Interim Results 2026

Agenda

Focus 26: Creating value for shareholders

Financial review

Financial Highlights

H1 sales growth 6% with 5% like-for-like growth

Like-for-like sales growth of 3% in first six weeks of H2

Driving profitability throughout the P&L

Underlying operating profit £50m, up 18%

Group EPS of 1.1p, up from losses of (0.4)p last year

Non underlying items were £(11)m vs £(53)m last year

H1 cash outflow of £(176)m reflects H1/H2 seasonal shape

Focus on working capital to support value creation

Maintaining disciplined capital spend

Capital allocation priorities

Summary

Focus 26

Focus 26: Creating value for shareholders

North America: Growth and returns driver for the Group

UK: Driving sustainable growth and margins

APAC & EEME: Building growth and returns in attractive markets

Continental Europe: Driving performance through all elements of the operating improvement plan

Next phase of Continental European Rail Review underway

Creating a smaller, more profitable and higher returning Continental European Rail business

Outlook

Effects of the Middle East conflict

Focus 26: Creating value for shareholders

Healthy long-term fundamentals: Focus on profitable growth, strong cash generation and sustainable shareholder returns

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