)

Victoria (VCP) investor relations material
Victoria H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
FY25 demand remained 15–25% below 2019 levels, but £32m in cost savings were delivered and H2 EBITDA rose over 25% on flat revenues, with Q4 the strongest period.
Further £70m in cost savings targeted over the next 18 months, aiming for mid-teen EBITDA margins before volume recovery.
Successful refinancing of 2026 bonds with new 2029 notes removed near-term refinancing risk, supported by over 90% of bondholders, and increased liquidity without equity dilution.
Board confident in medium-term recovery as market conditions stabilize, especially in the UK and Southern Europe.
Incremental £20m EBITDA expected in FY26 from ongoing initiatives.
Financial highlights
FY25 revenue was £1,115.2m, down from £1,226.4m year-over-year, in line with guidance.
EBITDA declined to £113.7m (7.3% margin), below the historical average of 13.6%.
Net debt increased by £57.9m to £897.9m; leverage finished at 7.9x.
Pretax loss for the year was just over £11m, compared to a £31.1m profit prior year.
Cash exceptional items were under £17m; non-cash impairment charges totaled £186m, mainly in Belgian rugs, Spanish ceramics, and US distribution.
Outlook and guidance
Market conditions remain at trough but show signs of stabilization, especially in the UK and Southern Europe.
FY26 expected to benefit from £20m in cost savings, with a further £50m by end of FY27.
Guidance implies a stronger H2 than H1, with revenue expected to return to typical H2 seasonality.
EBITDA expected to reach £180m in FY28 from cost savings alone, with further upside from volume recovery.
Q1 volumes remain behind FY25, but average selling prices are higher and trends are improving.
Next Victoria earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage