Mulberry Group Plc · LSE:MUL
Mulberry — H1 2026 Earnings Presentation
17 slides from Mulberry's earnings presentation, November 2025
Slide 1: Results for the Twenty Six Weeks Ended 27 September 2025
RESULTS FOR THE T WENT Y SIX WEEKS ENDED 27 SEPTEMBER 2025
Slide 2: Contents
Contents Highlights3 Current Trading and Outlook 4 Strategy5 FINANCIAL RE VIEW Revenue7 Gross Margin 9 Operating Expenses 10 Group Income Statement 11 Group Balance Sheet 12 Group Cash Flow 13 APPENDIX Store Numbers 15 Product16
Slide 3: Highlights
Highlights FINANCIAL HIGHLIGHTS OPER ATIONAL HIGHLIGHTS • Trading in line with the Board’s expectations. • First product launch under new creative team successfully delivered, the Roxanne family and continued evolution of iconic families including • The focus during the period was on executing the "
Slide 4: Current Trading and Outlook
Current Trading CURRENT TR ADING AND OUTLOOK • Positive trading momentum continues, despite ongoing external headwinds and inflationary pressures for the sector. • Our strategy, which has restoring profitability at its core, means as a brand we have focused significantly on reducing the volume of pr
Slide 5: Strategy
Strategy STR ATEGY UPDATE STR ATEGIC PRIORITIES “ Our new strategy sets out our commitment to restore performance and In order to achieve these goals, the Board has set the following three strategic return to sustainable profitability. We need to get back to where we came priorities: from and return
Slide 6: Financial Review
Financial Review 6 RE SULTS FOR THE T WENT Y SI X WEEK S EN DED 27 SEP TEMBER 2025
Slide 7: Revenue
Revenue Group revenue down 4% to £53.9m (2024: £56.1m) DIRECT TO CUSTOMER • UK retail sales declined 10% to £28.1m (2024: £31.3m), with store 2 025. 26 2 024. 25 2 023. 24 sales down 7% and digital down 16%. UK Off Price grew ahead of Full Price due to improved inventory management while store sales
Slide 8: Revenue
Revenue 2025 2024 Y E AR ON Y E AR LIK E- FOR- LIK E* 26 WEEKS ENDED 26 WEEKS ENDED £ MILLION % CHANGE % CHANGE 27 SEPT 2025 28 SEPT 2024 DIGITAL 16.6 18.4 (10%) (9%) STORES 30.0 32.3 (7%) 4% RETAIL (OMNI-CHANNEL) 46.6 50.7 (8%) (2%) FRANCHISE AND WHOLESALE 7.3 5.4 36% N/A GROUP REVENUE 53.9 56.1 (4
Slide 9: Gross Margin
Gross Margin 2025 2024 £ MILLION £ MILLION % CHANGE REVENUE 53.9 56.1 (4%) COST OF SALES (16.6) (18.8) 12% GROSS PROFIT 37.3 37.3 - GROSS PROFIT MARGIN 69.2% 66.5% RE SULTS FOR THE T WENT Y SI X WEEK S EN DED 27 SEP TEMBER 2025 Gross margin during the period was 69.2% (2024: 66.5%), resulting in a G
Slide 10: Operating Expenses
Operating Expenses Operating expenses decreased by 16% to £42.7m (2024: £50.7m), 2025 2024 reflecting ongoing cost discipline. A cost base review has resulted in underlying operating expenses reducing by 13% for the first half £ MILLION £ MILLION % CHANGE versus the same period last year. OPERATING
Slide 11: Group Income Statement
Group Income Statement The Group’s underlying loss for the period of £6.9m (2024: £15.7m) 2025 2024 was delivered through stable gross profit, enhanced by the results of the review of the operating cost base in implemented in FY25 £ MILLION £ MILLION % CHANGE and continuing cost control. Operational
Slide 12: Group Balance Sheet
Group Balance Sheet • Net working capital, which comprises inventories, trade and UNAU D ITED U N AU D IT ED AU D IT ED other receivables and trade and other payables decreased £ MILLION 27 SEP TEMBER 2025 28 SEP TEMBER 2024 "29 MARCH 2025 by £0.4m to £10.5m at the period end (2024: £10.9m). This de
Slide 13: Group Cash Flow
Group Cash Flow • The net decrease in cash and cash equivalents of 2025 2024 £1.0m (2024: increase of £1.7m) included proceeds of £20m relating to new fundraising which was £ MILLION £ MILLION % CHANGE announced in the Group year end accounts and funds were received in this reporting period. OPERATI
Slide 14: Appendix
Appendix 14 RE SULTS FOR THE T WENT Y SI X WEEK S EN DED 27 SEP TEMBER 2025
Slide 15: Store Numbers
Store Numbers S TO RE N U M B ERS AT 27 S EP T 2 025 S TO RE N U M B ERS AT 2 9 M A RCH 2 025 CH A N GE S FRO M 2 9 M A RCH 2 025 FREE D EPA R T M EN T FREE D EPA R T M EN T FREE D EPA R T M EN T TOTA L TOTA L TOTA L S TA N D I N G S H O P- I N -SH O P S TA N D I N G SH O P- I N -SH O P S TA N D I N
Slide 16: Product
Product 2023. 24 2024. 25 2025. 26 4% 5% 5% 14% 11% 14% 82% 81% 84% RE SULTS FOR THE T WENT Y SI X WEEK S EN DED 27 SEP TEMBER 2025 BAGS ACCE SSORIE S, SMALL LE ATHER GOO DS & GIF TS OTHER Small Roxanne Darley Wallet Heritage Medium Clipper Suede Small Classic Grain BioVeg Scotchgrain & Flat Calf Ch
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