25 November 2025

NEXT plc ("the Company" or "NEXT")

 Sale of non-operational land at Waltham Abbey, Essex

In 2021, the Company purchased land near Waltham Abbey with the intention of consolidating two of our Regional Distribution Centres.  Since then the plans for our Distribution Centre network have changed, and we no longer plan to use this land.  As a result, the Company sold the land in a transaction which was completed on 21 November 2025.

The sale generates net cash proceeds after costs of £54.1 million and an exceptional profit of £16.3m.  Transactions of this nature do not form part of our normal business and so this profit will be classified as exceptional.

The £54m of additional cashflow increases the surplus cash we have available for shareholder distributions in the current year.  In our Q3 Trading Statement in October we explained that, in the absence of any acquisitions or further share buybacks this year, we would pay a special dividend of around £3.10 per share.  The £54m additional cash inflow would increase that dividend by 45p.