Slide 1: Rounding differences are not adjusted
Rounding differences are not adjusted
Slide 2: Total Group sales July 2025
£m July 2025 July 2024 Var Total Group sales 3,249 2,946 + 10.3% NEXT full price sales 2,623 2,366 + 10.9% Retail stores + 5.4% Online UK + 9.2% Total UK + 7.6% Total UK excludes finance interest. Total sales and profit are not presented on a statutory basis
Slide 3: Total Group sales by channel
£m July 2025 July 2024 Var Total Group sales 3,249 2,946 + 10.3% NEXT full price sales 2,623 2,366 + 10.9% Retail stores + 5.4% Online UK + 9.2% Online International + 28.1% Total sales and profit are not presented on a statutory basis
Slide 4: Operating profit incl. lease interest
£m July 2025 July 2024 Var Total Group sales 3,249 2,946 + 10.3% Operating profit 555 491 Lease interest (24) (24) Operating profit incl. lease interest 530 467 External finance interest (16) (15) Profit before tax 515 452 + 13.8% PBT margin 15.8% 15.4% Total sales and profit are not presented on a
Slide 5: Profit after tax
£m July 2025 July 2024 Var Total Group sales 3,249 2,946 + 10.3% Operating profit 555 491 Lease interest (24) (24) Operating profit incl. lease interest 530 467 External finance interest (16) (15) Profit before tax 515 452 + 13.8% Tax charge (128) (111) Effective tax rate 24.9% 24.7% Profit after ta
Slide 6: EPS and interim dividend
£m July 2025 July 2024 Var Total Group sales 3,249 2,946 + 10.3% Operating profit 555 491 Lease interest (24) (24) Operating profit incl. lease interest 530 467 External finance interest (16) (15) Profit before tax 515 452 + 13.8% Tax charge (128) (111) Profit after tax 387 341 + 13.4% Post-tax EPS
Slide 7: Cash flow statement
The cash flow statement is not presented on a statutory basis.
Slide 8: Cash flow: profit, depreciation and capex
£m July 2025 July 2024 Var Profit before tax 515 452 + 62m Depreciation & software amortisation 72 71 Capital expenditure (76) (74) 2m The cash flow statement is not presented on a statutory basis.
Slide 9: Capital expenditure
Capital expenditure £206m Stores Head office & £34m £167m £179m(e) Subsidiaries £151m Technology £53m £41m £70m £46m Warehouses £16m £117m £22m £22m £49m £34m £35m £62m £49m £53m Jan Jan Jan Jan 2023 2024 2025 2026(e)
Slide 10: Capital expenditure
Capital expenditure £206m Stores Head office & £34m £167m £179m(e) Subsidiaries £151m + £24m(e) Technology £53m £41m £70m £46m Warehouses £16m £117m £22m £22m £49m £34m £35m £62m £49m £53m Jan Jan Jan Jan 2023 2024 2025 2026(e)
Slide 11: Capital expenditure: space expansion and maintenance
Capital expenditure £206m Stores Head office & £34m £167m £179m(e) Subsidiaries £151m Technology £53m £41m £53m Space expansion £26m £70m £46m Warehouses £16m £20m £17m Maintenance £117m £22m £22m £49m £34m £35m £62m £49m £53m Jan Jan Jan Jan 2023 2024 2025 2026(e)
Slide 12: Store openings
Dundee Stores Openings Sales to date Capex vs target NBC Payback IRR Kilmarnock 7 stores £18m - 6% 18% 29 mths 38% Newcastle £179m(e) Thurrock £19m + 4% 15% 6 yrs 15% Ripon £53m Liverpool £70m £17m Thetford £22m £35m Thurrock Canterbury £53m Jan 2026(e)
Slide 13: The economics of store openings
Openings Sales Stores to date Capex vs target NBC Payback IRR 7 stores £18m - 6% 18% 29 mths 38% £179m(e) The economics of store openings £53m £70m 2015 2025 Var £17m Sales / sq ft £300 £210 - 30% £22m Cash profit 25% / sq ft £75 £53 - 30% £35m £53m Jan 2026(e)
Slide 14: The economics of store openings: payback
Openings Sales Stores to date Capex vs target NBC Payback IRR 7 stores £18m - 6% 18% 29 mths 38% £179m(e) The economics of store openings £53m £70m 2015 2025 Var £17m Store shop fit / sq ft £140 £185 + 32% £22m Cash profit 25% / sq ft £75 £53 - 30% £35m Payback = 22 mths = 42 mths £53m Jan 2026(e)
Slide 15: The economics of store openings
Openings Sales Stores to date Capex vs target NBC Payback IRR 7 stores £18m - 6% 18% 29 mths 38% £179m(e) The economics of store openings £53m £70m 2015 2025 Var £17m Store shop fit / sq ft £140 £185 + 32% £22m Cash profit 25% / sq ft £75 £53 - 30% £35m Payback = 22 mths = 42 mths £53m Jan 2026(e)
Slide 16: Cash flow: working capital
£m July 2025 July 2024 Var Profit before tax 515 452 Depreciation & software amortisation 72 71 Capital expenditure (76) (74) Working capital / other (197) (215) 18m Staff incentives & ESOT 43m Stock 25m The cash flow statement is not presented on a statutory basis.
Slide 17: Surplus cash
£m July 2025 July 2024 Var Profit before tax 515 452 Depreciation & software amortisation 72 71 Capital expenditure (76) (74) Working capital / other (197) (215) Corporation Tax (110) (118) Surplus cash 204 117 + 87m The cash flow statement is not presented on a statutory basis.
Slide 18: Net cash flow and buybacks
£m July 2025 July 2024 Var Profit before tax 515 452 Depreciation & software amortisation 72 71 Capital expenditure (76) (74) Working capital / other (197) (215) Corporation Tax (110) (118) Surplus cash 204 117 + 87m Investments 0 (10) Buybacks (81) (125) + 43m Net cash flow 123 (18) + 141m Cash flo
Slide 19: Balance sheet: stock
£m July 2025 July 2024 Var Fixed assets & software 771 773 Investments 553 570 - 17m Stock 1,060 934 + 125m + 13% Subsidiaries’ stock 111 117 - 5% NEXT stock 948 818 + 16%
Slide 20: Stock and weeks cover
£m July 2025 July 2024 Var Stock 1,060 934 + 125m + 13% Subsidiaries’ stock 111 117 - 5% NEXT stock 948 818 + 16% + 3 weeks Weeks cover + 3 weeks • Buying caution 30 • Suez Canal 26 • Bangladesh disruption Forecast AW 25 sale stock < +4% 23 20 Upside ? 20 Jul Jul Jul 2023 2024 2025
Slide 21: Customer receivables
£m July 2025 July 2024 Var Fixed assets & software 771 773 Investments 553 570 Stock 1,060 934 Customer receivables 1,278 1,257 + 1.6% Credit sales year to July 2025 2,125 2,019 + 5.2% Customer receivable days 189 196 - 3.6% Credit sales includes Online and Retail credit sales and interest income. J
Slide 22: Customer receivables and default rates
£m July 2025 July 2024 Var Customer receivables 1,278 1,257 + 1.6% Provision releases Annual default and closing provision rates Closing provision July 25 £10m 9.8% for future defaults July 24 £10m 7.8% 7.6% 7.1% Observed default rate 4.5% 4.3% 3.9% 3.2% 3.3% 3.2% 2.6% 2.3% H1 2.8% H1 2.2% Jan Jan J
Slide 23: Other debtors
£m July 2025 July 2024 Var Fixed assets & software 771 773 Investments 553 570 Stock 1,060 934 Customer receivables 1,278 1,257 Other debtors 259 203 56m International aggregators 20m Interest free credit 19m
Slide 24: Creditors and derivatives
£m July 2025 July 2024 Var Fixed assets & software 771 773 Investments 553 570 Stock 1,060 934 Customer receivables 1,278 1,257 Other debtors 259 203 Creditors & derivatives (1,132) (980) 152m Stock 60m Payroll accruals 29m Taxes 24m July 2024 customer receivables has been restated to remove returns
Slide 25: Net debt and net assets
£m July 2025 July 2024 Var Fixed assets & software 771 773 Investments 553 570 Stock 1,060 934 Customer receivables 1,278 1,257 Other debtors 259 203 Creditors & derivatives (1,132) (980) Pension surplus 29 38 Dividends (185) (169) + 9% Buyback commitments 0 (135) 135m Net debt (excl. lease debt) (5
Slide 26: Debt facilities
Jan 2025 £1.2bn* 2029 NEXT RCF £425m 2028 Bond £300m 2026 Bond £250m 2025 Bond £250m * Excluding Subsidiaries’ facilities. 26
Slide 27: Debt facilities Jan 2026(e)
Jan 2026(e) Jan 2025 £1.24bn £1.2bn* 2029 NEXT RCF NEXT RCF £100m increase £525m 2031 Bond 2031 Bond £300m new issue £300m 2028 Bond 2026 Bond £136m repaid £300m 2025 Bond 2026 Bond £250m fully repaid £114m * Excluding Subsidiaries’ facilities.
Slide 28: Net debt bridge
Net debt Jan 2025 Jan 2026(e) Jan 2025 Jan 2026 £660m 0.63 Leverage 0.58 £660m(e) Surplus cash £411m(e) Operational cash flow £873m(e) Ordinary dividends £284m(e) Capital expenditure £179m(e)
Slide 29: Net debt bridge
Net debt Jan 2026 Jan 2025 Jan 2026(e) Jan 2025 £720m(e) £660m 0.63 Leverage 0.63 Surplus cash £471m(e) Operational cash flow £873m(e) Ordinary dividends £284m(e) Capital expenditure £179m(e)
Slide 30: Net debt bridge with buybacks
Net debt Jan 2026 Jan 2025 £720m(e) £660m Investments Surplus cash Buybacks £352m(e) Special dividends Buybacks* to date Operational cash flow £119m £873m(e) Ordinary dividends £284m(e) Capital expenditure £179m(e) * Buybacks to 5 September 2025.
Slide 31: Retail Stores
Retail Stores Lakeside Thurrock
Slide 32: Retail Stores sales
£m July 2025 July 2024 Var Total sales 899 867 + 3.7% Full price sales + 5.4% Like-for-like full price sales + 4.2%
Slide 33: Retail Stores profit
£m July 2025 July 2024 Var Total sales 899 867 + 3.7% Operating profit 97 98 Lease interest charge (17) (17) Profit 80 81 - 1.4% Margin 8.9% 9.4% Profit includes lease interest.
Slide 34: Retail Stores margin
£m July 2025 July 2024 Var Margin 8.9% 9.4% - 0.5% Bought-in gross margin + 0.1% Underlying margin + 0.2% Markdown - 0.1% Packaging tax - 0.1% Payroll - 0.5% Wage inflation & NI - 0.7% Productivity + 0.2%
Slide 35: Retail Stores margin movement
£m July 2025 July 2024 Var Margin 8.9% 9.4% - 0.5% Bought-in gross margin + 0.1% Markdown - 0.1% Increase in LFL sales + 0.5% Payroll - 0.5% New space - 0.5% Store occupancy + 0.2% Lower energy prices & usage + 0.3% Warehouses & distribution 0% Lower business rates refund - 0.1% Central costs - 0.2%
Slide 36: Retail Stores second half margin forecast
£m July 2025 July 2024 Var Assuming 2nd half … Like-for-like full price sales - 2.0% New space + 1.4% Total full price sales - 0.6% Jan 2026(e) Jan 2025 Margin forecast 9.8% 11.0% - 1.2% Wage inflation and Employers NI - 1.1%
Slide 37: Online UK
Slide 38: Online UK sales
£m July 2025 July 2024 Var Full price Total UK sales 1,269 1,142 + 11.1% + 9.2% Full price sales participation and growth Third-party brands + 12.1% 34% brand 57% + 6.8% Wholly-owned 9% brands & licences + 14.7%
Slide 39: Online UK profit
£m July 2025 July 2024 Var Total UK sales 1,269 1,142 + 11.1% Profit 223 190 + 17.7% Margin 17.6% 16.6% NEXT brand 20.3% 19.0% Non-NEXT 14.1% 13.4% Profit includes lease interest. Central costs have been partially reallocated from NEXT Brand to Non-NEXT. Margin previously reported at 19.0% NEXT Bran
Slide 40: Central cost reallocation
£m NEXT brand Non-NEXT July 2024 19.0% 13.4% Central cost reallocation + 1.1% - 1.2% July 2024 restated 20.1% 12.2% Central costs have been partially reallocated from NEXT Brand to Non-NEXT. Margin previously reported at 19.0% NEXT Brand, 13.4% Non-NEXT.
Slide 41: Margin: NEXT brand and Non-NEXT
£m NEXT brand Non-NEXT July 2024 19.0% 13.4% Central cost reallocation + 1.1% - 1.2% July 2024 restated 20.1% 12.2% Bought-in gross margin + 0.1% + 0.7% Markdown - 0.2% + 0.1% Warehouses & distribution + 0.3% + 1.1% July 2025 20.3% 14.1% Central costs have been partially reallocated from NEXT Brand
Slide 42: Online UK second half forecast
NEXT brand LABEL Total July 2025 20.3% 14.1% 17.6% Assuming 2nd half … Full price sales + 3.0% + 4.3% + 3.6% Jan 2026(e) margin 21.5% 14.1% 18.3% vs Jan 2025 underlying + 0.4% + 1.2% + 0.8%
Slide 43: Online International
Slide 44: Total International sales
£m July 2025 July 2024 Var Full price Total International sales 612 461 + 33% + 28% FP sales participation and growth Third-party aggregators + 33% 32% New + 9% websites 68% Existing + 24% + 26% Natural + 9% Marketing + 17%
Slide 45: International sales by region
£m July 2025 July 2024 Var Full price Total International sales 612 461 + 33% + 28% FP sales participation and growth by region Rest of World + 28% 10% Middle East Europe + 18% 30% 60% + 34% Sales pn% rounded to the nearest 10%.
Slide 46: International profit and margin
£m July 2025 July 2024 Var Total International sales 612 461 + 33% Profit 93 68 + 36% Margin 15.2% 14.8% + 0.4% PY over accrued duty + 0.7% Restated margin 15.2% 15.5% - 0.3% Bought-in gross margin + 0.4% Underlying margin + 0.2% Lower duty costs + 0.2% Markdown - 0.5% More access to sale stock Prof
Slide 47: International margin movement
£m July 2025 July 2024 Var Margin 15.2% 14.8% + 0.4% PY over accrued duty + 0.7% Restated margin 15.2% 15.5% - 0.3% Bought-in gross margin + 0.4% Markdown - 0.5% Warehousing & distribution + 0.5% Inflationary costs - 0.5% Marketing - 0.7% Operational efficiencies + 0.2% Margin movement - 0.3% Fixed
Slide 48: International margin forecast
£m July 2025 July 2024 Var Restated margin 15.2% 15.5% - 0.3% Assuming … Full price sales Marketing spend Second half + 19% + 25% First half + 28% + 57% Jan 2026(e) Jan 2025 Margin forecast 14.9% 13.9% + 1.0%
Slide 49: Customer Analysis
Slide 50: Total sales by customer type
Total sales by customer type on NEXT websites Customers in Sales per the first half customer £ UK credit 2.7m + 4% 296 + 4% UK cash 4.3m + 12% 108 + 5% International (NEXT websites) 3.3m + 36% 123 - 4% Total excl. aggregators 10.3m + 16% 162 - 1% Sales and customer numbers excludes third-party aggre
Slide 51: Total sales by customer type
Total sales by customer type on NEXT websites Customers in Sales per the first half customer £ UK credit 2.7m + 4% 296 + 4% UK cash 4.3m + 12% 108 + 5% International (NEXT websites) 3.3m + 36% 123 - 4% Total excl. aggregators 10.3m + 16% 162 - 1% Jan 2025 Total excl. aggregators 13.7m 233 Sales and
Slide 52: 2025/26(e) Full Year View
2025/26(e) Full Year View Total full price sales + 7.5% Guidance
Slide 53: Total full price sales
Total full price sales + 7.5% 16% 15.8% 2 year 3.7% 12% 11.9% 10.9% 8% 1 year 6.4% 4% Weather 4.5% Competitor disruption UK economy 0% H1 H2 Total full price sales growth includes interest.
Slide 54: UK economy: employment and vacancies
Total full price sales + 7.5% 16% UK economy 1.4m 2 year 12% Payrolled 1.2m 30m 11.9% employees 1.0m 8% Vacancies 0.8m 29m 1 year 4% 0.6m 4.5% 0.4m 28m 0% H2 Source: ONS & HMRC
Slide 55: UK economy: applicants per vacancy
Total full price sales + 7.5% 16% UK economy 2 year 2025 v 2023 Total 12% 11.9% Vacancies - 35% 8% Unique applicants + 76% Applicants per vacancy 17 1 year 4% Growth in 2 years x 2.7 4.5% 0% H2
Slide 56: UK economy: increased cost of hiring
Total full price sales + 7.5% 16% UK economy Increased cost of hiring 2 year 200 + 102% 12% 16hr/week contract (incl. National Insurance) + 88% 11.9% National Living Wage (adult) 8% CPI 150 1 year + 38% 4% 4.5% 100 0% H2 Source: ONS, HMRC & NEXT calculations
Slide 57: UK economy: hiring cost responses
Total full price sales + 7.5% 16% UK economy 2 year 12% • Increased cost of hiring 11.9% • Mechanisation and AI 8% • Legislative barriers 1 year 4% 4.5% 0% H2
Slide 58: Guidance: sales and profit
March 2025 September 2025 Total full price sales + 5.0% + 7.5% Profit £1,066m £1,105m Total full price sales growth includes interest.
Slide 59: Profit guidance bridge
March 2025 £1,066m Full price sales + £129m + £34m Clearance sales + £7m1 TP profit + £2m Marketing - £4m £1,105m + 9.3% September 2025
Slide 60: Full year guidance summary
Total full price sales £5.44bn + 7.5% Profit £1,105m + 9.3% Pre-tax EPS* 950.9p + 12.5% Ordinary dividend yield 2.5% TSR (at constant PE ratio) 15.0% Profit and EPS measures are stated pre-amortisation and exceptionals. * Pre-tax EPS assuming £351m of further buybacks. Dividend yield based on a shar
Slide 61: Share of the Business
om > Sho De of the Business H1FP Product Sales & Growth NEXT
Slide 62: Geography
Geography H1FP Product Sales & Growth SALES Pn International 22% UK 18% NEXT
Slide 63: Brand Analysis Non-NEXT
Brand Analysis Non-NEXT SALES Pn H1FP Product Sales & Growth
Slide 64: Brand Analysis Non-NEXT
Brand Analysis Non-NEXT H1 Growth % H1FP Product Sales & Growth
Slide 65: Growth rounded to nearest £5m
Growth (£m) is rounded to the nearest £5m
Slide 66: Growth rounded to nearest £5m
Growth (£m) is rounded to the nearest £5m
Slide 67: Growth rounded to nearest £5m
Growth (£m) is rounded to the nearest £5m
Slide 68: Product growth
Product 3P BRANDS GROWTH +9% +£149m NEXT
Slide 69: 3P Brands growth
Product 3P BRANDS GROWTH > _ yb) + 16% fe) E oo = is aL | fi 1
Slide 70: 3P Brands: focus on major brands
Product 3P BRANDS 1. Focus on major brands 2. Sports 3. Premium and luxury SUPERDRY@
Slide 71: 3P Brands: sports
Product 3P BRANDS 1. Focus on major brands 2. Sports 3. Premium and luxury SPORTS CLUB NEXT
Slide 72: 3P Brands: premium and luxury
Product 3P BRANDS 1. Focus on major brands 2. Sports 3. Premium and luxury SEASONS ©
Slide 73: WOBL = Wholly Owned Brands & Licences
WOBL = Wholly Owned Brands & Licences
Slide 74: Wholly Owned Brands and Licences growth
Wholly Owned Brands Licences GROWTH GROWTH + 32% + £30m + 35% + £12m WOBL = Wholly Owned Brands & Licences
Slide 75: NEXT WOBL
NEXT WOBL = Wholly Owned Brands & Licences
Slide 76: Brand price positioning relative to NEXT
Value Similar More Expensive Premium Wholly Owned Licence NEXT The circles are for illustration only and are not scaled based on the size of sales relative to NEXT
Slide 77: Brand price positioning relative to NEXT
Value Similar More Expensive Premium NEXT The circles are for illustration only and are not scaled based on the size of sales relative to NEXT
Slide 78: Brand price positioning relative to NEXT
Value Similar More Expensive Premium NEXT The circles are for illustration only and are not scaled based on the size of sales relative to NEXT
Slide 79: Great People Great Brands
Wholly Owned Brands Licences Great People Great Brands
Slide 80: A great place to cook up fashion
A great place to cook up fashion
Slide 81: A great place to cook up fashion
A great place to cook up fashion
Slide 82: Slide 82
Slide 83: Poet ae jam eae
Poet ae jam eae | i i Gyo. ie Ie iccil| & Te ae Ht iy i) # } i a [ ; 3S son teams , ee a Ll s _ ia @ Individual quality standards ite earns 8 _— ce Te 4 No shared data SA © ) SA Sat J
Slide 84: Online Marketing
NEXT i] ONLINE MARKETING
Slide 85: Sales Growth Drivers
Sales Growth Drivers New Warehouse feel International Websites LA International Marketing &
Slide 86: New Warehouse
New Warehouse CAPACITY COST SAVING SERVICE
Slide 87: New Warehouse: capacity, cost saving, service
New Warehouse CAPACITY COST SAVING SERVICE +40%QG vr2a0f19MG =~ = =
Slide 88: New Warehouse capacity
+ 40% FY 25(e) £19m COVID-19 Cost savings relate to the full warehouse estate
Slide 89: New sortation equipment
+ 40% FY 25(e) £19m COVID-19 New sortation equipment Additional picking capacity Elmsall 3 mechanisation live Cost savings relate to the full warehouse estate
Slide 90: Orders not delivered on time, in full
New Warehouse CAPACITY COST SAVING SERVICE +40%QG vr2a0f19MG G % Orders Not Delivered On Time, In Full 20% 15% 2024 10% TARGET 5% 0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec NEXT
Slide 91: Warehouse cost savings and target
+ 40% FY 25(e) £19m Dec 25(e) TARGET
Slide 92: International Websites
Sales Growth Drivers International Websites La NEXT
Slide 93: International Websites functionality
International Websites Functionality No. of countries! Jan 2025 Local currency Local language address & registration Local returns solution Optimised Products listing page Appropriate local sizing Apple Pay express Marketing spend >5% of sales Parcel shop solution 1) Out of 83 countries. NEXT
Slide 94: International Websites functionality change
International Websites Functionality No. of countries! — Change in July 2025 last 6 months Local currency +27 Local language address & registration +25 Local returns solution +22 Optimised Products listing page +25 Appropriate local sizing +39 Apple Pay express +18 Marketing spend >5% of sales +8 Pa
Slide 95: Markets served
1) Out of 83 countries. 2) Markets we serve % are rounded to the nearest 5%.
Slide 96: Markets served
1) Out of 83 countries. 2) Markets we serve % are rounded to the nearest 5%.
Slide 97: Marketing NPV
Marketing NPV Sales SS 2024 £1.19 + 2%
Slide 98: Marketing NPV
Marketing NPV Sales SS 2024 £1.19 + 2% For every £1 of marketing spend.
Slide 99: Marketing NPV
Marketing NPV Sales SS 2024 £1.19 + 2% AW 2025* £1.70 + 20% * First 6 weeks of AW25
Slide 100: International Marketing
Sales Growth Drivers International Marketing (ay NEXT
Slide 101: International marketing spend and return
H1 2024 H1 2025 Var Spend £20m £31m + 57% Return* £1.71 £1.75 + 2% * For every £1 of marketing spend. • • •
Slide 102: Sales growth drivers summary
EE ales Warehouse Growth Websites ‘ ll Marketing NEXT
Slide 103: Product
Product Sales Warehouse Growth Websites NEXT
Slide 104: Sales
Sales Warehouse fal Growth Websites —() NEXT
Slide 105: Slide 105