Slide 1: Full year results 2025
v 2025 Full year results Growth. Opportunity.
Slide 2: Group highlights
Group highlights • Significant growth in all of our key metrics: revenue, adjusted operating profit, adjusted profit before tax and adjusted EPS. • Adjusted operating margin reached 20.8%, up from 19.5% in 2024 and surpassing our 20% medium - term target. • Improved performance in all of our divisio
Slide 3: Significantly improved performance
Significantly improved performance 1. Focus on operating margin • Significantly improved Adjusted operating profit (£m) Adjusted operating margin (%) Adjusted basic EPS (pence) performance November 2023 CME priorities 18% 23% • Surpassed our 20% medium CAGR 55.5 CAGR 22.5 19.5% 20.8% term target for
Slide 4: Growth through accretive acquisitions
Growth through accretive acquisitions • £46.3m capital deployed for acquisitions (including £11.2m of debt acquired) • Six bolt - on acquisitions now integrated, and the majority of cost synergies already achieved, with minimal loss of customers • Synertec performing strongly with FY26 forecast to b
Slide 5: Well positioned for revenue growth
Well positioned for revenue growth We have three growth areas: 1. Our digital business has been transformed and is winning meaningful contracts. We hold much undigitised data for our customers, are comfortably the UK’s leading document digitiser, and expect AI to maximise the value of these assets.
Slide 6: Financial overview
Financial overview 6
Slide 7: Highlights
Highlights • Revenues up 27% to £304.7m (FY24: £240.0m) Revenue mix • Adjusted operating profit* up 18% to £55.5m (FY24: £46.9m) 12% • Adjusted operating margin* of 20.8%, up 130bps (FY24: 19.5%) 14% • Adjusted PBT* up 22% to £40.6m (FY24: £33.2m) FY25 £304.7m • Adjusted basic EPS* up 23% to 22.5p (
Slide 8: Divisional performance
Divisional performance Information Management • Experienced steady physical storage activity with a broadly stable number of boxes stored. • Property consolidation strategy is now in its final phase, with two additional sites secured towards the end of 2025. • Integration of Digital is now complete,
Slide 9: Adjusted PBT up 22%
Adjusted PBT up 22% Head Information Management Datashred Technology Office 2.9 4.4 (2.6) 1.0 1.2 0.2 40.6 4.0 (1.8) (4.8) 3.0 33.2 FY24 Pricing Digital FY25 Property Cost inflation Activity FY25 Net Net Net FY25 integration acquisitions consolidation (principally (mainly acquisitions paper cost int
Slide 10: Divisions – Information Management
Divisions – Information Management FY25 FY24 Change Revenue (£m) 227.2 167.9 35% Adjusting operating profit* (£m) 53.0 45.8 16% Revenue (excluding postage costs)* (£m) 188.8 167.9 12% Adjusted operating margin* (%) 28.1% 27.3% 80bps KPIs Boxes under management (m) 22 22 - Scanned image volume (m) 80
Slide 11: Divisions – Datashred
Divisions – Datashred FY25 FY24 Change Revenue (£m) 41.6 36.0 16% Adjusting operating profit* (£m) 5.1 3.7 38% Adjusted operating margin* (%) 12.3% 10.3% 200bps KPIs Tonnes of paper recycled (k) 60 52 15% Staff 337 307 10% Sites 10 9 1 • Strong service revenue performance , with four bolt - on acqui
Slide 12: Divisions – Technology
Divisions – Technology FY25 FY24 Change Revenue (£m) 35.9 36.1 (1%) Adjusting operating profit* (£m) 2.8 1.8 56% Adjusted operating margin* (%) 7.8% 5.0% 280bps KPIs Assets processed (m) 1.5 1.5 - Staff 332 345 (4%) Sites 6 6 - • Strategic shift toward higher - quality customers , reducing revenue f
Slide 13: Adjusting items
Adjusting items FY25 FY24 £m £m • Amortisation - increase year - on - year driven mainly Amortisation 14.2 11.8 by new intangible assets recognised from the Acquisition and related costs 13.1 - Synertec and Shred - on - Site acquisitions. Restructuring and redundancy costs 2.1 2.1 • Acquisition cost
Slide 14: Cash generation continues to be strong
Cash generation continues to be strong FY25 FY24 Variance £m £m £m Free cashflow from continuing operations* 42.9 41.1 1.8 • Free cashflow of £42.9m, up 4% from FY24 Net operating profit after tax 41.6 35.2 6.4 • Consistently high cash conversion * of 103% Cash conversion (%) * 103% 117% (14%) • Acq
Slide 15: Capital allocation priorities
Capital allocation priorities 1 2 Invest for growth Deliver shareholder returns Invest in the business Target value accretive Maintain a progressive Return of surplus capital where it accelerates acquisitions in our core dividend policy, with to shareholders through progress and will deliver busines
Slide 16: Share buyback programme of £20m
Share buyback programme of £20m • Restore is highly cash generative, with free cash flow over the past three years of £121.3m. In 2025 we generated £42.9m of free cash flow and allocated the majority of that capital to acquisitions (£46.3m including acquired debt), offset by proceeds from the Harrow
Slide 17: Outlook
Outlook 17
Slide 18: Business outlook
Business outlook • Operating margin is and will continue to be a focus area. • Strength of the physical storage business within Information Management continues to underpin Group profits and cashflow. Integration of the digital business is complete, with improved profitability and growth prospects.
Slide 19: Group outlook
Group outlook • Restore’s businesses are now being managed optimally and represent a platform for further organic and inorganic growth. • The Group has shown strong growth in all key metrics and delivered a strong financial and operational performance. • Above inflationary revenue growth is anticipa
Slide 20: Appendices
Appendices
Slide 21: FY26 modelling assumptions
FY26 modelling assumptions • Inflationary increases in box storage revenue continuing to underpin Group performance, together with highly recurring shredding business (over two thirds of paper price hedged through fixed price agreements with UK paper mills) Income • Above inflationary growth in digi
Slide 22: Glossary
Glossary Term Definition & calculation Adjusted operating profit Calculated as statutory operating profit before adjusting items Adjusted operating margin Calculated as adjusted operating profit divided by revenue, excluding Synertec postage costs of £38.4m (FY24: nil) Net operating profit after tax
Slide 23: For more information please visit: www.restoreplc.com
For more information please visit: www.restoreplc.com 2 nd Floor 7 - 10 Chandos Street, London, W1G 9DQ T: 020 7409 2420 E: info@restoreplc.com