Travis Perkins Plc · LSE:TPK
Travis Perkins — FY2025 Earnings Presentation
30 slides from Travis Perkins's earnings presentation, March 2026
Slide 1: 2025 Full Year Results
2025 Full Year Results March 2026
Slide 2: Agenda
02 05 14 INTRODUCTION FINANCIAL REVIEW BUSINESS OVERVIEW Introduction Financial review Business overview 24 25 29 Q&A APPENDICES CONTACT Q&A Appendices Contact TRAVIS PERKINS PLC / 2025 Full Year Results / March 2026 1
Slide 3: Introduction
Introduction INTRODUCTION Gavin Slark, CEO FINANCIAL REVIEW BUSINESS OVERVIEW Q&A APPENDICES CONTACT TRAVIS PERKINS PLC / 2025 Full Year Results / March 2026 2
Slide 4: The business has been through a significant period of change
INTRODUCTION The business has FINANCIAL REVIEW • Aspiration to build a truly world-class business been through a • New leadership team in place significant period BUSINESS OVERVIEW • A disciplined approach to margin, cost and capital allocation of change • Oracle transition challenges behind Q&A us
Slide 5: Financial overview
INTRODUCTION Financial overview FINANCIAL REVIEW Year ended 31 December 2025 BUSINESS OVERVIEW (£m unless otherwise stated) 2025 2024 Change Revenue 4,565 4,607 (0.9)% Adjusted operating profit 133 152 (12.5)% Q&A Net (cash) / debt before leases (1) 191 192 APPENDICES CONTACT TRAVIS PERKINS PLC / 20
Slide 6: Financial review
Financial INTRODUCTION review FINANCIAL REVIEW Duncan Cooper, CFO BUSINESS OVERVIEW Q&A APPENDICES CONTACT TRAVIS PERKINS PLC / 2025 Full Year Results / March 2026 5
Slide 7: Financial overview
Financial overview INTRODUCTION Year ended 31 December 2025 FINANCIAL REVIEW (£m unless otherwise stated) 2025 2024 Change Revenue 4,565 4,607 (0.9)% BUSINESS OVERVIEW Adjusted operating profit 133 152 (12.5)% Adjusted earnings per share (pence) 30.8p 36.6p (15.8)% Net (cash) / debt before leases (1
Slide 8: Operational challenges in H1 recede as sharper competitive proposition drives H2 recovery
Operational challenges in H1 recede INTRODUCTION as sharper competitive proposition drives H2 recovery FINANCIAL REVIEW Year ended 31 December 2025 • Oracle implementation and (£m unless otherwise stated) key vacancies impacted H1 • Q3 price investment, promotional activity and refreshed incentive p
Slide 9: Ongoing overhead discipline supports price investment to drive volume recovery
Ongoing overhead discipline supports price investment INTRODUCTION to drive volume recovery and retake market share FINANCIAL REVIEW Year ended 31 December 2025 • One fewer trading day (£m unless otherwise stated) • Cost inflation driven by National Insurance, National Living Wage and Property costs
Slide 10: Proactive management of cost inflation alongside structural reductions to headcount
Proactive management of cost inflation INTRODUCTION alongside structural reductions to headcount FINANCIAL REVIEW 2025 2026 • Recruitment of 350 customer-facing • Identify further operational BUSINESS OVERVIEW roles and selective openings of new efficiencies across the Group stores / branches • Simi
Slide 11: Adjusting items
Adjusting items INTRODUCTION FINANCIAL REVIEW Year ended 31 December 2025 • CCF and Merchanting branch (£m unless otherwise stated) 2025 2024 YoY impairments based on future forecasts Merchanting impairments 111 63 48 • Toolstation Benelux goodwill and Toolstation Europe impairments assets written-o
Slide 12: A clear focus on cash generation to fuel the Group's recovery
A clear focus on cash generation INTRODUCTION to fuel the Group’s recovery FINANCIAL REVIEW Year ended 31 December 2025 • Strong focus on working capital drives (£m unless otherwise stated) 2025 2024 significant inflow EBITDA 288 332 • Careful approach to credit given Access costs / market backdrop
Slide 13: Robust balance sheet now in place as Group moves to net cash pre leases
Robust balance sheet now in place INTRODUCTION as Group moves to net cash pre leases FINANCIAL REVIEW Year ended 31 December 2025 31 Dec 31 Dec • Net debt reduces sharply as (£m unless otherwise stated) 2025 2024 Change Covenant combination of factors take effect Net debt £621m £845m £224m • Sustain
Slide 14: Outlook and guidance
Outlook and guidance INTRODUCTION Current trading and outlook Guidance FINANCIAL REVIEW • Economic and geopolitical • Group ETR of 30% environment to remain uncertain • Base capital expenditure BUSINESS OVERVIEW • Continued focus on cost discipline of c. £80m and cash generation • Property profits o
Slide 15: Business overview
Business overview INTRODUCTION Gavin Slark, CEO FINANCIAL REVIEW BUSINESS OVERVIEW Q&A APPENDICES CONTACT TRAVIS PERKINS PLC / 2025 Full Year Results / March 2026 14
Slide 16: Three tiers in the Group
Three tiers INTRODUCTION in the Group FINANCIAL REVIEW Tier 1 Tier 2 Tier 3 BUSINESS OVERVIEW Benelux Q&A • These businesses are already • In broad terms these two • £11m loss last year and has been delivering a sustainable return businesses are trading at a perennial loss maker break even • The pri
Slide 17: Travis Perkins General Merchant
INTRODUCTION Travis Perkins FINANCIAL REVIEW • #1 market position • 579 branches General Merchant • Sub brands Benchmarx, Hire and BUSINESS OVERVIEW Managed Services • MD Rich Lavin • Opportunities in ranging, sourcing Q&A and logistics • Largest turnover APPENDICES CONTACT TRAVIS PERKINS PLC / 2025
Slide 18: Toolstation UK
INTRODUCTION Toolstation UK FINANCIAL REVIEW • #2 market position • 590 stores • MD Lakhvir Sanghera BUSINESS OVERVIEW • Single largest profit maker in the Group • Up to 20 new stores planned for 2026 Q&A • Synergy opportunities with Travis Perkins General Merchant • New demand planning and forecast
Slide 19: BSS
INTRODUCTION BSS FINANCIAL REVIEW • #1 in its market • 54 branches • MD Josie Crowe BUSINESS OVERVIEW • Unique distribution support • National Accounts: A market-leading offering that is unrivalled by Q&A competitors • Technical Support: Experts available to support the product and service needs APP
Slide 20: Keyline
INTRODUCTION Keyline FINANCIAL REVIEW • #1 market position • 41 branches • MD Huw Jenkins BUSINESS OVERVIEW • 53% is delivered directly, and 47% is through the yard • 82% of yard business is delivered Q&A through comprehensive logistics network • Significant growth opportunity APPENDICES in infrastr
Slide 21: CCF
INTRODUCTION CCF FINANCIAL REVIEW • This is a structurally challenged business • Over 65% of the business is dry lining BUSINESS OVERVIEW • #2 in its market • 37 branches • MD Chris Knight Q&A • Synergy opportunities with Travis Perkins General Merchant • We need to explore the most effective APPEND
Slide 22: TF Solutions
INTRODUCTION TF Solutions FINANCIAL REVIEW • 16 branches • MD James Boswell • A specialist distributor in air BUSINESS OVERVIEW conditioning and refrigeration • Technology upgrades later in the year • Potential logistics efficiencies with Q&A Toolstation UK • Digital catalogue being launched APPENDI
Slide 23: Toolstation Benelux
INTRODUCTION Benelux Toolstation FINANCIAL REVIEW • 109 locations – 93 in the Netherlands and 16 in Belgium Benelux • The business has been loss making for a number of years BUSINESS OVERVIEW • Reviewing all strategic options and we will update on this no later than the Half Year Results Q&A APPENDI
Slide 24: Summary
Summary INTRODUCTION FINANCIAL REVIEW 1. A new leadership team with a 4. Underlying financial strength gives simplified reporting structure the Group resilience and optionality BUSINESS OVERVIEW 2. Identified improvement opportunities 5. Culturally we are a branch-based, across all businesses sales-
Slide 25: Q&A
24 INTRODUCTION FINANCIAL REVIEW BUSINESS OVERVIEW Q&A APPENDICES CONTACT TRAVIS PERKINS PLC / 2025 Full Year Results / March 2026 Q&A
Slide 26: Appendices
Appendices INTRODUCTION FINANCIAL REVIEW BUSINESS OVERVIEW Q&A APPENDICES CONTACT TRAVIS PERKINS PLC / 2025 Full Year Results / March 2026 25
Slide 27: Definitions
Definitions INTRODUCTION Metric Definition FINANCIAL REVIEW Operating profit Profit before tax, financing charges and income Earnings per share (‘EPS’) Ratio of net profit after taxation adjusted for minority interests to weighted number of ordinary shares outstanding Adjusted operating profit / Ope
Slide 28: Sales drivers by reporting segment
Sales drivers by reporting segment INTRODUCTION (% unless otherwise stated) Merchanting Toolstation Total Group FINANCIAL REVIEW Total revenue Q1 Q2 H1 Q3 Q4 H2 FY Q1 Q2 H1 Q3 Q4 H2 FY Q1 Q2 H1 Q3 Q4 H2 FY 2025 (3.5) (2.7) (3.1) (0.3) (0.2) (0.2) (1.7) 2.8 2.7 2.7 3.0 2.0 2.5 2.7 (2.4) (1.8) (2.1) 0
Slide 29: Branch numbers
Branch numbers INTRODUCTION Year ended 31 December 2025 31 Dec 2024 Openings Closures 31 Dec 2025 FINANCIAL REVIEW Travis Perkins General Merchant 549 3 (1) 551 Benchmarx1 28 – – 28 Keyline 41 – – 41 BUSINESS OVERVIEW CCF 37 – – 37 BSS 54 – – 54 TF Solutions 15 1 – 16 Q&A Merchanting 724 4 (1) 727 T
Slide 30: Contact
INTRODUCTION FINANCIAL REVIEW BUSINESS OVERVIEW Strong customer and supplier relationships Comprehensive UK network Toolstation growth potential Q&A APPENDICES Contact Duncan Cooper [email protected] CONTACT Unique portfolio of brands Experienced people 29