Johnson Service Group Plc · LSE:JSG
Johnson Service — H1 2026 Earnings Presentation
30 slides from Johnson Service's earnings presentation, Jun 30, 2026
Slide 1: Interim Results
Johnson Service Group PLC Interim Results 30 June 2026 Peter Egan Chief Executive Officer Ryan Govender Chief Financial Officer
Slide 2: Contents
Contents 1 Overview 2 Financials 3 Operational Performance 4 Investment & Sustainability 5 Platform for Growth 6 Outlook 7 Appendices 8 2
Slide 3: 1. Overview
1. OVERVIEW Resilient first-half performance and continued margin progression despite challenging market conditions 3
Slide 4: Overview
Overview • Group revenue in line with prior year; organic revenue softened slightly to (0.7%) (Workwear: +2.6%; HORECA: (2.0%)) • Improvement in adjusted operating margin (+50bps) and strong adjusted EPS growth (+8.7%), reflects our focus on operational efficiencies and cost management • Workwear vo
Slide 5: 2. Financials
2. FINANCIALS Consistent earnings and margin growth demonstrates the strength of our operating model and continuing efficiency improvements 5
Slide 6: Financial Highlights
Financial Highlights H1 2026 H1 2025 Increase FY 2025 Revenue (£m) 258.0 257.5 0.2% 535.4 Adjusted EBITDA (£m)1,2 77.9 75.4 3.3% 166.8 Adjusted EBITDA margin (%)1,2 30.2 29.3 +90bps 31.2 Adjusted operating profit (£m)2 29.8 28.7 3.8% 72.5 Adjusted operating margin (%)2 11.6 11.1 +50bps 13.5 Adjusted
Slide 7: Strong Financial Management
Strong Financial Management The Group has continued to deliver improved returns whilst maintaining a strong balance sheet ROCE % 1 1 Leverage 2 Share Buyback* (£m) 3,4 1.11 17.1% 16.7% 15.5% 15.8% 0.95 54.3 13.9% 12.2% 0.77 0.74 29.8 28.9 0.46 5.5 FY 22 FY 23 FY 24 HY 25 FY 25 HY 26 FY 22 FY 23 FY 2
Slide 8: Margin Progression
Margin Progression On track to deliver at least 14.0% margin in 2026 JSG Adjusted Operating Margin At least 13.5% 14.0% 12.1% 10.7% 10.9% Employment Costs 47.2% Energy 7.0% Depreciation 2022 2023 2024 2025 2026 H1 2026 (PPE & RoU) Expectation 6.6% Managing Margin Pressures Depreciation Adjusted (Tex
Slide 9: Cash Flow
Cash Flow H1 2026 H1 2025 FY 2025 £m £m £m Adjusted operating profit 29.8 28.7 72.5 Depreciation and software amortisation 48.1 46.7 94.3 Working capital (13.7) (9.7) (8.4) fixed assets and software (17.4) (23.8) (35.9) Capital expenditure rental stocks (net) (31.5) (29.7) (63.7) fixed asset proceed
Slide 10: Other Financial Information
Other Financial Information Interest Pensions • Interest cost of £4.5m including £1.6m • Pension scheme surplus (IAS19 basis) of relating to IFRS 16 lease liabilities (H1 25: £7.6m (Dec 2025: £4.9m) £3.8m and £1.3m respectively) • No deficit recovery contributions expected to • New facility margin r
Slide 11: 3. Operational Performance
3. OPERATIONAL PERFORMANCE Strong execution and cost discipline driving continued margin improvement 11
Slide 12: Operational Performance: Workwear
Operational Performance Workwear H1 2026 H1 2025 FY 2025 Revenue (£m) 74.0 72.1 145.6 Adjusted EBITDA (£m)1,2 26.5 25.9 52.1 Adjusted EBITDA margin (%)1,2 35.8 35.9 35.8 Adjusted operating profit (£m)2 11.0 10.4 21.0 Adjusted operating margin (%)2 14.9 14.4 14.4 Notes: 1. Adjusted operating profit p
Slide 13: Operational Performance: Workwear
3 Operational Performance Workwear • Revenue increased 2.6%; adjusted operating margin improvement of +50bps • The revenue increase was entirely organic, reflecting stable volumes and customer price increases • Customer retention levels maintained at 94% • We maintain a clear focus on retaining and
Slide 14: Operational Performance: HORECA
Operational Performance HORECA H1 2026 H1 2025 FY 2025 Revenue (£m) 184.0 185.4 389.8 Adjusted EBITDA (£m)1,2 55.9 53.7 122.9 Adjusted EBITDA margin (%)1,2 30.4 29.0 31.5 Adjusted operating profit (£m)2 23.4 22.5 59.8 Adjusted operating margin (%)2 12.7 12.1 15.3 Notes: 1. Adjusted operating profit
Slide 15: Operational Performance: HORECA
5 Operational Performance HORECA • Revenue softened slightly to (0.8%), and (2.0%) organically • Macroeconomic headwinds continue to influence competitive dynamics and impacted customer behaviour • These pressures are resulting in more challenging price increase and renewals discussions • Adjusted o
Slide 16: 4. Investment & Sustainability
4. INVESTMENT & SUSTAINABILITY Our focus remains on delivering excellent service and investing in our estate to improve productivity and operational efficiency 16
Slide 17: £17.4m Investment
Capital Expenditure £17.4m Investment Wrexham Ireland Pwllheli Edinburgh Group-Wide & Grantham Sorting system Investment Sorting system New completed at our and automatic and automatic commercial New Boilers Wexford and dryers dryers vehicles Naas sites 17
Slide 18: Sustainability
Sustainability We continue to embed sustainability across our operations and supply chain to support resource efficiency, risk management and long-term value creation 2025 Progress: 14% 20% 94% 23% Reduction in Scope 1 & 2 carbon Reduction in water intensity vs. Of waste diverted from landfill Reduc
Slide 19: 5. Platform for Growth
5. PLATFORM FOR GROWTH Disciplined investment and capital allocation drives sustainable compounding growth and shareholder returns 19
Slide 20: An Essential Service Provider
An Essential Service Provider An Essential Limited Quality Service A Local Service Sustainable Service Provider Substitutes The services we provide We provide our Our proximity to Working in partnership Limited alternatives to to our customers are customers with a quality customers enables us to wit
Slide 21: A Platform for Sustainable Growth
A Platform for Sustainable Growth The Group has continued to deliver strong and sustainable growth Revenue (£m) Adjusted Operating Profit (£m) Adjusted Diluted EPS (p)1 12.1 10.1 513.4 535.4 72.5 465.3 62.3 7.7 7.2 385.7 50.5 271.4 41.2 12.7 1.7 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021
Slide 22: Significant Runway for Growth
Significant Runway for Growth UK & Ireland HORECA, Workwear, ~£3.0bn* Healthcare, Care Homes UK & Ireland ~£2.0bn* HORECA & Workwear JSG Revenue ~£0.5bn 2025 22 *Source: Total Addressable market reflects a combination of independent studies commissioned by JSG in 2023 and 2024, and management estima
Slide 23: JSG Compounding Growth Model
JSG Compounding Growth Model Focused operational execution and disciplined capital allocation delivering long-term shareholder value Revenue Growth Progressive Dividend Policy Ambition to deliver annual revenue growth Maintain a progressive dividend supported by underpinned by a combination of organ
Slide 24: Capital Allocation Framework
Capital Allocation Framework Cash generative operating model supports a balanced and disciplined approach to capital allocation Capital M&A Dividends Share Buyback Investment Continue to invest in our Value creation through Return to shareholders Track record of returning estate to support organic t
Slide 25: 6. Outlook
6. OUTLOOK The Board continues to expect to deliver another year of progress, and to achieve its targeted adjusted operating margin of at least 14% in 2026 25
Slide 26: Outlook
Outlook • Workwear is expected to continue to benefit from stable volumes and the implementation of customer price increases • The seasonal uplift in HORECA over the summer months was more modest than originally anticipated and we expect that this softer trading will persist throughout the remainder
Slide 27: Thank You
JOHNSON Service Group PLC Thank You y ae “
Slide 28: Appendices
JOHNSON Tem Steen Service Group PLC yh Sp ve eS Se APPENDICES
Slide 29: Segmental Analysis
9 Appendix 1 Segmental Analysis H1 2026 H1 2025 FY 2025 Adjusted Adjusted Adjusted Operating Adjusted Operating Adjusted Operating Adjusted Revenue Profit 1 EBITDA1,2 Revenue Profit 1 EBITDA1,2 Revenue Profit 1 EBITDA1,2 £m £m £m £m £m £m £m £m £m HORECA 184.0 23.4 55.9 185.4 22.5 53.7 389.8 59.8 12
Slide 30: Repositioned as a Dedicated Textile Services Provider
Appendix 2 Repositioned as a Dedicated Textile Services Provider Revenue previously derived from three distinct sources… Source of revenue within Textile Services now derived from one focused business significantly changed 2012 Revenue 2025 Revenue 2012 Revenue 2025 Revenue 21% 22% 27% Textile Servi
Johnson Service Group — H1 2026 Earnings Presentation on 6ix