Xp Factory Plc · LSE:XPF
Xp Factory — H1 FY26 Earnings Presentation
33 slides from Xp Factory's earnings presentation, December 2025
Slide 1: Results for the Period Ended 28 Sept 2025
RESULTS FOR THE PERIOD ENDED 28 SEPT 2025
Slide 2: Disclaimer
DISCLAIMER XP FACTORY The information contained in this document (“Presentation”) has been prepared by XP Factory plc (the “Company”). This Present ation has not been approved by an authorised person in accordance with Section 21 of the Financial Services and Markets Act 2000 and therefore it is bei
Slide 3: Agenda
FY25/26 INTERIM AGENDA RESULTS Richard Harpham Graham Bird Chief Executive Chief Financial Officer Officer • Overview of interim results • Financial performance • Post period highlights • Cashflow • Summary and outlook • Financial position 3 INTERIM RESULTS FOR THE PERIOD ENDED 28 SEPT 2025
Slide 4: Overview of H1 FY26
OVERVIEW OF H1 FY26
Slide 5: Operating Highlights H1 FY26
OPERATING HIGHLIGHTS H1 FY26 Total revenue Group adj. EBITDA1 £28.2m (+13%) £1.7m (1H24/25: £24.9m) (1H24/25: £1.5m) UK LFL sales growth Owner operated revenues EH: +1.8% EH: £7.3m (+13%) (1H24/25: £6.5m) Boom -6.8% Boom: £20.4m (+16%) (1H24/25: £17.6m) Cash Generated2 Customer satisfaction £2.3m 98
Slide 6: Key Metrics – H1 FY26 (Escape Hunt)
KEY METRICS – H1 FY26 Continued strong performance • £7.3m owner-operated revenue, +13% year on year (1H24/25: £6.5m) • UK LFL growth +1.8%; strong bounce back after a challenging Q1 • -3.5% in FQ1, heavily impacted by unseasonally hot weather • +6.8% in FQ2 • 40.4% site level adj. EBITDA margin (42
Slide 7: Key Metrics – H1 FY26 (Boom)
KEY METRICS – H1 FY26 Resilience in a challenging market • £20.4m owner operated revenue, +16% year on year (1H24/25: £17.6m) • -6.8% UK LFL growth • Industry LFL ~-8% in comparable period 1 • Corporate business improved since the summer offsetting soft consumer • Initial signs of industry consolida
Slide 8: EH Gaining Share in Consolidating Industry
EH GAINING SHARE IN CONSOLIDATING INDUSTRY • Escape Room competitors have struggled with increased cost pressure, negative LFLs and tight margins Escape Room # of UK rooms1; larger 409 • Consolidation at many competitors 180 operators over last 12 months 160 144 339 • Limited direct overlap with “ER
Slide 9: Initial Signs of Consolidation in Competitive Socialising
INITIAL SIGNS OF CONSOLIDATION IN COMP. SOCIALISING • Competitive Socialising industry at earlier maturity stage • Expansion has started to slow from a rapid Competitive Socialising # of UK sites1 growth in 2022-24, early signs of 92 40 consolidation with negative c.8% industry 82 35 LFLs in fiscal
Slide 10: EBITDA Bridge H1 FY26
EBITDA BRIDGE H1 FY26 ● EH O&O +£0.2m year on year ● Continued LFL growth and cost efficiencies offsetting EBITDA bridge labour inflation £2.5 m ● Contribution from new sites and annualization of FY24/25 + £0.5 m -£0.3 m sites ● Closure of Birmingham Central £2.0 m -£0.3 m + £0.2 m -£0.0 m £1.7 m ●
Slide 11: Cash and Net Debt H1 FY26
CASH AND NET DEBT H1 FY26 Business model is cash generative ● Strong EBITDA:Cash conversion in H1 Cashflow analysis 5.0 ● £2.3m free cash generated from operating activities after rent 1.1 4.5 payments 4.0 3.8 3.4 ● Favourable working capital in H1 3.0 ● Annualised 15% free cash yield 1 1.2 2.3 £m 2
Slide 12: Cash Deployed H1 FY26
CASH DEPLOYED H1 FY26 Historic ROI for both Boom and EH of c.50% provides attractive investment opportunity Cash deployment 10.0 ● £0.5m maintenance capex invested in the period 9.0 4.7 ● £0.1m EH 8.0 (0.5) 7.0 ● £0.3m Boom (1.4) 6.0 0.0 (0.9) ● £0.1m central (0.4) £m 5.0 4.5 4.0 0.5 (0.9) 2.3 ● £1.
Slide 13: Post Period Highlights
POST PERIOD HIGHLIGHTS
Slide 14: Bank Re-financing
BANK RE-FINANCING XP FACTORY ● £20m revolving credit facility agreed with HSBC ● Refinances existing facility which matures in Oct 2026 on materially more favourable terms ● 260bps over SONIA (previously 450bp) ● 104bps availability fee on unutilised balance (previously 180bps) ● Reduced covenants ●
Slide 15: Board Changes
BOARD CHANGES ● Group CFO, Graham Bird has informed the board of his intention to retire from the board ● Business has been successfully transformed since he joined six years ago, and Graham has played an invaluable role ● He has agreed to remain on the board until end of March 2026 ● Strong capabil
Slide 16: Strategic Progress
STRATEGIC PROGRESS Stated strategy to achieve ‘£100m run-rate sales and £15m run-rate EBITDA by March 2028 delivered off three pillars’ Site Expansion ● 3 rd party research undertaken in period conclusively validates belief in the market opportunity ● Progress made for new sites to date and strong p
Slide 17: Capital Allocation
CAPITAL ALLOCATION Shareholder value at the centre of decision making, driven by capital allocation decisions ● Board constantly reviews decisions on capital allocation ● Balance choices based on risk assessment and returns expectations ● Urgency to roll out new sites diminishing; Industry capacity
Slide 18: Post Period Highlights
POST PERIOD HIGHLIGHTS XP FACTORY “Robust performance amidst tough conditions” ● Strong bounce back from EH after challenging Q1 ● +7.5% LFL in Q2 ● +8.3% LFL growth for the 9 weeks to 30/11/25 ● Continued strong margins; cost savings offsetting labour increases ● Boom has traded ahead of the experi
Slide 19: Summary and Outlook
SUMMARY AND OUTLOOK XP FACTORY ● Another period of double-digit growth ● Strong cash generation underpinning investment case ● Escape Hunt performing exceptionally well, with industry leading metrics on all measures ● Boom has performed ahead of the market over the period, in a challenging environme
Slide 20: Appendix Slides
APPENDIX SLIDES
Slide 21: Financial Performance FY 2025
Apr - Sep Apr - Sep FINANCIAL PERFORMANCE FY 2025 £m 2025 2024 Revenue 28.2 24.9 EH Owner-operated sites 7.3 6.5 EH Franchise network 0.3 0.3 Further improvement in key indicators Boom Owner-operated sites 20.4 17.6 Boom Franchise network 0.2 0.5 ● Revenue up 13% on the same period in 2024 Gross pro
Slide 22: Cash Flow
CASH FLOW FY 2025 £m H1 FY26 H1 FY25 Adjusted Group EBITDA 4.7 3.2 Exceptionals and pre-opening costs (0.6) (0.7) Investment in the period focused on new sites and enhancements at existing Working capital and other movements 0.7 1.7 sites Tax 0.0 (0.0) Net Cash generated in operating activities 4.8
Slide 23: Financial Position
FINANCIAL POSITION 31 Mar 2025 Balance Sheet £m Sep-25 Mar 2025 Non Current Assets Balance sheet movements largely due to capital investment and funding Property Plant and equipment 25.4 25.2 ● Additions to Fixed assets largely offset by depreciation Right of use assets 25.9 26.9 Intangible assets 2
Slide 24: Market Leader in Experiential Leisure
MARKET LEADER IN EXPERIENTIAL LEISURE XP FACTORY • EH and BBB are the UK market Competitive Socialising # of Escape Room # of UK rooms1 leaders in Escape Room and 160 Competitive Socialising 30 UK sites1 • Net capacity reductions at 8 140 of the 10 Escape Room 25 120 operators over last 12 months 20
Slide 25: Demographics
DEMOGRAPHICS XP FACTORY • Both brands appeal to a broad Customer age split by brand1 Customer gender split by and overlapping demographic 35% brand1 • Diverse customer base spread 30% 60% across gender and age groups for each brand 25% 50% 20% 40% 15% 30% 10% 20% 5% 10% 0% 0% 18-24 25-34 35-44 45+ M
Slide 26: Property Portfolio Dec 2025
PROPERTY PORTFOLIO Dec 2025 Existing Boom sites O-O / FS Date opened / planned Legal status 1 Norwich O-O Jun-20 Open Existing Escape Date 2 Cardiff O-O Oct-20 Open Hunt Franchise Rooms opened / 3 Liverpool O-O May-21 Open sites Existing Escape Hunt sites open acq Legal status 4 Lakeside O-O Jul-21
Slide 27: At a Glance: Our Brands
AT A GLANCE OUR BRANDS Our 73 locations offer a wide variety of entertainment experiences together with licensed bars delivered with world class hospitality in prime retail or leisure locations. 49 Venues 31 Venues Experience ledvenues Wet led venues home to home to team based multiple entertainment
Slide 28: Brand Focus
As a 360 gaming business that goes beyond the BRAND FOCUS bricks and mortar this gives us access to both depth and scale unique to retail and leisure 5 Star rated, premium team based adventures ESCAPE ROOMS In venue immersive escape adventures or virtual reality ESCAPE HUNT is unique in its position
Slide 29: Brand Focus: Modular Multi-Experience Proposition
BRAND FOCUS The modularity provided by our multi-experience proposition is distinctly advantageous We can optimize the A unique bar mix of games and vibe with experiences by social lean in venue size and location as well as entertainment AR AXES AR DARTS continue to innovate and refresh the offer BO
Slide 30: Corporate Social Responsibility
ESG INITIATIVES XP FACTORY Corporate social responsibility • Our games bring people together through shared experiences • Offer free use of facilities for active engagement with charities or members of the community • Inclusive workforce with rich mix of cultures; investing in training, development
Slide 31: Management
MANAGEMENT XP FACTORY Richard Harpham Graham Bird Chief Executive Officer Chief Financial Officer Richard joined the Company on its Admission Graham joined as CFO in January 2020. He is a to AIM after working since November 2016 chartered accountant, having qualified with with the xpfactory (formerl
Slide 32: Shareholdings Sept 2025
SHAREHOLDINGS 30 Sept 2025 XP Factory plc Significant shareholders Number of shares % held Total number of shares in issue 175,157,600 100.0% % of company not in public hands 33.1% Ordinary shares Shareholder held % held Canaccord Genuity Wealth Management 31,244,656 17.84% BGF GP 23,674,420 13.52%
Slide 33: Interim Results for the Period Ended 28 Sept 2025
INTERIM RESULTS FOR THE PERIOD ENDED 28 SEPT 2025