Rank Group Plc · LSE:RNK
Rank — The Rank Group — H1 2025/26 Earnings Presentation
22 slides from Rank's earnings presentation, December 2025
Slide 1: Interim results for the six months ended 31 December 2025
The Rank Group Plc Interim results for the six months ended 31 December 2025
Slide 2: John O'Reilly, Chief Executive
John O’Reilly Chief Executive
Slide 3: Overview
Overview Revenue and profit growth in all businesses LFL venues NGR +5% • LFL NGR up 6% to £419.8m LFL digital NGR • Underlying LFL operating profit up 15% to £40.6m + 8% • Group underlying LFL operating margin of 9.7%, up from 8.9% • ROCE up 2.6% pts to 15.9% Underlying LFL operating profit • Emplo
Slide 4: Financial performance and strategic update
Financial performance and strategic update Richard Harris Chief Financial Officer
Slide 5: Operating profit up 15%
Operating profit up 15% LFL Operating profit (£m) / LFL Operating margin (%) (5.5) 4% YoY growth 14.5 9.7% 8.9% (2.0) (1.6) 35.2 40.6 H1 2024/25 Revenue Growth Employment costs Depreciation Other costs H1 2025/26 • Total employment costs expected to grow c. 4% in 2025/26 6 The Rank Group Plc Interim
Slide 6: Free cash flow bridge
Free cash flow bridge H1 H1 2025/26 2024/25* £m Opening net cash pre IFRS 16 45.4 20.9 Net free cash flow 3.8 4.3 Business disposal consideration 1.0 3.0 Purchase of shares for LTIP (1.7) - Dividend paid (9.1) (4.0) (23.4) 28.0 Closing net cash pre IFRS 16 39.4 24.2 Net finance cost and tax Lease li
Slide 7: Grosvenor venues
Grosvenor venues H1 H1 Change Continued progress against medium term plan LFL NGR (£m) 2025/26 2024/25 LFL weekly average NGR £m Table gaming 92.1 90.6 2% Gaming machines 56.7 51.0 11% 7.8 Electronic gaming 31.1 29.3 6% 7.4 6.4 Other (inc. Poker) 24.1 21.9 10% 5.8 Total LFL NGR 204.0 192.8 6% London
Slide 8: Initial machine rollout completed
Initial machine rollout completed Early results reaffirm medium term opportunity • Plan to deliver average weekly NGR of £9.5m and grow operating margin by 500bps in the medium term • 850 additional machines added in first half of the year, up 65% • Gaming machine NGR up 11%, with venues benefitting
Slide 9: Slots revenue potential
Building demand and optimising performance Today Stages of growth Pre LBR Launch Build Broaden appeal Launch: Satisfying unmet demand by installing Medium-term additional slots Slots revenue potential Build: Increasing market share across the wider gambling sector with more exciting game packs and h
Slide 10: Sustained growth in Grosvenor
Sustained growth in Grosvenor Confident in the medium-term plan • Sports betting proposition being trialled in Luton, Leicester & Reading South to determine options for wider estate rollout • Table gaming proposition to benefit from addition of more innovative side bets and progressive jackpots • Ta
Slide 11: Digital
Digital Accelerated growth in core businesses H1 2025/26 H1 2024/25 Change LFL weekly average NGR £m LFL NGR (£m) Mecca 50.7 48.1 5% 4.8 Grosvenor 47.9 41.0 17% 4.4 3.8 Other proprietary brands 10.8 11.6 (7%) 3.4 Yo /Enracha 14.3 14.1 1% Total LFL NGR (£m) 123.7 114.8 8% Underlying LFL operating pro
Slide 12: 40% RGD – A seismic shift
40% RGD – A seismic shift Mitigation plan well underway • Impact from 40% RGD on UK business (pre-mitigation): c. £46m p.a. • Mitigation plan is well underway – material reductions to ATL marketing spend; renegotiating supplier contracts • Further operational efficiencies expected pre Q4 • Profitabi
Slide 13: Bingo
Bingo Further progress and growth in UK & Spain H1 H1 2025/26 2024/25 Change Mecca LFL visits ('000) 2,275.5 2,306.7 (1%) • Mecca LFL NGR grew 4% YoY LFL NGR (£m) 69.8 67.0 4% Underlying LFL • Customers continue to switch to electronic bingo via tablet-based play operating profit (£m) 2.7 0.7 286% •
Slide 14: Bingo Duty abolition
Bingo Duty abolition A sustainable platform for Mecca's future • Abolition of bingo duty, effective from Q4, will benefit Group by c. £6.5m p.a. • Expect to deliver double digit operating profit in Mecca in 2026/27 • Unified membership in H2 to enable app as membership card for venues customers, and
Slide 15: Clear investment case underpins positive outlook
Clear investment case underpins positive outlook Targeted investment to Market leading positions • Well placed for further revenue growth in maximise shareholder in attractive markets value the second half • Optimising new gaming machine performance to drive returns • Rebasing the UK Digital busines
Slide 16: Appendices
(xo Rank Group Appendices
Slide 17: Capital allocation policy
Capital allocation policy 1 Maintain a strong balance sheet and appropriate financing structure Disciplined capital investment in the customer proposition 2 and to maximise the opportunity presented by land- based reforms 3 A progressive dividend, with a dividend payout ratio that grows to over 35%
Slide 18: ROCE % Calculation
ROCE % Calculation H1 2025/26 £m H1 2024/25* £m FY 2024/25* £m Total equity 378.6 357.5 369.9 Add back: Net cash (39.4) (24.2) (45.4) Lease liabilities 204.5 148.3 200.1 ROU assets (138.2) (66.6) (118.5) Retirement benefit obligations 3.4 3.3 3.4 Non-current provisions 39.2 39.1 38.6 Net deferred ta
Slide 19: Income statement
Income statement • Underlying net financing charge higher H1 2025/26 H1 2024/25* than prior year due to higher lease-related interest under IFRS16 partially offset by LFL underlying operating profit 40.6 35.2 lower bank interest costs. FX, closed clubs and re-opening - (1.9) • Separately disclosed i
Slide 20: Separately Disclosed Items
Separately Disclosed Items • Closure of venues £1.3m relates to the sale H1 2025/26 H1 2024/25* of freehold land (£1.4m) associated with a former Mecca site, insurance rebate Amortisation of acquired intangible assets (0.3) (1.9) (£0.1m) offset by Mecca venues closure costs (£0.2m). Closure of venue
Slide 21: Balance sheet
Balance sheet At 31 Dec At 30 Jun At 31 Dec At 30 Jun 2025 2025* 2025 2025* Assets Liabilities Non-current assets Current liabilities Intangible assets 442.2 442.3 Trade and other payable (153.1) (155.2) Property, plant and equipment 140.4 133.7 Lease liabilities (42.9) (42.1) Right-of-use assets 12
Slide 22: (x2 Rank
(x2 Rank Group