Pz Cussons Plc · LSE:PZC
Pz Cussons — H1 2026 Earnings Presentation
23 slides from Pz Cussons's earnings presentation, Feb 11, 2026
Slide 1: 2026 Half Year Results
2026 HALF YEAR RESULTS 11 FEBRUARY 2026
Slide 2: Agenda
AGENDA Overview Financial review Q&A 2
Slide 3: Overview
OVERVIEW 1 2 3 Strong H1 Strengthened balance Increased FY26 performance, sheet and a more operating profit with broad-based focused and more resilient expectations growth business Throughout the presentation, all items are shown on an adjusted basis unless otherwise stated. Overview Financial revie
Slide 4: Broad-based LFL revenue growth across our portfolio
BROAD-BASED LFL REVENUE GROWTH ACROSS OUR PORTFOLIO… 3 regions… Europe and Americas APAC Africa …4 lead markets… …Top 10 brands… …ALL IN LIKE FOR LIKE REVENUE GROWTH IN H1 Overview Financial review Q&A Based on core categories of Personal, Home and Baby Care.
Slide 5: Driven by continued brand-building activity
…DRIVEN BY CONTINUED BRAND-BUILDING ACTIVITY Gifting revenue up >30% Innovation driving revenue and share growth New Rafferty’s H2 launch: Garden flavours 1litre ‘pump pack’ Overview Financial review Q&A 5
Slide 6: Portfolio review has strengthened our balance sheet and created a more focused business
PORTFOLIO REVIEW HAS STRENGTHENED OUR BALANCE SHEET AND CREATED A MORE FOCUSED AND MORE RESILIENT BUSINESS Successful transition to Emerson in the US Cash proceeds of £48.5m received to date Exit of non-core asset Strong US performance H1 revenue growth Work underway to improve +12% Improvement in c
Slide 7: Financial Review
FINANCIAL REVIEW SARAH POLLARD - CHIEF FINANCIAL OFFICER 7
Slide 8: Summary Financials
SUMMARY FINANCIALS BROAD-BASED GROWTH WITH EACH REGION DELIVERING LFL REVENUE GROWTH £m unless otherwise stated H1 FY26 H1 FY25 Revenue 269.3 249.3 LFL revenue growth (%) 9.5% 7.1% 3.2% LFL revenue growth, ex. Africa Operating profit 35.6 27.0 Operating profit benefits from Naira FX gains, planned p
Slide 9: Summary Financials - Continued
SUMMARY FINANCIALS - CONTINUED BROAD-BASED GROWTH WITH EACH REGION DELIVERING LFL REVENUE GROWTH £m unless otherwise stated H1 FY26 H1 FY25 Profit before tax 29.8 19.8 Reduced net interest expense due to lower borrowings Earnings per share 4.37p 3.89p 12.3% growth in EPS Dividend per share (p) 1.50p
Slide 10: Group Revenue
GROUP REVENUE LFL REVENUE GROWTH IN ALL 4 LEAD MARKETS | TOP 10 BRANDS ALL IN LFL GROWTH LFL +9.5% 249.3 1.7% 5.2% 27.7% 269.3 FX (4.1)1 Other Other APAC Africa 245.2 Balanced UK and St Tropez US growth partially Growth in both volume and offset by European market declines Indonesia and ANZ price/mi
Slide 11: Operating Profit Margin
OPERATING PROFIT MARGIN MARGIN GROWTH OF 430BPS DRIVEN BY NAIRA FX GAINS, COST SAVINGS AND TIMING OF MARKETING SPEND 8.9% (90)bps 430bps 120bps (30)bps 13.2% +430bps Singapore VAT Planned phasing Provision of marketing campaigns to H2 Geographic mix Group-wide cost focus and Africa FX gains H1 25 Ma
Slide 12: Segmental Performance: Europe and Americas
SEGMENTAL PERFORMANCE: EUROPE AND AMERICAS MARGIN IMPROVEMENT DRIVEN BY COST SAVINGS AND TIMING OF MARKETING INVESTMENT All items in £m and on an adjusted basis, H1 FY26 H1 FY25 unless otherwise stated Revenue 102.5 101.0 Price/mix led. Strong UK Christmas gifting against a LFL revenue growth 1.7% 4
Slide 13: Segmental Performance: APAC
SEGMENTAL PERFORMANCE: APAC REVENUE GROWTH IN BOTH ANZ AND INDONESIA All items in £m and on an adjusted basis, H1 FY26 H1 FY25 unless otherwise stated Revenue 87.7 87.7 ANZ: 1.7% LFL growth with market share gains and category growth LFL revenue growth 5.2% (1.1)% Indonesia: 9.4% LFL growth driven b
Slide 14: Segmental Performance: Africa
SEGMENTAL PERFORMANCE: AFRICA CONTINUED STRONG REVENUE GROWTH DRIVEN BY BOTH VOLUME AND CARRY-OVER OF PRICE INCREASES All items in £m and on an adjusted basis, H1 FY26 H1 FY25 unless otherwise stated Revenue 79.1 60.6 LFL revenue growth 27.7% 28.0% Broad based revenue growth. Volumes up 13% Operatin
Slide 15: Segmental Performance: Central
SEGMENTAL PERFORMANCE: CENTRAL All items in £m and on an adjusted basis, H1 FY26 H1 FY25 unless otherwise stated Adjusted operating loss (10.9) (15.5) Cost savings in central functions Operating loss (22.1) (20.9) Overview Financial review Q&A 15 Amounts in £m unless otherwise stated.
Slide 16: Cash Flow and Net Debt
CASH FLOW AND NET DEBT REDUCTION IN LEVERAGE TO <1X NET DEBT/EBITDA FOLLOWING SALE OF WILMAR AND SURPLUS ASSETS 1.7x 1.1x 0.6x ND/EBITDA Free cash flow: £23.2m (29.4) 112.0 8.8 £36.7m Wilmar proceeds 16.1 received in H2 84.3 47.6 20.1 Wilmar proceeds (11.8) (41.7) 3.6 Surplus asset proceeds (15.8)1
Slide 17: Current Trading and FY26 Outlook
CURRENT TRADING AND FY26 OUTLOOK “ FY26 guidance As previously stated Trading to the end of Adjusted operating profit £53-57m £50-55m January has been in line with our expectations, Gross cost savings c.£5-10m £5-10m ” with continued strong LFL Net debt / EBITDA1 c.1x - revenue growth. Cash proceeds
Slide 18: Q&A
Q&A FOR EVERYONE, FOR LIFE, FOR GOOD. 18
Slide 19: Appendix
APPENDIX FOR EVERYONE, FOR LIFE, FOR GOOD.
Slide 20: Revenue Performance by Market
REVENUE PERFORMANCE BY MARKET £m H1 FY26 H1 FY25 LFL revenue growth (%) UK 94.4 92.4 2.1% ANZ 44.1 46.1 1.7% Other developed 8.2 8.5 (2.8)% Developed revenue 146.6 147.0 1.7% Nigeria 62.3 46.7 32.1% Indonesia 31.1 30.7 9.4% Other emerging 24.4 20.9 12.4% Emerging revenue 117.8 98.3 21.1% Group brand
Slide 21: Revenue Split by Market
REVENUE SPLIT BY MARKET Other Africa Africa 6.3% £79.1m Nigeria 23.1% UK 35.0% H1 26 Europe & Americas revenue: £102.5m £269.3m Other Asia 4.6% Indo 11.5% US 2.0% ANZ Other Europe 1.1% 16.4% APAC £87.7m 21
Slide 22: Breakdown of Net Debt
BREAKDOWN OF NET DEBT £m H1 FY26 Change FY25 Gross debt (134.2) 22.9 (157.1) Cash within Nigeria 24.3 4.4 19.9 Cash outside of Nigeria 25.6 0.4 25.2 Net (Debt) / Cash1 (84.3) 27.7 (112.0) 22 1 - Net (Debt) / Cash is shown excluding leases
Slide 23: Foreign Exchange Analysis
FOREIGN EXCHANGE ANALYSIS £m % FY25 revenue H1 FY26 H1 FY25 % change Revenue impact (£m) GBP 39% 1.00 1.00 - - NGN 19% 2,019 2,038 1% 0.4 AUD 18% 2.06 1.94 (6)% (2.5) IDR 14% 22,071 20,480 (7)% (2.5) USD 2% 1.34 1.29 (4)% (0.2) Other 8% - - 0.7 Total 100% (4.1) 23 Table shows the impact of translati