J Sainsbury Plc · LSE:SBRY
J Sainsbury — H1 2026/27 Earnings Presentation
68 slides from J Sainsbury's earnings presentation, October 2026
Slide 1: Interim Results 2026/27
Sainsbury's Interim Results 2026/27
Slide 2: Investing in the strength of our proposition
Investing in the strength of our proposition Market leading Personalised Technology Investing in quality and Nectar value driving resilience and innovation deepening productivity structural cost loyalty reduction October 2026 Interim Results 2026/27
Slide 3: Strong value position
Introduction Sainsbury's Strong value position Value Index February 2026 vs September 2026' +50bps = -150bps a -30bps Aldi Lidl Asda Tesco Morrisons 1. Value Reality, February 2026 vs September 2026; Acuity, internal modelling J Sainsbury ple October 2026 Interim Results 2026/27 3
Slide 4: Market-leading innovation building on quality advantage
Market-leading innovation building on quality advantage New and improved products this year Taste the Difference and Discovery products Products in the Full on Fibre range October 2026 Interim Results 2026/27
Slide 5: Growing food space
Growing food space Selective investment | in existing stores Space rebalance from GM to Food October 2026 Interim Results 2026/27
Slide 6: Market leading supplier partnerships
Market leading supplier partnerships cost of production models when times are tough on price and profit for customers October 2026 Interim Results 2026/27
Slide 7: Trusted for value
Trusted for value Value for money 1 Full-choice Grocers Q3 20/21 Q2 26/27 1. CSAT Supermarket Competitor Benchmarking data Value for money spent versus average of Asda, Morrisons and Tesco October 2026 Interim Results 2026/27
Slide 8: Outstanding quality sets us apart
Outstanding quality sets us apart Quality Full-choice Grocers Q3 20/21 Q2 26/27 1 CSAT Supermarket Competitor Benchmarking data— Quality of iterns versus average of Asda, Morrisons and Tesco October 2026 Interim Results 2026/27
Slide 9: Bringing more choice to more customers
Bringing more choice to more customers new products per store’ Meat, Fish & Poultry space’ Overall customer satisfaction’ Volume outperformance* t 1. In supermarkets that received the most significant investment 2. In supermarkets following our fresh range reset 3. Lettuce Know. Customer satisfactio
Slide 10: Consistent leader on customer satisfaction
Consistent leader on customer satisfaction Overall 1 Tesco Morrisons Asda Q1 24/25 Q2 26/27 1. CSAT Supermarket Competitor Benchmarking data— Overall Supermarket Satisfaction. Note: Q1 2025/26 = P2—P4 data as P1 data unavailable October 2026 Interim Results 2026/27
Slide 11: Long term outperformance
Introduction Sainsbury's Long term outperformance Volume Growth differential market share to the market’ 26/27 ta) 25/26 121 h. H1 21/22 H1 26/27 a @ 8 @ a i 1 Worldpanel by Numerator Panel, Total Fresh & Grocery exc. Kiosk & Tobacco, Sainsbury's Packs Market share, H1 2021/22 to H1 2026/27, 28 week
Slide 12: Delivering our Winning Combination
Delivering our Winning Combination Best ever Strong Nectar Enhancing Structural cost Christmas engagement instore savings and Tanges technology higher productivity October 2026 Interim Results 2026/27
Slide 13: Blathnaid Bergin, Chief Financial Officer
Blathnaid Bergin Chief Financial Officer
Slide 14: Our financial framework
Financials Our financial framework Food volume growth + SG&A/sales reduction + Measured reinvestment in the customer proposition Profit leverage from sales growth J Sainsbury ple October 2026 Fal Robust profitability + Disciplined capital investment Strong sustained cash flows and higher return on c
Slide 15: Total continuing sales growth
Financials Total continuing sales growth Sainsbury’s Sales growth’? H126/27 General Merchandise & Clothing Grocery Sainsbury’s (3.4)% 1 Excl. Fuel 2. Comparatives have been restated to reclassify Argos operations as a discontinued operation 3. Total sales in prior periods as previously presented plu
Slide 16: Total continuing sales growth by quarter
Financials Sainsbury's Total continuing sales growth by quarter Grocery’ General Merchandise Sainsbury's” and Clothing’ 3.5% 3.0% 2.2% 19% Qi Q2 Ql Q2 Qi Q2 (2.9)% (3.7)% 1. Total sales in prior periods as previously presented plus commission on Financial Services 2. Excl. Fuel J Sainsbury ple Octob
Slide 17: Agreed sale of Argos to Swift Partners
Agreed sale of Argos to Swift Partners 2026 2027 2029 October 2026 Argos now reported within non-underlying discontinued operations Cash proceeds of at least £120 million, expected to be offset by separation costs over the three year post completion Non-cash impairment of around £350 million Lease a
Slide 18: Argos discontinued operations pre-tax results
Financials Argos discontinued operations pre-tax results H1 H1 £m 2026/27 2025/26 Operating loss (8) (0) Loss on disposal: - - - Loss on classification as held for sale (215) - - Separation costs (102) - Restructuring and impairment costs (37) (4) Net finance costs (7) (8) Items excluded from underl
Slide 19: Continuing operations underlying profit
Financials Continuing operations underlying profit H1 continuing underlying operating profit’ up 3.6% £1m £18m YoY gos FETA Continuing (ao profit growth H1 25/26 H1 25/26 H1 26/27 Total Continuing Continuing underlying underlying underlying operating operating operating profit profit profit UPBT YoY
Slide 20: Items excluded from continuing underlying pre-tax results
Financials Sainsbury's Items excluded from continuing underlying pre-tax results H1 H1 £m 2026/27 2025/26 Retail restructuring programmes 8 (59) Impairment of non-financial assets - (0) IAS 19 pension income 9 16 Divestment costs (87) (2) Other 10 (18) Items excluded from underlying results — contin
Slide 21: Cash flow metrics
Financials Sainsbury's Cash flow metrics Free Underlying Capital Net debt? Cash Flow” Working Capital expenditure’ movement” H1 H1 25/26 26/27 £(81)m £(75)m Excl. lease Excl. lease liabilities liabilities £84m £67m H1 H1 H1 H1 H1 H1 £(6,527)m £(5,634)m 25/26 26/27 25/26 26/27 25/26 26/27 Incl. lease
Slide 22: Net debt and free cash flow
Financials Net debt and free cash flow H1 H1 £m 2026/27 2025/26" Adjusted net cash from operating activities 931 928 of which working capital movements 67 84 of which pension cash contributions (14) (13) Capital expenditure (376) (447) Disposal proceeds, Interest income 19 B Lease repayments’ (241)
Slide 23: Balance sheet metrics
Financials Sainsbury's Balance sheet metrics Net debt/ Return on 2026/27 Underlying EBITDA” capital employed’ Guidance * We continue to target leverage of net debt to EBITDA 9.0% 9.2% of 3.0x to 2.4x 0% H1 H1 H1 H1 25/26 26/27 25/26 26/27 1. Net debt and underlying EBITDA H1 2025/26 as previously re
Slide 24: Shareholder returns
Financials Sainsbury's Shareholder returns Interim Dividend Shareholder Returns per Share 26/27 £100m 41 41p £100m ro 2026/27 P Bank proceeds remaining buyback Guidance =» £200m * We have completed £200 core buyback million of the previously announced £300 million £500m: share buyback, with the Free
Slide 25: Summary
Summary What we’ve delivered in H1 26/27 * Underlying operating profit growth in a more competitive grocery market * Free cash flow generation in line with expectations ¢ Enhanced cash returns to shareholders £200 million buyback completed in H1 * Agreed sale of Argos to Swift Partners October 2026
Slide 26: Simon Roberts, Chief Executive
Simon Roberts Chief Executive
Slide 27: Next Level Sainsbury's
Sainsbury's Next Level Sainsbury’s We make good food joyful, accessible and affordable for everyone, every day First choice for food wood More Argos, loves more often Attract many more people Save and invest to win Build a world-leading Unleash and transform Save £1 billion and to choose Sainsbury’s
Slide 28: More food choice for more customers
More food choice for more customers Consistent value, every day The leader in freshness, availability and innovation A complementary range of relevant products and services Amore resilient UK food system Interim Results 2026/27
Slide 29: Unique value combination
Unique value combination "ZS @ 11,000 products ° every week 350 million nectar personalised offers each week Biggest in the market’ X 1. Based on average number of products included in Aldi Price Match over the first half October 2026 Interim Results 2026/27
Slide 30: Taste the Difference distinct quality advantage
Consistent strong delivery Taste the Difference...distinct quality advantage First choice for food Highest ever participation... Sainsbury’s Market H122/23 H126/27 ‘L Worldpanel by Numerator Panel, Total Fresh & Grocery exc. Kiosk & Tobacco, Premium OL share of packs in market excluding M&S, Hi 2022
Slide 31: TTD Discovery expanding quality lead
TTD Discovery...expanding quality lead 25% contribution to Taste the Difference growth Doubled Discovery meat, fish and poultry sales’ Growing to over 200 products L Taste the Difference Discovery sales P7 2026/27 v P13 2025/26 October 2026 Interim Results 2026/27
Slide 32: Every channel delivering growth
Consistent strong delivery Every channel delivering growth First choice for food Channel sales growth +27% OnDemand sales growth 95% of stores offering Convenience OnDemand Supermarkets Groceries Online? 1 Groceries Online includes sales through Sainsburys.co.uk and sales through OnDemand channels s
Slide 33: Digital innovation improving customer experience
Consistent strong delivery Digital innovation improving customer experience One integrated app with new features introduced to improve shopping experience Search your store Milton Keynes Store Open 7:00am to 10:00pm AI-driven SmartLists Simpler to plan meals and manage budget Q Gluten free pizza ‘Av
Slide 34: Tu Clothing outperforming the market
Tu Clothing outperforming the market style perception’ improvement in availability best-ever Back to School sales stock accuracy, driven by RFID’ 1. YouGov Brand Tracking, Style, H1 2026/27 vs H1 2025/26 2. Radiofrequency identification October 2026 Interim Results 2026/27
Slide 35: Personalised, rewarding and integrated loyalty
Personalised, rewarding and integrated loyalty Joy and connection beyond transactions World-leading Nectar360 capabilities Strong coalition of partners Always transparent use of data Interim Results 2026/27 35
Slide 36: Accelerating loyalty-led growth
Accelerating loyalty-led growth Taking Nectar to the Next Level ) @&) @ Reward customers Algorithms A winning with points and AI coalition and £ improving customer proposition J Sainsbury ple October 2026 Loyalty everyone loves wii Z o R o E A 6 @ @ CQ Insight that enables Targeting Retail media dee
Slide 37: Driving digital engagement
Driving digital engagement continues to grow ns z Digital Nectar users’ Your Nectar Prices customers’ H1 H1 H1 24/25 25/26 26/27 1 8-week digital active Nectar users—week 28 2026/27 vs 2025/26 2. Your Nectar Prices customers P7 2026/27 vs 2025/26 J Sainsbury ple October 2026 Interim Results 2026/27
Slide 38: Accelerating loyalty-led growth
Accelerating loyalty-led growth gtoyanuren'g Loyalty everyone Personalised recommendations loves Strong results from Nectar digital campaigns: on F; Ss ¢% Over 71,000 we more healthy purchases Sainsbu (te —_ Over 220,000 more Taste the Difference purchases 1. Nectar Healthy Choices and Taste the Dif
Slide 39: Leading the way in UK Retail Media
Accelerating loyalty-led growth Leading the way in UK Retail Media Loyalty everyone loves transforming how we grow brands UK’s First IAB accredited retail media network’ c.5,000 digital screens by year-end 26/27 On track £100m incremental retail media profit over 3 years 1. IAB Europe is the Europea
Slide 40: Pollen delivering best in class omnichannel campaigns
Accelerating loyalty-led growth Loyalty everyone Pollen delivering best in class omnichannel campaigns [iz Onsite - Sainsburys.co.uk Instore Activation Offsite Media coca-cola JOY A CINEMA ENON CKET GREAT TASTE For EVERY OCCASION Lele oul Don't forget your SA Nectar points hen you shop ft 8 million
Slide 41: Famous for convenience
Famous for convenience Inspiring choice, always great value Supercharged digital capabilities Accessible and relevant credit, care and services Smarter, simpler service and stock flow Interim Results 2026/27
Slide 42: Securing a stronger future for Argos
Securing a stronger future for Argos October 2026 Interim Results 2026/27
Slide 43: Save and invest to win
Save and invest to win Save £1 billion and invest in transforming our capabilities — taking another big leap forward in efficiency, productivity and customer focus, continuing to build a platform for growth Save and invest to win * £1 billion of structural cost reduction ° Well-invested technology p
Slide 44: Investing for long-term strength
Investing for long-term strength Save and invest Strong operating cost savings towin On track to deliver £1.3bn savings delivered £1bn —_+—_, cost savings: £1bn savings commitment >, 17/18 18/19 19/20 20/21 21/22 22/23 23/24 24/25 25/26 26/27 J Sainsbury ple October 2026 Interim Results 2026/27 44
Slide 45: Technology & AI driving productivity
Investing for long-term strength Technology & AI driving productivity Save and Facial recognition technology improving colleague safety Self checkout analytics improving loss prevention SmartShop handsets +20% now in all supermarkets Optimised reductions reducing waste, improving efficiency J Sainsb
Slide 46: Our Commitments
Sainsbury's Our Commitments Food volume growth ahead of the market Deliver profit leverage from sales growth Customer satisfaction higher 26/27 vs 23/24 £1bn cost savings over three years to 26/27 Colleague engagement higher 26/27 vs 23/24 £1.6bn+ Retail free cash flow over three years to 26/27 Deli
Slide 47: Balanced choices delivering for all stakeholders
Balanced choices delivering for all stakeholders Trusted position Leading on and loyalty platform in technology and efficiency for shareholders October 2026 Interim Results 2026/27
Slide 48: Appendix
WY) Y U fed Append
Slide 49: Continuing operations guidance for 2026/27
Appendix Sainsbury's Continuing operations guidance for 2026/27 Profit * We expect to deliver underlying operating profit from continuing operations of between £1,025 million and £1,065 million Finance costs * We expect underlying net finance costs in 2026/27 to be between £300 million and £310 mill
Slide 50: Capital allocation framework: long-term value creation
Appendix Capital allocation framework: long-term value creation 1 Invest in the business to support FY25-FY27: £800-£850m capex per annum, our strategy Retail free cash flow £1.6bn+ 2 A solid investment grade eeu Target leverage of 3.0x-2.4x net debt/EBITDA Deliver strong dividends for 3 shareholder
Slide 51: Sales growth by quarter
Appendix Sainsbury's Sales growth by quarter 2025/26 2026/27 Like-for-like sales performance (%) Qi Q2 Q3 Q4 Qi Q2 H1 Like-for-like sales (exc. fuel) 4.8% 5.1% 44% 3.7% 2.3% 1.2% 1.9% Like-for-like sales (inc. fuel) 2.0% 3.3% 3.7% 1.9% 42% 3.4% 3.9% Total sales performance (%) Qi Q2 Q3 Q4 Qi Q2 H1 S
Slide 52: Continuing sales performance by channel
Appendix Continuing sales performance by channel Sainsbury's H1 H1 2026/27 2025/26! Total sales performance by channel % % Supermarkets, 16 3.4 Groceries Online (inc. OnDemand)? 9.0 B4 Convenience 08 27 1. Comparatives have been restated to present Argos operations as a discontinued operation 2. Gro
Slide 53: Continuing underlying operating profit
Appendix Sainsbury's Continuing underlying operating profit As of 12 September 2026 H1 H1 2026/27 2025/26 Change Underlying sales (exc. VAT, inc fuel)? £m 16,243 15,596 4.1% Underlying EBITDA? £m 1,115 1,085 2.8% Underlying EBITDA margin* % 6.86 6.96 (10)bps Underlying operating profit® £m 525 507 3
Slide 54: Cash flow and net debt
Appendix Sainsbury's Cash flow and net debt’ H1 26/27 Cash Flow a Adjustments for Non D&A, share based | imating aera & other ae lore? 1,129 Cam “(2 Capital capital expenditure movements (227) Net interest lu paid, ease corporation 2 repayments? orainen tax (376) Proceeds Dividends di On 1 333 paid
Slide 55: Financial metrics
Appendix Sainsbu rys Financial metrics As of 12 September 2026 H1 H1 2026/27 2025/26 Return on capital employed" 9.2% 9.0% Net debt to EBITDA?3 2.6x 2.5x Fixed charge cover* 2.8x 2.8x Underlying tax rate 29.0% 29.9% 1 Comparatives are as originally reported. Return is defined as a 52 week rolling un
Slide 56: Debt and liquidity
Appendix Sainsbury's Debt and liquidity Borrowing Facility Maturities! Investment Grade credit ratings with Moody’s £700m » Revolving Credit Facility (Baa3 stable) and Standard & Poor’s (BBB stable) £600m == maintained €500m ' £5bn Euro Medium Term Note programme f established in January 2025, £400m
Slide 57: Sainsbury's sales area and store numbers
Appendix Sainsbury’s sales area and store numbers Sainsbury's As at 12 September 2026 Supermarkets Convenience Total Area Area Area (‘000 sqft) Number (‘000 sqft) Number (‘000 sqft) Number Opening figures 25/26 21,139 609 Opening figures 25/26 2,120 885 Opening figures 25/26 23,259 1,494 Newstores =
Slide 58: Sainsbury's store estate
Appendix Sainsbury’s store estate As at 12 September 2026 Number of stores Under 10,000to 20,000to 40,000 to Over Sq ft sales area 10,000 20,000 40,000 60,000 60,000 Total Convenience 899 - - - - 899 Supermarkets 45 122 191 189 64 611 Total stores 944 122 191 189 64 1,510 Space by store size (‘000 s
Slide 59: Sainsbury's store openings and closures
Appendix Sainsbury’s store openings and closures H1 2026/27 Supermarket Convenience New stores New stores Sutton Coldfield Brighton University Local Manchester Airport Local Dumfries Lond Bridge St Thomas Street Local Ryhope South Willow Farm Local Bermondsey Southwark Park Rd Local Kingston Station
Slide 60: Plc Board
Appendix Sainsbu rys Plc Board Martin Scicluna Simon Roberts Blathnaid Bergin Jo Bertram Katie Bickerstaffe Steve Hare Chair Chief Executive Chief Financial Officer Non-Executive Director Non-Executive Director Non-Executive Director ws Jo Harlow Adrian Hennah Tanuj Kapilashrami Keith Weed CBE Nick
Slide 61: Plc Board
Appendix Plc Board Martin Scicluna Chair Date of Appointment: November 2018 (Chair from March 2019) Committee members: + Corporate Responsibility and Sustainability Committee + Nomination and Governance Committee (Chair) Key competencies: Martin brings a wealth of experience from over 30 years” serv
Slide 62: Plc Board
Appendix Plc Board Jo Bertram Non-Executive Director Date of Appointment: July 2022 Committee members: * Corporate Responsibility and Sustainability Committee + Nomination and Governance Committee Key competencies: Jois an experienced strategic business leader with a track record of leading complex
Slide 63: Plc Board
Appendix Plc Board Jo Harlow Non-Executive Director Date of Appointment: September 2017 Committee members: + Corporate Responsibility and Sustainability Committee * Nomination and Governance Committee + Remuneration Committee (Chair) Key competencies: Jo brings a wealth of experience in consumer-fac
Slide 64: Plc Board
Appendix Plc Board Tanuj Kapilashrami Non-Executive Director Date of Appointment: July 2020 Committee members: * Nomination and Governance Committee * Remuneration Committee Key competencies: Tanujis an international banker with significant experience in strategy, transformation, talent and change m
Slide 65: Operating Board
Appendix Sainsbu rys Operating Board Simon Roberts Blathnaid Bergin Rhian Bartlett Graham Biggart Chief Executive Chief Financial Officer Chief Commercial Managing Director Argos and Sustainability Officer Tracey Clements Patrick Dunne Mark Given Chief Retail, Logistics Chief Property and Procuremen
Slide 66: Operating Board
Appendix Operating Board Simon Roberts Chief Executive See Appendix 13 Blathnaid Bergin Chief Financial Officer See Appendix 13 J Sainsbury ple October 2026 Rhian Bartlett Chief Commercial and Sustainability Officer Date of Appointment: November 2020 Key competencies: Rhian joined the Operating Boar
Slide 67: Operating Board
Operating Board Tracey Clements Chief Retail, Logistics and Supply Chain Officer Date of Appointment: March 2022 Key competencies: Tracey joined the Operating Board as Chief Retail, Logistics and Supply Officer in September 2025. In her role, Tracey oversees Sainsbury's Retail, Digital, Customer Exp
Slide 68: Supplementary financial details
Appendix Supplementary financial details 1. Weighted average number of shares 3. Dividend H1 H1 2026/27 2025/26 2026/27 2025/26 Interim 4.1p 4.1p Weighted average number 2,220.1 2,291.9 : of shares (m) Final 9.6p Diluted weighted average 2,265.7 2,329.7 Total 3B.7p number of shares (m) Special 11.0p