Kingfisher PLC: Screwfix strength, Casto self-help, seasonal drag - FY outlook reiterated

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Kingfisher PLC: Screwfix strength, Casto self-help, seasonal drag - FY outlook reiterated

Equity Research

European General Retail

26 May 2026

Kingfisher PLC

Screwfix strength, Casto self-help,

seasonal drag - FY outlook

KGF.L/KGF LN EQUAL WEIGHTreiterated

European General Retail NEUTRAL

Group LFL in line, within which UK ahead on Screwfix Price Target GBp 300

(rewards programme momentum, lower seasonal exposure), Price (22-May-26) GBp 292

France behind on Brico Dépôt (Casto self-help and weather PotentialSource: Bloomberg,Upside/DownsideBarclays Research +2.7%

benefit, BD lower seasonal exposure), and Poland behind

European General Retail(market share gains, but unhelpful weather). FY outlook

reiterated. EW. Matthew+44 (0)20 7773Clements6018

matthew.clements@barclays.com

Barclays, UKKingfisher has reported 1Q25/26 sales (three months to end April). Group LFLs in line, within

which UK ahead on Screwfix (rewards programme momentum, lower seasonal exposure), Imogen Doyle

France behind on Brico Dépôt (Casto self-help and weather benefit, BD lower seasonal +44 (0)20 7773 2605

exposure) and Poland behind (market share gains, but unhelpful weather in Feb and Apr). imogen.doyle@barclays.com

Barclays, UKStrong momentum in strategic growth drivers with trade sales +17% ex-Screwfix, e-commerce

sales +14% ex-Screwfix and marketplace GMC +39% to €163m. Kingfisher is confident in

achieving its reiterated FY outlook (PBT +1% to 12% growth). We do not expect a sharp share

price reaction today given the in-line Group LFL and reiterated outlook, but we no obvious

deterioration in underlying demand since the last update in March ought to provide comfort.

Reiterate EW.

Looking backwards (see Figure 1 for more details)