J Sainsbury Plc · LSE:SBRY
J Sainsbury — FY2025/26 Earnings Presentation
14 slides from J Sainsbury's earnings presentation, April 2026
Slide 1: Financial highlights
Slide 2: Our financial framework
Financials Our financial framework Food volume growth + SG&A/sales reduction + Measured reinvestment in the customer proposition Profit leverage from sales growth JSainsbury ple April 2026 Fal Robust profitability + Disciplined capital investment Strong sustained cash flows and higher return on capi
Slide 3: Retail sales growth by category
Financials Sainsbury's Retail sales growth by category Sainsbury’s' Argos' Total Retail sales growth FY25/26 FY25/26 FY25/26 Excl. Fuel Inc. Fuel Grocery General Sainsbury's Argos sales growth sales growth Merchandise (8.2)% & Clothing 1. Excl. VAT, excl. Fuel JSainsbury ple April 2026 Preliminary R
Slide 4: Retail underlying operating profit
Financials Sainsbury's Retail underlying operating profit Retail underlying Sainsbury’s Argos operating profit operating profit’ operating profit’ (11)% 2026/27 Guidance We expect to deliver Total underlying operating profit of between £975 million and £1,075 million FY FY FY FY FY FY 24/25 25/26 24
Slide 5: Argos operating profit
Financials Sainsbury's Argos operating profit Argos operating profit’ FY24/25 FY25/26 H1 | at, a , | H2 FY H2 FY 1. Operating profit post-allocation of group costs, pre-allocation of storein-store concession rent costs to Argos JSainsbury ple April 2026 Preliminary Results 2025/26 19
Slide 6: Financial Services
Financials Financial Services Financial Services withdrawal and future strategy v4 Completed the sale of Sainsbury's Bank personal loan, credit card and retail deposit portfolios to NatWest Group in May. All migrations completed NewDay Group acquired beneficial title to Argos Financial Services to c
Slide 7: Underlying profit before tax
Financials Underlying profit before tax UPBT YoY movement’ UPBT up 1.3% Yoy | £(1m = £22m Fem « . . ‘mance Retail Financial costs Services FY FY 24/25 25/26 Sainsbury's Earnings per Share’”* up 3.2% YoY 2026/27 Guidance We expect an underlying tax tate of around 29 per cent. We expect underlying net
Slide 8: Items excluded from underlying pre-tax results
Financials Sainsbury's Items excluded from underlying pre-tax results FY FY £m 2025/26 2024/25 Financial Services phased withdrawal (8) (16) 2026/27 Guidance Retail restructuring programmes (74) (128) We expect to incur non-underlying IAS 19 pension income 33 28 cash costs relating to Retail restruc
Slide 9: Cash flow metrics
Financials Sainsbury's Cash flow metrics Working Capital Retail Free Cash Flow movement Capital expenditure Net debt! FY FY £825m [ay 2623m 24/25 25/26 £(264)m £(203)m exc. exc. lease lease liabilities liabilities £98m £128m £(5,758)m £(5,743)m FY FY FY FY FY FY incl inal 24/25 25/26 24/25 25/26 24/
Slide 10: Net debt and Retail free cash flow
Financials Net debt and Retail free cash flow FY FY £m 2025/26 2024/25 Net cash from operating activities 1,865 1,805 of which working capital movements 128 98 of which pension cash contributions (27) (45) Capital expenditure (843) (825) Disposal proceeds, Interest income 64 72 Lease repayments’ (51
Slide 11: Capital expenditure
Financials Sainsbury's Capital expenditure 2026/27 Guidance We expect core retail cash capital expenditure in 2026/27 to be between £800 million and £850 million. FY 24/25 + FY 25/26 FY 26/27e one —@ Maintenance ™ Growth & Efficiency JSainsbury ple April 2026 Preliminary Results 2025/26 25
Slide 12: Balance sheet metrics
Financials Sainsbury's Balance sheet metrics Net debt / EBITDA’ Return on capital employed* 9.0% 8.9% 74% 7.4% f \ \ \ \ \ \ \ 1 f T T T T T T T 18/19 19/20 20/21 21/22 22/23 23/24 24/25 25/26 18/19 19/20 20/21 21/22 22/23 23/24 24/25 25/26 Guidance FY 25-27 commitment: We continue to target leverag
Slide 13: Shareholder returns
Financials Shareholder returns Dividend per Share Shareholder Returns 24/25 £531m DTS £200m Buyback exc li}30) Dividend Sainsbury's Shareholder Returns 25/26 FCF prAli) Buyback =» ie + py (ou Dividend Buyback Special = Dividend FY FY FY FY 24/25 25/26 24/25 25/26 2026/27 Guidance * £200m will be ret
Slide 14: Summary
Financials Summary What we’ve delivered in FY 25/26 * Grocery volume growth / continued market outperformance * Strong free cash flow generation * Completion of the disposal of our banking operations * Enhanced cash returns to shareholders JSainsbury ple April 2026 Sainsbury's Looking ahead * Total