Slides
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FY26 H1RESULTS 20 NOVEMBER 2025 DR. MARTENS PLC
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AGENDA 2 DR . MAR T E N S FY26 H1 RESULTS FY26 H1 FINANCIAL RESULTS GILES WILSON CFO H1 UPDATE IJE NWOKORIE CEO INTRODUCTION IJE NWOKORIE CEO 1 2 3
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IJE NWOKORIE Chief Executive Officer INTRODUCTION 3 DR . MAR T E N S FY26 H1 RESULTS
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ON TRACK + On track with our four FY26 objectives + Work still to do with boots and sandals + EMEA DTC remains challenging + Cash generation and cost control delivering good financial progress + Laser focused on execution 4 DR . MAR T E N S FY26 H1 RESULTS
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5 DR . MAR T E N S FY26 H1 RESULTS GILES WILSON Chief Financial Officer H1 FINANCIAL RESULTS
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6 DR . MAR T E N S FY26 H1 RESULTS CONTINUED FOCUS ON PROFITABILITY AND BALANCE SHEET STRENGTH + Revenue performance in line with plan, with focus on growing full price and reducing markdown + Return to positive operating profit in H1 + Strong balance sheet with net bank debt down £33m YoY + Positioning the business for sustained success in FY27 and beyond £m H1 FY26 Reported H1 FY26 Constant currency H1 FY25 Reported Pairs (m) 4.7 4.6 Revenue 322.0 327.3 324.6 Adjusted EBIT1,3 3.1 3.4 (3.0) Adjusted PBT1,3 (9.4) (9.2) (16.6) EPS (p) (1.0) (1.2) (2.2) Adjusted EPS (p)1,3 (0.9) (0.9) (1.2) DPS (p) 0.85 0.85 Nebt Bank Debt 154.3 186.8 1. Alternative Performance Measure (APM) as defined in the Appendix on pages 61 and 62. 2. Includingothergains/losses. 3. In FY25 the definition of adjusting items was changed to include impairment of non-financial assets. Comparative information has been re-presented. H1 FINANCIALS
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324.6 2.4 (5.9) 0.7 1.2 (0.5) 327.3 4.8 7 DR . MAR T E N S FY26 H1 RESULTS Americas 35% EMEA 50% APAC 15% Americas + DTC performance driven by retail – both footfall and conversion + Wholesale in line with expectations and order book phasing EMEA APAC £M H1 FY25 Revenue H1 FY26 Revenue CCDTC Wholesale DTC Wholesale DTC Wholesale 57% 52% 68% 43% 48% 32% DTC/Wholesale Mix by region REVENUE BY REGION Americas 37% EMEA 48% APAC 15% + DTC decline driven by weaker retail footfall and impact of reduced markdown in ecommerce + Wholesale in line with expectations + DTC strength driven by robust retail LFL in Korea and full -price sales in Japan; partially offset by softer ecommerce in China and Korea due to fewer markdowns + Wholesale impacted by timing of orders H1 FINANCIALS
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8 DR . MAR T E N S FY26 H1 RESULTS (c.30bps) c.30bps c.120bps 64.0% +130bps H1 FY25 Channel mix ASP1 COGS H1 FY26 RESILIENT GROSS MARGIN H1 FINANCIALS 1. Average Sales Price. 65.3%
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(3.0) 3.0 (2.7) 2.0 1.9 3.4 0.3 5.0 (2.9) 9 DR . MAR T E N S FY26 H1 RESULTS H1 FINANCIALS H1 FY25 Adjusted EBIT VolumeASP & COGS Demand generating OPEX Non-demand generating OPEX D&A & Other Exceptionals, impairment and currency gains/losses H1 FY26 EBIT CC Total GM £5.3m FY26 Adjusted EBIT CC £M (3.1) Tariffs TIGHT COST CONTROL
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94.1 154.3 154.3 186.8 155.4 38.7 28.0 155.4 148.0 161.9 (35.9) 10 DR . MAR T E N S FY26 H1 RESULTS H1 FINANCIALS Net Debt / EBITDA 2 1.8x Ave. lease term to break (years) 2.6 2.1x 2.5 £M Cash generation ( 44.1) FY25 FY Net Debt EBITDA Net working capital, SBP & matured derivatives Payment of lease liabilities Net interest & Tax payments CAPEX Dividends FX Decrease in Lease Liabilities FY26 H1 Net Debt 249.5 309.7 302.3 FY25 H1 Net Debt 348.7 13.3 6.3 8.2 1.6 (7.4) Net bank debt Lease liabilities 2.3x 2.8 STRONG BALANCE SHEET FY25 H1 net bank debt: Cash £94.9m, Debt £281.7m. FY25 FY net bankdebt:Cash £155.9m,Debt £250.0m. FY26 H1 net bankdebt:Cash £95.7m, Debt £250.0m. 1. Average lease term to expiry: FY25: 3.4 years, FY25: 3.2 years, H126: 3.0 years. 2. On a covenant calculation basis.
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IJE NWOKORIE Chief Executive Officer H1 UPDATE 11 DR . MAR T E N S FY26 H1 RESULTS
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12 DR . MAR T E N S FY26 H1 RESULTS STABILISE PIVOT SCALE FY25 FY26 FY27 FY28 WORK IN PROGRESS H1 UPDATE
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13 DR . MAR T E N S FY26 H1 RESULTS FROM TO CONSUMER FIRST “EARN THE RIGHT WITH EACH WEARER” CHANNEL FIRST “BUILD IT AND THEY WILL COME” STRATEGIC SHIFT H1 UPDATE
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14 DR . MAR T E N S FY26 H1 RESULTS TO BE THE WORLD’S MOST DESIRED PREMIUM FOOTWEAR BRAND AMBITION H1 UPDATE
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15 DR . MAR T E N S FY26 H1 RESULTS CONSUMER ORGANISATION PRODUCT MARKETS ENGAGE MORE CONSUMERS DRIVE MORE PURCHASE OCCASIONS CURATE MARKET-RIGHT DISTRIBUTION SIMPLIFY THE OPERATING MODEL OUR LEVERS FOR GROWTH H1 UPDATE
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16 DR . MAR T E N S FY26 H1 RESULTS OBJECTIVES WE SET FOR FY26 H1 UPDATE CONSUMER REDUCE THE RELIANCE ON DISCOUNTED PAIRS IN AMERICAS WHOLESALE MARKETS OPEN IN NEW MARKETS THROUGH A CAPITAL-LIGHT STRUCTURE PRODUCT DRIVE PAIRS GROWTH IN PRODUCT FAMILIES SUCH AS BUZZ, ZEBZAG AND LOWELL ORGANISATION SIMPLIFY OUR OPERATING MODEL
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CONSUMER ENGAGE MORE CONSUMERS 17 DR . MAR T E N S FY26 H1 RESULTS FY26 Objective: Reduce the reliance on discounted pairs in Americas wholesale
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Full Price New Consumer % Full Price New Consumer mix 2024 2025 April September 18 DR . MAR T E N S FY26 H1 RESULTS FULL PRICE DISCIPLINE SHOWING EARLY SIGNS OF SUCCESS CONSUMER + Higher quality Americas wholesale order book with less discounted business + DTC Full Price revenue +6% + DTC Full Price mix +5%pts + New consumer Full Price mix +10%pts
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San Diego Store 19 DR . MAR T E N S FY26 H1 RESULTS AMERICAS DTC CONTINUES TO IMPROVE CONSUMER + Americas DTC revenue +7.5% – Retail +15.7% – Ecommerce +0.8% with reduced clearance and Full Price revenue +20% All figures in Constant Currency.
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20 DR . MAR T E N S FY26 H1 RESULTS PRODUCT DRIVE MORE PURCHASE OCCASIONS FY26 Objective: Drive pairs growth in product families such as Buzz, Zebzag and Lowell
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LOWELL From launch to EMEA top 5 shoe in 12 months 21 DR . MAR T E N S FY26 H1 RESULTS 20% GROWTH IN SHOES DRIVEN BY BOTH NEW PRODUCT FAMILIES AND ICONS PRODUCT All stats are DTC only Shoes up 20% in pairs, DTC BUZZ SHOE Best performing new shoe 1461 SHOE No.1 bestseller in APAC MARY JANE No.3 bestseller in Americas
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22 DR . MAR T E N S FY26 H1 RESULTS ADRIAN TASSEL LOAFER NO.2 BESTSELLER PRODUCT In DTC only
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23 DR . MAR T E N S FY26 H1 RESULTS 1460 BLACK SMOOTH REMAINS NO.1 BESTSELLER PRODUCT
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24 DR . MAR T E N S FY26 H1 RESULTS KASEY No.3 bestseller DELIVERING BOOTS GROWTH IN NEW PRODUCT FAMILIES PRODUCT ZEBZAG LACELESS Focused on comfort and craft BUZZ HI Bestselling new product in EMEA following launch All stats are DTC only
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25 DR . MAR T E N S FY26 H1 RESULTS PRODUCT
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1460 RAIN BOOT PRODUCT 1460 Rain Boot activation event Brooklyn, New York 26 DR . MAR T E N S FY26 H1 RESULTS
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27 DR . MAR T E N S FY26 H1 RESULTS MARKETS CURATE MARKET-RIGHT DISTRIBUTION FY26 Objective: Open in new markets through a capital-light structure
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28 DR . MAR T E N S FY26 H1 RESULTS ENTERING NEW GROWTH MARKETS WITH CAPITAL-LIGHT DISTRIBUTION MARKETS + LATAM: distribution agreement signed; stores opened in Buenos Aires and Santiago + UAE: distribution agreement signed; product arriving in third- party wholesale stores + Philippines: existing distribution agreement accelerated; third store in Manilla opened Manilla Store
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29 DR . MAR T E N S FY26 H1 RESULTS EXPANDING IN EXISTING MARKETS WITH FRANCHISE PARTNERS MARKETS + Italy: first franchise store opened (in Pompei) + China: three franchise stores opened (in Chengdu, Chongqing, and Hangzhou) Pompei Store
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30 DR . MAR T E N S FY26 H1 RESULTS MARKETS DEEPENING RELATIONSHIPS WITH WHOLESALE PARTNERS + Marketing activations for new product launches + Exclusive products + Healthy SS26 orderbooks
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31 DR . MAR T E N S FY26 H1 RESULTS ORGANISATION SIMPLIFY THE OPERATING MODEL FY26 Objective: Simplify our operating model
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CUSTOMER DATA PLATFORM (CDP) SUPPLY & DEMAND PLANNING SYSTEM GLOBAL TECHNOLOGY CENTRE (GTC) 32 DR . MAR T E N S FY26 H1 RESULTS SUPPORTING SIMPLIFICATION AND CONSUMER FOCUS ORGANISATION
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33 DR . MAR T E N S FY26 H1 RESULTS On track; full price DTC revenue +6% FY26 OBJECTIVES: PROGRESS SO FAR CLOSING COMMENTS CDP: Customer Data Platform. GTC: Global Technology Centre. CONSUMER Reduce the reliance on discounted pairs in Americas wholesale Good progress; successful launch of Buzz boot and Zebzag Laceless boot PRODUCT Drive pairs growth in product families such as Buzz, Zebzag and Lowell Distribution agreements in UAE, LATAM & Philippines; opened first Italy franchise store MARKETS Open in new markets through a capital-light structure On track: CDP, Supply & Demand Planning & GTC increasing our efficiency ORGANISATION Simplify our operating model
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+ CONSUMER: Full price DTC revenue +64% with mix up 25%pts + PRODUCT: 1461 Shoe bestselling product in DTC. Lowell Shoe +>90% + MARKETS: Compelling partnerships with wholesale to elevate our iconic products + ORGANISATION: Local execution at pace 34 DR . MAR T E N S FY26 H1 RESULTS LEVERS OF GROWTH IN ACTION: SOUTH KOREA CLOSING COMMENTS
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35 DR . MAR T E N S FY26 H1 RESULTS H1 SUMMARY CLOSING COMMENTS + Executing against our Levers for Growth strategy + Seeing early signs of progress + Much work still to do and significant opportunity ahead
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0.7% MARKET SHARE; 70% OF PROFITS AT £100+ PRICE POINTS Source: Statista 2025 Opportunity defined as uncaptured value within total market size across top 15 or 45 markets, calculated as relevant population × average annual footwear spend per capita RSV: Retail Sales Value TRM: Total Relevant Market CURRENT RSV £1.3B GLOBAL FOOTWEAR MARKET £370B TRM: 45 MARKETS £272B TRM:15 MARKETS£179B CLOSING COMMENTS SIGNIFICANT HEADROOM FOR GROWTH 36 DR . MAR T E N S FY26 H1 RESULTS
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37 DR . MAR T E N S FY26 H1 RESULTS MEDIUM-TERM FINANCIAL TARGETS + Profitable revenue growth above the rate of the relevant footwear market + Operational leverage to drive mid to high teens EBIT margin + Underpinned by strong cash generation CLOSING COMMENTS
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Q&A 38 DR . MAR T E N S FY26 H1 RESULTS
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39 DR . MAR T E N S FY26 H1 RESULTS APPENDIX + IR contact details + Strategy + Systems + Supply chain + Sustainability + Summary financials + Revenue breakdown + Retail store estate + Balance sheet + FX translation rates + Detailed guidance + Alternative performance measures + Cautionary statement
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40 DR . MAR T E N S FY26 H1 RESULTS BETHANYBARNES Director of Investor Relations and Corporate Communications Bethany.Barnes@drmartens.com +44 7825 187465 LOUISE DUREY Investor Relations and Corporate Communications Senior Manager Louise.Durey@drmartens.com +44 7361 225576 INVESTOR RELATIONS CONTACT DETAILS APPENDIX CAT HOWE Investor Relations and Corporate Communications Coordinator Catherine.Howe@drmartens.com
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+ Lead marketing with product, grounded in comfort, craft and confidence + Deliver a seamless omni-channel experience tailored to each consumer + Build post-purchase engagement to increase purchase frequency and consumer spend CONSUMER ENGAGE MORE CONSUMERS + Reinforce premium positioning of our icons through elevated collections + Manage hero product families to optimise newness across diverse wearing occasions + Extend our offer in sandals, bags and other adjacent categories + Innovate to enhance comfort, lightness and sustainability PRODUCT DRIVE MORE PURCHASE OCCASIONS MARKETS CURATE MARKET-RIGHT DISTRIBUTION + Expand B2B through long- term product and marketing partnerships with top-tier accounts + Build a differentiated DTC footprint to elevate the brand, aligning operating models to each market + Enter new growth markets with capital light distribution models + Simplify how we work to drive efficiency, scale and speed ORGANISATION SIMPLIFY THE OPERATING MODEL + Build a culture of excellence, care, and accountability, strengthening organisational clarity, talent development and disciplined execution + Optimise the cost base to support strategic priorities 41 DR . MAR T E N S FY26 H1 RESULTS AMBITION: TO BE THE WORLD’S MOST DESIRED PREMIUM FOOTWEAR BRAND APPENDIX
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42 DR . MAR T E N S FY26 H1 RESULTS CONSUMER ENGAGE MORE CONSUMERS 01 Lead marketing with product, grounded in comfort, craft and confidence 02 Deliver a seamless omni-channel experience tailored to each consumer 03 Build post-purchase engagement to increase purchase frequency and consumer spend APPENDIX
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43 DR . MAR T E N S FY26 H1 RESULTS PRODUCT DRIVE MORE PURCHASE OCCASIONS 01 Reinforce premium positioning of our icons through elevated collections 02 Manage hero product families to optimise newness across diverse wearing occasions 03 Extend our offer in sandals, bags and other adjacent categories 04 Innovate to enhance comfort, lightness and sustainability APPENDIX
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44 DR . MAR T E N S FY26 H1 RESULTS MARKETS CURATE MARKET-RIGHT DISTRIBUTION 01 Expand b2b through long- term product and marketing partnerships with top-tier accounts 02 Build a differentiated DTC footprint to elevate the brand, aligning operating models to each market 03 Enter new growth markets with capital-light distribution models APPENDIX
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45 DR . MAR T E N S FY26 H1 RESULTS ORGANISATION SIMPLIFY THE OPERATING MODEL 03 Build a culture of excellence, care, and accountability, strengthening organisational clarity, talent development and disciplined execution 01 Simplify how we work to drive efficiency, scale and speed 02 Optimise the cost base to support strategic priorities APPENDIX
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“Style Seekers” Consumers who buy for trends “Craft Curators” Consumers who buy for product quality “Alternative Individuals” Consumers who buy for individuality Purchase drivers Addressable market in £ Loyalty vs average (NPS indexed vs total) % DMs consumer mix Growth in consumer mix 2021-2024 DM purchasers as % of addressable population Trend, Style Craft, Quality, Comfort Uniqueness, Authenticity £90billion £66billion £11billion 0.7 1.3 1.4 52% 34% 14% +14% -7% -15% 9% 7% 13% 46 DR . MAR T E N S FY26 H1 RESULTS Note: Figures as of June 2025 “CRAFT CURATORS” A SIGNIFICANT OPPORTUNITY APPENDIX
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HIGHCAPITAL LOWCAPITAL FRANCHISE/ DISTRIBUTOR + Introduce the brand to market + Build and scale reach ECOMMERCE + Ease of shopping + Personalisation + Integrate with social and digital marketplaces WHOLESALE + Establish presence + Compare products across brands + Reach new consumers RETAIL + Consumerexperience + Productbreadthawareness + Education + Price discovery BRAND ELEVATION BRAND REACH 47 DR . MAR T E N S FY26 H1 RESULTS CURATE MARKET-RIGHT DISTRIBUTION APPENDIX
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48 DR . MAR T E N S FY26 H1 RESULTS LOWER BRAND AWARENESS HIGHERBRAND AWARENESS DISTRIBUTOR/ FRANCHISE DTC-LED DISTRIBUTOR WHOLESALE -LED FRAGMENTED MARKET CONCENTRATED MARKET CURATE MARKET-RIGHT DISTRIBUTION APPENDIX
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ECOMMERCE RETAIL WHOLESALE Order Management System Customer Data Platform Product Data Platform ERP Data platform Supply and Demand Planning CRM & marketing technology 49 DR . MAR T E N S FY26 H1 RESULTS A MODERN SYSTEMS ARCHITECTURE TO UNDERPIN GROWTH APPENDIX
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DC Tier 1 footwear factories HONGKONGX1 VIETNAMX4 LAOSX2THAILANDX1 JAPANX1 NETHERLANDSX1 PAKISTANX1 CHINAX1 SOUTHKOREAX1 UKX1 UKX2 USA X2 CANADAX1 + Defect rate of less than 1% demonstrating excellentquality control process + Enhancedflexibility of oursourcing and distribution centre network + Significantlyincreased controloversupply chaininputs + Stronglong-term partnershipswith Tier 1 suppliers and logistics providers + 100% ofleatherforAW25 sourcedfromLWG1 certified tanneriesand 97% of our leather is traceable + AW25 Tier 1 footwear sourcing: 62% Vietnam, 31% Laos, 4% Thailand, 2% Pakistan and 1% UK 50 DR . MAR T E N S FY26 H1 RESULTS WORLD CLASS SUPPLY CHAIN APPENDIX 1. Leather Working Group. Note: Figures as of June 2025.
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PLANET PRODUCT PEOPLE Reducing our impact on the planet Moving towards a regenerative and circular product lifestyle Supporting our employees, the workers in our supply chain and wider communities APPENDIX 51 DR . MAR T E N S FY26 H1 RESULTS SUSTAINABILITY EMBEDDED IN EVERYTHING WE DO
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% change £m H1 FY26 Reported H1 FY26 Constant currency H1 FY25 Reported Reported Constant currency Pairs (m) 4.7 4.6 1.4% Revenue 322.0 327.3 324.6 -0.8% 0.8% Gross Margin 210.3 213.0 207.7 1.3% 2.6% Gross Margin% 65.3% 65.1% 64.0% 1.3pts 1.1pts Opex1 (173.0) (175.0) (174.1) -0.6% 0.5% Depreciation and Amortisation2 (34.2) (34.6) (36.6) -6.6% -5.5% Adjusted EBIT1,3 3.1 3.4 (3.0) na na Adjusted EBIT Margin%1,3 1.0% 1.0% -0.9% 1.9pts 1.9pts Net finance expense (12.5) (12.6) (13.6) -8.1% -7.4% Adjusted PBT1,3 (9.4) (9.2) (16.6) 43.4% 44.6% Exceptionals1, impairment and currency gains/losses (1.6) (3.1) (12.1) -86.8% -74.4% PBT (11.0) (12.3) (28.7) 61.7% 57.1% EPS (p) (1.0) (1.2) (2.2) 54.5% 45.5% Adjusted EPS (p)1,3 (0.9) (0.9) (1.2) 25.0% 25.0% DPS (p) 0.85 0.85 1. Alternative Performance Measure(APM) as definedinthe Appendixon pages 61 and 62. 2. Includingothergains/losses. 3. In FY25 the definition of adjusting items was changed to include impairment of non-financial assets. Comparative information has been re-presented. 52 DR . MAR T E N S FY26 H1 RESULTS SUMMARY FINANCIALS APPENDIX
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53 DR . MAR T E N S FY26 H1 RESULTS % change £m H1 FY26 Reported H1 FY26 Constant currency H1 FY25 Reported Reported Constant currency Ecommerce 81.3 83.2 87.7 -7.3% -5.1% Retail 98.2 99.9 95.3 3.0% 4.8% DTC 179.5 183.1 183.0 -1.9% 0.1% Wholesale1 142.5 144.2 141.6 0.6% 1.8% Total 322.0 327.3 324.6 -0.8% 0.8% DTC Mix 55.7% 55.9% 56.4% -0.7pts -0.5pts No. of stores2 244 238 2.5% 1. Wholesale revenue including distributor customers. 2. Own stores on streets and malls operated under arm’s length leasehold arrangements. REVENUE BY CHANNEL APPENDIX
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54 DR . MAR T E N S FY26 H1 RESULTS REVENUE BY CATEGORY APPENDIX FY25 Group Revenue Bags & Other 5% Sandals 12% Shoes 26% Boots 57% H1 FY26 Group Revenue Sandals 15% Shoes 30% Boots 50% Bags & Other 5%
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FY25 Group Revenue 55 DR . MAR T E N S FY26 H1 RESULTS ICONS REVENUE APPENDIX 1460 Boot + Approximately four-fifths of icons revenue comes from continuity lines such as Black Smooth, Ambassador or Crazy Horse leather 1461 Shoe 2976 Chelsea Boot Adrian Tassel Loafer
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56 DR . MAR T E N S FY26 H1 RESULTS Q126 Q226 H126 YoY Change Actual CC Actual CC Actual CC Total Revenue -2.3% 0.7% 0.0% 0.9% -0.8% 0.8% Revenue by channel Ecommerce -4.9% -1.8% -9.1% -7.7% -7.3% -5.1% Retail -2.0% 0.7% 7.7% 8.7% 3.0% 4.8% DTC -3.3% -0.5% -0.7% 0.5% -1.9% 0.1% Wholesale1 0.7% 4.2% 0.6% 1.2% 0.6% 1.8% Revenue by region EMEA -7.9% -7.2% 0.4% -1.3% -2.3% -3.2% America 5.7% 11.9% -0.1% 3.4% 1.8% 6.3% APAC -2.8% 0.0% -1.2% 2.7% -1.9% 1.5% 1. Wholesale revenue including distributor customers. QUARTERLY REVENUE BY CHANNEL & REGION APPENDIX
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57 DR . MAR T E N S FY26 H1 RESULTS 1 April 2025 Opened Closed 29 September 2025 EMEA: UK 34 (2) 32 Germany 17 1 (1) 17 France 18 1 19 Italy 14 14 Spain 6 (1) 5 Other 14 14 103 2 (4) 101 Americas: 59 4 (1) 62 APAC: Japan 46 1 47 China 7 3 (1) 9 South Korea 17 17 Hong Kong 7 1 8 77 5 (1) 81 Total 239 11 (6) 244 DIRECTLY-OPERATED RETAIL STORE ESTATE APPENDIX Partner Stores The Group also trades from 15 (FY25: 20) concession counters in department stores in South Korea and a further 91 (FY25: 88) mono-branded franchise and partner stores around the world with, 25 in Japan (FY25: 24), 26 across Australia and New Zealand (FY25: 27), four in Canada (FY25: four), one in Latin America (FY25: nil) and 35 across other South East Asia countries (FY25: 33).
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58 DR . MAR T E N S FY26 H1 RESULTS 28 September 2025 30 March 2025 29 September 2024 Freehold property 6.5 6.7 6.7 Right-of-use assets 135.8 143.2 153.4 Other fixed assets 71.6 76.2 79.3 Inventory 199.8 187.4 245.4 Working capital1 (excluding inventory) (38.6) (48.0) (52.0) Other2 12.5 6.0 7.8 Operating net assets 387.6 371.5 440.6 Goodwill 240.7 240.7 240.7 Cash 95.7 155.9 94.9 Bank Debt (250.0) (250.0) (281.7) Unamortised bank fees 3.1 3.7 1.9 Lease Liabilities (148.0) (155.4) (161.9) Net assets 329.1 366.4 334.5 1. Includes bank interest of £2.2m (Mar 25: £2.4m, Sep 24: £8.0m). 2. Other includes investments, deferred tax assets, income tax assets, provisions, income tax payables and deferred tax liabilities. BALANCE SHEET APPENDIX
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59 DR . MAR T E N S FY26 H1 RESULTS GBP/USD GBP/EUR GBP/JPY FY26 FY25 % change FY26 FY25 % change FY26 FY25 % change H1 1.34 1.28 5% 1.17 1.18 1% 196 195 0% H2 1.27 1.20 194 FY 1.28 1.19 194 FX revenue sensitivities are as follows: for every 1%pt movement in US dollar c.£3.0m; Japanese Yen c.£0.5m and Euro c.£2.5m FX TRANSLATION RATES APPENDIX
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60 DR . MAR T E N S FY26 H1 RESULTS + New own store openings of 20 to 25 + Depreciation and Amortisation of around £75m (£75m to £80m previously) + Net finance costs of around £25m (£25m to £27m previously) + Blended tax rate of c.26% + Capex of around £20m (£20m to £25m previously) + Inventory broadly flat year-on-year + Net debt of around £200m, including lease liabilities + Based on current spot rates as at 17th November 2025, we anticipate a currency impact of a c.£10m headwind to Group revenue and a benefit to Adjusted PBT of c.£2m FY26 GUIDANCE APPENDIX
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61 DR . MAR T E N S FY26 H1 RESULTS Metric Definition Rationale Gross margin Revenue less cost of sales (mainly raw materials and consumables). Revenue and cost of sales are disclosed in the Consolidated Statement of Profit or Loss. Helps evaluate growth trends, establish budgets and assess operational performance and efficiencies. Gross margin % Gross margin divided by revenue. Helps evaluate growth trends, establish budgets and assess operational performance and efficiencies. Exceptional costs Costs or incomes considered significant in nature and/or quantum, and/or relate to activities which are outside the ordinary course of business, and are not reflective of operational performance, including items such as: - Director joining costs - Cost savings related costs - Accelerated amortisation of fees on debt refinancing (relates to prior period only). Excluding these items from profit metrics provides readers with helpful information on the underlying performance of the business because it aids consistency across periods and is consistent with how the business performance is planned by, and reported to, the Board. Opex Selling and administrative expenses less depreciation, amortisation, impairment, other gains/losses, exceptional costs and currency gains/losses. Opex is used to reconcile between gross margin and EBIT. EBITDA Profit/loss for the period before income tax expense, finance expense, currency gains/losses, depreciation of right-of-use assets, depreciation, amortisation and impairment. EBITDA was used as a key profit measure because it shows the results of normal, core operations exclusive of income or charges that are not considered to represent the underlying operational performance. EBIT is now considered a more relevant measure, but EBITDA continues to be reported for bank covenant purposes. EBITDA % EBITDA divided by revenue. EBITDA % was used to evaluate growth trends, establish budgets and assess operational performance and efficiencies EBIT Profit/loss for the period before net finance expense and income tax expense. EBIT is used as a key profit measure because it shows the results of normal, core operations exclusive of income or charges that relate to capital and tax burdens. EBIT % EBIT divided by revenue. Used to evaluate growth trends, establish budgets and assess operational performance and efficiencies. Adjusted EBIT EBIT before exceptional costs, impairment of non-financial assets and currency gains/losses. Used as a key profit measure because it shows the results of normal, core operations exclusive of income or charges that relate to capital and tax burdens, exceptional costs, impairment of non-financial assets and currency gains/losses. This improves comparability between periods by eliminating the effect of non-recurring costs and large currency gains/losses. ALTERNATIVE PERFORMANCE MEASURES APPENDIX
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62 DR . MAR T E N S FY26 H1 RESULTS Metric Definition Rationale Adjusted EBIT margin Adjusted EBIT divided by revenue. Used to evaluate growth trends, establish budgets and assess operational performance and efficiencies. Operating cash flow EBITDA less change in net working capital, share-based payment expense and capital expenditure. Operating cash flow is used as a trading cash generation measure because it shows the results of normal, core operations exclusive of income or charges that are not considered to represent the underlying operational performance. Operating cash flow conversion Operating cash flow divided by EBITDA. Used to evaluate the efficiency of a company’s operations and its ability to employ its earnings toward repayment of debt, capital expenditure and working capital requirements. Adjusted operating cash flow conversion Operating cash flow divided by EBITDA excluding the impact of exceptional costs on EBITDA and working capital. Used to evaluate the efficiency of a company’s operations and its ability to employ its earnings toward repayment of debt, capital expenditure and working capital requirements, exclusive of the impact of exceptional costs. Net debt Net debt is calculated by subtracting cash and cash equivalents from bank loans (excluding unamortised bank fees) and lease liabilities. Used to aid the understanding of the reader of the financial statements in respect of liabilities owed. Adjusted profit before tax Profit/loss before tax and before exceptional costs, impairment of non - financial assets and currency gains/losses. Helps evaluate growth trends, establish budgets and assess operational performance and efficiencies on an underlying basis exclusive of exceptional costs, impairment of non-financial assets and currency gains/losses. Adjusted profit after tax Profit/loss after tax and before exceptional costs, impairment of non -financial assets and currency gains/losses. Adjusted profit after tax is the denominator for the calculation of adjusted basic and diluted earnings per share. Basic earnings per share The calculation of earnings per ordinary share is based on earnings after tax and the weighted average number of ordinary shares in issue during the period. A higher EPS indicates greater value because investors will pay more for a company's shares if they think the company has higher profits relative to its share price. Adjusted basic earnings per share The calculation of adjusted earnings per ordinary share is based on profit/loss after tax excluding exceptional costs, impairment of non-financial assets and currency gains/losses and the weighted average number of ordinary shares in issue during the period. Helps evaluate basic earnings per share exclusive of exceptional costs, impairment of non -financial assets and currency gains/losses that are not considered to represent the underlying operational performance. Adjusted diluted earnings per share Calculated by dividing the profit/loss after tax attributable to ordinary equity holders of the parent excluding exceptional costs, impairment of non -financial assets and currency gains/losses by the weighted average number of ordinary shares in issue during the period plus the weighted average number of ordinary shares that would have been issued on the conversion of all dilutive potential ordinary shares into ordinary shares. Helps evaluate diluted earnings per share exclusive of exceptional costs, impairment of non -financial assets and currency gains/losses that are not considered to represent the underlying operational performance. ALTERNATIVE PERFORMANCE MEASURES (continued) APPENDIX
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63 DR . MAR T E N S FY26 H1 RESULTS Announcements,presentationsto investors, or other documents or reports filed with or furnished to the London Stock Exchange (LSE) and any other written information released, or oral statements made, to the public in the future by or on behalf of Dr. Martens plc and its group companies (“the Group”), may contain forward-looking statements. Forward-looking statements give the Group’s current expectations or forecasts of future events. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘aim’, ‘ambition’, ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance or results of current and anticipated products, expenses, the outcome of contingencies such as legal proceedings, dividend payments and financial results. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation, the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority), the Group undertakesno obligationto update any forward-lookingstatements,whetheras a result of new information, future events or otherwise. The reader should, however, consultany additionaldisclosuresthat the Group may make in any documentswhich it publishes and/or files with the LSE. All readers, wherever located, should take note of these disclosures. Accordingly, no assurance can be given that any particular expectationwill be met and investors are cautionednot to place undue reliance on the forward-lookingstatements. Forward-looking statements are subject to assumptions, inherent risks and uncertainties,many of which relate to factors that are beyond the Group’s control or precise estimate. The Group cautions investors that a number of important factors, including those referred to in this document, could cause actual results to differ materially from those expressed or implied in any forward-looking statement. Any forward-looking statements made by or on behalf of the Group speak only as of the date they are made and are based upon the knowledge and information available to the Directorson the date of this report. CAUTIONARY STATEMENT APPENDIX Cautionary statement relating to forward-looking statements
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