Update on Outstanding Notes and RCF

18 July 2025

NEXT plc

Update on Outstanding Notes and RCF

NEXT plc announces that:

● on 17 July 2025, NEXT Group plc (the "Issuer") issued £300,000,000 5.000 per cent. Notes due 2031 (ISIN: XS3116723712) (the "2031 Notes") unconditionally and irrevocably guaranteed by NEXT plc (the "Guarantor") under the Issuer's £3,000,000,000 Euro Medium Term Note Programme;

● on 17 July 2025, the Issuer used part of the issuance proceeds of the 2031 Notes to purchase an aggregate nominal amount of £136,430,000 of its £250,000,000 4.375 per cent. Bonds due 2026 guaranteed by the Guarantor (ISIN: XS0975833319);

● as at 18 July 2025, the outstanding nominal amount of all notes issued by the Issuer and guaranteed by the Guarantor is:

o £250,000,000 3.000 per cent. Bonds due 2025 (ISIN: XS1985037974), maturing on 26 August 2025;

o £113,570,000 4.375 per cent. Bonds due 2026 (ISIN: XS0975833319), maturing on 2 October 2026;

o £300,000,000 3.625 per cent. Bonds due 2028 (ISIN: XS1410414954), maturing on 18 May 2028; and

o £300,000,000 5.000 per cent. Notes due 2031 (ISIN: XS3116723712), maturing on 17 July 2031; and

● on 11 April 2025, NEXT Group plc increased the available commitments under its revolving credit facility (the "RCF") by £100,000,000 to an aggregate amount of £525,000,000, which, as at the date of this announcement, remains undrawn, bringing the total amount of available commitments under the RCF and the outstanding notes to £1,488.57m.

Important Information

This Announcement does not constitute, or form part of, any offer or any solicitation of an offer to acquire or subscribe for any shares, bonds or any other securities, nor shall it (or any part of it) or the fact of its dissemination form the basis of, or be relied on in connection with, any contract with respect thereto.

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA (THE UNITED STATES) OR IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION WHERE OR TO WHOM IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.