WH Smith PLC Sells UK High Street Business to Modella Capital Ltd Presentation Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Tim Barrett - Deutsche Bank AG - Analyst : Hi, morning, both of you. Just two things before I go through all the detail. Apologies if I missed this, but is there any reversionary risk on the leases, in terms of if anything happens to the new entity, and then just wondering on leverage what you've adjusted for to get to the 1.6 times, and is that just the cash proceeds or, just looking in terms of the phasing. And actually, a last question funkypigeon, am I right in thinking it's mid-single digits EBIT currently? Thank you very much.

Question: Tim Barrett - Deutsche Bank AG - Analyst : Got it. And I suppose to state the obvious, that's why there's no news on a share buyback this morning. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 28, 2025 / 8:15AM, SMWH.L - WH Smith PLC Sells UK High Street Business to Modella Capital Ltd Presentation

Question: Tim Barrett - Deutsche Bank AG - Analyst : Makes sense. Okay, thanks very much.

Question: Richard Chamberlain - RBC Capital Markets - Analyst : Yeah, thank you. Morning guys. Can I just ask about, actually just to follow up on Tim's question, what was the revenue for funkypigeon, for the most reported period or last year? That's the first one. And then, in the statement, I think you say that trading is in line with market expectations. I wondered if you could just say what those are or what you understand those are. I presume that's on a sort of constant FXs basis. Based on last guidance and any color you can give, obviously we've seen recent softer travel trends in the US. Travel market that presumably that's being offset by UK and Europe strength, so just any anything, any color you can give in terms of the trading in line with market expectations. Thanks a lot.

Question: Richard Chamberlain - RBC Capital Markets - Analyst : Okay, all right, thank you very much.

Question: Fintan Ryan - Goodbody Stockbrokers UC - Analyst : Good morning, Max. Good morning, Carl. I just one question for me, please. Given that, obviously the High Street business, UK High Street business is now being sold, and you're talking about a process for funkypigeon. Are there any thoughts about the other sort of struggling asset being the US resorts business? Is there any way it would be considered, an exit or a strategic review process for that asset given, what's going on in your UK asset base?

Question: Fintan Ryan - Goodbody Stockbrokers UC - Analyst : Okay, thank you.

Question: Warwick Okines - BNP Paribas - Analyst : Thanks, good morning. Two quick questions actually, the first is in a way today's announcement isn't going to really affect this, the answer to this question, but what role does the WH Smith brand, have in the group, looking forward, in particular internationally? And the second question is just were you to want to open more stores in the UK, what sort of restrictions would you face opening under WH Smith banner? I suppose, I'm thinking that occasionally maybe that then then there might be some sort of question mark over whether a particular location is travel or whether it's High Street.

Question: Warwick Okines - BNP Paribas - Analyst : Okay.

Question: Ali Naqvi - HSBC - Analyst : Hi, good morning. Thank you for taking the question. I just wanted to ask if there's any impact on the supply chain of purchasing, for WH Smith Group on the back of the transaction, or are you going to have to think of any other additional costs as a result of separating the High Street and the travel business. And then secondly, just, do you have any sort of updated views on contract growths on the back of the US softness? I mean, are you pivoting to other markets when it comes to con sending out new contracts, or is it business as usual? Thank you.

Question: Ali Naqvi - HSBC - Analyst : Thank you.