Slide 1: January 2026
January 2026 52 week basis Rounding differences are not adjusted
Slide 2: 2026/27 Full Year Guidance
2026/27(e) Full Year Guidance Total full price sales + 4.5% Pessimistic? Optimistic? First 5 weeks were good Middle East conflict ME = 6% of Group sales 3 months costs of £15m Outbound ME & other £8m Inbound to UK £4m UK energy & fuel £3m Selling prices? Total full price sales growth includes intere
Slide 3: 2025/26 Full Year
2025/26 Full Year March 2025 FP guidance + 5.0% Actual FP achieved + 10.9% 2026/27(e) Full Year Guidance Total full price sales + 4.5% Total full price sales growth includes interest.
Slide 4: Income Statement
Income Statement | % Ownership Basis 52 week basis £m Jan 2026 Jan 2025 Var Total Group sales 7,004 6,321 + 10.8% NEXT full price sales 5,613 5,061 + 10.9% Retail stores + 3.5% Online UK + 8.7% Online International + 34.6% Total sales and profit are reported on a 52 week basis and are not presented
Slide 5: Income Statement
Income Statement | % Ownership Basis £m Jan 2026 Jan 2025 Var Total Group sales 7,004 6,321 + 10.8% Operating profit 1,236 1,090 Lease interest (49) (48) Operating profit incl. lease interest 1,187 1,042 + 13.9% External finance interest (29) (31) Profit before tax 1,158 1,011 + 14.5% PBT margin 16.
Slide 6: Income Statement
Income Statement | % Ownership Basis £m Jan 2026 Jan 2025 Var Total Group sales 7,004 6,321 + 10.8% Operating profit 1,236 1,090 Lease interest (49) (48) Operating profit incl. lease interest 1,187 1,042 External finance interest (29) (31) Profit before tax 1,158 1,011 + 14.5% Tax charge (288) (250)
Slide 7: Cash Flow
Cash Flow |Consolidated Basis 53 week basis The cash flow statement is not presented on a statutory basis.
Slide 8: Cash Flow
Cash Flow | Consolidated Basis 53 week basis £m Jan 2026 Jan 2025 Var Profit before tax 1,158 1,011 + 147m Profit from 53rd week 24 - + 24m Depreciation & software amortisation 153 148 Capital expenditure (168) (151) 17m The cash flow statement is not presented on a statutory basis.
Slide 9: Cash Flow: Capital expenditure
Cash Flow | Consolidated Basis Capital expenditure £237m(e) Stores £45m Head office & £168m £20m Subsidiaries £32m Jan 2027(e) Including E3 ~ £100m(e) Technology £63m £140m Warehouses £20m £33m £52m Jan Jan 2026 2027(e)
Slide 10: Cash Flow: Capital expenditure
Cash Flow | Consolidated Basis Capital expenditure £237m(e) £245m(e) £38m £220m(e) Stores £45m £20m £38m Head office & £168m £20m £20m Subsidiaries £32m £32m Technology £32m £63m £155m £140m Warehouses £130m £20m £33m £52m Jan Jan Jan Jan 2026 2027(e) 2028(e) 2029(e)
Slide 11: 20 Year History: Capex and PBT
20 Year History |Capex and PBT £245m(e) £237m(e) £220m(e) Capital expenditure £206m £45m £38m £180m £184m £38m £167m £20m £168m £20m £161m £163m £144m £151m £151m £32m £32m £20m £140m £139m £121m £126m £129m £63m £30m £110m £140m £155m £105m £104m £99m £20m £130m £82m £33m £52m Jan Jan Jan Jan Jan J
Slide 12: Capex as a % of PBT
20 Year History |Capex and PBT Capex as a % of PBT 36% 29% 28% 26% 22% 24% 20% 20% 18% 20% 18% 19% 18% 19.6% 15% 14% 14% 15% 15% 12% COVID Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20
Slide 13: Capex as a % of PBT
20 Year History |Capex and PBT Capex as a % of PBT 20 year average (excl. Covid) 20% COVID Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027(e)
Slide 14: Cash Flow
Cash Flow | Consolidated Basis £m Jan 2026 Jan 2025 Var Profit before tax 1,158 1,011 + 147m Profit from 53rd week 24 - Depreciation & software amortisation 153 148 Capital expenditure (168) (151) Working capital / other (143) (97) 46m International aggregator growth 19m One offs Aggregator payment
Slide 15: Cash Flow
Cash Flow | Consolidated Basis £m Jan 2026 Jan 2025 Var Profit before tax 1,158 1,011 + 147m Profit from 53rd week 24 - Depreciation & software amortisation 153 148 Capital expenditure (168) (151) Working capital / other (143) (97) Corporation Tax (233) (243) Investments (6) (11) Surplus cash before
Slide 16: Balance Sheet
Balance Sheet | Consolidated Basis 53 week basis £m Jan 2026 Jan 2025 Var Fixed assets & software 746 769 Investments 532 551 Stock 979 900 + 79m + 8.8% NEXT stock At week 52 862 806 + 7.0%
Slide 17: Balance Sheet
Balance Sheet | Consolidated Basis £m Jan 2026 Jan 2025 Var Fixed assets & software 746 769 Investments 532 551 Stock 979 900 Customer receivables 1,340 1,314 + 2.0% Credit sales year to Jan 2026 2,190 2,070 + 5.8% Average debtor days 187 194 - 3.6% Credit sales includes Online and Retail credit sal
Slide 18: Balance Sheet: Annual observed default rates
Balance Sheet | Consolidated Basis £m Jan 2026 Jan 2025 Var Customer receivables 1,340 1,314 + 2.0% Annual observed default rates % of customers defaulting Indexed to Jan 2019 - 8% Average balance per defaulting customer - 45% 4.5% 4.3% 3.9% - 51% 3.2% 3.3% 3.2% 2.6% 2.2% Jan Jan Jan Jan Jan Jan Jan
Slide 19: Balance Sheet: Provision for future defaults
Balance Sheet | Consolidated Basis £m Jan 2026 Jan 2025 Var Customer receivables 1,340 1,314 + 2.0% Closing provision for future defaults 9.8% Provision release £20m 7.8% 7.1% 6.9% 4.5% Annual observed default rates 4.3% 3.9% 3.2% 3.3% 3.2% 2.6% 2.2% Jan Jan Jan Jan Jan Jan Jan Jan 2019 2020 2021 20
Slide 20: Balance Sheet
Balance Sheet | Consolidated Basis £m Jan 2026 Jan 2025 Var Fixed assets & software 746 769 Investments 532 551 Stock 979 900 Customer receivables 1,340 1,314 Other debtors 294 182 112m International aggregators 57m Cash in transit 29m Interest free credit 20m
Slide 21: Balance Sheet
Balance Sheet | Consolidated Basis £m Jan 2026 Jan 2025 Var Fixed assets & software 746 769 Investments 532 551 Stock 979 900 Customer receivables 1,340 1,314 Other debtors 294 182 Creditors & derivatives (1,153) (1,054) + 9% Pension surplus 23 31 Net debt (excl. lease debt) (713) (660) 53m + 8% Rig
Slide 22: Facilities and Net Debt
Facilities and Net Debt Net debt Jan 2027 Jan 2026 est.* £739m 0.63 Leverage 0.63 £790m(e) £713m 0.60 x Jan 2026 actual Cash available for share buybacks or investments £500m(e) Buybacks to date** Operational cash flow £196m Ordinary dividends £978m(e) £318m(e) Capital expenditure £237m(e) * January
Slide 23: Net Debt and Financing
Net Debt and Financing | Headroom Jan 2026 £1,239m 2029 NEXT RCF £525m £790m(e) 2031 Bond £300m Jan 2027 2028 Bond £300m 2026 Bond £114m Financing Net debt
Slide 24: Net Debt and Financing
Net Debt and Financing | Headroom Jan 2027(e) £1,125m ~£205m(e) £920m(e) Headroom Peak Oct 2026(e) 2029 NEXT RCF £525m £790m(e) Jan 2027 2031 Bond £300m 2026 Bond 2028 Bond £300m £114m Financing Net debt
Slide 25: Retail Stores
RETAIL STORES Newcastle Eldon Square
Slide 26: Retail Stores: Sales & Profit Analysis
Retail Stores | Sales & Profit Analysis £m Jan 2026 Jan 2025 Var Full price Total sales 1,893 1,849 + 2.4% + 3.5% New space + 1.2% Like-for-like full price sales + 2.3%
Slide 27: Retail Stores: Sales & Profit Analysis
Retail Stores | Sales & Profit Analysis £m Jan 2026 Jan 2025 Var Total sales 1,893 1,849 + 2.4% Operating profit 226 237 Lease interest charge (33) (33) Profit 193 204 - 5.0% Margin 10.2% 11.0% Profit includes lease interest.
Slide 28: Retail Stores: Margin Analysis
Retail Stores | Margin Analysis £m Jan 2026 Jan 2025 Var Margin 10.2% 11.0% - 0.8% Bought-in gross margin 0.0% Markdown + 0.2% Wage inflation Store payroll - 0.6% - 1.2% Store occupancy 0.0% Warehouses & distribution - 0.3% - 0.2% Technology costs - 0.1% Margin movement - 0.8% - 1.4%
Slide 29: Retail Stores: New Store Performance
Retail Stores | Margin Analysis £m Jan 2026 Jan 2025 Var New Store Performance Sales Openings vs target NBC Payback 15 stores - 12% 17% 29 months Excluding Thurrock 15% 24 months
Slide 30: Retail Stores: New Store Performance
Retail Stores | Margin Analysis £m Jan 2026 Jan 2025 Var New Store Performance Sales Openings vs target NBC Payback IRR % 15 stores - 12% 17% 29 months 32% Excluding Thurrock Incremental NBC £6m
Slide 31: Retail Stores: New Store Performance
Retail Stores | Margin Analysis £m Jan 2026 Jan 2025 Var New Store Performance Sales Openings vs target NBC Payback IRR % 15 stores - 12% 17% 29 months 32% Excluding Thurrock New investment hurdles 15% 30 months 27%
Slide 32: The year ahead…
Retail Stores | Margin Analysis £m Jan 2026 Jan 2025 Var The year ahead… Jan 2027(e) Like-for-like full price sales - 3.0% New space + 1.5% Total full price sales - 1.5%
Slide 33: The year ahead…
Retail Stores | Margin Analysis £m Jan 2026 Jan 2025 Var The year ahead… Jan 2027(e) Var Total full price sales - 1.5% Profit - 6% - £12m Margin forecast 9.7%
Slide 34: Online UK
Online UK
Slide 35: Online UK: Sales Analysis
Online UK | Sales Analysis £m Jan 2026 Jan 2025 Var Full price Total UK sales 2,800 2,540 + 10.2% + 8.7% Full price sales participation and growth Third-party brands + 9% 35% brand 56% + 6% Wholly-owned 9% brands & licences + 26%
Slide 36: Online UK: Sales & Profit Analysis
Online UK | Sales & Profit Analysis £m Jan 2026 Jan 2025 Var Total UK sales 2,800 2,540 + 10.2% Profit 511 444 + 15.0% Margin 18.2% 17.5% NEXT brand 21.4% 21.1% Non-NEXT brands 14.3% 12.9% Profit includes lease interest. NEXT brand and Non-NEXT brands margin % for Jan 2025 have been restated to adju
Slide 37: Online UK: Margin Analysis
Online UK | Margin Analysis £m NEXT brand Non-NEXT Jan 2025 21.1% 12.9% Bought-in gross margin - 0.1% Markdown + 0.1% Wage inflation - 0.8% Warehouse & distribution 0.0% Fixed overheads + 0.5% Efficiencies + 0.3% Marketing + 0.1% Technology + 0.2% Jan 2026 21.4% 14.3% 2 NEXT brand and Non-NEXT brand
Slide 38: Online UK: Margin Analysis
Online UK | Margin Analysis £m NEXT brand Non-NEXT Jan 2025 21.1% 12.9% Commission rates + 0.3% Bought-in gross margin - 0.1% + 0.5% WOBL mix + 0.2% Markdown + 0.1% 0.0% Wage inflation - 0.5% Warehouse & distribution 0.0% + 0.8% Fixed OH + 0.5% Marketing + 0.1% 0.0% Efficiencies + 0.4% RR% & ASPs +
Slide 39: The year ahead…
Online UK | Margin Analysis NEXT brand Non-NEXT Total Jan 2026 21.4% 14.3% 18.2%2 The year ahead… Total Online UK Jan 2027(e) full price sales + 4.6% Jan 2027(e) margin forecast + 18.8% + 0.6%
Slide 40: Online International
Online International
Slide 41: Online International: Sales Analysis
Online International | Sales Analysis £m Jan 2026 Jan 2025 Var Full price Total International sales 1,297 930 + 39% + 35% FP sales growth + 61% 2025/26 v 2024/25 + 155% + 33% + 99% + £77m + £48m + £44m + £30m H1 H2 H1 H2 WOBL Aggregators
Slide 42: Online International: Sales Analysis
Online International | Sales Analysis £m Jan 2026 Jan 2025 Var Full price Total International sales 1,297 930 + 39% + 35% FP sales participation and growth Third-party aggregators + 46% 33% Existing + 36% websites New + 10% 67% + 29% Marketing + 22% Natural + 7%
Slide 43: Online International: Sales by Region
Online International | Sales Analysis £m Jan 2026 Jan 2025 Var Full price Total International sales 1,297 930 + 39% + 35% FP sales participation and growth by region Rest of World + 29% 10% Middle East 28% + 26% 62% Europe + 40%
Slide 44: Online International: Sales & Profit Analysis
Online International | Sales & Profit Analysis £m Jan 2026 Jan 2025 Var Total International sales 1,297 930 + 39% Profit 196 129 + 52% Margin 15.1% 13.9% + 1.2% Profit includes lease interest.
Slide 45: Online International: Margin Analysis
Online International | Margin Analysis £m Jan 2026 Jan 2025 Var Margin 15.1% 13.9% + 1.2% Bought-in gross margin + 0.7% Product mix + 0.5% Duty savings + 0.2%
Slide 46: Online International: Margin Analysis
Online International | Margin Analysis £m Jan 2026 Jan 2025 Var Margin 15.1% 13.9% + 1.2% Bought-in gross margin + 0.7% Markdown + 0.1% Improved clearance rates Warehousing & distribution + 0.7% Wage inflation - 0.5% Fixed overheads + 0.4% Efficiencies + 0.3% Handling charge income + 0.3% ASPs & RR%
Slide 47: Online International: Margin Analysis
Online International | Margin Analysis £m Jan 2026 Jan 2025 Var Margin 15.1% 13.9% + 1.2% Bought-in gross margin + 0.7% Markdown + 0.1% Warehousing & distribution + 0.7% Marketing - 1.1% Technology + 0.2% Contact centre + 0.1% Central costs + 0.5% Germany hub closure Margin movement + 1.2%
Slide 48: The year ahead…
Online International | Margin Analysis £m Jan 2026 Jan 2025 Var Margin 15.1% 13.9% + 1.2% The year ahead… Full price sales Marketing spend Jan 2027(e) + 14.3% + 25% Jan 2027(e) margin forecast 15.3% + 0.2%
Slide 49: Customer Analysis
Online Customer Analysis
Slide 50: Online Customer Analysis
Online | Customer Analysis Total sales by customer type on NEXT websites Jan 26 v Jan 25 No. of customers ordering Jan 26 UK credit 3.3m + 6% UK cash 7.1m + 10% International (NEXT websites) 5.7m + 31% Total excl. aggregators 16.1m + 16% Sales and customer numbers excludes third-party aggregators an
Slide 51: Online Customer Analysis
Online | Customer Analysis Total sales by customer type on NEXT websites Jan 26 v Jan 25 No. of customers Sales per ordering Jan 26 customer £ UK credit 3.3m + 6% £547 + 1% UK cash 7.1m + 10% £142 + 5% International (NEXT websites) 5.7m + 31% £151 + 2% Total excl. aggregators 16.1m + 16% £227 - 1% S
Slide 52: Total Platform
Total Platform Reiss jumpsuit
Slide 53: Total Platform: Sales & Profit Analysis
Total Platform | Sales & Profit Analysis £m Jan 2026 Jan 2025 Var Total profit 90 77 + 17% + £13m Equity profit 73 64 + £9m Services profit 17 13 + £4m Margin on NEXT income 21.6% 19.4% Margin as a % of client sales 6.6% 6.1% Joules
Slide 54: Total Platform: Sales & Profit Analysis
Total Platform | Sales & Profit Analysis £m Jan 2026 Jan 2025 Var Total profit 90 77 + £13m Total pre-tax ROCE* 23% 17% Profit forecast 2026/27(e) 95 + £5m Assuming… No new acquisitions * We have simplified our method of calculating ROCE and restated the prior year. Previously, we used the cumulativ
Slide 55: 2026/27 Full Year Guidance
2026/27(e) Full Year Guidance Total full price sales + 4.5% Total full price sales growth includes interest.
Slide 56: 2026/27 Full Year Full Price Sales Guidance
Total full 2026/27 (e) Full Year | Full Price Sales Guidance price sales + 4.5% H1(e) H2(e) FY(e) Retail stores - 3.3% + 0.2% - 1.5% Online UK + 4.6% + 4.7% + 4.6% Total UK + 1.3% + 2.9% + 2.2% Total full price sales growth includes interest.
Slide 57: Total UK and Total International Guidance
Total full 2026/27 (e) Full Year | Full Price Sales Guidance price sales + 4.5% H1(e) H2(e) FY(e) Total UK + 1.3% + 2.9% + 2.2% Total International + 14.7% + 14.0% + 14.3% 2 yr comparison + 47% + 61% Total full price sales growth includes interest.
Slide 58: 2026/27 Full Price Sales Guidance
2026/27 (e) Full Year | Full Price Sales Guidance H1(e) H2(e) FY(e) Total UK + 1.3% + 2.9% + 2.2% Total International + 14.7% + 14.0% + 14.3% Total full price sales + 4.0% + 5.0% + 4.5% Total full price sales growth includes interest.
Slide 59: 2026/27 Full Year Profit Guidance Bridge
2026/27 (e) Full Year Profit Guidance Bridge 2025/26 52 weeks £1,158m Profit from + 7.7% Online sales (UK & International) + 76m Lost profit from – 1.5% Retail sales - 11m
Slide 60: 2026/27 Full Year Profit Guidance Bridge
2026/27 (e) Full Year Profit Guidance Bridge 2025/26 52 weeks £1,158m Profit from + 4.5% full price sales + 65m TP equity and service profit 2 + 5m - 75m Cost increases Wage inflation and NI £44m Middle East conflict £15m Higher interest costs £8m Marketing spend £8m
Slide 61: 2026/27 Full Year Profit Guidance Bridge
2026/27 (e) Full Year Profit Guidance Bridge 2025/26 52 weeks £1,158m Profit from + 4.5% full price sales + 65m TP equity and service profit 2 + 5m - 75m Cost increases Cost savings + 57m Employee incentives £39m £1,210m + 4.5% Margin gains £10m Warehouse and store efficiencies £8m 2026/27(e)
Slide 62: 2026/27 Full Year Guidance: Profit
2026/27 (e) Full Year Guidance Profit £1,210m + 4.5% Post-tax EPS 787.3p + 5.8% Dividend yield 2.2% TSR (at constant PE ratio) 8.0% Profit and EPS are stated pre-amortisation and exceptionals and assume £500m of buybacks. 2026/27 dividend yield is based on a share price of £130.28 (February 2026 ave
Slide 63: 2026/27 Full Year Guidance
2026/27 (e) Full Year Guidance 2026/27(e) 2025/26 Profit + 4.5% + 14.5% Post-tax EPS + 5.8% + 17.0% + 3.5% + 8.8% Dividend yield 2.2% 6.3% TSR (at constant PE ratio) 8.0% 23.3% Profit and EPS are stated pre-amortisation and exceptionals and assume £500m of buybacks. 2026/27 dividend yield is based o
Slide 64: The Big Picture
T H E B I G P I C T U R E
Slide 65: 2025/26 Full Price Sales Growth
2025/26 Full Price Sales Growth £m NEXT Product Non - NEXT Product TOTAL UK + £125m + 4% + £130m + 12% + £255m International + £170m + 24% + £125m + 79% + £295m TOTAL + £295m + £255m + £550m Rounded to the nearest £5m.
Slide 66: 2025/26 Full Price Sales Growth Avenues
2025/26 Full Price Sales Growth Avenues £m NEXT Product Non - NEXT Product TOTAL UK + £125m + 4% + £130m + 12% + £255m International + £170m + 24% + £125m + 79% + £295m + 35% TOTAL + £295m + £255m + £550m Rounded to the nearest £5m.
Slide 67: 2025/26 Full Price Sales Growth Avenues
2025/26 Full Price Sales Growth Avenues £m NEXT Product Non - NEXT Product TOTAL UK + £125m + 4% + £130m + 12% + £255m International + £170m + 24% + £125m + 79% + £295m + 35% TOTAL + £295m + 8% + £255m + 21% + £550m Rounded to the nearest £5m.
Slide 68: Growth Avenues: Newness, Quality, Choice
2025/26 Full Price Sales Growth Avenues £m NEXT Product Non - NEXT Product TOTAL UK + £125m + 4% + £130m + 12% + £255m International + £170m + 24% + £125m + 79% + £295m + 35% TOTAL + £295m + 8% + £255m + 21% + £550m NEWNESS QUALITY CHOICE Rounded to the nearest £5m.
Slide 69: Newness Quality Choice
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Slide 70: Newness Quality Choice
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Slide 71: Newness Quality Choice
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Slide 72: Newness Quality Choice
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Slide 73: Newness Quality Choice
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Slide 74: Newness Quality Choice
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Slide 75: Fashion average selling prices
NEWNESS QUALITY CHOICE Fashion average selling prices v LY LFL price inflation + 0.9% + 0.6% - 2.3% Jan Jan Jan 2025 2026 2027 (e)
Slide 76: Fashion average selling prices
NEWNESS QUALITY CHOICE Fashion average selling prices v LY LFL price inflation Average price of garments sold + 3.4% + 2.2% + 0.9% + 0.6% + 0.6% - 2.3% Jan Jan Jan 2025 2026 2027 (e)
Slide 77: Fashion average selling prices and product mix
NEWNESS QUALITY CHOICE Fashion average selling prices v LY Product mix LFL price inflation Average price of garments sold + 2.5% + 1.6% + 2.9% Jan Jan Jan 2025 2026 2027 (e)
Slide 78: Product mix
NEWNESS QUALITY CHOICE Product mix Jan 2027 (e) + 1.6% Jan 2026 + 2.5% + 7.2% 3 years to Jan 2027 (e) Jan 2025 + 2.9%
Slide 79: Full Price Sales Growth Avenues: WOBL and 3P brands
2025/26 Full Price Sales Growth Avenues £m NEXT Product Non - NEXT Product TOTAL UK + £125m + 4% + £130m + 12% + £255m International + £170m + 24% + £125m + 79% + £295m + 35% TOTAL + £295m + 8% + £550m WOBL + £125m + 49% 3P brands + £130m + 14% Rounded to the nearest £5m.
Slide 80: Non-NEXT Product: WOBL growth
2025/26 Full Price Sales Growth Avenues Non - NEXT Product WOBL + £125m + 49% 10 brands in 2022 + 53% £177m £199m £217m £270m 2022/23 2023/24 2024/25 2025/26 Excludes collaborations, Made product sold on Made.com and wholesale.
Slide 81: Non-NEXT Product: WOBL growth
2025/26 Full Price Sales Growth Avenues Non - NEXT Product WOBL + £125m + 49% 10 brands in 2022 + 24% £177m £199m £217m £270m 2022/23 2023/24 2024/25 2025/26 Excludes collaborations, Made product sold on Made.com and wholesale.
Slide 82: Non-NEXT Product: WOBL growth
2025/26 Full Price Sales Growth Avenues Non - NEXT Product WOBL + £125m + 49% + 22% + 49% 29 new brands £160m 10 brands in 2022 £116m £42m £177m £199m £217m £270m £310m 2022/23 2023/24 2024/25 2025/26 2026/27 (e) Excludes collaborations, Made product sold on Made.com and wholesale.
Slide 83: Non-NEXT Product: WOBL growth
2025/26 Full Price Sales Growth Avenues Non - NEXT Product WOBL + £125m + 49% + 22% + 49% 29 new brands £160m 10 brands in 2022 £116m £42m £177m £199m £217m £270m £310m 2022/23 2023/24 2024/25 2025/26 2026/27 (e) Excludes collaborations, Made product sold on Made.com and wholesale.
Slide 84: NEXT Platform 6 million customers
2025/26 Full Price Sales Growth Avenues WOBL NEXT Platform 16 million customers New Brand/Licence Websites International aggregators Product team Online marketing Warehousing Sourcing base Software and data Contact Centre Funding <£3m Stock and people £Billions...
Slide 85: New Brand/Licence
New Brand/Licence 2026/27 UNDER DEVELOPMENT
Slide 86: 2025/26 Full Price Sales Growth Avenues
2025/26 Full Price Sales Growth Avenues £m NEXT Product Non - NEXT Product TOTAL UK + £125m + 4% + £130m + 12% + £255m International + £170m + 24% + £125m + 79% + £295m + 35% TOTAL + £295m + 8% + £255m + 21% + £550m Rounded to the nearest £5m.
Slide 87: International Website functionality
International Website functionality Local currency Local language address & registration Local returns solution Optimised product listing page Appropriate local sizing convention Apple Pay express Parcel shop solution
Slide 88: International Website functionality
International Website functionality Local currency 2025/26 Var Local language address & registration Local returns solution Organic conversion 3.5% + 9% Optimised product listing page Average order value £96 + 3% Appropriate local sizing convention Apple Pay express Frequency of orders 6.6 + 17% Par
Slide 89: International Digital marketing spend
International Digital marketing spend + 63% Marketing Improvements £69m + 84% • Image feeds £43m • Latest ad technology • Incrementality measurement £23m • More people • New markets Jan 2024 Jan 2025 Jan 2026 £2.08 £1.70 £1.75 Return from every £1 marketing spend
Slide 90: International Digital marketing spend
International Digital marketing spend +25% £86m + 63% TARGET £69m + 84% £43m £23m Jan 2024 Jan 2025 Jan 2026 Jan 2027 (e) £2.08 £1.70 £1.75 Return from every £1 marketing spend TARGET
Slide 91: International Digital marketing spend
International Digital marketing spend +25% £86m + 63% TARGET £69m + 84% £43m £23m Jan 2024 Jan 2025 Jan 2026 Jan 2027 (e) £2.08 £1.70 £1.75 Return Returnfrom fromevery every£1 £1marketing marketingspend spend
Slide 92: International Digital marketing spend
International Digital marketing spend +25% £86m + 63% TARGET £69m + 84% £43m £23m Jan 2024 Jan 2025 Jan 2026 Jan 2027 (e) £2.08 £1.70 £1.75 Return Returnfrom fromevery every£1 £1marketing marketingspend spend
Slide 93: International Digital marketing spend
International Digital marketing spend +25% £86m + 63% COST CONTROLS £69m + 84% £43m MARKETING £23m GROWTH Jan 2024 Jan 2025 Jan 2026 Jan 2027 (e) £2.08 £1.70 £1.75 Return Returnfrom fromevery every£1 £1marketing marketingspend spend
Slide 94: Fixed costs As a % of sales
Fixed costs As a % of sales Jan Jan 2006 2026 COST CONTROLS Technology 1.1% 3.1% Product 1.0% 1.8% MARKETING Finance, HR & Legal 0.5% 0.8% Total 2.6% 5.7% GROWTH Margin 14.5% 16.5%
Slide 95: Fixed costs As a % of sales
Fixed costs As a % of sales Jan Jan 2006 2026 COST CONTROLS Technology 1.1% 3.1% Product 1.0% 1.8% MARKETING Finance, HR & Legal 0.5% 0.8% Total 2.6% 5.7% GROWTH Margin 14.5% 16.5%
Slide 96: Fixed costs: Degree of adoption to date
Fixed costs As a % of sales Jan 2026 Degree of adoption to date* Technology Product Finance, HR & Legal Warehousing Contact Centre Retail & Brand Marketing eCommerce * Indicative
Slide 97: Technology & Contact Centres costs
Fixed costs As a % of sales Technology & Contact Centres Costs as a % of Total Sales excl. TP Jan 2022 Jan 2023 Jan 2024 Jan 2025 Jan 2026 Technology 3.8% 3.7% 1.2% 1.1% Product 3.6% 1.1% Finance, HR & Legal 3.4% 1.0% Warehousing Technology 3.2% 3.1% 0.9% Contact Centre Retail & Brand Marketing 3.0%
Slide 98: Fixed costs As a % of sales
Fixed costs As a % of sales Technology Product Finance, HR & Legal Warehousing Contact Centre Retail & Brand Marketing eCommerce * Indicative
Slide 99: Fixed costs As a % of sales
Fixed costs As a % of sales As a % of sales Technology Application led Product Central Finance, HR & Legal security & cost control Warehousing Collaboration Contact Centre is key Retail & Brand Marketing eCommerce * Indicative
Slide 100: Fixed costs: Degree of adoption to date
Fixed costs As a % of sales Jan 2026 Degree of adoption to date* Technology Product Finance, HR & Legal Warehousing Contact Centre Retail & Brand Marketing eCommerce * Indicative
Slide 101: Fixed costs: Degree of adoption to date
Fixed costs As a % of sales Jan 2026 Degree of adoption to date* Technology Product Finance, HR & Legal Warehousing Contact Centre Retail & Brand Marketing eCommerce * Indicative
Slide 102: Warehousing
Fixed costs As a % of sales Jan 2026 Degree of adoption to date* Technology Product Finance, HR & Legal Warehousing Contact Centre Retail & Brand Marketing eCommerce * Indicative
Slide 103: Elmsall Online Capacity Growth and Capex
Infrastructure Elmsall Online Capacity Growth and Capex 100 % Peak fill 94% E1 & E2 2023
Slide 104: Elmsall Online Capacity Growth and Capex
Infrastructure Elmsall Online Capacity Growth and Capex Planned capacity + 50% Online FP sales 2 YEAR PLANNED + 10% 100% a Peak fill Peak fill 69% 94% E1 & E2 E1 & E2 + E3 Phase 1 2023 2024 2025 2026(e)
Slide 105: Elmsall Online Capacity Growth and Capex
Infrastructure Elmsall Online Capacity Growth and Capex Planned capacity Online FP sales + 50% 2 YEAR ACTUAL + 28% a Peak fill 100% 80% Peak fill 69% 94% E1 & E2 E1 & E2 + E3 Phase 1 2023 2024 2025 2026(e)
Slide 106: Elmsall Online Capacity Growth and Capex
Infrastructure Elmsall Online Capacity Growth and Capex Online FP sales 2 YEAR ACTUAL Planned capacity PLUS + 50% stock grew faster than sales + 34% a Peak fill 100% 84% Peak fill 80% 94% E1 & E2 E1 & E2 + E3 Phase 1 2023 2024 2025 2026(e)
Slide 107: Elmsall Online Capacity Growth and Capex
Infrastructure Elmsall Online Capacity Growth and Capex Actual capacity + 45% Capacity loss 5% Decommission / box fill a Peak fill 100% 87% Peak fill 84% 94% E1 & E2 E1 & E2 + E3 Phase 1 2023 2024 2025/26 2025 2026(e)
Slide 108: Elmsall Online Capacity Growth and Capex
Infrastructure Elmsall Online Capacity Growth and Capex Online FP sales GUIDANCE + 8% Peak fill a Peak fill 94% 87% E1 & E2 + E3 Phase 1 2025 2026(e)
Slide 109: Elmsall Online Capacity Growth and Capex
Infrastructure Elmsall Online Capacity Growth and Capex Actual capacity + 7% Capacity gain • NEXT offsite storage (1 day recall) • NEXT offsite storage (3 day recall) Peak fill a Peak fill 87% 87% 94% + E1 & Internal E2 projects + E3 Phase 1 (no Capex) 2025 2026(e)
Slide 110: Elmsall Online Capacity Growth and Capex
Infrastructure Elmsall Online Capacity Growth and Capex + 8% Peak fill Peak fill Peak fill 94% 87% 87% + E1 & Internal E2 projects + E3 Phase 1 (no Capex) 2025 2026(e) 2027(e)
Slide 111: Infrastructure
Infrastructure Chamber 2 Chamber 1 In use
Slide 112: Infrastructure: Capacity and Cost by Phase
Infrastructure Capacity Cost Phase 1 2027 + 10% £48m Phase 2 2028 + 17% £134m Phase 3 2029 + 17% £125m £307m In use
Slide 113: Infrastructure Phase 2027
Infrastructure Phase 1 2027 Capex £48m Annualised position Jan 2028(e) Additional depreciation (£4.2m) Additional overheads (£1.2m) CPU efficiency / other savings £5.1m NET cost impact (excl. sales) (£0.3m)
Slide 114: Infrastructure Phase 2027 All phases
Infrastructure Phase 1 2027 All phases Capex £48m £307m Annualised position Jan 2028(e) Jan 2030(e) Additional depreciation (£4.2m) (£24.9m) Additional overheads (£1.2m) (£5.0m) CPU efficiency / other savings £5.1m £22.6m NET cost impact (excl. sales) (£0.3m) (£7.3m) Potential Online FP sales + £1.5
Slide 115: Elmsall Online Capacity Growth and Capex
Infrastructure Elmsall Online Capacity Growth and Capex If Online FP Sales + 8% + 51% + 34% Capacity + 17% growth + 7% Peak fill d Peak fill b fill Peak 78% Peak fill 87% 82% Peak fill + 87% 88% Large item storage a c & picking + + + + Internal projects Phase 1 Phase 2a Phase 2b + E3 Phase 1 (no Cap
Slide 116: Elmsall Online Capacity Growth and Capex
Infrastructure Elmsall Online Capacity Growth and Capex If Online FP Sales + 12% + 51% + 34% + 17% Peak fill Capacity + 7% Peak fill d 91% growth Peak fill 91% Peak fill 93% Peak fill + 87% 91% Large item storage a c & picking + + + + Internal projects Phase 1 Phase 2a Phase 2b + E3 Phase 1 (no Cape
Slide 117: Elmsall Online Capacity Growth and Capex
Infrastructure Elmsall Online Capacity Growth and Capex • 84 acres of land acquired • Planning permission granted • Commence build 2028 E4