Victoria Plc · LSE:VCP
Victoria — FY2025 Earnings Presentation
33 slides from Victoria's earnings presentation, Jul 24, 2025
Slide 1: Investor Presentation 24 July 2025
Investor Presentation 24 July 2025 Preliminary Results for Year Ended 29 March 2025
Slide 2: Overview of FY2025
Overview of FY2025 REVENUE1 EBITDA1 NET DEBT2 £1,115.2m £113.7m £897.9m FY24 £1,226.4m 10.2% margin FY24 £840.0m FY24 £159.0m, 13.0% margin PRE-TAX LOSS1 NET FREE CASH LEVERAGE2 FLOW/SHARE3 £11.5m £0.40 7.9x FY24 £31.1m Profit FY24 £0.95 FY24 5.3x Note 1. Revenue, EBITDA and EBIT shown on a continui
Slide 3: Executive summary
Executive summary VICTORIA PLC
Slide 4: Executive summary
Executive summary 1. Demand remained soft in FY2025 at c. 15-25% below 2019 levels across different geographies 2. Cost savings targeted, of £32m in FY25 delivered or on-track 3. Benefits of these are already being seen across the business, with the final quarter of the year showing the strongest ma
Slide 5: Track record and current context
Track record and current context - Victoria has a strong track record of compound EBITDA growth - Current cyclical downturn has impacted both revenues and margins - Margins in FY2025 were approximately half the last six-year peak - Self-help cost savings targeted will return the company to a mid-tee
Slide 6: FY2025 Financial Report
FY2025 Financial Report f VICTORIA PLC
Slide 7: FY2025 overview
FY2025 overview H2 weighted EBITDA demonstrating early impact of self-help initiatives Underlying P&L FY2025 FY2024 UK & UK & UK & UK & Europe – Europe – North Central Europe – Europe – North Central Australia H1 H2 TOTAL Australia TOTAL Soft Ceramic America costs Soft Ceramic America costs £m Floor
Slide 8: Divisional revenue drivers
Divisional revenue drivers Revenue (£m) 1,300 UK & Europe – UK & Europe – soft flooring ceramic tiles Australia North America 1,250 1,226.4 (1.0) 1,200 (53.9) 1,150 1.9 (29.5) 1,115.2 (11.1) (4.3) (2.4) 1,100 (10.9) 1,050 1,000 Revenue Volume ASP Volume ASP Volume ASP Volume ASP Revenue FY24 FY25 7
Slide 9: Divisional EBITDA drivers
Divisional EBITDA drivers EBITDA (£m) 170 UK & Europe – UK & Europe – Central soft flooring ceramic tiles Australia North America costs 160 159.0 150 (7.2) 140 (11.3) 130 (7.4) 120 0.9 0.7 113.7 (16.4) (0.3) (1.0) 110 (3.3) 100 90 80 EBITDA Revenue Margin Revenue Margin Revenue Margin Revenue Margin
Slide 10: Non-underlying items
Non-underlying items Limited cash spend on exceptional items FY2025 FY2024 Non-underlying items, £m Exceptional items Acquisition and disposal related costs (0.9) (1.0) Reorganisation, re-financing and other costs (cash) (15.8) (19.4) Gain on disposal of assets and investments 1.9 - Loss on disposal
Slide 11: Cash generation
Cash generation Ongoing investments in capex and self-help initiatives to drive future performance FY25 cashflows (£m) 150m 113.7m 100m (39.6m) (3.7m) 50m (25.3m) - (32.7m) (1.7m) 58.9m (50m) (46.9m) (13.3m) (26.1m) (10.9m) (57.9m) (100m) 10.7m Free cash flow before capex (30.3m) and exceptional ite
Slide 12: Net debt overview – Post IFRS 16
Net debt overview – Post IFRS 16 Victoria benefits from a diversified lender base £m FY2025 FY2024 Net cash and cash equivalents 56.6 72.8 Super senior RCF1 (44.2) (10.3) Senior secured notes1 (624.0) (633.9) Bank loans and other facilities (50.7) (62.4) Obligations under right-of-use leases (189.8)
Slide 13: Refinancing overview
Refinancing overview EE VICTORIA PLC
Slide 14: Refinancing Overview
Refinancing Overview Near term maturities to be addressed through a new super senior facility and exchange of 2026 bonds into new 2029 First Priority Senior Secured Notes • The refinancing has two key components: o New £130m Super Senior Credit Facility to refinance the existing super senior revolvi
Slide 15: Pro Forma Capital Structure
Pro Forma Capital Structure The transaction achieves a material extension of the maturity runway, creating a clear path for organic deleveraging through cost synergies and returning market demand Capital Structure (Mar-25) Amount1 Net Leverage2 Post Transaction Year-1 Interest £m Pre-Transaction ∆ P
Slide 16: Operational overview
Operational overview EE VICTORIA PLC
Slide 17: UK & Europe – Soft Flooring
UK & Europe – Soft Flooring Strong operating improvements in the rest of the division masked by weak rug performance FY2025 FY2024 Growth Volumes 123.8 m sqm 124.0 m sqm -0.2% Revenue 581.2 m 636.2 m -8.6% Underlying EBITDA 64.3 m 82.8 m -22.3% Underlying EBITDA margin 11.1% 13.0% -195 bps Underlyin
Slide 18: UK & Europe – Ceramic Tiles
UK & Europe – Ceramic Tiles Management changes and cost base reductions being implemented to address weak volumes in FY25 FY2025 FY2024 Growth Volumes 32.6 m sqm 35.9 m sqm -9.1% Revenue 280.2 m 320.8 m -12.6% Underlying EBITDA 34.9 m 58.7 m -40.5% Underlying EBITDA margin 12.5% 18.3% -582 bps Under
Slide 19: Australia
Australia Stable margins despite softer ASP FY2025 FY2024 Growth Volumes 22.7 m sqm 22.3 m sqm 1.8% Revenue 103.7 m 106.1 m -2.3% Underlying EBITDA 14.0 m 13.4 m 3.9% Underlying EBITDA margin 13.5% 12.7% +80 bps Underlying EBIT 8.6 m 8.7 m -1.7% Underlying EBIT margin 8.3% 8.2% +6 bps • Margin has b
Slide 20: North America
North America Improved margins in H2 with further upside to come FY2025 FY2024 Growth Volumes 6.7 m sqm 6.8 m sqm -2.0% Revenue 150.0 m 163.3 m -8.1% Underlying EBITDA 7.5 m 11.8 m -36.5% Underlying EBITDA margin 5.0% 7.3% -224 bps Underlying EBIT 2.1 m 6.8 m -68.9% Underlying EBIT margin 1.4% 4.1%
Slide 21: Driving performance
Driving performance EE VICTORIA PLC
Slide 22: New CFO – initial observations
New CFO – initial observations 1. Strong divisional teams with a desire to win in their local markets 2. Leading market positions across numerous business units 3. Differentiated offering through brands, broad customer base and physical distribution capabilities in high value end-markets 4. Deeply c
Slide 23: Areas of focus
Areas of focus 1. Providing clarity of group strategy and financial targets 2. Improved communication internally and externally 3. Ongoing strengthening of governance and controls 4. Leverage the advantages of being a large competitor in our markets 5. Increase emphasis on capital allocation and ret
Slide 24: £32m cost savings targeted in FY25 delivered and on track
£32m cost savings targeted in FY25 delivered and on track Benefits of cost reduction projects (per annum) £m In FY2025 In FY2026 Balta Rugs reorganisation 5.0 10.0 UK distribution integration 1.0 5.0 UK underlay integration 1.0 4.0 Spanish ceramic plant upgrade - 3.0 Cali Flooring reorganisa
Slide 25: c.£50m further cost savings targeted by end of FY2027
c.£50m further cost savings targeted to be achieved by end of FY2027 Further savings to be executed in FY2026/2027 60 • Projects are fully identified and on-track 30 50 50 • Procurement and integration are expected to have 40 30 limited cash cost to implement 10 20 10 • Manufacturing improvements ex
Slide 26: Current trading and outlook
Current trading and outlook 1. Market conditions remain at trough levels but are showing tentative signs of stabilization, particularly in the UK and southern Europe 2. The group remains focused on improving margins and being disciplined on pricing, and ASPs in Q1 are therefore ahead of last year 3.
Slide 27: Appendix
Appendix 26
Slide 28: UK & Europe – Soft Flooring continued…
UK & Europe – Soft Flooring continued… Carpet Underlay - Strong performance in UK carpet - Domestic market remains steady through Q1 FY2026, but we expect exports to the continent and Middle East to gain - Domestic market remains steady through Q1 FY2026, with a momentum in H2 FY2026 growing market
Slide 29: UK & Europe – Ceramic Tiles continued…
UK & Europe – Ceramic Tiles continued… Italy • Domestic market is mainly covered through the Ascot/Dom brand and demand through Q1 FY2026 is in line with the prior year, whereas export and DIY channels have been softer • We have expanded on our small tile offering and unified the DIY approach by mer
Slide 30: Net debt overview – Pre IFRS 16
Net debt overview – Pre IFRS 16 FY2025 FY2024 £m Net cash and cash equivalents 56.6 72.8 Super senior RCF1 (44.2) (10.3) Senior secured notes1 (624.0) (633.9) Bank loans and other facilities (50.7) (62.4) Finance leases and hire purchase arrangements (pre IFRS 16) (24.9) (25.8) Pre-IFRS16 net debt (
Slide 31: Transaction Timetable
Transaction Timetable Set out below is the expected timeline to completion of the transaction July August M T W T F S S M T W T F S S 01 02 03 07 08 09 10 11 12 13 04 05 06 07 08 09 10 14 15 16 17 18 19 20 11 12 13 14 15 16 17 21 22 23 24 25 26 27 18 19 20 21 22 23 24 28 29 30 31 25 26 27 28 29 30 3
Slide 32: Shareholder register
Shareholder register Rank Investor Name Holding as of June 2025 % IC 1. Mr Geoffrey Wilding 22,438,650 19.6 2. Morgan Stanley Investment Mgt 16,741,830 14.6 3. KED Victoria Investments 12,500,000 10.9 4. Mr S. Karim 8,058,413 7.0 5. Philosophy Capital Mgt 7,186,337 6.3 6. Hargreaves Lansdown 4,736,1
Slide 33: Disclaimer
Disclaimer • The information contained in this confidential document (“Presentation”) has been prepared by Victoria PLC (the “Company”). The information in this Presenentation does not purport to be comprehensive and has not been verified by the Company and is subject to material updating, revision