NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

15 January 2026

NEXT plc ("NEXT")

B Share Scheme Update
Issue of B Shares

Further to the publication on 19 December 2025 of the explanatory circular regarding the B Share Scheme (the "Circular"), and the passing of all the required Resolutions at the General Meeting of NEXT on 15 January 2026, NEXT announces that the allotment and issue of 122,436,612 B Shares (there being 122,436,612 Ordinary Shares in issue at the Record Time) will occur today.

NEXT intends that the B Shares will be redeemed tomorrow, Friday 16 January 2026, for 360 pence per B Share. It is expected that shareholders will receive payment on or before Wednesday 28 January 2026.

The B Shares will not be admitted to the Official List, nor to trading on a recognised investment exchange, no share certificates will be issued and the B Shares will be cancelled on redemption.

Capitalised terms used in this announcement which are not otherwise defined have the same meaning as in the Circular, which is available on NEXT's website at www.nextplc.co.uk.

IMPORTANT NOTICES

This announcement has been issued by and is the sole responsibility of NEXT. The information contained in this announcement is for background purposes only and does not purport to be full or complete. The information in this announcement is subject to change.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities pursuant to this announcement or otherwise.

This announcement has been prepared in accordance with and for the purpose of complying with English law and the UK Listing Rules and Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.  The information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside of England and Wales.

This announcement introduces the proposals contained in the Circular, which should be read by shareholders before taking a decision. The announcement is not a summary of the proposals and should not be regarded as a substitute for reading the Circular.

The release, publication or distribution of this announcement in, into or from jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the law of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

If you are in any doubt as to the action you should take, you should immediately consult your stockbroker, bank manager, fund manager, solicitor, accountant or other appropriate independent financial adviser duly authorised under the Financial Services and Markets Act 2000 (FSMA) if you are resident in the United Kingdom or, if not, another appropriately authorised independent financial adviser.