Hilton Food Group Plc · LSE:HFG
Hilton Food — Q4 2025 Earnings Presentation
34 slides from Hilton Food's earnings presentation, Mar 31, 2026
Slide 1: 2025 Results and Strategy Update
2025 RESULTS AND STRATEGY UPDATE
Slide 2: Cautionary Statement
Cautionary Statement This investor presentation contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements are based on current expectations and assumptions relating to anticipated events and circumstances which may be beyond Hilton Foods contro
Slide 3: Stable 2025 performance from core; future focus on core strengths
Stable 2025 performance from core; future focus on core strengths Stable underlying financial performance from the core; total 2025 adjusted PBT of £73.2m, down 3%1 Contract extensions in Netherlands and Denmark demonstrating strength of existing customer relationships Canada and Saudi Arabia projec
Slide 4: 2025 Performance
2025 PERFORMANCE
Slide 5: 2025 financial performance
2025 financial performance 2025 2024 +/- +/- 3 Constant fx Volume (tonnes) 1, 2 523,379 522,457 0.2% 0.2% Revenue (£m) 2 4,214.6 3,821.4 10.3% 11.9% Adjusted operating profit (£m) 99.3 104.7 -5.2% -4.4% Adjusted operating profit margin 2.3% 2.6% -0.3ppts Adjusted profit before tax (PBT) (£m) 73.2 76
Slide 6: Revenue growth driven by raw material price inflation
Revenue growth driven by raw material price inflation Meat volumes stable with growth in fresh prepared and decline in seafood Constant currency revenue growth +11.9% constant currency revenue 0.3% 11.9% growth driven by significant raw 12.1% material price inflation Positive mix shift in APAC; nega
Slide 7: Stable core meat volumes against inflationary backdrop
Stable core meat volumes against inflationary backdrop Resilient UK & Ireland meat volumes in highly inflationary environment Volume and Revenue1 by Region Europe volumes underpinned by growth in convenience foods and new +23.5% Denmark customer Continued volume growth in APAC Seafood, Vegetarian, V
Slide 8: Stable adjusted profit from core meat businesses; soft demand impacting UK Seafood
Stable adjusted profit from core meat businesses; soft demand impacting UK Seafood Core meat and fresh prepared food Stable performance in UK&I despite lower UK volumes Adjusted profit before tax (£m) Europe supported by new customer growth in Denmark and continued momentum in Central Europe 1.0 Vol
Slide 9: Non-underlying items include profits on disposal and costs relating to Foppen challenges
Non-underlying items include profits on disposal and costs Foppen operational disruption relating to Foppen challenges £9.2m cost of relocating production from Greece to Netherlands and use of airfreight £18.4m inventory write-off Adjusting/exceptional items 2025 2024 +/- Regulatory restrictions on
Slide 10: Strong balance sheet maintained with net bank debt stable
Strong balance sheet maintained with net bank debt stable Net debt improved slightly 2025 2024 +/- Significant divestment proceeds £m £m £m relating to disposals of Fairfax Meadow and Foods Connected Free cash flow (26.8) 39.7 -66.5 Divestments 79.8 - +79.8 Exceptional cash flows related to Foppen c
Slide 11: Investment in inventory and international growth impacting near-term free cash flow
Investment in inventory and international growth impacting EBITDA, tax and interest movements near-term free cash flow broadly in line with profit Partial unwind of H1 inventory build 2025 2024 +/- over H2 £m £m £m 2025 a year of material investment in Adjusted EBITDA 147.3 152.6 -5.3 new Canada fac
Slide 12: 2026 outlook
2026 outlook YTD trading to date in line with expectations 2026 outlook unchanged, with adjusted PBT expected to be in the range £60m-£65m Majority of expected year-on-year reduction due to continuing challenges for UK Seafood and Foppen Remain cautious on the impacts of inflation on meat consumptio
Slide 13: Strategic Update
STRATEGIC UPDATE
Slide 14: 'The international red meat partner of choice'
‘The international red meat partner of choice’ 14
Slide 15: Structural strength within the core meat business
Structural strength within the core meat business Long-term leading retailer Proven international expansion Scalable, automated facilities partnerships spanning model in meat and exposure to producing high quality, broad decades high growth fresh foods product ranges Revenue (£bn) 5 Special premium
Slide 16: Solid recent track record from the core
Solid recent track record from the core Adjusted operating profit (£m) Adjusted operating profit (£m) 2022-2025 2025-2030 2022-25 Mid-single Core CAGR +4% digit growth 2022 2023 2024 2025 2025 Maintain Saudi Fresh foods and 2030 Incremental Core Fairfax Meadow Seafood, Foppen, Dalco the core Arabia
Slide 17: Three levers to drive growth
Three levers to drive growth 1 Maximise the core 2 Enhance the mix 3 Expand geographically Reinforce leadership in retail meat Optimise the portfolio Replicate partnership model internationally Maintain structural advantages Expand into higher-growth categories Focus on under-served, higher- Drive e
Slide 18: Optimise the portfolio: Improvement plans for Seachill, Foppen and Dalco
Optimise the portfolio: Improvement plans for Seachill, Foppen and Dalco Maximise value through limiting future investment and executing improvement plans to increase strategic optionality Seachill - Seafood Foppen – Smoked Salmon Dalco – Meat Alternatives Rigorous operational improvement and cost D
Slide 19: Maximise the core: Maintain structural advantages and enhance competitive positioning
1 Maximise the core: Maintain structural advantages and enhance competitive positioning Strategic areas of focus in core meat to enable continued outperformance of the market and support our customers to win Manufacturing excellence Innovation and category leadership Strengthen security of supply Dr
Slide 20: Enhance the mix: Accelerate growth and positive mix shift in East region
2 Enhance the mix: Accelerate growth and positive mix shift in East region with fresh food expansion Planned investment of up to £30m in Poland fresh prepared foods across 2026-27 to expand capacity and enhance competitive advantage to capture high growth opportunity Planned investment to meet growi
Slide 21: Expand geographically: Step change Canada growth opportunity in West region
3 Expand geographically: Step change Canada growth opportunity in West region Investment in Hilton Foods Canada facilities enabling 10-year contract with Walmart; on schedule for full launch early 2027 Focus on executing core meat Long-term contract provides an Future growth to explore through oppor
Slide 22: Operating model transformation: 'One Hilton'
Operating model transformation: ‘One Hilton’ Continue to leverage… Unique value-creating customer partner model enabling geographic expansion Partnerships with leading retailers across the world The Sustainable Protein Plan Key improvement enablers Integrated global and local Next generation Strengt
Slide 23: Capital allocation framework
Capital allocation framework A STRONG BALANCE SHEET 1-2x NET BANK DEBT/EBITDA THROUGH CYCLE GROW THE CORE INVEST FOR INCREMENTAL GROWTH £45m-55m capex p/a to maintain and IRR > WACC enhance existing facilities ROCE > 20% Reallocate capital from underperforming assets Strategic alignment Cash returns
Slide 24: Updated medium-term targets
Updated medium-term targets Volume growth and margin Mid-single digit expansion through: • Core business improvement adjusted operating • Committed capex projects profit growth • Value add fresh food growth • Continued good working Cash flow capital management conversion~100% • Cash flow focus • Imp
Slide 25: Hilton Foods
Hilton Foods Resilient, cash-generative core with structural advantages in retail meat and proven execution capability Clear strategy to drive growth Maximise the core: Defend structural advantages in retail meat, driving efficiency and margin resilience Enhance the mix: Improvement plans in seafood
Slide 26: Hilton
| HILTON
Slide 27: Group performance is underpinned by progress against our Sustainable Protein Plan
Group performance is underpinned by progress against our Sustainable Protein Plan People Planet Product A fundamental priority to the business and our customers 95% of our primary protein suppliers are 36% Reduction in scope 1 and 2 emissions 42% Reduction in food waste Evolution of The Sustainable
Slide 28: Financial Performance Summary
Financial Performance Summary Volume (tonnes) Adjusted PBT (£m) 2025 523,413 2025 73.2 2024 522,457 2024 76.1 2023 517,000 2023 66.0 2022 514,000 2022 55.5 2021 493,000 2021 67.2 2020 460,000 2020 61.1 Revenue (£m) Adjusted operating Profit (£m) 2025 4,346 2025 99.3 2024 3,988 2024 104.7 2023 3,990
Slide 29: ROCE % Calculation
ROCE % Calculation Return on capital employed 2025 2024 2023 • Adjusted operating profit divided £m £m £m by average capital employed Total equity 372.2 316.8 321.5 Average capital employed Add back: • Average of opening and closing Net debt 126.7 131.4 139.7 capital employed Lease liabilities 198.1
Slide 30: 2025 capex: Enhancing our competitive advantage and delivering attractive future growth opportunities
2025 capex: Enhancing our competitive advantage and delivering attractive future growth opportunities Maintenance Capex Protecting the core Core Capex • Maintaining market leading standards expected by £24.7m our customers £46.5m Business Development New product ranges, increasing capacity and impro
Slide 31: Capital expenditure and divestments
Capital expenditure and divestments Cash capital expenditure Cash on disposal (divestments) £m 2025 2024 +/- £m 2025 Business Development 21.8 27.7 -5.9 Fairfax Meadow 53.5 Maintenance 24.7 27.5 -2.8 Foods Connected 16.6 Core capex 46.5 55.2 -8.7 Ireland sale and leaseback 9.7 Canada 48.7 5.7 +43.0
Slide 32: Strong balance sheet and leverage enable future growth
Strong balance sheet and leverage enable future growth Net debt Net debt : EBITDA Interest cover 1 Undrawn bank facilities £126.7m 0.9x 5.6x £106m -£4.7m vs 2024 no change vs 2024 +0.3 vs 2024 As at 28 Dec 2025 Bank facility Enhanced by • Re-financing completed in February 2026 • Lease financing fac
Slide 33: Technical Guidance
Technical Guidance 2026 2025 Core Capex / £m ~£50m-£55m £46.5m Effective tax rate 1 28% 30% Average interest rate on bank 5.5% 5.9% borrowings 1, 2 FX rates 3 AUD 1.94 2.04 DKK 8.60 8.72 EUR 1.15 1.17 NZD 2.28 2.27 PLN 4.87 4.95 SEK 12.30 12.92 1. Excluding exceptional and adjusting items. 2. 2026 b
Slide 34: Hilton Foods
Hilton Foods ‘The international red meat partner of choice’ Sustainable mid-single digit Consistent cash generation Strong returns with operating profit growth with cash conversion~100% ROCE>20% Strategic Value Creators 1 Maximise the core. 2 Enhance the mix. 3 Expand geographically. Optimise the po