Kingfisher delivered adjusted EPS of 23.8p (+15%) and total revenue of £12,945m (+1.3%) for the year ended January 31, 2026. Adjusted pre-tax profit rose 6% to £560m, driven by gross margin expansion and cost discipline. Shares rose approximately 2.4% on the day of the results announcement.
About Kingfisher plc
Kingfisher plc (LSE: KGF | OTCQX: KGFHY) is one of Europe’s largest home improvement retailers, incorporated in 1982 and headquartered in London, United Kingdom. The company operates leading retail banners including B&Q, Screwfix, Castorama, Brico Depot, and TradePoint across the UK and Ireland, France, Poland, and Iberia. As of March 2026, Kingfisher carries a market capitalisation of approximately £4.97 billion and an enterprise value of £6.70 billion.
The group employs approximately 74,530 people globally and manages a portfolio of 1,691 stores. With a P/E ratio of approximately 28-29x and a dividend yield of 4.29%, Kingfisher occupies a prominent position in the FTSE 100 index. The company’s strategic priorities centre on growing its trade business, scaling its digital ecosystem, strengthening its own exclusive brands (OEB), and expanding its banner formats. For FY 25/26, the full-year dividend per share was maintained at 12.40p.
Top Financial Highlights
- Total Sales reached £12,945m for FY 25/26, up +1.3% on a reported basis (+0.2% in constant currency)
- Underlying LFL Sales grew +1.4%, driven by volume and transaction growth, with UK banners delivering a standout +3.3% LFL
- Gross Profit rose to £4,930m (+3.5% reported), with gross margin expanding +80 basis points to 38.1%
- Retail Profit increased to £734m (+5.4% reported), representing a retail profit margin of 5.7% (+30bps)
- Adjusted Pre-Tax Profit (PBT) climbed +6.0% to £560m; +13% growth when excluding the prior year’s £33m one-off business rates refund
- Statutory PBT surged +23.0% to £378m (FY 24/25: £307m), benefitting from lower impairment charges
- Adjusted Basic EPS rose +14.9% to 23.8p, supported by profit delivery and the ongoing share buyback programme
- Statutory Basic EPS climbed +39.5% to 14.0p
- Free Cash Flow held firm at £512m (+0.1%), underpinned by 5-day inventory improvements
- Net Cash Flows from Operating Activities totalled £1,433m (+10.1%)
- Net Leverage reduced to 1.4x adjusted EBITDA (FY 24/25: 1.6x)
- Trade Sales reached £3,886m (+12.1%), with trade penetration increasing to 30% of Group sales (+3.2pts); ex-Screwfix growth was +23%
- E-commerce Sales grew +10.6% to £2,737m, with penetration reaching 20.6% (+1.7pts); ex-Screwfix growth was +20%
- Marketplace GMV surged +58% to £518m
- FY 26/27 Guidance: Adjusted PBT of £565m to £625m and free cash flow of £450m to £510m; a new £300m share buyback programme was also announced
Beat or Miss?
The following table compares Kingfisher’s reported FY 25/26 figures against the prior period and analyst consensus estimates. Prior quarter revenue of £6,810m beat analyst expectations of £6,730m by approximately 1.3%.
| Metric | FY 25/26 Reported | FY 24/25 / Consensus Estimate | Difference / Analysis |
| Total Sales | £12,945m | £12,784m (prior year) | +1.3% YoY |
| Adjusted PBT | £560m | £528m (prior year) | +6.0% YoY; +13% ex-one-off |
| Adjusted Basic EPS | 23.8p | 20.7p (prior year) | +14.9% YoY |
| Gross Margin | 38.10% | 37.3% (prior year) | +80bps expansion |
| Free Cash Flow | £512m | £511m (prior year) | Stable (+0.1%) |
| Statutory PBT | £378m | £307m (prior year) | +23% YoY; strong beat vs. prior yr |
| Revenue (H1 only) | £6,811m | £6,730m consensus | Beat by +1.2% |
| Full Year Guidance (next yr) | £565m-£625m adj. PBT | N/A | Constructive; ahead of FY 25/26 |
What Leadership Is Saying?
CEO Thierry Garnier on strategy and vision:
“We have continued to execute our strategy at pace and delivered good margin and cost discipline. This resulted in significant market share gains, profit growth of +13% when excluding last year’s business rates one-off and strong free cash flow. Our UK banners led the way, with sales +4% at B&Q and +4.5% at Screwfix.
This reflects the growth of our digital ecosystem, increased share of wallet from trade customers and the opening of 34 new stores. With a mixed consumer environment across our markets, we continue to focus on delivering our strategic priorities, maintaining cost discipline and driving shareholder returns. This positions us well to capitalise on the attractive long-term structural growth opportunities within our markets.”
CFO Bhavesh Mistry on financials and operational delivery:
“It’s been a strong year for Kingfisher plc driven by strong strategic delivery and disciplined financial management. High-quality top-line growth led by transactions and volumes, with underlying LFL sales up 1.4%. Trade Sales growing +23% and e-commerce sales up +20% (excluding Screwfix). Adjusted profit before tax of £560m, up 6%, or +13% when excluding last year’s business rates one-off. £512m of free cash flow, supported by continued improvements in inventory.”
Historical Performance
The table below compares key metrics from FY 25/26 against FY 24/25 and the year prior (FY 23/24).
| Category | FY 25/26 | FY 24/25 | Change (%) |
| Total Revenue | £12,945m | £12,784m | 1.30% |
| Gross Profit | £4,930m | £4,763m | 3.50% |
| Gross Margin | 38.10% | 37.30% | +80bps |
| Adjusted PBT | £560m | £528m | 6.00% |
| Statutory PBT | £378m | £307m | 23.00% |
| Adjusted Basic EPS | 23.8p | 20.7p | 14.90% |
| Statutory Basic EPS | 14.0p | 10.1p | 39.50% |
| Free Cash Flow | £512m | £511m | 0.10% |
| Net Leverage | 1.4x | 1.6x | Improved |
| Operating Cash Flow | £1,433m | £1,302m | 10.10% |
| Total Dividend per Share | 12.40p | 12.40p | Flat |
Compared to FY 23/24, when Kingfisher reported revenue of £12,980m and adjusted PBT of £568m, FY 25/26 marks a recovery trajectory after a challenging FY 24/25 in which revenue declined to £12,784m. Statutory profit recovery was especially pronounced: Kingfisher’s statutory PBT of £307m in FY 24/25 was hit by significant impairment charges totalling £221m, including £84m for Castorama France goodwill. In FY 25/26, those charges reduced substantially, lifting statutory PBT to £378m.
Competitor Comparison
The table below benchmarks Kingfisher’s FY 25/26 performance against key European home improvement peers, using the most recent available annual figures.
| Category | Kingfisher (FY 25/26) | HORNBACH Group (FY 25/26) | Leroy Merlin (Est. 2025) |
| Revenue | £12,945m (~EUR 15.6bn) | EUR 6,433.9m | Est. USD ~17bn |
| YoY Revenue Change | 1.30% | 3.80% | +5-10% est. |
| Operating / Adjusted EBIT | £560m adj. PBT | EUR 264.7m adj. EBIT | N/A (private) |
| Gross Margin | 38.10% | ~34.7% (9M) | N/A (private) |
| Net Income | £185m (statutory) | N/A (full-year pending) | N/A (private) |
| E-commerce Penetration | 20.60% | 13.1% (H1 25/26) | N/A |
| No. of Stores | 1,691 | ~170+ DIY stores | ~450+ globally |
| LFL Sales Growth | +1.4% underlying | +3.8% (FY net sales) | +5-10% est. |
| Adj. EBIT / PBT YoY Change | 6.00% | Stable (vs EUR 269.5m prior yr) | N/A |
Kingfisher holds a gross margin advantage over HORNBACH (~38.1% vs ~34.7%), reflecting the benefit of its own exclusive brands (OEB) which account for 43% of Group sales and its growing retail media and marketplace income streams.
HORNBACH reported revenue growth of +3.8% to EUR 6,433.9m in FY 25/26 but saw adjusted EBIT remain flat at EUR 264.7m, citing higher winter-quarter costs. Leroy Merlin, the privately-held arm of Adeo Group, is estimated to generate approximately USD 17bn in annual revenue and is Kingfisher’s closest competitive rival in the French market through its Castorama and Brico Depot banners.
How the Market Reacted?
Kingfisher shares (LSE: KGF) rose approximately 2.4% on the day of the results announcement on March 24, 2026, reflecting investor confidence in the company’s strategic progress and financial discipline. The positive reaction came despite a mixed consumer environment, with the UK delivering standout performance while France and Poland remained softer.
On the day of the announcement, shares opened at 285.00p and reached an intraday high of 301.70p, against a backdrop of a 52-week high of 372.30p. The announcement of a new £300m share buyback programme, in addition to the completion of the prior £300m programme, further underpinned the bullish sentiment, bringing total buybacks since September 2021 to £1.2bn.
