Howden Joinery Group Plc · LSE:HWDN
Howden Joinery — Investor Presentation (February 2026)
13 slides from Howden Joinery's investor presentation, February 2026
Slide 1: An introduction to Howdens
An introduction to Howdens February 2026 The UK’s #1 Specialist Kitchen and Joinery Supplier
Slide 2: We are the UK's leading specialist trade-only kitchen and joinery supplier
We are the UK’s leading specialist trade-only kitchen and joinery supplier 2025 FINANCIAL HIGHLIGHTS ATTRACTIVE END MARKETS % Howdens revenue £2.4bn £355m 62.7% 90% Residential 95% Revenue Operating profit Gross margin Repair, Maintenance, Improvement (RMI) 49.2p 21.9p £345m Basic EPS Total dividend
Slide 3: We help our trade customers achieve exceptional results
We help our trade customers achieve exceptional results Empowered depot teams support the needs of the local builder CORE STRENGTHS* Trade only focus and the best local prices. Local delivery model – 85% of customers are 891 500k+ less than 5 miles from a Howdens depot. Product leadership - al
Slide 4: Differentiated model focused on our trade relationships and service
Differentiated model focused on our trade relationships and service Market leading Kitchen and Joinery Trade only: An empowered, depot-led business, product ranges focused on our customers’ needs close to the trade Knowledgeable depot teams Products immediately available locally Competitive confiden
Slide 5: Large and attractive markets with significant future growth potential
Large and attractive markets with significant future growth potential UK market by revenue1 UK market revenue by vendor category1 Contract specialists 9% 26% Trade specialists Independents 34% 31% Retail Kitchens Joinery Howdens £6bn £5bn £2.3bn £11bn* * Established Kitchens and joinery markets only
Slide 6: The long-term drivers of the kitchen and joinery market support continued growth
The long-term drivers of the kitchen and joinery market support continued growth Structural drivers Recent trends The UK population could reach nearly 74 million by 2036 with net More than a quarter of working adults in Great Britain (28%) were migration fuelling the rise. The UK population will
Slide 7: We have identified the major steps to achieve net zero emissions
We have identified the major steps to achieve net zero emissions 7
Slide 8: Total kitchen market volumes at the lower end of the longer-term cycle
Total kitchen market volumes at the lower end of the longer-term cycle Average kitchen market volume Howdens has gained market share through the economic cycle 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/21 2022 2023 2024 2025 Macroeconomic (avg.) (estimated) headwinds are
Slide 9: Howdens is a growth compounder with sector leading margins
Howdens is a growth compounder with sector leading margins £2.4bn Revenue Return on sales (reported) (%) Gross margin (%) 62.7% £0.8bn £355m 56.2% 14.7% £80m 10.3% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9
Slide 10: Historical sales growth has been robust in previous downturns
Historical sales growth has been robust in previous downturns Howdens demonstrated greater resilience versus peers during …during the 35%35% the GFC… COVID-19 pandemic... …and once again in 21% 2023 19% 17% 17% 14%14% 14% 14% 13% 13% 12% 11% 11% 12% 11% 10% 9% 8% 8% 7% 7% 8% 8% 6% 5% 6% 5% 6% 5% 6%
Slide 11: Strong track record of cash generation, investment, and capital returns
Strong track record of cash generation, investment, and capital returns Over the past 10 years: £3.8bn £901m £814m £760m £495m Generated in operating Invested in capex Returned in ordinary Returned in buybacks cashflow dividends and special dividends £373m £284m £270m £100m £238m £209m £187m £164m £
Slide 12: Howdens' investment case
Howdens’ investment case Sustainable growth, sector leading margins and strong cash generation A differentiated business model with benefits of scale and local trade relationships A well-established strategy to deliver profitable growth Leading positions in attractive markets with opportunities to g
Slide 13: www.howdenjoinerygroupplc.com www.howdens.com
www.howdenjoinerygroupplc.com www.howdens.com
Howden Joinery Group — Investor Presentation (February 2026) on 6ix