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WH Smith H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary19 Dec, 2025
Executive summary
Completed a strategic reset, exiting High Street and Funky Pigeon to focus on global travel retail, profitability, and a leadership position in Travel Essentials, with disciplined capital allocation.
Exited unprofitable North America fashion and specialty stores, limited InMotion expansion, and shifted Rest of World to a franchise model in subscale markets.
Undertook a comprehensive review of North America and Rest of World divisions, exiting unprofitable stores and subscale markets, and shifting to a franchise model where appropriate.
Implemented a remediation plan following a Deloitte review, focusing on governance, controls, and cultural change, with an ongoing search for a new Group CEO.
Financial highlights
Group revenue increased 5% to £1.6bn, with like-for-like growth across all divisions and 285 net store openings; constant currency revenue up 7%.
Headline trading profit was £159m; headline profit before tax was £108m; headline EBITDA was £187m.
Headline net debt at year-end was £390m, with leverage at 2.1x; proposed final dividend of £0.06 per share, full-year £0.173 per share.
Free cash flow supported by £187m EBITDA, £81m CapEx, and £4m working capital inflow; free cash flow increased 80% to £63m.
Like-for-like revenue growth achieved across all divisions.
Outlook and guidance
Group revenue growth expected at mid-single digits for FY26: UK 3%-5%, North America 6%-8%, Rest of World 4%-6%.
Headline trading profit margin guidance: UK 14%-15%, North America 7%-8%, Rest of World ~5%.
Group headline profit before tax and non-underlying items guided at £100m-£115m.
CapEx for FY26 expected at £90m, normalizing to £80m post-FY26; leverage targeted below 2.0x.
Finance costs expected to rise to £33m-£35m due to refinancing.
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Frequently asked questions
WH Smith PLC is a UK-based retail company operating primarily in two segments: Travel and High Street. The Travel segment focuses on serving customers in high-traffic locations such as airports, railway stations, hospitals, and motorway service areas, offering convenience items, books, and news-related products. The High Street segment operates stores that provide a wide range of products, including stationery, books, magazines, greeting cards, and impulse items like snacks and beverages. The company also sells products through its digital platforms, including whsmith.co.uk and other specialized sites. The company is headquartered in Swindon, United Kingdom, and its shares are listed on the London Stock Exchange.
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