Slide 1: Full Year Results Presentation
Victorian Plumbing Group plc FULL YEAR RESULTS PRESENTATION YEAR ENDED 30 SEPTEMBER 2025 3 DECEMBER 2025
Slide 2: Full Year Results Presentation
FULL YEAR RESULTS PRESENTATION MARK RADCLIFFE DANIEL BARTON STEPHNIE JUDGE KATE TYSON CEO CFO GROUP MANAGING MFI MANAGING DIRECTOR DIRECTOR 2
Slide 3: 2025 Overview
2025 OVERVIEW MARKET SHARE GAINS AND ADVANCING STRATEGIC GROWTH INITIATIVES. OPERATIONAL PERFORMANCE STRATEGIC PROGRESS Transfer to new warehouse infrastructure Record revenue of £310.0m (+5%), continuing complete, enabling: to outperform the wider RMI market1, - Enhancements to our customer reinfor
Slide 4: Review of Financials
REVIEW OF FINANCIALS 4
Slide 5: Income Statement
INCOME STATEMENT 2025 GROUP REVENUE GROWTH OF 5% AND ADJUSTED EBITDA GROWTH OF 17%, IN LINE WITH MARKET EXPECTATIONS. FINANCIAL SUMMARY Victorian Plumbing 1 MFI Group 2025 Victorian Plumbing MFI Group 2024 Victorian Plumbing Group £m £m £m £m £m £m YoY YoY Revenue 309.9 0.1 310.0 295.7 - 295.7 5% 5%
Slide 6: Revenue – Orders
REVENUE – ORDERS ORDER VOLUME UP 6%, WITH SPENDING CONTINUING TO OUTPERFORM THE WIDER RMI MARKET. ORDERS BARCLAYS HOME IMPROVEMENTS & DIY SPENDING 1,200 10.0% 1,080 1,022 +6% +10% 1,000 932 906 5.0% 880 +6% +17% (3%) 800 776 0.0% YoY Movement Jun-24 Jul-24 Nov-24 Jul-25 Nov-23 Dec-23 Jan-24 Dec-24 J
Slide 7: Revenue – AOV & Channel
REVENUE – AOV & CHANNEL TRADE NOW CONTRIBUTING 24% OF GROUP REVENUE. AVERAGE ORDER VALUE REVENUE 350 320 306 306 297 +3% +0% 290 287 +10% 73.8 300 (5%) (1%) +10% 67.3 24% 59.5 269 42.1 23% 52.8 21% 240 16% 20% 250 81% 80% 28.6 200 14% 78% 3.30 3.34 160 £m 76% 3.19 £ 3.14 3.14 3.13 75% 75% 150 226.7
Slide 8: Revenue – Tiles & Flooring
REVENUE – TILES & FLOORING 42% GROWTH IN TILES & FLOORING REVENUE TO £17.6M, WITH MUCH MORE TO COME… REVENUE: TILES & FLOORING ADDRESSABLE MARKET FOR OUR GROWTH 20.0 17.6 Victorian Plumbing 1.3% +42% 15.0 12.4 +23% 10.1 +49% 10.0 £1.4bn £m 6.8 +26% 5.4 +17% 5.0 4.6 - … huge market share opportunity.
Slide 9: Product Mix & Gross Profit
PRODUCT MIX & GROSS PROFIT CONTINUED BENEFIT FROM OWN BRAND PRODUCTS. OWN BRAND VS. THIRD PARTY REVENUE GROSS PROFIT & GROSS PROFIT MARGIN 180.0 50% 49% 300.0 49% 58.9 160.0 59.1 19% (1ppt) 47% 62.7 20% 250.0 22% 140.0 64.5 67.4 45% 24% 25% 44% 120.0 200.0 Gross Profit (£m) 52.2 25% 100.0 £m 150.0 8
Slide 10: Adjusted EBITDA
ADJUSTED EBITDA MARKETING EFFICIENCY DRIVING MARGIN IMPROVEMENT. ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN ADJUSTED EBITDA MARGIN BRIDGE 50.0 15% 12% 1% 11% 13% 2% 0% 10% 40.0 11% 9% 8% Adjusted EBITDA (£m) 9% (1%) Adjusted EBITDA Margin 30.0 8% 7% 6% 40.1 20.0 +53% 34.0 +25% 27.2 4% 26.2 23.8 +14%
Slide 11: Adjusted PBT
ADJUSTED PBT IFRS 16 LONG-TERM LEASE ACCOUNTING INCREASES NON-CASH FINANCE CHARGES AND DEPRECIATION. DEPRECIATION, AMORTISATION AND FINANCE INCOME / COST ADJUSTED PBT AND ADJUSTED PBT MARGIN 2.0 40.0 14% 0.3 0.6 35.0 11% 0.0 (2.2) (3.0) 30.0 (2.0) (3.5) (3.8) 8% 8% (0.3) (4.7) 7% (0.3) 25.0 6% Adjus
Slide 12: Operational Overview
OPERATIONAL OVERVIEW 12
Slide 13: Underlying Costs
UNDERLYING COSTS OPERATIONAL LEVERAGE EMERGING WITH INCREASED SCALE. UNDERLYING COSTS 140.0 120.6 119.1 120.0 110.8 10.5 8.7 (17%) 101.5 12.0 100.0 90.4 9.3 24.7 26.0 +5% 6.9 19.6 16.0 80.0 13.8 66.0 £m 60.0 4.4 9.4 40.0 79.2 85.4 84.4 (1%) 69.7 76.2 52.2 20.0 - 2020 2021 2022 2023 2024 2025 Marketi
Slide 14: Marketing
MARKETING MARKETING EFFICIENCIES FOLLOWING THE CLOSURE OF VICTORIA PLUM. CONTINUED INVESTMENT IN BRAND MARKETING. MARKETING COSTS MARKETING COSTS AS % REVENUE 90.0 2020 2021 2022 2023 2024 2025 Online marketing 25.0% 25.9% 27.3% 26.3% 26.5% 24.6% 7.2 Brand marketing - - 1.0% 1.5% 2.4% 2.7% 80.0 8.3
Slide 15: Driving Brand Strategy
DRIVING BRAND STRATEGY IMPROVEMENT IN BRAND AWARENESS DRIVEN BY EFFECTIVE MARKETING, AIDED BY THE CLOSURE OF VICTORIA PLUM. BRAND AWARENESS 1 100% 90% 87% 81% 80% 70% 70% 60% 50% 40% 30% 20% 15% 13% 11% 9% 9% 10% 7% 0% 2024 2025 1Victorian Plumbing prompted brand tracking – summer 2025 vs. summer 20
Slide 16: People
PEOPLE DISPATCHING MORE REVENUE PER FTE THAN OUR COMPETITORS. AVERAGE FTE 1 & REVENUE 2025 VS. 2024 REVENUE PER AVERAGE FTE 2 800 309.9 295.7 285.1 300.0 Victorian Plumbing 700 268.8 269.4 727 712 250.0 600 208.7 583 Company 4 573 500 534 200.0 Revenue (£m) Closing FTE 400 Company 3 150.0 359 300 10
Slide 17: Strategy Update
STRATEGY UPDATE 17
Slide 18: 2025 Strategic Focus
2025 STRATEGIC FOCUS CONTINUING TO INVEST IN BRAND, ADVANCE OUR FUNCTIONALITY AND IMPROVE THE CUSTOMER EXPERIENCE. Q2 Q4 Victoria Plum website New creative launched, Continued brand redirected including new jingle investment through sport sponsorship Renewal of title and Free tile samples front of s
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Slide 20: Stylish Homewares, Reimagined
STYLISH HOMEWARES, REIMAGINED A bold strategic move into a new adjacency As market leader in our core segment, we are already familiar with the UK consumer and are now tapping into the homewares adjacency, a new £21bn TAM1. We have an experienced management team, with recent hires adding to the weal
Slide 21: A Reinvented MFI
A REINVENTED MFI A refreshing and innovative take on the category, MFI stands out in the homewares market, helping our customers to express their style throughout the home. Online only store , matchmaking customers with quality products Carefully curated range of textiles, home décor and free-standi
Slide 22: And We're Just Getting Started…
AND WE’RE JUST GETTING STARTED… Pre -launch July 2025 Post -launch Experienced MFI team, Soft launch as website Focused on expanding leveraging shared went live, beginning to the product range, resources, operating attract customers to site testing and learning; from dedicated organically. building
Slide 23: Dividend & Capital Allocation
DIVIDEND & CAPITAL ALLOCATION 23
Slide 24: Group Free Cash Flow & Conversion
GROUP FREE CASH FLOW & CONVERSION ROBUST UNDERLYING PERFORMANCE REFLECTED IN STRONG CASH GENERATION. FREE CASH FLOW 1 & OPERATING CASH CONVERSION 2 35.0 105% 30.0 81% 77% 25.0 73% 68% 68% Free cash flow £m 20.0 1 32.6 15.0 +18% 27.6 24.0 +29% 10.0 18.6 16.1 +16% 14.3 +13% (56%) 5.0 - 2020 2021 2022
Slide 25: Capital Allocation
CAPITAL ALLOCATION 2025 CAPITAL ALLOCATION POLICY ENHANCES SHAREHOLDER RETURN. Invest in growth Sustainable dividend opportunities growth ORDINARY DIVIDEND 1 • Delivering value back to 2.50 • Prioritising growth in existing TAM while unlocking new markets shareholders with progressive 2.15 dividend
Slide 26: Current Trading Outlook
CURRENT TRADING • The Group has had a positive start to the current financial year with continued revenue growth across all categories, and in line with market expectation. • MFI continues to build its product range ahead of a full launch in 2026 and whilst revenue is building, our expectation for M
Slide 27: Appendices
APPENDICES 27
Slide 28: Group Balance Sheet
GROUP BALANCE SHEET RESILIANT BALANCE SHEET WITH STRONG CASH GENERATION. Group 2025 Group 2024 £m £m Goodwill 18.8 18.8 Property, plant and equipment 26.8 27.8 Right-of-use assets 47.3 45.4 Other non-current assets 4.7 4.7 Non-current assets 97.6 96.7 Inventory 45.6 43.7 Cash 17.7 11.2 Other current
Slide 29: Group Cash Flow
GROUP CASH FLOW CLOSING CASH OF £17.7M FOLLOWING THE CLOSURE OF VICTORIA PLUM AND UPDATED CAPITAL ALLOCATION POLICY. Group 2025 Group 2024 £m £m Adjusted EBITDA 31.3 27.2 Movement in working capital 2.5 (4.8) Cash generated from operating activities before exceptionals 33.8 22.4 Exceptional & share
Slide 30: Group Free Cash Flow & Operating Cash Conversion
GROUP FREE CASH FLOW & OPERATING CASH CONVERSION CLOSURE OF VICTORIA PLUM AND WAREHOUSE TRANSFORMATION COMPLETE. 2025 CASH FLOWS 35.0 0.9 31.3 30.0 (3.5) 25.0 24.0 (4.7) 20.0 £m (5.8) 15.0 10.0 (9.1) 6.5 (2.6) 5.0 0.0 Change in working Capital expenditure Dividend Other² Adjusted EBITDA capital Leas
Slide 31: New Warehouse Infrastructure
NEW WAREHOUSE INFRASTRUCTURE WE HAVE NOW TRANSITIONED INTO OUR NEW WAREHOUSE INFRASTRUCTURE, ELIMINATING CAPACITY CONSTRAINTS FOR GROWTH. Warehouse Purpose Warehouse Size (Sq. Ft.) Warehouse A - Skelmersdale Vacant - MFI growth 110,000 Warehouse B - Skelmersdale VP - Tiles & Flooring DC 130,000 Ware
Slide 32: Market
MARKET BATHROOM AND BATHROOM ACCESSORIES MARKET FORECAST TO GROW BY 2.5% IN 2025 TO £1,690M. UPTICK IN GROWTH EXPECTED IN 2026 BY 6.6%, WITH ESTIMATES RANGING FROM 0% to 14%. 1 ONLINE RETAIL PENETRATION 2 BATHROOM & BATHROOM ACCESSORIES MARKET VALUE 2,000 35% 1,800 30% 1,600 1,400 25% 1,200 20% 1,00
Slide 33: We Are the Leading Bathroom Retailer
WE ARE THE LEADING BATHROOM RETAILER CONSISTENT MARKET LEADER AMONGST ONLINE SPECIALIST BATHROOM RETAILERS, WITH A GROWING ONLINE MARKET SHARE. SHARE OF WEBSITE VISITS AMONGST ONLINE SPECIALIST BATHROOM RETAILERS 1 50% 47% 45% 45% 45% 43% 43% 43% 42% 42% 42% 40% 41% 41% 42% 40% 40% 40% 40% 38% 37% 3
Slide 34: We Are the Leading Bathroom Retailer
WE ARE THE LEADING BATHROOM RETAILER NUMBER ONE RETAILER FOR BATHROOM PRODUCTS ACROSS BOTH ONLINE AND OFFLINE CHANNELS. UNRIVALLED PRODUCT RANGE AND EXCELLENT AVAILABILITY – MORE THAN 36,000 PRODUCTS FROM OVER 150 BRANDS. TOP BATHROOM & BATHROOM ACCESSORY RETAILERS 1 25.0% 21.5% 20.9% 20.1% 20.4% 20
Slide 35: Disclaimer
DISCLAIMER PLEASE READ THE FOLLOWING DISCLAIMERS WHEN USING THE INFORMATION IN THIS PRESENTATION. The information and opinions provided in this presentation are provided as of the date of this presentation. Certain statements in this presentation constitute forward looking statements (including beli