Grafton Group Plc · LSE:GFTU
Grafton — FY 2025 Earnings Presentation
35 slides from Grafton's earnings presentation, Mar 5, 2026
Slide 1: Grafton Group plc Final Results
Grafton Group plc Final Results Financial Year Ended 31 December 2025
Slide 2: Agenda
FY 2025 operational highlights 5 FY 2025 financial review 7 Outlook & strategy update 20 Appendices 27 Agenda Grafton Group plc – Final Results 2025 2
Slide 3: Forward-looking statements & notes
Forward-looking statements & notes Forward-looking statements This presentation may include forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "outlook," "believe(s),"expect(s)," "potential," "continue(s)," "m
Slide 4: Presenting today
Presenting today Eric Born David Arnold Chief Executive Officer Chief Financial Officer Grafton Group plc – Final Results 2025 4
Slide 5: FY 2025 operational highlights
FY 2025 operational highlights Eric Born, Chief Executive Officer
Slide 6: FY 2025 operational highlights
FY 2025 operational highlights Resilient performance with return to profit growth 2025 performance Continued progress on development activities • Group revenue +10.4% • Further strengthened leadership team across the Group • LFL revenue growth +1.7% • Gross margin +50bps • Successfully integrated Sa
Slide 7: FY 2025 financial review
FY 2025 financial review David Arnold, Chief Financial Officer
Slide 8: 2025 financial highlights
2025 financial highlights £’m 2025 2024 Change Revenue 2,519.6 2,282.3 +10.4% Adjusted operating profit pre property profit 184.3 173.5 +6.2% Adjusted operating profit margin pre property profit margin 7.3% 7.6% (30bps) Property profit 5.9 4.0 +47.1% Adjusted operating profit 190.2 177.5 +7.1% Adjus
Slide 9: Change to operating segments
Change to operating segments* • New reporting structure adopted which better reflects the Group’s strategy and management focus • Operating results now presented across four geographically defined segments Island of Ireland Great Britain Northern Europe Iberia * Comparative figures have been restate
Slide 10: Revenue bridge – 2024 to 2025
Revenue bridge – 2024 to 2025 2,800 Acquisition growth 2,700 mainly driven by Salvador Escoda 2,600 180 15 18 2,520 Small impact from 2,500 (5) disposal of non-core 2,400 MFP piping business in Ireland £’m 30 £’m 2,300 2,282 Positive FX impact 2,200 due to strengthening of the Euro against 2,100 GBP
Slide 11: Analysis of organic movement in revenue (constant currency)
Analysis of organic movement in revenue (constant currency) – 2024 to 2025 Like-for-like 29.7 Island of Ireland key driver 45 of growth with Great 40 Britain broadly flat 35 34.3 (0.8) 2.1 Decline in Northern Europe 30 driven by lower activity in (0.3) (5.6) 25 Finland £’m £’m 20 Organic growth in I
Slide 12: Adjusted operating profit (including property profit) – 2024 to 2025
Adjusted operating profit (including property profit) – 2024 to 2025 Acquisitions: Profit contribution primarily from Salvador Escoda with 7 1.9 190.2 months trading from HSS 1.9 Hire Ireland 1.4 11.8 £’m £’m 177.5 0.1 (1.8) (2.6) 2024 Like-for-Like Net New Divestments Acq - Acq - Property FX 2025 B
Slide 13: Analysis of movement in adjusted operating profit in like-for-like business
Analysis of movement in adjusted operating profit in like-for- like business – 2024 to 2025 Strong sales growth in 6 2.8 Island of Ireland underpinned gross margin expansion 4 3.1 Higher profits in GB largely driven by higher gross 2 margin (+120bps) 1.4 Northern Europe decline £’m (1.8) 0 driven by
Slide 14: Island of Ireland
Island of Ireland • LFL revenue up 3.5% with all businesses ahead; strong trading in Woodie’s and a positive performance from Chadwicks Constant • Gross margin continued to improve £’m 2025 2024 Change currency (+20bps) largely due to strong performance in Chadwicks supported by active commercial ma
Slide 15: Great Britain
Great Britain • Gross margin increase of +120bps reflected targeted commercial actions across all businesses despite subdued volumes • RMI demand remained weak, particularly £’m 2025 2024 Change in London where housing starts hit a 40-year low, as the wider economy lost Revenue 765.4 767.0 (0.2%) mo
Slide 16: Northern Europe
Northern Europe • Dutch market slowed in H2 after a strong start; Finnish economy remained weak • LFL revenue down 0.5% with Dutch Constant growth offset by sharp decline in Finland £’m 2025 2024 Change currency • Gross margin expanded in both markets Revenue 469.7 469.3 0.1% (1.1%) (+90bps) due to
Slide 17: Iberia
Iberia • Successful integration completed with a strengthened management team creating a strong platform for future growth • LFL revenue up 6.1% (pro-forma), supported by a growing economy and £’m 2025 2024* strong market demand Revenue 212.9 29.7 • Delivered year-on-year profit growth while executi
Slide 18: Analysis of cash flow - 2025
Analysis of cash flow - 2025 319.2 12.0 (15.1) (122.8) (16.3) (8.7) (24.7) (14.3) 6.6 (127.6) +£168.3m free cash flow (2024: +£178.2m) 88% free cash flow conversion (2024: 100%) FY24 EBITDA Profit on Working Payment of Replacement Property Development Net Return of capital FX FY25 Business Capital l
Slide 19: Balance sheet
Balance sheet 31 December 31 December £’m 2025 2024 Goodwill and intangible assets 790.4 769.2 Right-of-use assets 366.3 377.7 Tangible assets 410.9 395.4 Working capital 289.5 280.7 Other liabilities (92.5) (96.5) Pension asset/(deficit) 7.6 1.3 Capital employed 1,772.1 1,727.9 Net cash excluding l
Slide 20: Outlook & strategy update
Outlook & strategy update Eric Born, Chief Executive Officer
Slide 21: Current trading
Current trading • Early in the year – important trading Average daily like-for-like months yet to come revenue change in constant currency • Wet weather impacted trading in Island of Ireland and Great Britain Q4 1 Jan 2026 - 2025 28 Feb 2026 • Island of Ireland delivered growth, Distribution support
Slide 22: Outlook
Outlook 2026 outlook • Construction outlook positive in ROI – retail consumer slightly more cautious Island of Ireland • No significant uplift expected in Northern Ireland in 2026 • Slow start to 2026 impacted by wet weather conditions Great Britain • Modest market growth expected and skewed to H2 •
Slide 23: Our strategy for growth
Our strategy for growth Our structured approach to Our strategy is based on: What sets us apart: capital allocation: • Strong positions in markets with • Strong, experienced business (1) Fund organic growth and existing long-term growth characteristics leaders in each market estate • Core geographic
Slide 24: 2022 – 2025: Capital allocation
2022 – 2025: Capital allocation • Generated £708.9m free cash flow after replacement capex • Disciplined capital allocation focussed on enhancing shareholder value • Maintained strong balance sheet after returning £721m to investors via dividends and share buybacks Grafton Group plc – Final Results
Slide 25: Capital Markets Event
Capital Markets Event • Capital Markets Event will be held for pre-registered analysts and investors • The event will focus on the Group’s strategy and growth ambitions over the medium-term • Presentations from a number of senior leaders in our businesses Date: Wed May 20, 2026 Time: 12:30pm – 17:30
Slide 26: Questions
Questions G Grafton Group plc
Slide 27: Appendices
Appendices Grafton Group plc
Slide 28: Appendix – Notes & definitions
Appendix 1 – Notes & definitions Notes As amounts are reflected in £’m some immaterial rounding differences may arise. Definitions • Adjusted earnings per share is earnings before exceptional items, • Adjusted operating profit (pre property profit) margin is adjusted acquisition related items, intan
Slide 29: Appendix – FY 2026 technical guidance
Appendix 2 – FY 2026 technical guidance Finance Charge: c.£14m-£15m but remains dependent on reduction of interest rates by Central Banks together with impact of Corporate Development activity Tax Rate: Underlying tax rate of c.19.5% subject to acquisitions and change in assumptions in respect of pr
Slide 30: Appendix – Revenue change 2025 v 2024
Appendix 3 – Revenue change 2025 v 2024 Average Daily Like-for-Like Revenue Change Total Revenue Q1 Q2 H1 Q3 Q4 H2 FY 2025 1 Jan – 31 Dec 2025 Constant Sterling Currency Island of Ireland +4.2% +5.1% +4.7% +3.9% +0.9% +2.4% +3.5% +4.3% +5.4% Great Britain (1.5%) +2.1% +0.4% +0.8% 0.0% +0.4% +0.4% (0
Slide 31: Appendix – Income statement statutory reconciliation
Appendix 4 – Income statement statutory reconciliation £’m 2025 2024 Change Revenue 2,519.6 2,282.3 +10.4% Adjusted operating profit pre property profit 184.3 173.5 +6.2% Property profit 5.9 4.0 Adjusted operating profit 190.2 177.5 +7.1% Profit on disposal of Group business 8.1 - Acquisition relate
Slide 32: Appendix – Segmental analysis
Appendix 5 – Segmental analysis During the financial year ended 31 December 2025, the Group has adopted a new reporting structure which better reflects the Group’s strategy. The Group is now organised into four geographical areas: Island of Ireland, Great Britain, Northern Europe and Iberia. The ope
Slide 33: Appendix 5(a) – Segmental analysis (revenue)
Appendix 5(a) – Segmental analysis (revenue) £’000 2025 2024 Change Revenue UK distribution 774,900 780,778 (0.8%) Ireland distribution 673,225 632,807 +6.4% Netherlands distribution 345,987 337,581 +2.5% Finland distribution 123,711 131,758 (6.1%) Spain distribution 212,861 29,664 - Total distribut
Slide 34: Appendix 5(b) – Segmental analysis (operating profit)
Appendix 5(b) – Segmental analysis (operating profit) £’000 2024 2024* 2024 2025 Change Operating Profit Reported Reallocation Final UK distribution 32,438 1,166 33,604 29,998 (10.7%) Ireland distribution 61,533 (131) 61,402 66,873 +8.9% Netherlands distribution 26,394 - 26,394 23,946 (9.3%) Finland
Slide 35: Thank You.
Grafton Group pic Thank You.