Slide 1: Disclaimer
DISCLAIMER This document contains forward-looking statements with respect to the operations, performance and financial condition of WH Smith PLC. By their nature, these statements are subject to risks, assumptions and uncertainties that could cause actual results to differ materially from those expr
Slide 2: 2025/26 Interim Results
2025/26 INTERIM RESULTS THE WORLD’S ESSENTIAL TRAVEL RETAILER
Slide 3: Leo Quinn, Executive Chair
Leo Quinn, Executive Chair WHSmith
Slide 4: Initial observations
Initial observations ▪ Steady the ship ▪ Cost and cash - strengthen the balance sheet ▪ Green shoots o Long-term Air contracts in place o One-stop-shop format success o Passionate and committed store colleagues Strong and trusted brand, Compelling business model, Valued traveller proposition
Slide 5: Financial Review
FINANCIAL REVIEW Max Izzard, Group CFO
Slide 6: H1 25/26 Financial Performance Headlines
H1 25/26 Financial Performance Headlines Continuing Operations1 Group Revenue Group Headline Total revenue growth 5% Trading Profit2,3 £748m £32m Like-for-like revenue growth across all divisions Group Headline Headline EBITDA2 Profit before tax2 Group Headline Profit before tax and non-underlying i
Slide 7: Group Revenue Summary
Group Revenue Summary Continuing Operations1 REVENUE BY DIVISION H1 26 LFL GROWTH IN ALL DIVISIONS2 £32m Year on year growth +5% 748 7 weeks to 18 April 7 H1 26 H1 25 Total CER2 LFL2 LFL2 £m £m % % % % +1% 11 UK 392 384 2 2 2 0 +2% North America 204 194 5 10 1 2 14 716 Rest of the World and 152 138
Slide 8: Revenue by Segment and Channel
Revenue by Segment and Channel Continuing Operations1 AIR SEGMENT>70% OF TOTAL REVENUE STRONG AIR GROWTH IN H1 26 UK CHANNEL >50% OF TOTAL REVENUE Year on year growth Segment Division 7 weeks to 18 April Total CER2 LFL2 LFL2 Resorts % % % % 5% Rail ROW 9% 20% Air 1 1 2 (3) Hospitals Hospitals 8 8 4
Slide 9: Group Headline Income Statement
Group Headline Income Statement2 Continuing Operations1 (Restated) H1 26 H1 25 £m £m UK 2 34 40 North America 2 2 5 Rest of the World and Other 2 (4) 2 Headline Group trading profit2 32 47 Unallocated central costs (15) (14) Headline Group operating profit 2,3 17 33 Headline net finance costs (14) (
Slide 10: Non-Underlying Costs Summary
Non-Underlying Costs Summary2 Continuing Operations1 FOCUS AREAS FOR FY26 H1 262 £m Transformation IT transformation 4 ▪ IT transformation focused on improvement Operational efficiencies 2 of system capability and infrastructure Transformation 6 including finance and supply chain ▪ Operational effic
Slide 11: Free Cash Flow and Headline Net Debt
Free Cash Flow and Headline Net Debt Continuing Operations1 FREE CASH FLOW HEADLINE NET DEBT (106) (Restated) 27% (5) H1 26 H1 25 (10) £m £m (22) (8) Headline Group operating profit2 17 33 Depreciation, amortisation and impairment2 27 25 (61) Non-cash items 4 4 (496) Headline EBITDA 48 62 Capital ex
Slide 12: Capital Expenditure: active focus on better quality space with strong returns
Capital Expenditure: active focus on better quality space with strong returns Continuing Operations CAPEX STORE NUMBERS INVESTMENT IN FY26 CHANGE VS FY25 H1 26 £M UK NA ROW Total Openings 7 18 11 36 Closures (11) (18) (12) (41) 75% 80% Invest to Grow1 85% Net (4) - (1) (5) Closures: 25% Landlord Red
Slide 13: Rebalance of Capital Allocation
Rebalance of Capital Allocation Strengthen the Invest to Grow Shareholder Balance Sheet and Protect Value Returns Investing in Business Focus on cash generation Development with returns and debt reduction Rebalance of capital at or above hurdle rates allocation Diversified debt structure Protect bus
Slide 14: Divisional Update: UK
DIVISIONAL UPDATE: UK a WHSmith
Slide 15: Air
Air Investing for future growth ▪ Total revenue up 1%; LFL revenue up 2%, reflecting expected trading disruption from store development programme in H1 ▪ Strong execution of one-stop-shop strategy ▪ 6 one-stop-shops opened, including at Heathrow, Liverpool, Belfast and East Midlands airports ▪ 3 fla
Slide 16: Store Development Programme: Heathrow Airport Terminals 3 and 5
Store Development Programme: Heathrow Airport Terminals 3 and 5
Slide 17: Hospitals Rail
Hospitals Rail A CONTINUED OPPORTUNITY FOR GROWTH FORMAT EVOLUTION CONTINUES ▪ Total revenue in Hospitals up 8%; LFL revenue up 4% ▪ Total revenue in Rail up 1%; LFL revenue down 2% ▪ Continued growth of our multi-format approach ▪ Further development of one-stop-shop format ▪ Development of our Smi
Slide 18: North America
NORTH AMERICA WHSmith
Slide 19: Travel Essentials
Travel Essentials Prioritising our most profitable space through Travel Essentials Opening new Travel Essentials stores with strong returns DUKE CITY STATION, ▪ Travel Essentials total revenue growth of 22%1 and ALBUQUERQUE AIRPORT ▪ Opened January 2026 LFL revenue growth of 6% ▪ Marketplace format
Slide 20: InMotion
InMotion Focus on strengthening the retail proposition KEY PART OF CONSUMER OFFER InMotion store portfolio ▪ Key part of consumer offer; highly regarded by landlords 6 9 ▪ Focus on improving the store operational performance ▪ Net store numbers reduced by 3 year to date; store numbers to continue to
Slide 21: Resorts
Resorts Actively managing the store portfolio to simplify the business HOTEL CONVENIENCE Resort store portfolio in H1 AND WELCOME TO LAS VEGAS STORES ▪ Hotel and WTLV: o Focused on strengthening performance and/or terms 5 ▪ Speciality: 87 o All stores under review 3 o 5 stores closed in the period,
Slide 22: Rest of the World
REST OF THE WORLD
Slide 23: Rest of the World and Other
NA slides.pptx NA slides.pptx Rest of the World and Other1 Strengthening the foundations in core markets and delivering enhanced profitability RETAIN AND STRENGTHEN ACTIVELY MANAGING DEVELOPING LESS CAPITAL INTENSIVE KEY MARKETS STORE PORTFOLIO FRANCHISE OFFER ▪ Agreed new one-stop-shop format ▪ Clo
Slide 24: Summary
Helic, Heathrow: Get your travel essentials here
Slide 25: FY26: Guidance update
FY26: Guidance update Continuing Operations1,2 UK c.1-3% Revenue NA c.6-8% Growth ROW c.2-4% UK c.13-14% Headline Trading NA c.7% Profit Margin % ROW c.4% Central costs £30-32m Finance costs £33-35m Group Headline Profit before tax and non- £90-105m underlying items 1. All results are stated before
Slide 26: Summary
Summary ▪ Solid first half trading performance ▪ Good progress against the key priorities set out in December across all divisions ▪ Significant store development programme in UK Air complete ahead of peak summer trading ▪ More to do in North America; Travel Essentials business performing well ▪ Res
Slide 27: Questions
QUESTIONS
Slide 28: Appendix
APPENDIX 4 Bp. Drinks be “Alcohol! . . tech Essentials Heath & Beauty Books Vape & Tobacco Available in WHSmith
Slide 29: Technical Planning Assumptions – FY26 (pre IFRS16 basis)
Technical Planning Assumptions – FY26 (pre IFRS16 basis) Continuing Operations Central costs £30-£32m Interest charges £33-£35m Effective tax rate c.25% Non-underlying c.£50m Capex c.£90m Headline net debt c.£420m
Slide 30: IFRS 16 Impact on Income Statement
IFRS 16 Impact on Income Statement Continuing Operations2 Headline pre- IFRS 16 IFRS 16 IFRS 16 adjustments H1 26 £m H1 26 £m H1 26 £m UK 1 34 4 38 North America 1 2 7 9 Rest of the World and Other 1 (4) (1) (5) Group trading profit 1 32 10 42 Unallocated central costs (15) - (15) Group operating pr
Slide 31: IFRS 16 Impact on Cash flow Statement
IFRS 16 Impact on Cash flow Statement Headline pre- IFRS 16 IFRS 16 IFRS 16 adjustments H1 26 £m H1 26 £m H1 26 £m Net cash (outflow)/inflow from operating activities (43) 39 (4) Net cash outflow from investing activities (47) - (47) Net cash inflow/(outflow) from financing activities 67 (39) (28) N
Slide 32: IFRS 16 Impact on Balance sheet
IFRS 16 Impact on Balance sheet Headline pre- IFRS 16 IFRS 16 IFRS 16 adjustments H1 26 £m H1 26 £m H1 26 £m Goodwill and other intangible assets 446 (1) 445 Property, plant and equipment 265 2 267 Right-of-use assets - 393 393 Investments 4 - 4 Non-current assets 715 394 1,109 Inventories 140 - 140