Slides
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PZ Cussons FULL YEAR RESULTS FY26 6 AUGUST 2026 Moco ORIGINAL SOURCE SHOWER HYROX PRETA MARCER
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AGENDA 2026 FULL YEAR RESULTS 2 01 INTRODUCTION 02 FINANCIAL REVIEW 03 STRATEGIC UPDATE 04 SUMMARY 05 Q&A Jonathan Myers Chief Executive Officer Jan Bramall Chief Financial Officer AUGUST 2026
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2026 FULL YEAR RESULTS 3 OUR INVESTMENT CASE WE ARE NOW A MORE FOCUSED AND RESILIENT BUSINESS, TARGETING DOUBLE-DIGIT TSR THROUGH THE CYCLE • Building winning portfolios of locally-loved brands across four lead markets • Simplified footprint • Balanced between developed and emerging markets • Plans in place to mitigate future risk in Nigeria • Go-to-market capabilities in our four lead markets • Manufacturing scale • Strengthened balance sheet • Progressive dividend • Developed market M&A • Targeting mid- single-digit % average LFL revenue growth • Continued productivity gains 01 BRANDS 02 CAPABILITIES 03 PORTFOLIO 04 CAPITAL ALLOCATION 05 GROWTH AUGUST 2026 02 03 04 0501 INTRODUCTION
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4 KEY MESSAGES 2026 FULL YEAR RESULTS AUGUST 2026 02 03 04 0501 INTRODUCTION REFRESHED STRATEGY SHOWING EARLY SIGNS OF DELIVERY 01 BROAD-BASED PERFORMANCE Growth across all four lead markets, demonstrating early delivery of the refreshed strategy 02 INCREASED INVESTMENT IN BRAND-BUILDING Driving LFL revenue in FY26 and strengthening the pipeline 03 REDUCTION IN NIGERIA FX RISK Due to management actions and introduction of guardrails 04 STRONGER BALANCE SHEET Portfolio simplification and underlying cash generation with £174m gross debt reduction over three years 05 POSITIVE OUTLOOK Trading to date in line with expectations
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FINANCIAL REVIEW JAN BRAMALL 02 2026 FULL YEAR RESULTS 5 CHIEF FINANCIAL OFFICER AUGUST 2026
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2026 FULL YEAR RESULTS INTRODUCTION AUGUST 2026 6 02 03 04 0501 FINANCIAL REVIEW
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SUMMARY FINANCIALS All items in £m and on an adjusted basis, unless otherwise stated FY25 FY26 Revenue 513.8 541.4 LFL revenue growth (%) 8.0% 5.8% Operating profit 54.9 59.5 Operating profit margin (%) 10.7% 11.0% Excluding share of PZ Wilmar Joint Venture: Operating profit 47.8 59.5 Operating profit margin (%) 9.3% 11.0% 5.4% (£27.6m) revenue growth Growth across all lead markets BROAD-BASED GROWTH ACROSS EACH OF OUR LEAD MARKETS 24.5% growth Op. profit, ex Wilmar 2026 FULL YEAR RESULTSLike for like (‘LFL’) growth adjusts for constant currency and excludes the impact of disposals and acquisitions. AUGUST 2026 7 02 03 04 0501 FINANCIAL REVIEW
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All items in £m and on an adjusted basis, unless otherwise stated FY25 FY26 Net finance expense (13.8) (9.4) Profit before tax 41.1 50.1 Earnings per share 7.34 7.14 Free cash flow 42.3 54.7 Net debt 112.0 25.0 Dividend per share (p) 3.60 3.70 SUMMARY FINANCIALS - CONTINUED £87.0m reduction in net debt due primarily to the sale of the PZ Wilmar stake 2026 FULL YEAR RESULTSNet debt is shown before IFRS16 lease liabilities AUGUST 2026 BROAD-BASED GROWTH ACROSS EACH OF OUR LEAD MARKETS 8 02 03 04 0501 FINANCIAL REVIEW Growth in operating profit and reduction in cash adjusting items Increase in PBT offset by increased non-controlling interest associated with Nigeria, particularly Electricals
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FY25 UK Other Europe and Americas ANZ Indonesia Other APAC Nigeria Other Africa FX FY26 GROUP REVENUE +0.9% +14.7%+3.9% EUROPE AND AMERICAS APAC AFRICA DEVELOPED: 1.8% EMERGING: 11.1% 2026 FULL YEAR RESULTS AUGUST 2026 GROWTH IN EACH REGION AND EACH OF OUR FOUR LEAD MARKETS 9 02 03 04 0501 FINANCIAL REVIEW
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OPERATING PROFIT BRIDGE STRONG UNDERLYING OPERATING PROFIT GROWTH, SUPPORTED BY ONE-OFF FX GAIN 2026 FULL YEAR RESULTS AUGUST 2026 10 02 03 04 0501 FINANCIAL REVIEW FY25 op. profit (ex. Wilmar) Gross profit Overheads Marketing investment FY26 op. profit One-off FX revaluation FY26 underlying 47.8 59.5 54.1 £8.5M COST SAVINGS 24.5% OPERATING PROFIT GROWTH £5.4M FX GAIN REPRESENTS BASE FOR FY27
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FY26 DELIVERY AGAINST FINANCIAL FRAMEWORK WITH IMPROVED QUALITY OF EARNINGS 2026 FULL YEAR RESULTS AUGUST 2026 11 02 03 04 0501 FINANCIAL REVIEW Mid-single-digit % (ex. M&A) < Revenue growth TARGETS OVER THE CYCLE Increased marketing investment funded by GM% growth LFL REVENUE GROWTH OVERHEADS GM% MARKETING % Reduction in overheads driven by structural savings programme 5.8% LFL revenue growth 1.8% Developed | 11.1% Emerging Increase in £m and % gross profit £3.5m increase in marketing investment FY26
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SEGMENTAL PERFORMANCE: EUROPE AND AMERICAS GOOD GROWTH IN OUR LARGEST UK BRANDS; ST.TROPEZ NORTH AMERICA RETURNED TO GROWTH All items in £m and on an adjusted basis, unless otherwise stated FY25 FY26 Revenue 199.4 200.3 LFL revenue growth 0.6% 0.9% Operating profit 36.8 36.6 Operating profit margin 18.5% 18.3% Change 230bps (20)bps UK lead market Lead market LFL revenue growth of 0.5% driven by good growth across washing and bathing brands offset by a decline in Hair Care Other Europe and Americas St.Tropez North America grew 6.9%, driven by partnership with Emerson Operating profit Improvement in gross margins and good cost containment partly offset by increased marketing investment in the UK 2026 FULL YEAR RESULTS AUGUST 2026 12 02 03 04 0501 FINANCIAL REVIEW
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SEGMENTAL PERFORMANCE: APAC GROWTH IN BOTH LEAD MARKETS OF ANZ AND INDONESIA All items in £m and on an adjusted basis, unless otherwise stated FY25 FY26 Revenue 173.5 173.1 LFL revenue growth (0.1)% 3.9% Operating profit 25.2 23.9 Operating profit margin 14.5% 13.8% Change (150)bps (70)bps ANZ lead market LFL +4.0% with growth across each major brand Indonesia lead market LFL +10.2% driven by continued growth in eCommerce and re-staging of Cussons Baby Other APAC Revenue declined in a number of our smaller, lower- margin markets in Asia and Middle East Operating profit Decline driven by increased marketing investment in our Auto Dish NPD and Cussons Baby re-staging and depreciation of the Australian Dollar and Indonesian Rupiah. 2026 FULL YEAR RESULTS AUGUST 2026 13 02 03 04 0501 FINANCIAL REVIEW
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SEGMENTAL PERFORMANCE: AFRICA NIGERIA REVENUE GROWTH FROM BOTH PRICE/MIX AND VOLUME All items in £m and on an adjusted basis, unless otherwise stated FY25 FY26 Revenue 140.9 168.0 LFL revenue growth 34.9% 14.7% Operating profit1 16.3 21.9 Operating profit margin1 11.6% 13.0% Change 450bps 140bps Nigeria lead market LFL revenue growth of 21.7% with both price/mix and volume growth Double-digit % revenue growth in Core categories and Electricals Other Africa Revenue declined due primarily to temporary disruption at a distributor affecting exports from Kenya Operating profit Growth includes a £4.6 million benefit due to the revaluation of US Dollar denominated liabilities in Nigeria due to the Naira appreciation, and increased marketing investment2 2026 FULL YEAR RESULTS 1 – Excluding Wilmar JV income from FY25 2 – Additional £0.8m benefit of FX revaluation included within central segment AUGUST 2026 14 02 03 04 0501 FINANCIAL REVIEW
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CASH FLOW AND NET DEBT REDUCTION IN LEVERAGE DUE TO STRONG CASH GENERATION AND DISPOSAL PROCEEDS 251.2 76.9 FY23 FY26 £174M REDUCTION IN GROSS DEBT OVER 3 YEARS 2026 FULL YEAR RESULTS Net Debt is shown excluding leases. Disposal proceeds includes £26.6m loan repayment AUGUST 2026 15 02 03 04 0501 FINANCIAL REVIEW 112.0 29.2 15.1 (1.2) (54.7) (75.4) FY25 Net debt Free cash flow Net interest and tax paid Disposal proceeds Dividend paid Other FY26 Net debt Surplus assets (27.6m) Wilmar (47.8m) LEVERAGE £m FY26 Net debt 25.0 Cash in Nigeria 24.5 Adjusted Net debt 49.5 EBITDA 72.0 Adjusted Net debt/EBITDA (x) 0.7 251.2 76.9 25.0
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AUGUST 20262026 FULL YEAR RESULTS 16 NIGERIA GUARDRAILS MANAGEMENT ACTIONS HAVE MATERIALLY REDUCED EXPOSURE TO FUTURE NAIRA VOLATILITY 02 03 04 0501 FINANCIAL REVIEW 1 – Sensitivity is based on revaluation of liabilities only and does not include the impact of translating Naira operating profit into Sterling 2 – Majority of this movement was historically taken as adjusting item as it related primarily to liabilities incurred prior to the June 2023 devaluation. >£7m FY24 FY26 PREVIOUS SENSITIVITY2: SIGNIFICANT REDUCTION IN SENSITIVITY (£M PER 100 NAIRA MOVEMENT)1: NIGERIA LIABILITIES, $M c.$140m c.$30m c.£1.5mTODAY:
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2026 FULL YEAR RESULTS 17 CAPITAL ALLOCATION POLICY SURPLUS CASH REDUCES LEVERAGE AND FUNDS DIVIDEND | M&A IS EVALUATED VS. CASH RETURNS DIVIDEND Progressive dividend LEVERAGE Targeting net debt/ EBITDA range of 1.0-1.5x (excluding cash in Nigeria) M&A Opportunities for bolt-ons CASH RETURNS To be considered relative to M&A opportunities PRIORITIES FOR USE OF FCF AUGUST 2026 02 03 04 0501 FINANCIAL REVIEW
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In line with market expectations1 More balanced H1/H2 split CURRENT TRADING AND OUTLOOK 18 02 03 04 0501 FINANCIAL REVIEW AUGUST 20262026 FULL YEAR RESULTS1 – FY27 adjusted operating profit range of £58.0m to £61.2m as at 5 August 2026 based on company compiled consensus FY27 TRADING HAS STARTED IN LINE WITH EXPECTATIONS. WHILE THE GROUP REMAINS MINDFUL OF MACRO-ECONOMIC UNCERTAINTY, WITH GOOD UNDERLYING MOMENTUM IN THE BUSINESS, THE BOARD EXPECTS TO DELIVER ADJUSTED OPERATING PROFIT IN LINE WITH CURRENT MARKET EXPECTATIONS1. “ FY27 OUTLOOK OPERATING PROFIT01 Rates currently broadly in line with FY26FX IMPACT02 Further reduction driven by underlying FCFNET DEBT03
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STRATEGIC UPDATE JONATHAN MYERS 03 2026 FULL YEAR RESULTS 19 Chief Executive Officer AUGUST 2026
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4 LEAD MARKETS 3 CORE CATEGORIES: PERSONAL, HOME AND BABY CARE 01 STRONG BALANCE SHEET 02 PROGRESSIVE DIVIDEND 03 BOLT-ON M&A 04 CASH RETURNS PORTFOLIO CHOICES USES OF EXCESS FCF STRATEGY STRATEGIC OVERVIEW EARLY EVIDENCE OF DELIVERY ACROSS EACH STRATEGIC PRIORITY DEVELOPED ~60% OF GROUP REVENUE EMERGING ~40% OF GROUP REVENUE OUR COMPETITIVE ADVANTAGES 02 03 04 0501 STRATEGIC UPDATE AUGUST 20262026 FULL YEAR RESULTS 20 01 LOCALLY-LOVED BRANDS 02 GO-TO-MARKET CAPABILITIES 03 MANUFACTURING SCALE OUR STRATEGY IN 10 WORDS BUILD BRANDS SERVE CONSUMERS REDUCE COMPLEXITY DEVELOP PEOPLE GROW SUSTAINABLY
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4 LEAD MARKETS 3 CORE CATEGORIES: PERSONAL, HOME AND BABY CARE 01 STRONG BALANCE SHEET 02 PROGRESSIVE DIVIDEND 03 BOLT-ON M&A 04 CASH RETURNS PORTFOLIO CHOICES USES OF EXCESS FCF STRATEGY STRATEGIC OVERVIEW EARLY EVIDENCE OF DELIVERY ACROSS EACH STRATEGIC PRIORITY DEVELOPED ~60% OF GROUP REVENUE EMERGING ~40% OF GROUP REVENUE OUR COMPETITIVE ADVANTAGES OUR STRATEGY IN 10 WORDS 02 03 04 0501 STRATEGIC UPDATE AUGUST 20262026 FULL YEAR RESULTS 21 01 LOCALLY-LOVED BRANDS 02 GO-TO-MARKET CAPABILITIES 03 MANUFACTURING SCALE BUILD BRANDS SERVE CONSUMERS REDUCE COMPLEXITY DEVELOP PEOPLE GROW SUSTAINABLY
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…WITH PLANS TO BROADEN AND EXPAND BY BRAND AND OCCASION PROVEN SUCCESS WITH SANCTUARY SPA GIFTING…. GROWING UK BRANDS THROUGH CONTINUED SUCCESS WITH GIFTING FY24 FY25 FY26 Total Sanctuary Spa gifting revenue, £m C.£11M 02 03 04 0501 STRATEGIC UPDATE AUGUST 20262026 FULL YEAR RESULTS 22 BUILD BRANDS SERVE CONSUMERS >70%
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ST.TROPEZ HAS RETURNED TO GROWTH IN NORTH AMERICA PARTNERSHIP WITH EMERSON IN US IS ALREADY WORKING… ...AND WE HAVE STRONG PLANS TO STRENGTHEN UK AND EUROPE 4x # of innovations in FY27 (including one blockbuster with patent pending) Emerson partnership is directly driving the improvement 02 03 04 0501 STRATEGIC UPDATE AUGUST 20262026 FULL YEAR RESULTS 23 BUILD BRANDS SERVE CONSUMERS New brand positioning based on £200k insights investment TikTok shop live from July 2026 1 – 17% growth in Amazon EPOS sales over the period since the launch of the Emerson partnership in October 2025 versus 7% growth in FY25 Amazon sales growth1: 17% 7% Pre-Emerson Emerson FY24 FY25 FY26 7% growth in North America after 2 years of decline
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INNOVATION-LED GROWTH IN AUSTRALIA +160bps Autodish market share1 Step-change in share of shower category due to launch of 1 Litre Original Source Amazon proof points Before and After visuals on Amazon? Amazon as an educational platform Launch of ‘Easy Squeeze’ bottle 02 03 04 0501 STRATEGIC UPDATE AUGUST 20262026 FULL YEAR RESULTS 24 BUILD BRANDS SERVE CONSUMERS 1 – Source: Nielsen. Value share 12 months to 5 May 2026
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GROWTH IN INDONESIA THROUGH RE-STAGING CUSSONS BABY AND E-COMMERCE >50% E-commerce revenue growth vs. FY25 140% Live streaming growth vs. FY25 02 03 04 0501 STRATEGIC UPDATE AUGUST 20262026 FULL YEAR RESULTS 25 COMPLETION OF THE PHASED RE-STAGING OF CUSSONS BABY WITH TELON OIL, WASH & HAIR LOTION IN FY26 BUILD BRANDS SERVE CONSUMERS
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NIGERIA IS EXECUTING ON THE STRATEGY ESTABLISHED 02 03 04 0501 STRATEGIC UPDATE AUGUST 20262026 FULL YEAR RESULTS 26 BUILD BRANDS SERVE CONSUMERS CORE GROWTH CATEGORY EXPANSION PAN-AFRICA GROWTH UGANDA TANZANIA LIBYA CHAD Continued investment in brand-building Launch of Carex in FY26 Continued growth in exports from Nigeria in FY26 ‘BRAND OF THE YEAR’ Nigeria Marketing Awards
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CHILDS FARM REPRESENTS A POTENTIAL BLUEPRINT FOR FUTURE M&A 1 – Calculated as FY27 forecast Marketing Contribution taxed at 25% divided by Enterprise Value of £40m. Implicitly assumes nil incremental overheads following complete integration into existing PZ Cussons platform. 27AUGUST 20262026 FULL YEAR RESULTS LEVERAGING COMPETITIVE ADVANTAGES: 2.6M Shoppers purchasing each year #1 Baby toiletries brand in UK ROCE > WACC Forecast in FY271 JUNE: LAUNCH OF WALMART 2023 2024 2025 LOCALLY-LOVED BRANDS GO-TO-MARKET CAPABILITIES 02 MANUFACTURING SCALE 2026 JULY 2024: FIRST PRODUCTION IN AGECROFT FEB 2025: MAJORITY PRODUCTION IN AGECROFT MARCH 2022: ACQUISITION Masterbrand relaunch: modernising the brand with a fresh look and feel, and formulation enhancements NEW LISTINGS IN UK, EUROPE AND US c.£4M Integration savings BUILD BRANDS SERVE CONSUMERS First TV commercial Range expansion with SlumberTime range Relaunch of Oat Derma range First partnership with #1 kids character property Bluey today 02 03 04 0501 STRATEGIC UPDATE
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WE CONTINUE TO REDUCE COMPLEXITY AT BOTH A PORTFOLIO AND OPERATIONAL LEVEL PORTFOLIO SIMPLIFICATION £27.6M Proceeds from sale of non-operating surplus assets across Africa and Asia £51.2M Proceeds from sale of Wilmar non-core stake1 02 03 04 0501 STRATEGIC UPDATE AUGUST 20262026 FULL YEAR RESULTS 28 REDUCE COMPLEXITY Consolidation and refresh of over 30 brand websites OPERATIONAL SIMPLIFICATION Consolidation of multiple European operating models, into one set of systems and processes. Creation of a central data warehouse and reporting capability providing greater insights and a bedrock for AI growth. 1 – Of which £3.4m proceeds was received in July 2026 and will be recorded in H1 27 financial statements
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OUR ENGAGEMENT SCORE OUR PARTICIPATION RATE WE CONTINUE TO INVEST IN ATTRACTING AND RETAINING THE BEST PEOPLE ACROSS THE BUSINESS GLOBAL ENGAGEMENT SURVEY 2026 02 03 04 0501 STRATEGIC UPDATE AUGUST 20262026 FULL YEAR RESULTS 29 DEVELOP PEOPLE 97% HOW WE COMPARE 83% +4 vs. Consumer benchmark DARE. DISCOVER. DO. LAUNCH OF EMPLOYEE VALUE PROPOSITION IN PARALLEL WITH STRATEGIC REFRESH
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CROSS-INDUSTRY COLLABORATIONS CARBON FOOTPRINT REDUCTION YEAR ON YEAR BIG SIZES: LESS PLASTIC INTENSITY SUSTAINABILITY REMAINS CRITICAL AS WE GROW Last Year: 97% Supporting collective action to transform systems and infrastructure. Globally inspired, locally-loved initiatives, delivering best consumer experience and sustainability goals. Improving operational efficiencies and driving improved climate resilience. A- Climate Score (2025) 73% Scopes 1&2 carbon reduction (vs 2021) 02 03 04 0501 STRATEGIC UPDATE AUGUST 20262026 FULL YEAR RESULTS 30 GROW SUSTAINABLY
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SUMMARY 04 2026 FULL YEAR RESULTS 31AUGUST 2026
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KEY MESSAGES 02 03 04 0501 SUMMARY 2026 FULL YEAR RESULTS 32AUGUST 2026 REFRESHED STRATEGY SHOWING EARLY SIGNS OF DELIVERY 01 BROAD-BASED PERFORMANCE 02 INCREASED INVESTMENT IN BRAND-BUILDING 03 REDUCTION IN NIGERIA FX RISK 04 STRONGER BALANCE SHEET 05 POSITIVE OUTLOOK Growth across all four lead markets, demonstrating early delivery of the refreshed strategy Driving LFL revenue in FY26 and strengthening the pipeline Due to management actions and introduction of guardrails Portfolio simplification and underlying cash generation with £174m gross debt reduction over three years Trading to date in line with expectations
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Q&A 05 2026 FULL YEAR RESULTS 33AUGUST 2026
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APPENDIX 2026 FULL YEAR RESULTS 34AUGUST 2026
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FOREIGN EXCHANGE ANALYSIS £m % FY26 revenue FY26 FY25 % change Revenue impact (£m) GBP 34% 1.00 1.00 - - NGN 25% 1,945 2,015 3% 3.8 AUD 16% 2.00 1.99 (1)% (0.5) IDR 13% 22,468 20,742 (8)% (5.3) USD 3% 1.34 1.29 (4)% (0.7) Other 9% - - 1.2 Total 100% (1.5) 2026 FULL YEAR RESULTSTable shows the impact of translating FY25 revenue at FY26 foreign exchange rates. AUGUST 2026 35
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£m FY25 FY26 Adjusted EBITDA 66.5 72.0 Cash flow impact of adjusting items (14.0) (5.4) Working capital movement1 2.3 (9.7) Capital expenditure (6.9) (6.1) Share of results of joint venture (7.1) - Other 1.5 3.9 Free cash flow 42.3 54.7 SUMMARY CASH FLOW 2026 FULL YEAR RESULTS AUGUST 2026 36
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EUROPE & AMERICAS £200.3m AFRICA £168.0m APAC £173.1m REVENUE SPLIT BY MARKET 2026 FULL YEAR RESULTS AUGUST 2026 37 FY26 revenue: £541.4m UK 32% Other Europe 1%US 3% ANZ 17% Indo 13% Other Asia 2% Nigeria 25% Other Africa 7% UK 32% Other Europe 1%US 3% ANZ 17% Indo 11% Other Asia 4% Nigeria 25% Other Africa 7%