Kingfisher (KGF) Q1 25/26 TU earnings summary

Executive summary

• Q1 25/26 sales reached £3.3bn, with total sales up 2.2% at constant currency and underlying growth of 3.1%.

• Like-for-like sales grew 1.8%, with underlying LFL growth of 2.7%.

• Market share gains achieved in UK & Ireland, France, and Poland.

• Strong seasonal category growth, especially in the UK, and continued e-commerce expansion.

• Full year guidance reiterated, expecting adjusted PBT of £480m–£540m and free cash flow of £420m–£480m.

Financial highlights

• UK & Ireland sales up 6.2% (constant currency), with B&Q LFL up 7.9% and Screwfix LFL up 2.9%.

• France sales down 3.2% (constant currency), with Castorama and Brico Dépôt both showing improved trends despite market decline.

• Poland sales down 1.1% (constant currency), impacted by geopolitical factors.

• Other International sales up 4.3% (constant currency), with Iberia showing strong growth.

• E-commerce sales grew 9.3%, reaching 20% penetration.

Outlook and guidance

• FY 25/26 guidance unchanged: adjusted PBT of £480m–£540m and free cash flow of £420m–£480m.

• Market outlook: UK & Ireland expected flat to low single-digit growth, France and Poland expected flat to low single-digit decline.

• Focus remains on market share growth, strategic execution, and cost discipline.