Pets At Home Group Plc · LSE:PETS
Pets At Home — H1 FY26 Earnings Presentation
29 slides from Pets At Home's earnings presentation, Nov 26, 2025
Slide 1: Interim Results FY26
Pets at Home Interim Results FY26 – 26th Nov 2025
Slide 2: Key messages
Key messages 1. Progress against our strategy 2. Why have we not met investor expectations 3. What we are doing about it now 4. Why PAH retains a number of fundamental strengths
Slide 3: Our strategic vision and purpose
Our strategic vision and purpose Our strategic vision To build the world’s best petcare platform Integrated Omnichannel Consumer -centric A unified blend of products, services and advice Seamlessly connected An unrivalled experience Our purpose To create a better world for pets and the people who lo
Slide 4: Against it we have made progress in many areas
… against it we have made progress in many areas New Digital & Data Distribution Network We have a Sector Single Unified Brand Platform Fully Optimised Leading Vet Business Improved Subscription Launched ‘Pets Insurance’ Functionality ‘Pets Club Prices’ Launching 2026
Slide 5: Our Retail performance has fallen below expectations
However, our Retail performance has fallen below expectations Economic Impacts • Prolonged period of subdued consumer confidence • Externally imposed cost headwinds from Government Pet Market Impacts • Normalisation impact (post COVID pet boom) • Shifts in consumer preferences, driven by premium D2C
Slide 6: The UK Pet market remains subdued but resilient
The UK Pet market remains subdued but resilient UK Pet Retail total market growth has been flat Source: Pets at Home, Nielsen NIQ omnisales
Slide 7: Changing consumer tastes are changing market structure
With changes in consumer tastes driving changes in the market structure but premiumisation still present Pet market % mix of Pet food by category 100% 7% Premium DTC 15% 17% Advanced Nutrition 75% 50% Grocery 84% 76% 25% 0% 2019 2024 Source: Pets at Home
Slide 8: In Accessories, lack of innovation has been a problem
In Accessories, a lack of innovation and dynamism in our ranges has also been a problem 1. Improving our capabilities 2. Targeting improvement in own brand product innovation 3. New partnerships with third -party brands 4. Strengthen Far East manufacturer relationships 5. Build clearer price archite
Slide 9: Retail Turnaround Plan
Retail Turnaround Plan
Slide 10: Our Retail Turnaround Plan has clear priorities
Our Retail Turnaround Plan has 4 clear priorities… Product Price Execution Cost Improve Product range Respond proactively and instore and online Improve execution across Reduce our costs and maintain discipline on the company driving efficient service (AN food & accessories) pricing
Slide 11: Understanding our priorities
Understanding our priorities… YTG Priorities FY27 and Beyond Price Investment AN Food range reset H2 Sales Plan Accessories range reset Customer Experience Store space Reset Execution Cost Cost
Slide 12: Vets
Vets
Slide 13: Our Vet business continues to deliver significant growth
Our Vet business continues to deliver significant growth Strong Growth Unique Business Model Opportunity to Grow
Slide 14: Continuing a long track record of growth and value creation
Continuing a long track record of growth and value creation We grow practice sales … increasing fee income …which drops through to FCF strongly... and PBT… Vet Consumer Revenue (£m) Vet PBT (£m) Vet FCF (£m) FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY20 FY21 FY22 FY23 FY
Slide 15: Many opportunities to unlock value through proven growth levers
And we still have many opportunities to unlock value through proven growth levers Practice Rollout & Launching our Digital Extensions Vets Platform Care Plans Advanced Capabilities
Slide 16: Building on fundamental strengths
Building on fundamental strengths
Slide 17: Our role as the UK's leading pet specialist
Our role as the UK’s leading pet specialist We’re all for pets You do anything and everything for your pets. So do we. Passion & Expertise + Great Value
Slide 18: Competitive advantages that set us up for future success
And we have many competitive advantages that set us up for future success Leading reach across 459 locations Unrivalled expertise and knowhow A trusted brand Transformed digital & data capability Unique, sector leading vets Value added adjacent services
Slide 19: In summary
In summary 1. Pets at Home has many strengths and a clear purpose 2. The search for a new CEO is underway, but we are not standing still 3. We have a clear grip of the issues and clear priorities to address them 4. With the right action, Pets at Home can have a bright future.
Slide 20: Financials
Financials
Slide 21: Financial results impacted by Retail performance
Our financial results have been impacted by our Retail performance, we have made progress on strategic KPI’s Financial KPIs Group Consumer Group Group FCF Revenue Underlying PBT £1.06bn £36.2m £34.0m +0.7% YoY -33.5% YoY +2.6% YoY Vet Group Retail Vet Group Retail Vet Group Retail £376m £680m £44.9m
Slide 22: Pet care centres are at the heart of delivering our strategy
Pet care centres are at the heart of delivering our strategy £3.9m Petcare Centre annual sales ( avg ) Retail Product Vet Practice Sales Sales £2.2m £1.4m Online Grooming Channel Sales Service Sales £0.2m £0.1m
Slide 23: Retail revenue declines but Vet revenue continues to grow
Retail revenue declines but Vet revenue continues to grow Group Consum er Revenue (£m ) FY26 H1 FY25 H1 YoY % Total 1,055.8 1,048.5 0.7% Group Statutory Revenue (£m ) FY26 H1 FY25 H1 YoY % Total 778.3 789.0 (1.3)% LFL (1.3)% 1.5% Vet Group Revenue (£m ) FY26 H1 FY25 H1 YoY % Fee income from JV vet p
Slide 24: Group profit of £36.2m in H1
Group profit of £36.2m in H1….a decline YoY of 33% Group P&L (£m ) FY26 H1 FY25 H1 YoY % Group Statutory Revenue1 778.3 789.0 (1.3)% Gross Profit 353.9 365.1 (3.1)% Gross Margin 45.5% 46.3% (80)bps Operating Costs (317.7) (309.9) 2.5% Other Income 8.5 7.9 8.5% Interest (Net financing expense) (8.5)
Slide 25: Group cash flow is underpinned by the Vet Group
Group cash flow is underpinned by the Vet Group… Free cash flow (£m ) FY26 H1 Group Retail Vet Group Central Vs FY25 H1 # Underlying PBT 36.2 3.5 44.9 (12.2) (18.3) Interest (net) 8.5 6.9 (0.3) 1.9 (0.1) Depreciation (underlying) 55.9 53.6 2.1 0.2 2.6 Leases 33.9 33.2 0.5 0.2 0.1 PPE & amortisation
Slide 26: Peak investment is behind us
Peak investment is behind us and has returned to normalised levels… Investment at normalised Investment Breakdown levels of £50m £m FY26 H1 FY26 onwards New Petcare Centres 0.8 c£50m Petcare Centre refit program 13.6 Digitising the business 5.1 £75m Vet Group 3.5 Distribution 0.4 £49m £50m £47m Grou
Slide 27: Balance sheet remains robust while investing and rewarding shareholders
Balance sheet remains robust whilst at the same time investing in growth and rewarding shareholders… Adjusted Net cash (£m ) FY26 H1 FY25 H1 Opening adjusted net cash# 6.2 8.8 Free cash flow 34.0 33.1 Equity dividends paid (37.7) (38.4) Share buyback (12.6) (12.5) Vet Group practice transactions (ne
Slide 28: Our priorities and direction are clear
Our priorities and direction are clear… 1. No1 priority return the Retail Business to profit growth 2. Vet Business continues to make progress driven by proven growth levers 3. Petcare sector to return to normal growth levels 4. Our strategy is clear, and we have progressed beyond peak investment 5.
Slide 29: Q&A
Q&A