Hilton Food Group Plc · LSE:HFG
Hilton Food — H1 2026 Earnings Presentation
30 slides from Hilton Food's earnings presentation, Sep 4, 2026
Slide 1: 2026 First Half Results
HILTON 2026 FIRST HALF RESULTS
Slide 2: Cautionary statement
Cautionary statement This investor presentation contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements are based on current expectations and assumptions relating to anticipated events and circumstances which may be beyond Hilton Foods contro
Slide 3: H1 2026 summary
H1 2026 summary Adjusted PBT 1 of £32.8m, ahead of expectations Profit up in core meat and fresh prepared foods Initial benefits from Seachill improvement plans Ongoing challenges in Foppen 2026 full year adjusted PBT 1 expected to be in the increased range of £66m to £71m Extension of commercial pa
Slide 4: H1 2026 Performance
H1 2026 PERFORMANCE
Slide 5: H1 2026 financial performance
H1 2026 financial performance H1 2026 H1 2025 +/- +/- Constant fx 3 Volume (tonnes) 1, 2 258,729 253,521 2.1% 2.1% Revenue (£m) 2 2,289.1 1,986.1 15.3% 11.5% Adjusted operating profit (£m) 2 45.8 47.4 -3.4% -6.6% Adjusted operating profit margin 2 2.0% 2.4% -0.4ppt Adjusted PBT (£m) 2 32.8 34.6 -5.2
Slide 6: Volume growth
Volume growth Further growth in East volumes Australia momentum continues Volume and revenue 1 by region Fresh Prepared Foods +26% in Central Europe 15.3% Small increase in West volumes Good performance from Nordics Higher Seafood volumes Salmon and prawn volume growth 9.0% at Seachill; inflation co
Slide 7: Profit growth from core meat and fresh prepared food
Profit growth from core meat and fresh prepared food Higher profit from the core Strong profit growth in East with Adjusted profit before tax 1 (£m) volume growth in Australia and Central Europe West profit down reflecting 3.6 competitive pressures in Ireland and mix impact in the UK 34.6 (2.7) Marg
Slide 8: Adjusting/exceptional items
Adjusting/exceptional items Foppen-related costs of £7.0m include: Higher costs of producing in the H1 H1 +/- Netherlands compared to Greece 2026 2025 £m £2.1m of airfreight costs in Q1; £m £m transportation now by sea only Foppen related costs 7.0 2.0 +5.0 £1.2m relating to inventory loss following
Slide 9: Improved free cash flow
Improved free cash flow EBITDA, tax and interest broadly in line with profit movements H1 2026 H1 2025 +/- £m £m £m Typical seasonal working capital Adjusted EBITDA 66.3 70.7 -4.4 outflows Working capital & other (16.5) (51.9) Impact of 2025 inventory purchases now fully unwound as expected Tax & in
Slide 10: Strong balance sheet and liquidity
Strong balance sheet and liquidity Net bank debt of £194.4m with H1 H1 +/- leverage of 1.4x 2026 2025 £m £m £m Strong liquidity Free cash flow 1 (19.5) (45.9) +26.4 £450m multi-currency RCF providing increased flexible funding Divestments - - Runs to 2031 with extension options Exceptional cash flow
Slide 11: Full year outlook
Full year outlook Encouraging H1 performance Higher PBT 1 from core meat and fresh prepared food Seachill improvement plans starting to deliver Continuing challenges in Foppen Adjusted PBT 1 now expected to be in the range £66m-£71m vs previous range of £60m-£65m Removal of Dalco losses and favourab
Slide 12: Good Strategic Progress
THE GLOBAL PARTNER OF CHOICE, BUILT ON WORLD CLASS RED MEAT CAPABILITIES GOOD STRATEGIC PROGRESS
Slide 13: Three levers to drive growth
Three levers to drive growth 1 Maximise the core 2 Enhance the mix 3 Expand geographically Reinforce leadership in retail meat Optimise the portfolio Replicate partnership model internationally Maintain structural advantages Expand into higher-growth categories Focus on under-served, higher- Drive e
Slide 14: Maximising the core through manufacturing excellence and innovation
Maximising the core through manufacturing excellence and innovation dd Driving manufacturing excellence • Continued investment in automation and modernisation to improve efficiency • Utilising AI and machine learning to 1 Maximise the core improve yield Reinforce leadership in retail meat Innovation
Slide 15: Enhancing the mix through optimising the portfolio and driving fresh prepared foods growth
Enhancing the mix through optimising the portfolio and driving fresh prepared foods growth dd Optimise the portfolio to improve returns • Agreed sale of Dalco 2 Enhance the mix • Delivering operational improvements and cost reduction in Seachill • Assessing all options for Foppen Optimise the portfo
Slide 16: Expanding geographically through partnership
Expanding geographically through partnership dd New facility for Walmart in Canada • Fit out nearly complete and facility 3 Expand geographically operational from January 2027 • Production to ramp up over H1 2027 • Bacon lines to be installed over 2027 Replicate partnership model internationally Joi
Slide 17: Well-positioned for the future
Well-positioned for the future Resilient, cash-generative core with structural advantages in retail meat and proven execution capability Clear strategy to drive growth Maximise the core: Defend structural advantages in retail meat, driving efficiency and margin resilience Enhance the mix: Improvemen
Slide 18: | HILTON
| HILTON
Slide 19: Appendix
| HILTON FOODS APPENDIX
Slide 20: Group performance is underpinned by progress against our Sustainable Protein Plan
Group performance is underpinned by progress against our Sustainable Protein Plan People Planet Product A fundamental priority to the business and our customers 95% of our primary protein suppliers are 36% Reduction in scope 1 and 2 emissions 33% Reduction in food waste Evolution of The Sustainable
Slide 21: Full Year Financial Performance Summary
Full Year Financial Performance Summary Volume (tonnes) Adjusted PBT (£m) 2025 523,413 2025 73.2 2024 522,457 2024 76.1 2023 517,000 2023 66.0 2022 514,000 2022 55.5 2021 493,000 2021 67.2 2020 460,000 2020 61.1 Revenue (£m) Adjusted operating Profit (£m) 2025 4,346 2025 99.3 2024 3,988 2024 104.7 2
Slide 22: Restatement of old segments for 2025
Restatement of old segments for 2025 £m Revenue AOP Revenue AOP H1 2025 H1 2025 FY 2025 1 FY 2025 1 Europe (as reported) 544.9 17.1 1,154.7 43.0 UK and Ireland (as reported) 797.3 22.4 1,641.6 41.7 Less: Central Europe (84.1) (5.1) (173.0) (11.3) West Region 1,258.1 34.4 2,623.3 73.4 Less: disconti
Slide 23: 2026 capex: Disciplined core investment while investing for growth
2026 capex: Disciplined core investment while investing for growth in Canada and Saudi Arabia Maintenance Capex Protecting the core Core Capex • Maintaining market leading standards expected by £9.7m our customers £15.4m Business New product ranges, increasing capacity and Development improving effi
Slide 24: Technical Guidance
Technical Guidance 2026 2025 Core Capex / £m ~£50m-£55m £46.5m Effective tax rate 1 28% 30% Average interest rate on bank 5.5% 5.9% borrowings 1, 2 FX rates 3 AUD 1.92 2.04 DKK 8.65 8.72 EUR 1.16 1.17 NZD 2.29 2.27 PLN 4.93 4.95 SEK 12.56 12.92 1. From continuing operations. Excluding exceptional an
Slide 25: March 2026 Strategic Update
| HILTON FOODS fae | FE | 7 4 2, MARCH 2026 STRATEGIC UPDATE
Slide 26: Structural strength within the core meat business
Structural strength within the core meat business Long-term leading retailer Proven international expansion Scalable, automated facilities partnerships spanning model in meat and exposure to producing high quality, broad decades high growth fresh foods product ranges Revenue (£bn) 5 Special premium
Slide 27: Solid recent track record from the core
Solid recent track record from the core Adjusted operating profit (£m) Adjusted operating profit (£m) 2022-2025 2025-2030 2022-25 Mid-single Core CAGR +4% digit growth 2022 2023 2024 2025 2025 Maintain Saudi Fresh foods and 2030 Incremental Core Fairfax Meadow Seafood, Foppen, Dalco the core Arabia
Slide 28: Capital allocation framework
Capital allocation framework A STRONG BALANCE SHEET 1-2x NET BANK DEBT/EBITDA THROUGH CYCLE GROW THE CORE INVEST FOR INCREMENTAL GROWTH £45m-55m capex p/a to maintain and IRR > WACC enhance existing facilities ROCE > 20% Reallocate capital from underperforming assets Strategic alignment Cash returns
Slide 29: Updated medium-term targets
Updated medium-term targets Volume growth and margin Mid-single digit expansion through: • Core business improvement adjusted operating • Committed capex projects profit growth • Value add fresh food growth • Continued good working Cash flow capital management conversion~100% • Cash flow focus • Imp
Slide 30: Hilton Foods
Hilton Foods ‘The global partner of choice, built on world class red meat capabilities’ Sustainable mid-single digit Consistent cash generation Strong returns with operating profit growth with cash conversion~100% ROCE>20% Strategic Value Creators 1 Maximise the core 2 Enhance the mix 3 Expand geogr