Kingfisher Plc · LSE:KGF
Kingfisher — H1 2025/26 Earnings Presentation
38 slides from Kingfisher's earnings presentation, Sep 23, 2025
Slide 1: Kingfisher plc Half year results
Kingfisher plc Half year results Six months to 31 July 2025 23 September 2025
Slide 2: Agenda
Agenda Thierry Garnier (CEO) Key messages Bhavesh Mistry (CFO) H1 25/26 results FY 25/26 outlook & guidance Thierry Garnier (CEO) Delivering on our strategic objectives 2 Kingfisher Half Year 2025/26 Results | September 2025
Slide 3: Leading market positions and attractive growth drivers
Leading market positions and attractive growth drivers Leading banners and c.£160bn Distinctive competitive advantages Strategic growth drivers attractive markets ‘Powered by Kingfisher’ delivering share gains UK & Trade Ireland Diverse Own exclusive #1 #1 (1) banner brands formats E-commerce and ma
Slide 4: Key messages
Key messages Strategic growth initiatives Healthy growth Upgrading driving market share gains indicators FY 25/26 guidance Trade sales: +12% Volume and transaction Adjusted PBT: Upper end led growth of £480m to £540m E-commerce sales: +11% Improving core category trend Free cash flow: Rapidly scalin
Slide 5: Half year 25/26 results
Half year 25/26 results Bhavesh Mistry Chief Financial Officer 5 Kingfisher Half Year 2025/26 Results | September 2025
Slide 6: Delivering on financial priorities
Delivering on financial priorities Sales growing ahead Adjusted PBT growing Strong FCF of our markets ahead of sales generation Total Sales(1) Adjusted PBT(2) Free cash flow £6.8bn (+0.9%) £368m (+10.2%) £478m (+13.5%) Underlying(3) LFL Sales Adjusted EPS Net leverage(4) +1.9% 15.3p (+16.5%) 1.3x (H
Slide 7: Underlying growth in all categories; strong 'big-ticket'
Underlying growth in all categories; strong ‘big-ticket’ Underlying Group LFL sales (%) by category(1) H1 24/25 H2 24/25 Q1 25/26 Q2 25/26 H1 25/26 +1.2% +0.5% 0.0% 63% of sales and 73% of volume Core -0.3% 10th consecutive quarter of underlying growth in the UK; improved sequential -1.8% trends in
Slide 8: Strong UK sales; trends improving in France and Poland
Strong UK sales; trends improving in France and Poland LFL sales (%) by region H1 24/25 H2 24/25 Q1 25/26 Q2 25/26 H1 25/26 +5.9% • B&Q LFL +4.4%; HSD % growth in ‘big-ticket’ +3.9% Ireland and seasonal categories UK & +2.0% +0.5% • Screwfix LFL +3.0%; growth across all categories -0.2% • Castorama
Slide 9: Maintaining our discipline on gross margin and costs
Maintaining our discipline on gross margin and costs Multiple gross margin opportunities Multiple opex opportunities Group buying and sourcing efficiencies Store and head office efficiencies Deliver further e-commerce marketplace growth Goods Not For Resale renegotiations Deliver and scale retail me
Slide 10: Group profit bridge
Group profit bridge Adjusted PBT up 10% YoY (underlying PBT up 19%) £m 59 8 (90) 46 (24) 32 368 c.£145m of cost headwinds in FY 25/26: 337 313 • c.£90m of operating cost inflation (including higher pay rates); H1: £39m • c.£45m of higher UK NICs and similar taxes in France; H1: £20m • c.£10m impact
Slide 11: EPS growth driven by increased earnings & share buybacks
EPS growth driven by increased earnings & share buybacks +16% +0.6p 15.3p +0.1p 13.2p +1.4p +1% +4% +11% Track record of free cashflow delivery with return to shareholders through share buyback and dividends H1 24/25 APBT Movement in Impact of H1 25/26 Earnings per growth effective tax rate share bu
Slide 12: Group cash flow
Group cash flow Free cash flow up 13.5% YoY £m • £33m net proceeds from sale of Romania +100 • £64m receipt of EU State Aid tax refund (261) 40 (145) 97 (152) 744 (27) (119)(3) 478 277 Adjusted Change Net rent Tax, interest Gross Free cash Adjusting Exceptional Dividends Share H1 25/26 EBITDA in wor
Slide 13: Market outlook for 2025 unchanged
Market outlook for 2025 unchanged Our expectation of total home improvement market – 2025 (YoY % change)(1) = Market Currently Low case tracking: = Kingfisher High case • Resilient UK consumer and improving mortgage affordability, UK & real wage growth, and stable housing transactions in H1 Low sing
Slide 14: Guidance for FY 25/26
Guidance for FY 25/26 Previous Updated Adjusted Upper end £480m – £540m PBT(1) of range Free £420m – £480m £480m – £520m cash flow Accelerating £300m share buyback programme reflecting strong free cash flow and one-off cash inflows; to complete by March 2026 Notes: (1) Guidance assumes current excha
Slide 15: Strategy update
Strategy update Thierry Garnier Chief Executive Officer 15 Kingfisher Half Year 2025/26 Results | September 2025
Slide 16: Leading market positions and attractive growth drivers
Leading market positions and attractive growth drivers Leading banners and c.£160bn Distinctive competitive advantages Strategic growth drivers attractive markets ‘Powered by Kingfisher’ delivering share gains UK & Trade Ireland Diverse Own exclusive #1 #1 (1) banner brands formats E-commerce and ma
Slide 17: Group strategic growth drivers
Group strategic growth drivers Higher margin strategic initiatives; leveraging scale benefit and operating cost base Medium-term target: • Visit 3× more often and spend 3× more per visit TradePoint >£1bn sales Trade • Predictable purchasing patterns & shopping habits Double penetration in France • C
Slide 18: Group Trade strategy
Group Trade strategy Trade sales growth Group trade penetration incl. SFX +12.4% +11.9% 28.0% +11.4% 25.3% Q1 25/26 Q2 25/26 H1 25/26 H1 24/25 H1 25/26 Stores Products and prices Tools and services People • Leveraging existing • Trade-focused OEB products • Strengthening digital • Dedicated colleagu
Slide 19: Group trade strategy applied across all banners
Group trade strategy applied across all banners TradePoint sales • Trade penetration at 22.4% • c.160k sign-ups to loyalty programme; >£1bn c.250k app downloads since launch in October £889m • 77 trade sales partners driving c.4% uplift in trade sales(1) £456m £487m H1 24/25 FY 24/25 H1 25/26 Medium
Slide 20: Group digital ecosystem with stores at the centre
Group digital ecosystem with stores at the centre First-party e-commerce Third-party marketplace 1P • Leveraging stores for order preparation with • Offering customers broader product choice digital ‘hubs’ enabling better availability Conversion • Driving traffic and attracting new customers, • Stor
Slide 21: Group digital ecosystem driving growth and profitability
Group digital ecosystem driving growth and profitability First-party e-commerce Third-party marketplace 1P Leveraging stores for speed & convenience: • GMV(2) of £262m, up 62% Conversion • Marketplace participation of 15% • 93%(1) of Group 1P orders are picked in-store of total e-commerce sales • 88
Slide 22: Screwfix France: strong store LFL sales growth +52%
Screwfix France: strong store LFL sales growth +52% Further progress across Continuous conceptStrong improvement FCF key KPIs driving higher LFLgeneration in new store Year 1 LFL growth per cohort 53% sales from trade customers (H1 24/25: 48%) 32% sales from repeat customers (H1 24/25: 27%) +7%pts U
Slide 23: Leading market positions and attractive growth drivers
Leading market positions and attractive growth drivers Leading banners and c.£160bn Distinctive competitive advantages Strategic growth drivers attractive markets ‘Powered by Kingfisher’ delivering share gains UK & Trade Ireland Diverse Own exclusive #1 #1 (1) banner brands formats E-commerce and ma
Slide 24: OEB innovation – Powered by Kingfisher
OEB innovation – Powered by Kingfisher Group focus on innovation Innovation driving Strong big-ticket FCF and affordability LFL growth generation OEB products are 15-30% cheaper than Underlying Group big-ticket LFL growth % branded alternatives +4.5% +2.4% Higher margin (on average) than branded pro
Slide 25: OEB innovation delivering in 'big-ticket'
OEB innovation delivering in ‘big-ticket’ New ranges to enhance our value kitchen offering, driving strong kitchen market share gains Ashmead - perfect fit for B&Q’s lowest-tier kitchen offering • Delivers standout style, entry-level pricing, and a best-in-class range • Currently available at B&Q, C
Slide 26: Clear path to medium-term target in France
Clear path to medium-term target in France Timing and trajectory dependent on H1 25/26 progress the pace of market recovery c.5% to 7% 3.5% 3.3% 2.4% 69 72 Driven by self-help FY 24/25 Medium- H1 24/25 H1 25/26 term France France retail France retail Restructure Operating ROP margin Simplified Grow
Slide 27: Further progress with France plan in H1
Further progress with France plan in H1 What we said What we have done in H1 Continued market share gains(1) in France Grow sales France e-commerce sales growth +20% and trade sales growth +37% leveraging existing assets densities at both Successfully rolled out ‘CastoPro’ proposition across the Cas
Slide 28: Summary
Summary Leading banners and c.£160bn attractive markets Distinctive competitive advantages ‘Powered by Kingfisher’ Strategic growth drivers delivering share gains Delivering on our medium-term financial priorities 28 Kingfisher Half Year 2025/26 Results | September 2025
Slide 29: Q&A
Q&A 29 Kingfisher Half Year 2025/26 Results | September 2025
Slide 30: Appendix
Appendix 30 Kingfisher Half Year 2025/26 Results | September 2025
Slide 31: UK & Ireland
UK & Ireland 7.9% 4.4% 2.9% 3.1% 3.0% LFL %(1) LFL %(1) 1.3% 1.2% 0.3% 0.9% -1.0% H1 24/25 H2 24/25 Q1 25/26 Q2 25/26 H1 25/26 H1 24/25 H2 24/25 Q1 25/26 Q2 25/26 H1 25/26 Sales £3,528m • Market share gains:(2) Driven by trade and e-commerce initiatives, product innovation, store expansion and trans
Slide 32: France
France 0.0% LFL %(1) LFL %(1) -1.4% -3.0% -3.3% -2.4% -2.9% -5.3% -4.5% -7.7% -6.8% H1 24/25 H2 24/25 Q1 25/26 Q2 25/26 H1 25/26 H1 24/25 H2 24/25 Q1 25/26 Q2 25/26 H1 25/26 Sales £2,048m • Market share gains:(2) Driven by effective range reviews and strong progress in addressing trade customer need
Slide 33: Poland
Poland 0.1% LFL %(1) -0.2% -1.2% -2.1% -3.2% H1 24/25 H2 24/25 Q1 25/26 Q2 25/26 H1 25/26 Sales £946m • Market share:(2) Performance broadly in line with the market YoY chg (%)(1) -0.5% • Category performance: ‘Big-ticket’ categories supported by new kitchen ranges. Core category trends improving in
Slide 34: Other International
Other International H1 25/26 sales Profit contribution £m % chg(1) % LFL(1) £m Prior year (£m) Iberia 219 +10.2% +10.2% 11 6 Screwfix France & Other(2) 10 +15.9% n/a (17) (18) Koçtaş (JV)(3) n/a n/a n/a (9) (13) Romania 60 n/a n/a (3) (6) Iberia: Strong performance across all categories, supported b
Slide 35: Disciplined approach to capital allocation
Disciplined approach to capital allocation Invest in attractive Sustainable dividend Returns to shareholders growth opportunities growth Organic growth opportunities Progressive growth of dividends Surplus capital to be returned via with high ROCE share buybacks or special dividends Annual gross cap
Slide 36: Surveys point to potential caution on consumer outlook
Surveys point to potential caution on consumer outlook Outlook on personal finances broadly stable High intention to undertake repair & maintenance projects in the coming months % of % of consumers planning repair and Aug-24 Aug-25 maintenance projects in next 12 months(1) consumers thinking state 3
Slide 37: Disclaimer
Disclaimer You are not to construe the content of this presentation as investment, legal or expectations and projections about future events. These forward-looking tax advice and you should make your own evaluation of the Company and the statements include all matters that are not historical facts a
Slide 38: Thank you.
Thank you.