Slide 1: Half Year 2026
Half Year 2026 Rounding differences are not adjusted
Slide 2: Income Statement | % Ownership Basis
Income Statement | % Ownership Basis £m July 2026 July 2025 Var Total Group sales 3,540 3,249 + 9.0% NEXT full price sales 2,849 2,645 + 7.7% Total sales & profit are not presented on a statutory basis. Full price sales for July 2025 are for weeks 2 to 27, to be on a comparable basis, as FY2025/26 w
Slide 3: Income Statement | % Ownership Basis
Income Statement | % Ownership Basis £m July 2026 July 2025 Var Total Group sales 3,540 3,249 + 9.0% March guidance NEXT full price sales 2,849 2,645 + 7.7% + 4.0% Total sales & profit are not presented on a statutory basis. Full price sales for July 2025 are for weeks 2 to 27, to be on a comparable
Slide 4: Income Statement | % Ownership Basis
Income Statement | % Ownership Basis £m July 2026 July 2025 Var Total Group sales 3,540 3,249 + 9.0% March guidance NEXT full price sales 2,849 2,645 + 7.7% + 4.0% UK + 3.6% + 1.3% International + 24% + 15% Total sales & profit are not presented on a statutory basis. Full price sales for July 2025 a
Slide 5: Income Statement | % Ownership Basis
Income Statement | % Ownership Basis £m July 2026 July 2025 Var Total Group sales 3,540 3,249 + 9.0% Profit before interest & tax 588 531 + 10.7% Net interest (19) (16) Profit before tax 569 515 + 10.5% PBT margin 16.1% 15.8% Total sales & profit are not presented on a statutory basis. Net interest
Slide 6: Income Statement | % Ownership Basis
Income Statement | % Ownership Basis £m July 2026 July 2025 Var Total Group sales 3,540 3,249 Profit before interest & tax 588 531 Net interest (19) (16) Profit before tax 569 515 Tax charge (142) (128) Profit after tax 427 387 + 10.4% Post-tax EPS 370.4p 330.2p + 12.2% Interim dividend 98p 87p + 12
Slide 7: Cash Flow | Consolidated Basis
Cash Flow |Consolidated Basis The cash flow statement is not presented on a statutory basis.
Slide 8: Cash Flow | Consolidated Basis
Cash Flow | Consolidated Basis £m July 2026 July 2025 Var Profit before tax 569 515 + 54m Depreciation & software amortisation 75 72 Capital expenditure (119) (76) - 44m The cash flow statement is not presented on a statutory basis.
Slide 9: Cash Flow | Capital expenditure
Cash Flow | Consolidated Basis Capital expenditure £245m(e) £245m(e) £29m £220m(e) £45m Stores £25m £29m £24m Head office & £168m £36m £25m subsidiaries £36m £33m Technology £63m £155m £140m £133m Warehouses £20m £33m £52m Jan Jan Jan Jan 2026 2027(e) 2028(e) 2029(e)
Slide 10: Cash Flow | Consolidated Basis
Cash Flow | Consolidated Basis £m July 2026 July 2025 Var Profit before tax 569 515 + 54m Depreciation & software amortisation 75 72 Capital expenditure (119) (76) Working capital / other (214) (197) + 8.7% - 17m Corporation Tax (133) (110) - 23m Surplus cash before distributions 178 204 - 26m Buyba
Slide 11: Cash Flow | Consolidated Basis
Cash Flow | Consolidated Basis £m July 2026 July 2025 Var Profit before tax 569 515 + 54m Depreciation & software amortisation 75 72 Capital expenditure (119) (76) Working capital / other (214) (197) Corporation Tax (133) (110) Surplus cash before distributions 178 204 - 26m Buybacks (355) (81) - 27
Slide 12: Full Year Facilities & Net Debt
Full Year Facilities & Net Debt (e) Jan 2027 Jan 2026 0.60 Leverage 0.63 £815m(e) x Net debt £713m Operational cash flow £996m(e) £280m(e) Ordinary dividends £319m(e) Capital expenditure £245m(e)
Slide 13: Full Year Facilities & Net Debt
Full Year Facilities & Net Debt (e) Jan 2027 Jan 2026 0.60 Leverage 0.63 £815m(e) x Net debt £713m £180m Balance Share price limit £136.50 Operational cash flow £355m Buybacks to date* £996m(e) Ordinary dividends £319m(e) Capital expenditure £245m(e) * Buybacks to 16 September 2026.
Slide 14: Net Debt & Financing | Headroom
Net Debt & Financing |Headroom Jan 2026 £1,239m 2029 NEXT RCF £525m £815m(e) 2031 Bond £300m Jan 2027 x 2028 Bond £300m 2026 Bond £114m Financing Net debt (excl. lease debt)
Slide 15: Net Debt & Financing | Headroom
Net Debt & Financing |Headroom May 2026 +£200m 2029 NEXT RCF £725m £815m(e) 2031 Bond £300m Jan 2027 x 2028 Bond £300m 2026 Bond £114m Financing Net debt (excl. lease debt)
Slide 16: Net Debt & Financing | Headroom
Net Debt & Financing |Headroom Jan 2027 £1,325m(e) 2029 NEXT RCF £725m £815m(e) Jan 2027 2031 Bond £300m x Due Oct 26 2028 Bond 2026 Bond £300m 2026 Bond £114m £250m Financing Net debt (excl. lease debt)
Slide 17: Net Debt & Financing | Headroom
Net Debt & Financing |Headroom Jan 2027 £1,325m(e) ~£300m(e) Minimum headroom 2029 NEXT RCF £725m £1,025m(e) 2031 Bond £300m Peak Oct 2026(e) x 2028 Bond 2026 Bond £300m 2026 Bond £114m £250m Financing Net debt (excl. lease debt)
Slide 18: Net Debt & Financing | Headroom
Net Debt & Financing |Headroom Jan 2027 £1,325m(e) £1,360m(e) Jan 2027 2029 NEXT RCF £725m £1,025m(e) 2031 Bond £300m Peak Oct 2026(e) x 2028 Bond £300m Financing Net debt Customer (excl. lease debt) receivables
Slide 19: Balance Sheet | Consolidated Basis
Balance Sheet |Consolidated Basis
Slide 20: Balance Sheet | Consolidated Basis
Balance Sheet | Consolidated Basis £m July 2026 July 2025 Var Fixed assets & software 797 771 Investments 511 553 - 42m Amortisation - 19m JV dividend received - 10m Provision for minority acquisition - 9m
Slide 21: Balance Sheet | Consolidated Basis
Balance Sheet | Consolidated Basis £m July 2026 July 2025 Var Fixed assets & software 797 771 Investments 511 553 Stock 1,121 1,060 + 62m + 5.8% Customer receivables 1,309 1,278 + 2.5% Credit sales 12 months to Jul 2026 + 6.8% Faster payments from ‘Pay in 3’ Credit sales are VAT inclusive and includ
Slide 22: Balance Sheet | Consolidated Basis
Balance Sheet | Consolidated Basis £m July 2026 July 2025 Var Fixed assets & software 797 771 Investments 511 553 Stock 1,121 1,060 Customer receivables 1,309 1,278 Other debtors 340 287 53m International aggregators 32m Cash in transit 31m Subsidiary debtors - 11m
Slide 23: Balance Sheet | Consolidated Basis
Balance Sheet | Consolidated Basis £m July 2026 July 2025 Var Fixed assets & software 797 771 Investments 511 553 Stock 1,121 1,060 Customer receivables 1,309 1,278 Other debtors 340 287 Creditors & derivatives (1,104) (1,132) - 2.5% Timing of payments (Week 53 impact)
Slide 24: Balance Sheet | Consolidated Basis
Balance Sheet | Consolidated Basis £m July 2026 July 2025 Var Fixed assets & software 797 771 Investments 511 553 Stock 1,121 1,060 Customer receivables 1,309 1,278 Other debtors 340 287 Creditors & derivatives (1,104) (1,132) Dividends (207) (185) Right-of-use assets 754 738 Timing of Lease debt (1
Slide 25: Online UK
Online Full price sales UK + 7.4%
Slide 26: Online UK | Sales Analysis
Online UK | Sales Analysis £m July 2026 July 2025 Var Full price Total UK sales 1,370 1,269 + 8.0% + 7.4% Full price sales 1,208 1,125 + 83m Full price sales for July 2025 are for weeks 2 to 27, to be on a comparable basis, as FY2025/26 was a 53-week year.
Slide 27: Online UK | Sales Analysis
Online UK | Sales Analysis £m July 2026 July 2025 Var Full price Total UK sales 1,370 1,269 + 8.0% + 7.4% By brand NEXT + 14m + 2.1% WOBL + 33m + 33.5% Third-party + 37m + 9.5% Full price sales + 83m + 7.4% Full price sales for July 2025 are for weeks 2 to 27, to be on a comparable basis, as FY2025/
Slide 28: Online UK | Profit & Margin Analysis
Online UK | Profit & Margin Analysis £m July 2026 July 2025 Var Total UK sales 1,370 1,269 + 8.0% Profit 243 223 + 8.9% Margin 17.7% 17.6% + 0.1% Bought-in gross margin - 0.2% Underlying NEXT + 0.5% Mix impact - 0.7% Markdown - 0.3% Net margins by brand NEXT WOBL Third-party 21% 18% 12%
Slide 29: Online UK | Profit & Margin Analysis
Online UK | Profit & Margin Analysis £m July 2026 July 2025 Var Margin 17.7% 17.6% + 0.1% Bought-in gross margin - 0.2% Wage inflation - 0.7% Markdown - 0.3% Fuel - 0.1% Warehouse & distribution + 0.6% Productivity + 0.6% Fixed overheads + 0.3% Technology + 0.1% Returns & ASPs + 0.5% Marketing - 0.7
Slide 30: Online UK | Profit & Margin Analysis
Online UK | Profit & Margin Analysis £m July 2026 July 2025 Var Margin 17.7% 17.6% + 0.1% If… FY full price sales + 5.2% Jan 2027(e) margin 18.4% + 0.2%
Slide 31: Online International
Online Full price sales International + 24%
Slide 32: Online International | Sales Analysis
Online International | Sales Analysis £m July 2026 July 2025 Var Full price Total International sales 774 612 + 26% + 24% Full price sales 690 557 + 133m Q1 + 13% Q2 + 37% Full price sales for July 2025 are for weeks 2 to 27, to be on a comparable basis, as FY2025/26 was a 53-week year.
Slide 33: Online International | Sales Analysis
Online International | Sales Analysis £m July 2026 July 2025 Var Full price Total International sales 774 612 + 26% + 24% By region By brand Europe + 96m + 28% NEXT + 69m + 16% Middle East + 23m + 14% WOBL + 49m + 82% USA Direct + 13m + 255% Rest of World + 2m + 3% Third-party + 14m + 21% Full price
Slide 34: Online International | Profit & Margin Analysis
Online International | Profit & Margin Analysis £m July 2026 July 2025 Var Total International sales 774 612 + 26% Profit 114 93 + 23% Margin 14.8% 15.2% - 0.4% Surcharges - 1.3% Middle East conflict - 0.8% Price rises + 0.5% Bought-in gross margin + 0.4% Underlying margin + 0.5% Impact of mix - 0.1
Slide 35: Online International | Margin Analysis
Online International | Margin Analysis £m July 2026 July 2025 Var Margin 14.8% 15.2% - 0.4% Middle East conflict - 0.8% Bought-in gross margin + 0.4% Markdown - 0.2% Aggregator commission + 0.4% Warehouse & distribution + 0.8% Technology + 0.1% Broadly in line with Online UK Central costs + 0.4% Mar
Slide 36: Online International | Margin Analysis
Online International | Margin Analysis £m July 2026 July 2025 Var Margin 14.8% 15.2% - 0.4% If… FY full price sales + 22.2% & marketing spend + 42% Jan 2027(e) margin 15.1% Flat
Slide 37: Online Customers
Online Customers UK & International
Slide 38: Online Customers
Online Customers Total sales by customer type on NEXT websites Customers in the last 12m UK credit 3.4m + 8% UK cash 7.1m + 7% Total UK 10.5m + 7% International (NEXT websites) 5.7m + 29% Total excl. aggregators 16.2m + 14% Sales & customer numbers excludes third-party aggregators & Total Platform w
Slide 39: Online Customers
Online Customers Total sales by customer type on NEXT websites Customers in Sales per the last 12m customer UK credit 3.4m + 8% £552 0% UK cash 7.1m + 7% £145 + 2% Total UK 10.5m + 7% £276 + 1% International (NEXT websites) 5.7m + 29% £169 + 2% Total excl. aggregators 16.2m + 14% £238 0% Sales & cus
Slide 40: Retail Stores
Retail Stores Full Year (e) New space + 1.3% New stores 8 IRR 30% Bluewater, Dartford. Opened July 2026
Slide 41: Retail Stores | Sales & Profit Analysis
Retail Stores | Sales & Profit Analysis £m July 2026 July 2025 Var Full price Total sales 895 899 - 0.4% - 1.7% New space + 1.6% Like-for-like full price sales - 3.3% Full price sales for July 2025 are for weeks 2 to 27, to be on a comparable basis, as FY2025/26 was a 53-week year.
Slide 42: Retail Stores | Sales & Profit Analysis
Retail Stores | Sales & Profit Analysis £m July 2026 July 2025 Var Total sales 895 899 - 0.4% Profit 83 80 + 4.0% Margin 9.3% 8.9% + 0.4% Profit includes lease interest.
Slide 43: Retail Stores | Margin Analysis
Retail Stores | Margin Analysis £m July 2026 July 2025 Var Margin 9.3% 8.9% + 0.4% Bought-in gross margin + 0.6% Markdown 0% Wage inflation & NI - 1.0% Payroll - 0.6% Productivity + 0.4% New space - 0.7% Store occupancy - 0.2% Fully depreciated assets + 0.5% Warehouses & distribution - 0.3% Wage inf
Slide 44: Retail Stores | Margin Analysis
Retail Stores | Margin Analysis £m July 2026 July 2025 Var Margin 9.3% 8.9% + 0.4% If… FY full price sales - 0.9% Jan 2027(e) margin 10.2% Flat
Slide 45: Retail Stores | Margin Analysis
Retail Stores | Margin Analysis £m July 2026 July 2025 Var Margin 9.3% 8.9% + 0.4% If… H1 H2 FY full price sales - 0.9% - 1.7% - 0.2% Q1 Q2 - 3.4% - 0.3%
Slide 46: Total Platform
Total Platform Reiss NEXT
Slide 47: Total Platform | Sales & Profit Analysis
Total Platform | Sales & Profit Analysis £m July 2026 July 2025 Var Equity profit 30 22 + 40% Underlying + 18% LY provisions impact + 22%
Slide 48: Total Platform | Sales & Profit Analysis
Total Platform | Sales & Profit Analysis £m July 2026 July 2025 Var Equity profit 30 22 + 40% Services profit 8 6 + 23% Margin on NEXT income 19.6% 18.5% Margin as a % of client sales 5.9% 5.7%
Slide 49: Total Platform | Sales & Profit Analysis
Total Platform | Sales & Profit Analysis £m July 2026 July 2025 Var Equity profit 30 22 + 40% Services profit 8 6 + 23% Total profit 38 28 + 36%
Slide 50: Total Platform | 2026/27 (e) Full Year Guidance
Total Platform £m July 2026 July 2025 Var Total profit 38 28 + 36% 2026/27(e) Full Year Guidance Total profit 105 90 + 18% Total pre-tax ROCE (e) 26% 23%
Slide 51: Half Year 2026
Half Year 2026
Slide 52: 2026/27 (e) Full Year Guidance
2026/27 (e) Full Year Guidance
Slide 53: 2026/27 (e) Full Year Guidance
2026/27 (e) Full Year Guidance H1 H2 UK + 3.6% + 2.0% International + 23.9% + 20.5% Total full price sales 1 + 7.7% + 5.8% Total full price sales growth includes Finance interest income.
Slide 54: 2026/27 (e) Full Year Guidance
2026/27 (e) Full Year Guidance H1 H2 UK + 3.6% + 2.0% + 2.8% International + 23.9% + 20.5% Total full price sales 1 + 7.7% + 5.8% Spending / GDP Covid Debt / GDP Taxation / GDP Financial 93.4% 35.9% Oil Crisis Crisis 44.3% 1960 1992 2025 1960 1992 2025 1960 1992 2025 Total full price sales growth in
Slide 55: 2026/27 (e) Full Year Guidance
2026/27 (e) Full Year Guidance H1 H2 UK + 3.6% + 2.0% International + 23.9% + 20.5% + 14.0% Total full price sales 1 + 7.7% + 5.8% 2025/26 v 2024/25 H1 H2 + 33% + 61% Total full price sales growth includes Finance interest income.
Slide 56: 2026/27 (e) Full Year Guidance
2026/27 (e) Full Year Guidance H1 H2 Full Year UK + 3.6% + 2.0% + 2.7% International + 23.9% + 20.5% + 22.2% Total full price sales + 7.7% 1 + 5.8% + 6.7% Total full price sales growth includes Finance interest income.
Slide 57: 2026/27 (e) Full Year Profit Guidance Bridge
2026/27 (e) Full Year Profit Guidance Bridge 2025/26 52 weeks £1,158m Profit from + 10.7% Online sales (UK & International) + 116m Lost profit from - 0.9% Retail sales - 6m
Slide 58: 2026/27 (e) Full Year Profit Guidance Bridge
2026/27 (e) Full Year Profit Guidance Bridge 2025/26 52 weeks £1,158m Profit from + 6.7% full price sales + 110m TP equity & service profit + 15m - 124m Cost increases Marketing spend (ahead of sales growth) £44m Wage inflation & NI £42m Increased fuel costs £27m Higher interest costs £11m
Slide 59: 2026/27 (e) Full Year Profit Guidance Bridge
2026/27 (e) Full Year Profit Guidance Bridge 2025/26 52 weeks £1,158m Profit from + 6.7% full price sales + 110m TP equity & service profit + 15m 2 - 124m Cost increases Cost savings + 96m Margin gains / International ASPs £37m Employee incentives £28m £1,255m + 8.4% Warehouse & distribution efficie
Slide 60: 2026/27 (e) Full Year Guidance
2026/27 (e) Full Year Guidance Profit £1,255m + 8.4% Post-tax EPS 820.8p + 10.3% Dividend yield 2.3% TSR (at constant PE ratio) + 12.6%
Slide 61: The Big Picture: Business Insight Focus Areas
THE BIG PICTURE Business Insight Focus Areas Product Warehousing Technology
Slide 62: Business Insight: H1 Full Price Sales Growth
Business Insight H1 Full Price Sales Growth Total + £203m + 8%
Slide 63: Business Insight H1 Full Price Sales Growth
Business Insight H1 Full Price Sales Growth Total + £203m + 8% + 22% + £140m + 3% + £63m NEXT Non-NEXT
Slide 64: Business Insight H1 Full Price Sales Growth
Business Insight H1 Full Price Sales Growth Total + £203m + 8% WOBL + £84m + 50% 3P + £63m + £56m + 12% NEXT Non-NEXT
Slide 65: Business Insight H1 Full Price Sales Growth
Business Insight H1 Full Price Sales Growth + £147m Total + £203m + 8% WOBL 18.8% Online + £56m Margins NEXT 3P 18.3% 12.0% NEXT owned Non-NEXT
Slide 66: Business Insight H1 Full Price Sales Growth
Business Insight H1 Full Price Sales Growth Total + £203m + 8% WOBL + 3% NEXT 3P NEXT owned Non-NEXT
Slide 67: Business Insight H1 Full Price Sales Growth
Business Insight H1 Full Price Sales Growth UK + £69m + 4% International + £133m + 24% WOBL Total + £203m + 8% NEXT 3P NEXT Non-NEXT
Slide 68: Business Insight H1 Full Price Sales Growth
Business Insight H1 Full Price Sales Growth UK + £69m + 4% International + £133m + 24% + £76m + 15% - £7m - 0.5% NEXT Non-NEXT
Slide 69: Business Insight H1 Full Price Sales Growth
Business Insight H1 Full Price Sales Growth UK + £69m + 4% International + £133m + 24% Online + £14m + 2.1% WOBL & third-party competition + £70m Stores - £20m - 2.6% LY competitor disruption + 2.3% v 2 years - £7m - 0.5% NEXT
Slide 70: Business Insight H1 Full Price Sales Growth
Business Insight H1 Full Price Sales Growth UK + £69m + 4% International + £133m + 24% + 16% + 50% + £69m + £63m NEXT Non-NEXT
Slide 71: International
Business Insight H1 Full Price Sales Growth International + 24% + £133m Total
Slide 72: International
Business Insight H1 Full Price Sales Growth International 2025/26 v 2024/25 ++ 24% H1 H2 Aggregators + £42m + 23% + 33% + 61% NEXT Direct + £92m + 24% Total
Slide 73: International
Business Insight H1 Full Price Sales Growth International + 24% NEXT Direct + £92m Total
Slide 74: International Growth Drivers
Business Insight H1 Full Price Sales Growth International Growth drivers July 2026 July 2025 + 24% Spend £51m £31m + 63% Return £1.77 £1.75 Marketing + 23% Return from every £1 marketing spend Total
Slide 75: International Growth Drivers
Business Insight H1 Full Price Sales Growth International Growth drivers • Improved ad technology + 24% • Better website & services • EU media costs Marketing + 23% • Smaller countries • Cost and Margin Control Total
Slide 76: International Growth Drivers
Business Insight H1 Full Price Sales Growth International Growth drivers Last Q1 Q2 15 weeks + 24% Underlying + 1% - 8% + 11% + 8% Total
Slide 77: International Underlying Customer Spend
£473 International Underlying Customer Spend £417 Average annual spend £358 by customer tenure £350 £296 £298 £300 £277 £292 £250 £203 £244 £200 £174 £148 £197 Middle East £150 £164 £101 International (excl. Middle East) £100 £89 UK £50 Year 1 Year 2 Year 3 Year 4 Year 5 Vat inc. sales, based on the
Slide 78: International Customer Retention Rates
International Customer Retention Rates 2022 new customers UK customers International customers 35% 30% 33% 29% 26% 20% 23% 20% 19% 17% UK marketing 3.8% 10% International marketing 10.0% 0% > 1 yr > 2 yrs > 3 yrs > 4 yrs
Slide 79: Product
Product Newness Quality Choice
Slide 80: Inspiration Design Development
Inspiration Design Development
Slide 81: Product teams
Product teams
Slide 82: Product teams
Product teams Website imagery Fabric mills Warehouse Suppliers Website attributes 25 % Import Team Care label supplier Admin tasks Regulators Store planning Export Team Finance
Slide 83: Product teams
Product teams Production Management System Q3 Online Imagery & Attributes System Q3 Data Entry System Q4
Slide 84: Product teams
Product teams Production Management System Q3 12.5% Online Imagery & Attributes System Q3 Data Entry System Q4 Admin tasks
Slide 85: Warehousing
Warehousing NEXT
Slide 86: Warehousing Cost
Warehousing Cost In use £198m Phase 1 2027 £48m Phase 2 2028 £134m In use Phase 3 2029 £125m £505m
Slide 87: Warehousing costs as a % of total sales
Warehousing Warehousing costs as a % of total sales 7.5% 7.4% 7.0% 7.0% 6.8% 6.7% 6.5% 2023/24 2024/25 2025/26 2026/27(e)
Slide 88: Warehousing Wage cost per unit picked
Warehousing Wage cost per unit picked (at 2026 pay rates) 55p 53p 54p 50p 48p 46p 2024 45p 42p 39p 40p 35p 30p Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
Slide 89: Warehousing Wage cost per unit picked
Warehousing Wage cost per unit picked (at 2026 pay rates) 55p 53p 54p 50p 48p 46p 2024 46p 45p 44p 42p 42p 39p 2025 40p 35p 36p 35p 30p Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
Slide 90: Warehousing Wage cost per unit picked
Warehousing Wage cost per unit picked (at 2026 pay rates) 55p 50p 2024 46p 45p 44p 42p 2025 40p 38p 35p 36p 35p 31p 2026 30p Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
Slide 91: Delivery Service
Delivery Service NEXT
Slide 92: % of Parcels Not Delivered On Time, In Full
Delivery Service % of Parcels Not Delivered On Time, In Full 12% 2024 2025 11.6% 11% 10% 9.2% 9% 8.4% 8.7% 8% 7.8% 7% 6.2% 6% 5% Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
Slide 93: % of Parcels Not Delivered On Time, In Full
Delivery Service % of Parcels Not Delivered On Time, In Full 12% 2025 2026 11% 10% 9% 8.4% 8.7% 8% 8.1% 7.8% 7% 6.4% 6.9% 6% 5.4% 5.8% 5% Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Boxed warehouse
Slide 94: Technology
Technology 2024 Introduced Assistive AI
Slide 95: Technology Assistive AI
Technology Assistive AI Tech headcount and tech costs as a % of Brand sales 1,900 3.3% Headcount Costs 1,800 1,700 3.1% 1,600 3.0 % 1,850 1,825 1,740 1,500 Jan Jan Jan 2025 2026 2027(e)
Slide 96: Technology: A big change?
Technology A big change? Assistive AI Agentic AI
Slide 97: Technology Development Lifecycle
Technology Development Lifecycle 11 Ideas Ideas&& Concepts Concepts 6 Support 2 Application Specify System 5 Deploy 3 Software Plan Coding Sprints 4 Develop Software
Slide 98: Technology Development Lifecycle
Technology Development Lifecycle Ideas & Specify Plan Develop Deploy Support Concepts System Coding Sprints Software Software Application ROLES Product Owner Business Analyst Architecture Scrum Master Developer Quality Assurer Dev. Manager Deployment Application Support
Slide 99: Technology Agentic AI
Technology Agentic AI Ideas & Specify Plan Develop Deploy Support Concepts System Coding Sprints Software Software Application AGENTS Product Owner Business Analyst Architecture Scrum Master Developer Quality Assurer Dev. Manager Deployment Application Support
Slide 100: Technology Agentic AI: Timescale?
Technology Agentic AI Ideas & Specify Plan Develop Deploy Support Concepts System Coding Sprints Software Software Application AGENTS Product Owner Business Analyst Timescale? Architecture • Set business context Scrum Master • Apply guardrails Developer • Security Quality Assurer • Train the agents
Slide 101: Technology Agentic AI
Technology Agentic AI 2026 2027 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun AGENTS Product Owner Pilot Deploy Business Analyst Pilot Deploy Architecture Architecture Scrum Master Scrum Master Developer Developer Pilot Deploy Quality Assurer Quality Assurer Dev. Manager Dev. M
Slide 102: Technology Agentic AI
Technology Agentic AI 2026 2027 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun AGENTS Product Owner Pilot Deploy Business Analyst Pilot Deploy Architecture Pilot Deploy Scrum Master Pilot Deploy Developer Pilot Deploy Quality Assurer Pilot Deploy Dev. Manager Pilot Deploy Deploy
Slide 103: Technology Agentic AI
Technology Agentic AI AGENTS DEVELOPER AGENT Product Owner Trial Share Item Business Analyst Architecture Scrum Master Developer Traditional Assistive AI Agentic AI Quality Assurer hr mm sec 11 days 10 days 00:24:29 Dev. Manager + ½ day review Deployment Application Support
Slide 104: Technology Agentic AI: Productivity
Technology Agentic AI AGENTS PRODUCTIVITY Product Owner Business Analyst Feb 2028(e) Target > 30% £60m Architecture Scrum Master Developer Improvement Quality Assurer Dev. Manager Deployment Application Support
Slide 105: Technology Agentic AI: Productivity
Technology Agentic AI AGENTS PRODUCTIVITY Product Owner Business Analyst Feb 2028(e) Target > 30% £60m Architecture Scrum Master Developer £35m? Improvement Quality Assurer Dev. Manager Deployment Application Support
Slide 106: Technology Agentic AI: Productivity
Technology Agentic AI AGENTS PRODUCTIVITY Product Owner Business Analyst Architecture e.g. mainframe Scrum Master modernisation Developer Quality Assurer £50m(e) £10m(e) Dev. Manager 2020 2026 Deployment Pre agentic Application Support
Slide 107: Technology Agentic AI: People
Technology Agentic AI AGENTS PEOPLE Product Owner • Solving business problems Business Analyst • Devising new applications Architecture • Training & managing agents Scrum Master • Maintaining security Developer • Integrating with third parties Quality Assurer • Controlling costs Dev. Manager Deploym
Slide 108: Half Year 2026
Half Year 2026