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26th February 2026 2025 Full Year Results
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Andrew Livingston Chief Executive Officer
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longest established depots a major contributor to share gains made over last five years 3 Group sales +4.1% year on year; business continued to perform well in final two periods of 2025 Gained UK market share, Delivered industry-leading gross profit margin, Profit +5.1% year on year, Progressed our strategic plans for business Strong cashflow and robust balance sheet Continued to invest in the business Increased total dividend for the year £100m buyback programme for 2026 mitigating a small decline in size of market , balancing cost pressures with competitive pricing Business advanced on all fronts in a challenging marketplace Results met our expectations, Total of 970 depots trading, including 891 in the UK* encouraging start to 2026 a higher growth rate than for sales 2025 * UK depots plus depots in Isle of Man and Channel Islands UK kitchen volumes rose,
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Reflects combination of a strong product line-up, high stock availability, industry leading service levels and a very engaged team Benefits of ongoing investment in customer focussed strategic initiatives Total accounts and number trading similar to 2024’s record levels, customers on average spending more “KPI” volumes ahead of 2024 Performance demonstrates the strength of our in-stock model founded on local relationships So far this year, on track to meet current market expectations for 2026 in a competitive marketplace 2025 4
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Well prepared for the challenges and opportunities our markets present Model capable of delivering sustainable market share gains In 2025, the value of our principal UK markets totalled some £11 billion* Significant longer term growth opportunities Investing in the business on this basis Robust business model in fragmented markets with significant growth opportunities Planned for the size of the UK kitchen market in 2026 to be level with last year, following several years of decline Comprising our view of the value of kitchen market and our other established categories such as doors, joinery, flooring and hardware. UK sales included a contribution from our fitted bedrooms initiative, bedrooms being a significant market in its own right. * versus Howden UK sales of c.£2.3 billion 5
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Digital Development Range and Supply Management Depot Evolution International Initiatives to increase market share and profits 6
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Jackie Callaway Chief Financial Officer FINANCIAL REVIEW
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£m 2025 2024 % Change Sales 2,418.0 2,322.1 +4.1% Gross profit 1,515.4 1,431.1 +5.9% - Gross margin % 62.7% 61.6% +110bps EBIT 355.3 339.2 +4.7% - EBIT margin % 14.7% 14.6% +10bps Profit before tax 344.9 328.1 +5.1% Tax (77.2) (78.8) Profit for the period 267.7 249.3 Basic EPS 49.2 45.6 +7.9% Financial highlights Strong performance against all financial metrics Gross margins ahead by +110 bps Improved EBIT margin to +14.7% with profits growing ahead of sales Profit Before Tax up +5.1% to £345m Effective Tax Rate of 22.4% (2024: 24.0%) EPS growth of +7.9% Strong margin and profit delivery 8
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Sales growth Further market share gains achieved in challenging markets UK revenue growth reflected: balanced pricing and volume to support our trade customers ongoing market share gains, despite continued market headwinds: — differentiated trade focused business model — highly entrepreneurial depot teams — Impact of our strategic initiatives Very good sales progression in both France and the Republic of Ireland Group sales (£m) 2025 2024 Change UK Same depot basis1,2 2,297.6 2,239.7 +2.6% UK Depots opened in previous 2 years 35.6 7.7 2,333.2 2,247.4 +3.8% International3 84.8 74.7 +13.5% Group 2,418.0 2,322.1 +4.1% International3 sales (€m) 2025 2024 Change Same depot basis1 94.2 86.2 +9.3% Depots opened in previous 2 years 4.8 1.9 99.0 88.1 +12.4% 9 1 Same depot basis excludes depots opened in 2024 and 2025 and closed depots. 2 There was 1 depot closed in the UK in 2025. 3 In International, 3 depots were opened in the Republic of Ireland and 2 depots were closed in France during 2025.
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Profit before tax Solid pricing and market share gains 328 41 29 14 (68) 1 345 2024 2025 Interest Price (Sales) CoGS efficiencies Volume & mix Operating Costs Gross profit growth +£84m £m 2024 2025 Gross margin up £84m, 110 bps to 62.7% balanced pricing and volume further CoGS efficiencies manufacturing cost base flat, offsetting inflation with further efficiencies Operating costs well controlled efficiency savings to offset inflation continued investment in strategic initiatives Strategic initiatives £28m Other £40m 10
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Operating expenses 1,092 12 13 3 11 11 18 1,160 £m Other Strategic Initiatives Other costsExisting UK depots New UK depots International growth 2024 2025 Strategic initiatives £28m Inflationary cost growth of c.£27m offset by productivity and efficiency £28m investment in strategic initiatives in: new UK depots digital tools for trade convenience and productivity International: France focus on same-depot growth and build out of network in the Republic of Ireland Existing UK depots costs predominantly relate to volume increases Continued focus on productivity and efficiency to offset inflation Efficiency savings to optimise flow through and fund future growth NI/ NMW 11
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1 (before movements in working capital) £m 2025 2024 Opening cash 343.6 282.8 Operating cash flows1 537.6 504.6 Working capital increase (26.3) (65.3) Capital expenditure (156.5) (122.0) Tax paid (25.7) (39.2) Dividends (116.6) (115.9) Share buyback (100.2) - IFRS16: Repayments and interest paid (123.9) (113.4) Other 13.3 9.9 Closing cash 344.5 343.6 Cashflow Cash generation supports both investments and attractive shareholder returns Strong operating cash flow 2025 working capital investment to support growth Capex investment supporting strategic initiatives included purchase of Runcorn freehold for £31m Cash tax benefited from prior year tax credits (patent box claim) 12
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Defined benefit pension scheme Executing strategy to reduce ongoing risks Well funded scheme, closed for future accrual Surplus on an ongoing funded basis so no contributions in the year Ongoing funding mechanism agreement with Trustee extended to 31 May 2027 Triennial valuation 31 March 2026 Joint working group (JWG) with Trustee in place to pro-actively reduce and manage pension risk e.g. investment, funding, benefits 13
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Uses of cash, EPS and returns on capital *The special dividend paid in 2021 was a catch up given the suspension of dividends in 2020 due to COVID-19. Over the past 10 years: £3.8bn Generated in operating cashflow £901m Invested in capex £814m Returned in ordinary dividends £760m Returned in buybacks and special dividends 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Capex Ordinary Dividends Share buy backs Special dividends £270m £80m £187m £175m£164m £209m £495m £284m £373m £238m £100m £117m £157m Strong track record of cash generation, investment and capital returns Basic EPS share grew 7.9% to 49.2p per share driven by: operating profit growth of +£16.2m effect of lower share count following £100m share buyback completed in 2025 lower effective tax rate Generated attractive returns on capital: Significant value creation and attractive returns 2025 Return on capital employed +23.2% 14
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1 Capital allocation Delivering sustainable dividend growth and attractive returns to shareholders Maintained strong balance sheet Well established capital allocation policy return capital when year-end cash > £250m sufficient headroom to support organic growth, seasonal working capital and investment Total dividend of 21.9p up 3.3% New £100m share buyback announced today Invest in organic expansion in line with the strategy Progressive and sustainable dividends through the cycle Return surplus cash (defined as net cash >£250m) Invest selectively in growth adjacencies / capabilities eg solid work surfaces Significant shareholder value creation 21 4 3 15
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x Summary Strong performance in challenging markets Planning for the size of the kitchen market to be level with 2025 Ongoing focus on productivity and efficiency to offset inflation where practicable Strong balance sheet and cash generation On track to meet current market expectations for 2026 16
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Andrew Livingston Chief Executive Officer
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Digital Development Range and Supply Management Depot Evolution International Initiatives to increase market share and profits 18
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Scope for around 1,000 depots in the UK Expect to open c.25 new depots in 2026 High service levels valued by customers Extending the UK footprint 891 depots trading at end of 2025* * One depot closed in 2025 Opened 23 depots in 2025 19
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Updated format provides the best working and trading environment and enables us to make productivity and space utilisation gains 20
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52% 2025 68% of depots opened in the old format revamped Updated format strengthens our competitive position, and our revamp programme is well advanced 77% of all depots trading in the updated format * Including relocations 2026 Two-year programme to make minor layout modifications to incorporate the selector area in depots converted prior to 2025 Converting around 45 more depots*. taking total completed to 410* 60 revamps* By year-end: 21
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Digital Development Range and Supply Management Depot Evolution International Initiatives to increase market share and profits 22
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2025 29% of UK product sales were of new product introduced in 2025 and the prior two calendar years* Sales of new product (“NPI”) make a significant contribution to our performance * Two years to end of December 2024 23
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Well-positioned in all product categories Price to feature prominently again in 2026, as it did in 2025 For 2026: Emphasis on value for money and choice at all price points New kitchen introductions make more colours and styles available to more budgets, including at entry and mid level price points Innovating in other established product categories Adding new colours and styles to our fitted bedroom offering Providing our customers with market leading product which is easy to fit and fairly priced, is a key feature of our model 24
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Efficient new product testing means we can more proven colours and styles to market more quickly Platform sharing across our families helps us introduce new kitchens at more price points cost effectively Stock and replenishment enhancements enable us to offer best availability on a broader offering at a lower cost Increased presence in premium market informs kitchen ranging decisions at other price points 2026: 24 new kitchens* Managing our kitchen portfolio to balance customer choice, availability, and profitability * Excluding kitchens available solely on a paint to order basis Kitchen offering for H2 organised into 11 families* Total kitchen count* similar to last year 25
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NEW in 2026 New colours for our entry level families Greenwich Porcelain
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Witney Porcelain NEW in 2026 New colours for our entry level families
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Allendale Reed Green NEW in 2026 New colours for our entry level families
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Frome Mist NEW in 2026 New colours for our most modern mid-level family
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Frome Pebble NEW in 2026 New colours for our most modern mid-level family
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Clerkenwell Super Matt Mist New colours and finishes for our best performing mid-level familiesNEW in 2026
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Halesworth Ash Green NEW in 2026 New colours and finishes for our best performing mid-level families
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2025: Launched a new family, Ilfracombe, an in-frame kitchen of classic design Positioned above Chilcomb and Elmbridge, Ilfracombe is exclusively available in Paint to Order colours 2025: More Chilcomb and Elmbridge kitchens sold in Paint to Order colours, which are priced at a premium to stock colours 2026: Refreshing Paint to Order palette with four new colours for the second half Most popular Paint to Order colours transferring to stock colours Classic timber kitchens performed particularly well, 2025 with Paint to Order options growing in popularity 33
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Our manufacturing capacity for these products is now amongst the largest in the UK A market leading solid work surface capability Ahead of peak trading, total offering will comprise a similar number of options to last year , helping us to offer rapid template to fit times Solid worktops often associated with sales of higher priced kitchens Increased the number of decors in recent years 2026 Clearer and simpler ranging, and more delineated pricing to demonstrate value we offer at all price points Increased space to display worktops in more depots 34
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Major refresh of Lamona, our award-winning own label appliance brand, in place 2026 35
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Innovating with own label brands in flooring and ironmongery 2026 Engineered wood flooring with market leading water resistance New finishes and designs in ironmongery 36
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Innovating in Doors and Joinery sub-categories 2026 Wall panelling Solid engineered doors Stair parts Loft spaces 37
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H and a substantial share of bedroom sales made to new customers plus customers who had traded with us infrequently Halesworth Ash Green Suits skills of customers who fit kitchens and have a high cabinetry content, matching our manufacturing capabilities Developed in-house, using existing infrastructure 2026 Focus on entry and mid-level price points and represent a growing source of incremental sales and profits Year-end 2025 Five new bedrooms, including new colours for Bridgemere and Halesworth Fitted bedroom sales increased, 2025 Bedrooms in five leading kitchen family designs including Clerkenwell (added during the year) Helping us to foster customer relationships
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High stock availability is a key component of our offer; In 2025, deliveries to depots totalled some 73m pieces and our service level from primary to UK depots was 99.98% 39
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Increased manufacturing capacity plus broader and new capabilities Recent investment in manufacturing has strengthened our competitive position: Howdens Work Surfaces facilityNew kitchen furniture lines at Howden site Second skirting and architrave line at Howden site Purpose built facility for Paint to Order kitchens 40
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The works will take some three years to complete and will give us more capacity, broader capabilities and lower CoGS than otherwise would be the case Development works at Runcorn underway Runcorn, Cheshire and freehold of site acquired 41
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Digital Development Range and Supply Management Depot Evolution International Initiatives to increase market share and profits 42
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C.59k new account registrations C.61% of customers had an online account at the year-end Total user views of trade platform +45% C.80% of users looking at their individual and confidential prices Online account holders trade with us more frequently Spend more than non-users Increased usage of online trade account facilities 2025 43
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c.24m site visits #1 for fitted kitchen site visits amongst specialists Page view metrics at consistently high levels 721k followers across leading social media sites +18% up 2024 6.8m monthly engagements High levels of engagement with our web platform and growing social media presence 2025 44
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Increased usage of upgraded “Click and Collect” service for ‘every day’ products, backed by real time stock surety New account management tool helping depots manage their customer relationships more effectively 2025 2025 45
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New depot pricing and margin tool “PAM” now operating in all UK depots and we are seeing both more bespoke local pricing Designed in-house, PAM makes depot price management easier and more effective Provides comprehensive data for making pricing decisions with a higher degree of confidence Enables depots to assess quickly the impact of price changes 2026 and improved depot margin post-introduction of the tool Depot feedback has been very positive 46
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Digital Development Range and Supply Management Depot Evolution International Initiatives to increase market share and profits 47
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, which has lower rental costs New highly experienced leadership team adept at depot management in place Invested in business with enhanced offerings of footfall promoting products, alongside other initiatives We expect to maintain the aggregate number of depots trading at around the current number Business responded positively to the measures taken to improve existing depot sales performance, in tough market conditions 2025 Continue to build out our depot teams’ capabilities, particularly account management, 2026 and actively manage our depot estate, Trialling a compact version of the depot format and incorporates the latest UK format innovations France & Belgium: Year-on-year sales increased at a higher rate than the previous two years 2025 as we look to build on the progress made 48
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Re do with five new Market suits our differentiated model Opened for business in 2022, using a similar location strategy to France Supported by UK infrastructure and group digital platform 16 depots trading by end of 2025 (including nine serving Dublin and three around Cork) c. Five depot openings in 2026 Around 21 depots trading by end of 2026 Sales in the Republic of Ireland well ahead of last year 2025 49
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24 new kitchen ranges in stock well ahead of peak trading Best ever line-up in all product categories Rooster promotional activity and other price initiatives Improvements to service and availability Increased online functionality for depots, our trade customers and end-users Around 25 more UK depots trading and c.45 revamps Around 85 depots trading in Republic of Ireland, France, and Belgium by the year-end Well-planned on our strategic initiatives as we deliver value to customers across all price points 2026 50
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Re do with five new Planned for the size of the UK kitchen market to be level with 2025, following several years of decline Well-prepared for the challenges and opportunities ahead Aim to retain a profitable balance between price and volume Maintain competitive pricing with operating costs aligned Working with suppliers to keep input costs controlled Confident that our business model is the right one to address market opportunities Well-placed to outperform our competitors in 2026 Continue to invest in our strategic initiatives £100m share buyback programme for 2026 So far this year, on track to meet current market expectations for 2026 2026 Outlook 51
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The UK’s #1 Specialist Kitchen and Joinery Supplier APPENDIX February 2026 An introduction to Howdens
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ATTRACTIVE END MARKETS2025 FINANCIAL HIGHLIGHTS We are the UK’s leading specialist trade-only kitchen and joinery supplier 95% 5% Repair, Maintenance, Improvement (RMI) New Construction % Howdens revenue £2.4bn Revenue £355m Operating profit 62.7% Gross margin 49.2p Basic EPS 21.9p Total dividend £345m Cash at end of period 90% 10% Residential Non-residential 53
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We help our trade customers achieve exceptional results Trade only focus and the best local prices. Local delivery model – 85% of customers are less than 5 miles from a Howdens depot. Product leadership - always in-stock and easy to fit to get the job done. Efficient UK based manufacturing, global sourcing and distribution. CORE STRENGTHS* 12k Employees 20k Kitchen and joinery products 11mft2 UK footprint >100 Kitchen ranges 500k+ Local customers 891 Local depots 300+ Global suppliers 38% Volume of products manufactured as % of COGS With UK manufacturing, global sourcing and an efficient distribution network Empowered depot teams support the needs of the local builder 54 * All stats shown are for Howdens’ UK business
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Differentiated model focused on our trade relationships and service Products immediately available locally Market leading Kitchen and Joinery product ranges Competitive confidential pricing Knowledgeable depot teams to support the builder An empowered, depot-led business, close to the trade Trade only: focused on our customers’ needs 55
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Large and attractive markets with significant future growth potential UK market by revenue1 £6bn Kitchens £5bn Joinery 1. Howdens’ estimates based on proprietary data 26% 31% 34% 9% Trade specialists Retail Independents UK market revenue by vendor category1 £11bn* Contract specialists Howdens £2.3bn * Established Kitchens and joinery markets only 56
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The long-term drivers of the kitchen and joinery market support continued growth More than a quarter of working adults in Great Britain (28%) were hybrid working in the autumn of 2024 (ONS). This leads to greater wear and tear on kitchens and appliances with people spending more time in their homes. Consumer mindset more focused on design and use of kitchen space to maximise flexibility (Howdens’ proprietary data). Ageing population - by 2066 there will be a further 8.6 million projected UK residents aged 65 years and over, taking the total number in this group to 20.4 million and making up 26% of the total population. Increasingly this will drive renovation activity as many opt to age in their place of residence. Recent trendsStructural drivers The UK population could reach nearly 74 million by 2036 with net migration fuelling the rise. The UK population will increase by 6.6 million people (9.9%) between 2021 and 2036 (ONS). Ageing UK housing stock will drive renovation (average age of UK stock is 70 years – ONS). Increased end user interest in sustainable products (44% of households are switching off or moving to more energy efficient appliances – NatWest). Entrepreneurial builders are well placed to win kitchens and joinery work as part of wider home refurbishment projects. They are supported by Howdens’ in-stock, trade-only business model. 57
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We have identified the major steps to achieve net zero emissions 58
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Total kitchen market volumes at the lower end of the longer-term cycle 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/21 (avg.) 2022 2023 2024 2025 Howdens has gained market share through the economic cycle Macroeconomic headwinds are persisting into 2026 Sources: JKMR, Mintel, ONS, Companies House, annual reports, supplier intel, government sources, HJ sales data and insight estimates (2024), 2020 and 2021 average given to smooth the volatility of COVID-19 pandemic NOTE : ABSOLUTE VOLUMES REMOVED AS COMMERCIALLY SENSITIVE INFORMATION Average kitchen market volume 59 (estimated)
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Howdens is a growth compounder with sector leading margins 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Gross margin (%) £0.8bn £80m 10.3% £2.4bn 56.2% 62.7% £355m 14.7% Return on sales (reported) (%) Revenue 60
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Historical sales growth has been robust in previous downturns Source: FactSet as of 12 January 2026. Howdens demonstrated greater resilience versus peers during the GFC… 10% 14% 2% (3%) 5% 6% 4% 8% 14% 12% 7% 7% 8% 5% (2%) 35% 11% (0%) 0% 11% 17% (8%) (25%) 3% 19% (2%) 8% 14% 13% 9% 6% 12% 6% (14%) 35% 21% (12%) (3%) 14% 13% 6% (7%) (1%) 11% (3%) 3% 5% 2% 5% 4% (2%) 1% (15%) 17% 8% (4%) (4%) FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Howdens Building Product Manufacturers Building Product Merchants …during the COVID-19 pandemic... …and once again in 2023 61
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Strong track record of cash generation, investment, and capital returns *The special dividend paid in 2021 was a catch up given the suspension of dividends in 2020 due to COVID-19. Over the past 10 years: £3.8bn Generated in operating cashflow £901m Invested in capex £814m Returned in ordinary dividends Strong cash generation supports investments and returns to our shareholders 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Capex Ordinary Dividends Share buy backs Special dividends* £270m £80m £187m £175m£164m £209m £495m £284m £373m £238m £100m £117m £157m £760m Returned in buybacks and special dividends 62
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Howdens’ investment case A well-established strategy to deliver profitable growth Leading positions in attractive markets with opportunities to gain share A differentiated business model with benefits of scale and local trade relationships and… Attractive returns for shareholders Sustainable growth, sector leading margins and strong cash generation 63
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www.howdenjoinerygroupplc.com www.howdens.com