Full year results FY26 Press release

6 August 2026

RESULTS FOR THE YEAR ENDED 31 MAY 2026

Strong year with broad-based growth and strengthened balance sheet Refreshed strategy delivering early progress

Jonathan Myers, Chief Executive Officer, said:

"We delivered a strong trading performance in FY26, with revenue growth across each of our four lead markets and each of our top ten brands. Combined with structural cost savings and more favourable FX movements in Nigeria, this translated into adjusted operating profit growth of nearly 25%, excluding the contribution from the now sold PZ Wilmar joint venture. We also enjoyed good early success with our refreshed strategic approach for St.Tropez which returned to growth in its key market of North America.

"At the same time, we completed our strategic review and established a refreshed strategy with a clearer financial framework and capital allocation policy. We are now a more focused and resilient business, leveraging competitive advantages from our locally-loved brands, go-to-market capabilities and manufacturing scale, with a portfolio balanced across developed and emerging markets.

"Gross debt has reduced by £174m over the past three years, supported by growing cash flow generation and the proceeds from non-core asset sales. As a result, and reflecting our continued confidence in the Group's prospects, the Board is proposing the resumption of dividend growth.

"The current year has started in line with expectations and we are pleased with the continued early signs of progress. While there is plenty more to do, and we are mindful of macro-economic uncertainties, we are well placed to continue delivering sustainable growth."

See page 14 for definitions of key terms and page 15 for the reconciliation between Alternative Performance Measures and Statutory results.

'n.m.' represents non-meaningful growth rates.

Growth in top 10 brands based on performance in their respective largest markets. St.Tropez grew in North America but declined overall. With the exception of LFL revenue growth, % changes are shown at actual FX rates.

Financial results

• LFL revenue growth of 5.8% driven by price/mix growth of 4.3% and volume growth of 1.5%, with growth across each of our four lead markets and top ten brands1:

  • UK - solid growth across key washing and bathing brands, led by Sanctuary Spa gifting execution

  • ANZ - innovation-led growth with strong market share performance

  • Nigeria - double-digit growth with a balance of price/mix and volume, supported by further distribution gains

  • Indonesia - re-staging of Cussons Baby and continued e-commerce growth

• Adjusted operating profit increased by £11.7 million, or 24.5% (excluding the contribution from the PZ Wilmar joint venture) benefiting from cost savings of £8.5 million and FX revaluation gains of £5.4 million, offset by

  £3.5 million increased marketing investment vs. FY25.

• Net debt reduction of £87.0 million to £25.0 million, driven primarily by proceeds from the sale of the PZ Wilmar joint venture. Gross debt has now reduced by £174.3 million over the last three years, aided by the sale of surplus assets and cash repatriation from Nigeria to the UK.

• Adjusted PBT grew by 21.9%, driven by a reduced net finance charge due to strengthening of the balance sheet.

• Adjusted EPS decreased by 2.7% due to the increased share of minority interest arising from the growth in Nigeria and a higher effective tax rate.

• Free cash flow improved by £12.4 million, reflecting the growth in adjusted operating profit and the reduction in transformation-related costs, supporting a proposed 2.8% increase in full year dividend.

  Delivery against strategy

  In FY26, the Board completed its strategic review of the Africa business and established the Group's refreshed strategy, delivering growth from locally-loved brands, with a portfolio balanced between developed and emerging markets. Key achievements during the year included:

• Disposal of PZ Wilmar - total of £51.2 million proceeds received in respect of the sale of our 50% stake in the PZ Wilmar joint venture, simplifying the portfolio and significantly strengthening the balance sheet2.

• Decision to retain our Africa business with plans to grow the business, subject to clear guardrails. These actions to mitigate risk significantly reduce sensitivity to future volatility in the Nigerian Naira.

• Refreshed strategy for St.Tropez - returning to 6.9% growth in its largest market of North America driven by a successful transition to the Emerson partnership in the US, offset by revenue decline in UK and Europe.

• Continued investment in strengthening brand-building capabilities, supported by a £3.5 million increase in marketing investment. Key brand-building activity in the year included:

  • UK - launch of Original Source 'workout recovery' range activated through a title sponsor of HYROX London Olympia, partnering with celebrity ambassador Spencer Matthews.

  • ANZ - launch of the 'Easy Squeeze' Morning Fresh bottle and 1 litre Original Source launch, with further growth in Auto Dishwash product.

  • Indonesia - completed phased re-stage of overall Cussons Baby brand.

  • Nigeria - launch of Carex as part of our strategy to expand into adjacent categories in Nigeria.

‌1 Growth in top 10 brands based on performance in their respective largest markets. St.Tropez grew in North America but declined overall.

‌2 Of which £3.4m proceeds were received in July 2026 and will be recorded in H1 27 financial statements

As set out at the Capital Markets Event in February 2026, the Board has adopted the following capital allocation policy which defines the priorities of surplus cash after re-investment:

1. Adjusted net debt/Adjusted EBITDA to be in the range of 1.0-1.5x3;

2. A progressive dividend;

3. Bolt-on M&A to be considered alongside cash returns to shareholders.

In this context, following the significant reduction in leverage throughout the year and the Board's confidence in the Group's future prospects, the Board is proposing a final dividend of 2.20p per share. This equates to a total FY26 dividend of 3.70p per share, representing an increase of 2.8% on the FY25 dividend. The dividend will be paid on 8 October 2026 to shareholders on the register at the close of business on 11 September 2026.

Current trading and guidance

FY27 trading has started in line with expectations. While the Group remains mindful of macro-economic uncertainty, with good underlying momentum in the business, the Board expects to deliver adjusted operating profit in line with current market expectations4.

Board changes

PZ Cussons announces that Valeria Juarez and Jitesh Sodha, both Non-Executive Directors, have advised PZ Cussons that they will step down from the Board with effect from conclusion of the Company's Annual General Meeting on 1 October 2026. The Board would like to thank Valeria and Jitesh very much for their contribution and commitment over the last five years and wish them every success in their future endeavours.5

Investor and Analyst conference call

PZ Cussons' management will host a virtual audiocast presentation for analysts and institutional investors at 9.30am UK time today to present the results and provide the opportunity for Q&A. Details of the presentation are as follows:

A webcast of the presentation is available at the link below and will also be available via our corporate website: https://www.pzcussons.com.

https://www.netroadshow.com/events/login/1PeTHmohLzppxZSt2Wvj6ZZUW2Bg1Dlix0OI4

Dial in: +44 20 3936 2999 / +44 808 189 0158

Access Code: 186874

‌3 See additional information for definition of adjusted net debt

‌4 FY27 adjusted operating profit range of £58.0m to £61.2m as at 5 August 2026 based on company compiled consensus

‌5 This announcement has been made in accordance with the requirements of UK Listing Rule 6.4.6R.

Notes to Editors

PZ Cussons is a listed consumer goods business headquartered in Manchester, UK, employing c.2,000 people internationally. Since our founding in 1884, we have been creating products to delight, care for and nourish consumers. We are focused on our lead markets of the UK, ANZ, Nigeria and Indonesia across the core categories of Personal, Home and Baby Care. Our locally-loved brands include Carex, Childs Farm, Cussons Baby, Imperial Leather, Morning Fresh, Original Source, Premier, Sanctuary Spa, Stella and St.Tropez. Sustainability and the wellbeing of our employees and communities everywhere are core to what we do and captured by our purpose: For Everyone. For Life. For Good.

This announcement contains certain forward-looking statements relating to expected or anticipated results, performance or events. Such statements are subject to normal risks associated with the uncertainties in our business, supply chain and consumer demand, along with risks associated with macro-economic, political and social factors in the markets in which we operate. While we believe that the expectations reflected herein are reasonable based on the information we have as of the date of this announcement, actual outcomes may vary significantly owing to factors outside the control of the PZ Cussons Group, such as cost of materials or demand for our products, or within our control such as our investment decisions, allocation of resources or changes to our plans or strategy. The PZ Cussons Group expressly disclaims any obligation to revise forward-looking statements made in this or other announcements to reflect changes in our expectations or circumstances. No reliance may be placed on the forward-looking statements contained within this announcement.

GROUP REVIEW

FY26 was an inflection point for PZ Cussons. We concluded a significant strategic review, evolved our portfolio and developed a clearer financial framework and capital allocation policy. With the conclusion of the strategic review in December last year, we set out a refreshed strategy demonstrating how we are now a more focused and more resilient business, centred on three core categories of Personal, Home and Baby Care. We operate in four lead markets of UK, ANZ, Nigeria and Indonesia with a portfolio of locally-loved brands, balanced between developed and emerging markets.

At our Capital Markets Event in February 2026, we set out our competitive advantages of:

1. our winning portfolios of locally-loved brands;

2. our go-to-market capabilities; and

3. our manufacturing scale and agility.

Combined, these advantages provide us in each of our four lead markets with both the scale to compete with our larger, global peers, and the focus to compete with smaller, local players. It is these competitive advantages on which our strategy is based and they are drivers of the value creation we are determined to deliver.

We have delivered a strong performance in the year, with growth across each of our four lead markets. Our like for like revenue growth of 5.8% was broad-based, with momentum on both price/mix and volume. This performance has been supported by a £3.5 million increase in marketing investment - representing the most we have invested in marketing in recent years - while delivering cost savings of £8.5 million. As a result, we have delivered operating profit of £86.8 million and adjusted operating profit of £59.5 million, representing growth of 8.4%, or 24.5% excluding the contribution from the PZ Wilmar joint venture in FY25, providing early evidence that the actions we have taken to reshape the business are beginning to come through in performance.

The sale of our stake in the PZ Wilmar joint venture, combined with the proceeds from the sale of further non-operating, surplus assets and ongoing cash generation, have significantly strengthened our balance sheet during FY26. Over the last three years, our gross debt has fallen by £174.3 million as cash repatriated to the UK, primarily from Nigeria, has been used to pay down borrowings.

In December 2025, we concluded our strategic review of Africa. The Board took the decision during the year to retain our African business, having announced the sale of our 50% stake in the non-core PZ Wilmar joint venture. This decision reflects the strength of the operations we have in the region and the Board's view of the long-term opportunities in the market. Our business demonstrated its underlying resilience as we navigated a period of volatility and is well-placed given the greater stability in the Nigerian economy and currency throughout the year, further benefitting from the guardrails we have been embedding to mitigate downside risks and limit the impact of future currency movements.

We also took the decision in the year to retain St.Tropez - our sunless tanning brand. The Board concluded that value would be maximised through refreshing the strategy with a renewed operating model built around a partnership with The Emerson Group in the US, a major distributor to retail outlets, with a focused and incentivised St.Tropez team. Our priority in FY26 has been on transitioning to the new operating model in the US, and we are pleased that the business returned to growth of 6.9% in North America after two years of double-digit declines. Although the brand has yet to return to growth in the UK and Europe in the year, we are confident in its future prospects globally, building on the refreshed 'Life is better in St.Tropez' brand positioning launching this summer, strengthened New Product Development (NPD) for this year and next and the recent launch of St.Tropez on TikTok Shop in the UK.