Slide 1: January 2025
January 2025 Rounding differences are not adjusted
Slide 2: Income Statement | % Ownership Basis
Income Statement | % Ownership Basis £m Jan 2025 Jan 2024 Var Full price Total Group sales 6,321 5,842 + 8.2% Total NEXT Trading sales 5,620 5,317 + 5.7% + 5.8% March 2024 guidance Retail - 1.1% - 1.8% Online UK + 5.4% + 2.7% Total UK + 2.6% Online International + 24.6% + 12.4% Total sales and profi
Slide 3: Income Statement | % Ownership Basis
Income Statement | % Ownership Basis £m Jan 2025 Jan 2024 Var Total Group sales 6,321 5,842 + 8.2% Operating profit 1,090 996 Lease interest (48) (47) Operating profit incl. lease interest 1,042 949 External finance interest (31) (31) Profit before tax 1,011 918 + 10.1% PBT margin 16.0% 15.7% Non-re
Slide 4: Income Statement | % Ownership Basis
Income Statement | % Ownership Basis £m Jan 2025 Jan 2024 Var Total Group sales 6,321 5,842 + 8.2% Operating profit 1,090 996 Lease interest (48) (47) Operating profit incl. lease interest 1,042 949 External finance interest (31) (31) Profit before tax 1,011 918 + 10.1% Tax charge (250) (216) Effect
Slide 5: Income Statement | % Ownership Basis
Income Statement | % Ownership Basis £m Jan 2025 Jan 2024 Var Total Group sales 6,321 5,842 + 8.2% Operating profit 1,090 996 Lease interest (48) (47) Operating profit incl. lease interest 1,042 949 External finance interest (31) (31) Profit before tax 1,011 918 + 10.1% Tax charge (250) (216) Profit
Slide 6: Cash Flow | Consolidated Basis
Cash Flow | Consolidated Basis £m Jan 2025 Jan 2024 Var Profit before tax 1,011 918 + 93m Depreciation & software amortisation 148 128 + 20m Elmsall 3 + 13m IT + 8m Cash flow prepared on a consolidated basis The cash flow statement is not presented on a statutory basis.
Slide 7: Cash Flow | Consolidated Basis
Cash Flow | Consolidated Basis £m Jan 2025 Jan 2024 Var Profit before tax 1,011 918 + 93m Depreciation & software amortisation 148 128 Capital expenditure (151) (167) 16m The cash flow statement is not presented on a statutory basis.
Slide 8: Cash Flow | Capital expenditure
Cash Flow | Consolidated Basis Capital expenditure £206m Sept 2024 HQ/Subsidiaries guidance £34m £167m Stores £151m £161m £16m Technology £53m £22m £21m Warehouse £41m £117m £46m £43m £49m £34m £42m - £8m £62m £49m £55m - £6m Jan Jan Jan 2023 2024 2025
Slide 9: Cash Flow | Capital expenditure
Cash Flow | Consolidated Basis Capital expenditure £206m HQ/Subsidiaries £34m £167m £179m(e) + £28m Stores £16m £151m £20m Technology £53m £22m Warehouse £41m £77m + £31m £117m £46m £49m £34m £35m £62m £49m £47m Jan Jan Jan Jan 2023 2024 2025 2026(e)
Slide 10: Cash Flow | Capital expenditure
Cash Flow | Consolidated Basis Capital expenditure £206m HQ/Subsidiaries £34m £167m £179m(e) Stores £151m Technology £22m Warehouse £41m £55m Space £26m £77m £46m £ £20m £22m Maintenance Jan Jan Jan Jan 2023 2024 2025 2026(e) 10
Slide 11: Retail New Space 2025/26(e)
Retail New Space Dundee New* 12 Space 2025/26(e) Resite 6 Kilmarnock Alnwick Dumfries Newcastle Strabane £179m(e) Ripon York Scarborough Capex NBC Selby Liverpool 17 stores £38m 19% Payback = 23 months £55m £77m Thetford Stevenage Hemel Hempstead Reading Thurrock Croydon Canterbury Jan 2026(e) * Kil
Slide 12: Retail New Space 2025/26(e)
Retail New Space Space 2025/26(e) Capex NBC 17 stores £38m 19% Payback = 23 months £179m(e) Thurrock £19m 15% IRR = 14% £55m £77m Thurrock Jan 2026(e) * Kilmarnock and Croydon are major reconfigurations
Slide 13: Cash Flow | Consolidated Basis
Cash Flow | Consolidated Basis £m Jan 2025 Jan 2024 Var Profit before tax 1,011 918 Depreciation & software amortisation 148 128 Capital expenditure (151) (167) Working capital / other (97) (4) 92m Staff incentives 54m Stock 50m The cash flow statement is not presented on a statutory basis.
Slide 14: Cash Flow | Consolidated Basis
Cash Flow | Consolidated Basis £m Jan 2025 Jan 2024 Var Profit before tax 1,011 918 Depreciation & software amortisation 148 128 Capital expenditure (151) (167) Working capital / other (97) (4) Corporation Tax (243) (191) Surplus cash 669 684 15m The cash flow statement is not presented on a statuto
Slide 15: Cash Flow | Consolidated Basis
Cash Flow | Consolidated Basis £m Jan 2025 Jan 2024 Var Profit before tax 1,011 918 Depreciation & software amortisation 148 128 Capital expenditure (151) (167) Working capital / other (97) (4) Corporation Tax (243) (191) Surplus cash 669 684 Ordinary dividends (258) (248) Dividend cover Investments
Slide 16: Balance Sheet | Consolidated Basis
Balance Sheet | Consolidated Basis £m Jan 2025 Jan 2024 Var Fixed assets & software 769 771 Investments 551 577 - 27m Stock 900 800 + 100m + 13% + 2.3 weeks cover Investments includes Brand name, Goodwill & Investments. Other Group stock includes Reiss, FatFace and Joules.
Slide 17: Balance Sheet | Consolidated Basis
Balance Sheet | Consolidated Basis £m Jan 2025 Jan 2024 Var Fixed assets & software 769 771 Investments 551 577 Stock 900 800 Customer receivables 1,314 1,292 + 1.7% Credit sales year to Jan 2025 2,070 2,027 + 2.1% Customer receivable days 194 198 Credit sales includes Online and Retail credit sales
Slide 18: Balance Sheet | Customer receivables and default rates
Balance Sheet | Consolidated Basis £m Jan 2025 Jan 2024 Var Customer receivables 1,314 1,292 + 1.7% Annual default and closing provision rates Closing provision 9.8% for future defaults 8.5% 7.8% Observed default rate 4.5% 4.3% Provision 3.7% 3.9% 3.3% 3.3% 3.3% 3.2% 3.2% release 2.6% £10m Jan Jan J
Slide 19: Balance Sheet | Consolidated Basis
Balance Sheet | Consolidated Basis £m Jan 2025 Jan 2024 Var Fixed assets & software 769 771 Investments 551 577 Stock 900 800 Customer receivables 1,314 1,292 Other debtors 182 168 Creditors & derivatives (1,054) (1,026) 28m Stock 29m LABEL creditors 12m Staff incentives 13m
Slide 20: Balance Sheet | Consolidated Basis
Balance Sheet | Consolidated Basis £m Jan 2025 Jan 2024 Var Fixed assets & software 769 771 Investments 551 577 Stock 900 800 Customer receivables 1,314 1,292 Other debtors 182 168 Creditors & derivatives (1,054) (1,026) Pension surplus* 31 59 - 29m Net debt (excl. lease debt) (660) (700) 40m Right-
Slide 21: Net Debt in the year ahead
Net Debt in the year ahead Jan 2025 Jan 2026 Retained cash (660) £660m £110m(e) £660m(e) Surplus cash £426m(e) Operational cash flow £884m(e) Ordinary dividends £279m(e) Capital expenditure £179m(e)
Slide 22: Net Debt in the year ahead
Net Debt in the year ahead Jan 2025 Jan 2026 (660) £660m Retained cash £110m(e) £550m(e) Surplus cash Operational £316m(e) cash flow £884m(e) Ordinary dividends £279m(e) Capital expenditure £179m(e)
Slide 23: Net Debt and Financing | Headroom
Net Debt and Financing | Headroom £1.2bn 2029 NEXT RCF £425m 2025 Bond £250m 2026 Bond £250m £550m(e) Jan 2026 2028 Bond £300m Financing Net debt
Slide 24: Net Debt and Financing | Headroom
Net Debt and Financing | Headroom Assuming 2025 bond is not refinanced £975m ~£200m(e) 2029 £775m(e) Headroom NEXT RCF 2025 Bond Peak Aug £425m £250m 2025(e) 2026 Bond £250m £550m(e) Jan 2026 2028 Bond £300m Financing Net debt
Slide 25: Divisional Analysis: Retail
Fosse Park West, Leicester DIVISIONAL ANALYSIS Retail
Slide 26: Retail | Sales & Profit Analysis
Retail | Sales & Profit Analysis £m Jan 2025 Jan 2024 Var Total sales 1,849 1,865 - 0.9% Full price sales - 1.1% Like-for-like full price sales - 1.2%
Slide 27: Retail | Sales & Profit Analysis
Retail | Sales & Profit Analysis £m Jan 2025 Jan 2024 Var Total sales 1,849 1,865 - 0.9% Operating profit 237 245 Lease interest charge (33) (34) Profit 204 210 - 3.2% Margin 11.0% 11.3% - 0.3% Profit includes lease interest.
Slide 28: Retail | Sales & Profit Analysis
Retail | Sales & Profit Analysis £m Jan 2025 Jan 2024 Var Margin 11.0% 11.3% - 0.3% Bought-in gross margin + 0.4% Markdown - 0.8% Surplus stock + 15% Warehouse & distribution 0% Lower clearance rates - 1.8% Payroll - 1.0% Store occupancy + 0.9% Lower energy prices + 0.5% Central costs & staff incent
Slide 29: Retail | Lease renewals
Retail | Sales & Profit Analysis £m Jan 2025 Store occupancy + 0.9% Lease renewals full year 2024/25 Number Occupancy Annualised Weighted of stores saving cash saving avg. term 2024/25 74 - 16% £3.6m 4.1 years Pre 2019* 28 - 30% £3.9m 4.6 years Post 2019 46 + 2% - £0.2m 3.7 years Lease renewals full
Slide 30: Retail | Sales & Profit Analysis 2026(e)
Retail | Sales & Profit Analysis £m Jan 2026(e) Jan 2025 Var Assuming… Like-for-like full price sales - 2.0% New space + 1.7% Total full price sales - 0.3% Margin 9.7% 11.0% - 1.3% Wage inflation and Employers NI - 1.1% Reduction in like-for-like full price sales - 0.5% Price increases, efficiencies
Slide 31: Divisional Analysis: Online
DIVISIONAL ANALYSIS Online Total sales + 9.8% Total Online profit + 13.3% Total Online profit includes lease interest.
Slide 32: Online: UK, International, Customer analysis
DIVISIONAL ANALYSIS Online • UK • International • Customer analysis
Slide 33: Online UK | Sales Analysis
Online UK | Sales Analysis £m Jan 2025 Jan 2024 Var Full price Total sales 2,540 2,429 + 4.6% + 5.4% Full price sales participation Full price sales participation Third-party Third-party brands brands 34% 30% 58% brand 58% brand Associated 4% 8% companies 8% Wholly-owned Wholly-owned brands & licenc
Slide 34: Online UK | Sales Analysis
Online UK | Sales Analysis £m Jan 2025 Jan 2024 Var Full price Total sales 2,540 2,429 + 4.6% + 5.4% Full price sales growth + 9.8% % growth 6.1% Like-for-like + 7% brands + 4.4% + 3.1% 3.7% Associated + 41% companies Wholly-owned Third-party brand brands & licences brands
Slide 35: Online UK | Sales & Profit Analysis
Online UK | Sales & Profit Analysis £m Jan 2025 Jan 2024 Var Total sales 2,540 2,429 + 4.6% Profit 444 411 + 8.0% Margin 17.5% 16.9% + 0.6% Profit includes lease interest.
Slide 36: Online UK | Margin Analysis
Online UK | Margin Analysis £m Jan 2025 Jan 2024 Var NEXT brand 1 20.0% 19.9% LABEL 2 14.1% 12.8% Margin 17.5% 16.9% + 0.6%
Slide 37: Online UK | Margin Analysis
Online UK | Margin Analysis £m Jan 2025 Jan 2024 Var NEXT brand 20.0% 19.9% 2 LABEL 14.1% 12.8% Third-party brands 13.9% 12.5% + 1.4% Wholly-owned brands 16.8% 14.1% + 2.7% & licences Margin 17.5% 16.9% + 0.6%
Slide 38: Online UK | Margin Analysis
Online UK | Margin Analysis £m NEXT brand LABEL Jan 2024 19.9% 12.8% Margin growth Bought-in gross margin + 0.4% + 1.1% WOB’L x+ 4.0% 3P brands + 0.7% Markdown - 0.5% - 0.2% Warehouse & distribution + 0.1% + 0.4% Marketing - 0.6% - 0.6% Central costs & staff incentives + 0.7% + 0.6% Jan 2025 1 20.0%
Slide 39: Online UK | Sales & Profit Analysis
Online UK | Sales & Profit Analysis NEXT brand LABEL Total Jan 2025 20.0% 14.1% 17.5% Jan 2026(e) 20.3% 14.4% 17.7% Assuming… Full price sales are + 4.3%
Slide 40: Online: UK, International, Customer analysis
DIVISIONAL ANALYSIS Online • UK • International • Customer analysis
Slide 41: Online International | Sales Analysis
Online International | Sales Analysis £m Jan 2025 Jan 2024 Var Full price Total sales 930 731 + 27% + 25% Full price sales participation Third-party aggregators + 36% NEXT websites + 20% Third-party aggregators 30% 70% websites
Slide 42: Online International | Sales Analysis
Online International | Sales Analysis £m Jan 2025 Jan 2024 Var Full price Total sales 930 731 + 27% + 25% Full price Full Price salessales participation participation by region Full price sales growth Rest of World Europe + 30% H1 H2 11% Middle East + 14% + 8% + 22% Middle Rest of World + 27% 30% Eu
Slide 43: Online International | Sales & Profit Analysis
Online International | Sales & Profit Analysis £m Jan 2025 Jan 2024 Var Total sales 930 731 + 27% Profit 129 95 + 36% Margin 13.9% 13.0% + 0.9% Bought-in gross margin + 3.0% Underlying margin + 0.4% Duty savings + 1.9% Price increase + 1.0% Growth in aggregators - 0.3% sales participation Profit inc
Slide 44: Online International | Sales & Profit Analysis
Online International | Sales & Profit Analysis £m Jan 2025 Jan 2024 Var Total sales 930 731 + 27% Profit 129 95 + 36% Margin 13.9% 13.0% + 0.9% Bought-in gross margin + 3.0% Markdown - 0.7% Higher surplus Warehousing & distribution - 0.3% Wage inflation - 0.3% Marketing - 1.3% Middle East hub - 0.3%
Slide 45: Online International | Sales & Profit Analysis
Online International | Sales & Profit Analysis £m Jan 2026(e) Jan 2025 Var Total sales 930 Profit 129 Margin 14.8% 13.9% + 0.9% Assuming… Full price sales are + 18% Profit includes lease interest.
Slide 46: Online: UK, International, Customer analysis
DIVISIONAL ANALYSIS Online • UK • International • Customer analysis
Slide 47: Total Online | Customer Analysis
Total Online | Customer Analysis Total sales by customer type on NEXT websites Average active customers UK credit 2.9m + 2% UK cash 3.6m + 8% International (NEXT websites) 2.1m + 26% Total 8.6m + 10% Sales and customer numbers excludes third-party aggregators, Total Platform and interest free credit
Slide 48: Total Online | Customer Analysis
Total Online | Customer Analysis Total sales by customer type on NEXT websites Average active Customers ordering Sales per customers in the year customer UK credit 2.9m 3.1m + 2% £541 + 1% UK cash 3.6m 6.5m + 7% £135 + 1% International (NEXT websites) 2.1m 4.1m + 34% £157 - 9% Total 8.6m 13.7m + 13%
Slide 49: Total Platform
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Slide 50: Total Platform | Sales & Profit Analysis
Total Platform | Sales & Profit Analysis £m Jan 2025 Jan 2024 Var Total profit 76.6 42.8 + 79% Equity profit 63.6 32.3 + 97% Growth excl. new acquisitions + 30% Growth excl. new acquisitions & Joules + 10%
Slide 51: Total Platform | Sales & Profit Analysis
Total Platform | Sales & Profit Analysis £m Jan 2025 Jan 2024 Var Total profit 76.6 42.8 + 79% Equity profit 63.6 32.3 + 97% Services profit 13.0 10.5 + 24%
Slide 52: Total Platform | Sales & Profit Analysis
Total Platform | Sales & Profit Analysis £m Jan 2025 Jan 2024 Var Total profit 76.6 42.8 + 79% Equity profit 63.6 32.3 + 97% Sales on client websites (GTV) 194.6 148.5 + 31% NEXT TP income 67.1 52.4 + 28% Services profit 13.0 10.5 + 24% Margin on NEXT income 19.4% 20.0% Margin on clients’ online sal
Slide 53: Total Platform | Sales & Profit Analysis
Total Platform | Sales & Profit Analysis £m Jan 2025 Jan 2024 Var Total profit 76.6 42.8 + 79% Total ROCE 23% 25%
Slide 54: Total Platform | Sales & Profit Analysis
Total Platform | Sales & Profit Analysis £m Jan 2025 Jan 2024 Var Total profit 76.6 42.8 + 79% Profit forecast 2025/26(e) 78.0 Assuming… No new acquisitions
Slide 55: 2025/26(e) Full Year | Full Price Sales Guidance
2025/26(e) Full Year | Full Price Sales Guidance
Slide 56: Full Price Sales Guidance | Previous guidance
2025/26(e) Full Year | Full Price Sales Guidance Previous guidance Total full price + 3.5% 8% 6% 4% 1 year 2% 3.5% 3.5% 0% H1 H2 Total full price sales growth includes interest.
Slide 57: Full Price Sales Guidance | New guidance
2025/26(e) Full Year | Full Price Sales Guidance New guidance Total full price + 5.0% 8% 6% 6.5% 4% 1 year 2% 3.5% 0% H1 H2 Total full price sales growth includes interest.
Slide 58: Full Price Sales Guidance | Two-year view
2025/26(e) Full Year | Full Price Sales Guidance New guidance Total full price + 5.0% 12% 10% 11.2% 10.9% 2 year 8% 6% 6.5% 4% 1 year 2% 3.5% 0% H1 H2 Total full price sales growth includes interest.
Slide 59: Full Price Sales Guidance by UK and International
2025/26(e) Full Year | Full Price Sales Guidance UK (Retail & Online) + 2.3% International + 18.0% Total full price + 5.0% Total full price sales growth includes interest.
Slide 60: 2025/26(e) Full Year | Profit Guidance
2025/26(e) Full Year | Profit Guidance 2024/25 £1,011m Profit from + 5.0% full 1price sales + 5.0% + £66m TP Equity and + £1m Service profit NEXT Sourcing + £3m - £86m Cost increases General wage inflation £24m “NI & National Living Wage £43m £49m “Packaging tax (EPR) £6m “Digital & brand marketing
Slide 61: 2025/26(e) Full Year | Profit Guidance
2025/26(e) Full Year | Profit Guidance 2024/25 £1,011m Profit from + 5.0% full 1 price sales + £70m - £86m Cost increases Cost savings + £71m Operating efficiencies £23m Margin £13m £1,066m + 5.4% Employee incentives £16m 2025/26(e) Electricity savings £13m Profit and EPS measures are stated pre-amo
Slide 62: 2025/26(e) Full Year Guidance
2025/26(e) Full Year Guidance Full price sales + 5.0% PRODUCT Profit £1,066m + 5.4% Pre-tax EPS 919.6p + 8.8% Post-tax EPS 690.7p + 8.5% Profit and EPS measures are stated pre-amortisation and exceptionals.
Slide 63: Median shareholding and annual dividend
Median shareholding Annual dividend 150 shares £350 £1,066m
Slide 64: Content Creation, Product, Platform, Operations
CONTENT CREATION PRODUCT Warehousing Design Distribution Fabrics Technology Sourcing UK Stores Photography Digital Marketing PLATFORM Brand Marketing Finance OPERATIONS
Slide 65: International and UK Online sales by platform
30% International sales* via aggregators PRODUCT PLATFORM 42% UK Online sales* non-NEXT branded * Full price
Slide 66: Product and Platform
PRODUCT Play Margins Healthy Create to our commensurate return on value strengths with risk capital PLATFORM
Slide 67: Product
Newness Quality Breadth PRODUCT INTERNATIONAL WAREHOUSING TECHNOLOGY
Slide 68: Wholly-Owned Brands & Licences
Wholly-Owned Brands & Licences Full price sales £m* + 21% £300m £325m + 13% £250m + 16% £268m + 62% £200m £150m + 127% £100m £50m 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26(e) * Includes Online UK, International and Retail and Made product sold on Made.com
Slide 69: Wholly-Owned Brands & Licences
Wholly-Owned Brands & Licences Full price sales £m* + 24% £300m £35m Home + 143% £250m £28m Fashion £200m £150m £100m £50m 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26(e) * Includes Online UK, International and Retail and Made product sold on Made.com
Slide 70: International
Marketing Spend European Hub Website Functionality PRODUCT INTERNATIONAL WAREHOUSING TECHNOLOGY
Slide 71: Marketing Spend
Marketing Spend European Hub Website Functionality Cumulative Countries Spend 2023/24 22 £24m NEXTdirect.com
Slide 72: Marketing Spend
Marketing Spend European Hub Website Functionality Cumulative Countries Spend 2023/24 22 £24m 2024/25 41 £44m + 85% NEXTdirect.com
Slide 73: Marketing Spend
Marketing Spend European Hub Website Functionality Cumulative Countries Spend 2023/24 22 £24m 2024/25 41 £44m + 85% 2025/26(e) 76 £55m + 25% NEXTdirect.com
Slide 74: Marketing spend return
Marketing Spend European Hub Website Functionality 2025/26(e) Why not more than + 25% 25%? Incremental profit before marketing costs £1.50 = Marketing spend £1.00 50% return
Slide 75: International: European Hub
European Hub PRODUCT INTERNATIONAL WAREHOUSING TECHNOLOGY
Slide 76: European Hub
European Hub Website Functionality Direct 74 countries worldwide NEXT Direct 34% of sales 34% of NEXT Direct website sales are to countries that are not serviced by a hub
Slide 77: European Hub
European Hub Website Functionality Bulk Mainland Europe Zalando website order Direct Mainland Europe NEXT Direct Ireland NEXT Direct Middle East NEXT Direct NEXT Direct 77
Slide 78: European Hub
European Hub Website Functionality Bulk Mainland Europe Zalando website order Direct Mainland Europe NEXT Direct
Slide 79: European Hub benefits
European Hub Website Functionality Bulk Zalando website order Direct Mainland Europe NEXT Direct Better stock availability on Zalando Faster service on NEXT Direct Reduced costs
Slide 80: Website Functionality
Website Functionality Out of 83 2024/25 World apparel countries full price sales market share Local currency 56 99.8% 70% Local language address & registration 29 91% 50% Local returns solution 14 81% 45% Optimised product listing page 35 81% 20% Appropriate Appropriate local local sizing sizing 33
Slide 81: Website Functionality
Website Functionality Out of 83 2024/25 World apparel countries full price sales market share Local currency 56 99.8% 70% Local language address & registration 29 91% 50% Local returns solution 14 81% 45% Optimised product listing page 35 81% 20% Appropriate Appropriate local local sizing sizing 33
Slide 82: Warehousing
PRODUCT INTERNATIONAL WAREHOUSING TECHNOLOGY
Slide 83: Elmsall Boxed Warehousing
Elmsall Boxed Warehousing 2024 E3 700k units 2005 E2 350k units 1997 E1 350k units
Slide 84: Elmsall Boxed Warehousing
Elmsall Boxed Warehousing Pre E3 Pre E3 700k Capacity % Jan 2023 Capacity in units 600k E1 100% Not 500k operational E2 100% 400k E3 - 300k 350k 350k Labour CPU Indexed to 100 200k 100 w w Operational 100k Total CPU Indexed to 167 167 0k E1 E2 E3 Total 700k
Slide 85: Elmsall Boxed Warehousing
Elmsall Boxed Warehousing This year Pre E3 700k Capacity % Jan 2023 2025/26 Capacity in units 600k E1 100% 57% Not 500k operational E2 100% 57% 400k E3 - 50% 300k 350k Labour CPU Indexed to 100 77 200k 100 w 200k w 200k w 100k Total CPU Indexed to 167 178 167 0k E1 E2 E3 Total 750k
Slide 86: Elmsall Boxed Warehousing
Elmsall Boxed Warehousing E1 & E2 full again Pre E3 E1 & E2 700k Capacity % Jan 2023 2025/26 full again Capacity in units 600k E1 100% 57% 100% Not 500k operational E2 100% 57% 100% 400k E3 - 50% 50% 300k 350k 350k 350k Labour CPU Indexed to 100 77 83 200k 100 w 200k w 200k 100k Total CPU Indexed to
Slide 87: Elmsall Boxed Warehousing
Elmsall Boxed Warehousing Extra E3 automation Pre E3 E1 & E2 Extra E3 700k Capacity % Jan 2023 2025/26 full again automation Capacity in units 700k 600k E1 100% 57% 100% 57% 500k E2 100% 57% 100% 57% 400k E3 - 50% 50% 100% 300k Labour CPU Indexed to 100 77 83 68 200k 100 w 200k w 200k 100k Total CPU
Slide 88: Elmsall Boxed Warehousing
Elmsall Boxed Warehousing All full Pre E3 E1 & E2 Extra E3 700k Capacity % Jan 2023 2025/26 full again automation All full Capacity in units 700k 600k E1 100% 57% 100% 57% 100% 500k E2 100% 57% 100% 57% 100% 400k E3 - 50% 50% 100% 100% 300k 350k 350k Labour CPU Indexed to 100 77 83 68 75 200k 100 w
Slide 89: Elmsall Boxed Warehousing: parcels not delivered on time
Elmsall Boxed Warehousing % Parcels not delivered on time, in full 20% 15% Aug - Oct 12% 10% Mar 7.4% Feb 5% 6% 0% Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2024 2025 March 2025 data is based on the three weeks ending 22 nd March 2025. 89
Slide 90: Elmsall Boxed Warehousing: parcels not delivered on time
Elmsall Boxed Warehousing % Parcels not delivered on time, in full 20% 4.4 4.1 4.3 15% Aug - Oct 12% 10% Mar 7.4% Feb 5% 6% 0% Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2024 2025 March 2025 data is based on the three weeks ending 22 nd March 2025. 90
Slide 91: Technology
PRODUCT INTERNATIONAL WAREHOUSING TECHNOLOGY
Slide 92: Technology Spend 2020/21 – 2025/26(e)
Technology Spend 2020/21 – 2025/26(e) £250m Revenue spend (excluding depreciation) Capital spend £203m £203m £200m P&L charge x£195mx £195m £35m Modernisation £49m £34m £53m £150m £142m Total Platform £29m Elmsall 3 £104m £100m £21m £161m £168m £142m £154m £50m £113m £83m £0m 2020/21 2021/22 2022/23
Slide 93: Technology Project Completion
Technology Project Completion Jan 2025 Jan 2024 £250m % complete £203m eCommerce 100% 96% £200m £35m Payroll & HR 100% 100% Product systems 95% 58% £150m Warehousing 71% 24% Contact centres 100% 100% £100m Finance 28% 5% £168m Data & analytics 75% 0% £50m 70%* 44%* 2020 2021 2022 2023 2024 2025 2026
Slide 94: Technology Cash Spend Projection
Technology Cash Spend Projection £250m £203m ? £200m ? ? £35m £150m £100m £168m £50m £0m 2025/26(e) 2026/27(e) 2027/28(e) 2028/29(e)
Slide 95: Technology Cash Spend Projection
Technology Cash Spend Projection £250m £203m Increasingly experienced £200m £35m % of Technology team with less than 12 months service 33% £150m 31% 23% 21% £100m 18% £168m 10% £50m 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 £0m 2025/26(e)
Slide 96: Technology Acceleration in Development
Technology Acceleration in Development £250m £203m £200m £35m DEPLOY & MAINTAIN SPECIFY £150m Project lifecycle £100m BUILD & TEST £168m £50m £0m 2025/26(e)
Slide 97: Technology Acceleration in Development
Technology Acceleration in Development £250m £203m £200m £35m DEPLOY NotebookLM & MAINTAIN SPECIFY £150m 5% £100m BUILD & TEST £168m 25% £50m GitHub Copilot £0m 2025/26(e)
Slide 98: Technology Acceleration in Development
Technology Acceleration in Development £250m £203m £200m £35m ? DEPLOY & MAINTAIN SPECIFY £150m £100m BUILD & TEST £168m £50m £0m 2025/26(e)
Slide 99: Global Brand, Local Platform
GLOBAL BRAND LOCAL PLATFORM PLATFORM