AGM Trading Update

Nichols plc, the diversified soft drinks Group, provides the following trading update for the three months to 31st March 2026 ("the Period"), to coincide with the Company's Annual General Meeting ("AGM") taking place later today.

Group revenue grew 4.3% year-on-year in the Period to £41.0m (2025: £39.3m), an encouraging start to the year in-line with the Board's expectations.

Total Packaged revenues grew by 5.6% driven by pleasing performances in both the UK and International markets.

UK Packaged revenues increased by 3.8% to £22.1m (2025: £21.3m), reflecting a continued focus on innovation which is expected to continue to contribute positively in the year ahead.

International Packaged revenues increased by 11.1% to £10.0m (2025: £9.0m), with growth driven almost entirely by West Africa. This strong performance is being delivered through a combination of accelerated can export sales and the ongoing shift to a concentrate model. This was partially offset by lower Middle East revenues, as planned, due to the timing of shipments which are weighted towards the second half of the year.

Out of Home revenues decreased by 3.3% to £8.7m (2025: £9.0m), in line with expectations, driven entirely by the planned exit of the lower-margin Starslush business and a strategic focus on profitability.

The Group retains a very strong balance sheet with net cash and cash equivalents at the end of the Period of £59.8m (31 December 2025: £55.7m). This increase reflects year-end movements in working capital unwinding as expected, as well as the conclusion of investment in the business change programme.

Board

As previously announced, Matthew Rothwell joined the Group as Chief Financial Officer on 13 April 2026 and is expected to join the Board following shareholder approval at today's AGM.

Outlook

The Group's FY261 revenue and adjusted PBT1 expectations are unchanged.

The Board continues to monitor developments arising from the conflict in the Middle East, which may lead to some volatility in supply chains and key input costs. While there has been no material impact on the business to date, the Group is taking proactive steps to manage potential disruption, with mitigation plans in place and some near-term protection against cost inflation in H1 through contractual cover.

As previously indicated, the International Packaged business is expected to be weighted towards the second half of the year, driven primarily by the timing of concentrate shipments to Africa and, to a lesser extent, the timing of shipments to the Middle East, which commence later in the year, principally as a result of the phasing of Ramadan. This will impact the half-year profile. As a result, the Group expects performance to be weighted towards the second half with first half profitability expected to be modestly below the prior year. Full year expectations remain unchanged with positive trading momentum set to continue as we complete Phase 2 of our concentrate model shift.

Underpinned by the strength of the Vimto brand, the Group's diversified and asset-light business model and clear growth strategy, the Group is well positioned to deliver continued profitable growth in line with its medium-term financial and strategic ambitions.

Andrew Milne, Chief Executive Officer of Nichols, commented:

"We are pleased to have delivered a strong start to the year, with continued revenue growth and further strategic progress in Q1. Our UK Packaged business performed well driven by successful innovation and clear execution against the strategic priorities outlined at our 2024 Capital Markets Day.

In the International Packaged business, our planned strategic shift towards a higher margin concentrate model in several of our West African markets is delivering a step change in margins and positions us well to deliver long-term, profitable growth. Whilst the Middle East conflict has had a limited impact on performance to date, we are taking proactive steps to manage potential disruption, with contingency plans in place to mitigate any associated commodity cost inflation. Our distribution routes do not have direct exposure to the most affected shipping corridors in the region.

I am delighted to have welcomed Matt Rothwell into the business as our new CFO, providing considerable experience and expertise, and we look forward to benefitting from this during the years ahead.

We continue to expect growth and performance in FY26 in line with market expectations as we execute our strategic priorities and deliver further progress towards our medium-term financial and strategic ambitions."

1 FY26 expectations refer to a Group compiled market consensus of Revenue £183.1m and adjusted PBT £35.3m