Interim Results Announcement

FOR RELEASE 29 April 2025

Interim Results Announcement

24 weeks ended 1 March 2025

FOR RELEASE 29 April 2025

Associated British Foods plc results for the 24 weeks ended 1 March 2025

Financial Headlines

Operating profit is stated after exceptional charges and other items as shown on the face of the condensed consolidated income statement. In H1 2025, total exceptional items were £104m primarily related to a non-cash impairment charge (H1 2024: £6m). References to changes in revenue and adjusted operating profit in the following segmental commentary are based on constant currency. The Group has defined and outlined the purpose of its Alternative Performance Measures in note 13. These measures are used within the Financial Headlines and in this Interim Results Announcement.

"These results reflect a robust performance in four of our five divisions. I am frustrated with the results in our Sugar business, but we are clear on what needs to be done by way of operational and regulatory solutions to improve financial performance. Primark delivered good growth in Europe and the US, with continued consumer caution in the UK. Primark's profit and margin delivery was strong and our low-cost operating model is working well. Our focus remains on sharp execution of our key growth initiatives across product, brand, digital and new market entry. Our Grocery and Ingredients businesses performed well and the outlook remains positive.

Looking ahead, in an operating environment with significant uncertainties, the Group remains well positioned and our strong balance sheet enables continued investment to deliver long-term sustainable growth."

1 As at 25 April 2025

Our outlook for the Group in this financial year is unchanged, with the exception of Sugar where we are providing updated guidance below. The Group outlook reflects the absorption of a US tariff impact in H2 2025, based on what we know today.

In Primark, we continue to target low-single digit sales growth for the full year. This will be driven by our store rollout programme in our growth markets in Europe and the US, which is on track to contribute around 4% to total Primark sales growth, offset by weaker sales in the UK and Ireland. While we continue to assume our trading in the UK remains challenging in H2 2025, there have been some early signs of improvement in recent weeks. We are focused on driving underlying growth across our markets as we continue to strengthen Primark's great-value proposition through initiatives in product, digital and brand. We continue to expect adjusted operating profit margin in 2025 to be broadly in line with last year's level. This reflects an improvement in gross margin and good cost management, offsetting wage inflation and a step up in investment. Our adjusted operating margin in H2 2025 is expected to be lower than it was in H1 2025, given the impact from phasing of one-off items which benefitted H1 2025. We continue to make good progress with our store rollout programme and target a contribution of around 4% to 5% to Primark's total annual sales growth for the foreseeable future.

In Grocery, we remain focused on driving sales of our leading international and regionally-focused brands, underpinned by effective marketing investment and strong commercial execution. We continue to expect overall performance this year to reflect the normalisation of profitability in our US-focused businesses and an operating loss in Allied Bakeries. Allied Bakeries continues to face a very challenging market. We are evaluating strategic options for Allied Bakeries against this backdrop and we expect to provide an update in H2 2025. In Ingredients, we expect growth to continue in both our yeast and bakery ingredients businesses as well as in our portfolio of speciality ingredients businesses.

In Sugar, persistent low European sugar prices and an operating loss in our UK bioethanol business, Vivergo, are impacting overall profitability in 2025. Challenges in Tanzania, due to the overhang of high levels of sugar imports in 2024, and in South Africa, due to drought, are also impacting performance. As a result, we now expect Sugar to have an adjusted operating loss of up to £40m in this financial year. In our Spanish business, Azucarera, the deterioration in market conditions has demonstrated that the cost base is structurally too high. As a result, we are close to completing an operational review, which is assessing a number of scenarios to restructure this business. In Vivergo, the way in which regulations are being applied to bioethanol is undermining the commercial viability of our business. We are having constructive discussions with the UK Government to explore regulatory options to improve the position. There is no guarantee that these discussions will be successful, and we will either mothball or close the Vivergo plant if necessary. The actions we are taking in Azucarera and Vivergo increase our confidence that Sugar profitability can recover over the medium term. The timeframe for recovery in the Sugar segment is longer than we had originally expected due a slower-paced rebalancing of supply and demand in European sugar markets and a delay in the recovery of profitability in Tanzania.

In an operating environment with significant uncertainties, the Group still remains well positioned for the medium term, supported by a strong balance sheet and cash generation and good momentum in our Retail, Grocery and Ingredients businesses.

For further information please contact:

+44 20 7399 6545

Joana Edwards, Interim Finance Director Lucinda Baker, Head of Investor Relations Chris Barrie, Corporate Affairs Director

+44 20 7638 9571

There will be an analyst and investor presentation at 09.00am BST today which will be streamed online and can be accessed via our website here.

Associated British Foods is a diversified international food, ingredients and retail group with annual sales of £20bn and 138,000 employees in 56 countries. It has significant businesses in Europe, Africa, the Americas, Asia and Australia.

Our purpose is to provide safe, nutritious and affordable food, and clothing that is great value for money. We take a long-term, patient approach to drive sustainable growth and cash generation across our portfolio of food and retail businesses to create value for all stakeholders. This aligns with our approach to sustainability and sustainable supply chains, where we focus on what matters and where we can make a difference.

Operating review

Financial highlights

Primark's sales grew 1%. Our key growth markets, the US, Spain, Portugal, France, Italy, and Central and Eastern Europe, delivered good growth, underpinned by our strong customer value proposition and the successful execution of our store rollout programme. In the UK and Ireland, sales declined, despite good like-for-like sales growth over the key Christmas trading period. Across our markets, store rollouts contributed 4% to total sales growth in H1 2025 and total like-for-like sales declined 2.5%. As expected, in our fastest-growing markets such as the US, Italy and France, like-for-like metrics were impacted by the high number of recent store openings.

Adjusted operating profit grew 8% and adjusted operating margin increased to 12.1%, demonstrating the strength of Primark's operating model. An improvement in gross margin was primarily due to favourable foreign exchange, supplier efficiencies and the effective management of markdowns. Focused cost management and the phasing of one-off items more than offset wage inflation and increased investment in product, digital and brand initiatives. This investment will continue over the medium term, alongside a continued focus on driving cost optimisation and efficiencies in our supply chain, store operating model and central costs.

Market highlights

In Spain and Portugal, sales grew strongly, up 8%. This reflects good underlying growth in both markets and a strong contribution from recently opened stores. In Spain, sales were impacted by flooding in the Valencia region, which led to store disruption.

In France and Italy, sales grew 4% driven by recent store openings. In Central and Eastern Europe, sales growth of 21% reflected a strong contribution from new stores. In the US, sales grew 17% and recent store openings are positively contributing to overall sales density in the US. During H1 2025, we opened two new stores, including our first in Texas, to reach 29 stores in total with an additional 18 leases signed. Initiatives to drive increased brand awareness in the US, included a 12-week trial marketing campaign in the New York metro area during the period.

In both the UK and Ireland, sales decreased 4%. The UK clothing retail market declined in the period, reflecting cautious consumer sentiment and a lack of seasonal purchasing catalyst in the autumn months due to mild weather. Shopping activity within elements of Primark's customer base was particularly weak and as a result Primark's market share reduced from 6.9% to 6.7%2. Our online participation through Click & Collect is building momentum as we increase customer awareness and make more of our product ranges available to more customers, particularly those who shop in smaller stores. The service is now available in 158 stores3 and will be in all 187 of our British stores by the end of June 2025. We also had a sales uplift from active management of our UK store estate, including store relocations, extensions, new store openings and an ongoing store refurbishment programme. Excluding the benefit from changes to the store estate, like-for-like sales in the UK and Ireland declined 6.0%.

In our Northern European markets, Germany, the Netherlands, Belgium and Austria, sales grew 1% and like-for-like sales grew 2.4%. Strong growth in Germany and the Netherlands reflects the restructuring of our store footprint, which has driven much- improved sales densities and profitability. Growth in Germany also reflects the prior year impact of industry-wide strike action.

Strategic and operational highlights

Looking ahead, we have a clear roadmap for new store rollouts in our growth markets and we are targeting that these will contribute around 4% to 5% to Primark's total annual sales growth for the foreseeable future. In addition, we are making good progress with our franchise agreement with the Alshaya Group to enter the Gulf Cooperation Council ('GCC') markets and expect to announce the opening of new stores in the region soon.

We continued to make progress with the execution of our digital strategy. This is through investment in our website, search engine optimisation ('SEO') and paid marketing, as well as optimising and scaling our CRM activity. We believe all of these drove footfall into stores and contributed to overall sales growth.

In H1 2025, we invested £212m in capital projects, including a number of new stores in Europe and the US. We opened a total of eight new stores, extended one store, right-sized two stores and relocated two stores, which increased our retail selling space by 0.3m sq ft. On 1 March 2025, we were trading from 459 stores across 17 markets, with 19.1m sq ft of selling space. We also made good progress with our store refurbishment programme, completing refits in twelve stores comprising 0.4m sq ft of selling space, which included the rollout of self-service checkouts to now be in 136 stores. We continued to invest in our depot network, including automation projects, and we increased investment in technologies to improve the operational performance of our stores and depots and build the capability to deliver long-term growth.

In March 2025, Eoin Tonge was appointed interim Chief Executive of Primark, following the resignation of Paul Marchant. Eoin has the support of an experienced leadership team in Primark and the search for a permanent successor is underway.

2 Kantar, Primark market share of the total UK clothing, footwear and accessories market including online by value, 24-week data to 2 March 2025

3 As at 25 April 2025

Grocery

Grocery sales were in line with the prior year. Adjusted operating profit increased 1% to £227m and adjusted operating margin increased to 10.9%. Most of our leading international brands and regionally-focused businesses performed well, underpinned by strong investment in effective marketing and excellent commercial execution. We also benefitted from the consolidation of our recent acquisition of The Artisanal Group in Australia. As expected, lower sales in US oils and Allied Bakeries impacted overall Grocery growth.

Our portfolio of international brand businesses4 performed well. Twinings had good sales growth in most markets, including the UK and France, as a result of effective marketing investment and strong in-store visibility. We had good volume growth in black tea, as well as continued growth in the wellness category across our portfolio of green, herbal and fruit teas.

Overall sales of Ovaltine grew in H1 2025. In Europe and Thailand, price increases, due to significantly higher cocoa costs, had a negative impact on volumes. Most of our other markets had good growth, including China, Myanmar, Brazil and Nigeria. Our new manufacturing facility in Nigeria is nearing completion and will support continued growth in Africa.

Patak's, Blue Dragon, Jordans and our balsamic vinegar business all performed well. We are adding capacity in Poland to support the international growth of Blue Dragon.

Within our regionally-focused portfolio, our US-focused businesses5, which include market-leading brands such as Mazola and Fleischmann's, performed broadly as expected. This included a normalisation in sales of consumer oils, while maintaining continued strength in market share through our focus on targeted marketing investment and strong in-store execution. Our joint venture in Stratas, a leading supplier of oils and other products to the foodservice, ingredients and retail markets, delivered strong growth in operating profit. In H1 2025, Stratas completed the acquisition of AAK's foodservice facility in New Jersey, US and its associated brands and business. This expands its portfolio of premium dressings and sauces and further strengthens its position in the northeast of the US.

Our UK-focused businesses5 declined overall. As expected, this was primarily due to lower volumes and sales in Allied Bakeries, which resulted in an increased operating loss. Allied Bakeries continues to face a very challenging market. We are evaluating strategic options for Allied Bakeries against this backdrop and we expect to provide an update in H2 2025. Across the rest of our UK portfolio, performance was mixed, including good growth in Westmill, a supplier of global foods to the foodservice sector, and in our sports nutrition businesses, while sales in Silverspoon were lower. During H1 2025, we completed the installation of a manufacturing line to produce Scrocchiarella bakery products in Bradford, UK, and accelerate growth in the UK foodservice channel.

Within our Australia and New Zealand-focused businesses5, sales in both our Tip Top bread and Don meats businesses improved, although the consumer environment remained challenging. We also benefitted from the consolidation of our recent acquisition, The Artisanal Group. During H1 2025, we commissioned a new buns and rolls line at our bakery in Queensland to support Tip Top's growth in the foodservice channel and we progressed with the expansion of our bakery in Western Australia, where Tip Top is the leading supplier.

4 Our international brand businesses, which include Twinings, Ovaltine, Blue Dragon, Patak's, Jordans and Mazzetti, accounted for approximately a third of total Grocery sales.

5 Within our regionally-focused brand businesses, US-focused businesses accounted for approximately 15% of total Grocery sales, UK-focused businesses accounted for approximately a quarter of total Grocery sales and Australia and New Zealand-focused businesses accounted for approximately a quarter of total Grocery sales.

Ingredients

Ingredients sales grew 2%, primarily driven by our yeast and bakery ingredients business, AB Mauri. Adjusted operating profit increased by 8% and adjusted operating margin increased to 11.6% reflecting good management of input costs.

Our yeast and bakery ingredients business had good sales growth led by our European and Central and South American markets. We are benefitting from our strong route to market and broad product portfolio. Growth also reflects the consolidation of prior year acquisitions, in particular in our AB Biotek business, which provides speciality yeast and technologies to industries including alcoholic beverages, bioethanol and animal nutrition. We continued to make progress with capital projects to drive long-term growth, including the construction of our fresh yeast plant in Northern India.

In our specialty ingredients businesses, ABFI, most of the portfolio performed well. Our enzymes and health and nutrition businesses had particularly strong growth, while sales in our pharmaceutical businesses were lower due to softer demand in certain product categories. We continued to invest in R&D, commercial capabilities and strategic capital projects to drive long- term growth. This included new capacity and technologies in our yeast extracts and enzymes businesses.

Our ingredients business in Australia and New Zealand, Mauri ANZ, performed well and benefitted from additional capacity in animal feed mixes from the new mill we commissioned last year. In H1 2025, we began work to relocate our flour mill in Victoria. New Food Coatings, our joint venture ('JV') in Australia, New Zealand and south east Asia, specialising in seasonings, sauces and ingredients, continued to grow. The JV is investing in a new facility in Bangkok, Thailand, to add capacity.

Sugar

Sugar sales declined 4% and the segment had an adjusted operating loss of £16m. This was primarily due to lower European sugar prices and continued low bioethanol prices. Given these market challenges, we are close to completing an operational review of our Spanish sugar business and are in discussions with the UK Government to improve the regulatory environment for our bioethanol business, Vivergo.

In the UK and Spain6, sales and profitability in our sugar businesses declined significantly in H1 2025 as a result of persistent low European sugar prices and a high cost of beet for the 2023/24 campaign. Profitability in the UK was also impacted by a gas turbine breakdown during the period, which is now resolved. The processing of our UK beet crop for the 2024/25 campaign is now complete and sugar production was approximately 1.1m tonnes, which is broadly in line with last year.

In our Spanish business, Azucarera, the deterioration in market conditions has demonstrated that the cost base is structurally too high. As a result, we are close to completing an operational review, which is assessing a number of scenarios to restructure our business in Spain. In H1 2025, we recognised a non-cash impairment charge of £101m.

Within our African businesses, Malawi and Eswatini had good growth. Sales growth in Zambia was good but higher production costs due to drought meant profitability was lower. In South Africa, drought resulted in lower sales and profit. In Tanzania, our business is in a transitional year as it builds new capacity, and the overhang from high levels of sugar imports in 2024 significantly impacted sales and profit in H1 2025. These imports were a result of low domestic supply following adverse weather and the delayed build of our new sugar mill. However, the mill is now nearing completion and is expected to be commissioned in H2 2025. This will significantly increase our production capacity and therefore the domestic sugar supply in the Tanzanian market. In April 2025, we completed the sale of our moth-balled sugar operations in Mozambique.

Our bioethanol plant in the UK, Vivergo, reduced its production levels in response to continued low prices for bioethanol. This resulted in much-reduced sales and an operating loss in H1 2025. The way in which regulations are being applied to bioethanol is undermining the commercial viability of our business. We are having constructive discussions with the UK Government to explore regulatory options to improve the position. There is no guarantee that these discussions will be successful, and we will either mothball or close the Vivergo plant if necessary.

6 Our European sugar businesses in the UK and Spain accounted for just over 50% of total Sugar sales, our African sugar business accounted for approximately 40% of total Sugar sales and our UK bioethanol business, Vivergo, accounted for approximately 5% of total Sugar sales.

Agriculture

Agriculture sales declined 3% and adjusted operating profit decreased 8% to £12m. This primarily reflects lower sales of compound feed and an impact from one-off costs.

Most of our speciality feed and additives businesses performed well. In particular, Premier Nutrition in the UK had strong growth and AB Vista, our international feed additives business, had good growth in both enzyme and non-enzyme additives. Our dairy business, which was formed from a number of acquisitions in 2023 to provide a unique full-service offer to the dairy sector, delivered good growth. Sales in our compound feed businesses were lower due to reduced commodity prices and continued soft demand in the UK and China.

The profit contribution from our joint venture, Frontier, declined. While the performance of our seed and crop production business was much improved, our grain trading business was impacted by less favourable market conditions and a smaller UK harvest.

Financial review

Group performance

Group revenue in the period was £9.5bn, 2% below last year at actual rates. Revenue was in line with the prior year at constant currency, with growth in Retail and Ingredients revenue offset by a decline in Sugar and Agriculture revenue. The Group generated an adjusted operating profit of £835m, a decrease of 12% at actual rates. Adjusted operating profit declined 10% in constant currency, reflecting an adjusted operating loss in Sugar. Operating profit for the Group of £710m was 24% lower, after exceptional items of £104m (H1 2024 - £6m).

There was a translation loss of £31m on our non-sterling earnings, primarily driven by the strengthening of sterling against the US dollar and the euro, as well as against some of our trading currencies in our African businesses.

The segmental analysis by division has been set out in the operating reviews. Business disposed relates to the sale of our China North Sugar business at the end of the previous financial year and we have incurred some immaterial closure costs in H1 2025 as part of this disposal.

The segmental analysis by geography is set out in note 1 of the condensed financial statements. Of note is the decrease in adjusted operating profit in Europe and the UK as a result of the significant reduction in profitability in Sugar.

Interest and other financial income

Finance income decreased as a result of lower cash balances and lower rates of interest earned, as most market interest rates have fallen. We expect a lower level of finance income in H2 2025 given continued lower average cash balances following shareholder returns, as well as lower interest rates.

Other financial income improved, compared to material non-recurring losses on foreign exchange balances in Malawi and Nigeria in H1 2024.

On an adjusted basis, profit before tax was down 10.2%, to £818m.

Taxation on adjusted profit

In H1 2025, the adjusted tax charge reduced to £197m, driven by the reduction in adjusted profit before tax, partially offset by an increase in the adjusted effective tax rate from 23.2% in H1 2024 to 24.1% in H1 2025. The adjusted effective tax rate includes the impact from the introduction of Pillar 2, and changes to the mix in profits by jurisdiction.

Adjusted earnings per share decreased by 7.5% to 83.6p per share. This was driven by the decrease in adjusted earnings, partially offset by the increase in other financial income. Adjusted earnings per share continues to benefit from the reduction in the weighted average number of shares, from 758 million in H1 2024 to 732 million in H1 2025, as a result of ongoing share buybacks. The weighted average number of shares will continue to reduce as we complete the current share buyback. At the end of H1 2025, £232m remained to be completed in H2 2025.

Basic earnings per share

Profit before tax of £692m decreased by 21.5%.

This included a non-cash exceptional impairment charge of £104m in the Sugar segment. This comprised a full impairment charge of £101m on property, plant and equipment in Azucarera, our Spanish business, as a result of a significant worsening in trading performance. A further £3m impairment charge was taken in our Vivergo business, which continues to be impacted by low bioethanol prices. In H1 2024, the non-cash exceptional impairment charges included in the Sugar segment mostly related to Vivergo.

In H1 2025, no material or significant costs have been incurred on the sale and closure of businesses. In H1 2024, a non-cash provision of £10m was included in profit less losses on sale and closure of business in respect of the closure of our China North Sugar business.

Total tax charge was £163m (H1 2024 - £203m). The reduction reflects the lower adjusted tax charge and the impact of the deferred tax credit arising on the impairment of property, plant and equipment in Azucarera.

Earnings attributable to equity shareholders were £520m and basic earnings per share decreased by 18.8% to 71.0p.

In H1 2025, the free cash inflow was £27m as a result of lower operating profit and a higher working capital movement. The increase in working capital reflects the seasonality of our businesses, which last year was offset by the cash inflow from the normalisation of Primark's inventory.

Capital expenditure was broadly in line with H1 2024 and comprised a number of large capital projects in Primark and the food businesses.

There were no material acquisitions or disposals in H1 2025.

The level of cash tax was broadly in line with H1 2024. For the current financial year, we expect cash tax levels to be moderately lower than in 2024, which includes the benefit of an anticipated state aid refund.

In other cash flow, we continued to have a benefit from the UK pension fund abatement of £31m and an increase in own share purchases of £23m in H1 2025, as well as a £16m increase in provisions, mostly in Sugar.

The cash outflow for share buybacks in H1 2025 was £363m, and comprised £91m spent on the £100m extended second share buyback announced at the end of the last year, as well as £268m spent on our third £500m share buyback. We also paid £508m for total dividends in H1 2025, which comprised the final dividend of £310m and the special dividend of £198m in respect of the prior financial year.

The decrease in current asset investments was due to a lower proportion of cash deposits placed with a greater than 90-day term.

At 1 March 2025, the Group held cash, cash equivalents and current asset investments of £824m. In addition, the Group has an undrawn Revolving Credit Facility ('RCF') for £1.5bn, which is free from performance covenants and matures in June 2029.

Total liquidity at 1 March 2025 was £2.1bn, comprised £0.8bn of cash, cash equivalents and current asset investments, less non-qualifying borrowings and inaccessible cash of £0.2bn, plus the £1.5bn RCF. This compares to £2.9bn at the end of the prior financial year and £2.5bn at the end of H1 2024.

Total net debt increased by £751m in H1 2025 to £2,772m, as a result of £565m lower cash at bank and in hand and cash equivalents and £268m lower current asset investments. A combination of lower adjusted EBITDA, seasonal working capital movements and higher total net debt resulted in a higher leverage ratio of 1.0x at 1 March 2025, compared to 0.7x at the prior financial year end.

Employee benefits assets primarily comprise the accounting surplus of the Group's UK defined benefit scheme. On 1 March 2025, the surplus in the UK was £1,506m (H1 2024 - £1,476m; 2024 full year - £1,454m). The increase from the prior financial year end reflects a decrease in the pension liabilities due to an increase in corporate bond yields, partially offset by negative asset returns and a slight increase in the long term expected inflation assumption.

As previously announced, we expect to complete £591m of share buybacks in this financial year. In H1 2025, we completed £359m of buybacks with a remaining amount of £232m expected to be completed in H2 2025.

The Board has declared an interim dividend of 20.7p per share. The dividend will be paid on 4 July 2025 to shareholders registered at the close of business on 30 May 2025.

Our principal risks and uncertainties

The delivery of our strategic objectives is dependent on effective risk management. There are a number of potential risks and uncertainties which could have a material impact on the Group's performance and could cause actual results to differ materially from expected and historical results. Details of the principal risks facing the Group's businesses at an operational level were included on pages 78 to 86 of the Group's Annual Report and Accounts for the 52 weeks ended 14 September 2024, as part of the Strategic Report.

We have reassessed our principal risks for the remaining six months of the financial year as the world continues to face political and economic uncertainties.

The geopolitical landscape continues to be fragile, which could have an impact on the cost of raw materials and key commodities. The ongoing Russian war in Ukraine continues to drive economic uncertainty in almost all of the markets in which we operate. The impact of recent changes in US international policy remains uncertain. Our procurement teams continue to work closely with suppliers to maintain the effective operation of our supply chains.

Consumer sentiment remains cautious and trading activity within elements of our shopper base has been weak. Sentiment is unlikely to improve as markets continue to face uncertainty and instability following recent tariff announcements by the US, retaliatory actions by China and the risk of further tariff trade wars. Consumer confidence could deteriorate further as a number of countries, including the US, face the risk of recession that could increase individuals' debt problems. The impact on our businesses will depend on the extent of government intervention, the extent of increased taxation on individuals and businesses and the duration of any economic downturns.

Our businesses remain on high alert to the heightened risk of IT security breaches and cyber-based attacks. We continue to invest in monitoring and detection capabilities.

On average, sterling has slightly strengthened against most of our trading currencies in the first half of the year, resulting in a £31m negative translation impact on operating profit. The Group purchases a wide range of commodities in the ordinary course of business. Agriculture commodity prices varied across the Group with some indices continuing to see volatility, and there has been downwards pressure on global sugar prices impacting our European sugar businesses revenue. Businesses continue to manage commodity price risk under their existing risk management frameworks and, where appropriate, reflect this in pricing of products.

Going concern

After making enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence to the end of the 2026 financial year. For this reason, they continue to adopt the going concern basis in preparing the Condensed Consolidated Interim Financial Statements. See note 10 to the Condensed Consolidated Interim Financial Statements.

Condensed consolidated income statement

for the 24 weeks ended 1 March 2025

Condensed consolidated statement of comprehensive income

for the 24 weeks ended 1 March 2025

Condensed consolidated balance sheet

at 1 March 2025

Condensed consolidated cash flow statement

for the 24 weeks ended 1 March 2025

Condensed consolidated statement of changes in equity

for the 24 weeks ended 1 March 2025