Slide 1: Full year 2025 results
Marshalls Building Tomorrow’s World Full year 2025 results 16 March 2026
Slide 2: Agenda
Agenda 01 CEO overview 02 2025 financial results 03 Strategy update 04 Outlook 05 Q&A 2
Slide 3: CEO overview
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Slide 4: CEO Perspective
Building Tomorrow’s World CEO Perspective Strategic continuity, sharper execution Where is Marshalls now? What does Marshalls need to do? A diversified portfolio of businesses Tighten focus Market leading propositions valued by our customers Intensify pace Highly capable people who are a key competi
Slide 5: Sharper execution: Focus, Pace, Performance
Building Tomorrow’s World Sharper execution Underpinning our continued commitment to medium-term targets Focus Pace Performance Selective in what we do Delivery-led organisation Commercial excellence Prioritised investment Flattened the structure Visibility of commercial levers Linked workforce plan
Slide 6: 'Transform & Grow' strategy has delivered a return to Group revenue growth
Building Tomorrow’s World ‘Transform & Grow’ strategy has delivered a return to Group revenue growth in subdued markets Group returned to Improved profitability in Acceleration of Robust balance sheet revenue growth reflecting Roofing Products, solid Landscaping reflecting disciplined progress of ‘T
Slide 7: 2025 financial results
SECTION 2025 financial results 7
Slide 8: Financial headlines
Building Tomorrow’s World Financial headlines Revenue growth of 2% but weaker Landscaping Products performance impacted Group profitability Revenue £632.1m 2% Adjusted basic EPS 13.4p 16% £56.4m 6.7p Adjusted Proposed operating 15% full year 16% profit dividend Pre-IFRS Adjusted PBT £43.7m 16% 16 ne
Slide 9: Group revenue and operating profit
Building Tomorrow’s World Group revenue and operating profit Revenue (£'m) Operating profit (£'m) 80 640 8.0 632.1 7.4 70 66.7 619.2 620 (2.5) 60 0.8 0.1 56.4 600 (10.1) (1.1) 50 580 40 560 30 540 20 520 10 500 0 2024 Landscaping Building Roofing 2025 2024 Landscaping Building Roofing Central 2025 P
Slide 10: Landscaping Products
Building Tomorrow’s World Landscaping Products Improved revenue trend and decisive action taken to reduce cost base – Revenue reduction of 1% to £265.8 million: • Volume growth of 4%; offset by • 1% investment in price and 4% from mix 2025 £’m 2024 £’m Change % – Operating profit reduced by £10.1 mi
Slide 11: Building Products
Building Tomorrow’s World Building Products Strong Water Management performance offset by softness in Bricks – Revenue growth of 4% reflecting: • Good growth in Water Management and Mortars partially; offset by 2025 £’m 2024 £’m Change % • Lower revenue in Bricks with slowing in H2 Revenue 172.0 164
Slide 12: Roofing Products
Building Tomorrow’s World Roofing Products Improved profitability driven by strong performance from Viridian Solar – Revenue growth of 4% in 2025: • Continued strong revenue growth of 32% from Viridian Solar driven by continued benefit of energy efficiency changes in new build 2025 £’m 2024 £’m Chan
Slide 13: Adjusted profit before taxation and earnings per share
Building Tomorrow’s World Adjusted profit before taxation and earnings per share Earnings per share reduced due to weaker Landscaping Products performance 2025 £’m 2024 £’m Change % – Operating profit contracted by 15% to £56.4 million Operating profit 56.4 66.7 15% – Lower finance costs reflect the
Slide 14: Net debt
Building Tomorrow’s World Net debt Continued focus on financial discipline delivers strong cash conversion: pre-IFRS16 net debt slightly higher Pre-IFRS 16 net debt bridge (£’m) – Strong operating cash conversion of 88%, reflecting disciplined working capital management – Finance and tax payments to
Slide 15: Ongoing capital discipline
Building Tomorrow’s World Ongoing capital discipline Good control of working capital; medium-term target to rebuild ROCE to c.15%; significant liquidity – Continued strong management of working capital: debtor 2025 £’m 2024 £’m Change % and creditor days improved year-on-year and inventory turn was
Slide 16: Capital allocation policy
Capital allocation policy Clear unchanged policy focused on optimising shareholder value 1 2 3 4 5 Investment to Organic enhance Balance sheet Selective Dividends growth competitive deleveraging acquisitions advantage Strategic plan Transform & Grow Maintain dividend Balance sheet Selective bolt-on
Slide 17: Strategy update
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Slide 18: Transform & Grow: Building Tomorrow's World
Best in class technical and design support Our purpose: Our strategy: Building Tomorrow’s World Transform & Grow Customers Carbon leadership who value our unique Leading brands set of capabilities Business excellence Leadership in ESG Great place to work 2-4% market 15% operating 90% 0.5 -1.5x 2x ca
Slide 19: Brand Powerhouse: Landscaping
Building Tomorrow’s World Brand Powerhouse Drive greater value from distinctive national specification pull model Landscaping Market update Near term improvement plan – Activity levels broadly flat - Strengthen leadership – H2 softened as new build slowed - Growing strategic customer relationships
Slide 20: Rebuilding margin in Landscaping Products
Building Tomorrow’s World Brand Powerhouse Target Margin Rebuilding margin in Landscaping Products 12%+ Operating leverage Operating leverage • Incremental volume through existing network • Normalisation of competitive dynamics Commercial excellence Commercial • Clearer product & pricing architect
Slide 21: Brand Powerhouse: Marley Roofing
Building Tomorrow’s World Brand Powerhouse Strengthen roofing heartlands and drive share in adjacencies Marley Roofing Market update Strategic priorities – Underlying demand broadly flat – Optimise profit in social RMI heartland – Increased competitive intensity in concrete – Drive market share pr
Slide 22: Growth Engine: Viridian Solar
Building Tomorrow’s World Growth Engine Leverage regulatory tailwinds and NPD to accelerate growth Viridian Solar Market update Strategic priorities – Significant market growth in 2025 – Leverage regulatory tailwinds – No significant change in competitor – Increase attachment rate of ancillary dynam
Slide 23: Growth Engine: Water Management
Building Tomorrow’s World Growth Engine Reposition to access growth and market headroom in water infrastructure Water Management Market update Strategic priorities – Industry demand levels broadly flat in 2025 – Strengthen position in new housing – Early AMP8 indicators are positive – Access new mar
Slide 24: Growth Engine: Bricks and Masonry
Building Tomorrow’s World Growth Engine Accelerate concrete adoption as lower carbon alternative Bricks and Masonry Market update Strategic priorities – Industry demand levels broadly flat – Drive share with national housebuilders – Competitive dynamics intensified with – Accelerate concrete brick a
Slide 25: Outlook
SECTION Outlook 25
Slide 26: Expectations unchanged: sharper execution and attractive fundamentals support outlook
Building Tomorrow’s World Expectations unchanged: sharper execution and attractive fundamentals support outlook Market activity levels in the first two months of 2026 remained consistent with the close of 2025, although they were affected by persistent rainfall and the Board is mindful of the potent
Slide 27: Appendices
APPENDICES 27
Slide 28: Shareholder value creation: investment case
Building Tomorrow’s World Shareholder value creation: investment case Group positioned Profit growth Highly cash Free cash Profitable to outperform the delivered through generative flow de-levers growth increases construction market operational leverage business model balance sheet shareholder retur
Slide 29: Enviable market share positions with strong differentiated brand propositions
Building Tomorrow’s World Our businesses have enviable market share positions with strong differentiated Marshalls brand propositions and significant headroom for growth Other Landscaping Roofing Solar Water Management Bricks Concrete Natural stone Concrete and clay tiles In-roof Residential Infrast
Slide 30: Our Business Units each have a clear strategic imperative
Building Tomorrow’s World Our Business Units each have a clear strategic imperative Portfolio role Business units Strategic imperative Marshalls Drive greater value from distinctive national specification pull model Landscaping Brand Powerhouses Marley Strengthen roofing heartlands and drive share i
Slide 31: Funding and liquidity
Building Tomorrow’s World Funding and liquidity Sustained reduction in net debt since 2022 with significant liquidity and covenant headroom Pre-IFRS 16 net debt (£’m) – Syndicated bank facility of £270 million – matures in November 2029, with a 1-year extension option – Net debt of £177.0 million an
Slide 32: Results summary
Building Tomorrow’s World Results summary Change £’M 2025 2024 % Revenue 632.1 619.2 2% Adjusted results EBITDA 85.0 97.8 (13%) Operating profit 56.4 66.7 (15%) Profit before tax 43.7 52.2 (16%) Basic EPS - pence 13.4 16.0 (16%) ROCE (%) 7.0 8.2 (1.2ppts) Pre-IFRS 16 net debt 137.9 133.9 3% Statutor
Slide 33: Adjusted profit before taxation and earnings per share
Building Tomorrow’s World Adjusted profit before taxation and earnings per share Bridge of reported result to adjusted result 2025 2025 2025 2024 2024 2024 £’m Reported Adjusting Adjusted Reported Adjusting Adjusted Operating profit 32.0 24.4 56.4 53.9 12.8 66.7 Net finance costs (14.3) 1.6 (12.7) (
Slide 34: Adjusting items charged to profit before taxation
Building Tomorrow’s World Adjusting items charged to profit before taxation 2025 2024 £’m £’m 1. Amortisation of acquired intangible assets (10.3) (10.4) 2. Impairment charges, restructuring charges and similar costs (14.1) – 3. Transformation costs – (2.5) 4. Additional contingent consideration – (
Slide 35: Disclaimer
Building Tomorrow’s World Disclaimer – For the purposes of the following disclaimer, references to this “presentation” shall be – By their nature, forward-looking statements involve risks, uncertainties and assumptions deemed to include references to the presenters’ speeches, the question and answer