Slides
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Review of full year results for 52 weeks ended 12 September 2026 3 November 2026
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* Comparison to prior year is presented at constant currency Group revenue* Adjusted operating profit* Adjusted earnings per share Free cash flow Return on avg. capital employed Ordinary dividend** (1)% +£4m (14)% Down from 15.5% (11)% in line £19.6bn £1,508m 156.0p £652m 12.7% 63.0p ** In 2026, the ordinary dividend includes an interim dividend of 20.7p and a proposed final dividend of 42.3p, in line with 2025 Group financial results
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Significant steps to re-energise Primark’s core proposition in a challenging consumer environment − Much-improved performance in UK and womenswear − Building on what has worked well as we increase focus on Europe and other categories − Progressing new avenues of growth, including franchise and UK home delivery AB Foods profit impacted by US consumer weakness and low sugar prices, with good progress elsewhere − Delivered growth in a number of brands and businesses supported by good innovation − Integrating Hovis acquisition to create a profitable UK bakeries business − Reducing cost base in Sugar and re-shaping Agriculture portfolio to improve profitability Invested £1.2bn in capital projects to drive growth and position our businesses for the long term Delivered capital returns to shareholders through dividends and buybacks Strong balance sheet at 1.1x leverage Good strategic progress while navigating a difficult operating environment
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Demerger of Primark from Food business is on track to be completed in December 2027 Creating two focused businesses, each with the capability, investment capacity and strategic flexibility to accelerate its own growth agenda. Indicative timeline of investor education events in 2027 AB Foods Spotlight Events Capital Markets Days Sugar & AgribusinessIngredientsGrocery AB Foods Primark Autumn 2027July 2027June 2027May 2027April 2027 Autumn 2027 Progressing towards demerger
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Group revenue +2% (2)% £19,582m * Includes revenue from disposed and closed businesses of £728m in 2025 and £439m in 2026 Retail Grocery Ingredients Sugar Agriculture +2% +2% (9)% (1)% Group revenue, £m, and % change at constant currency, 2025 to 2026* AB Foods (excluding businesses disposed and closed): (1)%
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* Adjusted operating profit includes a (loss)/profit from disposed and closed businesses of £(34)m in 2025 and £(14)m in 2026 Group profitability £1,508m (8)% in line (12)% Retail (11)% Grocery Sugar Agriculture Ingredients Disposed Businesses & Central costs, (134) Group adjusted operating profit, £m, and % change at constant currency, 2025 to 2026* £1,734m >(100)% 19 (47)
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Retail Retail Revenue and growth % by market UK & Ireland +1% France & Italy (2)% Spain & Portugal In line CEE +10% Northern Europe (4)% US +13% Primark revenue growth of 2% Primark total UK and Ireland Continental Europe Like-for-like sales growth % by market, 2026 Primark’s sales grew 2% to £9.8bn New stores contributed 5% to sales growth – 37 new stores opened in 2026, including 4 franchise stores Like-for-like (LFL) sales declined 2.6% – UK LFL sales grew 0.5% – Europe LFL sales declined 4.7% US sales grew 13%, with 14 stores opened in 2026
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Retail Retail Adjusted operating margin of 10.2% reflects: – Significant increase in investment across price, product, marketing and digital engagement to drive like-for-like sales growth; and – Higher markdowns in a difficult trading environment Benefitted from favourable foreign exchange Operating efficiencies across our supply chain and operations offset cost inflation Return on average capital employed of 16.8% Adjusted operating margin of 10.2% reflects increased investment and higher markdowns Retail Revenue Adj. operating profit (12)% Adj. operating margin +2% Mesh Jersey Bell Sleeve Top £8
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Revenue Adj. operating profit Adj. operating margin Grocery sales growth primarily reflects the consolidation of Hovis Growth across a number of our brands, supported by effective marketing, strong product innovation and focused commercial execution Twinings sales grew, despite being held back by impact from extended heat waves in UK and France Grocery profit impacted by decline in US oils, higher cocoa costs, Ovaltine distributor change and increased depreciation from new ERPs Return on average capital employed of 26.0% GroceryGrocery adjusted operating profit primarily reflects decline in US oils businesses Grocery Revenue by market* (11)% International brands UK focused US focused Australia and NZ focused * International brand businesses accounted for approximately a third of total Grocery sales. Within our regionally-focused brand businesses, US-focused businesses accounted for approximately 15% of total Grocery sales, while UK-focused businesses and Australia and New Zealand-focused businesses each accounted for approximately 25% of total Grocery sales.
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Yeast and bakery ingredients business, AB Mauri, had lower profit due to weaker demand for bakery ingredients in the US and for specialty yeast used in alcohol beverages Specialty ingredients portfolio, ABFI, performed well overall Investment in product innovation and commercial capabilities to drive long-term growth Return on average capital employed of 15.0% Growth in specialty ingredients portfolio offset by weaker demand for US bakery ingredients Ingredients Revenue Adj. operating profit (8)% Adj. operating margin
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UK profit declined significantly due to lower average selling prices in 2026 and the recognition of onerous contract provisions Benefit to profit from lower negotiated beet costs in the UK Spanish operating loss reduced as a result of prior year restructuring African profit declined due to reduced sales in South Africa and Eswatini and rain impacts on production in Tanzania Adjusted operating loss reflects lower average selling prices in Europe Sugar * Our European sugar businesses in the UK and Spain accounted for 45% of total Sugar sales, our African sugar business accounted for 55% of total Sugar sales Revenue by market* Africa Europe Revenue Adj. operating profit Adj. operating margin
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Specialty feed and additives businesses performed well Lower profit contribution from Frontier JV, due to unfavourable market conditions Strategic decision to exit low-margin UK compound feed business* Return on average capital employed of 4.4% Agriculture profit broadly in line with prior year Agriculture Revenue* Adj. operating profit* Adj. operating margin in line * The results of the UK compound feed business are included within disposed and closed businesses
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Adjusted earnings benefitted from accretive impact of share buybacks 2026 £m 2025 £m Change % Adjusted operating profit 1,508 1,734 (13.0) Finance income 38 47 Finance expense (45) (30) Lease interest expense (114) (102) Other financial income 70 47 Adjusted profit before taxation 1,457 1,696 Taxation on adjusted profit (348) (410) Adjusted profit after tax 1,109 1,286 (13.8) Adjusted earnings attributable to equity shareholders 1,100 1,266 Adjusted earnings per share (in pence) 156.0p 174.9p (10.8)
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Cash generation enabling investment in long-term growth and shareholder returns 2026 2025 £m £m Adjusted EBITDA 2,526 2,685 Repayment of lease liabilities net of incentives received (356) (328) Working capital 228 (95) Capital expenditure (1,246) (1,234) Acquisitions (167) (4) Sa le and closure of subsidiaries (6) (4) Net interest paid (124) (94) Taxation (302) (298) Share of adjusted profit after tax from joint ventures and associates (78) (106) Dividends received from joint ventures and associates 77 108 Other 100 18 Free cash inflow 652 648 Share buyback (253) (603) Dividends (446) (656) Movement in loans and current asset investments* 30 330 Cash outflow (17) (281) * Cash deposits with a greater than 90-day term were not renewed
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Balance sheet remains strong 12 September 2026 13 September 2025 £m £m Intangible assets (including goodwill) 1,955 1,892 PP&E and other non-current assets 7,601 6,994 Right-of-use assets 2,363 2,219 Investment properties 88 96 Working capital 1,597 1,793 Biological assets (current) 134 120 Held for sale assets 54 35 Current tax (37) (62) Net cash 305 390 Lease liabilities (3,148) (3,019) Other net financial assets 26 (135) Deferred and non-current tax (682) (566) Provisions (191) (161) Net pension assets 1,705 1,590 Net assets 11,770 11,186 Equity shareholders' funds 11,607 11,059 Non-controlling interests 163 127 11,770 11,186
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Low leverage underpins our disciplined capital allocation 2026 £m 2025 £m Cash and cash equivalents 1,010 1,057 Total liquidity 2,397 2,230 Net cash before lease liabilities 305 390 Total net debt (2,845) (2,629) Leverage ratio (times) 1.1x 1.0x
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Retail £576m - 37 new stores opened - Store refurbishment programme continues - Depot network expansion - Acquisition of Sheffield depot for home delivery - Technology and digital investments Invested £1.2bn in capex and £0.2bn in acquisitions to drive growth and attractive returns Central £13m Agriculture £17m - Machinery & equipment - Technology investments Grocery £270m - New Ovaltine production in Nigeria - Tip Top capacity expansion in Australia - Capacity expansion for Blue Dragon in Poland - Tea packaging capacity for Twinings - Hovis and Abe’s Bagels acquisitions - Technology investments Sugar £312m - New sugar mill in Tanzania - New distillery in Tanzania - Cogeneration & debottlenecking in Eswatini - New packing warehouse in Zambia - Investments in irrigation and yields in Africa Ingredients £245m - New fresh yeast plant in India - New sourdough plant in UK - New flour mill in Victoria, Australia - New yeast extraction capacity, Germany - New enzyme blending capability, Finland - Elementis Pharma acquisition - Technology investments Retail £0.6bn Food £0.8bn Total £1.4bn Gross investment of £1,433m includes capital expenditure of £1,246m plus acquisition of subsidiaries of £167m and purchase of other investments of £20m.
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Strong returns to shareholders through dividends and share buybacks SpecialFinalInterim Total dividend per share, 2023-2026 Share buybacks, 2023-2026 Completed Proposed £1.9bn Total share buybacks executed 2023 - 2026 £1.6bn Total dividend 2023 - 2026
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2027 outlook Group Group adjusted operating profit and adjusted EPS expected to be below 2026. Remain cautious on consumer sentiment and the impact of inflation and higher energy costs on our businesses. Primark Focused on like-for-like sales growth driven by our strengthened customer value proposition New space growth in Europe, the US and franchise markets expected to contribute around 4% to sales growth. Adjusted operating margin expected to be approximately 10% reflecting continued investment in like-for-like sales growth. This excludes expected dis-synergy costs as Primark moves towards demerger readiness. Grocery Adjusted operating profit expected to be broadly in line with 2026, with continued sales growth in most brands and businesses offset by higher input costs. One-off impact from consolidating Hovis losses in the first year of ownership, ahead of delivering significant synergies and profit accretion in subsequent years. Ingredients Adjusted operating profit broadly in line with 2026 – good growth in specialty ingredients offset by start-up costs in new Indian plant Sugar Adjusted operating loss expected to be in the range of £70m to £170m; outcome will depend on gas costs, African production levels as a result of El Niño weather impacts and currency movements, especially the Malawian kwacha. Agriculture Adjusted operating profit expected to be ahead of 2026
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Retail
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Building a better Primark - A stronger, simpler and more scalable business RetailRetail Refocusing on Like-For-Like growth – Reasserting Primark as the leader in disruptive value – More focused category leadership – Increased investment in brand and marketing – Increasing market localisation – Improving customer availability Advancing omnichannel strategy – Offering home delivery in the UK in the future Significant white space potential in existing and new markets Accelerated growth through franchise partnerships Delivering deliberate efficiency programme New leadership team in place
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Retail Retail Re-energising customer proposition – reasserting price leadership Retail to Iconic Valuefrom Major Finds
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Retail Retail Re-energising customer proposition – womenswear Retail Collaborations & Partnerships Fashion rangesThe Scene Womenswear Performance
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Retail Retail Re-energising customer proposition – broadening into other categories Retail Kidswear & Menswear
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Retail Retail Marketing campaigns delivering growth in UK Retail
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Retail Retail Extending marketing and digital engagement into Europe Retail Localisation in Europe
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Retail Retail Strengthening and extending omnichannel capabilities Retail Click & CollectDigital Marketing Home Delivery
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Growing and enhancing the store estate Retail Manhattan, US Castello Branco, Portugal Naples, Italy Retail 37 new stores Talavera, Spain Investing in refits Dooradoyle, Ireland Zaragoza, Spain
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Retail Growth into new markets via franchise The Dubai Mall, Dubai Saudi Arabia store render The Avenues, Kuwait Bahrain Doha, Qatar Mexico
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Underpinned with dedicated cost programme RetailRetail Significant efficiencies opportunityDelivering cost savings
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AB Foods
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Food Food AB Foods is a different kind of food group Our diversified portfolio across categories and markets gives us breadth, resilience, multiple sources of growth and exposure to long-term structural trends Our operating model is deliberately devolved, with leadership close to customers, suppliers and markets, creating fast decision-making, greater commerciality and agility Our businesses play different roles: some provide long-duration growth, others strong cash generation and some are earlier stage businesses. We are positioned where we have leading market positions and a competitive advantage: small categories in large markets and large categories in smaller markets We take a long-term, patient investment approach to build enduring brands and businesses and we have significant opportunities for growth across our businesses We re-shape businesses where necessary to improve their competitiveness, financial performance and long-term returns
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Food Food Invested £1.6bn in capital projects in last two years to drive growth and attractive returns New Ovaltine production, Nigeria New Twinings capacity, Poland & Andover New Blue Dragon capacity, Poland New Scrocchiarella capacity, UK Tip Top capacity, Australia Hovis acquisition, UK Abe’s Bagels acquisition, Aus & NZ Technology investments Ingredients Sugar Agriculture Grocery New fresh yeast plant, India New sourdough plant, UK New flour mill, Australia New yeast extraction capacity, Germany New enzyme blending capability, Finland Elementis Pharma acquisition, Germany Technology investments New sugar mill, Tanzania New distillery, Tanzania New premix plants, Vietnam & China Technology investments Driving long-term sustainable growth Key growth projects in 2025 & 2026
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Grocery
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US oils decline: Mazola sales impacted by category decline, particularly reduced spending by our core Hispanic consumers Stratas JV profit impacted by a slowdown in food service sector, with consumers spending less Ovaltine profit impacted by higher cocoa costs, commissioning costs in Nigeria and move to new distribution model in Thailand Twinings sales grew but held back by lower hot tea consumption during heat waves in UK & France Headwinds impacted Grocery performance in 2026 Grocery
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Grocery New product innovation and expansion in new channels is delivering growth Strong product innovation Expanding our presence in new channels and partnerships
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Building a sustainably profitable UK bakeries business Grocery Significant production and distribution synergies Delivering new product innovation Reinvigorating the Hovis brand
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Investing in new capacity across our brands to drive long-term growth Grocery Bakery modernisation, Tip Top, Australia African manufacturing, Ovaltine, Nigeria Additional capacity Twinings, Poland & UK Additional production capacity, Blue Dragon, Poland
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Ingredients
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Strongly positioned in global yeast and bakery ingredients markets Ingredients Investing in new product innovation and capabilities to capture new opportunities Completed multi-year investment projects – New yeast plant in high-growth Indian market – New flour mill cements our long-term position in growing Australian market Weaker customer demand for bakery ingredients in the US and for specialty yeast for alcohol production expected to stabilise New fresh yeast plant India Ballarat Flour Mill, Australia
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Clear growth agenda in specialty ingredients Ingredients Focused on three growth markets – Food & Beverage, Health & Nutrition and Pharmaceuticals Commercialised innovation across key growth platforms Enhanced capabilities across the business to support the next phase of growth Strengthened our pharmaceutical platform through the acquisition of Elementis Pharma New enzyme blending capability, AB Enzymes, Finland
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Sugar
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Azucarera is the leading retail sugar brand Restructured operations have shifted focus to cane refining De-risked business with improving operational efficiency New leadership in place UK Well invested factories Structural advantage ꟷ Leading UK market share and strong industrial brand ꟷ Customer relationships built on quality, reliability and s ecurity of supply ꟷ Cost to serve advantage ꟷ Low-cost and highly-efficient operator Opportunities for further expansion of co-products Focused on long-term growth in Africa and cash generation in Europe Sugar Africa Strong fundamentals – GDP, income, sugar consumption Leading market positions and retail brands – expanding sales coverage Good cane estates – driving improved agricultural practices Continuous improvement in factory performance a nd operational efficiencies Investing to expand co-products Recent capital investments will drive growth Spain
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Sugar profitability in Europe impacted by lower average selling prices and higher gas costs Sugar2026 Lower average selling prices compared to 2025 Higher onerous contract provisions due to: — Low sugar prices — Higher gas costs; and — Lower crop yields reducing overhead recoveries Lower beet prices – c.£50m benefit in 2026 Low er average selling prices compared to 2025 Price improvement in Q4 Restructuring c.£13m benefit in 2026 2027 Outlook 2027 sugar sales largely contracted 2026/27 UK sugar campaign underway High gas costs and low yields will impact production costs Negotiated beet cost for 2027 reduced by c.£20m Reducing from four to three UK facilities during 2027 Opportunities for further cost reduction Beyond 2027 Europe expected to return to deficit market in 2028 Recent improvement in world sugar prices 2028 selling price negotiations to begin in spring 2027 UK Spain
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Africa 2026 Overall profit lower due to: ꟷ Reduced sales in South Africa and Eswatini ꟷ Rain-related impacts on production in Tanzania Benefitting from capital investments with improved factory per formance and agricultural yields 2027 outlook Continued ramp-up of new sugar mill in Tanzania Improved pricing and lower imports in South Africa and Eswatini Expected currency devaluation in Malawi Increased weather- risk on production due to El Niño Completing projects to support long-term growth and navigating short-term disruptions Sugar New sugar mill, Tanzania New ethanol production facility, Tanzania
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Agriculture
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Operating profit in line with prior year Agriculture Focusing on higher-margin specialty businesses and freeing up low-returning capital Strategic decision to focus on higher-gr owth segments in Agriculture Exiting low-margin UK compound feed business – freeing up low-returning capital Sold 2 of our 10 mills during 2026 and expect to finalise future of the remaining mills in 2027 Fradley Park, Premier Nutrition
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Operating profit in line with prior year Agriculture Specialty feed and additives Growing our presence in value-added products and services Strong growth in specialty feed and additives Dairy Building our full-service offer in dairy Exiting the UK compound feed market Frontier Lowering cost to serve through restructuring and technology Relaunching the Natural VetCare Range Building our presence in the fast-growing pet care market
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Summary
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Operating env ironment to remain challenging in 2027 Primark s trengthening its value proposition and executing new avenues for growth AB Foods dr iving continued growth from strongly managed brands and businesses Tailwinds fro m UK bakeries and improved European Sugar profitability Investments in r ecent capital projects will contribute meaningfully over many years. Delivering dem erger in December 2027 Confident in delivering medium and long-term growth and returns
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Q&A
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Appendices
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Appendix 1 – Primark selling space 52 weeks ended 12 September 2026 52 weeks ended 13 September 2025 # of stores sq ft 000 # of stores sq ft 000 UK 199 7,991 197 7,907 Spain 68 2,706 67 2,692 US 47 1,746 33 1,304 France 30 1,469 30 1,469 Germany 28 1,379 27 1,380 Republic of Ireland 38 1,198 38 1,175 Italy 24 1,059 19 896 Netherlands 19 903 19 903 Portugal 15 514 13 487 Belgium 8 403 8 403 Poland 9 318 7 267 Austria 5 242 5 242 Romania 7 239 4 147 Czechia 4 152 3 119 UAE * 3 131 — — Kuwait * 1 61 — — Slovenia 1 46 1 46 Slovakia 1 39 1 39 Hungary 1 34 1 34 508 20,630 473 19,510 * Franchise stores
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2026 2025 % of Primark sales H1 H2 Full year H1 H2 Full year UK & Republic of Ireland 45 % +2 % +1 % +1 % (4)% +1 % (1)% Spain & Portugal 17 % — % — % in line +8 % +2 % +5 % France & Italy 15 % (2)% (2)% (2)% +4 % (4)% in line Northern Europe 12 % (5)% (4)% (4)% +1 % (2)% (1)% Central & Eastern Europe 3 % +13 % +7 % +10 % +21 % +9 % +14 % US 6 % +12 % +14 % +13 % +17 % +23 % +20 % Group +2 % +3 % +2 % +1 % +1 % +1 % Appendix 2 – Primark net sales growth in 2026 and 2025 Note: % change in net sales is based on constant currency
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Appendix 3 – Capital allocation policy ■ Priority to invest in our businesses, organically and by acquisition ■ Investment at appropriate pace where attractive returns on capital can be generated ■ Considerable opportunities over the short and medium term in all our businesses ■ From time to time, the Board may conclude it has surplus cash and capital if financial leverage is consistently below 1.0x and there are substantial net cash balances at both half and full year ends ■ Surplus capital may be returned to shareholders by special dividend or share buybacks
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Appendix 4 – Exchange rates 2026 2025 Average rates used to translate the income statement US dollar 1.34 1.31 Euro 1.15 1.18 Closing rates used to translate the balance sheet US dollar 1.35 1.36 Euro 1.17 1.16
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Caution concerning forward-looking statements Certain statements included in this presentation may constitute "forward-looking statements". Forward-looking statements are all statements that do not relate to historical facts and events, and include statements concerning the Company’s plans, objectives, goals, financial condition, strategies and future operations and performance and the assumptions underlying these forward-looking statements. The Company often, but not always, uses the words "may", "will", "could", "believes", "assumes", "intends", "estimates", "expects", "plans", "seeks", "approximately", "aims", "projects", "anticipates" or similar expressions, or the negative thereof, to generally identify forward looking statements. Forward-looking statements may be set forth in a number of places in this presentation. The Company has based these forward-looking statements on the current view with respect to future events and financial performance. These views involve uncertainties and are subject to certain risks, the occurrence of which could cause actual results to differ materially from those predicted in the forward-looking statements contained in this presentation and from past results, performance or achievements. Although the Company believes thatthe estimates and the projections reflected in its forward-looking statements are reasonable, if one or more of the risks or uncertainties materialiseor occur, including those which the Company has identified in its presentation, or if any of the Company's underlying assumptions prove to be incomplete or incorrect, the Company's actual results of operations may vary from those expected, estimated or projected. These forward-looking statements are made only as atthe date of this presentation. Except to the extent required by law, the Company is not obliged to, and does not intend to, update or revise any forward-looking statements made in this presentation whether as a result of new information, future events or otherwise. All subsequent written or oral forward-looking statements attributable to the Company, or persons acting on the Company’s behalf, are expressly qualified in their entirety by the cautionary statements contained throughout this presentation. As a result of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements and persons needing advice should consult an independent financial adviser. This presentation does not constitute an invitation to underwrite, subscribe for or otherwise acquire or dispose of any shares or other securities in the Company. No statement in this presentation is intended to be, nor should be construed as, a profit forecast or a profit estimate.
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This presentation pack is directed only at investment professionals falling within article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 and to other persons to whom the presentation pack may lawfully be promoted.