% Order Intake 2.3% Gross sales & revenue growth (£m) H1 FY26 H1 FY25 YoY DFS 573.1 523.1 9.6% Sofology 161.2 152.
Slide 8: Gross Margin
DFS FURNITURE PLC | FY26 INTERIM RESULTS GROSS MARGIN FOURTH CONSECUTIVE YEAR OF GROSS MARGIN RATE IMPROVEMENT ..+110bps YoY.. £1.9m £316.3m £2.7m +0.3%pts +0.5%pts £1.4m £286.3m £24.0m +0.3%pts 57.8% 56.5% 55.8% 56.7% H1 FY25 Volume Product margin Freight FX H1 FY26 ● Continued improvements in prod
Slide 9: Operating Costs (inc Dep & Interest)
DFS FURNITURE PLC | FY26 INTERIM RESULTS OPERATING COSTS (INC DEP & INTEREST) ONGOING COST SAVINGS & LOWER FINANCING COSTS, PARTIALLY OFFSET COST INFLATION & FUND INVESTMENT ● Volume costs include wage commissions and delivery ..+£16m YoY.. costs ● Inflation is primarily wage and NIC rate / threshold
Slide 10: Cash Flow
DFS FURNITURE PLC | FY26 INTERIM RESULTS CASH FLOW SIGNIFICANT DELEVERAGE THROUGH STRONG FREE CASH FLOW GENERATION £m (unless otherwise stated) H1 FY26 H1 FY25 ● Capex investments maintained at relatively low levels compared Underlying EBITDA1 90.4 80.9 to long term average; full year expectation re
Slide 11: Market Drivers and Near Term Outlook
DFS FURNITURE PLC | FY26 INTERIM RESULTS MARKET DRIVERS AND NEAR TERM OUTLOOK MARKET DRIVERS RELATIVELY STABLE CONSUMER CONFIDENCE - REAL HOUSEHOLD PROPERTY MAJOR PURCHASES DISPOSABLE INCOME TRANSACTIONS ● c80% of transactions are replacements ● Real disposable income in growth and ● Drive c20% of u
Slide 12: FY26 Outlook
DFS FURNITURE PLC | FY26 INTERIM RESULTS FY26 OUTLOOK PREVIOUS GUIDANCE REITERATED ● Remain comfortable with our previous guidance of £43-50m PBTu(A)* ○ Some softening in footfall trends linked to adverse weather conditions ○ Gross margins remain strong ○ Costs under good control ● Expect to see a p
Slide 13: Overview
DFS FURNITURE PLC | FY26 INTERIM RESULTS OVERVIEW MARKET Introduction Tim Stacey CUSTOMER GROUP STRATEGY Financials & FY26 Outlook Marie Wall HOME Sofology DFS Sofology Home Strategy & Operational Update Tim Stacey Sourcing & Manufacturing Platform Future Growth & Summary Technology & Data Platform
Slide 14: Strategic progress resulting from our focus in three key areas
DFS FURNITURE PLC | FY26 INTERIM RESULTS STRATEGIC PROGRESS RESULTING FROM OUR FOCUS IN THREE KEY AREAS SCALE AND VERTICAL INTEGRATION OUR KEY DATA AND TECHNOLOGY ENABLERS THAT HELP US SUCCEED PEOPLE & CULTURE 14
Slide 15: Leveraging our scale
DFS FURNITURE PLC | FY26 INTERIM RESULTS LEVERAGING OUR SCALE DRIVING MARKET LEADERSHIP THROUGH SCALE, INNOVATION AND MARGIN STRENGTH Exclusive & Differentiated Market Leader 42% of DFS mix from 39% share with integrated exclusive brand partnerships end-to-end platform Innovation Built In Tech-enabl
Slide 16: Leveraging our vertical integration
DFS FURNITURE PLC | FY26 INTERIM RESULTS LEVERAGING OUR VERTICAL INTEGRATION COMBINING VOLUME WITH OUR VERTICALLY INTEGRATED BUSINESS MODEL DRIVES EFFICIENCY AND PROFITABILITY Design-Led Value Creation Margin and cost discipline engineered from day one Integrated Creative Engine Faster execution, lo
Slide 17: Utilising data and technology
DFS FURNITURE PLC | FY26 INTERIM RESULTS UTILISING DATA AND TECHNOLOGY DRIVING EFFICIENCY AND CONTINUOUS CUSTOMER EXPERIENCE IMPROVEMENT THROUGH OUR PROPRIETARY PLATFORMS Building Capability Across Platforms Proprietary systems and AI personalised journeys, enhance operational performance and boost
Slide 18: Harnessing our unique culture to drive performance
DFS FURNITURE PLC | FY26 INTERIM RESULTS HARNESSING OUR UNIQUE CULTURE TO DRIVE PERFORMANCE OUR UNIQUE CULTURE IS THE FOUNDATION OF OUR PERFORMANCE ● Leadership Development Programme ● New DFS Group Employee Value Proposition ● Seven Colleague Inclusion Networks ● Property decarbonisation agenda sup
Slide 19: Delivered against our key financial focus areas
DFS FURNITURE PLC | FY26 INTERIM RESULTS AS A RESULT OF OUR STRATEGIC PROGRESS WE HAVE DELIVERED AGAINST OUR KEY FINANCIAL FOCUS AREAS +8.6% +110BPS Ongoing benefits from +£14M REVENUE GROWTH GROSS MARGIN YOY £50M cost programme PROFIT GROWTH Gross Margin Growth Cost Discipline PBTu(A) Growth Expansi
Slide 20: Overview
DFS FURNITURE PLC | FY26 INTERIM RESULTS OVERVIEW Introduction Tim Stacey Financials & FY26 Outlook Marie Wall Strategy & Operational Update Tim Stacey Future Growth & Summary Tim Stacey Questions & Answers Tim Stacey & Marie Wall 20
Slide 21: Profit Growth Drivers
DFS FURNITURE PLC | FY26 INTERIM RESULTS PROFIT GROWTH DRIVERS THREE CLEAR MEDIUM TERM OPPORTUNITIES CORE HOME MARKET OPPORTUNITY LEVERAGING UPHOLSTERY £100M PLATFORMS Market Share Leadership £3bn Target Market Logistics Monetisation Utilising Consistent outperformance in a flat Initial focus on Beds
Slide 22: Conclusions
DFS FURNITURE PLC | FY26 INTERIM RESULTS CONCLUSIONS WELL POSITIONED FOR FUTURE GROWTH ● Resilient performance in a subdued market ● Continued margin progression, strong cash generation and reduced leverage ● Multiple self-help and growth levers within our control ● Structurally better positioned fo
Slide 23: Overview
DFS FURNITURE PLC | FY26 INTERIM RESULTS OVERVIEW Introduction Tim Stacey Financials & FY26 Outlook Marie Wall Strategy & Operational Update Tim Stacey Future Growth & Summary Tim Stacey Questions & Answers Tim Stacey & Marie Wall 23
Slide 24: Appendix
APPENDIX aff sey =
Slide 25: Group Showroom Profile
DFS FURNITURE PLC | FY26 INTERIM RESULTS GROUP SHOWROOM PROFILE AS AT 28 DECEMBER 2025 (VS. 29 DECEMBER 2024) UK ROI TOTAL Large format (c. 15,000sq.ft.+) 90 3 93 Medium format (c. 10,000sq.ft.) 17 2 19 Small format (c. 5,000sq.ft.) 2 - 2 DFS outlet 1 - 1 DFS TOTAL 110 (0) 5 (0) 115 (0) Large format