Pz Cussons Plc · LSE:PZC
Pz Cussons — FY2026 Earnings Presentation
37 slides from Pz Cussons's earnings presentation, Aug 6, 2026
Slide 1: Full Year Results FY26
FULL YEAR RESULTS FY26 6 AUGUST 2026
Slide 2: Agenda
AGENDA 01 INTRODUCTION 02 FINANCIAL REVIEW 03 STRATEGIC UPDATE 04 Jonathan Myers Jan Bramall SUMMARY Chief Executive Officer Chief Financial Officer 05 Q&A 2026 FULL YEAR RESULTS AUGUST 2026 2
Slide 3: Our Investment Case
OUR INVESTMENT CASE 01 INTRODUCTION 02 03 04 05 01 02 03 04 05 BRANDS CAPABILITIES PORTFOLIO CAPITAL GROWTH ALLOCATION • Building winning • Go-to-market • Simplified footprint • Strengthened • Targeting mid- portfolios of capabilities in our • Balanced between balance sheet single-digit % locally-lo
Slide 4: Key Messages
KEY MESSAGES 01 INTRODUCTION 02 03 04 05 01 BROAD-BASED PERFORMANCE Growth across all four lead markets, demonstrating early delivery of the refreshed strategy REFRESHED 02 INCREASED INVESTMENT IN BRAND-BUILDING Driving LFL revenue in FY26 and strengthening the pipeline STRATEGY SHOWING 03 REDUCTION
Slide 5: Financial Review
02 FINANCIAL REVIEW JAN BRAMALL CHIEF FINANCIAL OFFICER 2026 FULL YEAR RESULTS AUGUST 2026 5
Slide 6: Introduction
INTRODUCTION 01 02 FINANCIAL REVIEW 03 04 05 2026 FULL YEAR RESULTS AUGUST 2026 6
Slide 7: Summary Financials
SUMMARY FINANCIALS 01 02 FINANCIAL REVIEW 03 04 05 BROAD-BASED GROWTH ACROSS EACH OF OUR LEAD MARKETS All items in £m and on an adjusted basis, FY25 FY26 unless otherwise stated Revenue 513.8 541.4 5.4% (£27.6m) revenue growth LFL revenue growth (%) 8.0% 5.8% Growth across all lead markets Operating
Slide 8: Summary Financials - Continued
SUMMARY FINANCIALS - CONTINUED 01 02 FINANCIAL REVIEW 03 04 05 BROAD-BASED GROWTH ACROSS EACH OF OUR LEAD MARKETS All items in £m and on an adjusted basis, FY25 FY26 unless otherwise stated Net finance expense (13.8) (9.4) Profit before tax 41.1 50.1 Increase in PBT offset by increased non-controlli
Slide 9: Group Revenue
GROUP REVENUE 01 02 FINANCIAL REVIEW 03 04 05 GROWTH IN EACH REGION AND EACH OF OUR FOUR LEAD MARKETS EUROPE AND AMERICAS APAC AFRICA +0.9% +3.9% +14.7% DEVELOPED: 1.8% EMERGING: 11.1% FY25 UK Other Europe ANZ Indonesia Other APAC Nigeria Other Africa FX FY26 and Americas 2026 FULL YEAR RESULTS AUGU
Slide 10: Operating Profit Bridge
OPERATING PROFIT BRIDGE 01 02 FINANCIAL REVIEW 03 04 05 STRONG UNDERLYING OPERATING PROFIT GROWTH, SUPPORTED BY ONE-OFF FX GAIN 47.8 24.5% OPERATING PROFIT GROWTH 59.5 54.1 REPRESENTS BASE FOR FY27 £5.4M FX GAIN £8.5M COST SAVINGS FY25 op. profit Gross profit Overheads Marketing investment FY26 op.
Slide 11: FY26 Delivery Against Financial Framework
FY26 DELIVERY AGAINST FINANCIAL FRAMEWORK WITH 01 02 FINANCIAL REVIEW 03 04 05 IMPROVED QUALITY OF EARNINGS TARGETS OVER THE CYCLE FY26 Mid-single-digit % 5.8% LFL revenue growth LFL REVENUE GROWTH (ex. M&A) 1.8% Developed | 11.1% Emerging GM% Increased Increase in £m and % gross profit marketing in
Slide 12: Segmental Performance: Europe and Americas
SEGMENTAL PERFORMANCE: EUROPE AND AMERICAS 01 02 FINANCIAL REVIEW 03 04 05 GOOD GROWTH IN OUR LARGEST UK BRANDS; ST.TROPEZ NORTH AMERICA RETURNED TO GROWTH All items in £m and on an adjusted basis, UK lead market FY25 FY26 unless otherwise stated Lead market LFL revenue growth of 0.5% driven by good
Slide 13: Segmental Performance: APAC
SEGMENTAL PERFORMANCE: APAC 01 02 FINANCIAL REVIEW 03 04 05 GROWTH IN BOTH LEAD MARKETS OF ANZ AND INDONESIA All items in £m and on an adjusted basis, ANZ lead market FY25 FY26 unless otherwise stated LFL +4.0% with growth across each major brand Indonesia lead market Revenue 173.5 173.1 LFL +10.2%
Slide 14: Segmental Performance: Africa
SEGMENTAL PERFORMANCE: AFRICA 01 02 FINANCIAL REVIEW 03 04 05 NIGERIA REVENUE GROWTH FROM BOTH PRICE/MIX AND VOLUME All items in £m and on an adjusted basis, Nigeria lead market FY25 FY26 unless otherwise stated LFL revenue growth of 21.7% with both price/mix and volume growth Revenue 140.9 168.0 Do
Slide 15: Cash Flow and Net Debt
CASH FLOW AND NET DEBT 01 02 FINANCIAL REVIEW 03 04 05 REDUCTION IN LEVERAGE DUE TO STRONG CASH GENERATION AND DISPOSAL PROCEEDS £174M REDUCTION IN LEVERAGE £m GROSS DEBT OVER 3 YEARS FY26 Net debt 25.0 Cash in Nigeria 24.5 Adjusted Net debt 49.5 112.0 EBITDA 72.0 251.2 251.2 Adjusted Net debt/EBITD
Slide 16: Nigeria Guardrails
NIGERIA GUARDRAILS 01 02 FINANCIAL REVIEW 03 04 05 MANAGEMENT ACTIONS HAVE MATERIALLY REDUCED EXPOSURE TO FUTURE NAIRA VOLATILITY NIGERIA LIABILITIES, $M SIGNIFICANT REDUCTION IN SENSITIVITY c.$140m (£M PER 100 NAIRA MOVEMENT)1: PREVIOUS SENSITIVITY2: >£7m c.$30m TODAY: c.£1.5m FY24 FY26 1 – Sensiti
Slide 17: Capital Allocation Policy
CAPITAL ALLOCATION POLICY 01 02 FINANCIAL REVIEW 03 04 05 SURPLUS CASH REDUCES LEVERAGE AND FUNDS DIVIDEND | M&A IS EVALUATED VS. CASH RETURNS LEVERAGE Targeting net debt/ EBITDA range of 1.0-1.5x (excluding cash in Nigeria) PRIORITIES DIVIDEND Progressive dividend FOR USE OF M&A FCF Opportunities f
Slide 18: Current Trading and Outlook
CURRENT TRADING AND OUTLOOK 01 02 FINANCIAL REVIEW 03 04 05 FY27 OUTLOOK “ In line with market FY27 TRADING HAS STARTED IN LINE 01 OPERATING PROFIT expectations1 WITH EXPECTATIONS. WHILE THE More balanced H1/H2 split GROUP REMAINS MINDFUL OF MACRO-ECONOMIC UNCERTAINTY, WITH GOOD UNDERLYING MOMENTUM
Slide 19: Strategic Update
03 STRATEGIC UPDATE JONATHAN MYERS Chief Executive Officer 2026 FULL YEAR RESULTS AUGUST 2026 19
Slide 20: Strategic Overview
STRATEGIC OVERVIEW 01 02 03 STRATEGIC UPDATE 04 05 EARLY EVIDENCE OF DELIVERY ACROSS EACH STRATEGIC PRIORITY 3 CORE CATEGORIES: PERSONAL, HOME AND BABY CARE PORTFOLIO CHOICES 4 LEAD MARKETS DEVELOPED EMERGING ~60% OF GROUP REVENUE ~40% OF GROUP REVENUE STRATEGY OUR COMPETITIVE ADVANTAGES 01 02 03 LO
Slide 21: Strategic Overview
STRATEGIC OVERVIEW 01 02 03 STRATEGIC UPDATE 04 05 EARLY EVIDENCE OF DELIVERY ACROSS EACH STRATEGIC PRIORITY 3 CORE CATEGORIES: PERSONAL, HOME AND BABY CARE PORTFOLIO CHOICES 4 LEAD MARKETS DEVELOPED EMERGING ~60% OF GROUP REVENUE ~40% OF GROUP REVENUE STRATEGY OUR COMPETITIVE ADVANTAGES 01 02 03 LO
Slide 22: Growing UK Brands Through Continued Success With Gifting
GROWING UK BRANDS THROUGH 01 02 03 STRATEGIC UPDATE 04 05 CONTINUED SUCCESS WITH GIFTING BUILD BRANDS SERVE CONSUMERS PROVEN SUCCESS WITH SANCTUARY SPA GIFTING…. Total Sanctuary Spa gifting revenue, £m C.£11M >70% …WITH PLANS TO BROADEN AND EXPAND BY BRAND FY24 FY25 FY26 AND OCCASION 2026 FULL YEAR
Slide 23: St.Tropez Has Returned to Growth in North America
ST.TROPEZ HAS RETURNED TO GROWTH IN NORTH AMERICA 01 02 03 STRATEGIC UPDATE 04 05 BUILD BRANDS SERVE CONSUMERS PARTNERSHIP WITH EMERSON ...AND WE HAVE STRONG PLANS IN US IS ALREADY WORKING… TO STRENGTHEN UK AND EUROPE 7% 4x Emerson partnership New brand positioning based is directly driving on £200k
Slide 24: Innovation-Led Growth in Australia
INNOVATION-LED GROWTH IN AUSTRALIA 01 02 03 STRATEGIC UPDATE 04 05 BUILD BRANDS SERVE CONSUMERS Launch of Autodish market share1 Step-change in share of +160bps shower category due to ‘Easy Squeeze’ bottle launch of 1 Litre Original Source 1 – Source: Nielsen. Value share 12 months to 5 May 2026 202
Slide 25: Growth in Indonesia Through Re-staging Cussons Baby and E-commerce
GROWTH IN INDONESIA THROUGH RE-STAGING 01 02 03 STRATEGIC UPDATE 04 05 CUSSONS BABY AND E-COMMERCE BUILD BRANDS SERVE CONSUMERS COMPLETION OF THE PHASED RE-STAGING E-commerce revenue OF CUSSONS BABY WITH TELON OIL, WASH growth vs. FY25 & HAIR LOTION IN FY26 >50% Live streaming growth vs. FY25 140% 2
Slide 26: Nigeria Is Executing on the Strategy
NIGERIA IS EXECUTING ON THE STRATEGY ESTABLISHED 01 02 03 STRATEGIC UPDATE 04 05 BUILD BRANDS SERVE CONSUMERS CORE GROWTH CATEGORY EXPANSION PAN-AFRICA GROWTH Continued investment in Launch of Carex in FY26 Continued growth in exports brand-building from Nigeria in FY26 ‘BRAND OF THE YEAR’ Nigeria M
Slide 27: Childs Farm Represents a Potential Blueprint for Future M&A
CHILDS FARM REPRESENTS A POTENTIAL BLUEPRINT FOR FUTURE M&A 01 02 03 STRATEGIC UPDATE 04 05 BUILD BRANDS MARCH 2022: SERVE CONSUMERS ACQUISITION 2023 2024 2025 2026 today #1 LEVERAGING COMPETITIVE First TV commercial Masterbrand relaunch: ADVANTAGES: modernising the brand with a fresh look and feel,
Slide 28: We Continue to Reduce Complexity at Portfolio and Operational Level
WE CONTINUE TO REDUCE COMPLEXITY AT BOTH 01 02 03 STRATEGIC UPDATE 04 05 A PORTFOLIO AND OPERATIONAL LEVEL REDUCE COMPLEXITY PORTFOLIO SIMPLIFICATION OPERATIONAL SIMPLIFICATION £51.2M Creation of a central data warehouse and reporting capability providing greater insights Proceeds from sale and a be
Slide 29: Investing in Attracting and Retaining the Best People
WE CONTINUE TO INVEST IN ATTRACTING AND RETAINING 01 02 03 STRATEGIC UPDATE 04 05 THE BEST PEOPLE ACROSS THE BUSINESS DEVELOP PEOPLE GLOBAL ENGAGEMENT SURVEY 2026 LAUNCH OF EMPLOYEE VALUE PROPOSITION IN PARALLEL WITH STRATEGIC REFRESH OUR PARTICIPATION RATE 97% DARE. DISCOVER. DO. OUR ENGAGEMENT SCO
Slide 30: Sustainability Remains Critical as We Grow
SUSTAINABILITY REMAINS CRITICAL AS WE GROW 01 02 03 STRATEGIC UPDATE 04 05 GROW SUSTAINABLY CARBON FOOTPRINT BIG SIZES: CROSS-INDUSTRY REDUCTION YEAR ON YEAR LESS PLASTIC INTENSITY COLLABORATIONS Last Year: 97% A- 73% Climate Score Scopes 1&2 (2025) carbon reduction (vs 2021) Improving operational e
Slide 31: Summary
04 SUMMARY 2026 FULL YEAR RESULTS AUGUST 2026 31
Slide 32: Key Messages
KEY MESSAGES 01 02 03 04 SUMMARY 05 01 BROAD-BASED PERFORMANCE Growth across all four lead markets, demonstrating early delivery of the refreshed strategy REFRESHED 02 INCREASED INVESTMENT IN BRAND-BUILDING Driving LFL revenue in FY26 and strengthening the pipeline STRATEGY SHOWING 03 REDUCTION IN N
Slide 33: Q&A
05 Q&A 2026 FULL YEAR RESULTS AUGUST 2026 33
Slide 34: Appendix
APPENDIX 2026 FULL YEAR RESULTS AUGUST 2026 34
Slide 35: Foreign Exchange Analysis
FOREIGN EXCHANGE ANALYSIS £m % FY26 revenue FY26 FY25 % change Revenue impact (£m) GBP 34% 1.00 1.00 - - NGN 25% 1,945 2,015 3% 3.8 AUD 16% 2.00 1.99 (1)% (0.5) IDR 13% 22,468 20,742 (8)% (5.3) USD 3% 1.34 1.29 (4)% (0.7) Other 9% - - 1.2 Total 100% (1.5) Table shows the impact of translating FY25 r
Slide 36: Summary Cash Flow
SUMMARY CASH FLOW £m FY25 FY26 Adjusted EBITDA 66.5 72.0 Cash flow impact of adjusting items (14.0) (5.4) Working capital movement1 2.3 (9.7) Capital expenditure (6.9) (6.1) Share of results of joint venture (7.1) - Other 1.5 3.9 Free cash flow 42.3 54.7 2026 FULL YEAR RESULTS AUGUST 2026 36
Slide 37: Revenue Split by Market
REVENUE SPLIT BY MARKET Other Africa Other Africa 7%7% AFRICA £168.0m UK UK Nigeria Nigeria 32% 32% EUROPE & AMERICAS 25% 25% FY26 £200.3m revenue: OtherOther Europe £541.4m US Europe 1% US 1% 3% 3% Other Asia Other Asia 2% 4% Indo Indo 13% 11% ANZ ANZ 17% 17% APAC £173.1m 2026 FULL YEAR RESULTS AUG