Nwf Group Plc · LSE:NWF
Nwf — H1 2025/26 Earnings Presentation
39 slides from Nwf's earnings presentation, Feb 3, 2026
Slide 1: Half year results to 30 November 2025 Results Presentation
Half year results to 30 November 2025 MF group NWF Group Results Presentation Connecting essential suppliers with their customers
Slide 2: Overview and highlights: Contents
Overview and highlights Contents Welcome to the NWF Group HI Results Presentation Chris Belsham Chief Executive Officer Z : my ; | V2 Z } b i \ | Katie Shortland _ -~ Chief Financial Officer NWF Group ple Half year results to 30 November 2025 Overview and highlights 3 Business model and market 7 pos
Slide 3: Highlights — strategic momentum in a difficult market
Overview and highlights Summary Highlights — strategic momentum in a difficult market Growth in Food gaining Solid performance in Feeds continued to Difficult market momentum, a significant Food with increased perform strongly with conditions in Fuels with opportunity to develop a stock levels and h
Slide 4: A mixed first half performance
Overview and highlights Results summary A mixed first half performance Revenue Headline operating profit’ Headline profit before tax’ £434.6m £3.0m £0.9m lO = 24 4543 24 5.0 24 3.6 Headline EBITDA' Net cash? Dividend per share £6.1m £0.8m 1.0p 24 78 24 4 24 1.0 1 Headline operating profit is stated
Slide 5: Key highlights: Good progress in Food and Feeds, challenging Fuels
Overview and Highlights Key highlights Good progress in Food and Feeds, challenging environment in Fuels Fuels Third largest bulk liquid fuel distributor in the UK. Headline operating loss £(1.6)m + Volumes down 2.4% to 323 million litres. + Low market demand for domestic heating oil (down 16%) and
Slide 6: Fuels demand — short term volatility, longer term consistency
Key highlights Fuels demand — short term volatility, longer term consistency UK Heating Oil Volume UK Gas Oil (Red Diesel) Volume 1,400 1,300 _ 1,300 1,250 Le 2 ana 16% $1200 ——+ os 5 © 4,150 ——— 1100 —— = 1100 —_ 8 3 game # 080 g 900 —— g 1000, —— 2 s00 ——— g 900 —— + 700 ——— 850 ——— 600 800 Half y
Slide 7: Business model and market position
Slide 8: Our business model
Business model and market position Our business model Applying our expertise in connecting suppliers and their customers who otherwise would struggle to connect or would connect in a sub-optimal manner. I/ ~ - Making every === connection === ‘count m ™~s TN Mgjor oil suppliers - refinery and termina
Slide 9: Business overview: Leading market positions
Business model and market position Business overview Leading market positions NWF Fuels is a leading distributor of fuel oil and fuel cards, delivering over 600 million litres across the UK. Boughey Distributio ambient grocery produc leading consolidator of to UK customers with over 1,400,000ft? of
Slide 10: Financial review
NWF Group ple Half year results to 30 November 20 10
Slide 11: Financial overview: Headline performance
Financial review Financial overview Headline performance + Decrease in revenue by £19.7 million (4.3%): + Predominantly driven by lower Abs. change commodity prices in Fuels and Feeds. Now 2025 [Nou ae Enya elnceNovzd + Partially offset by increased activity Revenue 434.6 454.3 903.1 (19.7) levels i
Slide 12: Income statement summary
Financial review Financial overview Income statement summary Nov 2025 Nov 2024 May 2025 ém £m £m Revenue 434.6 454.3 903.1 Cost of sales (414.4) (432.6) (852.8) Gross profit 20.2 217 50.3 Administrative expenses (17.2) (18.1) (37.7) Headline operating profit* 3.0 5.0 16.3 Net exceptional items 06 (1
Slide 13: Segment performance
Financial review Financial overview Segment performance Fuels Revenue £295.9m 24 312.8 Headline operating (loss) /profit £(1.6)m 24 Volume (litres) 323m 25 24 331 Operating profit Pence per Litre (PPL) (0.50) 24 NWF Group ple Half year results to 30 November 2025 Food Revenue £46.2m 25 24 Headline o
Slide 14: Cashflow
Financial review Financial overview continued Cashflow Net cash from operating activities Net cash from investing activities 20 103 ol (0.0 (87) 10 Em (2.3) 3.0 (13) (14) =10 Headline Depreciation of Amortisation of Movementin Leasecapitaland Capital Underlying Acquisition of Pension Taxpald operati
Slide 15: Robust balance sheet to support investment
Financial review Financial overview continued Robust balance sheet to support investment Net cash £0.8m + Decrease innet cash since FY25 reflects investment of operational cash into capex and acquisitions. + Strong operational cash generation coupled with access to banking facilities positions the C
Slide 16: Capital allocation policy
Financial review Our strengths Capital allocation policy Organic capital + Operational capex in line with business activity levels. investment + Investment in margin or market share growth through capex and lease commitments. idend underpin + Deliver annual dividend payment to shareholders. + Grow s
Slide 17: Strategic progress and investment case
NWF Group ple Half year results to 30 November 20} v7
Slide 18: Making every connection count
Strategic progress andinvestment case Making every connection count The Group’s strategy aims to deliver long-term sustainable value for stakeholders. \ | c ial m™y Pa Optimising sales through Operational k understanding our customers’ ee il needs. efficiency sch Making every ‘Selling well’. Continu
Slide 19: Making every connection count continued
Strategic progress andinvestment case \ i ‘ Making every connection count continued: " Fuels + Regional operating model rolled out nationally from 1 July. + Benefits: + Full visibility of commercial and domestic sales activity and performance levels. + Improved margin management - reacting in real t
Slide 20: Strategy overview and updates: Operational efficiency
Strategy overview and updates Making every connection count continue NWF.Group plc Half year results to|20 November 2025 Operational efficiency Fuels + Regional operating model rolled out nationally from 1 July. + Benefits: National visibility over fleet utilisation and delivery capacity. Moving veh
Slide 21: Growth investment: Food growth strategy, national network of scale
Strategic progress and wel Lg i = Ln kad ee = ) 4 Making every connection count continued . 1 e rowth investment Targeted acquisitions dod Gro! i Fategy to developa national rome scale 4 ¢ fl . = ) i ss i NWF Food Market Share Target market: iP \ = ¥ Ld Ambient grocery consolidation = Biscuits, Cake
Slide 22: Food Growth Strategy to develop a national network of scale (continued)
SY SSN. Growth investment & Targeted acquisitions = Food Growth Strategy to develop a national network of scale (continued) -_ — ed Existing Food locations: an tgs Wardle, Crewe, Significant synergy opportunities: Lymedale + Fleet rationalisation through increased utilisation Pow ps + Reduction in e
Slide 23: Reasons to invest
Strategic progress andinvestment case Reasons to invest Delivering consistent attractive financial returns NWF Group ple Half year results to 30 November 2025 23
Slide 24: Summary and outlook
Slide 25: Significant progress made
Summary and outlook Significant progress made Confident in NWF’s potential and prospects Summary Outlook * Solid performancesin Foodand Feeds offset by aweaker performance Fuels. + Further strategic momentum with accelerated development SSS AG —— F of growth strategy for Full year expectations remai
Slide 26: Thank you
Thank you
Slide 27: NWF Group ple Half year results to 30 November 2025 27
NWF Group ple Half year results to 30 November 2025 27
Slide 28: Our purpose and vision
Summary and outlook Our purpose and vision At NWF Group we deliver what really matters Purpose Why we exist Connecting essential suppliers with their All three current Group businesses operate, and have core competencies, in specialist customers. | distribution markets. As such, our reason to exist
Slide 29: Organisation: Our structure
Appendix Organisation Our structure Non-Executives Chair: Amanda Burton Richard Armitage Tim Cooper Company Secretary: Tom Harland Chief Financial Officer Kat rtland NWF Group ple Half year results to 30 November 2025 29
Slide 30: Leadership team
Appendix Leadership team An experienced and capable team -_ Chris Belsham Chief Executive Officer i Bin = ~ Chief Financial Officer Katie Shortland NWF Group ple Half year results to 30 November 2025 Chris Belsham Chief Executive Officer Skills & Experience + Joined the Group in April 2017 as CFO, a
Slide 31: ESG framework
‘Appendix ESG framework Delivering sustainable value Our sustainability framework consists of four strategic objectives that reflect our values and are designed to ensure we take a proactive and responsible approach to the way we operate. Together with our stakeholders and across our three businesse
Slide 32: Analyst coverage and consensus forecasts
Appendix Analyst coverage and consensus forecasts Actual Consensus forecasts* 2025 2026 2027 Revenue £903.1m £1,042.0m £1,079.5m Headline operating profit £16.3m £14.8m £18.3m Headline profit before tax £13.2m £10.1m £12.9m Headline diluted earnings per share 18.5p 16.3p 19.5p Dividend per share 8.4
Slide 33: Track record
Appendix Track record Headline operating profit* 2 20 SI 2018 2019 2020 = 2021 2022 «2023 2024 =. 2025 Headline operating profit Headline EPS* 40.0 35.0 30.0 i 26.0 I 20.0 ——————_ ~~ a NH ht =. = =| Pence iBERGRSCG RE EI — i i i- in ia 0.0 2018 =62019 20202021 «20222023 = 2024 += 2025 Headline EPS *
Slide 34: Business track record
Appendix Business track record 700 600 Litres soldm 400 300 200 100 1 2 1% 14 1 16 17 1 19 20 21 22 23 24 25 * Figures all shown as at the corresponding year ends. NWF Group ple Half year results to 30 November 2025 20 18 Operatingprofit £m Revenue £m 90 80 70 8 8 40 30 20 10 Feeds* 5 700 600 500 Ee
Slide 35: Cash flow
Appendix Cash flow Nov 2025 Nov 2024 May 2025 £m £m £m Operating profit 3.0 3.6 12.6 Depreciation - property, plant and equipment 3.1 2.8 5.8 Depreciation - right of use assets 7.2 6.2 12.5 Amortisation of other intangible assets 06 0.4 0.9 Impairment of intangible assets - = 0.1 Working capital mov
Slide 36: Balance sheet summary
Appendix Balance sheet summary Nov 2025 Nov 2024 May 2025 £m £m £m Fixed assets 96.6 82.2 94.1 Right of use assets 57.8 48.7 57.2 Net working capital 6.7 6.3 3.6 Current income tax assets 0.7 0.5 = Reimbursement assets 3.5 2.2 2.9 Derivative financial instruments 0.2 0.3 0.2 Assets employed 165.5 14
Slide 37: Technical update: Additional metrics
Appendix Technical update Additional metrics £m Pension Scheme Deficit Deficit at 31 May 2025 (2.3) Company contributions in the period 15 Benefits paid (1.0) Interest cost 0.9 Remeasurement gain 17 Expenses (0.1) Surplus at 30 November 2025 0.7 NWF Group ple Half year results to 30 November 2025 37
Slide 38: Technical update: Additional metrics
Appendix Technical update Additional metrics Nov 2024(re Nov 2025 stated) May 2025 £m £m £m Cash conversion Headline operating profit 3.0 5.0 16.3 Depreciation of property, plant and equipment 3.1 2.8 5.8 Depreciation of right of use assets 7.2 6.2 12.5 Amortisation of intangibles not acquired 0.1 0
Slide 39: Thank you
Thank you