Pz Cussons Plc · LSE:PZC
Pz Cussons — Investor Day (February 2026)
84 slides from Pz Cussons's investor day presentation, Feb 11, 2026
Slide 1: Capital Markets Event
CAPITAL MARKETS EVENT 11 February 2026
Slide 2: We are PZ Cussons
We are PBCussons
Slide 3: Disclaimer
DISCLAIMER CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This presentation contains certain forward-looking statements relating to expected or anticipated results, performance or events. Such statements are subject to normal risks associated with the uncertainties in our business, supply chai
Slide 4: Agenda
AGENDA 01 THE NEXT CHAPTER FOR PZ CUSSONS (Jonathan Myers) 14:00 – 14:10 02 FOCUSING WHERE WE HAVE A RIGHT TO WIN (Jonathan Myers) 14:10 – 14:30 03 BUILDING LOCALLY-LOVED BRANDS (Paul Yocum and Sharon Goodall) 14:30 – 14:55 BREAK 14:55 – 15:10 04 WINNING WITH DISCIPLINE IN NIGERIA (Oghale Elueni) 15
Slide 5: The Next Chapter for PZ Cussons
01 THE NEXT CHAPTER FOR PZ CUSSONS JONATHAN MYERS CHIEF EXECUTIVE OFFICER CAPITAL MARKETS EVENT FEBRUARY 26 5
Slide 6: Today's Speakers
TODAY’S SPEAKERS 01 THE NEXT CHAPTER FOR PZ CUSSONS 02 03 04 05 06 Jonathan Myers Paul Yocum Sharon Goodall Oghale Elueni Chief Executive Chief Growth Global Director - R&D Managing Director – Officer and Marketing Officer and Sustainability Africa Consumer Business OVERVIEW: • Board member and Exec
Slide 7: Building on the work of the last five years
BUILDING ON THE WORK OF THE LAST FIVE YEARS… 01 THE NEXT CHAPTER FOR PZ CUSSONS 02 03 04 05 06 JOURNEY TO DATE TODAY ECONOMIC • Naira devaluation • Naira stable over last 12 months • Mitigating actions to reduce future risk BACKDROP • Covid and cost inflation • Cost outlook more settled • Sale of no
Slide 8: Our Investment Case
OUR INVESTMENT CASE 01 THE NEXT CHAPTER FOR PZ CUSSONS 02 03 04 05 06 01 02 03 04 05 BRANDS CAPABILITIES PORTFOLIO CAPITAL GROWTH ALLOCATION • Building winning • Go-to-market • Simplified footprint • Strengthened • Targeting mid- portfolios of capabilities in our • Balanced between balance sheet sin
Slide 9: Portfolio targets mid-single-digit % like-for-like revenue growth
OUR PORTFOLIO WILL TARGET MID-SINGLE-DIGIT % 01 THE NEXT CHAPTER FOR PZ CUSSONS 02 03 04 05 06 LIKE-FOR-LIKE REVENUE GROWTH DEVELOPED EMERGING ~60% OF GROUP REVENUE <50% OF GROWTH ~40% OF GROUP REVENUE >50% OF GROWTH 3 CORE CATEGORIES OF PERSONAL, HOME AND BABY CARE LEAD MARKETS (~85% OF REVENUE) PR
Slide 10: Summary Value Creation Framework
SUMMARY VALUE CREATION FRAMEWORK 01 THE NEXT CHAPTER FOR PZ CUSSONS 02 03 04 05 06 THROUGH THE CYCLE MID-SINGLE- High-single-digit Progressive DOUBLE-DIGIT DIGIT % EPS growth at dividend TOTAL LFL revenue reported FX payment SHAREHOLDER growth RETURN THROUGH THE CYCLE Note: Excludes assumptions rela
Slide 11: Focusing Where We Have a Right to Win
02 FOCUSING WHERE WE HAVE A RIGHT TO WIN JONATHAN MYERS CHIEF EXECUTIVE OFFICER CAPITAL MARKETS EVENT FEBRUARY 26 11
Slide 12: We have scale in each of our lead markets
WE HAVE SCALE IN EACH OF OUR LEAD MARKETS 01 02 FOCUSING WHERE WE HAVE A RIGHT TO WIN 03 04 05 06 DEVELOPED EMERGING ~60% OF GROUP REVENUE <50% OF GROWTH ~40% OF GROUP REVENUE >50% OF GROWTH UK AUSTRALIA NIGERIA INDONESIA FY25 REVENUE £175M £89M £106M7 £59M MARKET #2 in Washing ~90% of revenue from
Slide 13: Our competitive advantage: three drivers
OUR COMPETITIVE ADVANTAGE 01 02 FOCUSING WHERE WE HAVE A RIGHT TO WIN 03 04 05 06 LOCALLY-LOVED BRANDS THERE ARE THREE DRIVERS OF OUR SUSTAINABLE, 02 GO-TO-MARKET CAPABILITIES COMPETITIVE ADVANTAGE IN EACH OF OUR FOUR LEAD MARKETS MANUFACTURING SCALE CAPITAL MARKETS EVENT FEBRUARY 26 13
Slide 14: Locally-loved brands
OUR COMPETITIVE ADVANTAGE 01 02 FOCUSING WHERE WE HAVE A RIGHT TO WIN 03 04 05 06 SIGNIFICANT AND CULTURAL LOCALLY-LOVED RELEVANCE IN BRANDS HOME MARKET NEW PRODUCT BRANDS CAN DEVELOPMENT TRAVEL, BUT DO BASED ON LOCAL NOT NEED TO INSIGHTS CAPITAL MARKETS EVENT FEBRUARY 26 14
Slide 15: Local insights help drive innovation
LOCAL INSIGHTS HELP DRIVE INNOVATION TO BUILD 01 02 FOCUSING WHERE WE HAVE A RIGHT TO WIN 03 04 05 06 LOCALLY-LOVED BRANDS CAPITAL MARKETS EVENT FEBRUARY 26 15
Slide 16: Local insights help drive innovation
LOCAL INSIGHTS HELP DRIVE INNOVATION TO BUILD 01 02 FOCUSING WHERE WE HAVE A RIGHT TO WIN 03 04 05 06 LOCALLY-LOVED BRANDS CAPITAL MARKETS EVENT FEBRUARY 26 16
Slide 17: Innovation pipeline to drive further growth
INNOVATION PIPELINE TO DRIVE FURTHER GROWTH 01 02 FOCUSING WHERE WE HAVE A RIGHT TO WIN 03 04 05 06 CAPITAL MARKETS EVENT FEBRUARY 26 17
Slide 18: Go-to-market capabilities
OUR COMPETITIVE ADVANTAGE 01 02 FOCUSING WHERE WE HAVE A RIGHT TO WIN 03 04 05 06 QUALITY AND BREADTH GO-TO-MARKET OF RETAIL CAPABILITIES RELATIONSHIPS BRAND CAMPAIGN ABILITY TO REACH ACTIVATION CONSUMERS WHEREVER THEY SHOP CAPITAL MARKETS EVENT FEBRUARY 26 18
Slide 19: Manufacturing scale
OUR COMPETITIVE ADVANTAGE 01 02 FOCUSING WHERE WE HAVE A RIGHT TO WIN 03 04 05 06 COST ADVANTAGE LOCAL R&D FROM IN-HOUSE CENTRES WITH MANUFACTURING MANUFACTURING OPEN INNOVATION SCALE SPEED-TO-MARKET ADVANTAGE CAPITAL MARKETS EVENT FEBRUARY 26 19
Slide 20: Focusing Where We Have a Right to Win
01 02 FOCUSING WHERE WE HAVE A RIGHT TO WIN 03 04 05 06
Slide 21: Focusing Where We Have a Right to Win
01 02 FOCUSING WHERE WE HAVE A RIGHT TO WIN 03 04 05 06
Slide 22: We have a right to win against local and global players
OUR COMPETITIVE ADVANTAGE 01 02 FOCUSING WHERE WE HAVE A RIGHT TO WIN 03 04 05 06 WE HAVE A RIGHT TO WIN AGAINST BOTH LOCAL AND GLOBAL PLAYERS IN OUR LEAD MARKETS Local players Global players In our four lead markets we have the: FOCUS SCALE FOCUS SCALE drives ‘on trend’ provides significant brands
Slide 23: Building Locally-Loved Brands
03 BUILDING LOCALLY-LOVED BRANDS PAUL SHARON YOCUM GOODALL CHIEF GROWTH AND GLOBAL DIRECTOR – R&D MARKETING OFFICER AND SUSTAINABILITY CAPITAL MARKETS EVENT FEBRUARY 26 23
Slide 24: Increased confidence in medium-term innovation pipeline
BUILDING LOCALLY-LOVED BRANDS 01 02 03 BUILDING LOCALLY-LOVED BRANDS 04 05 06 WE HAVE INCREASED 01 Locally-loved brand-building flywheel CONFIDENCE IN OUR MEDIUM-TERM INNOVATION 02 Faster and better insights PIPELINE GIVEN WORK TO DATE 03 Increased R&D investment CAPITAL MARKETS EVENT FEBRUARY 26 24
Slide 25: Our locally-loved brand-building flywheel
OUR LOCALLY-LOVED BRAND-BUILDING FLYWHEEL 01 02 03 BUILDING LOCALLY-LOVED BRANDS 04 05 06 BRILLIANT BRILLIANT Brand and Business Product Marketing Fundamentals and Innovation CONSUMER PROVEN EFFECTIVE BRILLIANT BRILLIANT Shopping Execution Audience First Content CAPITAL MARKETS EVENT FEBRUARY 26 25
Slide 26: Our locally-loved brand-building flywheel
OUR LOCALLY-LOVED BRAND-BUILDING FLYWHEEL 01 02 03 BUILDING LOCALLY-LOVED BRANDS 04 05 06 CALLY-LOVED LO Locally-born brands with in-market management NPD and claims tailored to and accountability BRILLIANT BRILLIANT local market needs and tastes Brand and Business Product Marketing Fundamentals and
Slide 27: Upcoming restage of core brand and new innovation
UPCOMING RESTAGE OF CORE BRAND 01 02 03 BUILDING LOCALLY-LOVED BRANDS 04 05 06 AND NEW INNOVATION AMPLIFY OUR EFFICACY LEADERSHIP PREMIUM INNOVATION THAT WILL ELEVATE WITH A NEW BOLD CLAIM CURRENT MANUAL DISH RANGE New strengthened claim: Local category first: Evolved visual identity Same core greas
Slide 28: New equity campaign
NEW EQUITY 01 02 03 BUILDING LOCALLY-LOVED BRANDS 04 05 06 CAMPAIGN RE-ASSERT MORNING FRESH’S SUPERIOR PERFORMANCE AND LONG-STANDING BRAND TRUST IN A NEW WAY THAT STILL FEELS MODERN AND EMOTIONALLY RELEVANT Objective: Reinforce Morning Fresh as the powerful dishwashing brand of choice for the sink a
Slide 29: Brilliant in-store execution
BRILLIANT IN-STORE 01 02 03 BUILDING LOCALLY-LOVED BRANDS 04 05 06 EXECUTION SHOWCASING OUR DISTINCTIVE WALL OF WHITE CAPITAL MARKETS EVENT FEBRUARY 26 29
Slide 30: Brand restage and Cuddle Calm range
BRAND RESTAGE TO ESTABLISH 01 02 03 BUILDING LOCALLY-LOVED BRANDS 04 05 06 STRONGER FOUNDATION AND NEW INNOVATION CUDDLE CALM RANGE NEW BRAND EQUITY INSIGHT DRIVEN PROPOSITION Protect and prepare the baby, so parents The solution to the causes of unhappy babies can present them with pride and joy NE
Slide 31: Drive relevance through brilliant content
DRIVE RELEVANCE THROUGH 01 02 03 BUILDING LOCALLY-LOVED BRANDS 04 05 06 BRILLIANT CONTENT RELEVANT CONTENTS Targeted content based upon audience interests RELEVANT TOUCH POINTS Drive engagement through social media and ‘Momfluencers’ CAPITAL MARKETS EVENT FEBRUARY 26 31
Slide 32: Brilliant execution for brilliant customer experience
BRILLIANT EXECUTION FOR BRILLIANT 01 02 03 BUILDING LOCALLY-LOVED BRANDS 04 05 06 CUSTOMER EXPERIENCE BRINGING BRAND EXPERIENCE THROUGH ONLINE AND OFFLINE SHOPPING CAPITAL MARKETS EVENT FEBRUARY 26 32
Slide 33: Balance between innovation and renovation
ACCELERATING REVENUE GROWTH THROUGH A HEALTHY 01 02 03 BUILDING LOCALLY-LOVED BRANDS 04 05 06 BALANCE BETWEEN INNOVATION AND RENOVATION R&D SPEND DOUBLING VS FY25 GROW THROUGH PROTECT THROUGH C.50/50… INNOVATION split in future RENOVATION New consumer benefits New sub-categories Product cost optimis
Slide 34: Generating faster and better insights for NPD pipeline
WE ARE GENERATING FASTER AND BETTER 01 02 03 BUILDING LOCALLY-LOVED BRANDS 04 05 06 INSIGHTS TO BUILD OUR NPD PIPELINE Dedicated team undertaking MARKET INSIGHT CONSUMER INSIGHT SHOPPER INSIGHT comprehensive ‘path to purchase’ analysis… Men’s post-workout Growing trends of Cooling and relaxation fee
Slide 35: Bringing this to life through product, pack, claims and content
BRINGING THIS TO LIFE THROUGH PRODUCT, PACK, 01 02 03 BUILDING LOCALLY-LOVED BRANDS 04 05 06 CLAIMS AND CONTENT WITH LOCALLY-LOVED BRANDS CAPITAL MARKETS EVENT FEBRUARY 26 35
Slide 36: Fuelling our 3-year pipeline with local research
FUELLING OUR 3-YEAR PIPELINE WITH LOCALLY 01 02 03 BUILDING LOCALLY-LOVED BRANDS 04 05 06 RELEVANT RESEARCH STRONGER CLEANING PROTECTING AND PERFORMANCE TAILORED PERFORMANCE IN HOME CARE SUPPORTING YOUNG SKIN FOR AFRICAN HAIR TYPES Pre-biotic Pro-biotic Post-biotic CAPITAL MARKETS EVENT FEBRUARY 26
Slide 37: Increased confidence in medium-term innovation pipeline
WE HAVE INCREASED CONFIDENCE IN OUR MEDIUM-TERM 01 02 03 BUILDING LOCALLY-LOVED BRANDS 04 05 06 INNOVATION PIPELINE 100% 50% x2 of Innovations now of FY26 pipeline FY27 revenue based on consumer projects were rejected contribution expected need-states or based on increased to be more than customer r
Slide 38: Building Locally-Loved Brands
01 02 03 BUILDING LOCALLY-LOVED BRANDS 04 05 06
Slide 39: Winning with Discipline in Nigeria
04 WINNING WITH DISCIPLINE IN NIGERIA OGHALE ELUENI MANAGING DIRECTOR – AFRICA CONSUMER BUSINESS CAPITAL MARKETS EVENT FEBRUARY 26 39
Slide 40: Key messages
KEY MESSAGES 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 Africa is a large market with significant long-term opportunity We have a right to win given our unique heritage, leading brands and strong capabilities We will win with a clear growth strategy through core, category, and pan-Africa e
Slide 41: Our Business Today
04 WINNING WITH DISCIPLINE IN NIGERIA OUR BUSINESS TODAY CAPITAL MARKETS EVENT FEBRUARY 26 41
Slide 42: The market of Africa offers significant opportunity
THE MARKET OF AFRICA OFFERS 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 SIGNIFICANT OPPORTUNITY WORLD’S FASTEST MAJOR GROWTH FRONTIER GROWING POPULATION Combined GDP of $3 trillion3 Population to grow by >900 million over the next 25 years, over half of total global population growth1 RISIN
Slide 43: We have a significant footprint across Africa
WE HAVE A SIGNIFICANT FOOTPRINT ACROSS AFRICA… 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 BY £141M 04 OPERATING FY25 Revenue1 Manufacturing and MODEL production facilities Direct presence 89% Export 11% 11.6% 230,000+ FY25 Adjusted Direct distribution operating margins2 coverage BY SEGMENT
Slide 44: Operating in Nigeria for over a century
…RESULTING FROM OUR LONGSTANDING 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 POSITION IN NIGERIA WE HAVE BEEN OPERATING IN NIGERIA FOR OVER A CENTURY PATERSON ZOCHONIS HEADQUARTERS NIGERIA 1899 PATERSON ZOCHONIS & CO. LTD 1923 1950-1970s 1992 2017 2023-2024 Various MNCs entering Various MNC
Slide 45: Nigeria Family Care: financial track record
NIGERIA FAMILY CARE: FINANCIAL TRACK RECORD 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 WE HAVE GROWN AHEAD OF INFLATION AND EXPECT TO REGAIN PREVIOUS LEVEL OF PROFIT THIS YEAR Nigeria Family Care – Adjusted Operating Profit (internal measure) reported FX, (£M) FY21-26 average revenue growt
Slide 46: Nigeria is a large market with favourable structural trends
NIGERIA IS A LARGE MARKET, WITH FAVOURABLE, 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 STRUCTURAL TRENDS TOTAL ADDRESSABLE MARKET1 MARKET TRENDS 01 Broader category size C.£800M Personal care category growth Skin and hair care | Male grooming | Detergents 02 Made in Nigeria 03 Rapid rise o
Slide 47: Our Nigerian brands hold leading positions
OUR NIGERIAN BRANDS HOLD LEADING POSITIONS, 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 WITH DEEP CULTURAL HERITAGE AND RELEVANCE 81% #1 IN POMADES share C.70% of revenues come from brands with #1 positions 25% 44% #1 IN #1 IN ANTIBACTERIAL share in share OINTMENTS SOAPS bar soap 39% 56% sh
Slide 48: #1 in pomades
OUR NIGERIAN BRANDS HOLD LEADING POSITIONS, 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 WITH DEEP CULTURAL HERITAGE AND RELEVANCE #1 IN POMADES 81% share Resilient historical equity Strong in across Northern C.70% Nigeria and West Africa export markets of revenues come from brands with #1 p
Slide 49: #1 in antibacterial soaps
OUR NIGERIAN BRANDS HOLD LEADING POSITIONS, 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 WITH DEEP CULTURAL HERITAGE AND RELEVANCE #1 IN ANTIBACTERIAL SOAPS 25% share in bar soap #1 in sensorial soap Highest top-of-mind-awareness C.70% and brand equity in ‘cooling’ of revenues come #1 hygien
Slide 50: #1 in dishwashing liquid
OUR NIGERIAN BRANDS HOLD LEADING POSITIONS, 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 WITH DEEP CULTURAL HERITAGE AND RELEVANCE #1 IN DISHWASHING LIQUID 56% share in manual dish Most distributed dishwashing liquid Unmatched top-of-mind C.70% awareness and equity of revenues come from bran
Slide 51: #1 in baby bath soaps
OUR NIGERIAN BRANDS HOLD LEADING POSITIONS, 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 WITH DEEP CULTURAL HERITAGE AND RELEVANCE #1 IN BABY BATH SOAPS 39% share in baby bar soap No. 1 in baby skincare 70% of revenue from C.70% traditional channels of revenues come from brands with #1 posit
Slide 52: #1 in ointments
OUR NIGERIAN BRANDS HOLD LEADING POSITIONS, 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 WITH DEEP CULTURAL HERITAGE AND RELEVANCE #1 IN OINTMENTS 44% share Resilient historical equity Strong export potential C.70% of revenues come from brands with #1 positions Source: Nielsen CAPITAL MARKET
Slide 53: Scale and quality of distribution is a competitive advantage
THE SCALE AND QUALITY OF OUR DISTRIBUTION AND 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 SALES EXECUTION IS A COMPETITIVE ADVANTAGE No. of stores (in 000s) 1000 800 600 73% Indirect coverage 400 200 27% Direct coverage 0 Source: Nielsen 53
Slide 54: Winning with Discipline in Nigeria
01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06
Slide 55: Our manufacturing assets give us a competitive advantage
OUR MANUFACTURING ASSETS GIVE US 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 A COMPETITIVE ADVANTAGE OUR FACTORIES ARE WELL INVESTED, COST-EFFICIENT, SCALABLE, AND HIGHLY AGILE IKORODU FACTORY ABA FACTORY • Size: Over 654,000m2 (c.92 football pitches) • Size: Over 75,000m2 (c.11 football pi
Slide 56: Growth Drivers
04 WINNING WITH DISCIPLINE IN NIGERIA GROWTH DRIVERS CAPITAL MARKETS EVENT FEBRUARY 26 56
Slide 57: Three core pillars of inflation-adjusted revenue growth
WE ARE TARGETING INFLATION-ADJUSTED REVENUE 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 GROWTH THROUGH THREE CORE PILLARS CORE CATEGORY PAN-AFRICA GROWTH EXPANSION GROWTH Insert image Uganda Tanzania Libya Chad (West Africa cluster) CAPITAL MARKETS EVENT FEBRUARY 26 57
Slide 58: Core growth
01 CORE GROWTH 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 CORE GROWTH REVENUE GROWTH DRIVERS (£M) Core Growth Category Expansion BRAND-BUILDING Pan-Africa Growth Other Growth EXECUTION EXCELLENCE 01 Low- to mid-single-digit % above inflation p.a. REVENUE GROWTH 141 MANAGEMENT (RGM) FY25 Me
Slide 59: Core growth: brand-building
01 CORE GROWTH 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 CORE GROWTH BRAND-BUILDING LEVERAGING THE PZ BRAND-BUILDING FLYWHEEL CUSSONS BABY PREMIER COOL CLEAR, DISTINCT HOSPITAL PROGRAMME INTERNATIONAL MEN’S DAY POSITIONING CAPITAL MARKETS EVENT FEBRUARY 26 59
Slide 60: Core growth: execution excellence, golden outlets
01 CORE GROWTH 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 CORE GROWTH EXECUTION EXCELLENCE INCREASE IN QUANTITY AND QUALITY OF STORES COVERED No. of stores (in 000s) GOLDEN OUTLETS 1000 • Expanded product range 800 30% uplift • Improved margin and economics from direct to golden outlets •
Slide 61: Route to market growth enabled by advanced analytics
01 CORE GROWTH 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 CORE GROWTH EXECUTION EXCELLENCE ROUTE TO MARKET GROWTH IS ENABLED BY ADVANCED ANALYTICS Expand RTM coverage Optimize merchandising Increase productivity across and market reach effectiveness channels and teams CAPITAL MARKETS EVENT
Slide 62: Revenue growth management
01 CORE GROWTH 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 CORE GROWTH REVENUE GROWTH MANAGEMENT (RGM) RGM ACTIVITY DRIVES REVENUE AND GROSS MARGIN IMPROVEMENT PRICING AND PACK OPTIMISATION MIX OPTIMISATION COST EFFICIENCIES / IMPROVEMENT +£12M pricing Mix optimisation in Palm stearin ECOWA
Slide 63: Category expansion
02 CATEGORY EXPANSION 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 CATEGORY EXPANSION REVENUE GROWTH DRIVERS (£M) Core Growth Category Expansion Pan-Africa Growth HOME CARE Other Growth 02 PERSONAL CARE Low- to mid-single-digit % above inflation p.a. 141 FY25 Medium-term Note: Total Africa r
Slide 64: FY26 innovation: Carex antibacterial range relaunch
02 CATEGORY EXPANSION 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 CATEGORY EXPANSION HOME FY 26 INNOVATION LAUNCH: CAREX ANTIBACTERAL RANGE RELAUNCH ON TRACK 360° CAREX MASTERBRAND LAUNCH ACROSS TOUCHPOINTS: • In-store promotions • Below-the-line activations and consumer sampling FOR £3M •
Slide 65: Personal care: beauty
02 CATEGORY EXPANSION 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 CATEGORY EXPANSION PERSONAL CARE - BEAUTY NIGERIA SKIN AND HAIR CARE MARKET1 Market size Growth rate MEDIUM-TERM C.£100M >20% TARGET: £5M+ AT ACCRETIVE GROSS MARGINS 1. Nielsen CAPITAL MARKETS EVENT FEBRUARY 26 65
Slide 66: Personal care: men's grooming
02 CATEGORY EXPANSION 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 CATEGORY EXPANSION PERSONAL CARE – MEN’S GROOMING MEN’S GROOMING MARKET1 Market size Growth rate MEDIUM-TERM C.£90M >20% TARGET: £5M+ AT ACCRETIVE GROSS MARGINS 1. Euromonitor CAPITAL MARKETS EVENT FEBRUARY 26 66
Slide 67: Pan-Africa growth
03 PAN-AFRICA GROWTH 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 PAN-AFRICA GROWTH REVENUE GROWTH DRIVERS (£M) MARKET DRIVEN APPROACH Core Growth Category Expansion CURRENT FOOTPRINT Pan-Africa Growth Enterprise Trading Explore Brand-led markets Trade-led markets Target expansion markets Ot
Slide 68: Key messages
KEY MESSAGES 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 Africa is a large market with significant long-term opportunity We have a right to win given our unique heritage, leading brands and strong capabilities We will win with a clear growth strategy through core, category, and pan-Africa e
Slide 69: Guardrails to mitigate macro risks in Nigeria
WE HAVE INTRODUCED GUARDRAILS TO MITIGATE 01 02 03 04 WINNING WITH DISCIPLINE IN NIGERIA 05 06 MACRO RISKS IN NIGERIA 01 02 03 REPATRIATE MINIMISE FX STRENGTHEN CAPABILITIES SURPLUS CASH EXPOSURE AND CULTURE • Target no more than £20M • Reduce USD purchases • Upweight capability and cash in Nigeria
Slide 70: Delivering Sustainable Shareholder Returns
05 DELIVERING SUSTAINABLE SHAREHOLDER RETURNS JONATHAN MYERS CHIEF EXECUTIVE OFFICER CAPITAL MARKETS EVENT FEBRUARY 26 70
Slide 71: Financial algorithm
FINANCIAL ALGORITHM 01 02 03 04 05 DELIVERING SUSTAINABLE SHAREHOLDER RETURNS 06 TARGETING HIGH-SINGLE-DIGIT OPERATING PROFIT GROWTH AT CONSTANT FX TARGETS OVER THE CYCLE DRIVERS Developed: Mid-single-digit % Low- to mid-single-digit % LFL REVENUE GROWTH Emerging: (ex. M&A) Low- to mid-single-digit
Slide 72: Capital allocation policy
CAPITAL ALLOCATION POLICY 01 02 03 04 05 DELIVERING SUSTAINABLE SHAREHOLDER RETURNS 06 SURPLUS CASH REDUCES LEVERAGE AND FUNDS DIVIDEND | M&A IS EVALUATED VS. CASH RETURNS LEVERAGE Targeting net debt/ EBITDA range of 1.0-1.5x (excluding cash in Nigeria) PRIORITIES DIVIDEND Progressive dividend FOR U
Slide 73: Summary Value Creation Framework
SUMMARY VALUE CREATION FRAMEWORK 01 02 03 04 05 DELIVERING SUSTAINABLE SHAREHOLDER RETURNS 06 THROUGH THE CYCLE MID-SINGLE- High-single- Progressive DOUBLE-DIGIT DIGIT % digit EPS dividend TOTAL LFL revenue growth at payment SHAREHOLDER growth reported FX RETURN THROUGH THE CYCLE Note: Excludes assu
Slide 74: Our Investment Case
OUR INVESTMENT CASE 01 02 03 04 05 DELIVERING SUSTAINABLE SHAREHOLDER RETURNS 06 01 02 03 04 05 BRANDS CAPABILITIES PORTFOLIO CAPITAL GROWTH ALLOCATION • Building winning • Go-to-market • Simplified footprint • Strengthened • Targeting mid- portfolios of capabilities in our • Balanced between balanc
Slide 75: Q&A
06 Q&A CAPITAL MARKETS EVENT FEBRUARY 26 75
Slide 76: Appendix
APPENDIX CAPITAL MARKETS EVENT FEBRUARY 26 76
Slide 77: Other Biographies
OTHER BIOGRAPHIES 01 02 03 04 05 06 Appendix Rob Spence Alastair Smith Ningcy Yuliana Managing Director - Europe Managing Director - ANZ Managing Director - Asia • Responsibility for leading • Responsible for leading the • Responsible for overseeing Overview: Europe’s continued evolution in business
Slide 78: Lead markets at a glance - UK
LEAD MARKETS AT A GLANCE - UK 01 02 03 04 05 06 Appendix UK 34% Route-to-Market £175M Key customers include: REVENUE FY25 GROUP 250 REVENUE EMPLOYEES OTHER Operations and #1 IN LIQUID SOAP Supply Chain 33% SHARE #2 IN W&B GIFTING FY25 UK REVENUE Manufacturing site based in Manchester is dedicated 11
Slide 79: Lead markets at a glance - ANZ
LEAD MARKETS AT A GLANCE - ANZ 01 02 03 04 05 06 Appendix ANZ 17% Route-to-Market £89M 2 retailers account for c.70% of the Australian market REVENUE FY25 17% GROUP 65 The ‘Fresh Food People’ Medium/ Large/ ‘Express’ REVENUE EMPLOYEES ~40% C.1,100 ~30% 850 Value share Stores Value share Stores OTHER
Slide 80: Lead markets at a glance - Indonesia
LEAD MARKETS AT A GLANCE - INDONESIA 01 02 03 04 05 06 Appendix INDONESIA 12% Route-to-Market £59M REVENUE 65% General trade 25% Modern trade C.10% E-commerce FY25 17% GROUP 550 REVENUE EMPLOYEES OTHER Operations and Supply Chain Located near Jakarta, Indonesia produces for Baby and Hygiene category
Slide 81: Lead markets at a glance - Nigeria Family Care
LEAD MARKETS AT A GLANCE – NIGERIA FAMILY CARE 01 02 03 04 05 06 Appendix NIGERIA FAMILY CARE 11% Route-to-Market £59M • 200,000+ directly served retail outlets REVENUE FY25 • 90 wholesale and active distributors GROUP 500 59% 29% Grocery store 7% Golden 5% Modern REVENUE Open market / neighbourhood
Slide 82: Our Electricals business is a market leader
OUR ELECTRICALS BUSINESS IS A MARKET LEADER WITH OPPORTUNITY 01 02 03 04 05 06 Appendix FOR SIGNIFICANT GROWTH Electricals Rest of Africa PZC Group Personal, A journey of more than 50 years Home, Baby Performance, Reliability, Naijanised Innovation #1 electrical company in Nigeria by no. of showroom
Slide 83: Simplified Africa entity chart
SIMPLIFIED AFRICA ENTITY CHART 01 02 03 04 05 06 Appendix PZ Group (UK) Wilmar International 73% Public PZ Wilmar (Nigeria) PZ Cusson Nigeria 100% Ghana and Kenya Sold to Wilmar 27% plc (Nigeria) International 75% Electricals 25% HPZ Limited Harefield (Nigeria), (Nigeria) (c.5% of revenue) (c.95% of
Slide 84: Historic lead market growth rates
HISTORIC LEAD MARKET GROWTH RATES 01 02 03 04 05 06 Appendix FY25 Growth rates Revenue (£M) FY23 FY24 FY25 L3Y average Developed 288 3.9% (0.3%) (1.3%) 0.7% ANZ 89 13.3% 3.2% (3.4%) 4.4% UK 175 (4.2%) 0.6% 2.1% (0.5%) Other Developed 25 19.9% (13.8%) (15.2%) (3.0%) Emerging 217 8.3% 11.2% 23.5% 14.4