Slide 1: Half Year Results 2026
Half Year Results 2026 10 August 2026
Slide 2: Agenda
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | Agenda Group highlights Financial review Operational review Summary & outlook Q&A Callisto silver grey and Prospero mid-grey granites | Wembley Park, London 2
Slide 3: Group highlights
Group highlights Simon Bourne | Chief Executive Officer Lincoln Clay Interlocking Pantile, Marley | My Home Developments, Gainsborough, Lincolnshire
Slide 4: Sharper execution converting self-help actions into profit growth in subdued markets
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | Sharper execution converting self-help actions into profit growth in subdued markets Tangible progress against the priorities we set out in March Leading the market Landscaping
Slide 5: Financial review
Financial review Justin Lockwood | Chief Financial Officer Clearline Fusion System, Viridian Solar | Private home, Northumberland
Slide 6: Financial highlights
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | Financial highlights Sharper execution delivered higher profit, earnings and dividend, with continued deleveraging Revenue £317.8m 0.5% Adjusted basic EPS 7.6p 14.4% Adjusted o
Slide 7: Group revenue and operating profit
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | Group revenue and operating profit 8% increase in operating profit delivered from marginally lower revenue Revenue (£'m) Operating profit (£'m) 325 40 320 319.5 35 5.2 317.8 (0
Slide 8: Landscaping Products
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | Landscaping Products Our performance improvement plan is delivering – Revenue held steady at £135.1 million 2026 £’m 2025 £’m Change % • Activity levels in key end markets cont
Slide 9: Building Products
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | Building Products New housing weakness affected performance – Revenue decreased by 0.9% to £85.6 million 2026 £’m 2025 £’m Change % • Continued weakness in new housing affected
Slide 10: Roofing Products
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | Roofing Products Disciplined commercial action delivered expected performance – Revenue decreased by 0.6% to £97.1 million 2026 £’m 2025 £’m Change % • Continued Viridian Solar
Slide 11: Adjusted profit before taxation and earnings per share
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | Adjusted profit before taxation and earnings per share Improved operating performance and lower finance costs drove double-digit growth in adjusted PBT and EPS – Operating prof
Slide 12: Net debt
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | Net debt Strong cash conversion and disciplined working capital management supported continued deleveraging Pre-IFRS 16 net debt bridge (£’m) – Adjusted EBITDA of £44.0 million
Slide 13: Ongoing capital discipline
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | Ongoing capital discipline Good control of working capital; medium-term target to rebuild ROCE to c.15%; significant liquidity – Continued strong management of working capital:
Slide 14: Capital allocation policy
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | Capital allocation policy Unchanged and focused on optimising shareholder value 1 2 3 4 5 Invest to Organic enhance Balance sheet Selective competitive Dividends growth delever
Slide 15: Operational review
Operational review Simon Bourne | Chief Executive Officer Glencoe Vintage Stock Facing Brick, Marshalls Bricks & Masonry | St Leonard’s Quarter, Exeter
Slide 16: Sharper execution translating into measurable outcomes
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | Sharper execution translating into measurable outcomes The refreshed operating approach set out in March is now embedded and delivering results Strategic Lens Operating shift W
Slide 17: Our diversified portfolio provides multiple routes to organic value creation
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | Our diversified portfolio provides multiple routes to organic value creation Value creation driver Relative exposure by business PRIMARY PRIMARY Self-help Low Low Low actions H
Slide 18: A pathway to doubling adjusted operating profit
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | A pathway to doubling adjusted operating profit Illustrative operating profit progression by value creation driver Balanced delivery +£25m c55% £112m AOP uplift from self-help
Slide 19: Commercial excellence and cost base reset are restoring momentum
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | Commercial excellence and cost base reset are restoring momentum SELF-HELP ACTIONS Customer Commercial Cost base engagement excellence reset Customer confidence Driving greater
Slide 20: Marley being managed with commercial and operational discipline
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | Marley being managed with commercial and operational discipline SELF-HELP ACTIONS Social RMI Our full roof-system Defend share in social Grow system attachment housing in a mor
Slide 21: Viridian Solar has successfully scaled and is ready for the next growth phase
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | Viridian Solar has successfully scaled and is ready for the next growth phase STRUCTURAL GROWTH H1 momentum Our next growth phase Scalable innovation Part L Future Homes Standa
Slide 22: Water Management is building an infrastructure-led growth platform
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | Water Management is building an infrastructure-led growth platform STRUCTURAL GROWTH Our infrastructure growth conversion framework Demand Specification Operational Conversion
Slide 23: Bricks & Masonry is protecting margins through disciplined execution
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | Bricks & Masonry is protecting margins through disciplined execution CYCLICAL UPSIDE Market reality Execution focus Our H1 focus has been on controllable levers that protect ma
Slide 24: Summary & outlook
Summary & outlook Simon Bourne | Chief Executive Officer Juno paving, Marshalls Landscaping | Private home
Slide 25: The four things to take away from the first half
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | The four things to take away from the first half Self-help actions delivered higher profit, earnings and dividend on marginally lower revenue Leading the Landscaping Portfolio
Slide 26: Operational progress and portfolio resilience support unchanged FY26 expectations
Marshalls plc Half Year Results 2026 | Group highlights | Financial review | Operational review | Summary & outlook | Q&A | Operational progress and portfolio resilience support unchanged FY26 expectations No material market recovery assumed in H2 2026: focus on tight control of execution, cost, cas
Slide 27: Appendices
Appendices Marshalls site (Howley Park)
Slide 28: Shareholder value creation: investment case
Shareholder value creation: investment case Group positioned Profit growth Highly cash Free cash Profitable to outperform the delivered through generative flow de-levers growth increases construction market operational leverage business model balance sheet shareholder returns Attractive diversified
Slide 29: Funding and liquidity
Funding and liquidity Sustained reduction in net debt with significant liquidity and covenant headroom Pre-IFRS 16 net debt (£’m) – Syndicated bank facility of £270 million – matures in November 2029 – Net debt of £175.3 million and £136.8 million on a pre-IFRS16 basis – Cash generative nature of th
Slide 30: Results summary
Results summary Change £’M H1 2026 H1 2025 % Revenue 317.8 319.5 (0.5)% Adjusted results EBITDA 44.0 42.9 2.6% Operating profit 30.7 28.4 8.1% Profit before tax 24.9 22.0 13.2% Basic EPS - pence 7.6 6.6 14.4% ROCE (%) 7.2 7.3 (0.1ppts) Pre-IFRS16 net debt 136.8 151.6 (9.8)% Statutory results Operati
Slide 31: Adjusted profit before taxation and earnings per share
Adjusted profit before taxation and earnings per share Bridge of reported result to adjusted result 2026 2026 2026 2025 2025 2025 £’m Reported Adjusting Adjusted Reported Adjusting Adjusted Operating profit 25.5 5.2 30.7 18.1 10.3 28.4 Net finance costs (5.8) - (5.8) (6.4) - (6.4) Profit before taxa
Slide 32: Adjusting items charged to profit before taxation
Adjusting items charged to profit before taxation 2026 2025 £’m £’m 1. Amortisation of acquired intangible assets (5.2) (5.2) 2. Impairment charges, restructuring charges and similar costs - (5.1) Total adjusting items (5.2) (10.3) Notes: 1. Amortisation of intangible assets arising on acquisitions
Slide 33: Disclaimer
Disclaimer – For the purposes of the following disclaimer, references to this “presentation” shall be – By their nature, forward-looking statements involve risks, uncertainties and assumptions deemed to include references to the presenters’ speeches, the question and answer and many relate to factor