Slides
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Johnson Service Group PLC 30 June 2026 Interim Results Chief Financial OfficerRyan Govender Chief Executive OfficerPeter Egan
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Contents 7 Appendices 6 Outlook 5 Platform for Growth 4 Investment & Sustainability 3 Operational Performance 2 Financials 1 Overview 8 2
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1. OVERVIEW Resilient first-half performance and continued margin progression despite challenging market conditions 3
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Overview • Group revenue in line with prior year; organic revenue softened slightly to (0.7%) (Workwear: +2.6%; HORECA: (2.0%)) • Improvement in adjusted operating margin (+50bps) and strong adjusted EPS growth (+8.7%), reflects our focus on operational efficiencies and cost management • Workwear volumes remain broadly stable, with customer retention maintained at 94% • HORECA experienced a slower start to the year against a difficult market backdrop; focus remains on operational efficiency, dynamic pricing and cost management • £55.0 million share buyback programme progressing well, with 51% completed; £118.5 million returned to Shareholders through share buybacks since 2022 • We remain on track to deliver another year of progress and achieve our targeted adjusted operating margin of at least 14.0% in 2026 4
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2. FINANCIALS Consistent earnings and margin growth demonstrates the strength of our operating model and continuing efficiency improvements 5
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Notes: 1. Adjusted operating profit plus depreciation charge for property, plant and equipment, textile rental items and right of use assets, plus software amortisation. 2. Operating profit before amortisation of intangible assets (excluding software) and exceptional items and, in the case of earnings per share only, associated taxation. 3. Weighted average number of shares (undiluted) is 378.1m (June 2025: 412.1m; Dec 2025: 401.1m). Shares in issue at 07/09/26 were 361.3m. Financial Highlights H1 2026 H1 2025 Increase FY 2025 Revenue (£m) 258.0 257.5 0.2% 535.4 Adjusted EBITDA (£m)1,2 77.9 75.4 3.3% 166.8 Adjusted EBITDA margin (%)1,2 30.2 29.3 +90bps 31.2 Adjusted operating profit (£m)2 29.8 28.7 3.8% 72.5 Adjusted operating margin (%)2 11.6 11.1 +50bps 13.5 Adjusted PBT (£m)2 25.3 24.9 1.6% 64.5 Adjusted diluted EPS (p)2,3 5.0 4.6 8.7% 12.1 Number of shares used in diluted EPS calc (m) 3 379.9 412.3 - 402.9 Dividend (p) 1.8 1.6 12.5% 4.8 6
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Strong Financial Management The Group has continued to deliver improved returns whilst maintaining a strong balance sheet Notes: 1. Calculated as rolling 12-month adjusted operating profit divided by the average of opening and closing Shareholders’ equity, net debt and post-employment benefits. 2. Covenant must be less than three times. FY22, FY23, FY24 and FY25 leverage as at 31 December; HY26 leverage as at 30 June. 3. Figures exclude associated fees and represent amounts returned to Shareholders in each financial year. 4. YTD26 includes a £0.7m payment relating to the conclusion of the £25.0m share buyback programme announced in September 2025. 7 5.5 29.8 54.3 28.9 FY 22 FY 23 FY 24 FY 25 YTD 26 Share Buyback* (£m) 3,4 0.46 0.77 0.74 0.95 1.11 FY 22 FY 23 FY 24 FY 25 HY 26 Leverage 2 *£118.5m returned to Shareholders through share buybacks since 2022 12.2% 13.9% 15.5% 15.8% 17.1% 16.7% FY 22 FY 23 FY 24 HY 25 FY 25 HY 26 ROCE % 1 1 Target leverage range within 1.0x to 1.5x
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10.7% 10.9% 12.1% 13.5% 14.0% 2022 2023 2024 2025 2026 Expectation Employment Costs 47.2% Energy 7.0% Depreciation (PPE & RoU) 6.6% Depreciation (Textile Rental) 12.0% Other Costs 15.5% Adjusted Operating Margin 11.6% Managing Margin Pressures • Employment costs now represent some 47.2% of revenue (H1 25: 46.4%). Expected to trend towards levels achieved in 2025. • Labour cost pressures remain with increased labour rates in UK and ROI; difficult to fully pass through in competitive environment. • Energy costs reduced to 7.0% of revenue (H1 25: 7.8%) with 2026 energy position largely secured. Expect a further modest reduction in this percentage in H2. • Prolonged conflict in the Middle East may exert upward pressure on unfixed / unhedged energy costs into 2027. • Other cost benefits reflect reduced plastic usage, transport route rationalisation and water optimisation. Energy fixed / hedged position (September 2026): Gas Electricity Diesel FY26 90% 85% 70% FY27 70% 60% 20% Margin Progression On track to deliver at least 14.0% margin in 2026 JSG Adjusted Operating Margin H1 2026 8 At least
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Cash Flow H1 2026 £m H1 2025 £m FY 2025 £m Adjusted operating profit 29.8 28.7 72.5 Depreciation and software amortisation 48.1 46.7 94.3 Working capital (13.7) (9.7) (8.4) Capital expenditure fixed assets and software (17.4) (23.8) (35.9) rental stocks (net) (31.5) (29.7) (63.7) fixed asset proceeds 0.2 0.1 0.2 Interest (5.8) (3.7) (7.9) T ax (2.8) (3.3) (6.6) Exceptional items (cash effect) (0.6) (1.0) (5.4) Dividends (12.2) (11.1) (17.4) Other 2.6 (0.3) (0.2) Net cash (outflow) / inflow (3.3) (7.1) 21.5 Share buybacks (12.7) (16.8) (54.7) Discontinued operations (cash effect) - - 0.1 Acquisitions (4.4) (3.1) (3.6) New lease liabilities (9.0) (2.4) (6.9) Increase in Net Debt (29.4) (29.4) (43.6) NET DEBT 188.6 145.0 159.2 Net Debt excluding IFRS 16 Leases 135.9 99.0 112.4 9
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Other Financial Information Interest • Interest cost of £4.5m including £1.6m relating to IFRS 16 lease liabilities (H1 25: £3.8m and £1.3m respectively) • New facility margin reduced to between 1.30% to 2.30% Bank Facility • Refinance complete on £175.0m RCF - 4-year tenure expiring April 2030 - £50.0m Accordion and 1-year extension options available • Leverage of 1.11x (FY25: 0.95x) Taxation • Effective taxation rate of 24.5% (H1 25: 24.1%; FY25: 24.2%) • Cash tax payable will remain below the tax charge due to full expensing rules for UK capital expenditure Pensions • Pension scheme surplus (IAS19 basis) of £7.6m (Dec 2025: £4.9m) • No deficit recovery contributions expected to be paid in 2026 Dividend • Interim dividend for 2026 of 1.8 pence per share (H1 25: 1.6 pence per share) • Dividend cover of 2.5x (2025: 2.5x), continuing progressive dividend policy ROCE • Return on Capital Employed 16.7% (H1 25: 15.8%) • Calculated as rolling 12-month adjusted operating profit divided by the average of opening and closing Shareholders’ equity, net debt and post-employment benefits 10
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3. OPERATIONAL PERFORMANCE Strong execution and cost discipline driving continued margin improvement 11
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Notes: 1. Adjusted operating profit plus depreciation charge for property, plant and equipment, textile rental items and right of use assets, plus software amortisation. 2. Operating profit before amortisation of intangible assets (excluding software amortisation) and exceptional items. Operational Performance Workwear H1 2026 H1 2025 FY 2025 Revenue (£m) 74.0 72.1 145.6 Adjusted EBITDA (£m)1,2 26.5 25.9 52.1 Adjusted EBITDA margin (%)1,2 35.8 35.9 35.8 Adjusted operating profit (£m)2 11.0 10.4 21.0 Adjusted operating margin (%)2 14.9 14.4 14.4 12
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Operational Performance Workwear • Revenue increased 2.6%; adjusted operating margin improvement of +50bps • The revenue increase was entirely organic, reflecting stable volumes and customer price increases • Customer retention levels maintained at 94% • We maintain a clear focus on retaining and developing existing customer relationships, with excellent service quality and operational capability • Secured contract renewals with multiple customers, despite the competitive market landscape • Targeted capital expenditure to drive productivity efficiencies, and reduce carbon emissions and water usage 13 13
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Notes: 1. Adjusted operating profit plus depreciation charge for property, plant and equipment, textile rental items and right of use assets, plus software amortisation. 2. Operating profit before amortisation of intangible assets (excluding software amortisation) and exceptional items. Operational Performance HORECA H1 2026 H1 2025 FY 2025 Revenue (£m) 184.0 185.4 389.8 Adjusted EBITDA (£m)1,2 55.9 53.7 122.9 Adjusted EBITDA margin (%)1,2 30.4 29.0 31.5 Adjusted operating profit (£m)2 23.4 22.5 59.8 Adjusted operating margin (%)2 12.7 12.1 15.3 14
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Operational Performance HORECA • Revenue softened slightly to (0.8%), and (2.0%) organically • Macroeconomic headwinds continue to influence competitive dynamics and impacted customer behaviour • These pressures are resulting in more challenging price increase and renewals discussions • Adjusted operating margin improvement of +60bps reflects our continuing focus on dynamic pricing, disciplined cost management and investing in our estate to deliver operational efficiency gains • Five-year contract renewal with a key customer • Customer contracts with an annualised revenue of over £5.0m added to the division during the year 15 15
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4. INVESTMENT & SUSTAINABILITY Our focus remains on delivering excellent service and investing in our estate to improve productivity and operational efficiency 16
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£17.4m IrelandWrexham & Grantham Pwllheli Sorting system and automatic dryersNew Boilers Investment completed at our Wexford and Naas sites Capital Expenditure Investment Edinburgh Sorting system and automatic dryers Group-Wide New commercial vehicles 17
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We continue to embed sustainability across our operations and supply chain to support resource efficiency, risk management and long-term value creation 14% Reduction in Scope 1 & 2 carbon emissions intensity vs. 2022 2030 target: 40% reduction 20% Reduction in water intensity vs. 2022 2030 target: 25% reduction 94% Of waste diverted from landfill 2030 target: 75% reduction 23% Reduction in single-use plastics purchased vs. 2023 2030 target: Eliminate 54% Of textile purchases derived from sustainable content Published in June 2026 EcoVadis Silver Rating retained Top 6% within our industry category 2025 Progress: Sustainability 5th Sustainability Report 18
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5. PLATFORM FOR GROWTH Disciplined investment and capital allocation drives sustainable compounding growth and shareholder returns 19
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Working in partnership with our customers and suppliers to reduce environmental impact Sustainable Our proximity to customers enables us to quickly respond to their needs A Local Service We provide our customers with a quality service which they can rely upon Quality Service The services we provide to our customers are essential to their business An Essential Service Provider Limited alternatives to our service offering. Limited Substitutes An Essential Service Provider 20
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Notes: 1. Adjusted Diluted EPS in 2021, 2022 and 2023 excludes the impact of capital allowances super deduction The Group has continued to deliver strong and sustainable growth Revenue (£m) 271.4 385.7 465.3 513.4 535.4 2021 2022 2023 2024 2025 Adjusted Diluted EPS (p)1 12.7 41.2 50.5 62.3 72.5 2021 2022 2023 2024 2025 Adjusted Operating Profit (£m) 1.7 7.2 7.7 10.1 12.1 2021 2022 2023 2024 2025 Adjusted EBITDA (£m) Dividend per Share (p)Adjusted Operating Profit Margin (%) 67.9 104.9 131.5 152.6 166.8 2021 2022 2023 2024 2025 4.7% 10.7% 10.9% 12.1% 13.5% 2021 2022 2023 2024 2025 0.00 2.40 2.80 4.00 4.80 2021 2022 2023 2024 2025 A Platform for Sustainable Growth 21
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UK & Ireland HORECA & Workwear ~£3.0bn* ~£2.0bn* ~£0.5bn JSG Revenue 2025 UK & Ireland HORECA, Workwear, Healthcare, Care Homes Significant Runway for Growth *Source: Total Addressable market reflects a combination of independent studies commissioned by JSG in 2023 and 2024, and management estimates 22
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JSG Compounding Growth Model Focused operational execution and disciplined capital allocation delivering long-term shareholder value Exceptional service, operational leverage from continued capex investment, and disciplined cost management driving sustained profit growth Profit Growth Ambition to deliver annual revenue growth underpinned by a combination of organic initiatives and targeted acquisitions in UK & Ireland Revenue Growth Achieve and sustainably maintain a 14% operating margin, positioning JSG as a leading textile services performer within UK & Ireland Industry Leading Margins Deliver consistent EPS growth and target healthy total shareholder returns over the medium term Attractive Total Shareholder Returns Maintain a progressive dividend supported by a 2.5x cover, reinforcing our commitment to income returns alongside growth Progressive Dividend Policy Invest in our estate, pursue accretive acquisitions, and return surplus cash to Shareholders, while maintaining leverage within our target range Capital Allocation Discipline 23
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Supports margin improvement Track record of returning surplus cash to Shareholders Share Buyback Return to shareholders driven by progressive dividend growth Dividends Value creation through targeted, earnings enhancing inorganic opportunities M&A ~£120m2 Capital Investment Capital Allocation Framework Continue to invest in our estate to support organic growth and operational efficiencies Leverage target of 1.0 to 1.5x adjusted EBITDA; retaining a strong balance sheet position Leverage of 1.11x at June 2026 was towards the lower end of our target ~£105m1 ~£280m1 ~£260m1 Cash generative operating model supports a balanced and disciplined approach to capital allocation Continue to assess accretive bolt-ons 2.5x dividend cover Actively review share buyback opportunities Historical Performance Notes: 1) Figures cover the 12-year period from 2014 to 2025 inclusive, reflecting the period during which the Group increased, and continues to maintain, its strategic focus on M&A activity within its HORECA division. 2) As at 31 August 2026, the figure is £118.5 million. Assuming successful completion of the current £55.0m share buyback programme, the figure would be ~£145.0m. 24
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6. OUTLOOK The Board continues to expect to deliver another year of progress, and to achieve its targeted adjusted operating margin of at least 14% in 2026 25
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Outlook • Workwear is expected to continue to benefit from stable volumes and the implementation of customer price increases • The seasonal uplift in HORECA over the summer months was more modest than originally anticipated and we expect that this softer trading will persist throughout the remainder of the year • Productivity improvements and strong focus on operational cost efficiencies continue to help mitigate the impact of lower volumes in HORECA • Notwithstanding the ongoing market challenges, we remain on track to deliver another year of progress and achieve our targeted adjusted operating margin of at least 14.0% in 2026 • Our strong financial position and cash generative operating model allows us to capitalise on further earnings enhancing opportunities • The Board will continue to actively review its options on capital allocation, evaluating the balance between organic growth ambitions, investing in our acquisition strategy and returns to Shareholders 26
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Thank You
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APPENDICES
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Appendix 1 Segmental Analysis 29 H1 2026 H1 2025 FY 2025 Revenue £m Adjusted Operating Profit 1 £m Adjusted EBITDA1,2 £m Revenue £m Adjusted Operating Profit 1 £m Adjusted EBITDA1,2 £m Revenue £m Adjusted Operating Profit 1 £m Adjusted EBITDA1,2 £m HORECA 184.0 23.4 55.9 185.4 22.5 53.7 389.8 59.8 122.9 Workwear 74.0 11.0 26.5 72.1 10.4 25.9 145.6 21.0 52.1 Textile Rental 258.0 34.4 82.4 257.5 32.9 79.6 535.4 80.8 175.0 Group Costs - (4.6) (4.5) - (4.2) (4.2) - (8.3) (8.2) T otal 258.0 29.8 77.9 257.5 28.7 75.4 535.4 72.5 166.8 Notes: 1. Operating Profit before amortisation of intangible assets (excluding software amortisation) and exceptional items. 2. Adjusted operating profit plus depreciation charge for property, plant and equipment, textile rental items and right of use assets, plus software amortisation. 29 29
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Appendix 2 Repositioned as a Dedicated Textile Services Provider Revenue previously derived from three distinct sources… now derived from one focused business 53% 26% 21% 2012 Revenue 100% 2025 Revenue Source of revenue within Textile Services significantly changed 22% 78% 2012 Revenue 73% 27% 2025 Revenue Textile Services Drycleaning Facilities Management HORECA Workwear AcquisitionsDisposals 30