Earnings release
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14 January 2026 (the "Company" or the "Group") FY25 Trading Update Year of continued strategic progress with FY25 trading in line with market expectations Nichols plc, the diversified soft drinks Group, is pleased to provide the following Trading Update for the 12 months to 31 December 2025 ("FY25"). Trading Update Nichols delivered a year of further strategic progress during FY25 and expects to report Revenue and Adjusted Profit Before Tax1 ("Adjusted PBT") for the year in line with current market expectations2. Group revenue increased by 1.3% to £175.0m3 (FY24: £172.8m) as the Company successfully moved to a lower revenue but margin enhancing concentrate model in Africa. Packaged revenue increased by 1.5%3 supported by revenue growth of 2.6% in the Group's UK Packaged business. This reflected positive performances across all key subcategories driven by both core products and new product innovation. International Packaged revenue was in line with FY24, with 2% growth on a like-for-like4 basis following the success of the ongoing strategic shift towards a margin enhancing, but lower revenue, concentrate model across several African markets. Africa performed ahead of expectations, with like-for-like growth of 10%, partially offset by the Middle East due to the phasing of shipments following an earlier Ramadan in 2025, as previously announced. Aligned to our strategy, Out of Home (OoH) revenue was consistent year-on-year, following the exit of the low margin Starslush business and the focus on driving profitability to contribute to Group bottom-line performance. Gross margins remained strong, in line with last year, with inflationary pressures offset by a disciplined and robust focus on cost management enhanced by the implementation of the new ERP system. The Group's balance sheet remains very strong and continues to grow. As at 31 December 2025, cash and cash equivalents were £55.8m (FY24: £53.7m) after further investment in the Group's successful ERP implementation, which is now completed. The Group will maintain a strong balance sheet and a progressive dividend policy, with a commitment to return surplus cash to shareholders. CFO appointment As previously announced, Matt Rothwell will join the Group as Chief Financial Officer in April, bringing with him significant and highly relevant experience from financial leadership roles across a number of UK- listed consumer-facing businesses. The Board is confident that his expertise and strategic insight will be instrumental in supporting the Group's continued development and growth. Outlook The Group continues to benefit from its asset-light, diversified business model, with an established and strong UK market position complemented by attractive growth opportunities across the International business. Within the UK Packaged business, the Group remains focused on driving growth through a combination of extending its core ranges whilst investing in innovation and category expansion. In International, the Group is continuing to develop in new and targeted markets with the ongoing shift to the higher-margin concentrate model in Africa remaining a focus in the year ahead.
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Given the strength of its financial position and clear growth opportunities in the UK and internationally, the Group is confident in the outlook for 2026 and remains well placed to deliver its stated medium-term strategic plans and financial ambitions, driving value for shareholders. Andrew Milne, Chief Executive Officer of Nichols, commented: "During FY25 we continued to execute our strategic plans effectively. We delivered meaningful progress in Africa as we continued our shift to a higher margin concentrate model in key markets, while our focus on innovation continues to appeal to new consumers in the Middle East. Our UK Packaged business continues to deliver a strong performance, reflecting the enduring appeal of the iconic Vimto brand and supported by new product development, including our Wonderfuel squash proposition which launched in March. "We have a number of exciting plans across our markets in the year ahead and remain focused on driving further progress to deliver our stated medium-term ambitions, leveraging the strength of the Vimto brand, the Group's diversified business model and strong financial position." 1 Before exceptional items 2 FY25 consensus is management's aggregated view of analyst forecasts (Revenue £178.8m and Adjusted PBT £33.1m) 3 Unaudited 4 Like-for-like (LFL) converts new concentrate sales volumes into equivalent can sales, enabling a consistent comparison Contacts Nichols plc Andrew Milne, Chief Executive Officer Rebecca Hughes, Interim Finance Director Telephone: 0192 522 2222 Singer Capital Markets (NOMAD & Joint Broker) Jen Boorer / Sara Hale / Andrew Johnson Telephone: 0207 496 3000 Website: www.singercm.com Berenberg (Joint Broker) Clayton Bush / Alix Mecklenburg-Solodkoff Telephone: 0203 207 7800 Website: www.berenberg.de Hudson Sandler (Financial PR) Alex Brennan / Hattie Dreyfus / Harry Griffiths Telephone: 0207 796 4133 Email: nichols@hudsonsandler.com Notes to Editors Established in 1908, Nichols operates within the resilient soft drinks category and owns or licenses several brands. Nichols is geographically and operationally diversified, operating across three routes to market of UK Packaged, International Packaged and Out of Home. In the UK, Nichols operates across five soft drinks sub-categories: squash, flavoured carbonates, fruit drinks, energy and flavoured water. Nichols' portfolio includes the iconic Vimto brand plus a growing
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portfolio of licensed brands including Levi Roots, ICEE, SLUSH PUPPiE and Sunkist. Under its asset-light model, Vimto is prominent in areas such as the Middle East and Africa and is enjoyed in over 60 countries worldwide. For more information, visit the website: https://www.nicholsplc.co.uk/