Slide 1: Preliminary Results: 53 weeks ended 5 April 2026
THE UK & IRELAND’S NO.1 BATHROOM PRODUCTS GROUP PRELIMINARY RESULTS 53 weeks ended 5 April 2026 Thomas Willcocks Chief Executive Officer James Eyre Chief Financial Officer
Slide 2: Highlights
01 THE UK & IRELAND’S NO.1 BATHROOM PRODUCTS GROUP Thomas Willcocks Chief Executive Officer HIGHLIGHTS
Slide 3: Significant Strategic Progress
A POWERFUL CHOICE FOR BETTER LIVING SIGNIFICANT STRATEGIC PROGRESS REVENUE¹ OPERATING PROFIT1,2 Strong growth in revenue & profit, in line with market expectations • Group revenue +10.6%, reflecting market share gains and Fibo acquisition £393.4m £48.0m • Underlying operating profit up to £48.0m (20
Slide 4: Growth in Europe Driven by Fibo Acquisition and Market Share Gains
A POWERFUL CHOICE FOR BETTER LIVING GROWTH IN EUROPE DRIVEN BY FIBO ACQUISITION AND MARKET SHARE GAINS Europe South Africa Core REVENUE REVENUE Secondary £291.6m +0.7% 1 £101.8m +0.3% 1 UNDERLYING OPERATING UNDERLYING OPERATING PROFIT PROFIT £44.4m £3.6m UNDERLYING OPERATING UNDERLYING OPERATING PRO
Slide 5: Norcros Core European Market
A POWERFUL CHOICE FOR BETTER LIVING NORCROS CORE EUROPEAN MARKET Underlying operating profit (£m), operating margin (%) 1 Norcros core strengths Underlying operating Operating margin • Scale driving service and operational benefits profit (£m) (%) 40 • Design and brand led 18 44.4 • Resilient mid-pr
Slide 6: New European Group Profile (Proforma FY26)
A POWERFUL CHOICE FOR BETTER LIVING NEW EUROPEAN GROUP PROFILE (PROFORMA FY26 ) 1 c. 20% 21% 37% 28% New build and Rest of Decorative Complete commercial Europe panels bathrooms £328.9m Bathroom UK net sales segments end markets4 8% Accessories 27% Water & energy UK & Ireland RMI 79% c. 80% c.£4.7bn
Slide 7: Financial Review
02 James Eyre Chief Financial Officer FINANCIAL REVIEW
Slide 8: Income Statement
A POWERFUL CHOICE FOR BETTER LIVING INCOME STATEMENT Constant 2026 2025 Reported currency £m £m v 2025 % LFL4 v 2025 % Revenue 393.4 355.8 +10.6% +0.6% Underlying¹ operating profit 48.0 44.5 +7.9% Margin 12.2% 12.5% Finance charges – cash (7.1) (6.7) Underlying¹ profit before tax 40.9 37.8 +8.2% Exc
Slide 9: Income Statement – Key Bridges
A POWERFUL CHOICE FOR BETTER LIVING INCOME STATEMENT – KEY BRIDGES Revenue Underlying operating profit¹ £32.7m £2.2m £3.3m £0.2m £6.8m £3.5m (£4.3m) £393.4m - (£0.5m) £355.8m (£2.8m) £48.0m £44.5m 19.5 19.5 FY25 Currency UK&I Fibo SA Portfolio FY26 FY25 Currency UK&I Fibo SA Central FY26 development
Slide 10: Earnings, Dividends and Tax
A POWERFUL CHOICE FOR BETTER LIVING EARNINGS, DIVIDENDS AND TAX UNDERLYING¹ EPS DIVIDEND EFFECTIVE UNDERLYING EARNINGS PER SHARE TAX RATE £32.3m 35.8p 11.3p 21.1% (2025: £30.1m) (2025: 33.4p) (2025: 10.4p) (2025: 20.4%) DILUTED UNDERLYING EPS (PENCE) DIVIDEND PER SHARE (PENCE) 2026 35.8 2026 11.3 20
Slide 11: Excellent Cash Conversion
A POWERFUL CHOICE FOR BETTER LIVING EXCELLENT CASH CONVERSION 2026 2025 £m £m Underlying EBITDA (pre-IFRS 16)1 49.5 46.4 Working capital movement (1.1) (14.1) Depreciation of right-of-use assets 5.6 5.2 Operating profit impact of IFRS 16 2.0 1.6 IFRS 2 charges / settlement of share options 1.6 (0.2)
Slide 12: Strong Balance Sheet
A POWERFUL CHOICE FOR BETTER LIVING STRONG BALANCE SHEET NET DEBT LEVERAGE1 PENSION SURPLUS (IAS 19R BASIS) £65.8m 1.2x £0.4m • Scale enabling investment in working • Significant liquidity and funding • 2024 triennial valuation concluded – capital and infrastructure headroom material reduction in ca
Slide 13: Capital Allocation Framework
A POWERFUL CHOICE FOR BETTER LIVING CAPITAL ALLOCATION FRAMEWORK Capital allocation priorities Investment guardrails FOCUSED ON ENHANCING 01 SHAREHOLDER Organic investment Cash Net debt RETURNS conversion leverage 02 Ordinary dividend >90% <2.0x 03 Complementary acquisitions ROCE target Dividend cov
Slide 14: Progress on Medium-Term Targets
A POWERFUL CHOICE FOR BETTER LIVING PROGRESS ON MEDIUM-TERM TARGETS Medium-term targets FY245 FY255 FY26 Highlights • Strong product vitality (>20%) Organic 2-3% pa -1.6%¹ 1.1% 1 0.7% 1 • Increased cross-selling growth above market • High growth panel segment (share from tiles) • Strong progress in
Slide 15: Strategic Progress
03 Thomas Willcocks Chief Executive Officer STRATEGIC PROGRESS
Slide 16: Strong Progress on Strategic Initiatives
A POWERFUL CHOICE FOR BETTER LIVING STRONG PROGRESS ON STRATEGIC INITIATIVES STRATEGIC • Acquisition of Fibo completed in October 2025 EXECUTION: 1. • Closure of Johnson Tiles SA in June 2025 AN INFLEXION Portfolio Development • Exploring options to sell South African business announced post year-en
Slide 17: Portfolio Development: Fibo Performing in Line with Expectations
A POWERFUL CHOICE FOR BETTER LIVING PORTFOLIO DEVELOPMENT: FIBO PERFORMING IN LINE WITH EXPECTATIONS Materially accretive acquisition completed in October 2025 The leading Nordic bathroom panel business Investment in large and high-growth panel segment Integration process well progressed • Group pro
Slide 18: Portfolio Development: Exploring Options to Sell Norcros South Africa
A POWERFUL CHOICE FOR BETTER LIVING PORTFOLIO DEVELOPMENT: EXPLORING OPTIONS TO SELL NORCROS SOUTH AFRICA Resilient and standalone business: • TAL (market leading tile adhesives manufacturer) Norcros proforma KPIs¹ without Norcros SA • Tile Africa (national tile and bathroom retailer) • House of Plu
Slide 19: Organic Growth: Proven Growth Accelerators
A POWERFUL CHOICE FOR BETTER LIVING ORGANIC GROWTH: PROVEN GROWTH ACCELERATORS New product development • New product launches: - Metlex, NaturePanel 2, ENlight with HeatRepeat®, Abode eco- boiler • Brand collaboration – Laura Ashley and Clarke & Clarke • Growing sustainability credentials • Strong N
Slide 20: Organic Growth: Growing Addressable Market
A POWERFUL CHOICE FOR BETTER LIVING ORGANIC GROWTH: GROWING ADDRESSABLE MARKET VADO and MERLYN collaborating to create a bathroom division Making bathrooms easy New furniture & sanitaryware categories increase addressable UK&I market by c. £1bn Targeted M&A to fill category gaps Three collaborative
Slide 21: Operational Excellence: Group Freight & Energy
A POWERFUL CHOICE FOR BETTER LIVING OPERATIONAL EXCELLENCE: GROUP FREIGHT & ENERGY Outperformed eco-fuel target with Maersk • 37% of inbound freight using eco-fuel • Certainty of supply through uncertain times • Embedding common sense sustainability has increased supply chain resilience Group energy
Slide 22: ESG: Scope 1 & 2 Emissions Now Ahead of 2028 SBTi Targets
A POWERFUL CHOICE FOR BETTER LIVING ESG: SCOPE 1 & 2 EMISSIONS NOW AHEAD OF 2028 SBTI TARGETS Scope 1 & 2 emissions near-term target achieved 2 years early • FY23 Scope 1 & 2 emissions reduced by 65% • SBTi target re-baselined for sale of JTUK (in line with SBTi framework) Sustainable products drivi
Slide 23: ESG: Developing Our Culture Framework
A POWERFUL CHOICE FOR BETTER LIVING ESG: DEVELOPING OUR CULTURE FRAMEWORK Group-wide Purpose & Keys (values) • Clear alignment - powering our decentralised model Great place to work • Accreditation achieved in all 3 major regions • Award winning employee engagement - #BeSomeone Building our growth f
Slide 24: Summary and Outlook
04 Thomas Willcocks Chief Executive Officer SUMMARY AND OUTLOOK
Slide 25: Focused Strategy Implementation Delivering Share and Margin Gains
A POWERFUL CHOICE FOR BETTER LIVING FOCUSED STRATEGY IMPLEMENTATION DELIVERING SHARE AND MARGIN GAINS Current trading: YTD May 2026 revenue 3.1% ahead the prior-year comparator on a constant- currency, like-for-like¹ basis Proven, differentiated and scalable platform in large and fragmented markets
Slide 26: Resilient, Scalable Model
A POWERFUL CHOICE FOR BETTER LIVING RESILIENT, Balance sheet In-house SCALABLE MODEL strength NPD Cross-selling BENEFITS OF SCALE DIFFERENTIATE IN FRAGMENTED MARKET Supply chain Talent Technology NORCROS PLC FULL YEAR RESULTS 2026 26
Slide 27: Q&A
A POWERFUL CHOICE FOR BETTER LIVING NORCROS Q&A Thomas Willcocks Chief Executive Officer NORCROS PLC FULL YEAR RESULTS 2026 27
Slide 28: Appendix
05 APPENDIX
Slide 29: Track Record of Sustained Performance
A POWERFUL CHOICE FOR BETTER LIVING TRACK RECORD OF SUSTAINED PERFORMANCE REVENUE (£m) £m 500 UNDERLYING1 £m 50 47.3 48.0 441 OPERATING PROFIT 41.8 43.2 43.2 400 396 392 368 393 (£m) 40 Europe 331 342 324 Europe 34.4 32.3 33.8 South Africa 300 271 300 South Africa 30 27.4 236 23.8 222 21.3 Organic g
Slide 30: Europe – Sustained Growth and Share Gains
A POWERFUL CHOICE FOR BETTER LIVING EUROPE – SUSTAINED GROWTH AND SHARE GAINS Norcros Europe Europe bathroom market dynamics • Strong heritage, market-leading positions and strong brands • Large and fragmented bathroom products market • Businesses built on superior offering and customer service • Mi
Slide 31: SA – Self-Help Measures in Challenging Market
A POWERFUL CHOICE FOR BETTER LIVING SA – SELF-HELP MEASURES IN CHALLENGING MARKET Norcros South Africa South African bathroom market dynamics • Strong heritage, market-leading positions and strong brands • Large economy and business friendly environment • Business built on superior offering and cust
Slide 32: Accelerated Growth Drivers in Play
A POWERFUL CHOICE FOR BETTER LIVING ACCELERATED GROWTH DRIVERS IN PLAY Successful and Significant opportunity Norcros scalable platform to develop and grow strategy • Market-leading brands • Large, fragmented markets • Portfolio development • Diversified products and channels • Sustainability • Orga
Slide 33: The Sweet Spot – Mid-Premium Positioning (UK)
A POWERFUL CHOICE FOR BETTER LIVING THE SWEET SPOT – MID-PREMIUM POSITIONING (UK) Focused on the UK Bathroom Products Market more resilient RMI/new build/commercial share1 Quality/price point1 mid-premium market segments 8% 29% 30% Commercial Economy Premium RMI + New Build 12% t en Residential sili
Slide 34: Portfolio Development
A POWERFUL CHOICE FOR BETTER LIVING PORTFOLIO DEVELOPMENT Strong M&A track Target themes for M&A growth record and growth accelerator Fill gaps in the UK New capabilities New markets Acquisition of Fibo aligned with target themes Furniture, sanitaryware Sustainable products Europe Care/adaptive segm
Slide 35: Portfolio Development: Driving the Group Towards Our Mid-Term Targets
A POWERFUL CHOICE FOR BETTER LIVING PORTFOLIO DEVELOPMENT: DRIVING THE GROUP TOWARDS OUR MID-TERM TARGETS 2017 2022 2024 2025 2026 acquired Merlyn acquired Grant Westfield Capital markets day: acquired Fibo exploring strategy reset options to sell Norcros SA (May 2026) 2020-2022 2023 2024 2025 COVID
Slide 36: Portfolio Development: Consolidating Fragmented Markets
A POWERFUL CHOICE FOR BETTER LIVING PORTFOLIO DEVELOPMENT: CONSOLIDATING FRAGMENTED MARKETS Existing portfolio Portfolio development criteria Wall Panels (Grant Westfield) Kitchen products (Abode) • Attractive and high-growth segments Sustainable Accessories (Croydex) Bathrooms (VADO) • Complementar
Slide 37: Organic Growth
A POWERFUL CHOICE FOR BETTER LIVING ORGANIC GROWTH Group Growth Norcros Growth Accelerators Accelerators driving divisional organic market share growth New product development Key account management Cross-selling Customer service NORCROS PLC FULL YEAR RESULTS 2026 37
Slide 38: Organic Growth – Europe Share Gain Opportunity
A POWERFUL CHOICE FOR BETTER LIVING ORGANIC GROWTH – EUROPE SHARE GAIN OPPORTUNITY European bathroom & kitchen – BRG assessment of selective markets @MSP1,2,3 • Market of c. £4.7bn in core Norcros product categories (UK, Ireland, % £490m £211m £197m £328m £124m £544m £327m £430m £237m £1.8bn 100 Nor
Slide 39: Organic Growth: Cross-Selling in Top Customer Accounts
A POWERFUL CHOICE FOR BETTER LIVING ORGANIC GROWTH: CROSS-SELLING IN TOP CUSTOMER ACCOUNTS Key Cross selling new - FY25/FY26 Existing relationships Customer 1 Customer 2 Customer 3 Customer 4 Customer 5 Customer 6 Customer 7 Customer 8 Customer 9 Customer 10 Customer 11 Customer 12 Customer 13 Custo
Slide 40: Organic Growth – SA Share Gain Opportunity
A POWERFUL CHOICE FOR BETTER LIVING ORGANIC GROWTH – SA SHARE GAIN OPPORTUNITY SA bathroom markets at MSP1 - coverings, fixing and bath & plumb² • Sizeable market characterised by “long % £925m £155m £715m £1.8bn tail” of small independent competitors 100 • Norcros SA – business units have leading m
Slide 41: Operational Excellence
A POWERFUL CHOICE FOR BETTER LIVING OPERATIONAL EXCELLENCE Group scale allows Collaboration across 4 key themes us to drive efficiency and improved customer service Coordinated logistics Lean operations and warehousing Supply chain collaboration Data capabilities and efficiencies NORCROS PLC FULL YE
Slide 42: ESG: Driving Competitive Advantage
A POWERFUL CHOICE FOR BETTER LIVING ESG: DRIVING COMPETITIVE ADVANTAGE Key enablers Key areas of focus that drive our competitive People Product Planet advantage and growth Talent development NPD programme Net Zero Transition Plan DE&I Sustainable Products Framework Supply chain development Deliver
Slide 43: ESG: Sustainability Driving Market Share Gains
A POWERFUL CHOICE FOR BETTER LIVING ESG: SUSTAINABILITY DRIVING MARKET SHARE GAINS Delivering energy and water saving innovation in bathroom products ENlight with HeatRepeat® – waste water heat recovery electric shower Best Interior Product – Housebuilder Product Awards 2026 Building strategic relat
Slide 44: Exceptional Items & Acquisition and Disposal-Related Costs
A POWERFUL CHOICE FOR BETTER LIVING EXCEPTIONAL ITEMS & ACQUISITION AND DISPOSAL-RELATED COSTS 2026 2025 Exceptional items £m £m Business restructuring costs1 (1.9) (4.6) Investment property costs (0.2) - Costs in relation to new ERP systems2 (1.0) (2.0) Legal case3 0.4 (1.1) Impairment4 (7.2) - (9.
Slide 45: Net Debt Reconciliation
A POWERFUL CHOICE FOR BETTER LIVING NET DEBT RECONCILIATION 1 2026 2025 £m £m Net (debt) / cash – opening (36.8) (37.3) Net cash flow2 (29.9) 0.7 Non-cash movements3 0.5 (0.4) Foreign exchange 0.4 0.2 Net debt – closing (65.8) (36.8) 1. Net debt is on an underlying basis and is net of cash, capitali
Slide 46: Effective Tax Rates
A POWERFUL CHOICE FOR BETTER LIVING EFFECTIVE TAX RATES Effective tax rate - Underlying1 Effective tax rate - Reported2 2026 2025 2026 2025 £m £m £m £m Profit before tax 40.9 37.8 Profit before tax 14.9 3.3 Tax charge (8.6) (7.7) Tax charge (4.7) 1.1 Earnings 32.3 30.1 Earnings 0.3 3.5 Effective tax
Slide 47: UK Pension Scheme Update
A POWERFUL CHOICE FOR BETTER LIVING UK PENSION SCHEME UPDATE UK Pension IAS 19R Assets and Liabilities UK Pension IAS 19R Assets and Liabilities 500 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Sep-25 Mar-26 400 Liabilities 448 428 411 416 368 285 275 257 252 252 Assets 400 396 362 398 38
Slide 48: UK Pension Scheme – Cash Flows
A POWERFUL CHOICE FOR BETTER LIVING UK PENSION SCHEME – CASH FLOWS Pension cash outflow close to peak at circa £23m Key1 £m Actives past service Deferreds 25 Pensioners 20 15 10 5 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 1. Actives – continues
Slide 49: The UK & Ireland's Number 1 Bathroom Products Group
A POWERFUL CHOICE FOR BETTER LIVING HEADING THE UK & IRELAND’S NUMBER 1 BATHROOM PRODUCTS GROUP NORCROS PLC FULL YEAR RESULTS 2026 49
Slide 50: Cautionary Statement
A POWERFUL CHOICE FOR BETTER LIVING CAUTIONARY STATEMENT Certain statements made in this presentation are forward-looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materiall