Procook Group Plc · LSE:PROC
Procook — H1 FY2026 Earnings Presentation
37 slides from Procook's earnings presentation, Dec 10, 2025
Slide 1: FY26 Interim Results Presentation
FY26 INTERIM RESULTS PRESENTATION 10 DECEMBER 2025 Accelerating trading momentum; significant market share gains
Slide 2: Agenda
AGENDA a HIGHLIGHTS FINANCIAL STRATEGY CURRENT SUMMARY Q&A REVIEW UPDATE TRADING & OUTLOOK Lee Tappenden Dan Walden Lee Tappenden Dan Walden Lee Tappenden CEO CFO CEO CFO CEO
Slide 3: H1 Highlights
H1 HIGHLIGHTS • Record H1 sales performance, accelerated quarterly New customers L12M active customers momentum • Outperformed the kitchenware market by 16%pts 360k 1.2m +15.6% YoY +10.2% YoY • Six new stores opened in H1 including one in new format Revenue LFL Revenue • Disciplined investment for g
Slide 4: Financial Review
FINANCIAL REVIEW Accelerating trading momentum; significant market share gains
Slide 5: Strong Financial Progress
STRONG FINANCIAL PROGRESS REVENUE GROSS PROFIT EBITDA H1 FY26 +20.6% £34.1m H1 FY26 +22.8% £22.7m H1 FY26 +129.2% £2.3m H1 FY25 £28.3m H1 FY25 £18.4m H1 FY25 £1.0m H1 FY24 £26.3m H1 FY24 £17.6m H1 FY24 £1.0m LFL REVENUE % GROSS MARGIN NET CASH/ DEBT H1 FY26 +130bps 66.4% H1 FY26 (£4.1m ) H1 FY26 8.1
Slide 6: Revenue Growth Accelerating
REVENUE GROWTH ACCELERATING Total revenue growth of +20.6% to £34.1m in H1 FY26, with LFL sales growth of +8.1% 25.1% 17.8% 13.7% 11.2% 8.8% 5.0% 5.6% 3.0% (2.5%) (1.8%) (7.6%) (6.7%) H1 FY26 (9.7%) +16.1% Volume YoY +4.5% Price YoY (22.6%) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY23 FY24 FY25 FY
Slide 7: Revenue Growth Underpinned by Strong LFL Growth
REVENUE GROWTH UNDERPINNED BY STRONG LFL GROWTH H1 revenue growth by channel (£m) 40 Retail +21.8% YoY Ecomm +18.4% YoY Total 38 +20.6% YoY +8.1% LFL 36 +15.7% LFL 1.6 0.3 34.1 34 3.4 32 +3.6% LFL 30 0.6 28.3 28 26 24 22 FY25 H1 LFL Retail Non-LFL Retail LFL Ecomm Non-LFL Ecomm FY26 H1 LFL (Like For
Slide 8: Increased Gross Margin (+130bps YoY) as We Grow Revenue
INCREASED GROSS MARGIN (+130bps YOY) AS WE GROW REVENUE Gross margin % quarterly trend Pricing +130bps Cost prices and FX +140bps 72.0% Freight and retail fulfilment -120bps Product mix – 20bps 67.0% 62.0% 66.4% 65.1% 57.0% 52.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY22 FY23 FY24 F
Slide 9: Improved Operating Loss YoY Despite Dilutive Impact of 14 New Stores
IMPROVED OPERATING LOSS YOY DESPITE THE PRE-MATURITY DILUTIVE IMPACT OF 14 NEW STORES OPENED SINCE H1 FY25 Operating loss YoY (£m) 0.4 New & maturing stores H1 impact YoY: 3.8 GP: +£2.1m 9 of the 14 new Operating expenses: -£2.8m stores opened post OP: -£0.6m peak FY25, where seasonal trading is les
Slide 10: EBITDA Improved More Significantly, Net Positive Impact of New Stores
EBITDA IMPROVED MORE SIGNIFICANTLY, AND REFLECTS A NET POSITIVE YOY IMPACT OF THE NEW STORES IN H1 FY26 EBITDA margin % EBITDA YoY (£m) New & maturing stores H1 impact YoY: 0.4 GP: +£2.1m 3.8 Operating expenses ex D&A: -£1.8m EBITDA: +£0.3m 0.9 (2.0) (0.8) (0.6) 2.3 (0.3) 1.0 H1 FY25 EBITDA Revenue
Slide 11: New and Maturing Stores Will Drive Operating Profit and EBITDA Growth
THE NEW AND MATURING STORES WILL DRIVE OPERATING PROFIT AND EBITDA GROWTH IN FY26 H2 AND BEYOND Store maturity and accounting impact on EBITDA and operating profit OP represents ~25% OP represents ~75% OP represents ~85% of EBITDA in Y3 onwards of EBITDA in Y1 of EBITDA in Y2 Y0 Y1 Y2 Y3 Y4 Y5 EBITD
Slide 12: Income Statement
INCOME STATEMENT £m H1 FY26 H1 FY25 • Revenue +20.6%, +8.1% LFL Revenue 34.1 28.3 • Stronger GM% as expected, +130bps YoY Gross profit 22.7 18.4 • Operating costs reducing as a % of revenue GP% 66.4% 65.1% • LFL operating costs up 3.3% compared to LFL revenue Net operating costs (24.1) (20.2) growth
Slide 13: Free Cash Flow in H1 Reflects Improved Trading and Disciplined Investment
FREE CASH FLOW IN H1 REFLECTS IMPROVED TRADING PERFORMANCE AND DISCIPLINED INVESTMENT FOR GROWTH £1.8m YoY increase in cash investment in new stores in H1 FY26 £0.6m £0.9m £0.2m £0.1m 1.0 (3.4) (1.1) (0.9) (0.5) (0.1) (5.0) H1 FY25 FCF Profitability NWC Capex Lease payments Interest H1 FY26 FCF
Slide 14: Strategy Update
STRATEGY UPDATE Accelerating trading momentum; significant market share gains
Slide 15: Delivering on Our Strategic Plan
DELIVERING ON OUR STRATEGIC PLAN Grow brand 1. Accelerate profitable awareness and Resilient 2. Improve operating customer sales growth engagement and efficiency Scalable Best in class Tech 20.6% growth in revenue, customer ACCELERATING WTH IMP Improved marketing and service RO RO record customer nu
Slide 16: Expanding Our Store Estate
EXPANDING OUR STORE ESTATE 6 Key element of our 100:100:10 ambition 22x new • 10 new stores YTD in FY26 stores opened since strategy New stores • £8m+ mature sales expectation launch opened in H1 • >160m centre visitors 4 • • 2Y payback target £250-300k investment per store New stores opened in H2 •
Slide 17: New Store Format
NEW STORE FORMAT ENVIRONMENT: Higher quality, softer and warmer, and more homely feel to appeal to female customers EXPERIENCE: Category zoning, visual inspiration, demo areas, increased shelf-fill (pick up and go) EFFICIENCY: Same fit out cost and time, improved replenishment, more time for colleag
Slide 18: New Store Format
NEW STORE FORMAT New inspirational knives and electricals fixtures provide experiential test, trial and demo zones +26% Increase in Knife category sales intensity +29% Increase in Electricals sales intensity
Slide 19: New Store Format
NEW STORE FORMAT New “kitchen” checkout and backwall Increased shelf fill and stock density
Slide 20: New Store Format
NEW STORE FORMAT • Significant step forward in customer experience • Brand-enhancing look and feel • Inspiring our customers: “Let’s get cooking” • Encouraging early results in all 5 new format stores • Resonating with our customers • Will optimise and iterate where required • Complete full retro-fi
Slide 21: Best in Class Customer Service
BEST IN CLASS CUSTOMER SERVICE RETAIL: Renewed focus on service, training and incentives ECOMM: New website features and focus on removing friction CS: Colleague scheduling and training, focus on driving improved performance KPIs
Slide 22: Best in Class Customer Service: Retail
BEST IN CLASS CUSTOMER SERVICE: RETAIL Renewed focus on service, training and incentives • Launch of new service and selling model • Rolled out across stores during Q2 • 1,800 Training hours completed • New incentive programme driving engagement • Focused top 5 KPIs Q2 Retail LFL ATV Q2 Retail LFL c
Slide 23: Best in Class Customer Service: Ecommerce & CS
BEST IN CLASS CUSTOMER SERVICE: ECOMMERCE & CS CX improvements online, and improved customer service response times • Improving customer shopping experience • CX improvements online Ecomm ATV Ecomm e-gift card feature • Removing friction 11.2% >1000 • Improvements in Customer Service response times
Slide 24: Growing Brand Awareness and Customer Engagement
GROWING BRAND AWARENESS AND CUSTOMER ENGAGEMENT Expanding our retail estate, >300m centre visitors from 10 new stores TY and 12 new LY, halo effect 109k new customers online In L12M from new store openings Increasing reach through social media, website 57k new customers traffic from social channels
Slide 25: Growing Brand Awareness and Customer Engagement: Social Media
GROWING BRAND AWARENESS AND CUSTOMER ENGAGEMENT: SOCIAL MEDIA Investment in paid social marketing delivering strong results • Attributed revenue +153% YoY in H1 • 38% reduction in Cost Per Acquisition YoY • Extending to test in more channels Organic social driving improved engagement • Followers +32
Slide 26: Growing Brand Awareness and Customer Engagement
GROWING BRAND AWARENESS AND CUSTOMER ENGAGEMENT H1 New Customers Acquired 317 317 285 312 360 +14.1% 5Y CAGR 186 FY21 FY22 FY23 FY24 FY25 FY26 H1 L12M Active Customers 999 976 1,093 1,204 +18.7% 731 5Y CAGR 511 FY21 FY22 FY23 FY24 FY25 FY26
Slide 27: Current Trading & Outlook
CURRENT TRADING & OUTLOOK Accelerating trading momentum; significant market share gains
Slide 28: Current Trading and Outlook
CURRENT TRADING AND OUTLOOK 8 weeks to 7 December 2025 Significant market outperformance £m FY26 FY25 YoY% • Total revenue +28.4% , LFL revenue +18.2% Revenue 18.8 14.7 +28.4% • Successful Black Friday and Early Christmas campaigns Ecommerce 7.8 6.0 +30.6% Retail 11.0 8.7 +26.9% • Retail LFL + 9.8%,
Slide 29: Summary
SUMMARY Accelerating trading momentum; significant market share gains
Slide 30: Accelerating Momentum, Significant Market Share Gains and Strategic Progress
ACCELERATING MOMENTUM, SIGNIFICANT MARKET SHARE GAINS AND STRATEGIC PROGRESS • Record active customers and new customers discovering the brand for the first time • Enhanced product offering with increased seasonal relevance and value • Investing in future growth given strong returns; 10 new stores i
Slide 31: Appendices
APPENDICES Built for better cooking
Slide 32: An Experienced Retail Leadership Team to Drive Strategy Execution
AN EXPERIENCED RETAIL LEADERSHIP TEAM TO DRIVE STRATEGY EXECUTION Lee Tappenden Dan Walden Laurie Houghton CEO CFO Commercial Director • Lee joined ProCook in September • Dan joined ProCook in May 2021 • Laurie Houghton joined ProCook as 2023 and has extensive retail • Previously CFO of Booking.com
Slide 33: Financial Position
FINANCIAL POSITION 12 October 13 October 30 March £m 2025 2024 2025 Non-current assets 12.2 9.6 11.4 Right of use assets 22.7 20.5 21.0 Inventories 17.0 16.9 12.1 Trade and other receivables 1.9 2.2 2.4 Corporation tax 0.7 0.9 0.1 Cash and cash equivalents 2.8 3.1 2.8 Total current assets 22.4 23.1
Slide 34: Cash Flow Statement
CASH FLOW STATEMENT £m H1 FY26 H1 FY25 Revolving credit facility Reported profit before tax (2.9) (3.2) Facility £10.0m D&A, impairment and loss on disposal 3.8 2.8 Expiry April 2027 Share based payments 0.1 0.4 Committed Yes Finance expense 0.8 0.7 Covenants1 FX losses / (gains) 0.4 0.4 Leverage: (
Slide 35: Gross Margin Improved as Anticipated
GROSS MARGIN IMPROVED AS ANTICIPATED £m H1 FY26 H1 FY25 YoY% Gross margin % year on year 68% Gross profit 22.7 18.4 22.8% 0.1% 0.8% Gross margin % 66.4% 65.1% +130 bps 67% 0.6% (0.4%) 66.4% 1.2% Ecommerce gross margin % 68.6% 66.7% +190 bps (0.2%) 66% (0.8%) Retail gross margin % 65.2% 64.3% +90 bps
Slide 36: IFRS Impact
IFRS IMPACT £’000 H1 FY26 Reported H1 FY25 Underlying Reported IFRS 16 Pre-IFRS 16 Underlying IFRS 16 Pre-IFRS 16 Revenue 34,140 34,140 28,312 28,312 Cost of sales (11,488) (11,488) (9,870) (9,870) Gross profit 22,652 22,652 18,442 18,442 Operating expenses (20,367) (2,685) (23,052) (17,430) (2,431)
Slide 37: Glossary
GLOSSARY 12m 12 month period GP Gross profit ATV Average Transaction Value H1 First half of the financial year (28 weeks) bps Basis points H2 Second half of the financial year (24 weeks) CS Customer Services KPI Key Performance Indicator CX Customer Experience L12M Last 12 Months CRM Customer Relati