Victoria PLC (VCCTF) Q2 2026 Earnings Call Transcript

Operator

Good afternoon, and welcome to the Victoria Plc Interim Results Investor Presentation. [Operator Instructions] The company may not be in a position to answer every question received during the meeting itself. However, the company can review your questions submitted today and publish responses when it is appropriate to do so.

Before we begin, I would like to submit the following poll. And I would now like to hand you over to Executive Chairman, Geoff Wilding. Good afternoon to you.

Geoffrey Wilding
Executive Chairman

Good afternoon, and thank you to everybody for joining the H1 earnings call for Victoria. The macro environment continues to be challenging for consumer discretionary spending. And so we’ve continued to focus on internal initiatives to improve margins and lower operating costs, and we’ll discuss these later on the call. However, we’ll begin with Alec Pratt, the Group CFO, taking us through the numbers for H1.

Alexander Robert Pratt
CFO & Executive Director

Great. Thanks, Geoff. So before we start, just come with a few highlights. So key things have been ongoing pressure on volumes. So revenue for the half was down about 7%. We’ll provide a bit more detail on the breakout of that later in the presentation. We’re very pleased to improve EBITDA by just over GBP 3 million to GBP 53.5 million. And so a healthy margin increase there despite that volume reduction. We will provide more detail of that. And actually, we believe there’s a much stronger performance in the headline than the number suggests. On net debt, just over GBP 1 billion of net debt. A lot of work has gone into extending the maturity profile of our debt over the