Victoria Plc · LSE:VCP
Victoria — H1 FY2026 Earnings Presentation
35 slides from Victoria's earnings presentation, Dec 17, 2025
Slide 1: Interim results for FY2026
Interim results for FY2026 17 December 2025
Slide 2: Overview of H1 FY2026
Overview of H1 FY2026 REVENUE1 EBITDA1 NET DEBT2 £528.7m £53.5m £1,003.9m -7.0% growth 10.1% margin H1 FY25 £568.8m H1 FY25 £50.2m, 8.8% margin H1 FY25 £897.9m NET FREE CASH PRE-TAX LOSS1 FLOW/SHARE3 LEVERAGE2 £15.4m £0.29 8.6x H1 FY25 £13.6m H1 FY25 £0.28 H1 FY25 7.4x Note 1. Revenue, EBITDA and PB
Slide 3: Executive summary
Executive summary VICTORIA PLC
Slide 4: Executive summary
Executive summary • Resilient performance, amidst backdrop of mixed macroeconomic conditions, with ongoing improvement in average selling prices mitigating lower volumes • Demand environment remained soft, at circa 20-25% below long-term trend • Improving top-line trend seen through the first half •
Slide 5: FY2026 Interim Financial Report
FY2026 Interim Financial Report 4
Slide 6: Performance overview
Performance overview Underlying P&L H1 FY2026 H1 FY2025 UK & UK & UK & Europe UK & Europe Europe – North Europe – Australia Central costs TOTAL – soft – ceramic Australia North America Central costs TOTAL ceramic America soft flooring flooring tiles tiles £m Volumes (m sqm) 54.7 15.9 11.4 3.4 - 85.3
Slide 7: Divisional revenue drivers
Divisional revenue drivers Revenue (£m) 580.0 UK & Europe – UK & Europe – soft flooring ceramic tiles Australia North America 570.0 568.8 560.0 15.0 550.0 (13.1) (25.6) 540.0 (3.6) - (1.9) (2.2) 530.0 528.7 (8.7) 520.0 -9.0% 5.3% -8.6% -2.4% -3.4% -4.1% 0.0% -11.2% 510.0 500.0 Revenue Volume ASP Vol
Slide 8: Divisional EBITDA drivers
Divisional EBITDA drivers EBITDA (£m) 55.0 UK & Europe – UK & Europe – Central soft flooring ceramic tiles Australia North America costs 54.0 4.1 1.3 53.5 53.0 1.4 52.0 0.6 51.0 (2.2) (0.2) (0.3) 50.2 (0.5) 50.0 (0.9) 49.0 -3.7% +1.4% -11.0% -0.2% -7.5% +1.2% -11.2% +2.0% 48.0 EBITDA Revenue Margin
Slide 9: Non-underlying items
Non-underlying items Limited cash spend on exceptional items beyond the refinancing, relocation of rug manufacturing now provided for at HY Non-underlying items, £m H1 FY2026 H1 FY2025 Exceptional items Acquisition and disposal related costs (0.2) (0.3) Reorganisation costs (cash) (4.0) (0.3) Reorga
Slide 10: Cash generation
Cash generation Ongoing investments in capex to drive EBITDA improvements £8.0m Free cash flow before capex and exceptional items Note 1. Net debt shown before right-of-use lease liabilities, bond premia and prepaid finance costs, consistent with the measure used by our lending banks 9
Slide 11: Net debt overview
Net debt overview Victoria benefits from a diversified lender base £m H1 FY2026 H1 FY2025 YE FY2025 Net cash and cash equivalents 86.6 68.8 56.6 Super Senior Credit Facility1 (130.9) (15.2) (44.2) Senior secured notes1 (690.1) (618.0) (624.0) Bank loans and other facilities (45.3) (68.3) (50.7) Obli
Slide 12: Victoria has addressed its near-term maturities
Victoria has addressed its near-term maturities, and continues to engage with finance providers to strengthen its capital structure • The refinancing over the summer had two key components: o A new £130m Super Senior Credit Facility to refinance the existing super senior revolving credit facility in
Slide 13: Operational overview
Operational overview EE VICTORIA PLC
Slide 14: UK & Europe – Soft Flooring
UK & Europe – Soft Flooring Strong performance in key markets and positive margin trajectory £'m H1 FY26 H1 FY25 Growth Volumes 54.7 million sqm 60.1 million sqm -9.0% Revenue 274.2 million 284.8 million -3.7% Underlying EBITDA 28.6 million 25.5 million 12.2% Underlying EBITDA margin 10.4% 9.0% +148
Slide 15: UK & Europe – Soft Flooring (continued)
UK & Europe – Soft Flooring (continued) Balta reorganisation progressing on-schedule, but weighing on short term performance Rugs business – H1 financials £'m H1 FY26 H1 FY25 Growth FY25 Volumes 20.5 million sqm 23.2 million sqm -11.6% 50.4 million sqm Revenue 86.7 million 94.5 million -8.3% 205.9 m
Slide 16: UK & Europe – Ceramic Tiles
UK & Europe – Ceramic Tiles Organisational improvements progressing well £'m H1 FY26 H1 FY25 Growth Volumes 15.9 million sqm 17.4 million sqm -8.6% Revenue 134.7 million 151.4 million -11.0% Underlying EBITDA 17.1 million 19.5 million -12.3% Underlying EBITDA margin 12.7% 12.9% -18 bps Underlying EB
Slide 17: Australia
Australia Strong pricing performance, offset by impact of weakened AUD £'m H1 FY26 H1 FY25 Growth Volumes 11.4 million sqm 11.8 million sqm -3.4% Revenue 50.6 million 54.7 million -7.5% Underlying EBITDA 7.3 million 7.2 million 1.4% Underlying EBITDA margin 14.4% 13.2% +126 bps Underlying EBIT 4.6 m
Slide 18: North America
North America Cost savings offsetting market volatility £'m H1 FY26 H1 FY25 Growth Volumes 3.4 million sqm 3.4 million sqm 0.0% Revenue 69.2 million 77.9 million -11.2% Underlying EBITDA 3.5 million 2.4 million 45.8% Underlying EBITDA margin 5.1% 3.1% +198 bps Underlying EBIT 0.7 million -0.5 millio
Slide 19: EBITDA improvement initiatives
EBITDA improvement initiatives 18
Slide 20: Significant progress on EBITDA improvement initiatives in FY26
Significant progress has been made on our EBITDA improvement initiatives in FY26 Further EBITDA improvements to be executed in FY26/27 Key Commentary 30 50 • All operational steps to achieve targeted £20m of EBITDA improvement initiatives in FY26 have now been completed 10 • These have been largely
Slide 21: Successful delivery on £20m+ FY2026 EBITDA improvement initiatives
Successful delivery on £20m+ FY2026 EBITDA improvement initiatives Completed projects Benefit in Incremental Project Name Division Description FY26 benefit in FY27 Manufacturing efficiencies and reorg Project Andes 2 Rugs Balta reorganisation ✓ ✓ Project Sunrise Rugs Relocation of yarn extrusion bas
Slide 22: V4 Spanish ceramics line successfully commissioned
V4 Spanish ceramics line successfully commissioned, which will deliver approximately €15m EBITDA at full capacity • The V4 manufacturing facility was successfully commissioned in 5.0m sqm capacity Approximately €15m November in line expectations, after two years of development per annum EBITDA at ca
Slide 23: Rugs reorganisation on schedule to deliver cost savings
Rugs reorganisation on schedule to deliver significant manufacturing cost savings through FY2027 500 person Cash cost largely • Successful conclusion of negotiations with the unions concluded reduction in Belgian offset by property as anticipated in October headcount sales • Management, design capab
Slide 24: Rugs reorganisation largely funded through Belgian property sales
The Rugs reorganisation will be largely funded through sales of the properties in Belgium • The Balta business has significant attractive property holdings • Sales processes have commenced on key assets • Initial completions expected in H1 calendar 2026 ahead of significant social plan costs • Multi
Slide 25: Targeted cashflow and liquidity improvements
Targeted cashflow and liquidity improvements 1. Capex guidance reduced to £50-55m p.a. consisting of c. £40m of maintenance capex, and £10-15m expansion capex (excluding Balta reorganisation) 2. Working capital improvement of £40m (at current volumes) • Reduction in overdue receivables • Inventory r
Slide 26: Governance and controls improvements
Governance and controls improvements 25
Slide 27: Ongoing governance and controls improvements
Ongoing governance and controls improvements Strengthening governance and controls remains a key focus for the board Wide-ranging improvements being rapidly executed: • Numerous local management teams strengthened • Refresh of core policies and training programme initiated • Strengthened internal au
Slide 28: Outlook and cyclical recovery
Outlook and cyclical recovery • Despite recent challenging market conditions, circa 20-25% below long-term trend, strong track record of success prior and positive long-term trajectory • Integration and cost reduction initiatives have strengthened differentiation and expanded share in important terr
Slide 29: Appendix
Appendix 28
Slide 30: Debt structure overview
Debt structure overview Drawn Annual Maturity Coupon* £m amount interest** Super Senior Credit Facility - £130m (EUR/USD equivalent) Jan-2030 130.9 Base + 600bps ~10.3 Senior Secured Notes due 2029 (First Priority Notes) - €612m Jul-2029 534.0 9.875% ~53.0 Senior Secured Notes due 2028 - €167m Mar-2
Slide 31: Group overview
Group overview UNITED KINGDOM ~.Hartlepool, County Durham Sales & marketing Distribution Keighley, Dewsbury, West Yorkshire West Yorkshire Underlay production Carpet production Sales & marketing Sales & marketing -p Distribution Distribution Worcester, a Worcestershire Rossendale, Lancashire Underla
Slide 32: Group overview – cont'd
Group overview – cont’d Leading market position Group revenue by destination • Key markets in Europe, North America, and Australia • Manufacturing and distribution, with operations within primary markets served – majority of sales are domestic 12% UK & Ireland 26% • Leading positions within key mark
Slide 33: Net debt overview – Pre IFRS 16
Net debt overview – Pre IFRS 16 Net debt - Pre IFRS16 £m H1 FY2026 H1 FY2025 YE FY2025 Net cash and cash equivalents 86.6 68.8 56.6 Super Senior Credit Facility1 (130.9) (15.2) (44.2) Senior secured notes1 (690.1) (618.0) (624.0) Bank loans and other facilities (45.3) (68.3) (50.7) Finance leases an
Slide 34: Shareholder register
Shareholder register Rank Investor Name Holding as of Nov 2025 % IC 1. Mr Geoffrey Wilding 22,438,650 19.6 2. Morgan Stanley Investment Mgt 13,648,168 11.9 3. KED Victoria Investments 12,500,000 10.9 4. Mr M. Karim 7,920,168 6.9 5. Philosophy Capital Mgt 7,197,252 6.3 6. Hargreaves Lansdown 4,963,95
Slide 35: Disclaimer
Disclaimer • The information contained in this confidential document (“Presentation”) has been prepared by Victoria PLC (the “Company”). The information in this Presentation does not purport to be comprehensive and has not been verified by the Company and is subject to material updating, revision an