Johnson Service Group Plc · LSE:JSG
Johnson Service — FY2025 Earnings Presentation
29 slides from Johnson Service's earnings presentation, March 2026
Slide 1: Johnson Service Group PLC Final Results
Johnson Service Group PLC Final Results 31 December 2025 Peter Egan - Chief Executive Officer Ryan Govender - Chief Financial Officer
Slide 2: Contents
CONTENTS 1) Operational Highlights 2) Financials 3) Investment 4) Operational Performance 5) Sustainability 6) Outlook 7) Investment Case 7) Appendices 2
Slide 3: Operational Highlights
1 OPERATIONAL HIGHLIGHTS “Resilient sales performance and strong profit growth in FY25” 3
Slide 4: Operational Highlights
2025 Final Results Operational Highlights • Organic revenue for the Group increased by 1.4% (HORECA: +1.0%; Workwear: +2.4%) • HORECA volumes for the year were satisfactory and in line with our expectations, albeit with some regional and sector variations • Workwear volumes remain stable, benefittin
Slide 5: Financials
2 FINANCIALS “Our strong earnings growth and improved margin, in line with market expectations, reflects our investment to further improve operational efficiencies, continued focus on tight cost control and service excellence .” 5
Slide 6: Financial Highlights
2025 Final Results Financial Highlights 2025 2024 Revenue (£m) 535.4 513.4 Adjusted EBITDA (£m) 1,2 166.8 152.6 Adjusted EBITDA margin (%)1,2 31.2 29.7 Adjusted operating profit (£m) 2 72.5 62.3 Adjusted operating margin (%)2 13.5 12.1 Adjusted PBT (£m) 2 64.5 54.8 Adjusted diluted EPS (p) 2,3 12.1
Slide 7: A Platform for Sustainable Growth
2025 Final Results A Platform for Sustainable Growth The Group has continued to deliver improved returns and strong financial management ROCE (%)1 Leverage (x:1) 2 Share Buyback (£m) 3 54.3 0.95 17.1% 15.5% 0.77 0.74 13.9% 12.2% 29.8 0.46 4.0% 5.5 - - 2021 2022 2023 2024 2025 2021 2022 2023 2024 202
Slide 8: Margin Progression
2025 Final Results Margin Progression Margin improvement on track for target of at least 14.0% in 2026 Notes: 2025 Cost Analysis 1. FY25 margin estimate per Investec 2. FY26 margin estimate per company stated target 13.5% 14.0% 13.5% 12.1% 10.7% 10.9% 15.5% 46.0% 11.4% 6.2% 7.4% 2022 2023 2024 2025
Slide 9: Cash Flow
2025 Final Results Cash Flow 202 5 2024 £m £m Adjusted operating profit 72.5 62.3 Depreciation and software amortisation 94.3 90.3 Working capital (8.4) (1.4) fixed assets and software (35.9) (44.6) Capital expenditure rental stocks (net) (63.7) (60.9) fixed asset proceeds 0.2 0.3 Interest (7.9) (7.
Slide 10: Other Financial Information
2025 Final Results Other Financial Information Interest Pensions • Interest cost of £8.0m including £ 2.6m relating to IFRS 16 • Net pension surplus of £3.7m (Dec 2024: £2.9m) lease liabilities (202 4: £7.5m and £ 2.3m respectively) • Higher than expected asset returns and lower long -term inflation
Slide 11: Investment
3 Investment “We are continuing to focus on expanding the Group through targeted investment in our existing sites and identifying further earnings enhancing opportunities to deploy capital” 11
Slide 12: £35.9m Investment
2025 Final Results Capital Expenditure £35.9m Wrexham New Boiler Pwllheli Sorting system and automatic Investment dryers Ireland Investment Edinburgh completed at Sorting system our Wexford and automatic and Naas sites dryers Group -Wide Grantham New New Boiler commercial vehicles 12
Slide 13: Operational Performance
4 “Whilst the market remains competitive, we remain focused on consistently delivering excellent service that aligns with our pricing levels and investing in our estate to drive continued operational efficiencies ” 13
Slide 14: Operational Performance: HORECA
2025 Final Results Operational Performance HORECA 2025 2024 Revenue (£m) 389.8 371.2 Adjusted EBITDA (£m) 1,2 122.9 110.5 Adjusted EBITDA margin (%)1,2 31.5 29.8 Adjusted operating profit (£m) 2 59.8 49.4 Adjusted operating margin (%)2 15.3 13.3 Notes: 1. Adjusted operating profit plus depreciation
Slide 15: Operational Performance: HORECA
2025 Final Results Operational Performance HORECA • Revenue increased 5.0% year -on-year and by 1.0% on an organic basis • Revenue benefitted from price increases and acquisitions • Customer contracts with an annualised revenue of some £4.9m added to the division during the year • Rising business co
Slide 16: Operational Performance: Workwear
2025 Final Results Operational Performance Workwear 2025 2024 Revenue (£m) 145.6 142.2 Adjusted EBITDA (£m) 1,2 52.1 49.4 Adjusted EBITDA margin (%)1,2 35.8 34.7 Adjusted operating profit (£m) 2 21.0 20.3 Adjusted operating margin (%)2 14.4 14.3 Notes: 1. Adjusted operating profit plus depreciation
Slide 17: Operational Performance: Workwear
2025 Final Results Operational Performance Workwear • Revenue increased 2.4% on an organic basis • Successfully secured significant contract renewals with multiple key customers • Customer retention levels increased to 94% ( 2024: 93%) and trending towards historical levels • Existing customer satis
Slide 18: Sustainability
i JOHNSON Service Group PLC
Slide 19: Sustainability
2025 Final Results Sustainability We continue to develop our environmental and social responsibility agenda, recognising sustainability as a strategic driver of long-term value creation for our people and operations. 2025 Headlines: • Carbon: 14% reduction in carbon intensity (vs. 2022 baseline) • W
Slide 20: Outlook
“Notwithstanding the current economic uncertainty, particularly the impact of 6 Outlook significantly increased labour and premises costs on some of our end customers, the Board expects to deliver another year of growth.” 20
Slide 21: Outlook
2025 Final Results Outlook ▪ Entering 2026, the regional and sector variations in HORECA volumes experienced in 2025 continued ▪ Notwithstanding this, and recognising normal seasonality driving stronger trading over the summer months, the Board expects to deliver another year of growth ▪ We remain o
Slide 22: Investment Case
7 INVESTMENT CASE “The Group’s objective is to employ a disciplined approach to investment, returns and capital efficiency to deliver sustainable compounding growth whilst also maintaining a strong balance sheet.” 22
Slide 23: Repositioned as a Dedicated Textile Services Provider
2025 Final Results Repositioned as a Dedicated Textile Services Provider Revenue previously derived from three distinct Source of revenue within sources…now derived from one focused business Textile Services significantly changed 2012 Revenue 2025 Revenue 2012 Revenue 2025 Revenue 21% 22% 27% 53% 26
Slide 24: An Essential Service Provider
2025 Final Results An Essential Service Provider An Essential Quality Service A Local Service Service Provider We provide our Our proximity to The services we customers enables us to customers with a provide to our quickly respond to their quality service which customers are essential needs they can
Slide 25: A Consistent and Proven Strategy
2025 Final Results A Consistent and Proven Strategy Key Components of Our Medium-Term Outlook Supported By Exceptional service underpinned by quality and Organic ▪ Value-added proposition and market leading service reliability Revenue ▪ Consistent track record of delivering organic growth Growth Lon
Slide 26: Appendices
JOHNSON Service Group PLC Appendices
Slide 27: Appendix 1 Segmental Analysis
2025 Final Results Appendix 1 Segmental Analysis 2025 2024 Adjus ted Adjus ted Operating Adjus ted Operating Adjus ted Revenue Profit 1 EBIT DA 1,,2 Revenue Profit 1 EBIT DA 1,2 £m £m £m £m £m £m HORECA 389.8 59.8 122.9 371.2 49.4 110.5 Workwear 145.6 21.0 52.1 142.2 20.3 49.4 Textile Rental 535.4 8
Slide 28: Appendix 2 A Platform for Sustainable Growth
2025 Final Results Appendix 2 A Platform for Sustainable Growth The Group has continued to deliver strong and sustainable growth Revenue (£m) Adjusted Operating Profit (£m) Adjusted Diluted EPS (p) 1 12.1 535.4 10.1 513.4 72.5 465.3 62.3 7.7 385.7 7.2 50.5 271.4 41.2 12.7 1.7 2021 2022 2023 2024 202
Slide 29: www.jsg.com
JOHNSON Service Group PLC