Kingfisher Plc · LSE:KGF
Kingfisher — FY2025/26 Earnings Presentation
39 slides from Kingfisher's earnings presentation, Mar 24, 2026
Slide 1: Kingfisher plc Full year results
Kingfisher plc Full year results Twelve months to 31 January 2026 24 March 2026
Slide 2: Key messages
Key messages Thierry Garnier Chief Executive Officer 2 Kingfisher Full Year 2025/26 Results | March 2026
Slide 3: Strong results driven by strategic progress and financial discipline
Strong results driven by strategic progress and financial discipline Strategic growth drivers Financial discipline Attractive shareholder returns Market share gains in UK, France, Spain Gross margin +80bps Completed £300m share buyback Volume and transaction led growth Adjusted PBT(3) +6% £2.4bn cas
Slide 4: Financial review
Financial review Bhavesh Mistry Chief Financial Officer 4 Kingfisher Full Year 2025/26 Results | March 2026
Slide 5: Kingfisher delivered on all financial priorities
Kingfisher delivered on all financial priorities Sales growing Profit growing Strong free cash flow ahead of our markets ahead of sales generation Total sales(1) Adjusted PBT(2) Free cash flow £12.9bn (+1.3%) £560m (+6%) £512m (+0.1%) Underlying(3) LFL sales Adjusted EPS(2) Net leverage(4) +1.4% 23.
Slide 6: B&Q reinforced leading position; Screwfix significantly above market
B&Q reinforced leading position; Screwfix significantly above market Total sales (£m) UK & Ireland retail profit (£m) 3,820 3,971 1,056 1,114 • Q1 seasonal LFL +30%, big-ticket driven by kitchen 973 • Strong capture of Homebase transference +2.9% 828 +9.4%(3) • Tradepoint £935m +5.2% 575 558 • Marke
Slide 7: Castorama progress on store network and digital; Brico Depot strong in price and trade
Castorama progress on store network and digital; Brico Depot strong in price and trade Total sales (£m) 2,014 France retail profit (£m) 2,000 572 502 500 • Sales ahead of market, despite disruption from 426 store portfolio restructuring and range reviews • Trade proposition rolled out across entire
Slide 8: Further progress with Castorama plan
Further progress with Castorama plan Focus area Progress in FY 25/26 Focus for FY 26/27 • LFL ahead of market(1) despite disruption to 10% of Castorama stores and range reviews • Review 20% of ranges Grow sales • 15% of ranges reviewed with encouraging impact on volume • Scale marketplace densities
Slide 9: Castorama Poland strong progress on digital and trade; Iberia up 8.8%
Castorama Poland strong progress on digital and trade; Iberia up 8.8% Total sales (£m) 1,843 Poland retail profit (£m) 503 1,788 • Sales in line with market, returned to growth in Q4 481 90 -6.4% 87 443 416 • Trade penetration 30% (+5.6pts)(3) • New trade loyalty programme with cash-back feature /\
Slide 10: Adjusted profit before tax +6%
Adjusted profit before tax +6%(1) £m Highlights 85 Adj. PBT £560m +6%, +13% when excluding 23 £33m PY business rates refunds(1) 53 (204) (33) 101 Offset significant cost pressures through gross margin and operating cost initiatives 560 535 502 Gross margin +80bps: from group sourcing, marketplace, F
Slide 11: £512m free cash flow, 5 days inventory improvement
£512m free cash flow, 5 days inventory improvement £m 74 Highlights (508) Strong free cash flow at £512m 13 Inventory reduced by (5) days (388) 1,321 +£71m capex investment (+22%) YoY in 97 tech, stores and freehold (218) (28) 512 Accelerated share buyback given £97m (256) one-off inflows(3) 107 Adj
Slide 12: A track record of attractive returns to shareholders
A track record of attractive returns to shareholders £2.4bn returned over the last five years Five-year cash returns to shareholders Track record of consistent dividend delivery FY 25/26 total dividend 12.40p per share Share Buybacks Dividends £1.2bn £1.2bn Completed 4th £300m share buyback programm
Slide 13: Disciplined on gross margin, costs and working capital
Disciplined on gross margin, costs and working capital Multiple opportunities ahead Gross margin Cost Working capital Group buying and sourcing efficiencies Store productivity Continued inventory days reduction Grow marketplace across banners Head office efficiencies Reduce OEB lead times and minimu
Slide 14: Targeting profit growth and strong free cash flow in FY 26/27
Targeting profit growth and strong free cash flow in FY 26/27 FY 26/27 guidance Expected, barring unforeseen events Adjusted PBT(1) c. £565m–£625m Free cash flow c.£450m–£510m Commencing 5th share £300m buyback programme 14 (1) Absolute ABPT H1 weighted. Profit growth H2 weighted Kingfisher Full Yea
Slide 15: Strategy update
Strategy update Thierry Garnier Chief Executive Officer 15 Kingfisher Full Year 2025/26 Results | March 2026
Slide 16: Standout delivery across our strategic priorities
Standout delivery across our strategic priorities Grow our trade business Scale our digital ecosystem Win through offer, OEB and services Grow our banners and formats 16 Kingfisher Full Year 2025/26 Results | March 2026
Slide 17: Trade business now 30% of sales with progress in all banners
Trade business now 30% of sales with progress in all banners Trade sales +23% excl. Screwfix Trade sales (£m) Group trade penetration Trade penetration by banner(1) 3,886 +3.2ppts 3,466 75.5% +23% excl. SFX 1,831 1,491 30.1% 30.0% 26.7% 26.8% 1,974 2,055 23.2% £5bn 16.7% medium-term trade sales FY 2
Slide 18: Trade – driving sales densities by leveraging existing estate
Trade – driving sales densities by leveraging existing estate Stores People Estate evolving to meet the needs of trade Expert store colleagues offering tailored support • Dedicated trade zones live across all banners • 279 trade sales partners (TSP) serving trade customers (FY 24/25: 105) • 43% of s
Slide 19: New Screwfix Rewards programme driving strong engagement
New Screwfix Rewards programme driving strong engagement • Simple, immediate value: exclusive offers, surprise perks, Industry-leading stack & save events proposition • Gamified engagement: flip to win, 24 days of rewards • Personalised offers based on unique customer profile • 2.2m active Rewards c
Slide 20: Brico Depot – discounter DNA well-aligned to the needs of trade
Brico Depot – discounter DNA well-aligned to the needs of trade Price positioning improved by 2pts in FY 25/26 Unique discounter DNA Set up to win in trade Further enhancing proposition • Capital-light model • Trade sales +26%, trade penetration 13.1% • Roll out up to 20 Pro zones • High stock avail
Slide 21: Group digital ecosystem driving growth and profitability
Group digital ecosystem driving growth and profitability 1P 1P e-commerce 3P marketplace Conversion • In-store order preparation with digital ‘hubs’ • Offering customers broader product choice enabling better availability • Driving traffic and attracting new customers, • Store preparation supporting
Slide 22: Scaling our digital ecosystem across banners
Scaling our digital ecosystem across banners Ecommerce sales +20% (excl. Screwfix) Ecommerce sales (£m) Group ecommerce penetration Ecommerce penetration by banner 2,737 +1.7ppts 2,475 59.4% +20% excl. SFX 1,102 921 16.7% 8.6% 20.6% 18.8% 1,554 1,635 7.3% 4.9% FY 24/25 FY 25/26 4.5% Screwfix Group e
Slide 23: B&Q marketplace – £1bn GMV since launch
B&Q marketplace – £1bn GMV since launch Clear blueprint for scaling across banners Strong progress to date Vendors Next steps • 2.8k vendors, 3.7m SKUs • Scale cross-border sellers B&Q GMV • Onboarding time reduced to as little as 10 days • Deploy pan-EU onboarding +50% CAGR £445m with self-serve on
Slide 24: Building a new income stream with data monetisation and retail media
Building a new income stream with data monetisation and retail media Targeting 3% of e-commerce sales Established data monetisation platform Digital retail media live across banners Rolling out in-store retail media Proprietary insight platform underpinned by Established proposition leveraging the s
Slide 25: Rapidly adopting AI and ready to connect to agentic commerce
Rapidly adopting AI and ready to connect to agentic commerce Announced partnership with Google Adopting natural language Ready to connect to agentic Enabling AI product discovery Leveraging in-house agents search apps • Invested in data lake since 2021 • +61% customers visiting our on-site • Leverag
Slide 26: OEB innovation generating category disruption
OEB innovation generating category disruption 43% of sales from OEBs; accretive to margin Tools Kitchens Compost Interior Doors • Erbauer Next Gen power tool • Ashmead and Pragma kitchen • Verve Kingfisher’s #1 compost • 1,000 new on-trend door SKUs range with best in class ranges at lowest-tier off
Slide 27: Growing our banners and formats
Growing our banners and formats +27 stores planned in 2026/27 +49% LFL store sales growth 1,296 stores 108 stores • Unique store customers +52% FY 25/26 +34 FY 25/26 +1 • 36% repeat customers (FY 24/25: 28%) FY 26/27 plan +17 FY 26/27 plan +2 • 54% sales from trade customers (FY 24/25: 50%) • Brand
Slide 28: Confident in strategic momentum and continued delivery
Confident in strategic momentum and continued delivery Leading banners Attractive growth drivers Clear financial priorities powered by Kingfisher UK & Ireland Grow our trade business Sales to grow ahead of our markets £60bn TAM France Scale our digital ecosystem £52bn TAM Profit to grow ahead of sal
Slide 29: Summary
Summary Strong FY 25/26 performance driven by strategic delivery and financial discipline Attractive growth drivers with significant momentum Confident in continued delivery 29 Kingfisher Full Year 2025/26 Results | March 2026
Slide 30: Q&A
Q&A 30 Kingfisher Full Year 2025/26 Results | March 2026
Slide 31: Appendix
Appendix 31 Kingfisher Full Year 2025/26 Results | March 2026
Slide 32: Continued investment in strengthening our 1P e-commerce model
Continued investment in strengthening our 1P e-commerce model 1 Frictionless customer journey • Better discoverability for higher conversion • AI-summarised reviews enabling faster customer decisions • Pioneering in-house conversational agents in Castorama France and B&Q • 34% YoY increase in sales
Slide 33: Underlying growth in all categories; strong big-ticket driven by range reviews
Underlying growth in all categories; strong big-ticket driven by range reviews Underlying Group LFL sales (%) by category(1) +1.5% Core +1.2% +1.0% +0.9% +0.1% 67% of sales and 77% of volume 12 consecutive quarters of growth in the UK -1.1% Q1 Q2 Q3 Q4 FY 24/25 FY 25/26 +4.5% Big-ticket +1.8% +1.4%
Slide 34: Surveys point to mixed consumer outlooks
Surveys point to mixed consumer outlooks Outlook on personal finances broadly stable Future home improvement intent higher than last year in UK, stable in France & Poland % of 42% 39% % of 46% 46% 45% consumers 31% 31% 31% consumers 43% France 28% 40% thinking state intending to do 39% 39% 44% UK 37
Slide 35: Continuing our attractive capital allocation policy
Continuing our attractive capital allocation policy Invest in attractive Sustainable dividend growth Capital returns to shareholders growth opportunities Growth opportunities with high ROCE Progressive growth of dividends Surplus capital to be returned primarily via aligned with strategic priorities
Slide 36: Strategic targets
Strategic targets Grow our trade business Trade sales to reach £5bn revenues (updated) Group e-commerce to reach 30% sales penetration Scale e-commerce Marketplaces to generate 1/3 of e-commerce sales Retail media income of up to 3% of e-commerce sales Longer-term sales impact from net space c.+1.5%
Slide 37: Technical guidance
Technical guidance Key assumptions c.+1% sales uplift from net space growth Net finance costs c.£105m (FY 25/26: £91m) Adjusted effective tax rate c.26% (FY 25/26: 26%) CapEx c.£400m (FY 25/26: £388m) £13m non-recurring 2025/26 losses(1) 37 (1) £4m ROP loss Romania in 2025/26 (Romania disposed in Ma
Slide 38: Disclaimer
Disclaimer You are not to construe the content of this presentation as investment, legal or tax advice growth and strategies, litigation or other proceedings to which we are subject, acts of war and you should make your own evaluation of the Company and the market. If you are in or terrorism worldwi
Slide 39: Thank you.
Thank you.