This report does not constitute a rating action. We expect Next PLC’s expansion of its third-party brands, international online segment, and Total Platform service to continue supporting earning diversity and cash generation in fiscal 2026 (ending Jan. 31, 2027). In fiscal 2025, international online sales, including aggregator channels, were about 19% of statutory revenue, of which aggregators represented about 6%, and rose by 39.5% and 51% respectively. Meanwhile, U.K. Label and Total Platform continued to grow faster than the core Next brand. First-half fiscal 2026 trading has extended the pattern. Despite the higher marketing spend, management’s cost and pricing discipline has helped sustain S&P Global Ratings-adjusted EBITDA margins of about 20%, comfortably higher than the above-average profitability threshold of 16%
