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Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary 1
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2 Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary Andrew Gossage Chief Executive Officer Chris Dent Chief Financial Officer Introduction Presenters
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3 Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary Investment case We are passionate about product Our ambition is to be in every home across the UK and Europe ⊲ Compelling customer proposition provides resilience against a challenging consumer backdrop . ⊲ Established international and online presence provides opportunity for accelerated growth. ⊲ Relentless focus on productivity drives scalability and profitability. ⊲ Committed to a leading ESG strategy. Our proposition to retailers today is clear and compelling: We offer trusted brands, beautiful products, attractive price points, and highly advanced and robust operational capabilities. Salter British Bakes Scale Waterproof for fun & messy baking
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4 Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary Highlights 2025 Financial highlights Revenue £150.1m -3% FY24: £155.5m Adjusted EBITDA* £12.5m -31% FY24: £18.0m Adjusted EPS* 7.4p -40% FY24: 12.3p Statutory EPS 6.8p -44% FY24: 12.2p Full year dividend per share 3.70p -50% FY24: 7.38p Net bank debt/Adjusted EBITDA* 1.1x 95% FY24: 0.6x Operational highlights f Continued focus on strengthening the equity of our brands, which account for 80% of our sales and delivered 4% growth in the year. This includes brand transformation of Beldray (sales up 11%), with consumer launch in March 2025. f Sustained momentum in product development, exemplified by the Beldray All-in-One Floor Cleaner, recently named a Which? Best Buy, and by the successful launch of new Salter products including the Slushie Maker , Crisp&Go and Verticook. f Ongoing progress in driving Group productivity with a focus on continuous improvement, having implemented new PIM software during the period. f Appointment of Andrew Milne and José Carlos González-Hurtado as NEDs, bringing valued insights into both the UK and European consumer goods landscapes. f Strengthening of the Operating Board with five promotions to C-suite designations covering the areas of commercial activities, supply chain, operations, products and marketing. f Beginning of process to transform our sales function.
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5 Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary Growth achieved through UP Brands FY17 £000 FY18 £000 FY19 £000 FY20 £000 FY21 £000 FY22 £000 FY23 £000 FY24 £000 FY25 £000 UP brand Air fryers - - - 1,545 1,699 5,747 25,671 14,962 10,178 Other UP brand sales 51,277 44,421 70,820 58,497 73,851 110,437 105,992 101,920 111,768 UP Brands 51,277 44,421 70,820 60,042 75,550 116,184 131,663 116,882 121,946 Licensed brands 24,535 20,762 30,252 37,575 45,219 20,165 16,458 12,059 14,376 Third Party close-out & own label 34,141 22,388 22,185 18,067 15,598 17,842 18,194 26,556 13,813 Total 109,953 87,571 123,257 115,684 136,367 154,191 166,315 155,497 150,135 f Since our IPO in 2017 our branded products have driven growth enabling us to transition from a trading and sourcing business to the ‘Home of Brands’ . f Revenue from UP Brands has more than doubled, and now account for 80% of total sales. f Growth has stalled over the past three years, with a range of headwinds holding back sales. f However, we have continued to make operational improvements to turn the business from good to great. f These changes are built around our culture of continuous improvement.
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Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary 6 Culture of Continuous Improvement Although our culture of continuous improvement may sound like a way to control costs in a world of inflation, in reality it is how we are turning our business from good to great
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Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary 7 Our Brands: Consumer-focused Brand Strategy ⊲ Our brands have grown our business - 80% of revenue from brands we own. ⊲ Focus on Salter & Beldray (60% of revenue), with other brands supporting these for channel management. ⊲ Branding strategy transformed since appointment of Tracy Carroll. ⊲ Processes simplified with adherence to brand guidelines. ⊲ Data-led decisions based on consumer research. - 20,000 40,000 60,000 80,000 100,000 120,000 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Growth of UP brands UP brand Air fryers Other UP brand sales Old Logo New Logo Old Logo New Logo
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8 Our Products: Productivity gains allow us to bring better innovations to market ⊲ Expansion online and internationally has extended product life. ⊲ Use of PIM and other robotic process automation has increased productivity. ⊲ These enable us to deliver higher quality and more innovative products to market. ⊲ Our product ethos remains to bring quality product at affordable prices. ⊲ Beautiful product for every home. Beldray Trio Steam One iron, three ways Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary
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Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary 9 Our Product Development: Case study Beldray All-in-One Floor Cleaner ⊲ Typifies the high-quality development of products by UP. ⊲ Named a Which? Best Buy ahead of products from Dyson and Shark. ⊲ Despite having a price point well below these premium-brand competitors, it was considered the better product. ⊲ Described as “a top performer that effortlessly handles everything from muddy footprints to sticky jam”. ⊲ The initial soft launch across Beldray.com and several leading online retailers was a sell-out success. ⊲ The next phase will begin in Spring 2026 to coincide with spring-clean promotional events. Beldray All-in-One Floor Cleaner Awarded Which? Best Buy
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Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary 10 Productivity gains increase operational leverage ⊲ Culture of continuous improvement anchored in our graduate development programme. ⊲ Ongoing commitment to operational excellence. ⊲ 305 tasks automated in FY25, saving 26,000 hours. ⊲ Average staff numbers reduced from 391 to 366 (period end: 338). ⊲ Although key KPI of gross margin per head has fallen, sales per head (a better productivity measure) rose to £485k per head. 400,000 410,000 420,000 430,000 440,000 450,000 460,000 470,000 480,000 490,000 FY21 FY22 FY23 FY24 FY25 Sales per Head Salter Slushie Maker
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Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary 11 Sales function transformation ⊲ While it is a challenging market, there is scope to accelerate our sales function. ⊲ Clear opportunities to grow, both in the UK and internationally. ⊲ We remain a challenger with significant potential and the capability to grow market share . ⊲ Focus on transforming our sales function to align with business needs: ⊲ Human capital ⊲ Training & development ⊲ Use of technology ⊲ Management process ⊲ Promotion of Duncan Singleton to CCO to drive continuous improvement. Salter ActiBoost Powerful blending on-the-go
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Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary 12 Operating Board Duncan Singleton Chief Commercial Officer Duncan has over 30 years of experience in the Small Domestic Appliances (“SDA”) industry, including 20 years at Ultimate Products, where he oversaw the growth of the SDA division, which is the Group’s largest. He has played a pivotal role in the growth and success of the Salter and Beldray brands, helping to elevate their market presence and performance. His expertise is further recognised through his role as Chair of the British Home Enhancement Trade Association’s SDA Committee. David Bloomfield Chief Supply Chain Officer David spent over 20 years with JD Williams in supply chain management before joining Ultimate Products in 2007. With extensive expertise in Far East factory management, David has been a panellist at various supply chain conferences across the UK and Europe. Since 2008 he has attended the Main Board and leads the logistics function that underpins the Group’s operational capability and retail partnerships. Craig Holden Chief Operating Officer Craig joined Ultimate Products in 2006 and has since held a broad range of senior operational roles across the business. He currently oversees the company’s operational sites across the world, as well as the people function. He led the launch of the Group’s transformational graduate development scheme, which is now one of the largest in the North-West. He has also managed numerous important projects including the creation of a European showroom, and served as general manager of the Group’s Far East operations. Katie Maxwell Chief Product Officer Katie leads the Group’s Product development function She is the first person to progress from the Graduate scheme to the Operating Board and now the C-suite. Katie has played a key role in driving innovation within the Group’s product portfolio, aligning its product development with its branded strategy. Katie is Deputy Chair of the ESG Committee and has championed Ultimate Products’ ESG strategy with a particular focus on driving environmental initiatives within the Group’s teams. She plays an active role in the Leadership programme, nurturing talent and empowering employees to progress. Tracy Carroll Chief Marketing Officer Tracy joined Ultimate Products in December 2022 as the company’s first Brand Director, which has seen her lead the brand & marketing strategy, and manage our communications function. Tracy has also led the successful rebrands of both Salter and Beldray. Tracy is vastly experienced with a 30-year career in marketing, having previously launched and grown the OXO homeware brand in the UK and EU during her time at Helen of Troy. Emma Rawley Trading Director Emma leads the groups Beldray Laundry & Cleaning function. Emma’s diverse experience across multiple product categories and her strategic approach to product and brand evolution continue to shape the success of Ultimate Products’ portfolio where she has been a key contributor for over 17 years. Emma has played a vital commercial role in major brand acquisitions, Constellation Luggage in 2010 and Salter Scales in 2021. Instrumental in successful rebrands across multiple categories most recently Beldray—ensuring each transformation aligns with evolving market demands and strengthens brand positioning. Craig Holden Tracy Carroll David Bloomfield Katie Maxwell Duncan Singleton Emma Rawley
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Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary 13 Salter Timeless Scale The only way to weigh Financials
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Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary 14 2025 £’000 2024 £’000 Change £’000 Change % Revenue 150,135 155,497 (5,362) -3% Cost of sales (115,288) (115,043) (245) 0% Gross profit 34,847 40,454 (5,607) -14% Administrative expenses (22,342) (22,432) 90 0% Adjusted EBITDA 12,505 18,022 (5,517) -31% GM% 23.2% 26.0% EBITDA % 8.3% 11.6% Income Statement: Revenue & Margins ⊲ Total revenue down 3% in challenging market conditions. ⊲ Gross margin of 23.2% due to impact of freight costs and sales mix. ⊲ Administrative expenses flat, despite cost pressures, as wage inflation offset by operational efficiency. Salter Crisp & Go
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Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary 15 Income Statement: Sales Key drivers in Sales movement: ⊲ Difficult UK trading environment with sales flat at £84m. ⊲ International sales growth of £8.3m, dominated by growth in discounters. ⊲ Air fryer sales at £10m, now at steady state. ⊲ Third party brand close-out sales, which are non-core, down by £8.8m due to lower availability of clearance parcels. FY25 £’000 FY24 £’000 Change £’000 Change % Supermarket 29,506 23,345 6,161 26% Discounter 10,673 16,281 (5,608) -34% Online 26,722 25,22 1,100 4% Other 16,980 18,744 (1,764) -9% UK 83,881 83,992 (111) 0% Supermarket 10,882 10,974 (92) -1% Discounter 29,327 20,715 8,611 42% Online 3,623 3,602 21 1% Other 6,375 6,633 (257) -4% International 50,208 41,924 8,283 20% Air Fryers 10,178 14,962 (4,784) -32% Third Party close-out 5,869 14,619 (8,750) -60% Total 150,135 155,497 (5,362) -3% Beldray All-in-One Floor Cleaner
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Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary 16 Profit Bridge £m
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Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary 17 Income Statement: Profits ⊲ Adjusted EBITDA down 31% to £12.5m. ⊲ D&A steady at £2.1m. ⊲ Finance expense has increased due to higher average net debt. ⊲ Adjusted PAT down 41% to £6.3m. ⊲ ERP expense of £0.6m as we upgrade our core IT system. FY25 £’000 FY24 £’000 Change £’000 Change % Adjusted EBITDA 12,505 18,022 (5,517) -31% Depreciation & amortisation (2,149) (2,191) 42 -2% Finance expense (1,651) (1,381) (270) 20% Adjusted profit before tax 8,705 14,450 (5,745) -40% Tax expense (2,424) (3,820) 1,396 -37% Adjusted profit after tax 6,281 10,630 (4,349) -41% ERP expense (640) - (639) Share-based payment expense (16) (137) 121 -88% Tax on adjusting items 182 34 148 434% Statutory profit after tax 5,808 10,527 (4,720) -45% Salter VertiCook View
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Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary 18 Balance Sheet ⊲ Overall the balance sheet has remained stable. ⊲ £1.8m hedging liability due to increase in sterling, which is offset by improvement in trading position. ⊲ Increase in net debt to £14.1m, with leverage at 1.1x, in line with policy of around 1.0x. FY25 £m FY24 £m Change £m Change % Net fixed assets 2.4 3.3 (0.9) -29% Stock 32.4 36.6 (4.2) -11% Debtors 26.6 29.7 (3.1) -10% Creditors (29.5) (39.2) 9.7 -25% Working Capital 29.5 27.1 2.4 9% Net bank debt (14.1) (10.4) (3.7) 35% Intangible Assets and Goodwill 37.1 37.0 0.1 0% Hedging instruments asset/(liability) (1.8) (0.3) (1.5) 441% Deferred tax (6.7) (6.9) 0.2 -3% Accounting Assets 28.6 29.8 (1.1) -4% Net Assets 46.4 49.8 (3.4) -7% Net bank debt leverage 1.1 0.6 Beldray 15-in-1 Steam Cleaner
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Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary 19 Movement in net bank debt £m
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Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary 20 Summary & Outlook Current trading remains in line with market expectations. While external headwinds are likely to persist in the short term, the Board is confident that the operational improvements underway will leave the business better positioned over the medium and long term, helping it to capitalise on growth opportunities in the UK and internationally as trading conditions improve. Commenting on the results, Andrew Gossage, Chief Executive of Ultimate Products, said: “FY25 was a challenging year for consumer-facing businesses, with ongoing macroeconomic pressures, elevated shipping costs and weak consumer demand weighing on performance. This included an anticipated reduction in air-fryer and third-party close-out sales, which together accounted for a large portion of the decline in revenue. Notwithstanding the challenges faced, we are pleased that our UP brands continued to deliver growth, reflecting the effectiveness of our branded strategy and the commitment of our teams across the business. “We also made meaningful progress in strengthening the foundations of the Group, including the implementation of a new Product Information Management system, the promotion of five senior leaders into C-suite roles and a programme of enhancements to our sales function that is already driving positive change. Combined with the growing appeal of our brands and the scale of opportunity we see in the UK and internationally, we remain as confident as ever in our medium-to- long term prospects.”
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Ultimate Products Full Y ear Results 2025 Overview Strategic Report Financials Summary 21