Slide 1: Preliminary Results FY26
Pets at Home Preliminary Results FY26 – 27th May 2026
Slide 2: Joining Pets at Home
Joining Pets at Home James Bailey, Chief Executive Officer
Slide 3: Pets at Home is the market leader in a structurally growing and attractive market
Pets at Home is the market leader in a structurally growing and attractive market… The UK Pet market remains attractive… … and we are the market leader #1 UK Pet Retailer - £1.3bn sales £10bn 5% #2 UK Vet ‘First opinion’ - £0.7bn sales UK Pet care market UK Pet care market 10-year CAGR 20% Pet care
Slide 4: Possessing a wealth of unique strengths
… possessing a wealth of unique strengths Colleague expertise and knowhow Unique, sector leading vets Unrivalled reach in 460 locations Large engaged active member base A trusted brand Value added adjacencies 4
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Slide 6: Our Vet business delivers differentiated economics for us and our partners
Our Vet business delivers differentiated economics for us and our partners… Unique business model Differentiated economics Great client outcomes 6
Slide 7: Long track record of sustainable revenue, profit and cash growth
…with a long track record of sustainable revenue, profit and cash growth Consistent sales growth... increases fee income and PBT … dropping through to FCF Vet Consumer Revenue (£m) Vet PBT (£m) Vet FCF (£m) FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY20 FY21 FY22 FY23 FY2
Slide 8: Opportunities to unlock future value through proven growth levers
And w e have opportunities to unlock future value through proven growth levers Practice Sales Growth Practice Rollout Practice Extensions Advanced Capabilities
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Slide 10: The retail turnaround priorities are the right ones
The retail turnaround priorities are the right ones… Product Price Execution Cost 10
Slide 11: Delivered against our immediate priorities but there is more to do
…and have delivered against our immediate priorities but there is more to do FY26 Priorities How have we done? Price Investment Q4 Food volume growth +3.7% H2 Sales Plan £93m PBT delivered & H2 sales growth Customer Experience Retail satisfaction increased 4pts Execution 20% reduction in store gaps
Slide 12: Early signs showing positive momentum
…with the early signs showing positive momentum Volume momentum is building … which is translating to sales … and customer satisfaction Retail Volume 1 & 2 year Growth Retail sales 1 & 2 year Growth Value for money 1 YR RTP Live 1 YR RTP Live 2 YR 2 YR +7pts Product availability +6pts Source – PAH c
Slide 13: Pets Insurance
Pets Insurance
Slide 14: 'Pets Insurance' is an exciting addition and is ready to launch in 2026
‘Pets Insurance’ is an exciting addition and is ready to launch in 2026 Why Insurance? • £2bn market opportunity • Highly complimentary adjacency to our Retail and Vet businesses • Possess a unique set of assets and capabilities to bring value to customers Progress to date… • FCA approval complete •
Slide 15: Pets is supported by a talented and passionate team
Pets is supported by a talented and passionate team… 15
Slide 16: Pets has many opportunities ahead of it
Pets has many opportunities ahead of it • We are the market leader in a structurally attractive and growing sector • Vet Group has clear focus and benefits from proven growth levers • Retail is seeing the early results of the Retail Turnaround Plan • Insurance is an exciting opportunity 16
Slide 17: What can you expect from me
What can you expect from me • A relentless focus on the ‘customer’ • Strong financial discipline on cash and costs • Focus on continuing to build momentum 17
Slide 18: Financial Performance
Financial Performance Sarah Pollard, Chief Financial Officer
Slide 19: Retail underperformance has impacted the Group, but Pets underlying financials remain strong
Retail underperformance has impacted the Group, but Pets underlying financials remain strong Financial KPIs Group Consumer Group Group FCF Revenue Underlying PBT £1.98bn £92.8m £61.9m +1% YoY -30% YoY -26% YoY Vet Group Retail Vet Group Retail Vet Group Retail £688m £1.29bn £83.8m £30.8m £74.2m £2.7
Slide 20: Vet Group revenue continues to grow, offset by Retail revenue decline
Vet Group revenue continues to grow, offset by Retail revenue decline Group Consum er Revenue (£m ) FY26 FY25 YoY % • Group performance underpinned by continued strength of Total 1.0% 1,981.0 1,961.5 Vet Group Group Statutory Revenue (£m ) FY26 FY25 YoY % Total 1,469.6 1,481.7 (0.8)% • Joint Venture
Slide 21: Drivers of FY26 PBT performance (£m)
Drivers of FY26 PBT performance (£m) 7 6 133 23 20 20 9 5 5 93 FY25 Group Vet Group Retail trading Retail GM% Productivity & External cost Underlying Variable pay Insurance FY26 Group Underlying trading inc Price efficiency headwinds and volume (bonus) start up costs Underlying PBT Investment initia
Slide 22: FCF lower due to Retail profitability, Vet Group remains strong
FCF lower due to Retail profitability, Vet Group remains strong Free cash flow (£m) FY26 Group Retail Vet Group Insurance Central Group YoY Underlying PBT 92.8 30.8 83.8 (5.2) (16.6) (40.2) Interest (underlying) 16.4 13.5 (0.7) 0.1 3.5 0.6 Depreciation (underlying) 102.7 98.3 3.9 - 0.5 3.9 Leases 63
Slide 23: Investment remains in line with normalised levels
Investment remains in line with normalised levels as we deploy it more effectively Investment has normalised following Capex investment Breakdown peak investment years £m FY26 New pet care centres 4.9 Pet care centre refit program 25.7 Digitising the business 8.5 Distribution 1.6 Vet Group 0.9 Insur
Slide 24: Balance sheet remains robust whilst investing in growth and rewarding shareholders
Balance sheet remains robust whilst investing in growth and rewarding shareholders Adjusted Net (Debt)/Cash (£m ) FY26 FY25 Opening adjusted net (debt)/cash 6.2 8.8 Free cash flow 61.9 83.8 Equity dividends paid (58.7) (59.7) Equity dividends paid to non-controlling interests (0.5) - Share buyback (
Slide 25: Refreshed capital allocation approach
Our refreshed capital allocation approach highlights the importance of effectively rewarding our shareholders Over £430m returned to shareholders Refreshed Capital Allocation Priorities over the last 5 years FY27 1. Investment in the core business £50m Share Buyback £50m £50m 2. Ordinary Dividend (r
Slide 26: FY27 PBT bridge outlook (£m)
FY27 PBT bridge outlook (£m) FY26 Group Retail & Vets Group Pet Plan one Price Underlying Productivity & Investment Interest FY27 Group Underlying trading overhead off benefit Investment cost inflation efficiency choices Underlying PBT saving Annualisation initiaitives PBT (consensus) 26
Slide 27: Thanks for listening
Thanks for listening as
Slide 28: Detailed FY27 guidance
Detailed FY27 guidance Group Underlying PBT Consensus Effective Tax Rate 26% Capital investment c£50m £50m share buyback, dividend 50% payout Shareholder returns ratio