Pz Cussons Plc · LSE:PZC
Pz Cussons — FY2025 Earnings Presentation
33 slides from Pz Cussons's earnings presentation, Sep 17, 2025
Slide 1: 2025 Full Year Results
2025 FULL YEAR RESULTS 17 SEPTEMBER 2025
Slide 2: Agenda
AGENDA Introduction Financial review Strategic update Summary Q&A 2
Slide 3: We are making progress against our strategy
WE ARE MAKING PROGRESS AGAINST OUR STRATEGY 1 2 3 4 5 Strong Strengthened Portfolio New strategic Funding future performance in brand building evolution direction growth through priority markets capabilities and through Wilmar established for reducing cost new operating sale St. Tropez base and sell
Slide 4: Financial Review
FINANCIAL REVIEW SARAH POLLARD - CHIEF FINANCIAL OFFICER 4
Slide 5: Summary Financials
SUMMARY FINANCIALS STRONG PERFORMANCE IN UK AND INDONESIA | PROFIT DECLINE DUE TO ST. TROPEZ AND NIGERIAN NAIRA All items in £m and on an adjusted basis, FY24 FY25 unless otherwise stated 2.7% (£14.1m) reported revenue decline Revenue 527.9 513.8 including £47.4m reduction due to Naira devaluation L
Slide 6: Summary Financials - Continued
SUMMARY FINANCIALS - CONTINUED STRONG PERFORMANCE IN UK AND INDONESIA | PROFIT DECLINE DUE TO ST. TROPEZ AND NIGERIAN NAIRA All items in £m and on an adjusted basis, FY24 FY25 unless otherwise stated Net finance expense (13.4) (13.8) Profit before tax 44.7 41.1 8.5% decline in EPS due to lower opera
Slide 7: Group Revenue
GROUP REVENUE CONSTANT CURRENCY REVENUE GROWTH DRIVEN BY GROWTH IN AFRICA, UK AND INDONESIA LFL +8.0% 527.9 0.6% (0.1)% 34.9% 513.8 FX (55.0)1 472.9 Pricing-driven Sale of soap UK personal care growth offset by Growth in Indonesia offset by growth across noodles St. Tropez decline in ANZ and other A
Slide 8: Operating Profit Margin
OPERATING PROFIT MARGIN MARGIN GROWTH OF 30BPS EXCLUDING PZ WILMAR JOINT VENTURE 9.0% (110)bps 220bps (10)bps (70)bps 9.3% +30bps at reported FX +100bps at constant FX Total translation FX impact Adverse Predominantly geographic UK savings mix (Africa growth) FY 24 Marketing H1 25 Gross margin Overh
Slide 9: Segmental Performance: Europe and Americas
SEGMENTAL PERFORMANCE: EUROPE AND AMERICAS CONTINUED GROWTH IN UK WASHING AND BATHING OFFSET BY ST. TROPEZ | STRONG MARGIN IMPROVEMENT All items in £m and on an adjusted basis, FY24 FY25 unless otherwise stated Revenue 200.7 199.4 Growth in UK washing and bathing brands offset by LFL revenue growth
Slide 10: Segmental Performance: APAC
SEGMENTAL PERFORMANCE: APAC FIFTH CONSECUTIVE QUARTER OF REVENUE GROWTH IN INDONESIA | MARKET SHARE GAINS IN ANZ All items in £m and on an adjusted basis, FY24 FY25 unless otherwise stated Revenue 175.2 173.5 ANZ: Market share gains in key brands, against 0.6% LFL drivena by softer macro growth back
Slide 11: Segmental Performance: Africa
SEGMENTAL PERFORMANCE: AFRICA CONTINUED STRONG, PRICING-DRIVEN GROWTH IN NIGERIA All items in £m and on an adjusted basis, FY24 FY25 unless otherwise stated Revenue 151.7 140.9 7.1% reported decline due to Naira devaluation Inflation-driven price / mix growth. LFL revenue growth 26.5% 34.9% Nigeria
Slide 12: Segmental Performance: Central
SEGMENTAL PERFORMANCE: CENTRAL INCREASE IN CENTRAL COSTS LARGELY DRIVEN BY COSTS ATTRIBUTABLE TO BUSINESS UNITS 32.6 (8.9) 30.5 23.7 FY24 – as Excluding debt- Underlying Attributable to FY25 – as reported forgiveness FY24 underlying movement FY25 - underlying Business Units reported IT Depreciation
Slide 13: Cash Flow and Net Debt
CASH FLOW AND NET DEBT SIGNIFICANT REDUCTION IN LEVERAGE FOLLOWING WILMAR SALE 1.5x 1.7x 1.1x Free cash flow: £42.3m 115.3 15.1 0.4 112.0 23.5 10.2 14.0 c.652 (66.5) Change in working capital (2.3) Capex 6.9 PZ Wilmar op. profit 7.1 Other (1.5) Other operating Net finance costs Other non-operating F
Slide 14: Current Trading and Guidance
CURRENT TRADING AND GUIDANCE TRADING IN LINE WITH OUR EXPECTATIONS YTD LFL revenue growth1 FY26 guidance Group 10% 2% ex. Africa Adjusted operating profit £48-53m 2% ex. St. Tropez. Cost savings £5-10m2 Europe and (2)% Americas Region is in growth in Q2 Proceeds from sale of non- £15-20m3 APAC 7% Gr
Slide 15: Strategic Update
STRATEGIC UPDATE 15 Sponsorship of the 2025 Lagos Marathon
Slide 16: We are making progress against our strategy
WE ARE MAKING PROGRESS AGAINST OUR STRATEGY 1 2 3 4 5 Strong Strengthened Portfolio New strategic Funding future performance in brand building evolution direction growth through priority markets capabilities and through Wilmar established for reducing cost new operating sale St. Tropez base and sell
Slide 17: Strong Performance in Priority Markets
1 STRONG PERFORMANCE IN PRIORITY MARKETS ‘360’ ORIGINAL SOURCE CAMPAIGN DRIVING RECORD PERFORMANCE £2m Live across February – May 2025 Working media spend OUR HIGHEST BRAND PENETRATION IN ALMOST 5 YEARS AT 15%! 15.0% 14.9% 14.8% 14.8% 14.7% 14.7% 14.6% 14.6% 14.6% 14.4% 14.4% 14.4% 14.3% 14.2% 9.7%
Slide 18: Strong Performance in Priority Markets
1 STRONG PERFORMANCE IN PRIORITY MARKETS PARTNERSHIP WITH OWNERS OF INTELLECTUAL PROPERTY DRIVING AWARENESS AND PURCHASE Introduction Financial review Strategic update Summary 18
Slide 19: Strong Performance in Priority Markets
1 STRONG PERFORMANCE IN PRIORITY MARKETS SUCCESSFUL BRAND ACTIVATION IN INDONESIA AND ANZ >100% growth in eCommerce Leveraging shared consumer Market shares insights from Childs Farm +90bps +20bps +130bps ANZ market shares: Based on Nielsen Scan for week ending 27 May 2025. Based on value share. Mor
Slide 20: Strong Performance in Priority Markets
1 STRONG PERFORMANCE IN PRIORITY MARKETS STRONG UNDERLYING MOMENTUM IN NIGERIA Brand activation: Carex re-stage Increased distribution Re-stage of Carex as a trusted, anti-bacterial brand, reaching Total stores under direct coverage 125m people through an integrated, 360 campaign has increased three
Slide 21: Strengthened Brand Building Capabilities and New Operating Model
2 STRENGTHENED BRAND BUILDING CAPABILITIES AND NEW OPERATING MODEL BUILDING ON STRONG IN-YEAR ACTIVATION, WITH EXCELLENT MULTI-YEAR INNOVATION Previously FY21-25 Today Model for repeatable growth Limited Marketing Fragmented with Connected with local insights Integrated with local insights function
Slide 22: Portfolio Evolution Through Wilmar Sale
3 PORTFOLIO EVOLUTION THROUGH WILMAR SALE WILMAR JV SALE WILL SIMPLIFY OUR PORTFOLIO AND SIGNIFICANTLY STRENGTHEN OUR BALANCE SHEET Sale of 50% stake in PZ Wilmar Joint Venture for $70m Reduced exposure to Nigeria (payable in USD to UK entity) and Naira Material improvement in credit Improvement in
Slide 23: New Strategic Direction Established for St. Tropez
4 NEW STRATEGIC DIRECTION ESTABLISHED FOR ST. TROPEZ CONFIDENT IN MAXIMISING THE VALUE OF THE BRAND THROUGH NEW STRATEGIC DIRECTION Partnership with Emerson Group in US Leading, US-based partner to many brand owners New, highly-incentivised and dedicated team now in place Significant leadership focu
Slide 24: Funding Future Growth Through Reducing Cost Base and Selling Surplus Assets
5 FUNDING FUTURE GROWTH THROUGH REDUCING COST BASED AND SELLING SURPLUS ASSETS Cost savings Surplus assets £5-10m overhead savings in FY26 Approximate phasing of proceeds Large number of ongoing Margin FY25 FY26 FY27+ Total Improvement programmes: Examples: £0.7m £15-20m Proceeds £1m £10-15m c.£30m
Slide 25: Summary
SUMMARY 25
Slide 26: Our Focus Is on Driving the Performance of the Core Business
OUR FOCUS IS ON DRIVING THE PERFORMANCE OF THE CORE BUSINESS Building stronger brands in our core categories …. …and delivering more competitive go-to-market execution Introduction Financial review Strategic update Summary 26
Slide 27: Q&A
ahussons Q&A
Slide 28: Appendix
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Slide 29: Breakdown of Net Debt
BREAKDOWN OF NET DEBT £m FY24 Change FY25 Gross debt (166.6) 9.5 (157.1) Naira cash 17.2 (4.1) 13.1 Non-Naira cash 34.1 (2.1) 32.0 Net (Debt) / Cash1 (115.3) 3.3 (112.0) 29 1 - Net (Debt) / Cash is shown excluding leases
Slide 30: Foreign Exchange Analysis
FOREIGN EXCHANGE ANALYSIS £m % FY25 revenue FY25 FY24 % change Revenue impact (£m) GBP 35% 1.00 1.00 - - NGN 21% 2,015 1,257 (38)% (47.4) AUD 16% 1.99 1.92 (4)% (3.1) IDR 13% 20,742 19,550 (6)% (3.7) USD 3% 1.29 1.26 (2)% (0.5) Other 12% - - (0.3) Total 100% (55.0) 30 Table shows the impact of trans
Slide 31: Revenue Split by Market
REVENUE SPLIT BY MARKET Other Other Africa Africa Africa 7% 6% £140.9m Nigeria Nigeria 21% 21% UK UK 35% 35% Europe & Americas £199.4m FY25 revenue: Other Other Asia Asia £513.8m 5% 5% US US 3% 4% Indo Indo 12% 12% ANZ ANZ 17% 17% APAC £173.5m 31
Slide 32: Summary Cash Flow
SUMMARY CASH FLOW £m FY24 FY25 Adjusted EBITDA 75.9 66.5 Cash flow impact of adjusting items1 (12.1) (14.0) Working capital movement1 (9.4) 2.3 Capital expenditure (6.1) (6.9) Share of results of joint venture (10.7) (7.1) Other 4.0 1.5 Free cash flow 41.6 42.3 32 1 - In FY24, the foreign exchange l
Slide 33: Historic NGN/GBP Rates
HISTORIC NGN/GBP RATES FY23: 5361 FY24: 1,2571 FY25: 2,0151 - 500 1,000 1,500 Q1 FY26: 2,000 2,082 2,500 01 June 2022 01 December 2022 01 June 2023 01 December 2023 01 June 2024 01 December 2024 01 June 2025 33 1 - Rates shown are NGN/GBP rates used to translate the P&L in the respective periods