AGM Statement and Trading Update

At the Annual General Meeting of NWF Group plc (‘NWF’ or the ‘Group’), the specialist distributor operating in UK markets, which is being held later today, Amanda Burton, Chair, will make the following statement, commenting on the trading performance for the first quarter of the year, which commenced on 1 June 2026.

The trends noted at the FY26 full year results continued throughout the first quarter of the year, resulting in a mixed performance across our three businesses.

With the seasonally busier winter months still to come, which have historically been the most material to the Group’s performance, the Board’s outlook for the full financial year is unchanged.

Taking each of the Group’s businesses in turn:

In Fuels, there has continued to be very low demand for domestic heating oil reflecting the UK’s hottest summer on record, and the continued volatility in the oil price and market uncertainty resulting from the events in the Middle-East. During the first quarter the oil price ranged from $72 to $108 per barrel and is currently at $98. The low demand for domestic heating oil contributes to a competitive trading environment for commercial fuel. The Group continues to embed the new regional operating model, improving processes and driving operational efficiencies.

In Food, strong contracted customer demand has resulted in both higher storage levels and throughput than last year. This has resulted in the use of offsite storage, which provides confidence in the customer pipeline to support future growth, but has led to some short-term inefficiency. The business is actively pursuing viable means to invest in expanding its warehouse and transport network nationally, representing an exciting opportunity to take advantage of NWF's expertise in a highly fragmented and growing market.

In Feeds, volumes are higher than the prior year reflecting mainly new business but also increased usage by existing customers. Margins have been managed effectively against a backdrop of increased raw material volatility. The milk price has increased slightly during the period which has supported customer demand.

We remain confident in the Group’s prospects and continue to focus on our long-term growth strategy of development through growth investment, business improvement initiatives focused on commercial effectiveness and operational efficiency, and targeted acquisitions, supported by our strong balance sheet.

The Group will provide a further trading update in December 2026, following its half-year ended 30 November 2026.

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