The call presents a strong operational and financial performance: revenue and profit growth, margin expansion, industry‑leading service levels (99.98% service) and robust cash generation. Management is investing heavily to scale (capex, depot openings, Runcorn development) and announced a GBP 100m buyback while maintaining dividend growth. Key risks flagged are a competitive UK market, ongoing inflationary cost pressure (~GBP 30m expected in 2026), capex/working capital intensity and a need to improve underperforming French depots. On balance, the positives (top‑end results, margin gains, cash returns and clear strategic initiatives) outweigh the challenges.

Company Guidance

The guidance from the call was that Howdens finished FY2025 strongly (group sales +4.1% to GBP 2.4bn; UK sales GBP 2.3bn, +3.8% and +2.6% same-depot; international EUR 99m, +12% / +9% same-depot), delivered industry‑leading margins (gross margin +110bps; EBIT margin 14.7%; PBT GBP 345m, +5.1%; EPS +8%; effective tax rate 22.4%) and exceptional service (73 million deliveries; 99.98% primary-to-depot service), ended the year with GBP 345m cash and strong operating cash generation (GBP 3.8bn over 10 years), and expects for 2026: a broadly flat UK kitchen market, to meet current market expectations, normalized CapEx ~GBP 125m (maintenance ~GBP 30m), cash tax ~GBP 60m (ETR ~23–24%), inflationary headwinds of ~GBP 30m offset where practicable by productivity savings, continued investment in strategic initiatives (GBP 28m in 2025), ~25 UK depot openings and ~45 refurbishments planned, ~85 international depots targeted (Ireland to ~21), 24 new kitchens in stock for peak trading, a final dividend of 16.9p (total 21.9p) and a new GBP 100m share buyback alongside returning ~GBP 216m to shareholders in 2025.

Group revenue growth

Group sales increased 4.1% year‑on‑year to GBP 2.4bn (UK revenue GBP 2.3bn, +3.8%). Same‑depot UK sales rose 2.6%. International revenue was EUR 99m, up 12% (9% on a same‑depot basis).

Improved profitability and margins

Gross margin was 110 basis points ahead of prior year and gross profit was GBP 84m higher. EBIT margin was 14.7%. Profit before tax increased 5.1% to GBP 345m and EPS grew 8% (benefitting from lower tax rate and buybacks). Effective tax rate fell to 22.4% from 24%.

Strong cash generation and shareholder returns

Year‑end cash of GBP 345m; GBP 3.8bn operating cash generated over the last 10 years. Returned >GBP 216m to shareholders in 2025 (dividends + buybacks), final dividend 16.9p (total 21.9p, +3.7%). New GBP 100m share buyback program announced for 2026.

World‑class service levels and supply capability

Delivered ~73m deliveries with a primary‑to‑depot service level of 99.98%. Continued investment in in‑house manufacturing and XDC network; acquired Runcorn freehold and commenced development to increase capacity by ~1m rigid cabinets to preserve low‑cost manufacturing advantage.

Depot network expansion and format modernization

Total 970 depots trading (891 UK). Opened 23 UK depots in 2025 and completed 60 revamps (410 total conversions to date). Plan to open ~25 UK depots and refurbish ~45 depots in 2026; management has a line of sight to ~1,000 UK depots.

Product innovation and successful new ranges

Products introduced in the last three years accounted for ~29% of UK product sales. Confirmed 24 new kitchens for 2026 (similar cadence to 2025) and expanded offerings across entry, mid and premium price bands (including paint‑to‑order and solid surface worktops). Own‑label refreshes (Lamona, Oake & Gray, Fuller & Forge) underway.

International progress (Ireland and France)

Republic of Ireland sales materially ahead; 16 depots at year‑end with plan to open ~5 more (target ~21 by year‑end 2026). France sales improving with new senior leadership and targeted estate actions (international revenue growth contributing positively).

Howden Joinery (GB:HWDN) Earnings, Revenues Date & History

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GB:HWDN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 23, 2026	2026 (Q2)	- / -	0.163	―	―	―
Feb 26, 2026	2025 (Q4)	- / 0.33	0.3	9.33% (+0.03)	―	―
Jul 24, 2025	2025 (Q2)	0.16 / 0.16	0.154	5.84% (<+0.01)	―	―
Feb 27, 2025	2024 (Q4)	- / 0.30	0.31	-3.23% (-0.01)	―	―
Jul 25, 2024	2024 (Q2)	- / 0.15	0.153	0.65% (<+0.01)	―	―
Feb 29, 2024	2023 (Q4)	- / 0.31	0.462	-32.90% (-0.15)	―	―
Jul 20, 2023	2023 (Q2)	- / 0.15	0.195	-21.54% (-0.04)	―	―
Feb 23, 2023	2022 (Q4)	- / 0.46	0.366	26.23% (+0.10)	―	―
Jul 21, 2022	2022 (Q2)	- / 0.20	0.163	19.63% (+0.03)	―	―
Feb 24, 2022	2021 (Q4)	- / 0.37	0.266	37.59% (+0.10)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

GB:HWDN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 26, 2026	856.00 p	948.00 p	+10.75%
Jul 24, 2025	830.40 p	904.44 p	+8.92%
Feb 27, 2025	813.87 p	763.92 p	-6.14%
Jul 25, 2024	914.23 p	879.97 p	-3.75%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Howden Joinery Group PLC (GB:HWDN) report earnings?

Howden Joinery Group PLC (GB:HWDN) is schdueled to report earning on Jul 23, 2026, TBA (Confirmed).

What is Howden Joinery Group PLC (GB:HWDN) earnings time?

Howden Joinery Group PLC (GB:HWDN) earnings time is at Jul 23, 2026, TBA (Confirmed).

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What is GB:HWDN EPS forecast?

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