Watches Of Switzerland Group Plc · LSE:WOSG
Watches Of Switzerland — FY25 Earnings Presentation
45 slides from Watches Of Switzerland's earnings presentation, Jul 3, 2025
Slide 1: FY25 Results: Record Revenue and Strategic Progress
WATCHES OF SWITZERLAND GROUP PLC FY25 Results: Record Revenue and Strategic Progress July 2025 52 weeks ended 27 April 2025
Slide 2: Disclaimer
Disclaimer Cautionary note regarding forward-looking statements This presentation has been prepared by Watches of Switzerland Group PLC (the ‘Company’). It includes statements that are, or may be deemed to be, "forward-looking statements". Forward-looking statements are statements based on the Compa
Slide 3: Agenda
Agenda US CEO Overview UK Financial Results & Outlook David Hurley Brian Duffy Craig Bolton Anders Romberg President North America & Chief Executive Officer President UK Chief Financial Officer Deputy CEO Closing Remarks and Q&A 3 The Watches of Switzerland Group FY25 Results, July 2025
Slide 4: CEO Overview
WATCHES OF SWITZERLAND GROUP PLC CEO Overview Brian Duffy, Chief Executive Officer
Slide 5: Good Financial Progress in the Year
Good Financial Progress in the Year Group revenue +8% to £1,652m Improving trend in H2 +12% US reached sales milestone of $1bn for the first time Adjusted EBIT £150m, +12% Improved Adjusted EBIT margin % by 30 bps Strong balance sheet All financial measures in constant currency - Refer to Glossary i
Slide 6: Significant Strategic Progress in the Year
Significant Strategic Progress in the Year Showroom Investment • Two new points of sale for Rolex in the US • Flagship Rolex boutique Old Bond Street, London • Expansion of Patek Philippe space in Betteridge, Greenwich • Total 15 showroom projects completed across UK & US • Strong pipeline in FY26 &
Slide 7: Luxury Watch Market Strong and Resilient – Swiss Watch Export Data
Luxury Watch Market Strong and Resilient – Swiss Watch Export Data US Luxury watch growth* CHF M 60% 500-3000 CHF 3000 + CHF 51% 4,000 50% 3,000 40% 30% 25% 2,000 19% 20% 20% 16% 1,000 10% 3% 3% 0 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 (1%) (0%) (10%) CAGR 2016 to 2024 + 10.8% US UK World C
Slide 8: Continued Innovation Within the Watch Industry
Continued Innovation Within the Watch Industry 8 The Watches of Switzerland Group FY25 Results, July 2025
Slide 9: Strong Growth in Rolex Certified Pre-Owned
Strong Growth in Rolex Certified Pre-Owned. Certified Pre-Owned Has Become Our Second Largest Luxury Watch Brand Rolex Certified Pre-Owned Certified Pre-Owned US: Launched July 2023: Online and now in 21 showrooms US: Analog:Shift – 16 showrooms UK: Launched Sept 2023: Online and now in 25 showrooms
Slide 10: Jewellery Market Worldwide – Trend Is Inexorably Towards Brands
Jewellery Market Worldwide – Trend Is Inexorably Towards Brands CAGR 2019/2027: Brands 13% Non-Branded 1% Share Branded vs Non-Branded 100% 90% 17% 18% 20% 22% 25% 27% 30% 32% 34% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2019 2020 2021 2022 2023 2024F 2025F 2026F 2027F Non-Branded Branded Source: McKinsey
Slide 11: Uniquely Advantaged Model – Well Set for Future Profitable Growth
Uniquely Advantaged Model – Well Set for Future Profitable Growth Showroom Design Landlords Brand Partners Consumer Choice • Scale in UK and strong market position in fragmented US market International Colleagues • Strong, long-standing brand relationships with all major luxury brands providing an a
Slide 12: The Group Has Navigated Through an Unprecedented Period in the Market
The Group Has Navigated Through an Unprecedented Period in the Market COVID POST COVID NOW Brands responding with increased product Reduced production in 2020 High price increases and innovation, limited pricing and collaborative increased scarcity of product brands focus on higher ASP approach with
Slide 13: Strong Track Record of Profitable Growth Since IPO
Strong Track Record of Profitable Growth Since IPO £M £M Significant profit growth Significant revenue growth 1,800 1,652 180 12% 1,600 160 150 10% 1,400 140 786 1,200 120 8% 1,000 100 774 6% 800 80 185 600 60 52 4% 400 866 40 589 2% 200 20 0 0 0% FY19 FY25 FY19 FY25 UK US Adjusted EBIT Adjusted EBI
Slide 14: Key Messages
Key Messages Our unique model Significant strategic Successfully navigated a Our markets remain positions us well for Good financial progress progress period of volatility attractive sustained profitable growth 14 The Watches of Switzerland Group FY25 Results, July 2025 14
Slide 15: Continue to Advance the ESG Agenda
Continue to Advance the ESG Agenda: To WOW Our Clients, While Caring for Our Colleagues, Our Communities and Our Planet People Planet Community £8.3m committed by WOSG to the Foundation since launch Ranked #7 in the FTSE 250 Women Leaders Over 2,500 hours of volunteering by WOSG Colleagues Review Ma
Slide 16: US
WATCHES OF SWITZERLAND GROUP PLC US David Hurley, President North America & Deputy CEO
Slide 17: Exceptional US Growth Since Entering Market in FY18
Exceptional US Growth Since Entering Market in FY18, Exceeding Over $1bn Revenue in FY25 20 Doors 23 Doors 23 Doors 32 Doors 40 Doors 47 Doors 56 Doors 60 Doors +16% +11% Revenue $US (millions) +36% +46% 1,006 +38% 870 785 +18% +101% 579 397 241 287 120 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Revenu
Slide 18: Continue to Expand our Partnership with Rolex
Continue to Expand our Partnership with Rolex FY25 COMPLETED TO BE COMPLETED FY26/27 Mayors Tampa, Florida Betteridge Vail, Colorado Watches of Switzerland Southdale, Mayors University Town Center, Relocation Dec 24 Expansion Dec 24 MN New Opening H1 FY26 Florida H1 FY26 Continued strength of partne
Slide 19: Patek Philippe: Betteridge Greenwich Expansion Opened August 2024
Patek Philippe: Betteridge Greenwich Expansion Opened August 2024 19 19 The Watches of Switzerland Group FY25 Results, July 2025
Slide 20: Watches of Switzerland Ross Park, Pittsburg: Opened November 24
Watches of Switzerland Ross Park, Pittsburg: Opened November 24 New Watches of Switzerland - anchored by Cartier and OMEGA 20 20 The Watches of Switzerland Group FY25 Results, July 2025
Slide 21: Key Pillars of the Growth Strategy of Roberto Coin
Key Pillars of the Growth Strategy of Roberto Coin 1 2 3 4 5 Investment in Marketing Expansion of Mono-Brand with Hollywood Brand Significant Product Development in Store Boutiques and SIS Ambassador Dakota New Roberto Coin Website Range Development Design Expanding and Elevating Johnson Distributio
Slide 22: FY26 Roberto Coin Mono-Brand Boutiques
FY26 Roberto Coin Mono-Brand Boutiques Roberto Coin, Hudson Yards, New York – Opening Nov 25 Roberto Coin, The Forum Shops at Caesars, Las Vegas – Opening Dec 25 Three new Roberto Coin mono-brand boutiques opening FY26 Key locations: New York, Las Vegas and Miami Opportunity to deliver shop-in-shop
Slide 23: Hodinkee acquisition Enhances Opportunities to Engage with Luxury Watch Enthusiasts
Hodinkee acquisition Enhances Opportunities to Engage with Luxury Watch Enthusiasts Exclusive watches Collaborations/partnerships • Pre-eminent global digital editorial content provider for luxury watch enthusiasts Content hub across WOSG • 48 million views per year • 1.5 million social media follow
Slide 24: Continue to Invest in Ecommerce in the US
Continue to Invest in Ecommerce in the US Watches of Switzerland US new website launched in May 25 on Shopify Positive early improvements +51% increase in user engagement rate +15% increase in engaged sessions per active user -78% decrease in the average time elapsing between first visit and purchas
Slide 25: UK
WATCHES OF SWITZERLAND GROUP PLC UK Craig Bolton, President UK
Slide 26: Rolex: Old Bond Street Opened March 2025 – Trading Ahead of Expectations
Rolex: Old Bond Street Opened March 2025 – Trading Ahead of Expectations Largest Rolex boutique in Europe Four floors of retailing space Dedicated Rolex Certified Pre-Owned area and after- sales service lounge 26 The Watches of Switzerland Group FY25 Results, July 2025
Slide 27: Rolex: Old Bond Street Opened March 2025
Rolex: Old Bond Street Opened March 2025 Engaged with international client experience expert AHA Group for external training and expertise Satisfaction with colleague experience 97% Net Promoter Score 93% 27 The Watches of Switzerland Group FY25 Results, July 2025
Slide 28: Continued to Invest in Our Key Property Projects in FY25
Continued to Invest in Our Key Property Projects in FY25 Mappin & Webb Edinburgh June 2024 Expansion of Watches of Switzerland Oxford Street October 2024 Goldsmiths Cheltenham October 2024 Goldsmiths Milton Keynes November 2024 Watches of Switzerland Fenchurch Street November 2024 28 The Watches of
Slide 29: Audemars Piguet Joint Venture: Manchester AP House Opened May 2025
Audemars Piguet Joint Venture: Manchester AP House Opened May 2025 Size of 6,500 sq ft Hospitality key to the AP client experience 3 floors including welcome lounge, VIP space, dining lounge and roof top terrace Opened May 2025 29 29 The Watches of Switzerland Group FY25 Results, July 2025
Slide 30: FY26: Northern Goldsmiths, Newcastle – Where the Partnership Began with Rolex
FY26: Northern Goldsmiths, Newcastle – Where the Partnership Began with Rolex 30 The Watches of Switzerland Group FY25 Results, July 2025
Slide 31: FY26: Manchester Showroom a Significant Step Forward in Luxury Branded Jewellery
FY26: Manchester Showroom a Significant Step Forward in our Luxury Branded Jewellery Strategy Opening September 2025 31 The Watches of Switzerland Group FY25 Results, July 2025
Slide 32: Continue to Invest in Our Showrooms
Continue to Invest in Our Showrooms FY26 FY27 Goldsmiths Merryhill Goldsmiths Peterborough Strong pipeline of projects September 25 September 25 Mix of refits, expansions and relocations Majority Rolex projects Goldsmiths Oxford Mappin & Webb Birmingham Glasgow Rolex October 25 November 25 Boutique
Slide 33: Financial Results & Outlook
WATCHES OF SWITZERLAND GROUP PLC Financial Results & Outlook Anders Romberg, Chief Financial Officer
Slide 34: Attractive Financial Framework for Value Creation
Attractive Financial Framework for Value Creation 1 4 Market with attractive long-term structural Good cash conversion supporting growth dynamics. Resilient demand exceeding ongoing balance sheet strength supply for key brands 2 5 Track record of strong revenue growth, Disciplined capital allocation
Slide 35: Sales and Profit Growth, Strong Cash Generation and Return On Capital
Sales and Profit Growth, Strong Cash Generation and Return On Capital Revenue Adjusted EBIT Free cash flow ROCE £150m £1,652m +12% constant currency £98m 19.0% +8% constant currency Adjusted EBIT % 9.1% +30bps 35 35 Refer to Glossary in Appendix for definitions 35 The Watches of Switzerland Group FY
Slide 36: Sales on an Improving Trend in H2 FY25
Sales on an Improving Trend in H2 FY25 36 The Watches of Switzerland Group FY25 Results, July 2025
Slide 37: Income Statement Reflects Strong Sequential Improvement in H2
Income Statement Reflects Strong Sequential Improvement in H2 Income Statement FY25 FY24 YoY % (£million) Income Statement presented pre-IFRS 16 and pre-exceptional items Revenue 1,652 1,538 +7% • Revenue +7% vs LY, +8% in constant currency Net margin 599 562 +6% • US business exceeded $1bn Net marg
Slide 38: Ongoing Balance Sheet Strength
Ongoing Balance Sheet Strength Balance Sheet (£million) FY25 FY24 YoY % Goodwill & intangibles 304 216 41% Balance Sheet is presented on a post IFRS-16 basis Joint venture 1 - • £107m spent on acquisitions PP&E 192 191 1% • Continued investment with £73m of expansionary capex Right-of-use assets 359
Slide 39: Cash Flow Reflects Strong Organic and Inorganic Investment
Cash Flow Reflects Strong Organic and Inorganic Investment Cash flow (£million) FY25 FY24 YoY % Adjusted EBITDA 192 179 +8% Working capital (52) (20) Highly cash generative Tax (30) (34) -11% Free cash flow of £98m Other 2 2 Cash generated from operating activities 112 127 -12% • Adjusted EBITDA inc
Slide 40: Disciplined Approach to Capital Allocation
Disciplined Approach to Capital Allocation Showroom Investments Strategic Acquisitions Returns to shareholders Attractive returns from showroom Key ongoing pillar of growth strategy Surplus capital above and beyond the investments requirements of business investment Must deliver ROI used to return t
Slide 41: Outlook and FY26 Guidance
Outlook and FY26 Guidance FY26 guidance assumes/reflects: • FY26 is 53 weeks • Current US tariff rate of 10% is maintained beyond the 90 day pause FY26 guidance (pre-IFRS 16) • Currently announced margin changes from brand partners Revenue growth in constant currency 6 to 10% • Visibility of supply
Slide 42: Closing Remarks
WATCHES OF SWITZERLAND GROUP PLC Closing Remarks
Slide 43: Closing Remarks
Closing Remarks • Good performance in FY25 • Continued showroom investment with strong pipeline in FY26/27 • Encouraging progress on growth initiatives of Certified Pre-Owned, ecommerce and luxury branded jewellery • Positive integration of Roberto Coin and Hodinkee with growth plan underway • Conti
Slide 44: Q&A
WATCHES OF SWITZERLAND GROUP PLC Q&A
Slide 45: Glossary
Glossary Adjusted EBIT: Adjusted Earnings Before Interest and Tax is operating profit before exceptional items and IFRS-16 impact Adjusted EBIT margin %: Adjusted EBIT divided by revenue Adjusted EBITDA: Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation is shown before exceptiona
Watches of Switzerland Group — FY25 Earnings Presentation on 6ix