Slide 1: Interim Results
INTERIM RESULTS 27 WEEKS ENDED 5 OCTOBER 2025 Thomas Willcocks Chief Executive Officer James Eyre Chief Financial Officer 20 NOVEMBER 2025
Slide 2: Highlights
01 Thomas Willcocks Chief Executive Officer HIGHLIGHTS
Slide 3: Significant Strategic Progress; Profits & Margins Up
A POWERFUL CHOICE FOR BETTER LIVING SIGNIFICANT STRATEGIC PROGRESS; PROFITS & MARGINS UP REVENUE UNDERLYING Underlying operating profit up 7.4% to £21.9m OPERATING PROFIT Operating margins up 70bps to 11.9% (UK&I up 120bps to 14.8%) £184.3m £21.9m +0.8%1 +7.4% Group LFL¹ revenue +0.8%¹ in challengin
Slide 4: UK Market Share Growth; SA Resilience
A POWERFUL CHOICE FOR BETTER LIVING UK MARKET SHARE GROWTH; SA RESILIENCE UK & Ireland South Africa REVENUE REVENUE £132.9m +0.8% 1 £51.4m +0.8% 1 UNDERLYING OPERATING UNDERLYING OPERATING PROFIT PROFIT £19.7m +10.7% £2.2m -15.4% UNDERLYING OPERATING UNDERLYING OPERATING PROFIT MARGIN PROFIT MARGIN
Slide 5: Financial Review
02 James Eyre Chief Financial Officer FINANCIAL REVIEW
Slide 6: Financial Highlights
A POWERFUL CHOICE FOR BETTER LIVING FINANCIAL HIGHLIGHTS Further strategic progress towards our medium term targets Return on sales improvement +70bps to 11.9% • UK&I return on sales improvement of +120bps to 14.8% EPS (diluted and underlying) up 11.0% to 16.2p (2024: 14.6p) Strong balance sheet sup
Slide 7: Income Statement
A POWERFUL CHOICE FOR BETTER LIVING INCOME STATEMENT H1 Sept H1 Sept Constant FY Mar 2025 2024 Reported v Currency 2025 £m £m 2024 % LFL4 v 2024 % £m Revenue 184.3 181.9 +1.3% +0.8% 355.8 Underlying¹ operating profit 21.9 20.4 +7.4% 44.5 Margin 11.9% 11.2% 12.5% Finance charges – cash (3.2) (3.3) (6
Slide 8: Income Statement – H1 Key Bridges
A POWERFUL CHOICE FOR BETTER LIVING INCOME STATEMENT – H1 KEY BRIDGES Revenue Underlying operating profit +£2.4m +£1.9m +£5.9m £(1.6)m £(4.3)m £184.3m £(0.3)m £(0.1)m £21.9m £181.9m £20.4m H1 Sept 24 UK SA Currency Portfolio Development H1 Sept 25 H1 Sept 24 UK SA Currency H1 Sept 25 Revenue¹ +0.8%
Slide 9: Earnings, Dividends and Tax
A POWERFUL CHOICE FOR BETTER LIVING EARNINGS, DIVIDENDS AND TAX UNDERLYING¹ EPS DIVIDEND EFFECTIVE UNDERLYING EARNINGS PER SHARE TAX RATE £14.6m 16.2p 3.7p 21.9% (2024: £13.2m) (2024: 14.6p) (2024: 3.5p) (2024: 22.8%) DILUTED UNDERLYING EPS (PENCE) DIVIDEND PER SHARE (PENCE) H1 Sept 25 16.2 H1 Sept
Slide 10: Cash Flow
A POWERFUL CHOICE FOR BETTER LIVING CASH FLOW H1 Sept H1 Sept FY Mar 2025 £m 2024 £m 2025 £m Underlying EBITDA (pre-IFRS 16)1 22.6 21.3 46.4 Working capital (2.6) (9.6) (14.1) Depreciation of right of use assets 2.7 2.6 5.2 Operating profit impact of IFRS 16 0.8 0.8 1.6 IFRS 2 non-cash charges/settl
Slide 11: Strong Balance Sheet
A POWERFUL CHOICE FOR BETTER LIVING STRONG BALANCE SHEET NET DEBT LEVERAGE PENSION SURPLUS (IAS 19R basis) £30.7m 0.6x 1 £7.8m • Scale enabling investment in working • Significant liquidity and funding • Super-mature scheme - well managed capital and infrastructure headroom • Facility of £130m RCF +
Slide 12: Pension: 2024 Actuarial Valuation – Material Reduction in DRCs
A POWERFUL CHOICE FOR BETTER LIVING PENSION: 2024 ACTUARIAL VALUATION – MATERIAL REDUCTION IN DRCs¹ Triennial valuation – March 2024 Company DRCs Actuarial deficit Expected to be fully c.£4.5m p.a. end £11.7m funded in less than June 2027 (2021 £35.8m) 12 months (total c.£10m) Admin expenses Contrib
Slide 13: Capital Allocation Framework
A POWERFUL CHOICE FOR BETTER LIVING CAPITAL ALLOCATION FRAMEWORK Capital allocation priorities Investment guardrails FOCUSED ON ENHANCING 01 SHAREHOLDER Organic investment Cash Net debt RETURNS conversion leverage 02 Ordinary dividend >90% <2.0x 03 Complementary acquisitions ROCE target Dividend cov
Slide 14: Delivering Shareholder Returns
A POWERFUL CHOICE FOR BETTER LIVING DELIVERING SHAREHOLDER RETURNS Growth strategy has Growth in free cash flow Capital allocation Outcomes delivered significant M&A ROCE* increase in share Organic growth 2-3% pa price since CMD above market EPS accretion (First full year) 20%+ ROIC > WACC (May 2024
Slide 15: Strategic Progress
A POWERFUL CHOICE 03 FOR BETTER LIVING Thomas Willcocks Chief Executive Officer STRATEGIC PROGRESS
Slide 16: Strong Progress on Strategic Initiatives
A POWERFUL CHOICE FOR BETTER LIVING STRONG PROGRESS ON STRATEGIC INITIATIVES STRATEGIC • Fibo (Norway) – acquisition completed in Oct 2025 EXECUTION 1. Portfolio Development • Johnson Tiles (SA) closed in June 2025 DRIVING • High growth capital light and sustainable bathroom business PROGRESS TO MID
Slide 17: Acquisition of Fibo Group
A POWERFUL CHOICE FOR BETTER LIVING ACQUISITION OF FIBO GROUP Lyngdal, Norway
Slide 18: Focused Execution
A POWERFUL CHOICE FOR BETTER LIVING FOCUSED EXECUTION Target themes for M&A growth, set out at CMD presentation in May 2024 Fill gaps in the UK New Capabilities New markets Furniture, sanitary-ware Sustainable products Europe/Gulf Care/adaptive segment Digital capabilities Complementary products Pan
Slide 19: Fibo – Market Leader in Attractive Market
A POWERFUL CHOICE FOR BETTER LIVING FIBO – MARKET LEADER IN ATTRACTIVE MARKET Net sales by country • Leading wall panel business in Nordics & central Europe 17% 46% • Wall panels - fast growing product segment £65m 1 Rest of Europe & other Norway • Taking share from tiles (ease of installation / mai
Slide 20: Strategically Complementary Acquisition
A POWERFUL CHOICE FOR BETTER LIVING STRATEGICALLY COMPLEMENTARY ACQUISITION Grant Westfield Fibo Creates position of scale in attractive Key: Key: high-growth panels segment Core Core Secondary Secondary Fibo to benefit from our previous proven scale-based growth accelerators Strong cross-selling op
Slide 21: Strong Fundamentals; Significant Growth Opportunities
A POWERFUL CHOICE FOR BETTER LIVING STRONG FUNDAMENTALS; SIGNIFICANT GROWTH OPPORTUNITIES Enterprise Value of NOK 618m (c. £46m) All debt acquisition Pro-forma leverage of c. 1.6x post acquisition Materially earnings accretive in the first full year of ownership Accelerate growth towards strategic t
Slide 22: Organic Growth: Accelerated Bathroom Range Rollout Delivering Share Gains
A POWERFUL CHOICE FOR BETTER LIVING ORGANIC GROWTH: ACCELERATED BATHROOM RANGE ROLLOUT DELIVERING SHARE GAINS Cameo launched in April 2024; 3 further ranges launched since New account wins in Wickes, CP Hart & independent retail In-house design accelerating speed to market Well-developed NPD pipelin
Slide 23: Operational Excellence: Update on Footprint Consolidation
A POWERFUL CHOICE FOR BETTER LIVING OPERATIONAL EXCELLENCE: UPDATE ON FOOTPRINT CONSOLIDATION UK footprint: 26 to 15 warehouses in 2024 Project 1: Vado consolidation in Bridgwater • Completed in April 2024 (6 to 2 warehouses) • Ongoing OTIF improvements • New facility has enabled the launch of our b
Slide 24: ESG: Doing the Right Thing Whilst Driving Margin Gains
ESG: DOING THE RIGHT THING WHILST DRIVING MARGIN GAINS 2028 SBTI targets: • 33% reduction in scope 1 & 2 emissions by 2028 • Delivered 22% at the end of FY25 NPD sustainable products • Waste Water Heat Recovery (WWHR) • On track to achieve target of 20% of inbound freight • Regulatory tailwinds (Awa
Slide 25: Summary and Outlook
04 Thomas Willcocks Chief Executive Officer SUMMARY AND OUTLOOK
Slide 26: Strategy Driving Market Share and Margin Gains
A POWERFUL CHOICE FOR BETTER LIVING STRATEGY DRIVING MARKET SHARE AND MARGIN GAINS Significant strategic progress & momentum Mid-premium market share and operating margin growth Materially accretive Fibo acquisition grows addressable market Remain well positioned for new build and RMI recovery FULL
Slide 27: Q&A
A POWERFUL CHOICE FOR BETTER LIVING NORCROS Q&A Thomas Willcocks Chief Executive Officer NORCROS INTERIM RESULTS TO 5 OCTOBER 2025 27
Slide 28: Appendix
05 APPENDIX
Slide 29: Norcros Investment Case
A POWERFUL CHOICE FOR BETTER LIVING NORCROS INVESTMENT CASE 01 02 THE UK & MARKET LEADING BRANDS BENEFITS OF SCALE IRELAND’S Driving organic NO. 1 Design-led, sustainable product growth and BATHROOM enabling operational PRODUCTS development Significant excellence. opportunity GROUP to accelerate 03
Slide 30: Track Record of Sustained Performance
A POWERFUL CHOICE FOR BETTER LIVING TRACK RECORD OF SUSTAINED PERFORMANCE 1 REVENUE (£m) £m 500 UNDERLYING2 £m 50 47.3 441 OPERATING PROFIT 41.8 43.2 43.2 400 396 392 368 (£m) 40 342 34.4 33.8 UK 300 331 324 UK 32.3 300 30 South Africa 236 271 South Africa 23.8 27.4 222 21.3 Organic growth 200 Stron
Slide 31: Accelerated Growth Drivers in Play
A POWERFUL CHOICE FOR BETTER LIVING ACCELERATED GROWTH DRIVERS IN PLAY Successful and Significant opportunity Norcros scalable platform to develop and grow strategy • Market leading brands • Large, fragmented markets • M&A • Diversified products • Sustainability and care • Organic Growth and channel
Slide 32: What We Are
A POWERFUL CHOICE FOR BETTER LIVING WHAT WE ARE THE UK & IRELAND’S NO. 1 Market leading BATHROOM Mid-premium bathroom & kitchen PRODUCTS positioning products brands GROUP Differentiated by Capital light product design & & cash generative customer service NORCROS INTERIM RESULTS TO 5 OCTOBER 2025 32
Slide 33: The Sweet Spot – Mid-Premium Positioning (UK)
A POWERFUL CHOICE FOR BETTER LIVING THE SWEET SPOT – MID-PREMIUM POSITIONING (UK) Focused on the UK Bathroom Products Market more resilient RMI/New Build/Commercial Share1 Quality/Price Point1 mid-premium market segments 8% Commercial 29% Economy 30% Premium RMI + New Build Norcros revenue 12% en t
Slide 34: Benefits of Scale
A POWERFUL CHOICE FOR BETTER LIVING BENEFITS OF SCALE Balance sheet Investment strength in NPD Cross-selling BENEFITS OF SCALE DIFFERENTIATE NORCROS IN FRAGMENTED MARKET Supply chain Talent Technology NORCROS INTERIM RESULTS TO 5 OCTOBER 2025 34
Slide 35: Balanced and Diversified Business Portfolio
A POWERFUL CHOICE FOR BETTER LIVING BALANCED AND DIVERSIFIED BUSINESS PORTFOLIO 5% 23% 16% 5% South Africa Fibo2 16% 13% o a Fib hA rf ic Revenue Sout split by Regional 4% brand1 17% focus1 6% UK 13% 9% 12% 61% UK 1. Excludes Johnson Tiles SA and includes an estimate of Fibo on a pro forma basis 2.
Slide 36: Organic Growth – UK Share Gain Opportunity
A POWERFUL CHOICE FOR BETTER LIVING ORGANIC GROWTH – UK SHARE GAIN OPPORTUNITY UK bathroom & kitchen – BRG assessment of selective markets @MSP1 % 100 £488m £223m £197m £333m £141m £551m £376m £468m • Market of c. £2.8bn in core Norcros product categories based on BRG market estimates¹ 80 • New full
Slide 37: UK – Sustained Growth and Share Gains
A POWERFUL CHOICE FOR BETTER LIVING UK – SUSTAINED GROWTH AND SHARE GAINS Norcros UK UK bathroom market dynamics • Strong heritage, market leading positions and strong brands • Large and fragmented bathroom products market • Businesses built on superior offering and customer service • Mid-to-premium
Slide 38: Organic Growth – SA Share Gain Opportunity
A POWERFUL CHOICE FOR BETTER LIVING ORGANIC GROWTH – SA SHARE GAIN OPPORTUNITY SA bathroom – selective markets @MSP1 % £826m £140m £649m £1.6bn 100 • Sizeable market characterised by “long tail” of small independent competitors 80 • Norcros SA – business units have leading market positions 60 • Frag
Slide 39: SA – Sustained Historic Performance
A POWERFUL CHOICE FOR BETTER LIVING SA – SUSTAINED HISTORIC PERFORMANCE Norcros South Africa South African bathroom market dynamics • Strong heritage, market leading positions and strong brands • Large economy and business friendly environment • Business built on superior offering and customer servi
Slide 40: Portfolio Development: Consolidating Fragmented Markets
A POWERFUL CHOICE FOR BETTER LIVING PORTFOLIO DEVELOPMENT: Existing portfolio CONSOLIDATING FRAGMENTED MARKETS Wall Panels (Grant Westfield) Kitchen products (Abode) Accessories (Croydex) Bathrooms (Vado) Shower enclosures (Merlyn) Electric showers (Triton) Portfolio development criteria Sustainable
Slide 41: Organic Growth: Cross-Selling in Top Customer Accounts
A POWERFUL CHOICE FOR BETTER LIVING ORGANIC GROWTH: CROSS-SELLING IN TOP CUSTOMER ACCOUNTS Key New cross selling wins in FY25 Existing relationships Customer 1 Customer 2 Customer 3 Customer 4 Customer 5 Customer 6 Customer 7 Customer 8 Customer 9 Customer 10 Customer 11 Customer 12 Customer 13 Cust
Slide 42: Embedding Sustainability in Our Business
A POWERFUL CHOICE FOR BETTER LIVING EMBEDDING SUSTAINABILITY IN OUR BUSINESS Norcros’ ESG framework Living sustainably and well is central to the People Health and safety Norcros Purpose. Our sustainability strategy Talent and workforce development is built around three core pillars – People, Divers
Slide 43: Exceptional Items; Acquisition & Disposal Related Costs
A POWERFUL CHOICE FOR BETTER LIVING EXCEPTIONAL ITEMS H1 Sept H1 Sept FY Mar 2025 £m 2024 £m 2025 £m Business restructuring costs1 – (1.9) (4.6) Investment property (profit on disposal)/costs 0.3 (0.2) – Costs in relation to new ERP systems (0.3) – (2.0) Legal case2 (0.6) – (1.1) (0.6) (2.1) (7.7) 1
Slide 44: Effective Tax Rates
A POWERFUL CHOICE FOR BETTER LIVING EFFECTIVE TAX RATES Effective tax rate – Underlying1 Effective tax rate – Reported H1 Sept H1 Sept FY Mar H1 Sept H1 Sept FY Mar 2025 £m 2024 £m 2025 £m 2025 £m 2024 £m 2025 £m Profit before tax 18.7 17.1 37.8 Result before tax 11.1 (11.0) 3.3 Tax charge (4.1) (3.
Slide 45: UK Pension Scheme Update
A POWERFUL CHOICE FOR BETTER LIVING UK PENSION SCHEME UPDATE UK Pension IAS 19R Assets and Liabilities UK Pension Data 500 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Sep-25 400 Liabilities 448 428 411 416 368 285 275 257 252 Assets 400 396 362 398 388 300 292 264 260 300 (Deficit)/Surpl
Slide 46: UK Pension Scheme – Cash Flows
A POWERFUL CHOICE FOR BETTER LIVING UK PENSION SCHEME – CASH FLOWS Pension cash outflow close to peak at circa £22m Key:1 £m Actives past service 25 Deferreds Pensioners 20 15 10 5 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 1. Actives – cont
Slide 47: Net Debt Reconciliation
A POWERFUL CHOICE FOR BETTER LIVING NET DEBT RECONCILIATION H1 Sept H1 Sept FY Mar 2025 £m 2024 £m 2025 £m Net debt – opening (36.8) (37.3) (37.3) Net cash flow 6.0 (7.9) 0.7 Non-cash movements¹ (0.2) (0.2) (0.4) Foreign exchange 0.3 0.5 0.2 Net debt – closing (30.7) (44.9) (36.8) 1. Represents the
Slide 48: The UK & Ireland's Number 1 Bathroom Products Group
A POWERFUL CHOICE FOR BETTER LIVING THE UK & IRELAND’S NUMBER 1 BATHROOM PRODUCTS GROUP NORCROS INTERIM RESULTS TO 5 OCTOBER 2025 48
Slide 49: Cautionary Statement
A POWERFUL CHOICE FOR BETTER LIVING CAUTIONARY STATEMENT Certain statements made in this presentation are forward-looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materiall