Jd Sports Fashion Plc · LSE:JD.
Jd Sports Fashion — H1 2026 Earnings Presentation
37 slides from Jd Sports Fashion's earnings presentation, Sep 24, 2025
Slide 1: Régis Schultz and Dominic Platt
Régis Schultz _» “Chief Executive Officer %\) ' ee _ Dominic Platt f Financial Offi ~
Slide 2: Welcome
Welcome Andy Higginson Chair
Slide 3: Agenda
Agenda Intro Régis Schultz Chief Executive Officer Interim results Dominic Platt Chief Financial Officer Business update Régis Schultz Chief Executive Officer Q&A JD Grétip
Slide 4: Key messages
Key messages H1 results show operating & financial discipline, against tough trading backdrop Focused & consistent execution against strategic objectives Market share gains in North America & Europe Limited impact expected from US tariffs this financial year
Slide 5: Interim results
Interim results 26 weeks to 2 August 2025 Dominic Platt Chief Financial Officer
Slide 6: Summary financials
L Summary financials £m/26 weeks H126 Sales 5,940 Gross margin % 48.0% Operating profit 369 Operating margin %” 6.2% Net finance expense (ex leases) (sg) Profit before tax & adjusting items 351 Statutory profit before tax 138 Adjusted basic EPS (p) 4.60 Interim dividend per share (1p) 0.33 Operating
Slide 7: Share gains driving organic sales growth ahead of market
Share gains driving organic sales growth ahead of market ”“'” fm ° FX headwind of -2.0%pts on total sales ° New space & annualisation of new stores +5.2%pts 6,000 ¢ Full half of sales from acquisitions +17.3%pts So 5,940 5,500 5,032 (25%) 257 5,071 5,000 a 4,937 “84 1 P| “123 4,500 H125 reported FX
Slide 8: A balanced and diversified global business
A balanced and diversified global business 7D Group Sales by region Sales by channel Sales by category mUK Europe 7 = Footwear Apparel mNorth America mAsia Pacific mStores mOnline =Other mAccessories m Other ° Market share gains in our * Resilient store sales * Category mix shift YoY 2 largest regio
Slide 9: Tough trading environment; gaining market share
Tough trading environment; gaining market share L 2. 3. £m/26 weeks Total North America Sales 5,940 2,318 LFL % -2.5% -3.8% Organic sales growth % +2.7% +3.1% Operating profit 369 181 Operating margin %” 6.2% 7.8% vs prior H1 (170)bps (340)bps # of stores at period end 4,872 2,529 Net store movement
Slide 10: Group profit bridge
Group profit bridge JD Group * Cost increases driven by inflation (inc. ¢ FX mark-to-market -£13m partly unwinds in H2 wages/NICs), higher tech costs and FX oe : mark-to-market fully offset by variable * Acquisitions benefit tapers in H2 opex reductions and structural cost savings + Net finance expe
Slide 11: Summary cash flows
IDG Summary cash flows roup Strong operating cash flow, * Free cash flow -£68m (H125: -£103m) +5.0% YoY : , , , £m * Reflects typical H1 profile, due to seasonal investment in working capital 800 171 * Change in net cash of -£177m after FY25 final dividend || & first £100m share buyback programme 60
Slide 12: Strong balance sheet; new £100m share buyback
Strong balance sheet; new £100m share buyback 7D Group Inventory Expect to be-net Focused on continues/to‘be cash positive.at free cash flow managed year-end & shareholder effectively (ex leases) returns Net inventory +14% YoY Seasonality leads to H1 net debt Anticipate strong free cash flow for FY2
Slide 13: US tariffs - limited financial impact in FY26
US tariffs - limited financial impact in FY26 JD Group What have we done? Impact on JD Group Ee Own brands & 6) li dd product: i > a. . W oie a 7 g Effective steps taken Direct financial impact not material (4 1 to diversify sourcing a Stock fixtures & fittings What have we seen? Impact on JD Group
Slide 14: Outlook & FY26 guidance
Outlook & FY26 guidance™ Expect FY26 PBTAI to be in line with current market expectations? Demonstrating operating & financial discipline against tough backdrop Remain cautious on trading environment in H2 Limited impact expected from US tariffs this financial year 1. __ Refer to the appendices (sli
Slide 15: Business update
Business update Régis Schultz Chief Executive Officer JD Group 15
Slide 16: JD Group investment case
JD Group investment case Global footprint in growing markets Targeting further market share gains Strong and agile multi-brand business model Customer-focused omnichannel model Operational efficiency to support profit growth ahead of sales Focus on cash generation & shareholder returns
Slide 17: Our focus is on driving sales and market share growth
Our focus is on driving sales and market share growth Offering the latest, exclusive Leveraging our unique merchandising, premium sports fashion products marketing and customer insights We see the world through the mindset of our consumer Customer-focused omnichannel ‘JD theatre’ bringing our propos
Slide 18: We are agile and drive trends
We are agile and drive trends JD Group Footwear and Apparel category evolution Footwear categories as a % of sales Apparel categories as a % of sales 100% js ee 100% com a a oo, A EE ee ee ee 80% 80% 70% 70% 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% FY20 FY21 FY22 FY23 FY24 FY25 HI26 FY2
Slide 19: We've made strong progress against key priorities in H1
We’ve made strong progress against key priorities in H1 9°" North America - Europe - gaining UK = bigger and building the JD share in key markets better stores & brand & leveraging and delivering a leveragihg investment our complementary more efficient ininfrastructure & fascia & scale supply chain
Slide 20: Building JD's brand awareness in North America
Building JD’s brand awareness in North America AGGESS WHAT'S Brand Health 2025 2024 2023 HEAT N GLOBE SPnIS SO Awareness 59% 49% 34% Consideration 31% 24% 12% Purchase 26% 17% 9% + making strong progress on brand awareness in key battleground markets in the US Source: National aided brand awareness
Slide 21: Leveraging our complementary fascia & scale in NAM
. . . DG Leveraging our complementary fascia & scale in NAM roup Reach Focus @ HIBBETT _ FINISHLINE Aber DIR Sk An macys H 1 Number Number Number of Stores Number of Stores Of Stores. i of Stores i 350 + 220 Finish Line* : 256 if 1242 420 Who Who. 000 000 Gop om oan Hispanic pyr is centric American
Slide 22: Leveraging our complementary fascia & scale in NAM
Leveraging our complementary fascia & scale in NAM a pathe 2 City Gear Integration & Multi-fascia DC 5 synergies conversions ree programme 22
Slide 23: Gaining market share in Europe and supply chain on track
Gaining market share in Europe and supply chain on track “°°” “A Refined market focus | Share gains in key markets OF Heerlen automation on track 23
Slide 24: Manchester Trafford Centre
Slide 25: y wen
y wen t \i WY j i E | Driving higher we in the eters and i verhea ' better mares ti iciencies
Slide 26: Key takeaways
Key takeaways H1 results show operating & financial discipline, against tough trading backdrop Consistent execution against strategic objectives Market share gains in North America & Europe Focused on cash generation & shareholder returns
Slide 27: Q&A
s ee Régis Schultz Michael Armst Chief Executive Officer, JD Global Managing D \ Dominic Platt Chief Financial Officer uae. 27
Slide 28: Appendices
Appendices
Slide 29: Recap: Clear medium-term strategic priorities
Recap Clear medium-term strategic priorities JD Brand First North America Continue to build brand Europe Refined market focus UK Improve overall productivity ROW Develop franchise Conley Concepts es North America Leverage our fascia Europe Integrate and develop Courir Enhance Sporting Goods UK Sharp
Slide 30: H1 highlights by strategic pillar
H1 highlights by strategic pillar JD Brand First Beyond Physical Retail H1 organic sales growth JD Global +3.7% (62% of sales) Heerlen DC in the Netherlands on'track to. launch automation JD STATUS loyalty at c.9m active accounts Complementary Concepts People, Partners & Communities JD Group Alorgan
Slide 31: FY26 technical guidance
FY26 technical guidance Like-for-like sales JD Group Anticipate LFL sales will be below FY25 Acquisitions Acquisitions made during FY25 to add c.10% to total sales in FY26 A full year of Hibbett and Courir, adding c.£1bn of incremental sales vs FY25 at a c.6.5% margin” Space New space impact (net) o
Slide 32: P&L by segment - JD
L P&L by segment - JD £m/26 weeks Sales Gross profit Gross margin % Operating costs before adjusting items Interest on lease liabilities Operating profit Operating margin % Net finance expense (ex leases) Profit before tax & adjusting items Before adjusting items, after interest on lease liabilities
Slide 33: P&L by segment - Complementary Concepts
L P&L by segment - Complementary Concepts £m/26 weeks Sales Gross profit Gross margin % Operating costs before adjusting items Interest on lease liabilities Operating profit Operating margin % Net finance expense (ex leases) Profit before tax & adjusting items Before adjusting items, after interest
Slide 34: P&L by segment - Sporting Goods & Outdoor
P&L by segment - Sporting Goods & Outdoor 7D Group £m/26 weeks H126 H125 cnange Change Sales 699 710 (1.5)% (1.3)% Gross profit 309 313 (1.3)% (1.3)% Gross margin % 44.2% 441% +10bps - Operating costs before adjusting items (275) (283) (2.8)% (2.8)% Interest on lease liabilities (9) (6) +50.0% +50.0
Slide 35: P&L by region - North America and Europe
L P&L by region - North America and Europe North America Europe £m/26 weeks Sales Operating profit before adjusting items Interest on lease liabilities Operating profit Operating margin % £m/26 weeks Sales Operating profit before adjusting items Interest on lease liabilities Operating profit™ Operat
Slide 36: P&L by region - UK and Asia Pacific
P&L by region - UK and Asia Pacific UK Asia Pacific £m/26 weeks Sales Operating profit before adjusting items Interest on lease liabilities Operating profit Operating margin % £m/26 weeks Sales Operating profit before adjusting items Interest on lease liabilities Operating profit™ Operating margin %
Slide 37: Net leverage
Net leverage £m Cash and cash equivalents (net of overdrafts) Bank loans Net cash/(debt) Lease liabilities IFRS 16 net debt LTM EBITDA Net leverage FyY25 695 (643) 52 (3,059) (3,007) 1,766 1.7x Cash flow (181) 29 (152) 291 139 FX & other (12) (13) (25) 1 (4) Net lease additions JD Group H126 502 (62