Victoria Plc · LSE:VCP
Victoria — FY2026 Earnings Presentation
31 slides from Victoria's earnings presentation, Jul 24, 2026
Slide 1: Year End Results for FY2026
Year End Results for FY2026 24 July 2026
Slide 2: Overview of FY2026
Overview of FY2026 REVENUE1 EBITDA1 NET DEBT2 £1,045.5m £92.3m £1,063.2m -6.3% growth 8.8% margin FY25 £1,115.2m FY25 £113.7m, 10.2% margin FY25 £897.9m NET FREE CASH PRE-TAX LOSS1 FLOW/SHARE3 LEVERAGE2 £62.0m £0.58 11.5x FY25 £11.5m FY25 £0.40 FY25 7.9x Note 1. Revenue, EBITDA and LBT shown on a co
Slide 3: Executive summary
Executive summary VICTORIA PLC
Slide 4: Executive summary
Executive summary • Macroeconomic conditions resulted in softer-than-anticipated demand during H2; however, continued improvement in average selling prices demonstrated the resilience of the Group's pricing strategy and mitigated the impact of lower volumes • Execution of the profit improvement prog
Slide 5: Refinancing overview
Refinancing overview af VICTORIA PLC
Slide 6: Refinancing overview
Refinancing overview • Victoria has announced refinancing c.£1.2bn of debt and liabilities over the past year • In August 2025, we successfully completed the refinancing of our 2026 maturities • A new £130m Super Senior Credit Facility refinanced the existing super senior revolving credit facility i
Slide 7: Refinancing overview (continued)
Refinancing overview (continued) • €166.6m 2028 bond refinancing announced in July 2026 – Bondholders to receive: • Up to €125m of new 2031 maturity second priority notes at € 750 of every €1000 of bonds • c.34.8m shares equivalent to approximately 19% of the pro forma equity • £3.0m “early bird” fe
Slide 8: Refinancing overview: capitalisation table
Refinancing overview: capitalisation table Reduced liabilities, extended maturities and reduced ongoing costs Capital Structure Pre-Transaction (Mar-26) Pro Forma Post-Transaction £m Value Coupon Total Interest Value Coupon Total Interest SSCF 129 S / E + Margin 11 129 S / E + Margin 11 Local Lines
Slide 9: FY2026 Financial Report
FY2026 Financial Report EE VICTORIA PLC
Slide 10: Performance overview
Performance overview Underlying P&L FY2026 FY2025 UK & UK & UK & Europe UK & Europe Europe – North Europe – Australia Central costs TOTAL – soft – ceramic Australia North America Central costs TOTAL ceramic America soft flooring flooring tiles tiles £m Volumes (m sqm) 108.5 30.6 23.2 6.4 - 168.8 123
Slide 11: Divisional revenue drivers
Divisional revenue drivers Revenue (£m) 1,140.0 UK & Europe – UK & Europe – soft flooring ceramic tiles Australia North America 1,120.0 1,115.2 1,100.0 38.5 1,080.0 2.3 (17.2) 1,060.0 (4.5) (1.7) (6.7) 1,045.5 (68.5) (11.9) 1,040.0 1,020.0 1,000.0 Revenue Volume ASP Volume ASP Volume ASP Volume ASP
Slide 12: Divisional EBITDA drivers
Divisional EBITDA drivers EBITDA (£m) 120.0 UK & Europe – UK & Europe – Central 115.0 soft flooring ceramic tiles Australia North America costs 113.7 110.0 (3.3) 105.0 100.0 (10.7) (2.7) 95.0 1.5 4.3 92.3 0.1 90.0 (0.9) (6.4) (3.3) 85.0 80.0 EBITDA Revenue Margin Revenue Margin Revenue Margin Revenu
Slide 13: Non-underlying items
Non-underlying items Limited cash spend on exceptional items beyond the refinancing and relocation of rug manufacturing FY2025 FY2026 Non-underlying items, £m Exceptional items Acquisition and disposal related costs (0.9) (0.4) Reorganisation and other costs (cash) (15.8) (20.8) Gain on disposal of
Slide 14: Movement in debt
Movement in debt Working capital and capex discipline to fund refi costs and business transformation investments FY26 cashflows (£m) 150m 100m 92.3m 17.6m 50m (40.9m) (2.6m) (32.9m) (8.1m) - 9.6m (40.1m) (16.0m) (50m) (28.6m) (12.5m) £(14.7)m (23.9m) (86.1m) (100m) Free cash flow before capex and ex
Slide 15: Net debt overview
Net debt overview Diversified lender base providing significant access to capital Post FY2025 FY2026 Transaction £m Net cash and cash equivalents 56.6 67.6 63.11 Super senior RCF2 (44.2) (128.5) (128.5) Senior secured notes2 (624.0) (704.9) (687.2) Bank loans and other facilities (50.7) (50.7) (50.7
Slide 16: Operational overview
Operational overview EE VICTORIA PLC
Slide 17: UK & Europe – Soft Flooring
UK & Europe – Soft Flooring Strong performance in key markets and positive margin trajectory - Revenues broadly flat excluding Rugs – H2 volumes much weaker than anticipated - Excluding Rugs, EBITDA margins defended offsetting cost inflation despite weak H2 volumes - Grass profitability and margins
Slide 18: UK & Europe – Soft Flooring (continued)
UK & Europe – Soft Flooring (continued) Balta reorganisation weighed on FY26, project completion now expected in Q3 FY27 Rugs business – FY26 financials - Rugs constituted most of the revenue and EBITDA decline in Soft Flooring in FY26 - Physical move of equipment to Turkey is now largely complete,
Slide 19: UK & Europe – Ceramic Tiles
UK & Europe – Ceramic Tiles Transitional year providing a strong base for FY27 • Market conditions remained mixed, with revenue reduction primarily driven by proactive volume reductions in lower margin sales • New divisional leadership successfully implemented cost savings in part of the Italian bus
Slide 20: Australia
Australia Strong performance providing a base for growth in FY27 • Strong Q4 performance supported by share gains and rapidly strengthening AUD • Continuation of trends into FY27 – Wonderlay import brand supporting capital light growth • New Holdco and management incentive plan established • ERP ali
Slide 21: North America
North America Reorientation to B2B model in volatile market • Cali brand pivoted to B2B focus through FY26 • Lower than anticipated volumes through this transition, but now reaping the benefits • Large new customer wins in FY26 now operational providing confidence in FY27 growth • New zonal pricing
Slide 22: Targeting net £70m of real estate and assets sales proceeds in FY27
Targeting net £70m of real estate and assets sales proceeds in FY27 Selection of UK, Italian and Spanish sites being sold • Initial Belgian sale and lease back completed • Gross proceeds of c. €34m • Remaining c. £45m targeted consists of • One further Belgian sale targeted in FY27, remaining Belgia
Slide 23: Current trading and outlook
Current trading and outlook • Q1 demonstrated both volume and revenue growth, with profitability ahead of Q1 FY26 • Revenue up 7% and volume up 3% from market share gains • Encouraging start to the year ahead of last year's most profitable quarter despite energy headwinds • Market share gains in UK
Slide 24: Appendix
Appendix VICTORIA PLC
Slide 25: Debt structure overview
Debt structure overview Drawn Annual Maturity Coupon* £m amount interest** Super Senior Credit Facility - £130m (EUR/USD equivalent) Jan-2030 130.4 Base + 600bps ~10.3 Senior Secured Notes due 2029 (First Priority Notes) - €612m Jul-2029 556.0 9.875% ~53.0 Senior Secured Notes due 2028 - €158.7m Mar
Slide 26: Group overview
Group overview UNITED KINGDOM ~.Hartlepool, County Durham Sales & marketing Distribution Keighley, Dewsbury, West Yorkshire West Yorkshire Underlay production Carpet production Sales & marketing Sales & marketing -p Distribution Distribution Worcester, a Worcestershire Rossendale, Lancashire Underla
Slide 27: Group overview – cont’d
Group overview – cont’d Leading market position Group revenue by destination • Key markets in Europe, North America, and Australia • Manufacturing and distribution, with operations within primary markets served – majority of sales are domestic 5% 8% UK & Ireland • Leading positions within key market
Slide 28: Net debt overview – Pre IFRS 16
Net debt overview – Pre IFRS 16 Net debt - Pre IFRS16 £m FY2025 FY2026 Net cash and cash equivalents 56.6 67.6 Super senior RCF1 (44.2) (128.5) Senior secured notes1 (624.0) (704.9) Bank loans and other facilities (50.7) (50.7) Finance leases and hire purchase arrangements (pre IFRS 16) (24.9) (20.7
Slide 29: Shareholder register
Shareholder register Rank Investor Name Holding as of Jun 2026 % IC 1. Mr Geoff Wilding 22,438,650 19.5 2. Morgan Stanley Investment Mgt 13,681,371 11.9 3. KED Victoria Investments 12,500,000 10.8 4. Philosophy Capital Mgt 8,435,230 7.3 5. Hargreaves Lansdown Asset Mgt 6,471,525 5.6 6. Pershing Secu
Slide 30: Disclaimer
Disclaimer • The information contained in this document (“Presentation”) has been prepared by Victoria PLC (the “Company”) solely for information purposes and does not purport to be comprehensive or contain all the information that may be required by recipients to evaluate the Company. The informati
Slide 31: Disclaimer (continued)
Disclaimer (continued) • Forward-looking statements. This Presentation may contain certain forward-looking statements with respect to Victoria’s expectations and plans, strategy, management’s objectives, future performance, production, reserves, costs, revenues and other trend information. These sta