Slide 1: Interim results for the period ended 30 September 2025
Interim results for the period ended 30 September 2025 Anna Bielby, Chief Executive Keith Winstanley, Chief Financial Officer 27 November 2025 Leader in equipment rental
Slide 2: Vp Group – a leader in equipment rental
Vp Group – a leader in equipment rental 70+ years Expert provider of equipment, people, solutions and Heritage ------------------------------ support for specialist projects 83,500+ Customers Focussed on Infrastructure, Construction, Housebuilding ------------------------------ and Energy markets £2
Slide 3: Our investment case
Our investment case Key differentiators Reasons to invest Specialist assets, markets and delivery Market leading returns • Deep understanding of market and assets • Target ROACE of 15% drives strong customer loyalty • Strong and consistent margins • High barriers to entry provides resilience • Less
Slide 4: H1 Highlights
H1 Highlights Financial Operational £188.4m Group revenue • Financial performance reflects challenges in the UK • Challenging conditions in the UK but good progress and HY25: £192.5m -------------------------------- market, in particular Brandon Hire Station growth in International, led by Ireland a
Slide 5: Decisive actions taken to reposition Brandon Hire Station
Decisive actions taken to reposition Brandon Hire Station • We have taken decisive actions in Brandon Hire Station (“BRHS”) which will result in a smaller, more focussed and profitable business • This plan reduces exposure to the challenging General construction market whilst continuing to support V
Slide 6: Operational review
Operational review Leader in equipment rental
Slide 7: Our markets
Our markets Infrastructure Construction Housebuilding Energy Rail Water Specialist Transmission Other General 39% Revenue 38%Revenue XX% Revenue XX% Revenue 7% Revenue 6% Revenue Large multi-year investment Specialist construction Market remains stable with Challenging macroeconomic programmes and s
Slide 8: Infrastructure – mixed first half, exciting prospects
Infrastructure – mixed first half, exciting prospects Infrastructure What weopportunity Market do H1 performance Rail Transmission Infrastructure revenue is in line with H1 FY25: • • Site CP7access/ portable (2024-2029) roadwaysof commitment • Survey, • Transmission: Strong performance and revenue g
Slide 9: Supporting our Water customers with AMP8
Supporting our Water customers with AMP8 Spend programme of £104bn is double AMP7 Supporting critical water infrastructure upgrades Enabling water security for over 8.5 million households Commit to sustainability, innovation, resilience, and compliance Comprehensive rental solutions and strong partn
Slide 10: Construction – Specialist remains strong, challenges in General
Construction – Specialist remains strong, challenges in General Construction Market What weopportunity do H1 performance Specialist construction • Specialist construction: year on year growth with momentum in • Focussed offering redevelopment projects. Investment concentrated in this area Specialist
Slide 11: Satisfactory performance in Housebuilding and Energy
Satisfactory performance in Housebuilding and Energy Housebuilding Energy What we do What we do • •Provide materials Oil price remainshandling supportive • • Provide Oil people, plant and equipment to with • price remains Revenue supportive increase of 52% compared solutions (telehandlers, small pla
Slide 12: Financial review
Financial review Keith Winstanley Leader in equipment rental
Slide 13: Solid financial performance
Solid financial performance H1 26 (£m) H1 25 (£m) FY25 (£m) • Solid performance despite a mixed UK Revenue 152.5 162.6 317.6 market backdrop International Revenue 35.9 29.9 62.4 • Challenging UK end markets, particularly General construction impacting Brandon Group Revenue 188.4 192.5 380.0 Hire Sta
Slide 14: Balance sheet positions us well
Balance sheet positions us well H1 26 (£m) H1 25 (£m) FY 25 (£m) Hire fleet 255.4 236.4 240.9 • Strong balance sheet positions the Group well for the future Other fixed assets 31.0 30.8 30.2 Intangible assets 28.4 26.9 29.4 • Young and well-maintained hire fleet, IFRS16 net liabilities (7.8) (3.0) (
Slide 15: Strong operating cash flows and disciplined capital allocation
Strong operating cash flows and disciplined capital allocation • H1 net debt of £155.9m • Increase in net debt consistent with prior period • Strong operating cash flows and continued investment in asset base • Debt continues to be well managed with disciplined capital allocation policy Excludes lea
Slide 16: Comfortably operating within stated leverage target
Comfortably operating within stated leverage target H1 26 (£m) H1 25 (£m) FY25 (£m) • Operating well within financial Private placement - Jan 2027 65.0 65.0 65.0 covenants and with headroom for growth Private placement - Apr 2028 28.0 28.0 28.0 RCF - matures Nov 2028* 90.0 90.0 90.0 • Leverage expec
Slide 17: Investment aimed at market opportunity
Investment aimed at market opportunity H1 26 (£m) H1 25 (£m) FY25 (£m) Fleet investment 39.6 38.5 65.4 • Investment to drive growth and where returns are higher Other capex 2.8 3.7 8.2 Disposal proceeds (11.7) (11.6) (23.7) • End markets: targeting Net capex 30.7 30.6 49.9 infrastructure and special
Slide 18: International segment growth driven by Ireland and Germany
International segment growth driven by Ireland and Germany H1 26 (£m) H1 25 (£m) FY25 (£m) • International segment profit has Revenue increased from £4.5m to £6.7m UK 152.5 162.6 317.6 due to growth in Ireland and International 35.9 29.9 62.4 Germany Total 188.4 192.5 380.0 • In Ireland: strong econ
Slide 19: Consistent returns and uninterrupted dividend track record
Consistent returns and uninterrupted dividend track record Historic ROACE 16.0% 14.5% 14.5% 14.5% 14.4% 14.5% 14.2% • Consistent strong returns and 14.0% 12.8% 12.0% progressive dividend contribute 10.0% 9.2% to compelling investment case 8.0% 6.0% • ROACE expected to increase 4.0% 2.0% following Br
Slide 20: Strategy update
Strategy update Leader in equipment rental
Slide 21: Continued strategic progress in H1
Continued strategic progress in H1 Delivering growth Driving operational excellence Investing to drive sustainable profitable growth Simplifying how we work to drive performance H1 progress: H1 progress: • Investing in areas where strong market opportunities exist • Group functions now embedded and
Slide 22: Vp has four key areas for growth
Vp has four key areas for growth Delivering growth Divisional BRHS decisive Group Ireland and growth actions and go-to-market Germany Growth area reposition strategy Investing in agile Capitalising on Increasing profit Unlocking new and specialist divisions significant market through smaller, existi
Slide 23: Summary and outlook
Summary and outlook • Solid first half performance, despite macroeconomic challenges • Progress made across the business including decisive actions taken to reposition BRHS • Continued challenging conditions in H2 but increasing activity levels in key Infrastructure sectors of Water and Rail, alongs
Slide 24: Q&A
Q&A Leader in equipment rental
Slide 25: Appendices
Appendices Leader in equipment rental
Slide 26: Our operating model
Our operating model Infrastructure Construction Housebuilding Energy End markets Rail Water Transmission Other General Specialist Groupwide approach: End sector specialists (e.g.Vp Rail) • Major customers • Rehire activities • Simple access to all of Vp Customer Torrent Trackside Airpac Rentals Bran
Slide 27: Vp Rail
Vp Rail Providing customers with direct access to all of Vp’s rail specialisms through a central team. Long term relationships, excellent customer experience In CP7 Outside of CP7 Outside of Great Britain CP7 currently below • Sizewell C • Significant Rail infrastructure expectations but activity le
Slide 28: People at the heart of everything we do
People at the heart of everything we do Teams that work A great place to work together • Fair and competitive reward • Trusted and empowered people which is supported by a revised making decisions to delight our and comprehensive Reward customers; the creation of a Framework centralised team is supp
Slide 29: Digital roadmap
Digital roadmap We’re progressing our digital roadmap in order to simplify our business and drive growth • Enabling a unified, Groupwide solution that delivers Improved efficiency a seamless customer experience. Centralised rehire by simplifying and gives customers access to multiple divisions along
Slide 30: ESG
ESG Achieving our business ambitions relies on our full commitment to ESG • Partnered with WorkL to run first Groupwide employee survey to ensure investment is People – investing in targeted on the areas of greatest opportunity • Launched the Vp Reward Framework, enhancing colleague benefits and inc
Slide 31: Corporate development – strategic and disciplined M&A
Corporate development – strategic and disciplined M&A Clear criteria Specialist asset types • Specialist in nature e.g. Power generation, Environmental and Test and • Operating in growing, resilient sectors Measurement • No.1 or no.2 player • Solid base with clear opportunity to scale Disciplined ap
Slide 32: Capital allocation strategy
Capital allocation strategy Net debt / EBITDA less than 2x • Capital investment in rental fleet Organic growth • Short term investment in strategic transformation projects • Progressive dividend with 2x target cover Ordinary dividends • Full-year dividend split c.1/3 interim, 2/3 final • Investment
Slide 33: Exceptional items
Exceptional items H1 26 (£m) H1 25 (£m) FY25 (£m) • H1 26 restructuring costs Restructuring and reorganisations 3.0 - 3.8 predominately relate to H1 Brandon Hire Station branch closure costs Contingent remuneration for post- 1.7 - 1.8 combination services • Contingent remuneration expense Gain on ba
Slide 34: Our business
Our business Groundforce A market-leading rental and design provider of excavation support systems and CPH specialist products to the water, civil engineering and construction industries with One of Ireland's leading specialist powered access companies servicing the operations in the UK, Republic of
Slide 35: Disclaimer
Disclaimer This presentation has been prepared by or on behalf of Vp plc (‘Vp’). The information set out in this presentation is not intended to form the basis of any contract. By attending (whether in person, by telephone or webcast) this presentation or by reading the presentation slides, you agre
Slide 36: Leader in equipment rental
Leader in equipment rental