SIG (SHI) Trading Update summary

Trading performance

• Like-for-like sales grew 2% in Q1 2025, with all geographies except France reporting positive growth.

• UK Interiors reversed a prior 6% decline to achieve 4% growth, driven by a turnaround plan.

• Germany continued to outperform its market, while France faced challenging conditions but is expected to improve.

• Group reported revenues were 1% lower due to working days, exchange rates, and branch closures.

• LFL volumes rose 3%, but pricing pressure led to a net 1% reduction in pricing.

Strategic initiatives and operational focus

• Ongoing execution of cost savings, productivity, and cash generation initiatives under the 'GEMS' strategy.

• Targeted investments continue to support strategic growth opportunities.

• Operational improvements are expected to incrementally benefit performance as the year progresses.

Market outlook and guidance

• Full-year 2025 outlook remains unchanged, with any recovery expected to impact demand in H2.

• Market conditions remain weak but stable, with early signs of volume stabilisation in most markets.

• Minimal direct impact expected from potential changes in cross-border tariffs due to local sourcing.

• The business model is well positioned to benefit from a market recovery when it occurs.