Midwich Group Plc · LSE:MIDW
Midwich — FY2025 Earnings Presentation
34 slides from Midwich's earnings presentation, Mar 17, 2026
Slide 1: Full Year Results 2025
2025 Full Year Results March 2026 midwichgroupplc.com
Slide 2: Summary and trading update
01/ Summary and trading update
Slide 3: Laying the foundations for future growth
2025 Final Results 3 Laying the foundations for future growth Continued Results in line with Excellent cash Foundations for Momentum for execution of expectations generation future growth 2026 strategy Revenue £1.27bn (-1.5%) Operating cash Market share growth Vendor relationship Commercial excellen
Slide 4: Current landscape
2025 Final Results 4 Current landscape General market conditions — A challenging year for the industry — Price increases underway, driven by chip pricing/ shortages – main impact expected Q2 onwards — Government investment still suppressed — Increased AI adoption in vendor solutions Our business — O
Slide 5: Our purpose and key differentiators
2025 Final Results 5 Our purpose and key differentiators ✓ Deep vendor relationships Broad, long, close, symbiotic, unique. ✓ Portfolio management expertise Products, technologies, geographies. ✓ Unrivalled depth of specialist knowledge Support customers to win and deliver great projects. ✓ Consiste
Slide 6: Market and growing share
2025 Final Results 6 Market and growing share The global pro AV market was expected to be $332bn in 2025, growing at 3.9% pa to $402bn in 2030 Source: AVIXA July 2025 Growth Model 120 100 80 60 40 20 0 Our business Total business of Total market vendors Other developing categories include drones, so
Slide 7: Expanding into an adjacent market
2025 Final Results 7 7 We truly value Midwich as a strategic partner. The professionalismof your Expanding into an adjacent team, the consistency in customer support, and the structuredapproachto market brandpositioning and market engagement have all contributedto a strong and stablepartnership. Dro
Slide 8: Building a new £100m+ segment
2025 Final Results 8 As a relativelynew Vendorwith a 8 disruptivesolution, it was essentialwe Building a new £100m+ segment createda network of partners that could scale. Midwich Group have enabledthis globally, Unified Communications – continued supporting us in our operationaland sales motion, in
Slide 9: Financial review
XY) MidwichGroup 02/ Financial review
Slide 10: Income statement
2025 Final Results 10 Income statement* — 2025 revenue of £1,271m, declined by 0.8% at CC, with a return to growth in H2. — Robust gross margin at 17.7% in line with prior year. Constant currency — Overheads largely flat despite the impact of £m 2025 2024 Actual change change prior year acquisitions
Slide 11: Balance sheet and net debt
2025 Final Results 11 — Reduction in non-current assets reflects the Balance sheet and net debt impact of exited businesses and ERP impairment. — Excellent working capital management, with 31 December 31 December working capital as a percentage of last twelve £m 2025 2024 months’ revenue below past
Slide 12: EMEA (41% Group revenue)
2025 Final Results 12 FINANCIAL EMEA (41%Grouprevenue) £m 2025 2024 Change Change CC Key 2026 assumptions Revenue* 517.5 546.5 (5.3)% (5.5)% • Flat market in Germany • Full year cost saving impact GP%* 17.1% 17.0% 0.1pp • Further market share gains • Product price inflation Adj. EBIT 19.9 25.2 (21.0
Slide 13: UK & I (40% Group revenue)
2025 Final Results 13 FINANCIAL UK & I (40%Grouprevenue) £m 2025 2024 Change Change CC Key 2026 assumptions • Flat market Revenue 508.3 476.4 6.7% 6.6% • Full year cost saving impact • Continued market share gains GP% 18.6% 18.0% 0.6pp • Product price inflation • Expansion of recent brand launches A
Slide 14: North America (16% Group revenue)
2025 Final Results 14 FINANCIAL North America (16%Grouprevenue) £m 2025 2024 Change Change CC Key 2026 assumptions Revenue* 201.0 220.7 (8.9)% (5.3)% • New NA management team drives greater growth and operating effectiveness GP%* 17.5% 19.3% (1.8)pp • Flat market • Significant focus on new vendors i
Slide 15: APAC (3% Group revenue)
2025 Final Results 15 FINANCIAL APAC (3%Grouprevenue) £m 2025 2024 Change Change CC Key 2026 assumptions Revenue 44.0 45.9 (4.2)% 1.4% • Flat market • Greater focus on complex technical projects GP% 16.6% 16.4% 0.2pp • Expansion of customer reach • Further market share gains Adj. EBIT (0.6) (0.8) 25
Slide 16: Capital allocation priorities
2025 Final Results 16 Capital allocation priorities 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 core business 3. 4. Acquisitions to add new Progressive dividend polic
Slide 17: Growth drivers and outlook
03/ Growth drivers and outlook
Slide 18: Focus areas for 2026 and beyond
2025 Final Results 18 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 of
Slide 19: Growth drivers
2025 Final Results 19 Key M&A criteria: Growth drivers — Strong reputation — Technical skills As part of our three-year planning process, the Group is focused on — Vendor and customer portfolio the following to drive organic profit growth: — Aligned to high growth potential markets — Culture and eth
Slide 20: Outlook
2025 Final Results 20 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 opportunities,
Slide 21: Appendices
2025 Final Results 04/ Appendices
Slide 22: Our investment case
2025 Final Results 2025 Final Results 22 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 and
Slide 23: Group at a glance
2025 Final Results 23 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 an
Slide 24: Why Midwich Group?
2025 Final Results 24 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 100%
Slide 25: The Pro AV value chain
2025 Final Results 25 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 partn
Slide 26: New technology trends
2025 Final Results 26 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-ena
Slide 27: End user market mix
2025 Final Results 27 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 cont
Slide 28: Proven acquisition capability
30 2025 Final Results 28 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 Mobil
Slide 29: Movement in net debt
2025 Final Results 29 Movement in net debt £12.8m £68.5m (£6.6m) 123% (£10.5m) £55.7m (£6.3m) (£12.3m) (£47.2m) (£4.5m) (£9.6m) (£11.1m) (£1.2m) £6.4m Adj EBITDA Change in working Operating cash Exceptional items Capex/leases Lease payments Interest payments Tax Dividends Acquisition Other/FX Decrea
Slide 30: Modelling considerations
2025 Interim Results 30 Modelling considerations Payments related to past M&A expected to be £5.1m in H1 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 t
Slide 31: Exceptional items
2025 Final Results 31 Exceptional items — Following a comprehensive review of the ongoing deployment and future cost/benefits the ERP programme rollout was paused, and priority £m 2025 2024 placed on development of bespoke digital tools that are will deliver benefits more quickly, at lower cost and
Slide 32: Reconciliation to statutory profits
2025 Final Results 32 Reconciliation to statutory profits £m 2025 2024 Statutory operating (loss)/profit (14.9) 24.1 Remove losses from exited businesses 1.9 0.6 Acquisition related expenses 0.2 1.1 Exceptional costs 38.3 12.0 Share based payments and employer taxes 4.6 (1.3) Amortisation of acquire
Slide 33: Group Management Team
2025 Final Results 33 Group Management Team Stephen Fenby Adam Councell Tom Sumner Mark Lowe Group Chief Executive Chief Financial Officer Chief Strategy Officer Chief Commercial Officer Mathieu Payet Stuart Mizon Joe Thompson Phil Bligh Alex Kemanes CEO - EMEA Group Commercial Director Corporate St
Slide 34: Midwich Group contact details
Midwich Group +44 (0)20 5555 9999 Vinces Road info@midwichgroup.com Diss, Norfolk IP22 4YT midwichgroupplc.com