Howden Joinery Group (HWDN) Investor presentation summary

Market position and financial performance

• Leading UK specialist in trade-only kitchen and joinery supply, with £2.4bn revenue and £355m operating profit in 2025.

• Gross margin reached 62.7% and basic EPS was 49.2p, with £345m cash at period end.

• 90% of revenue comes from residential markets, with 95% from repair, maintenance, and improvement activities.

• Gained market share through economic cycles, demonstrating resilience during downturns.

• Sector-leading margins and robust cash generation, with £3.8bn operating cashflow over 10 years.

Business model and operations

• Operates 891 local depots, serving over 500,000 customers, with 12,000 employees and 20,000+ products.

• Trade-only focus with local delivery, in-stock product leadership, and efficient UK manufacturing and global sourcing.

• Differentiated by empowered, depot-led teams and confidential local pricing.

• DIY Kitchens acquisition completed in June 2026 for £390m, with strong EBIT margin and operational independence maintained.

Market dynamics and growth drivers

• UK kitchen and joinery market valued at £11bn, with significant growth potential and over 5,000 independent retailers.

• Structural drivers include population growth, ageing housing stock, and increased demand for sustainable products.

• Hybrid working trends and an ageing population are boosting renovation activity.