Midwich Group Plc · LSE:MIDW
Midwich — H1 2026 Earnings Presentation
29 slides from Midwich's earnings presentation, September 2026
Slide 1: Interim Results
2026 Interim Results September 2026 midwichgroupplc.com
Slide 2: Summary and trading update
01/ Summary and trading update
Slide 3: Maximising growth opportunities
2026 Interim Results 3 Maximising growth opportunities Continued Organic revenue Improved net debt Foundations for Momentum execution of growth position future growth continues strategy Revenue £640m (+3.2%) Leverage 2.4x – down Market share growth, Vendor relationship Commercial excellence from 2.5
Slide 4: Current landscape
2026 Interim Results 4 Current landscape General market conditions — Markets generally stable — Middle East conflict show no sign of abating — Government investment remains suppressed. Signs that some interest rates may rise — Increased AI adoption in vendor solutions Our business — Order books gene
Slide 5: Strategic growth drivers
2026 Interim Results 5 Strategic growth drivers Specialisation Intelligence Building leadership positions Mining our vast market where specialist knowledge, intelligence for the benefit of technical capability and our customer, vendors and relationships create genuine ourselves competitive advantage
Slide 6: Financial review
XY) MidwichGroup 02/ Financial review
Slide 7: Income statement
2026 Interim Results 7 Income statement — H1 2026 revenue of £640.3m, continued growth trajectory seen in H2 of the prior year despite disruption in the Middle East. — Gross margin broadly in line with the prior Constant year reflecting changes in revenue mix. currency £m H1 2026 H1 2025 Actual chan
Slide 8: UKIANZ (46% Group revenue)
2026 Interim Results 8 FINANCIAL UKIANZ (46%Grouprevenue) £m H1 2026 H1 2025 Change Change CC Key H2 2026 assumptions • Continued market share gains despite flat market Revenue 294.7 266.7 10.5% 9.9% • Full year cost saving impact • Product price inflation GP% 17.8% 18.1% (0.3)pp • Expansion of rece
Slide 9: EMESEA (37% Group revenue)
2026 Interim Results 9 FINANCIAL EMESEA (37%Grouprevenue) £m H1 2026 H1 2025 Change Change CC Key H2 2026 assumptions • Continued weakness in German Market Revenue 237.2 250.8 (5.4)% (7.9)% • Middle East business remains subdued • Further market share gains GP% 17.3% 16.8% 0.5pp • Product price infl
Slide 10: North America (17% Group revenue)
2026 Interim Results 10 FINANCIAL North America (17%Grouprevenue) £m H1 2026 H1 2025 Change Change CC Key H2 2026 assumptions Revenue 108.4 102.8 5.5% 8.4% • New NA management team now settled and driving the regional performance GP% 16.4% 18.4% (2.0)pp • New vendors in Canada starting to drive reve
Slide 11: Balance sheet and net debt
2026 Interim Results 11 — Year on year reduction in non-current assets Balance sheet and net debt reflects the impact of exited businesses and ERP impairment. — Seasonal increase in working capital since the 31 December full year in consistent with previous periods. 30 June 2026 30 June 2025 £m 2025
Slide 12: Capital allocation priorities
2026 Interim Results 12 Capital allocation priorities Sharebuybackslookincreasingly attractivebasedoncurrentvaluations 1. 2. Organic investment in working Organic investment in new capital, infrastructure and our technologies or brands to support teams to develop and grow the above market growth cor
Slide 13: Growth drivers and outlook
03/ Growth drivers and outlook
Slide 14: Focus areas for 2026 and beyond
2026 Interim Results 14 Focus areas for 2026 and beyond — Consistently high customer service across all businesses; — Accelerated development of core technical product areas; — Use AI and system development to enhance efficiency and growth; — Take advantage of market disruption; — Accelerate growth
Slide 15: Outlook
2026 Interim Results 15 Outlook • The Board continues to assume general macroeconomic conditions will remain challenging for 2026; • We have taken action and are well placed for the future, particularly when market conditions improve; • Group focus is on driving revenue and gross profit opportunitie
Slide 16: Appendices
2025 Final Results 04/ Appendices
Slide 17: Our investment case
2025 Final Results 2026 Interim Results 17 Our investment case Midwich has a market leading position A proven track record and strong financial — We are the leading global Pro AV value-added distributor position — In a $332bn global market that’s expected to grow — Long track record of consistent an
Slide 18: Group at a glance
2026 Interim Results 18 43 29 Showroom/demo Offices & Showrooms £1.3B Turnover 2025 facilities 1,700+ Staff members Group at 22,000+ a glance Accounts served in 2025 Our expertise and specialist focus connect technology and people around the globe. What makes us different is our knowledgeable teams
Slide 19: Why Midwich Group?
2026 Interim Results 19 Why Midwich Group? WHY OUR CUSTOMERS CHOOSE US WHY OUR VENDORS CHOOSE US Nurturing Training and Vertical Credit/business Working Market focus Efficient Scale and Marketing and long-term events market focus services together logistics flexibility sales support relationships 10
Slide 20: The Pro AV value chain
2026 Interim Results 20 The Pro AV value chain MANUFACTURER. A MIDWICH GROUP BUSINESS PROFESSIONAL MARKET END USERS From global leaders to innovative start-ups, Our business provides the services that the Our customers are professional End users are typically businesses covering our manufacturer par
Slide 21: New technology trends
2026 Interim Results 21 New technology trends AI (AI-led functionality driving upgrade demand) Artificial intelligence is increasingly embedded within AV endpoints, shifting products from passive hardware to intelligent systems that actively enhance user outcomes. In collaboration environments, AI-e
Slide 22: End user market mix
2026 Interim Results 22 End user market mix — Corporate market remains our largest segment, representing 40% of the business. — Further drop in share of education in 2025. Expected to improve a little in 2026. — Higher spend in hospitality and events expected End User Markets - Estimated Share to co
Slide 23: Proven acquisition capability
30 2026 Interim Results 23 PERFORMANCE 30 acquisitions Proven acquisition capability since IPO As you can see, the Group operates in major geographic markets with local specialists covering a multitude of technology categories. 2016 2017 2018 2019 2020 2021 2022 2023 2024 Holdan Earpro New Media Mob
Slide 24: Modelling considerations
2026 Interim Results 24 Modelling considerations Payments related to past M&A expected to be £5m in H2 2026 and Acquisitions c£1.7m in 2027. Expected to be c.£12.5m in 2026 before any further M&A or rate Interest (adjusted) changes. Adjusted tax rate estimated to return to 26% to 27.5% over next thr
Slide 25: Exceptional items
2026 Interim Results 25 Exceptional items — H1 2026 exceptional costs were a net credit to the income statement of £0.5m. — No further write offs from ERP system in H1 2026. — Restructuring costs were incurred across £m H1 2026 H1 2025 FY 2025 the Group but included overhead reductions in the Group
Slide 26: Reconciliation to statutory profits
2026 Interim Results 26 Reconciliation to statutory profits £m H1 2026 H1 2025 Statutory operating profit 10.3 4.7 Remove losses from exited businesses (0.2) - Acquisition related expenses - 0.2 Exceptional costs (0.5) 3.1 Share based payments and employer taxes 1.3 1.5 Amortisation of acquired inta
Slide 27: Our experienced Board
09 27 Our experienced Board. Kevin Quinn Stephen Fenby Adam Councell Peter Malpas Hilary Wright Alison Seekings Non-Executive Chairman Group CEO Group CFO Non-Executive Director Non-Executive Director Non-Executive Director
Slide 28: Group management team
09 28 Group management team. Stephen Fenby Adam Councell Mark Lowe JoeThompson Joe Thompson Group CEO Group CFO Chief Operating Officer Chief Transformation Officer Chief Transformation Officer Phil Bligh Jakob Kvist-Sorensen Ghyslain Berger Alex Kemanes Stuart StuartMizon Mizon CFO – UK&I Managing
Slide 29: Midwich Group Vinces Road Diss, Norfolk
Midwich Group +44 (0)20 5555 9999 Vinces Road info@midwichgroup.com Diss, Norfolk IP22 4YT midwichgroupplc.com