Watches Of Switzerland Group Plc · LSE:WOSG
Watches Of Switzerland — Q2 2026 Earnings Presentation
35 slides from Watches Of Switzerland's earnings presentation, Dec 4, 2025
Slide 1: H1 FY26 Results
WATCHES OF SWITZERLAND GROUP PLC H1 FY26 Results December 2025 26 weeks ended 26 October 2025
Slide 2: Disclaimer
Disclaimer Cautionary note regarding forward-looking statements This presentation has been prepared by Watches of Switzerland Group PLC (the ‘Company’). It includes statements that are, or may be deemed to be, "forward-looking statements". Forward-looking statements are statements based on the Compa
Slide 3: Agenda
Agenda Introduction & Headlines Financial Review & Outlook Strategic Update Anders Romberg Brian Duffy Chief Financial Officer Chief Executive Officer Q&A 3 The Watches of Switzerland Group H1 FY26 Results, December 2025
Slide 4: Introduction & Headlines
WATCHES OF SWITZERLAND GROUP PLC Introduction & Headlines Brian Duffy, Chief Executive Officer
Slide 5: H1 FY26: Strong Growth Supported by Disciplined Investment
H1 FY26: Strong Growth Supported by Disciplined Investment Strong growth Continued investment Disciplined capital allocation Revenue Balance Sheet Free cash flow £845m 0.6x £48m +10% constant currency vs H1 FY25 Net debt/Adjusted EBITDA leverage +71% vs H1 FY25 UK +5%* | US +20% Adjusted EBIT Expans
Slide 6: H1 FY26: Strategic Progress Against Our Key Growth Drivers
H1 FY26: Strategic Progress Against Our Key Growth Drivers Showroom Investment Certified Pre-Owned Ecommerce Global leadership in luxury retail Proven growth engine A reimagined digital flagship • £37m expansionary capex • Leading position in UK and strong market position in • Group sales up 17%1 •
Slide 7: Financial Review & Outlook
WATCHES OF SWITZERLAND GROUP PLC Financial Review & Outlook Anders Romberg, Chief Financial Officer
Slide 8: Income Statement
Income Statement Income Statement H1 FY26 H1 FY25 YoY % (£million) Income Statement presented pre-IFRS 16 and pre-exceptional items Revenue 845 785 +8% Revenue +10% vs LY in constant currency, +8% reported driven by Net margin 299 284 +5% strong US growth Net margin % 35.3% 36.2% (90bps) • Net margi
Slide 9: Strong H1 FY26 Revenue Performance Driven by US Growth
Strong H1 FY26 Revenue Performance Driven by US Growth Group revenue £845 million, +10% at constant currency, +8% at reported rates Revenue (£m) +8% +10% Reported +5%* +21% +16% 7 862 65 (2) 845 (17) 6 785 H1 FY25 UK & Europe US Retail Wholesale Eliminations H1 FY26 FX H1 FY26 constant currency *+5%
Slide 10: Adjusted EBIT Growth of +6% in Constant Currency
Adjusted EBIT Growth of +6% in Constant Currency Adjusted EBIT (£m) +6% +4% Constant Reported 1.2 0.5 70.2 6.2 68.5 (1.7) 66.2 (3.9) H1 FY25 UK & Europe US Retail Wholesale Corporate H1 FY26 FX H1 FY26 constant currency Adjusted EBIT margin % • Adjusted EBIT £69 million, +6% vs prior year in constan
Slide 11: Strong Cash Flow
Strong Cash Flow Cash Flow (£million) H1 FY26 H1 FY25 YoY % Adjusted EBITDA 91 87 +4% Free cash flow of £48m, +71% Working capital (30) (42) Tax (6) (12) • Adjusted EBITDA increased +7% in constant currency, +4% Other 1 3 reported Cash generated from operating activities 56 36 +58% • Working capital
Slide 12: Ongoing Balance Sheet Strength
Ongoing Balance Sheet Strength Balance Sheet (£million) H1 FY26 H1 FY25 YoY % • Inventory levels +£22m (+5%) Goodwill & intangibles 304 308 (1%) • underlying stock turns continue to improve PP&E 212 204 +4% • average unit cost of stock increasing reflecting gold price and Right-of-use assets 362 369
Slide 13: Disciplined Approach to Capital Allocation
Disciplined Approach to Capital Allocation Showroom Investments Strategic Acquisitions Returns to shareholders Attractive returns from existing Key pillar of growth strategy showroom upgrades and new projects Surplus capital to be returned to shareholders Must deliver attractive paybacks Key ongoing
Slide 14: Outlook: FY26 Guidance Reiterated
Outlook: FY26 Guidance Reiterated FY26 guidance (pre-IFRS 16) Revenue growth in constant 6 to 10% currency Outlook • We welcome the recent agreement to reduce US tariffs on Adjusted EBIT margin % vs prior Flat to –100 bps year reduction Swiss imports to 15% on landed cost • The second half of the ye
Slide 15: Strategic Update
WATCHES OF SWITZERLAND GROUP PLC Strategic Update Brian Duffy, Chief Executive Officer
Slide 16: Continued Strategic Progress Against Our Key Growth Drivers
Continued Strategic Progress Against Our Key Growth Drivers Showroom Investment Certified Pre-Owned Ecommerce Global leadership in luxury retail Proven growth engine A reimagined digital flagship Luxury Branded Jewellery Acquisitions Client-centric Excellence Strengthening our brand portfolio Execut
Slide 17: Seeing the Benefits of H2 FY25 Openings…
Seeing the Benefits of H2 FY25 Openings… H2 FY25 COMPLETED Mayors Tampa, Florida Betteridge Vail, Colorado Relocation Dec 24 Expansion Dec 24 Mayors St Johns, Jacksonville Reintroduction of Rolex Feb 25 Rolex Old Bond Street, London – Opened March 2025 Largest Rolex boutique in Europe – Four floors
Slide 18: …And Continuing to Deliver on H1 FY26 Projects…
…And Continuing to Deliver on H1 FY26 Projects… H1 FY26 COMPLETED New Audemars Piguet House, Manchester Goldsmiths Kingston-Upon-Thames Northern Goldsmiths Newcastle Mayors Lenox, Atlanta May 25 Refurbishment May 25 Refurbishment Jul 25 Relocation Aug 25 Mappin & Webb Cambridge Goldsmiths Merry Hill
Slide 19: …With a Full Pipeline for H2 FY26 and Beyond
…With a Full Pipeline for H2 FY26 and Beyond H2 FY26 & FY27 Projects New Watches of Switzerland Southdale, Mayors UTC Sarasota, Florida Goldsmiths Oxford Mappin & Webb Birmingham Minneapolis Oct 25 Relocation Nov 25 Expansion and Conversion Nov 25 Expansion and Conversion Dec 25 Watches of Switzerla
Slide 20: Strong Growth in Rolex Certified Pre-Owned
Strong Growth in Rolex Certified Pre-Owned Means it Has Become Our Second Largest Luxury Watch Brand Rolex Certified Pre-Owned US: Analog:Shift – 16 showrooms firmly established as our US: Launched July 2023: Online and now in 21 showrooms second largest luxury watch UK: WOSG CPO – 30 showrooms bran
Slide 21: Strong Growth in Online Sales with Good YOY Trend in UK and Very Strong Sales Growth in US
Strong Growth in Online Sales with Good YOY Trend in UK and Very Strong Sales Growth in US H1 FY26 Group sales +17% vs LY at constant currency Watches of Switzerland US new website launched in May 25 on Shopify New US-based ecommerce team Certified Pre-Owned products available to transact online (UK
Slide 22: Key Pillars of the Growth Strategy of Roberto Coin
Key Pillars of the Growth Strategy of Roberto Coin 1 2 New campaign with Global Brand Space expansion Ambassador programme for key Dakota Johnson doors launched May 2025 3 4 New showroom Expanded shop-in- and shop-in-shop shop and branded designs areas in Mayors showrooms 5 6 New Roberto Coin websit
Slide 23: Roberto Coin – Case Study of In-Store Presentation Elevation and Space Expansion
Roberto Coin – Case Study of In-Store Presentation Elevation and Space Expansion From corner presentation to elevated shop-in-shop Sales per foot have increased Sales increased >100% Compelling case study for our wholesale partners Old New Showroom Certified Luxury Branded Client-centric Ecommerce I
Slide 24: Roberto Coin Mono-Brand Boutiques
Roberto Coin Mono-Brand Boutiques Roberto Coin, Hudson Yards, New York – Opened November 25 Roberto Coin, The Forum Shops at Caesars, Las Vegas – Opened December 25 Three new Roberto Coin mono-brand boutiques opening Q3 FY26 Key locations: New York, Las Vegas and Miami Roberto Coin, Miami Design Dis
Slide 25: Newly Launched Roberto Coin Website with Shopify
Newly Launched Roberto Coin Website with Shopify Showroom Certified Luxury Branded Client-centric Ecommerce Investment Pre-Owned Jewellery Excellence 25 The Watches of Switzerland Group H1 FY26 Results, December 2025 25
Slide 26: Manchester Showroom a Significant Step Forward in Our Luxury Branded Jewellery Strategy
Manchester Showroom a Significant Step Forward in Our Luxury Branded Jewellery Strategy Opened September 2025 Showroom Certified Luxury Branded Client-centric Ecommerce Investment Pre-Owned Jewellery Excellence 26 26 The Watches of Switzerland Group H1 FY26 Results, December 2025
Slide 27: Rolex: Old Bond Street Opened March 2025 – Trading Ahead of Expectations
Rolex: Old Bond Street Opened March 2025 – Trading Ahead of Expectations Largest Rolex boutique in Europe Four floors of retailing space Dedicated Rolex Certified Pre-Owned area and after- sales service lounge Showroom Certified Luxury Branded Client-centric Ecommerce Investment Pre-Owned Jewellery
Slide 28: Rolex: Old Bond Street Client Experience
Rolex: Old Bond Street Client Experience NPS Score: 94.5% Meets or exceeds expectations: 98% Showroom Certified Luxury Branded Client-centric Ecommerce Investment Pre-Owned Jewellery Excellence 28 The Watches of Switzerland Group H1 FY26 Results, December 2025
Slide 29: Comprehensive Series of Commercial Rolex Events
Comprehensive Series of Commercial Rolex Events Showroom Certified Luxury Branded Client-centric Ecommerce Investment Pre-Owned Jewellery Excellence 29 The Watches of Switzerland Group H1 FY26 Results, December 2025
Slide 30: Audemars Piguet Joint Venture: Manchester AP House – Launch Event
Audemars Piguet Joint Venture: Manchester AP House – Launch Event Showroom Certified Luxury Branded Client-centric Ecommerce Investment Pre-Owned Jewellery Excellence 30 The Watches of Switzerland Group H1 FY26 Results, December 2025
Slide 31: Roberto Coin – Mayors Aventura Showroom Takeover – Client Event
Roberto Coin – Mayors Aventura Showroom Takeover – Client Event Showroom Certified Luxury Branded Client-centric Ecommerce Investment Pre-Owned Jewellery Excellence 31 The Watches of Switzerland Group H1 FY26 Results, December 2025
Slide 32: Hodinkee Launch Event with Orlando Bloom and Ferdi Porsche
Hodinkee Launch Event with Orlando Bloom and Ferdi Porsche: Porsche Design Chronograph 1 – 1975 Limited Edition Showroom Certified Luxury Branded Client-centric Ecommerce Investment Pre-Owned Jewellery Excellence 32 The Watches of Switzerland Group H1 FY26 Results, December 2025
Slide 33: Summary
Summary • Strong momentum across the Group with standout US performance • Differentiated WOS Group model continues to succeed • ROI list strong with good conversion • Certified Pre-Owned well established and sales in line with expectations • Strong growth in Group ecommerce sales, with US investment
Slide 34: Q&A
WATCHES OF SWITZERLAND GROUP PLC Q&A
Slide 35: Glossary
Glossary Adjusted EBIT: Adjusted Earnings Before Interest and Tax is operating profit before exceptional items and IFRS-16 impact Adjusted EBIT margin: Adjusted EBIT divided by revenue Adjusted EBITDA: Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation is shown before exceptional
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