B&m European Value Retail Plc · LSE:BME
B&m European Value Retail — Q2 2026 Earnings Presentation
17 slides from B&m European Value Retail's earnings presentation, Nov 13, 2025
Slide 1: H1 FY26 Trading & Operational Update
B&M European Value Retail S.A. H1 FY26 Trading & Operational Update 7 October 2025
Slide 2: Agenda
Agenda Introduction 1 Tjeerd Jegen Trading Update & Outlook 2 Mike Schmidt Back to B&M Basics 3 Tjeerd Jegen 4 Q&A 2
Slide 3: Introduction
Introduction Tjeerd Jegen Chief Executive Officer
Slide 4: Introduction
Introduction Comprehensive review of our operations and diagnosis of financial performance completed Conclusion: B&M’s value proposition remains strong, but execution has been weak, impacting trading performance This is reflected in our FY26 Outlook published today ‘Back to B&M Basics’ plan underway
Slide 5: Trading Update & Outlook
Trading Update & Outlook Mike Schmidt Chief Financial Officer
Slide 6: H1 FY26 Trading Update
H1 FY26 Trading Update Group revenue £2,749m (+4.0% YoY), driven by B&M UK volume growth and ASP increases, good trading momentum in B&M France and new store openings £2,749m +4.0% Store rollout programme on track (23 gross / 9 net openings in B&M UK, 5 in France and 3 H1 Group H1 Group gross / 1 ne
Slide 7: Financial Outlook
Financial Outlook While full benefits will build over time, we have seen gradually improving UK LFL and gross margin trends towards the end of Q2 FY26 Group adjusted EBITDA outlook of £510-£560m £510-560m We assume H2 UK LFL percentage growth between LSD negative Group adjusted EBITDA and LSD positi
Slide 8: Tjeerd Jegen
Back to B&M Basics Tjeerd Jegen Chief Executive Officer
Slide 9: B&M's fundamentals are strong, but execution has drifted in recent years
B&M’s fundamentals are strong, but execution has drifted in recent years Skilled and Compelling brand with experienced teams unique value proposition 6 1 Strong margins Like-for-like and FCF C A growth Disruptive sourcing Targeted grocery offer and and cost-efficient 5 2 broad GM range with operatio
Slide 10: Back to B&M Basics: 4 focus areas to return to sustainable like-for-like growth
Back to B&M Basics: 4 focus areas to return to sustainable like-for-like growth B&M’s value proposition is clear, but our operational execution has drifted We can improve performance by going back to B&M Basics What we have done… …4 key areas identified… …What we are doing Back to B&M Basics plan Pr
Slide 11: Back to B&M Basics: 4 focus areas
Back to B&M Basics: 4 focus areas Original B&M value proposition Where we have drifted Getting back on track • Focus on basket values, not lines • Focus on total basket and line pricing Big brands, big savings, with A-brands 15% Price • Not competitive on key lines • Best prices amongst discounters
Slide 12: Moving at pace to get Back to B&M Basics
Moving at pace to get Back to B&M Basics Actions already underway to restore the original B&M value proposition Price Promotions New method for basket price benchmarking for total basket Manager’s Specials in front-of-store bays rejuvenated for and lines introduced. Resulted in repricing of lines wi
Slide 13: Moving at pace to get Back to B&M Basics
Moving at pace to get Back to B&M Basics Actions already underway to restore the original B&M value proposition Range Availability Kicked off analytics on customer baskets to assess the Resetting replenishment processes focused on best selling optimal future range. Three category pilots will launch
Slide 14: Back to B&M Basics the first of 3 phased workflows
Back to B&M Basics the first of 3 phased workflows Immediate priorities Medium Term Accelerating growth Deepening our (Phase 3) foundations Back to France acceleration (Phase 2) B&M Basics Investigate case for: Data / customer insights Price eCommerce Process simplification Promotions Loyalty Format
Slide 15: Objectives
Objectives Back to B&M Basics being implemented and taking effect through next 12-18 months Laser focus on returning B&M UK to sustainable LFL growth With LFL growth, profit margins are expected to stabilise at least at the FY26 outturn level Strong ROCE and cash generation, with a continued focus o
Slide 16: Summary
Summary B&M fundamentals remain strong Diagnosis complete of where we have drifted from but execution needs improvement B&M’s core value proposition Laser focus on returning B&M UK to sustainable LFL Near term Back to B&M Basics plan underway growth Fixing the basics, deepening our foundations, acce
Slide 17: Q&A
Q&A
B&M European Value Retail — Q2 2026 Earnings Presentation on 6ix