Half Year Results (Part 1 of 2)

APM	Closest equivalent IFRS measure	Reconciling items to IFRS measure	Definition and purpose
Adjusted basic earnings per share (EPS)	Basic earnings per share	A reconciliation of adjusted basic earnings per share is included in the Financial Review (Section 6) and note 8 of the condensed financial statements	Adjusted basic earnings per share represents profit after tax attributable to the owners of the parent, before the impact of adjusting items (see definition below), divided by the weighted average number of shares in issue during the period. The exclusion of adjusting items helps provide an indication of the Group's ongoing business performance.
Adjusted effective tax rate	Effective tax rate	A reconciliation to the statutory effective tax rate is set out in the Financial Review (Section 6)	The adjusted effective tax rate is calculated as continuing income tax expense excluding tax adjustments in respect of prior years (including the impact of changes in tax rates on deferred tax), significant one-off tax settlements and provision charges/releases and the tax effects of adjusting items, divided by continuing profit before taxation excluding adjusting items. Prior year tax items represent income statement tax relating to underlying items originally arising in prior years, including the impact of changes in tax rates on deferred tax. The exclusion of items relating to prior years, and those not in the ordinary course of business, helps provide an indication of the Group's ongoing rate of tax.
Adjusted pre-tax profit (PBT)	Profit before taxation	A reconciliation of adjusted PBT is set out in the Financial Review (Section 6)	Adjusted PBT is used to report the performance of the business at a Group level. This is stated before adjusting items. The exclusion of adjusting items helps provide an indication of the Group's ongoing business performance.
Adjusted pre-tax profit (PBT) margin %	No direct equivalent	Refer to definition	Adjusted PBT is used to report the performance of the business at a Group level and is separately defined. Adjusted PBT margin % represents adjusted PBT as a percentage of sales. It is a measure of overall business profitability.
Adjusted post-tax profit	Profit after tax	A reconciliation of adjusted post-tax profit is set out in the Financial Review (Section 6) and note 8 of the condensed financial statements	Adjusted post-tax profit is used to report the after-tax performance of the business at a Group level. This is stated before adjusting items. The exclusion of adjusting items helps provide an indication of the Group's ongoing after-tax business performance.
Adjusting items	No direct equivalent	Not applicable	Adjusting items, which are presented separately within their relevant income statement category, include items which by virtue of their size and/or nature, do not reflect the Group's ongoing trading performance. Adjusting items may include, but are not limited to: non-trading items included in operating profit such as profits and losses on the disposal, closure, exit or impairment of subsidiaries, joint ventures, associates and investments which do not form part of the Group's ongoing trading activities; the costs of significant restructuring and incremental acquisition integration costs; profits and losses on the exit of properties, impairments of goodwill and significant impairments (or impairment reversals) of other non-current assets; prior year tax items (including the impact of changes in tax rates on deferred tax), significant one-off tax settlements and provision charges/releases and the tax effects of other adjusting items; financing fair value remeasurements i.e., changes in the fair value of financing derivatives, excluding interest accruals, offset by fair value adjustments to the carrying amount of borrowings and other hedged items under fair value (or non-designated) hedge relationships. Financing derivatives are those that relate to hedged items of a financing nature.
'Big-ticket' category sales^±	No direct equivalent	Not applicable	'Big-ticket' category sales comprise the sales from our kitchen, bathroom & storage products. It is used as a measure of performance of our relatively higher-value products.
Central costs	No direct equivalent	Not applicable	Central costs principally comprise the costs of the Group's head office before adjusting items. This helps provide an indication of the Group's ongoing head office costs.
Constant currency	No direct equivalent	Not applicable	Constant currency changes in total sales, LFL sales, gross profit, gross margin %, retail profit, retail profit margin % and operating costs reflect the year-on-year movements after translating the prior year comparatives at the current year's average exchange rates. These are presented to eliminate the effects of exchange rate fluctuations on the reported results.
Core category sales^±	No direct equivalent	Not applicable	Core sales include the sales from non-seasonal products across all our categories, other than 'big ticket' sales (i.e., kitchen, bathroom & storage). It is used as a measure of our non-seasonal related performance, which is the majority of Group sales.
Dividend cover	No direct equivalent	Not applicable	Dividend cover represents the ratio of earnings to dividends. It is calculated as adjusted basic earnings per share divided by the total (full year) dividend per share. It is used as an indication of how sustainable dividend payments are.
E-commerce sales penetration %	No direct equivalent	Refer to definition	E-commerce sales penetration % represent total e-commerce sales as a percentage of sales. For the purpose of this calculation only, sales are adjusted to replace marketplace net sales with marketplace gross sales. It is used to track the success of our e-commerce strategy.
First-party e-commerce sales	No direct equivalent	Refer to definition	First-party e-commerce sales are total first-party sales (excluding VAT) derived from online transactions, including click & collect (C&C). This includes sales transacted on any device, however not sales through a call centre. Sales (and related commissions/fees) from products supplied by third-party e-commerce marketplace vendors are excluded. It is used to measure the performance of our first-party e-commerce business across the Group.
Total e-commerce sales	No direct equivalent	Refer to definition	Total e-commerce sales are first-party e-commerce sales plus marketplace gross sales. References to digital or e-commerce sales growth relates to growth in constant currency. It is used to measure the performance of all e-commerce business (first-party and third-party) across the Group.
EBITDA	Profit before taxation	A reconciliation of EBITDA is set out in the Financial Review (Section 6)	EBITDA (earnings before interest, tax, depreciation and amortisation) is calculated as retail profit less central costs and before depreciation and amortisation. This measure is widely used in calculating the ratio of net debt to EBITDA, and is used to reflect the Group's leverage.
Free cash flow	Net increase in cash and cash equivalents and bank overdrafts	A reconciliation of free cash flow is set out in the Financial Review (Section 6)	Free cash flow represents the cash generated from operations (excluding adjusting items) less the amount spent on interest, tax and capital expenditure during the year (excluding asset disposals). This provides a measure of how much cash the business generates that can be used for expansion, capital returns and other purposes.
Gross margin %	No direct equivalent	Refer to definition	Gross profit represents sales from the supply of home improvement products and services (excluding VAT), less the associated cost of those sales. Gross margin % represents gross profit as a percentage of sales. It is a measure of operating performance.
LFL	Sales	Refer to definition	LFL (like-for-like) sales growth represents the constant currency, year-on-year sales growth for stores that have been open for more than one year. It is a measure to reflect the Group's performance on a comparable basis.
Marketplace gross merchandise value (GMV)	No direct equivalent	Refer to definition	Marketplace GMV is the total transaction value (including VAT) from the sale of products supplied by third-party e-commerce marketplace vendors. It is used to measure the performance of our e-commerce marketplace, and is the basis on which our commissions from third-party vendors are determined.
Marketplace gross sales	No direct equivalent	Refer to definition	Marketplace gross sales is the transaction value (excluding VAT) from the sale of products supplied by third-party e-commerce marketplace vendors. Returned and cancelled orders are excluded. It is used to measure the performance of our e-commerce marketplace.
Marketplace net sales	No direct equivalent	Refer to definition	Marketplace net sales are commissions (excluding VAT) earned on e-commerce marketplace transactions, together with other service fees. This is included within sales. Commissions are determined based on GMV. It is used to measure the performance of our e-commerce marketplace.
Marketplace participation %	No direct equivalent	Refer to definition	Marketplace participation % represents marketplace gross sales as a percentage of total e-commerce sales. It is used to track the success of our marketplace strategy and performance.
Net debt	No direct equivalent	A reconciliation of this measure is provided in note 16 of the condensed financial statements	Net debt comprises lease liabilities, borrowings and financing derivatives (excluding accrued interest), less cash and cash equivalents and short-term deposits, including such balances classified as held for sale.
Net cash flow	Net increase in cash and cash equivalents and bank overdrafts	A reconciliation of net cash flow is set out in the Financial Review (Section 6) and in note 16 of the condensed financial statements	Net cash flow is a measure to reflect the total movement in the net debt balance during the year excluding the movement in lease liabilities, exchange differences and other non-cash movements.
Operating costs	No direct equivalent	Not applicable	Operating costs represent gross profit less retail profit. This is the Group's operating cost measure used to report the performance of our retail businesses.
Own exclusive brands (OEB) sales	No direct equivalent	Refer to definition	OEB refers to our portfolio of own exclusive brands across seven core categories - surfaces & décor, tools & hardware, bathroom & storage, kitchen, EPHC (electricals, plumbing, heating & cooling), building & joinery, and outdoor. OEB sales are sales of own exclusive brand products. It is used to measure the performance of OEB across the Group.
Retail profit	Profit before taxation	A reconciliation of Group retail profit to profit before taxation is set out in the Financial Review (Section 6) and note 4 of the condensed financial statements. There is no statutory equivalent to retail profit at a retail banner level	Retail profit is stated before central costs, adjusting items, the Group's share of interest and tax of JVs and associates, and net finance costs. This is the Group's operating profit measure used to report the performance of our retail businesses.
Retail profit margin %	No direct equivalent	Refer to definition	Retail profit is the Group's operating profit measure used to report the performance of our retail businesses and is separately defined above. Retail profit margin % represents retail profit as a percentage of sales. It is a measure of operating performance.
ROCE	No direct equivalent	Refer to definition	ROCE (return on capital employed) is the post-tax retail profit less central costs, excluding adjusting items, divided by capital employed excluding historic goodwill, net debt and adjusting restructuring provision. The measure provides an indication of the ongoing returns from the capital invested in the business. Capital employed is calculated as a two-point average. The calculation excludes disposed businesses.
Same-store net inventory	Inventory	Refer to definition	Same-store net inventory movement represents the constant currency, year-on-year change in net inventory before the impact of store openings and closures. It is a measure to reflect the Group's inventory management on a comparable basis.
Seasonal category sales	No direct equivalent	Refer to definition	Seasonal category sales include the sales from certain products within our outdoor, electricals, plumbing, heating & cooling (EPHC) and surfaces & décor categories. It is used as a measure of the performance of our sales that are subject to the season we are in, or prevailing weather conditions.

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Kingfisher (KGF)

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Q3 24/25 trading update	25 November 2024
Full year results	25 March 2025^±
Q1 25/26 trading update	28 May 2025^±
Half year results	23 September 2025^±
Q3 25/26 trading update	25 November 2025^±

£m			% Total Change	% Total Change	% LFL Change
	2024/25	2023/24	Reported	Constant currency	Constant currency
Sales	6,756	6,880	(1.8)%	(1.4)%	(2.4)%
Gross profit	2,480	2,495	(0.6)%	(0.2)%
Retail profit:
UK & Ireland	325	306	+6.1%	+6.2%
France	69	104	(33.6)%	(32.0)%
Poland	50	35	+40.8%	+35.3%
Iberia	6	3	+80.4%	+84.7%
Romania	(6)	(10)	+39.4%	+37.5%
Other^±	(18)	(10)	(69.8)%	(73.7)%
Turkey (50% joint venture)	(6)	5	n/a	n/a
Other International*	26	23	+13.9%	+9.0%
Retail profit	420	433	(3.0)%	(2.7)%
Central costs	(29)	(36)	(20.5)%
Share of JV interest and tax	(7)	(11)	n/a
Operating profit (before adjusting items)	384	386	(0.6)%
Net finance costs	(50)	(50)	(1.4)%
Adjusted PBT	334	336	(0.5)%
Adjusting items	(10)	(19)	n/a
Statutory PBT	324	317	+2.3%

	Our expectation of total addressable home improvement market % change in 2024 (YoY)
	Low case	High case
UK & Ireland	Low-single digit decline	Flat
France	Mid-single digit decline	Low-single digit decline
Poland	Flat	Low-single digit growth

£m	H1 2024/25	H1 2023/24	% Reported Change	% Constant Currency Change	% LFL Change
B&Q	2,075	2,101	(1.2)%	(1.2)%	(1.0)%
Screwfix	1,301	1,245	+4.5%	+4.5%	+1.2%
Total sales	3,376	3,346	+0.9%	+1.0%	(0.2)%

Retail profit	325	306	+6.1%	+6.2%
Retail profit margin %	9.6%	9.2%	+40bps	+40bps

	Employees (FTE) at 31 July 2024	Store numbers at 31 July 2024	Sales area⁽¹⁾ (000s m²) at 31 July 2024
B&Q	15,058	309	2,195
Screwfix	9,898	938	57
UK & Ireland	24,956	1,247	2,252
Castorama	10,132	95	1,150
Brico Dépôt	8,038	126	880
France	18,170	221	2,030
Poland	12,076	106	881
Iberia	1,871	31	195
Romania	2,261	32	227
Other⁽²⁾	270	25	1
Other International	16,478	194	1,304
Total	59,604	1,662	5,586

	2024/25 £m	2023/24 £m	Increase/ (decrease)
Retail profit (constant currency)	420	432	(2.7)%
Impact of exchange rates	-	1	n/a
Retail profit (reported)	420	433	(3.0)%
Central costs	(29)	(36)	(20.5)%
Share of interest and tax of joint ventures & associates	(7)	(11)	n/a
Net finance costs	(50)	(50)	(1.4)%
Adjusted pre-tax profit	334	336	(0.5)%
Adjusting items before tax	(10)	(19)	n/a
Statutory pre-tax profit	324	317	+2.3%

	2024/25 £m Gain/(charge)	2023/24 £m Gain/(charge)
Net store asset impairment charges	(6)	(14)
Operating model restructuring	(3)	(7)
UK guaranteed minimum pension equalisation	2	-
Loss on disposal of NeedHelp	(3)	-
Profit on disposal of Crealfi associate investment	-	2
Adjusting items before tax	(10)	(19)
Prior year and other adjusting tax items	4	7
Adjusting items after tax	(6)	(12)

	Pre-tax profit £m	Tax £m	2024/25 %	Pre-tax profit £m	Tax £m	2023/24 %
Adjusted effective tax rate	334	(91)	27%	336	(87)	26%
Adjusting items	(10)	4		(19)	7
Statutory effective tax rate	324	(87)	27%	317	(80)	25%

	Statutory tax rate 2025/26	Statutory tax rate 2024/25
UK	25%	25%
France	26%	26%
Poland	19%	19%

	Earnings⁽¹⁾ £m	2024/25 EPS pence	Earnings⁽¹⁾ £m	2023/24 EPS pence
Adjusted basic earnings per share	243	13.2	249	13.0
Adjusting items before tax	(10)	(0.5)	(19)	(1.0)
Prior year and other adjusting tax items	4	0.1	7	0.4
Basic earnings per share	237	12.8	237	12.4

	2024/25 Moving annual total £m	2023/24 Year-end £m
Retail profit	736	749
Central costs	(53)	(60)
Depreciation and amortisation	656	641
EBITDA	1,339	1,330
Net debt	1,952	2,116
Net debt to EBITDA	1.5	1.6

	2024/25 £m	2023/24 £m
Operating profit	374	367
Adjusting items	10	19
Operating profit (before adjusting items)	384	386
Other non-cash items⁽¹⁾	363	341
Change in working capital	128	84
Pensions and provisions	(1)	-
Net rent paid	(260)	(238)
Operating cash flow	614	573
Net interest received	8	5
Tax paid	(48)	(68)
Gross capital expenditure	(153)	(164)
Free cash flow	421	346
Ordinary dividends paid	(159)	(165)
Share buybacks	(92)	(99)
Share purchase for employee incentive schemes	(26)	(24)
Disposal of Crealfi S.A. and acquisition of assets of Connect Distribution Services Limited	-	6
Disposal of NeedHelp	(3)	-
Disposal of assets and other⁽²⁾	(15)	(13)
Net cash flow*	126	51
Opening net debt	(2,116)	(2,274)
Movements in lease liabilities	37	40
Other movement including foreign exchange	1	2
Closing net debt	(1,952)	(2,181)