61 slides from Dr. Martens's earnings presentation, May 19, 2026
Slide 1: FY26 Results
FY26 RESULTS DR. MARTENS © FY26 Results 19 May 2026 1
Slide 2: Agenda
FY26 RESULTS DR. MARTENS © Agenda INTRODUCTION IJE NWOKORIE FINANCIALS 01 CHIEF EXECUTIVE OFFICER 02 GILES WILSON CHIEF FINANCIAL OFFICER PROGRESS UPDATE 03 IJE NWOKORIE CHIEF EXECUTIVE OFFICER 2
Slide 3: Introduction
FY26 RESULTS DR. MARTENS © Introduction IJE NWOKORIE CHIEF EXECUTIVE OFFICER 3
Slide 4: Channel first to consumer first
FY26 RESULTS DR. MARTENS © FROM TO CHANNEL CONSUMER FIRST FIRST “Build it and “Earn the right they will with each come” wearer” 4
Slide 5: Financials
FY26 RESULTS DR. MARTENS © Financials GILES WILSON CHIEF FINANCIAL OFFICER 5
Slide 6: Business returns to PBT growth, up 61%
FY26 RESULTS Business returns to PBT growth, up 61% DR. MARTENS © Higher quality revenue, good gross margin and cost control, and continued balance sheet strength FY26 FY26 FY25 £m Reported Constant currency Reported Underlying revenue up when discounting and Pairs (m) 10.2 10.5 clearance activity
Slide 7: Revenue bridge
FY26 RESULTS Revenue bridge DR. MARTENS © We have focused on higher quality revenue Full Price Full Price Full Price +14% -13% +15% 7
Slide 8: Strong gross margin
FY26 RESULTS Strong gross margin DR. MARTENS © Driven by Full Price performance and continued strong sourcing +110 bps c.70 bps 66.1% c.60 bps 65.0% (c.20 bps) FY25 Channel mix ASP COGS FY26 ASP: Average Selling Price 8
Slide 9: EBIT margin increased from 7.7% to 10.4%
FY26 RESULTS EBIT margin increased from 7.7% to 10.4% DR. MARTENS © Non-demand generating costs tightly managed and benefitting from cost actions taken in FY25 £M 7.7% EBIT 10.4% EBIT margin margin 4.0 78.7 13.8 13.8 (1.0) 60.7 (12.6) 54.3 (24.4) Total GM £1.2m FY25 ASP & COGS Volume Non-demand Dema
Slide 10: Strong Balance Sheet
FY26 RESULTS Strong Balance Sheet DR. MARTENS © Net bank debt now £69.7m, from peak of £271.8m in H1 FY24, reflecting strong cash flow generation £M Cash generation of £69.9m 249.5 31.3 2.3 225.1 213.5 94.1 11.9 28.1 69.7 69.7 55.6 -11.6 -128.0 155.4 -25.6 155.4 143.8 FY25 Net Debt EBITDA Net workin
Slide 11: Capital allocation framework
FY26 RESULTS Capital allocation framework DR. MARTENS © Highly cash generative business with >70% average cash conversion Target leverage: Net debt (inc. leases) to EBITDA of <1.5x through the year Investment into the business Progressive dividend policy Investment into the brand Target earnings pay
Slide 12: Progress report
FY26 RESULTS DR. MARTENS © Progress IJE NWOKORIE report CHIEF EXECUTIVE OFFICER 12
Slide 13: A strong global brand driving value creation
FY26 RESULTS A strong global brand driving value creation DR. MARTENS © Pivot strengthens revenue quality and control; scale amplifies desire globally 13
Slide 14: We achieved all our FY26 objectives
FY26 RESULTS We achieved all our FY26 objectives DR. MARTENS © Doing what we said we would do Consumer Off-price USA wholesale pairs declined 31% Reduce the reliance on discounted pairs Strong Full Price DTC performance in USA +14% and APAC +15% in Americas wholesale Product Tripled contributi
Slide 15: Engage more consumers
Consumer FY26 RESULTS DR. MARTENS © ENGAGE MORE CONSUMERS 01 03 Lead marketing with product, grounded in comfort, craft and confidence 02 Build post-purchase engagement to increase purchase Deliver a seamless omni-channel frequency and experience tailored to each consumer consumer spend 15
Slide 16: We've pivoted to focus on the loyal Craft Curator segment
FY26 RESULTS We’ve pivoted to focus on the loyal DR. MARTENS © Craft Curator segment Amplifying comfort, craft, and culture without alienating other segments Our share of Craft Curators Craft Curators Alternative Style Seeker Individuals “Never out of style” “Defiance in every stitch” FY22 FY23 FY24
Slide 17: This consumer focus supports our Full Price push
FY26 RESULTS This consumer focus supports our Full Price push DR. MARTENS © In both USA and APAC, with work to do in EMEA +14% +15% -13% USA FP DTC APAC FP DTC revenue growth revenue growth +31% +23% EMEA FP DTC revenue decline Reduction in off-price USA wholesale ASP USA Wholesale pairs increase in
Slide 18: Consumer: In FY27, scale Full Price revenue
FY26 RESULTS Consumer: In FY27, scale Full Price revenue DR. MARTENS © COMPLETE THE PIVOT SCALE WHAT’S WORKING Leverage US playbook to Up to 100 basis points drive Full Price mix in UK increase in brand investment and DACH 18
Slide 19: Drive more purchase occasions
Product FY26 RESULTS DR. MARTENS © DRIVE MORE PURCHASE OCCASIONS 02 03 04 Manage hero product families to optimise Innovate to enhance newness across diverse comfort, lightness wearing occasions and sustainability 01 Extend our offer in Reinforce premium positioning sandals, bags and of our icons th
Slide 20: New product families drive more purchase occasions
FY26 RESULTS New product families drive more DR. MARTENS © purchase occasions From 3% to 9% of pairs LOWELL BUZZ ZEBZAG Crafted & elevated Fashion-led platform Comfort-led everyday 20
Slide 21: Shoes revenue up 19% with broad-based growth
FY26 RESULTS Shoes revenue up 19% with broad-based growth DR. MARTENS © Revenue and pairs up across all markets, led by Americas +32% revenue ADRIAN LOWELL BUZZ SHOE 1461 SHOE MARY JANE TASSEL LOAFER 21
Slide 22: Opportunity in Boots, Sandals and Bags
FY26 RESULTS Opportunity in Boots, Sandals and Bags DR. MARTENS © With green shoots and successes across each category KASEY ZEBZAG DUNNET SLIDE TOP HANDLE KIEV SPARK BOOTS RESET SANDALS ACCELERATE BAGS 8% revenue decline 11% revenue decline 15% revenue growth 9% Full Price DTC growth in USA Specifi
Slide 23: Product: In FY27, make progress across all product groups
FY26 RESULTS Product: In FY27, make progress DR. MARTENS © across all product groups COMPLETE THE PIVOT SCALE WHAT’S WORKING Full Price boots focus Continue to architect across price points especially in shoes Successfully introduce an innovative new sandals Drive bags expansion range 23
Slide 24: Curate market-right distribution
Markets FY26 RESULTS DR. MARTENS © CURATE MARKET- RIGHT DISTRIBUTION Musinsa 1461 Shoe activation, South Korea 02 03 01 Build a differentiated DTC Expand B2B through long-term footprint to elevate the brand, Enter new growth product and marketing partnerships aligning operating models to markets wit
Slide 25: Executed year one in our capital-light expansion plan
FY26 RESULTS Executed year one in our capital-light expansion plan DR. MARTENS © Deepened relationships with key partners and extended partnerships into additional markets 25
Slide 26: Our partnership with world-class retail is key to value creation
FY26 RESULTS Our partnership with world-class retail DR. MARTENS © is key to value creation More than a distribution channel - a core strategic growth driver REACH VALUE CREATION High footfall doors Local visibility FOR RETAILER High-margin sales Attractive consumer Iconic brand INSIGHT MULTI- DISCO
Slide 27: Growth comes from building consumer-right assortments
Growth comes from building consumer-right assortments FY26 RESULTS DR. MARTENS © Working together on multi-year plans gives us confidence in our medium-term goals WHOLESALE PARTNER A WHOLESALE PARTNER B Shoes and bags fuel growth without diluting icon DNA Shoes driving sell-through and momentum thro
Slide 28: The result: Wholesale back to growth in FY26
FY26 RESULTS The result: Wholesale back to growth in FY26 DR. MARTENS © With FY27 order book in a healthy position; momentum in USA with growth ahead Wholesale Revenue Performance EMEA Americas APAC FY23 FY24 FY25 FY26 28
Slide 29: We are reshaping our retail estate to drive growth
FY26 RESULTS We are reshaping our retail estate to drive growth DR. MARTENS © Ensuring each store plays a clear role driving revenue growth and brand FROM TO Undifferentiated Store estate segmented retail format into four tiers with clear criteria and purpose Unclear role for the consumer Stores foc
Slide 30: We've introduced two new store formats
FY26 RESULTS We’ve introduced two new store formats DR. MARTENS © A Beacon as the highest brand experience and a Brand Centre to highlight the full range Beacon Store at Brewer Street, London Brand Centre at Dosan Park, Seoul ASP is c.15% more than other London stores ASP is c.20% higher than other
Slide 31: In FY27 we will begin scaling a four-tiered retail estate
FY26 RESULTS In FY27 we will begin scaling a four-tiered retail estate DR. MARTENS © Building off our current Brand Store format, creating elevated Brand Centres and Beacons BEACON BRAND CENTRE BRAND STORE BRAND OUTLET An immersive brand destination where A destination to explore the full brand, Off
Slide 32: Markets: In FY27, expand and elevate our consumer touchpoints
FY26 RESULTS Markets: In FY27, expand and elevate DR. MARTENS © our consumer touchpoints COMPLETE THE PIVOT SCALE WHAT’S WORKING Launch new retail Invest in around 30 high concepts in key cities potential stores, elevating globally them to Brand Centres Continue low-capital model with a focus on exi
Slide 33: Simplify the operating model
Organisation FY26 RESULTS DR. MARTENS © SIMPLIFY THE OPERATING MODEL 02 Optimise the cost base to support strategic priorities 03 01 Build a culture of excellence, care, and Simplify how we work accountability, strengthening to drive efficiency, organisational clarity, talent development scale and s
Slide 34: The Executive Team is up and running
FY26 RESULTS The Executive Team is up and running DR. MARTENS © Tasked with driving pace of decision making, strategic direction and resource allocation 5 1 Ije Nwokorie Chief Executive Officer 6 4 7 8 2 Giles Wilson Chief Financial Officer 3 Carla Murphy 2 1 3 Chief Brand Officer 4 Anna Duffiet Chi
Slide 35: A simplified, market-based model allows a focus on consumers
FY26 RESULTS A simplified, market-based model allows a DR. MARTENS © focus on consumers A simplified structure strengthens global centres of excellence while empowering GMs to win in their markets Strengthened group functions and central brand team (Product, Marketing & Customer Experience) Regional
Slide 36: We now work together as One Team, supported by technology
FY26 RESULTS We now work together as One Team, DR. MARTENS © supported by technology We are embedding deeper consumer insight and enabling better decisions through the organisation GLOBAL TECHNOLOGY SUPPLY & DEMAND CENTRE PLANNING SYSTEM AI & ADVANCED ANALYTICS CUSTOMER DATA PLATFORM 36
Slide 37: Organisation: In FY27, equip our people to do their life's best work
FY26 RESULTS Organisation: In FY27, equip our people to DR. MARTENS © do their life’s best work SCALE WHAT’S WORKING Unlock operating model and technology benefits 37
Slide 38: Staying laser-focused on execution
FY26 RESULTS Staying laser-focused on execution DR. MARTENS © Doing what we said we would do Consumer Reduce the reliance on discounted pairs in Americas wholesale Product Drive pairs growth in product families such as Buzz, Zebzag and Lowell Markets Open in new markets through a capital-light struc
Slide 39: We will maintain that executional focus in FY27
FY26 RESULTS We will maintain that executional focus in FY27 DR. MARTENS © Completing the pivot and beginning to scale Consumer Drive Full Price revenue mix in UK and DACH Product Successfully introduce an innovative new sandals range Markets Launch new retail concepts in key cities globally Organis
Slide 40: We have clear medium-term financial targets
FY26 RESULTS We have clear medium-term financial targets DR. MARTENS © And we are leveraging our brand, financial fundamentals and operational control 01 Profitable revenue growth above the rate of the relevant footwear market 02 Operational leverage to drive mid to high teens EBIT margin 03 Underpi
Slide 41: Questions
FY26 RESULTS DR. MARTENS © QUESTIONS 41
Slide 42: Appendix
FY26 RESULTS Appendix DR. MARTENS © + Contact details + Strategy slides + Supply chain + Summary financials + Revenue breakdown + Store estate + Balance sheet + Detailed guidance + Alternative performance measures + Cautionary statement 42
Slide 43: Contact details
FY26 RESULTS Contact details DR. MARTENS © Bethany Louise Cat Barnes Durey Howe Director of Investor Investor Relations Investor Relations Relations and Corporate and Corporate and Corporate Communications Communications Communications Senior Manager Coordinator Bethany.Barnes@drmartens.com +44 7825
Slide 44: We are becoming a consumer-first business
FY26 RESULTS We are becoming a consumer-first business DR. MARTENS © With a multi-year plan to create value SCALE Scaling high-quality revenues PIVOT Actions to become consumer first Focused on Full Price DTC Investing into brand Reduced off-price wholesale Amplify demand in priority markets STABILI
Slide 45: Our ambition
FY26 RESULTS Our ambition DR. MARTENS © TO BE THE WORLDS MOST DESIRED PREMIUM FOOTWEAR BRAND 45
Slide 46: Levers for Growth Strategy
FY26 RESULTS Levers for Growth Strategy DR. MARTENS © CONSUMER ENGAGE MORE CONSUMERS + Lead marketing with product, grounded in comfort, craft and confidence + Deliver a seamless omni-channel experience tailored to each consumer + Build post-purchase engagement to increase purchase frequency and con
Slide 47: The regional model was channel-led
FY26 RESULTS The regional model was channel-led DR. MARTENS © With too many layers and fragmentation of accountability Group functions & brand Regional structures with overlap and Technology Technology Technology duplication of effort and group resources Product Product Product Regional structures o
Slide 48: A simplified, market-based model allows a focus on consumers
FY26 RESULTS A simplified, market-based model allows a DR. MARTENS © focus on consumers A simplified structure strengthens global centres of excellence while empowering GMs to win in their markets Strengthened group functions and central brand team (Product, Marketing & Customer Experience) Regional
Slide 49: Supply Chain overview
FY26 RESULTS Supply Chain overview DR. MARTENS © DC Tier 1 footwear factories UK X2 UK X1 NETHERLANDS X1 CANADA X1 SOUTH KOREA X1 JAPAN X1 CHINA X1 USA X2 PAKISTAN X1 HONG KONG X1 THAILAND X1 LAOS X2 VIETNAM X4 + Strong long-term + Significantly increased + Enhanced flexibility + Defect rate of less
Slide 50: Summary Financials
FY26 RESULTS Summary Financials DR. MARTENS © % change FY26 FY26 Constant FY25 £m Reported currency Reported Reported Constant currency Pairs (m) 10.2 10.5 -2.5% Revenue 764.9 776.3 787.6 -2.9% -1.4% Gross Margin 506.0 512.8 511.7 -1.1% 0.2% Gross Margin% 66.2% 66.1% 65.0% 1.2pts 1.1pts Opex1 (359.0
Slide 51: Revenue by category
FY26 RESULTS Revenue by category DR. MARTENS © FY25 Group Revenue FY26 Group Revenue Bags & Other 5% Bags & Other 6% Sandals 12% Sandals 11% Boots 52% Boots 57% Shoes 26% Shoes 31% 51
Slide 52: Revenue by channel
FY26 RESULTS Revenue by channel DR. MARTENS © % change FY26 FY26 FY25 £m Reported Constant currency Reported Reported Constant currency Ecommerce 244.4 248.7 268.3 -8.9% -7.3% Retail 236.8 240.5 242.4 -2.3% -0.8% DTC 481.2 489.2 510.7 -5.8% -4.2% Wholesale1 283.7 287.1 276.9 2.5% 3.7% Total 764.9 77
Slide 53: Quarterly revenue by channel & region
FY26 RESULTS Quarterly revenue by channel & region DR. MARTENS © Q126 Q226 H126 Q326 Q426 H226 YoY Change Actual CC Actual CC Actual CC Actual CC Actual CC Actual CC Total Revenue -2.3% 0.7% 0.0% 0.9% -0.8% 0.8% -3.1% -2.7% -5.9% -3.5% -4.3% -3.0% Revenue by region EMEA -7.9% -7.2% 0.4% -1.3% -2.3%
Slide 54: Directly-operated retail store estate
FY26 RESULTS Directly-operated retail store estate DR. MARTENS © 30 March 2025 Opened Closed 29 March 2026 EMEA: UK 34 2 (3) 33 Germany 17 2 (1) 18 France 18 1 19 Italy 14 14 Spain 6 (2) 4 Other 14 14 103 5 (6) 102 Americas: 59 5 (7) 57 APAC: Japan 46 4 (2) 48 China 7 3 (3) 7 South Korea 17 1 18 Hon
Slide 55: Partner and franchise stores
FY26 RESULTS Partner and franchise stores DR. MARTENS © Franchise and partner stores 30 March 2025 Opened Closed 29 March 2026 EMEA: Italy - 1 - 1 - 1 - 1 Americas: Argentina - 1 - 1 Chile - 1 - 1 Canada 4 - - 4 4 2 - 6 APAC: Japan 24 1 - 25 China - 2 - 2 22 - (1) 21 Australia New Zealand 5 - - 5 Ta
Slide 56: Balance Sheet
FY26 RESULTS Balance Sheet DR. MARTENS © £m 29 March 2026 28 September 2025 30 March 2025 Freehold property 6.5 6.5 6.7 Right-of-use assets 131.3 135.8 143.2 Other fixed assets 66.7 71.6 76.2 Inventory 160.8 199.8 187.4 Working capital1 (excluding inventory) (43.4) (38.6) (48.0) Other2 7.0 12.5 6.0
Slide 57: FY27 guidance
FY26 RESULTS FY27 guidance DR. MARTENS © + Store estate to be broadly flat over the next two years + Depreciation and Amortisation of around £70m + Net finance costs of around £24m + Blended tax rate of c.27% + Capex of around £30m (including investment in store estate and London head office move) +
Slide 58: Alternative performance measures
FY26 RESULTS Alternative performance measures DR. MARTENS © Metric Definition Rationale Revenue less cost of sales (mainly raw materials and consumables). Helps evaluate growth trends, establish budgets and assess operational performance and Gross margin Revenue and cost of sales are disclosed in th
Slide 59: Alternative performance measures (continued)
FY26 RESULTS Alternative performance measures (continued) DR. MARTENS © Metric Definition Rationale Adjusted EBIT margin Adjusted EBIT divided by revenue. Used to evaluate growth trends, establish budgets and assess operational performance and efficiencies. Operating cash flow is used as a trading c
Slide 60: Cautionary statement
FY26 RESULTS Cautionary statement DR. MARTENS © Cautionary statement relating to forward-looking statements Announcements, presentations to investors, or other documents or reports filed with or furnished to the London Stock Exchange (LSE) and any other written information released, or oral statemen
Slide 61: Dr. Martens plc
Dr. Martens plc drmartensofficial