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Rounding differences are not adjusted
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£m July 2024July 2025 Var 3,249 2,946 + 10.3%Total Group sales 2,623 2,366NEXT full price sales + 10.9% Total sales and profit are not presented on a statutory basis Retail stores Online UK + 5.4% + 9.2% Total UK + 7.6% Total UK excludes finance interest.
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£m July 2024 NEXT full price sales Total Group sales + 5.4% + 9.2% Online International + 28.1% July 2025 2,623 3,249 2,946 Var + 10.3% + 10.9% Retail stores Online UK 2,366 Total sales and profit are not presented on a statutory basis
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External finance interest (15)(16) 491Operating profit Total Group sales 555 2,946 + 10.3%3,249 Var£m July 2024 Profit before tax 452515 + 13.8% Lease interest (24)(24) 467Operating profit incl. lease interest 530 PBT margin 15.4%15.8% July 2025 Total sales and profit are not presented on a statutory basis
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Var£m July 2024 Effective tax rate 24.7%24.9% (111)Tax charge (128) Profit after tax 341387 + 13.4% July 2025 External finance interest Operating profit Total Group sales Profit before tax Lease interest Operating profit incl. lease interest (15)(16) 491555 2,946 + 10.3%3,249 452515 + 13.8% (24)(24) 467530 Total sales and profit are not presented on a statutory basis
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Var£m July 2024 Profit after tax Post-tax EPS 341387 282.8p330.2p + 16.8% + 13.4% Interim dividend 75p87p + 16.0% July 2025 (111)Tax charge (128) External finance interest (15)(16) 491Operating profit Total Group sales 555 2,946 + 10.3%3,249 Profit before tax 452515 + 13.8% Lease interest (24)(24) 467Operating profit incl. lease interest 530 Total sales and profit are not presented on a statutory basis
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The cash flow statement is not presented on a statutory basis.
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The cash flow statement is not presented on a statutory basis. Profit before tax Depreciation & software amortisation 452 71 515 72 + 62m Var£m July 2024July 2025 Capital expenditure (74)(76) 2m
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£206m £167m Capital expenditure Jan 2025 Jan 2023 Jan 2024 £117m £34m £53m £62m £49m £41m £16m £49m £34m £46m £22m £179m(e) Jan 2026(e) £35m £53m £70m £22m Stores Head office & Subsidiaries Technology Warehouses £151m
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£206m £167m Capital expenditure £49m £34m £46m £22m £179m(e) £35m £53m £70m £22m £151m + £24m(e) Stores Head office & Subsidiaries Technology Warehouses Jan 2025 Jan 2023 Jan 2024 Jan 2026(e) £117m £34m £53m £62m £49m £41m £16m
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£206m £167m Capital expenditure £49m £34m £46m £22m £151m Space expansion Maintenance Stores Head office & Subsidiaries Technology Warehouses £26m £20m £179m(e) £35m £53m £70m £22m £53m £17m Jan 2025 Jan 2023 Jan 2024 Jan 2026(e) £117m £34m £53m £62m £49m £41m £16m
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Thurrock Ripon Canterbury Newcastle Dundee Kilmarnock Liverpool Thetford Stores £179m(e) £35m £53m £70m £22m £53m £17m Capex Sales vs target NBC Openings to date Payback IRR Thurrock + 4% 15%£19m 6 yrs 15% 7 stores £18m - 6% 18% 29 mths 38% Jan 2026(e)
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Stores £179m(e) £35m £53m £70m £22m £53m £17m Capex Sales vs target NBC Openings to date Payback IRR 7 stores £18m - 6% 18% 29 mths 38% The economics of store openings 20252015 Var £210£300 - 30%Sales / sq ft £53Cash profit 25% / sq ft £75 - 30% Jan 2026(e)
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Stores £179m(e) £35m £53m £70m £22m £53m £17m The economics of store openings £185Store shop fit / sq ft £140 + 32% = 42 mthsPayback = 22 mths Capex Sales vs target NBC Openings to date Payback IRR 7 stores £18m - 6% 18% 29 mths 38% £53Cash profit 25% / sq ft £75 - 30% 20252015 Var Jan 2026(e)
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Stores £179m(e) £35m £53m £70m £22m £53m £17m The economics of store openings £185Store shop fit / sq ft £140 + 32% = 42 mthsPayback = 22 mths Capex Sales vs target NBC Openings to date Payback IRR 7 stores £18m - 6% 18% 29 mths 38% £53Cash profit 25% / sq ft £75 - 30% 20252015 Var Jan 2026(e)
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£m July 2024July 2025 Working capital / other Capital expenditure Profit before tax Depreciation & software amortisation Var (215) (74) 452 71 515 72 (76) (197) 18m 43m 25m Staff incentives & ESOT Stock The cash flow statement is not presented on a statutory basis.
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(110) (118)Corporation Tax Surplus cash 117204 £m July 2024July 2025 + 87m Working capital / other Capital expenditure Profit before tax Depreciation & software amortisation Var (215) (74) 452 71 515 72 (76) (197) The cash flow statement is not presented on a statutory basis.
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£m July 2024July 2025 Net cash flow (18)123 Buybacks (125)(81) (110)Corporation Tax Surplus cash Working capital / other (215) Capital expenditure (74) Profit before tax Depreciation & software amortisation 452 71 Investments (10)0 Var (118) 515 72 (76) (197) + 43m + 141m 117204 + 87m The cash flow statement is not presented on a statutory basis. Cash flows above exclude the bond issue and repayment of debt.
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Fixed assets & software Var£m July 2024July 2025 Investments 553 771 Stock 1,060 934 773 570 + 125m + 13% Subsidiaries’ stock + 16% 111 117 NEXT stock 948 818 - 5% - 17m
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Var£m July 2024July 2025 Stock 1,060 934 Subsidiaries’ stock + 16% 111 117 NEXT stock 948 818 - 5% 26 Weeks cover + 125m + 13% 30 25 23 + 3 weeks • Suez Canal • Bangladesh disruption 20 + 3 weeks • Buying caution Jul 2024 Jul 2025 Jul 2023 20 < +4% Forecast AW sale stock Upside ?
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Customer receivables 1,278 1,257 £m July 2025 July 2024 customer receivables has been restated to remove returns provisions for Online cash customers and moved into creditors & derivatives. Fixed assets & software Stock 1,060 VarJuly 2024 Investments 553 771 Credit sales year to July 2025 + 5.2%2,125 2,019 + 1.6% Customer receivable days 189 196 Credit sales includes Online and Retail credit sales and interest income. 773 570 934 - 3.6%
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Provision releases July 25 £10m July 24 £10m Customer receivables 1,278 1,257 £m July 2025 VarJuly 2024 + 1.6% Annual default and closing provision rates 3.9% Jan 2021 3.2% Jan 2022 3.3% Jan 2023 3.2% Jan 2024 2.6% Jan 2025 Observed default rate 4.5% 4.3% Jan 2019 Jan 2020 2.3% Jan 2026(e) Closing provision for future defaults9.8% 7.8% 7.6%7.1% H1 2.8% H1 2.2%
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£m July 2025 VarJuly 2024 Other debtors 259 203 Customer receivables 1,278 1,257 Fixed assets & software Stock 1,060 934 Investments 553 771 773 570 Interest free credit 19m International aggregators 20m 56m
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£m July 2025 VarJuly 2024 Creditors & derivatives (1,132) Other debtors 259 203 Customer receivables 1,278 1,257 Fixed assets & software Stock 1,060 934 Investments 553 771 (980) 773 570 152m Payroll accruals 29m Stock 60m Taxes 24m July 2024 customer receivables has been restated to remove returns provisions for Online cash customers and moved into creditors & derivatives.
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£m July 2025 VarJuly 2024 Pension surplus 29 38 Creditors & derivatives (1,132) Other debtors 259 203 Customer receivables 1,278 1,257 Fixed assets & software Stock 1,060 934 Investments 553 771 (980) 773 570 Dividends (185) (169) Buyback commitments 0 (135) 135m (538) (718)Net debt (excl. lease debt) 181m + 9% Right-of-use assets Lease debt 738 (1,012) 705 (999) Net assets 1,4791,820 341m
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£1.2bn* Jan 2025 2029 NEXT RCF £425m 2028 Bond £300m 2026 Bond £250m £250m 2025 Bond 26 * Excluding Subsidiaries’ facilities.
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2031 Bond £300m 2029 NEXT RCF £525m 2028 Bond £300m 2026 Bond £114m £1.24bn Jan 2026(e) 2031 Bond £300m new issue NEXT RCF £100m increase 2025 Bond £250m fully repaid 2026 Bond £136m repaid £1.2bn* Jan 2025 * Excluding Subsidiaries’ facilities.
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£660m Surplus cash £411m(e) Operational cash flow £873m(e) Capital expenditure £179m(e) Ordinary dividends £284m(e) £660m(e) Jan 2026 Jan 2025 Net debt Jan 2026(e) Leverage 0.58 Jan 2025 0.63
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£660m Surplus cash £471m(e) Operational cash flow £873m(e) Capital expenditure £179m(e) Ordinary dividends £284m(e) £720m(e) Jan 2026 Jan 2025 Net debt Jan 2026(e) Leverage 0.63 Jan 2025 0.63
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£660m £720m(e) Jan 2026 Surplus cash £352m(e) Buybacks* to date £119m Buybacks Special dividends Investments * Buybacks to 5 September 2025. Operational cash flow £873m(e) Capital expenditure £179m(e) Ordinary dividends £284m(e) Jan 2025 Net debt
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Lakeside Thurrock
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Like-for-like full price sales 899 + 3.7%867Total sales + 4.2% Full price sales + 5.4% July 2024July 2025 Var£m
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80 81 - 1.4%Profit 97Operating profit 98 (17)Lease interest charge (17) Total sales + 3.7% Profit includes lease interest. Margin 9.4%8.9% July 2024July 2025 Var£m 867899
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Margin 9.4%8.9% Bought-in gross margin + 0.1% - 0.5% Underlying margin + 0.2% Packaging tax - 0.1% Markdown - 0.1% Payroll - 0.5% Wage inflation & NI - 0.7% Productivity + 0.2% July 2024July 2025 Var£m
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Margin - 0.5% + 0.1% Store occupancy + 0.2% New space - 0.5% 9.4%8.9% Bought-in gross margin Markdown - 0.1% Increase in LFL sales + 0.5% Lower energy prices & usage + 0.3% Payroll - 0.5% Lower business rates refund - 0.1% July 2024July 2025 Var£m - 0.5%Margin movement Central costs - 0.2% Technology infrastructure - 0.1% Increased marketing - 0.1% Warehouses & distribution 0%
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July 2024July 2025 Var£m Assuming 2nd half … Like-for-like full price sales New space Total full price sales - 2.0% + 1.4% - 0.6% 9.8% 11.0% - 1.2%Margin forecast Wage inflation and Employers NI Jan 2025Jan 2026(e) - 1.1%
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1,269Total UK sales 1,142 July 2024July 2025 + 9.2% Full price £m Full price sales participation and growth brand Third-party brands Wholly-owned brands & licences + 11.1% Var 34% 57% 9% + 6.8% + 12.1% + 14.7%
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Profit + 17.7%190223 1,269Total UK sales 1,142 + 11.1% Margin 16.6%17.6% July 2024July 2025 Var£m Profit includes lease interest. 20.3% 14.1% NEXT brand 19.0% 13.4%Non-NEXT Central costs have been partially reallocated from NEXT Brand to Non-NEXT. Margin previously reported at 19.0% NEXT Brand, 13.4% Non-NEXT.
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£m NEXT brand 19.0% 13.4% Non-NEXT July 2024 12.2%July 2024 restated - 1.2% 20.1% Central cost reallocation + 1.1% Central costs have been partially reallocated from NEXT Brand to Non-NEXT. Margin previously reported at 19.0% NEXT Brand, 13.4% Non-NEXT.
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£m NEXT brand 19.0% 13.4% Non-NEXT July 2024 July 2025 Bought-in gross margin + 0.1% + 0.7% Markdown - 0.2% + 0.1% Warehouses & distribution + 0.3% + 1.1% 20.3% 14.1% Central costs have been partially reallocated from NEXT Brand to Non-NEXT. Margin previously reported at 19.0% NEXT Brand, 13.4% Non-NEXT. 12.2%July 2024 restated - 1.2% 20.1% Central cost reallocation + 1.1%
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Jan 2026(e) margin 21.5% 14.1% 18.3% + 1.2% + 0.8% Total Assuming 2nd half … NEXT brand LABEL + 0.4% Full price sales + 3.0% + 4.3% + 3.6% July 2025 20.3% 14.1% 17.6% vs Jan 2025 underlying
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612Total International sales 461 July 2025 £m Var + 33% + 28% Full price + 26% Third-party aggregators + 33% FP sales participation and growth websites Natural + 9% Marketing + 17% New + 9% Existing + 24% July 2024 68% 32%
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612Total International sales 461 + 28% July 2025 Full price£m 60%30% 10% + 34% Europe Rest of World Middle East + 28% + 18% Var + 33% FP sales participation and growth by region Sales pn% rounded to the nearest 10%. July 2024
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Profit + 36%6893 612Total International sales 461 Margin 14.8%15.2% + 0.4% July 2025 Var£m + 33% July 2024 Profit includes lease interest. Bought-in gross margin + 0.4% Underlying margin + 0.2% Lower duty costs + 0.2% 15.5% - 0.3%Restated margin + 0.7%PY over accrued duty 15.2% Markdown - 0.5% More access to sale stock
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Margin + 0.4% Bought-in gross margin + 0.4% July 2025 Var£m - 0.3%Restated margin Markdown - 0.5% Warehousing & distribution + 0.5% Margin movement - 0.3% Marketing - 0.7% 15.2% 15.2% 15.5% + 0.7% July 2024 PY over accrued duty 14.8% Inflationary costs Handling charges Fixed overheads - 0.5% + 0.4% + 0.4% Operational efficiencies + 0.2%
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Jan 2026(e) Var£m Margin forecast + 1.0% Assuming … 14.9% Jan 2025 13.9% Full price sales + 25% 15.5% - 0.3%Restated margin July 2024July 2025 15.2% + 19% First half Marketing spend + 57%+ 28% Second half
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UK cash UK credit International (NEXT websites) Total sales by customer type on NEXT websites Total excl. aggregators + 5% + 4% 108 296 - 4%123 Sales per customer £ - 1%162 Sales and customer numbers excludes third-party aggregators and Total Platform websites. 4.3m 2.7m 3.3m 10.3m Customers in the first half + 12% + 4% + 36% + 16%
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UK cash UK credit International (NEXT websites) Total sales by customer type on NEXT websites Total excl. aggregators + 5% + 4% 108 296 - 4%123 Sales per customer £ - 1%162 4.3m 2.7m 3.3m 10.3m Customers in the first half + 12% + 4% + 36% + 16% 23313.7m Jan 2025 Total excl. aggregators Sales and customer numbers excludes third-party aggregators and Total Platform websites.
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2025/26(e) Full Year View Total full price sales + 7.5% Guidance
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Total full price sales + 7.5% H1 H2 0% 4% 8% 12% 16% 11.9% 15.8% 10.9% 4.5% 2 year Total full price sales growth includes interest. 3.7% Competitor disruption Weather UK economy 1 year 6.4%
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UK economy Total full price sales + 7.5% H2 0% 4% 8% 12% 16% 11.9% 4.5% 2 year 1 year 1.4m 0.4m Vacancies 1.2m 1.0m 0.8m 0.6m 28m 30m 29m Payrolled employees Source: ONS & HMRC
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Total full price sales + 7.5% H2 0% 4% 8% 12% 16% 11.9% 4.5% 2 year 1 year Vacancies Unique applicants Applicants per vacancy UK economy Growth in 2 years 2025 v 2023 Total + 76% - 35% 17 x 2.7
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Total full price sales + 7.5% H2 0% 4% 8% 12% 16% 11.9% 4.5% 2 year 1 year UK economy 100 200 150 National Living Wage (adult) CPI 16hr/week contract (incl. National Insurance) + 88% + 38% + 102% Increased cost of hiring Source: ONS, HMRC & NEXT calculations
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Total full price sales + 7.5% H2 0% 4% 8% 12% 16% 11.9% 4.5% 2 year 1 year UK economy • Increased cost of hiring • Mechanisation and AI • Legislative barriers
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Total full price sales + 7.5% Total full price sales growth includes interest. + 5.0% March 2025 September 2025 Profit £1,105m£1,066m
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+ £34mFull price sales + £129m Marketing March 2025 £1,066m Clearance sales + £2mTP profit - £4m 1+ £7m September 2025 + 9.3%£1,105m
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Profit + 9.3% Total full price sales £5.44bn 950.9pPre-tax EPS* + 12.5% Profit and EPS measures are stated pre-amortisation and exceptionals. * Pre-tax EPS assuming £351m of further buybacks. Dividend yield based on a share price of £98.82, the average share price during February 2025. + 7.5% £1,105m 15.0%TSR (at constant PE ratio) 2.5%Ordinary dividend yield
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Growth (£m) is rounded to the nearest £5m
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Growth (£m) is rounded to the nearest £5m
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Growth (£m) is rounded to the nearest £5m
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GROWTH + 9% + £149m
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GROWTH + 16% + £67m
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WOBL = Wholly Owned Brands & Licences
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LicencesWholly Owned Brands WOBL = Wholly Owned Brands & Licences GROWTH + 32% + £30m GROWTH + 35% + £12m
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NEXT WOBL = Wholly Owned Brands & Licences
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Similar More Expensive PremiumValue NEXT The circles are for illustration only and are not scaled based on the size of sales relative to NEXT Licence Wholly Owned
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Similar More Expensive PremiumValue NEXT The circles are for illustration only and are not scaled based on the size of sales relative to NEXT
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Similar More Expensive PremiumValue NEXT The circles are for illustration only and are not scaled based on the size of sales relative to NEXT
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Great People Great Brands Wholly Owned Brands Licences
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A great place to cook up fashion
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A great place to cook up fashion
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+ 40%
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+ 40% FY 25(e) £19m
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COVID-19 Cost savings relate to the full warehouse estate + 40% FY 25(e) £19m
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COVID-19 New sortation equipment Additional picking capacity Elmsall 3 mechanisation live Cost savings relate to the full warehouse estate + 40% FY 25(e) £19m
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TARGET + 40% FY 25(e) £19m
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Dec 25(e) TARGET + 40% FY 25(e) £19m
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1) Out of 83 countries.
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1) Out of 83 countries.
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2) Markets we serve % are rounded to the nearest 5%. 1) Out of 83 countries.
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1) Out of 83 countries. 2) Markets we serve % are rounded to the nearest 5%.
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SS 2024 £1.19 + 2% Marketing NPV Sales
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SS 2024 £1.19 + 2% Marketing NPV Sales For every £1 of marketing spend.
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£1.19 + 2% Marketing NPV Sales AW 2025* £1.70 + 20% SS 2024 * First 6 weeks of AW25
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Spend £20m £31m + 57% Return* £1.71 £1.75 + 2% * For every £1 of marketing spend. H1 2024 H1 2025 Var • • •