Eurocell Plc · LSE:ECEL
Eurocell — H1 2026 Earnings Presentation
31 slides from Eurocell's earnings presentation, Sep 3, 2026
Slide 1: Half Year Results 2026
eurocell Half Year Results 2026
Slide 2: Contents
Contents Agenda Presenters Overview Will Truman Financial Review Michael Scott Strategy Update 2
Slide 3: Overview
Overview Revenue Will Truman – Chief Executive £205.2m ▲ 6% H1 2025 Robust underlying financial performance, with a strong contribution from Alunet Adjusted operating profit Further progress delivering strategic initiatives to increase sales volumes, gain £11.1m ▲ 10% H1 2025 market share and accele
Slide 4: Financial Review
FINANCIAL REVIEW 4
Slide 5: Financial Highlights
Financial Highlights Michael Scott – Chief Financial Officer Revenue Adjusted operating profit Adjusted earnings per share £205.2m £11.1m 6.1p ▲ 6% H1 2025: £193.2m ▲ 10% H1 2025: £10.1m ▲ 2% H1 2025: 6.0p Net cash from operating activities Net debt (pre-IFRS 16) Interim dividend £17.9m £28.1m 2.5p
Slide 6: Income Statement
Income Statement Robust Underlying Financial Performance H1 H1 £m Change ► H1 2026 non-underlying items £9.6m 2025 2026 - £9.4m restructuring costs, including site consolidation and headcount reduction Revenue 193.2 205.2 ▲ 6% - £2.6m implementation costs for ERP systems replacement (total to date £
Slide 7: Sales
Sales Momentum in Q2 Sales Continued into Second Half Sales 210 ▲ 6% 205 205.2 200 195 £m (0.4) 10.6 193.2 190 (3.5) (1.3) 6.6 185 180 175 H1 2025 Profiles volume Branch Network Branch Network Selling prices Alunet H1 2026 underlying volume strategic initiatives ► Sales ▲ 6%, with organic volumes ▲1
Slide 8: Adjusted Operating Profit
Adjusted Operating Profit Strong Contribution from Alunet and Progress with Strategic Initiatives Adjusted 14 operating profit ▲ 10% 12 10 11.1 10.1 (1.5) 1.6 8 2.4 £m (2.5) 6 (0.8) 1.8 4 2 - H1 2025 Volume Margin Strategic Alunet Labour inflation Other H1 2026 initiatives ► Organic sales volume ▼ 4
Slide 9: Capex
Capex Investing to Drive Strategic Plan ► H1 2026 capex £6.5m (H1 2025: £6.6m) Total Capital Expenditure and Allocation - £1.0m recycling, including consolidation of two recycling plants H1 - £0.9m warehousing £m 2021 2022 2023 2024 2025 2026 - £1.0m branch refurbishments and relocations Manufacturi
Slide 10: Cash Flow
Net Debt Reconciliation Cash Flow £m Dec 2025 Jun 2026 Change Cash and overdraft 6.3 6.3 - Strong Balance Sheet Borrowings (27.7) (34.3) (6.6) Deferred consideration (0.7) (0.1) 0.6 Net debt (pre-IFRS 16) (22.1) (28.1) (6.0) 25 IFRS 16 leases (76.1) (65.6) 10.5 25.4 Net debt (98.2) (93.7) 4.5 20 (6.
Slide 11: Capital Allocation Policy
Capital Allocation Policy Focused on Shareholder Returns Driving shareholder returns through a combination of ordinary dividends and share buybacks - Total returns for 2025 £11.4m (2024: £21.2m) equivalent to a yield(1) of 8% (2024: 14%) - 2026 interim dividend up 9% 1 2 3 4 5 Organic Ordinary No sh
Slide 12: Financial Summary
Financial Summary Including Technical Guidance for 2026 ► Robust underlying financial performance Guidance (post-IFRS 16) 2025 2026 Reported Guidance - H1 adjusted operating profit up 10% Underlying Income Statement ► Focused on improving profitability Depreciation and amortisation £27.4m c.£29m - D
Slide 13: Strategy Update
STRATEGY UPDATE 13
Slide 14: Strategy
Strategy An Ambitious Strategy ► Strategy launched at the beginning of 2024 - Pathway to building a bigger, stronger and more profitable business ► Anticipated a modest market recovery - But trading conditions have deteriorated and remain weak - Sales and operating profits reported to date are below
Slide 15: Alunet
Alunet Strong Post-acquisition Performance CUSTOMER GROWTH Alunet Systems Comp Door Garage doors H1 2026 sales of £10.1 million, up 15% v H1 2025(1) H1 2026 sales of £11.9 million, up 21% v H1 2025 (1) H1 2026 sales of £6.4 million, down 1% v H1 2025 (1) • Full range of window and door solutions inc
Slide 16: Branch Network
Branch Network Strategy Overview CUSTOMER GROWTH BRANCH NETWORK STRATEGY UPDATE We are optimising our and continuing to invest in to provide a great place to where we can grow our Branch Network… our branch proposition… work for our colleagues… core and new ranges • Ensure we operate from the most •
Slide 17: Customer Loyalty and Digital Growth
Customer Loyalty and Digital Growth Key Strategic Initiatives CUSTOMER GROWTH Customer loyalty scheme (launched June 2025) Digital growth Power Up members qualify for savings on top c.11,000 Sales: £4.4m brands across retail, Member hospitality, leisure, tech, Customers Discounts and entertainment r
Slide 18: Windows, Doors and Fabricators
Windows, Doors and Fabricators Key Strategic Initiatives CUSTOMER GROWTH Windows and doors PVC Profiles (fabricators) Sector-led strategy to become the number 1 sustainable choice for Sales of windows and doors (£m) fabricators across the UK ▲ 52% vs 2023(1) ▲ 24% vs 2025 ▲ 34% vs 2025 ▲ 29% vs 2025
Slide 19: Garden Rooms and ATT Acquisition
Garden Rooms and ATT Acquisition Key Strategic Initiatives CUSTOMER GROWTH Garden rooms Acquisition of ATT Fabrications Business overview • Garden room fabricator with c.40 employees • Builds all Eurocell garden rooms, using a good proportion of our manufactured products • Sells a range of other pro
Slide 20: Profit-focused Restructuring and Systems Upgrade
Profit-focused Restructuring and Systems Upgrade Key Strategic Initiatives BUSINESS EFFECTIVENESS Profit-focused restructuring Systems upgrade Recycling site consolidation • 2 plants consolidated onto the existing site at Ilkeston – on track for year end completion o Relocation of critical equipment
Slide 21: People First and ESG
People First and ESG Key Strategic Initiatives PEOPLE FIRST ESG LEADERSHIP People First ESG Leadership Target Net Zero by 2045 Health and safety KPIs Metrics shown are per Progress update million hours worked • 2025 achieved 46% reduction in Scope 1&2 emissions vs 2022 baseline (near-term 2024 targe
Slide 22: Summary and Outlook
Summary and Outlook Robust underlying financial performance, with a strong contribution from Alunet Further progress delivering strategic initiatives to increase sales volumes, gain market share and accelerate growth Action to increase profitability through cost discipline and restructuring Momentum
Slide 23: Appendix
APPENDIX 23
Slide 24: Eurocell Product Range
Eurocell Product Range Ranges of window profile Ranges of doors Fascias, soffits and Traded goods guttering Standard products Conservatories, skylights Windows Garden rooms Patio and bi-fold doors and Equinox tiled roofs Made-to- order products 24 Note: Alunet product range is covered separately wit
Slide 25: Profiles Division
Profiles Division ► Manufactures: - Extruded rigid and foam PVC profiles using virgin PVC compound - Rigid products also include recycled compound ► Recycles: - Factory offcuts (post-industrial) and old windows (post-consumer waste) ► Sells: - Rigid PVC profiles to a network of c.400 third party fab
Slide 26: Branch Network Division
Branch Network Division ► Sells: - Range of Eurocell manufactured and branded PVC foam roofline and window fitting / maintenance products - Third party manufactured ancillary products: sealants, tools and rainwater products - Vista doors - Windows fabricated by third parties using products manufactu
Slide 27: Divisional Review
Profiles Division P&L Divisional Review £m H1 H1 Change 2025 2026 H1 2026 Performance 3rd party revenue 73.3 69.6 ▼ 5% ► Profiles Inter-segmental revenue (1) 31.0 28.7 ▼ 7% - Sales down 5%, with volumes down 5% • Increasingly challenging market backdrop for new build housing and reduced RMI activity
Slide 28: Working Capital
Working Capital Efficient Cash Flow Management ► H1 2026 outflow from working capital £1.3m (H1 2025: outflow £0.9m) Key Working Capital Metrics ► Stock days at 81 vs 86 at December 2025 and 83 at June 2025 Stock Days Debtors Days - Stocks ▲ £0.2m June 2025 83 38 ► Debtor days at 37 vs 30 at Decembe
Slide 29: Environmental and Social
Environmental and Social Targets and KPIs KPI 2024 Result 2025 Result Target Link to UN SDGs Environmental – circular economy No more than 5% waste to landfill by 2025 and 1% Waste to landfill % landfill 2.5% 3.9% by 2030 Increase of 2% per annum in waste recycled (to Waste recycled % recycled 69% 6
Slide 30: Sustainable Construction
Sustainable Construction A Commercial Opportunity ESG LEADERSHIP ► Industry context and drivers - Climate urgency, government regulation and consumer demand are pushing the sector toward sustainability Logik Windows and Doors - Homeowners increasingly value lower energy bills, comfort and greener li
Slide 31: eurocell
eurocell