Half Year Results

Summary by AI ^BETAClose X

Kingfisher PLC reported a solid first half with total sales up 1.6% to £6.864 billion, driven by strong performances at Screwfix, Poland, and Iberia, alongside growth in trade, e-commerce, and marketplace channels. Adjusted profit before tax increased by 9.9% to £404 million, supported by a 70 basis point gross margin expansion and disciplined cost control, leading to an upgrade in full-year guidance for adjusted PBT to £595-£635 million and free cash flow to £480-£520 million. The company also announced an interim dividend of 3.8p per share and continues its £300 million share buyback program.

Disclaimer*

Companies

Kingfisher (KGF)

UK 100

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Key metrics*	2026/27	2025/26	% change reported	% change cc**
LFL sales	+0.1%
Total GMS	£7,107m	£6,928m	+2.6%	+1.6%
Gross profit	£2,634m	£2,569m	+2.6%	+1.7%
Gross margin %	38.4%	37.7%	+70bps	+70bps
Retail profit	£489m	£452m	+8.2%	+7.5%
Retail profit margin %	7.1%	6.6%	+50bps	+50bps
Adjusted pre-tax profit (PBT)	£404m	£368m	+9.9%	+8.9%
Adjusted basic EPS	17.8p	15.3p	16.1%
Free cash flow	£339m	£478m	(29.1)%
Net leverage	1.4x	1.3x

Statutory measures
Total sales	£6,864m	£6,811m	+0.8%	(0.2)%
Operating profit	£449m	£383m	+17.6%
Pre-tax profit (PBT)	£400m	£338m	+18.4%
Basic EPS	17.3p	13.4p	+29.5%
Net cash flows from operating activities	£726m	£928m	(21.8)%
Interim dividend per share	3.80p	3.80p	-

Investor Relations	+44 (0) 20 7644 1082	investorenquiries@kingfisher.com
Media Relations	+44 (0) 20 7644 1030	corpcomms@kingfisher.com
Teneo	+44 (0) 20 7420 3184	Kfteam@teneo.com

Q3 26/27 trading update	24 November 2026
Full year results	23 March 2027

Trade sales	H1 26/27 sales £'m	Growth	H1 26/27 penetration	% change (pts)
B&Q	490	+0.6%	23.1%	+0.7
Screwfix	1,074	+6.1%	73.9%	(0.6)
Castorama France	87	n/m	8.0%	+6.5
Brico Dépôt France	145	+20.6%	15.1%	+3.0
Castorama Poland	274	+13.5%	27.6%	+2.4
Brico Dépôt Iberia	57	+45.6%	23.5%	+5.9
Group	2,127	+10.9%	31.0%	+3.1
Group excluding Screwfix	1,053	+16.3%	19.5%	+2.9

E-commerce sales	H1 26/27 sales £'m	Growth	H1 26/27 penetration	% change (pts)
B&Q	456	+19.3%	19.6%	+3.2
Screwfix	865	+7.5%	59.6%	+0.4
Castorama France	112	+11.4%	10.1%	+1.1
Brico Dépôt France	42	(18.4)%	4.4%	(0.8)
Castorama Poland	58	+38.6%	5.8%	+1.4
Brico Dépôt Iberia	20	+25.0%	8.1%	+1.0
Group⁽⁶⁾	1,555	+11.0%	21.9%	+2.0
Group excluding Screwfix	690	+15.6%	12.2%	+1.7

Number of stores	H1 26/27	FY 25/26	Net openings/ closures	Planned Net openings/ Closures FY26/27
B&Q	318	317	1	3
Screwfix	981	979	2	16
Castorama France	93	94	(1)	(1)
Brico Dépôt France	130	127	3	3
Castorama Poland	108	108	-	2
Brico Dépôt Iberia	33	31	2	2
Screwfix France & Other	37	35	2	5
Group	1,700	1,691	9	30

% LFL change	Core	Big-ticket	Seasonal	Q2 26/27
- B&Q	(2.3)%	(8.1)%	+1.7%	(1.8)%
- Screwfix	+6.2%	+4.6%	+16.3%	+7.1%
UK & Ireland	+1.8%	(4.8)%	+4.0%	+1.6%
- Castorama	(0.4)%	(3.4)%	+2.6%	+0.1%
- Brico Dépôt	(6.5)%	(9.7)%	+1.3%	(5.4)%
France	(3.4)%	(6.7)%	+2.1%	(2.5)%
Poland	+2.9%	(1.6)%	+11.8%	+4.3%
- Iberia	+10.2%	+5.6%	+7.1%	+8.6%
Other International*	+11.0%	+6.3%	+7.1%	+9.2%
Group LFL	+0.9%	(4.6)%	+4.5%	+1.0%
Excluding calendar impact	+1.1%	(4.4)%	+4.7%	+1.2%

£m	2026/27	2025/26	% reported change	% cc change	% LFL change
H1
B&Q	2,123	2,170	(2.2)%	(2.3)%	(2.9)%
Screwfix	1,452	1,358	+7.0%	+6.9%	+5.6%
Total sales	3,575	3,528	+1.3%	+1.2%	+0.4%
Q2
B&Q	1,098	1,114	(1.5)%	(1.5)%	(1.8)%
Screwfix	740	683	+8.4%	+8.4%	+7.1%
Total sales	1,838	1,797	+2.3%	+2.2%	+1.6%

H1
Retail profit	361	344	+5.0%	+4.9%
Retail profit margin %	10.1%	9.7%	+40bps

Retail profit (£m)
H1
Iberia	13	11	+19.4%	+16.9%
Screwfix France & Other^±	(19)	(17)	(8.7)%	(6.4)%
Turkey (50% JV)⁽⁷⁾	-	(6)	n/a	n/a
Romania⁽⁶⁾	-	(3)	n/a	n/a
Other International	(6)	(15)	+62.6%	+60.4%
Other International (excl. Romania)	(6)	(12)	+53.5%	+50.1%

Financial summary	2026/27	2025/26	% Change reported	% Change Constant currency
Sales	£6,864m	£6,811m	+0.8%	(0.2)%
Gross profit*	£2,634m	£2,569m	+2.6%	+1.7%
Gross margin %	38.4%	37.7%	+70bps	+70bps
Operating profit	£449m	£383m	+17.6%
Statutory pre-tax profit (PBT)	£400m	£338m	+18.4%
Statutory post-tax profit	£290m	£237m	+22.6%
Statutory basic EPS	17.3p	13.4p	+29.5%
Net cash flow from operating activities	£726m	£928m	(21.8)%
Total dividend per share	3.80p	3.80p	-

Adjusted metrics*
LFL sales	+0.1%
Retail profit	£489m	£452m	+8.2%	+7.5%
Retail profit margin %	7.1%	6.6%	+50bps
Adjusted pre-tax profit (PBT)	£404m	£368m	+9.9%
Adjusted pre-tax profit margin %	5.9%	5.4%	+50bps
Adjusted post-tax profit	£298m	£271m	+9.9%
Adjusted basic EPS	17.8p	15.3p	+16.1%
Free cash flow	£339m	£478m	(29.1)%
Net leverage	1.4x	1.3x

	2026/27 £m	2025/26 £m	Increase/ (decrease)
LFL sales (constant currency)	6,755	6,747	+0.1%
Non-LFL sales	109	128	n/a
Total sales (constant currency)	6,864	6,875	(0.2)%
Impact of exchange rates	-	(64)	n/a
Total sales (reported rates)	6,864	6,811	+0.8%

	Pre-tax profit £m	Tax £m	2026/27 %	Pre-tax profit £m	Tax £m	2025/26 %
Adjusted effective tax rate	404	(106)	26%	368	(97)	26%
Adjusting items	(4)	(4)		(30)	(4)
Statutory effective tax rate	400	(110)	28%	338	(101)	30%

	2026/27 Moving annual total £m	2025/26 Year end £m
Retail profit	771	734
Central costs	(80)	(80)
Depreciation and amortisation	670	667
Adjusted EBITDA	1,361	1,321
Net debt	1,931	1,878
Net debt to adjusted EBITDA	1.4	1.4

		Half year ended 31 July 2026			Half year ended 31 July 2025
£ millions	Notes	Before adjusting items	Adjusting items (note 5)	Total	Before adjusting items	Adjusting items (note 5)	Total
Sales	4	6,864	-	6,864	6,811	-	6,811
Cost of sales		(4,230)	-	(4,230)	(4,242)	-	(4,242)
Gross profit		2,634	-	2,634	2,569	-	2,569
Selling and distribution expenses		(1,642)	(3)	(1,645)	(1,620)	-	(1,620)
Administrative expenses		(550)	-	(550)	(538)	-	(538)
Other income		11	-	11	11	1	12
Other expenses		-	(1)	(1)	-	(31)	(31)
Share of results from equity accounted investments		-	-	-	(9)	-	(9)
Operating profit	4	453	(4)	449	413	(30)	383
Finance costs		(63)	-	(63)	(62)	-	(62)
Finance income		14	-	14	17	-	17
Net finance costs	6	(49)	-	(49)	(45)	-	(45)
Profit before taxation		404	(4)	400	368	(30)	338
Income tax expense	7	(106)	(4)	(110)	(97)	(4)	(101)
Profit for the period		298	(8)	290	271	(34)	237
Earnings per share	8
Basic				17.3p			13.4p
Diluted				17.0p			13.2p
Adjusted basic				17.8p			15.3p
Adjusted diluted				17.5p			15.1p

	Half year ended 31 July 2026		Half year ended 31 July 2025		Year ended 31 January 2026
	Average rate	Period end rate	Average rate	Period end rate	Average rate	Period end rate
Euro	1.16	1.17	1.18	1.16	1.16	1.15
US Dollar	1.34	1.35	1.32	1.32	1.33	1.37
Polish Zloty	4.93	5.04	5.00	4.95	4.93	4.86
Romanian Leu	5.97	6.14	5.93	5.88	5.88	5.88
Turkish Lira¹	64.09	64.09	53.75	53.75	59.58	59.58

	2026/27 £m	2025/26 £m
Operating profit	449	383
Adjusting items	4	30
Operating profit (before adjusting items)	453	413
Other non-cash items⁽⁸⁾	354	355
Change in working capital	5	100
Pensions and provisions	(1)	(1)
Net rent paid	(248)	(261)
Net interest received	6	15
Tax (paid)/received	(59)	2
Gross capital expenditure	(171)	(145)
Free cash flow	339	478
Ordinary dividends paid	(144)	(152)
Share buybacks	(189)	(119)
Share purchase for employee incentive schemes	(27)	(25)
Disposal of Romania	-	33
Other tax authority receipt⁽⁹⁾	-	64
Disposal of assets and other⁽¹⁰⁾	(23)	(2)
Net cash flow*	(44)	277
Opening net debt	(1,878)	(2,015)
Lease liabilities disposed	-	38
Movements in lease liabilities	(14)	(23)
Other movement including foreign exchange	5	(3)
Closing net debt	(1,931)	(1,726)

	2026/27 £m	2025/26 £m
Net cash flows from operating activities	726	928
Net lease rent paid	(248)	(261)
Net interest received	6	15
Gross capital expenditure	(171)	(145)
Other tax authority receipt⁽⁹⁾	-	(64)
Operating cash flows relating to adjusting items⁽¹¹⁾	26	5
Free cash flow	339	478
Ordinary dividends paid	(144)	(152)
Share buybacks	(189)	(119)
Share purchase for employee incentive schemes	(27)	(25)
Other tax authority receipt⁽⁹⁾	-	64
Disposal of Romania	-	33
Disposal of assets and other⁽¹⁰⁾	(23)	(2)
Net cash flow	(44)	277
Increase in short-term deposits	(100)	(227)
Arrangement fees paid	-	(1)
Net (decrease)/increase in cash and cash equivalents and bank overdrafts	(144)	49

						Half year ended 31 July 2026
£ millions	Notes	Share capital (note 13)	Share premium	Own shares held	Retained earnings	Capital redemption reserve	Other reserves (note 14)	Total equity
At 1 February 2026		269	2,228	(38)	3,212	108	379	6,158
Profit for the period		-	-	-	290	-	-	290
Other comprehensive expense for the period		-	-	-	(11)	-	(48)	(59)
Total comprehensive income/(expense) for the period		-	-	-	279	-	(48)	231
Inventory cash flow hedges - losses transferred to inventories		-	-	-	-	-	4	4
Share-based compensation		-	-	-	15	-	-	15
New shares issued under share schemes		-	-	-	2	-	-	2
Own shares issued under share schemes		-	-	15	(15)	-	-	-
Purchase of own shares for cancellation		(10)	-	-	(126)	10	-	(126)
Purchase of own shares for ESOP trust		-	-	(27)	-	-	-	(27)
Dividends	9	-	-	-	(144)	-	-	(144)
Tax on equity items		-	-	-	-	-	(1)	(1)
At 31 July 2026		259	2,228	(50)	3,223	118	334	6,112

						Half year ended 31 July 2025
£ millions	Notes	Share capital (note 13)	Share premium	Own shares held	Retained earnings	Capital redemption reserve	Other reserves (note 14)	Total equity
At 1 February 2025		282	2,228	(34)	3,475	94	299	6,344
Profit for the period		-	-	-	237	-	-	237
Other comprehensive (expense)/income for the period		-	-	-	(7)	-	51	44
Total comprehensive income for the period		-	-	-	230	-	51	281
Inventory cash flow hedges - losses transferred to inventories		-	-	-	-	-	17	17
Share-based compensation		-	-	-	12	-	-	12
New shares issued under share schemes		-	-	-	1	-	-	1
Own shares issued under share schemes		-	-	13	(13)	-	-	-
Purchase of own shares for cancellation		(7)	-	-	(100)	7	-	(100)
Purchase of own shares for ESOP trust		-	-	(25)	-	-	-	(25)
Dividends	9	-	-	-	(152)	-	-	(152)
Tax on equity items		-	-	-	-	-	(6)	(6)
At 31 July 2025		275	2,228	(46)	3,453	101	361	6,372

			At 31 January 2026
£ millions	UK & Ireland	France	Poland	Other International	Total
Net segment assets	2,833	1,698	1,156	186	5,873
Net central liabilities					(76)
Goodwill					2,239
Net debt					(1,878)
Net assets					6,158

Cash and cash equivalents and short-term deposits	10	11
Net interest income on defined benefit pension schemes	3	3
Other interest income	1	3
Finance income	14	17

Net finance costs	(49)	(45)

Pence	Half year ended 31 July 2026	Half year ended 31 July 2025
Basic earnings per share	17.3	13.4
Effect of dilutive share options per share	(0.3)	(0.2)
Diluted earnings per share	17.0	13.2

Basic earnings per share	17.3	13.4
Adjusting items before tax per share	0.3	1.7
Prior year and other adjusting tax items per share	0.2	0.2
Adjusted basic earnings per share	17.8	15.3

Diluted earnings per share	17.0	13.2
Adjusting items before tax per share	0.3	1.7
Prior year and other adjusting tax items per share	0.2	0.2
Adjusted diluted earnings per share	17.5	15.1

Weighted average number of shares (millions)	Half year ended 31 July 2026	Half year ended 31 July 2025
Basic	1,677	1,770
Effect of dilutive potential ordinary shares	30	26
Diluted	1,707	1,796

Annual % rate	Half year ended 31 July 2026	Half year ended 31 July 2025	Year ended 31 January 2026
Discount rate	6.30	5.65	5.60
Rate of pension increases	3.00	2.95	2.95

	Carrying amount
£ millions	Half year ended 31 July 2026	Half year ended 31 July 2025	Year ended 31 January 2026
Bank overdrafts	2	14	3
Bank loans	1	1	1
Fixed term debt	99	99	99
Borrowings	102	114	103

	Fair Value
£ millions	Half year ended 31 July 2026	Half year ended 31 July 2025	Year ended 31 January 2026
Bank overdrafts	2	14	3
Bank loans	1	2	1
Fixed term debt	100	100	96
Borrowings	103	116	100

	Number of ordinary shares millions	Ordinary share capital £ millions
Allotted, called up and fully paid
At 1 February 2026	1,710	269
New shares issued under share schemes	1	-
Purchase of own shares for cancellation	(61)	(10)
At 31 July 2026	1,650	259

At 1 February 2025	1,793	282
New shares issued under share schemes	1	-
Purchase of own shares for cancellation	(43)	(7)
At 31 July 2025	1,751	275

		Half year ended 31 July 2026
£ millions	Translation reserve		Cashflow hedge reserve	Other	Total
At 1 February 2026	233		(13)	159	379
Inventory cash flow hedges - fair value gains	-		16	-	16
Tax on items that will not be reclassified subsequently to profit or loss	-		(4)	-	(4)
Currency translation differences
Subsidiaries	(60)		-	-	(60)
Other comprehensive (expense)/income for the period	(60)		12	-	(48)
Inventory cash flow hedges - losses transferred to inventories	-		4	-	4
Tax on equity items	-		(1)	-	(1)
At 31 July 2026	173		2	159	334

£ millions	Half year ended 31 July 2026	Half year ended 31 July 2025
Net debt at beginning of period	(1,878)	(2,015)
Net (decrease)/increase in cash and cash equivalents and bank overdrafts	(144)	49
Increase in short-term deposits	100	227
Arrangement fees paid	-	1
Net cash flow¹	(44)	277
Lease liabilities disposed	-	38
Movements in lease liabilities	(14)	(23)
Exchange differences and other non-cash movements	5	(3)
Net debt at end of the period	(1,931)	(1,726)

Half Year Results

Summary by AI BETAClose X

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UK 100

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APM	Closest equivalent IFRS measure	Reconciling items to IFRS measure	Definition and purpose
Active member	No direct equivalent	Not applicable	Loyalty members who made at least one purchase in the last 12 months
Adjusted basic earnings per share (EPS)	Basic earnings per share	A reconciliation of adjusted basic earnings per share is included in note 8 of the condensed financial statements (Section 4)	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 EBITDA	Profit before taxation	A reconciliation of Adjusted EBITDA is set out in the Financial Review (Section 3)	Adjusted EBITDA (earnings before adjusting items, 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 Adjusted EBITDA, and is used to reflect the Group's leverage.
Adjusted effective tax rate	Effective tax rate	A reconciliation to the statutory effective tax rate is set out in the Financial Review (Section 3)	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 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 3)	Adjusted pre-tax profit 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 post-tax profit	Profit after tax	A reconciliation of adjusted post-tax profit is set out in the Financial Review (Section 3) and note 8 of the condensed financial statements (Section 4)	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 disposal/exit of properties, impairments of goodwill and significant impairments (or impairment reversals) of other non-current assets, which the Group identifies as adjusting due to volatility which can arise year-on-year based on future forecasts and assumptions; 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.
App sales penetration	No direct equivalent	Not applicable	% of e-commerce sales that are made through the app. For Group App sales penetration of 29% of total e-commerce sales relates to banners with an App (i.e., excludes Brico Dépôt France and Iberia)
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.
Calendar impact	No direct equivalent	Not applicable	Calendar impact represents the impact of the annual calendar shift on LFL sales growth due to different days of the week falling into or out of the current period compared to the prior period. For example, historically, higher trading is seen on a Friday and Saturday as compared to a Sunday. This includes the impact of national public holidays falling on different days of the week compared to the prior period. The estimated impact of the annual calendar shift on H1 26/27 LFL sales is (0.2)%
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 or 1P	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.
E-commerce sales	No direct equivalent	Refer to definition	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.
Free cash flow	Net cash flows from operating activities	A reconciliation of free cash flow is set out in the Financial Review (Section 3)	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.
Gross merchandise sales (GMS)	No direct equivalent	Refer to definition	Gross merchandise sales (GMS) refers to the transaction value (excluding VAT) from the sale of products including third-party e-commerce marketplace vendors.
LFL sales	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, as well as other revenue streams which have more than one year of comparative sales (e.g., marketplace net sales). It is a measure to reflect the Group's performance on a comparable basis. Non-LFL sales represent the difference between total sales and LFL sales, principally comprising sales for stores open for less than one year.
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. What is recorded in revenue is the commission "take rate" which is c.10-15% of GMV.
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 (Section 4)	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 (decrease) / increase in cash and cash equivalents and bank overdrafts	A reconciliation of net cash flow is set out in the Financial Review (Section 3) and in note 16 of the condensed financial statements (Section 4)	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.
Net leverage	No direct equivalent	A reconciliation of this measure is provided in note 16 of the condensed financial statements (Section 4)	Refers to net debt to Adjusted EBITDA. Net debt includes £2,240m (H1 25/26: £2,255m) of total lease liabilities, including nil of lease liabilities held for sale (H1 25/26: £2m).
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 media income	No direct equivalent	Not applicable	Income generated through advertising, audience activation, data insight and services sold to vendors (1P and 3P) and brand partners (non-endemic) across Kingfisher owned and operated channels and external media environments. This includes Ad formats defined as Onsite, Offsite, In-store (Digital and Physical), CRM, Media Services, Data Monetisation and Other Retail Media revenue streams
Retail profit	Profit before taxation	A reconciliation of Group retail profit to profit before taxation is set out in the Financial Review (Section 3) and note 4 of the condensed financial statements (Section 4). There is no statutory equivalent to retail profit at a retail banner level	Retail profit is defined as continuing profit before tax before central costs, the Group's share of interest and tax of JVs and associates, adjusting items 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 provisions. 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.
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.
Trade sales	No direct equivalent	Refer to definition	All sales made against a trade loyalty card or account (including B2B) or by trade customers per Screwfix' customer database. Sales are inclusive of adjustments for refunds, discounts, vouchers, and cashback. For example, at B&Q, trade sales correspond to sales made to Tradepoint members.
Trade sales penetration	No direct equivalent	Refer to definition	It represents total trade sales as a percentage of total sales. It is used to track the success of our trade strategy.
Underlying sales growth	Sales	Refer to definition and to LFL sales	Underlying sales growth refers to sales excluding calendar impact (LFL sales +0.1% + 0.2% calendar impact = underlying LFL of +0.3%)