VICTORIA PLC - Refinancing transaction

Victoria PLC’s investor update outlines a transformative refinancing that significantly strengthens the company’s balance sheet, reduces leverage by at least £300m and extends debt maturities to 2031, materially improving its financial flexibility and investment case. Management highlighted annual financing cost savings of approximately £34m, the removal of near-term shareholder dilution risk through the restructuring of preferred shares, and a simplified capital structure aligned with long-term value creation. The company reported a positive start to FY2027 despite challenging market conditions, with management successfully mitigating inflationary pressures on energy and raw materials through operational improvements and cost efficiencies. Looking ahead, Victoria remains focused on executing its profit improvement strategy, enhancing factory productivity, integrating manufacturing operations and generating stronger cash flow to support future debt reduction and refinancing on more favourable terms. The Board reiterated that no further equity issuance is anticipated and expects earnings growth, improved leverage and disciplined capital allocation to drive long-term shareholder value. With refinancing complete, management is fully focused on operational execution, margin improvement and delivering sustainable financial performance.