Slide 1: The UK & Ireland's No.1 Bathroom Products Group – Preliminary Results
THE UK & IRELAND’S NO.1 BATHROOM PRODUCTS GROUP PRELIMINARY RESULTS Year ended 31 March 2025 Thomas Willcocks Chief Executive Officer James Eyre Chief Financial Officer
Slide 2: Highlights
01 THE UK & IRELAND’S NO.1 BATHROOM PRODUCTS GROUP Thomas Willcocks Chief Executive Officer HIGHLIGHTS
Slide 3: Highlights
A POWERFUL CHOICE FOR BETTER LIVING HIGHLIGHTS REVENUE¹ OPERATING PROFIT2 Consolidating UK&IRE No. 1 bathroom products position • Group LFL revenue +0.9%¹ in challenging markets £368.1m £43.2m • Operating margin2 up to 11.7% (+0.7pp) +0.9% In line • Core UK & IRE operating margin2 up to 15.5% (+1.9p
Slide 4: Core UK & Ireland operating margin up to 15.5%
A POWERFUL CHOICE FOR BETTER LIVING CORE UK & IRELAND OPERATING MARGIN UP TO 15.5% (+ 1.9pp) UK & Ireland South Africa REVENUE REVENUE £256.4m +1.1% 1 £111.7m +0.5%² UNDERLYING OPERATING UNDERLYING OPERATING PROFIT PROFIT £39.8m £3.4m UNDERLYING OPERATING UNDERLYING OPERATING PROFIT MARGIN PROFIT MA
Slide 5: 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 PLC FULL YEAR RESULTS 2025 5
Slide 6: 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 0
Slide 7: Financial Review
02 James Eyre Chief Financial Officer FINANCIAL REVIEW
Slide 8: Financial Highlights
A POWERFUL CHOICE FOR BETTER LIVING FINANCIAL HIGHLIGHTS UK return on sales 15.5%; SA 3.0% Dividend increased to 10.4p (+0.2p) Pension – 2024 actuarial valuation • £11.7m deficit; c. £4.5m p.a. DRCs end June 20271 Strong cash conversion at 84% Strategic review Johnson Tiles SA • FY25 break even, c.
Slide 9: Income Statement
A POWERFUL CHOICE FOR BETTER LIVING INCOME STATEMENT Constant 2025 2024 Reported Currency £m £m v 2024 % LFL4 v 2024 % Revenue 368.1 392.1 -6.1% +0.9% Underlying¹ operating profit 43.2 43.2 0.0% Margin 11.7% 11.0% Finance charges – cash (6.7) (6.8) Underlying¹ PBT 36.5 36.4 +0.3% Exceptional operati
Slide 10: Income Statement – Key Bridges
A POWERFUL CHOICE FOR BETTER LIVING INCOME STATEMENT – KEY BRIDGES Revenue Underlying operating profit £392.1m £0.9m -£28.2m £2.7m £0.6m £368.1m £43.2m - -£0.1m £43.2m £1.5m -£1.4m 19.5 19.5 FY24 Currency Portfolio UK SA FY25 FY24 Currency Portfolio UK SA FY25 Development 3 Development 3 Revenue¹ Un
Slide 11: Earnings, Dividends and Tax
A POWERFUL CHOICE FOR BETTER LIVING EARNINGS, DIVIDENDS AND TAX UNDERLYING¹ EPS DIVIDEND EFFECTIVE UNDERLYING EARNINGS PER SHARE TAX RATE £29.2m 32.4p 10.4p 20.0% (2024: £28.8m) (2024: 32.1p) (2024: 10.2p) (2024: 20.9%) DILUTED UNDERLYING EPS (PENCE) DIVIDEND PER SHARE (PENCE) 2025 32.4 2025 10.4 20
Slide 12: Strong Cash Conversion
A POWERFUL CHOICE FOR BETTER LIVING STRONG CASH CONVERSION 2025 2024 £m £m Underlying EBITDA (pre-IFRS 16) 46.4 45.7 Working capital movement1 (14.1) 3.3 Depreciation of right-of-use assets 5.2 4.7 Operating profit impact of IFRS 16 1.6 1.8 IFRS 2 charges / settlement of share options (0.2) 0.9 Unde
Slide 13: Strong Balance Sheet – Capital Availability for Strategic Initiatives
A POWERFUL CHOICE FOR BETTER LIVING STRONG BALANCE SHEET - CAPITAL AVAILABILITY FOR STRATEGIC INITIATIVES NET DEBT LEVERAGE1 PENSION SURPLUS2 £36.8m 0.8x £6.8m • Scale enabling investment in working • Sustained low leverage • Super-mature scheme – well managed capital and infrastructure • Facility o
Slide 14: 2024 Actuarial Valuation – Material Reduction in DRCs
A POWERFUL CHOICE FOR BETTER LIVING 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) 24 months (total c.£10m) Admin expenses Contributions po
Slide 15: 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 16: Strategic Progress
03 Thomas Willcocks Chief Executive Officer STRATEGIC PROGRESS
Slide 17: Strong Early Progress on Strategic Initiatives
A POWERFUL CHOICE FOR BETTER LIVING STRONG EARLY PROGRESS ON STRATEGIC INITIATIVES STRATEGIC • Johnson Tiles (UK) disposal completed in May 2024 EXECUTION 1. Portfolio Development • Strategic review of Johnson Tiles (SA) DRIVING • Active M&A opportunities – UK & Ireland, Europe and Gulf PROGRESS TO
Slide 18: 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) Portfolio development criteria Shower enclosures (Merlyn) Electric showers (Triton) • Attractiv
Slide 19: Organic Growth: Filling Category Gaps
A POWERFUL CHOICE FOR BETTER LIVING ORGANIC GROWTH: FILLING CATEGORY GAPS Cameo bathroom range (incl. furniture & sanitaryware) successfully launched in 2024 Second complete matched bathroom range (Safari) launched in April 2025 Strong collaboration between VADO, MERLYN and Grant Westfield brands Su
Slide 20: 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 21: Operational Excellence: Warehouse Consolidation
A POWERFUL CHOICE FOR BETTER LIVING OPERATIONAL EXCELLENCE: WAREHOUSE CONSOLIDATION UK footprint: 26 to 15 warehouses in FY25 Project 1: VADO consolidation in Bridgewater • Complete in April 2024 (6 to 2 warehouses) • Improved OTIF on lower stock days • Bathroom rollout ready • Semi-automated pickin
Slide 22: ESG: Significant Progress Towards 2028 SBTi Emissions Targets
A POWERFUL CHOICE FOR BETTER LIVING ESG: SIGNIFICANT PROGRESS TOWARDS 2028 SBTI EMISSIONS TARGETS Progress to SBTi targets NET ZERO TRANSITION • SBTi scope 1 + 2 target: 33.6% reduction on base year of FY23 by 2028 PLAN IN ACTION • Progress: 22% reduction by the end of FY25 Platform to reduce Strate
Slide 23: ESG: Our Shared Group 'Cause'
A POWERFUL CHOICE FOR BETTER LIVING ESG: OUR SHARED GROUP ‘CAUSE’ Distilled and launched our Group-wide: • Purpose ‘To create products and connections that offer sustainable choices for better living’ • Keys (values) and #BeSomeone employee proposition 1 Care 2 Courage 3 Connection 4 Common Sense 81
Slide 24: 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 • Portfolio Development • Diversified products and channels • Sustainability • Orga
Slide 25: Summary and Outlook
04 Thomas Willcocks Chief Executive Officer SUMMARY AND OUTLOOK
Slide 26: Share and Margin Gains – Focused Strategy Implementation
A POWERFUL CHOICE FOR BETTER LIVING SHARE AND MARGINS GAINS - FOCUSED STRATEGY IMPLEMENTATION Current trading: YTD May 2025 revenue 1.8% below prior year comparator on a constant currency, like for like¹, adjusted for trading days basis (UK and Ireland -1.1%, SA -3.2%) Further progress on strategic
Slide 27: Q&A
A POWERFUL CHOICE FOR BETTER LIVING NORCROS Q&A Thomas Willcocks Chief Executive Officer NORCROS PLC FULL YEAR RESULTS 2025 27
Slide 28: Appendix
i| TT id \I il | APPENDIX
Slide 29: Track Record of Sustained Performance
A POWERFUL CHOICE FOR BETTER LIVING TRACK RECORD OF SUSTAINED PERFORMANCE REVENUE (£m) £m 500 UNDERLYING1 £m 50 47.3 441 OPERATING PROFIT 43.2 43.2 41.8 400 396 392 (£m) 40 368 UK 331 342 324 UK 34.4 32.3 33.8 South Africa 300 271 300 South Africa 30 27.4 236 23.8 222 21.3 Organic growth 200 20 17.0
Slide 30: Progress on Medium Term Targets
A POWERFUL CHOICE FOR BETTER LIVING PROGRESS ON MEDIUM TERM TARGETS Medium-term targets FY24 FY25 Highlights • Strong product vitality of 23% Organic growth 2-3% pa -1.6%¹ 1.1%² • Sustainable product launches and early regulatory tailwinds above market • Increased cross-selling Operating margin 15%
Slide 31: What We Are
A POWERFUL CHOICE FOR BETTER LIVING WHAT WE ARE UK’S NO.1 BATHROOM PRODUCTS Market leading GROUP bathroom & kitchen Mid-premium positioning products brands Differentiated by Capital product design & light & cash customer service generative NORCROS PLC FULL YEAR RESULTS 2025 31
Slide 32: 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 mid-premium RMI/New Build/Commercial Share1 Quality/Price Point1 market segments 8% 29% 30% Premium Commercial Economy RMI + New Build Norcros revenue 12% t en
Slide 33: Balanced and Diversified Portfolio
A POWERFUL CHOICE FOR BETTER LIVING BALANCED AND DIVERSIFIED PORTFOLIO 3% 30% 6% South Africa 20% 6% ica r Af South 15% £360m¹ Total FY25 Regional Revenue 15% focus UK 5% 13% 70% UK 7% 10% 1. Excludes Johnson Tiles UK revenue FY25 NORCROS PLC FULL YEAR RESULTS 2025 33
Slide 34: 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 35: 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 • Market of c. £2.8bn in core Norcros % 100 £488m £223m £197m £333m £141m £551m £376m £468m product categories based on BRG market estimates¹ 80 • New full
Slide 36: SA – Self-Help Measures in Challenging Market
A POWERFUL CHOICE FOR BETTER LIVING SA – SELF-HELP MEASURES IN CHALLENGING MARKET 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 cust
Slide 37: Organic Growth – SA Share Gain Opportunity
A POWERFUL CHOICE FOR BETTER LIVING ORGANIC GROWTH – SA SHARE GAIN OPPORTUNITY SA bathroom - selective markets @MSP1 • Sizeable market characterised by “long % £826m £140m £649m £1.6bn tail” of small independent competitors 100 • Norcros SA – business units have leading market positions 80 • Fragmen
Slide 38: Portfolio Development
A POWERFUL CHOICE FOR BETTER LIVING PORTFOLIO DEVELOPMENT Strong M&A track Target themes for M&A growth record and growth accelerator Fill gaps in the UK New capabilities New markets Disposal of Johnson Tiles UK aligned with portfolio Furniture, sanitaryware Sustainable products Europe/Gulf developm
Slide 39: Organic Growth
A POWERFUL CHOICE FOR BETTER LIVING ORGANIC GROWTH Group Growth Norcros Growth Accelerators Accelerators driving divisional organic market share growth New product development Key account management Cross-selling Customer service NORCROS PLC FULL YEAR RESULTS 2025 39
Slide 40: Operational Excellence
A POWERFUL CHOICE FOR BETTER LIVING OPERATIONAL EXCELLENCE Group scale allows Collaboration across 4 key themes us to drive efficiency and improved customer service Coordinated logistics Lean operations and warehousing Supply chain collaboration Data capabilities and efficiencies NORCROS PLC FULL YE
Slide 41: ESG: Driving Competitive Advantage
A POWERFUL CHOICE FOR BETTER LIVING ESG: DRIVING COMPETITIVE ADVANTAGE Key enablers Key areas of focus that drive our competitive People Product Planet advantage and growth Talent development NPD programme Net Zero Transition Plan DE&I programme Sustainable products index Supply chain development De
Slide 42: Exceptional Items & Acquisition and Disposal Related Costs
A POWERFUL CHOICE FOR BETTER LIVING EXCEPTIONAL ITEMS & ACQUISITION AND DISPOSAL RELATED COSTS 2025 2024 Exceptional items £m £m Business restructuring costs1 (4.6) (1.7) Costs in relation to new ERP systems2 (2.0) - Legal case3 (1.1) - Reversal of Impairment - 4.0 (7.7) 2.3 1. FY25 largely relates
Slide 43: Net Debt Reconciliation
A POWERFUL CHOICE FOR BETTER LIVING NET DEBT RECONCILIATION 2025 2024 £m £m Net (debt) / cash – opening (37.3) (49.9) Net cash flow 0.7 14.3 Non-cash movements¹ (0.4) (0.2) Foreign exchange 0.2 (1.5) Net debt – closing (36.8) (37.3) 1. Represents the movement in the costs of raising debt finance in
Slide 44: Effective Tax Rates
A POWERFUL CHOICE FOR BETTER LIVING EFFECTIVE TAX RATES Effective tax rate - Underlying1 Effective tax rate - Reported FY 2025 FY 2024 FY 2025 FY 2024 £m £m £m £m Profit before tax 36.5 36.4 Profit before tax 2.0 32.6 Tax charge (7.3) (7.6) Tax charge 1.5 (5.8) Earnings 29.2 28.8 Earnings 3.5 26.8 E
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 IAS 19R Assets and Liabilities 500 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Sep-24 Mar-25 400 Liabilities 448 428 411 416 368 285 275 265 257 Assets 400 396 362 398 388 300 292 2
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 Key1 £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 – conti
Slide 47: The UK & Ireland's Number 1 Bathroom Products Group
A POWERFUL CHOICE FOR BETTER LIVING HEADING THE UK & IRELAND’S NUMBER 1 BATHROOM PRODUCTS GROUP NORCROS PLC FULL YEAR RESULTS 2025 47
Slide 48: 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