Slide 1: Full Year FY26 Results
Full Year FY26 Results June 2026
Slide 2: FY26 highlights
FY26 highlights Double digit customer growth with increasing profits and cash returns to shareholders Total customers March 26 1,434k Total customer growth includes 193k former TalkTalk customers +23.2% March 25 1,164k Organic customers March 26 1,256k >10% annualised organic customer growth, includi
Slide 3: Our unique multiservice platform for subscription-style essential services
Our unique multiservice platform for subscription-style essential services Supported by award-winning customer service which leads to high-value, loyal customers 01 Unique 02 Structural multiservice cost advantage We help platform people save time and Which helps customers money Which we reinvest to
Slide 4: Strong track record of growth
Strong track record of growth 1,163 CAGR: Total +16.9% CAGR: +18.7% 1,434 Organic +13.8% 1,011 132 126 1,163 117 887 1,011 96 887 729 729 657 62 56 4
Slide 5: FY26 organic customer and service growth
FY26 organic customer and service growth FY26 FY25 Movement Comment No. of services No. of services (%) (‘000) (‘000) We have seen increased price competition with competitors offering Energy 1,776 1,745 1.8% fixed tariffs at a large discount to the price cap and some spending heavily on marketing an
Slide 6: Operational highlights
Operational highlights Awards show Continued growth in Relaunch of Strengthened the strength of Partner opportunity Insurance customer proposition our proposition Partner numbers grew to 77.2k Following positive dialogue with the This included Free Energy Days, Awarded Which? Recommended reflecting o
Slide 7: Performance of TalkTalk acquisition to date
Performance of TalkTalk acquisition to date Initial cross-sell results are encouraging 01 Broadband & landline customer acquisition We acquired 193k broadband and landline customers from TalkTalk in a cross-sell trial. 160k were migrated onto our systems by year end with the remainder expected to mi
Slide 8: Financial Performance
Financial Performance Nick Schoenfeld, CFO 8
Slide 9: Profit & loss
Profit & loss FY26 FY25 Variance Comments (£m) (£m) (%) Revenue 1,941 1,838 5.6% Gross profit 389 358 8.7% Growth in services offset by impact from warmer weather Gross margin 20.0% 19.5% Distribution expenses (48) (46) 5.1% % of revenue 2.5% 2.5% Admin expenses (159) (144) Growth in services, higher
Slide 10: Balance Sheet
Balance Sheet FY26 FY25 Variance Comments (£m) (£m) (£m) Fixed assets 29 31 (2) Non-current assets 265 205 60 Net current assets 116 130 (14) Net debt increased following the acquisition of TalkTalk customers Net debt (143) (116) (27) Total debt facilities £330m: £205m RCF facilities to November 202
Slide 11: Cash flow
Cash flow FY26 FY25 Comments (£m) (£m) Adjusted EBITDA 162 148 Working capital (10) (15) Typical annual working capital consumption £25-30m movement Taxation (32) (31) Capex includes £46m for the acquisition of customer contracts Capex (64) (17) (related to TalkTalk) compared to £5m in the prior year
Slide 12: Shareholder distribution policy
Shareholder distribution policy Continue to distribute at least 80% of adjusted PAT to shareholders Revised policy FY26 final distribution Final dividend declared of 12p per share, At least 50% being by way of bringing total dividend for the year to ordinary dividend 50p per share Remainder distribut
Slide 13: Launch of new 5 year plan
Launch of new 5 year plan A renewed focus on multiservice growth We have today released a separate announcement regarding our new 5 year plan to double our multiservice customers to 1 million by 2031. For details, including our FY27 outlook, please see the separate RNS issued this morning and the pr