Derivative transactions are used by Signet for risk management purposes to address risks inherent in the Company’s business operations and sources of financing. The Company is currently utilizing financial derivatives to mitigate foreign currency and commodity price risks. Signet does not enter into derivative transactions for speculative purposes.

Foreign currency exchange forward contracts (designated) — These contracts are entered into to limit the impact of movements in foreign exchange rates on forecasted foreign currency purchases. The total notional amount of these foreign currency contracts outstanding as of May 2, 2026 was $24.7 million (January 31, 2026 and May 3, 2025: $15.4 million and $11.4 million, respectively). These contracts have been designated as cash flow hedges and will be settled over the next 12 months (January 31, 2026 and May 3, 2025: 11 months and 11 months, respectively).

Foreign currency exchange forward contracts (undesignated) — Foreign currency contracts not designated as cash flow hedges are used to limit the impact of movements in foreign exchange rates on recognized foreign currency payables and to hedge currency flows through Signet’s bank accounts to mitigate Signet’s exposure to foreign currency exchange risk in its cash and borrowings. The total notional amount of these foreign currency contracts outstanding as of May 2, 2026 was $85.6 million (January 31, 2026 and May 3, 2025: $100.8 million and $114.3 million, respectively).

Commodity forward contracts (designated) — The Company has exposure to movements in the price of the underlying precious metal raw material components of the products sold by Signet. Signet’s policy is to reduce the impact of precious metal commodity price volatility, such as gold, on operating results through the use of outright forward purchases of, or by entering into options to purchase, precious metals within treasury guidelines approved by the Company’s Chief Operating and Financial Officer. In particular, when price and volume warrant such actions, Signet undertakes hedging of its requirements for gold through the use of forward purchase contracts or option contracts. Signet began hedging its exposure to gold prices during the second quarter of Fiscal 2026. The total notional amount of these forward contracts outstanding as of May 2, 2026 was approximately 26,000 ounces of gold (January 31, 2026: 35,000 ounces). These contracts have been designated as cash flow hedges and will be settled over the next 11 months (January 31, 2026: 11 months).

The bank counterparties to the derivative instruments expose the Company to credit-related losses in the event of their non-performance. However, to mitigate that risk, the Company only contracts with counterparties that meet certain minimum requirements under its counterparty risk assessment process. As of May 2, 2026, the Company believes that this credit risk did not materially change the fair value of the derivative instruments.


	Fair value of derivative assets
(in millions)	Balance sheet location	May 2, 2026		January 31, 2026		May 3, 2025
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	—	$	—	$	—

Commodity contracts	Other current assets	11.5		26.8		—


		11.5		26.8		—
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	0.2		0.7		—
Total derivative assets		$	11.7	$	27.5	$	—


	Fair value of derivative liabilities
(in millions)	Balance sheet location	May 2, 2026		January 31, 2026		May 3, 2025
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current liabilities	$	(0.2)	$	(0.4)	$	(0.4)

Commodity contracts	Other current liabilities	(1.8)		(0.6)		—


		(2.0)		(1.0)		(0.4)
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current liabilities	—		—		(0.2)
Total derivative liabilities		$	(2.0)	$	(1.0)	$	(0.6)


		13 weeks ended
(in millions)	Statement of operations caption	May 2, 2026		May 3, 2025
(Losses) gains recorded in AOCI, beginning of period		$	(0.6)	$	0.4
Current period losses recognized in OCI		—		(0.9)
Losses reclassified from AOCI to net income	Cost of sales (1)	0.1		0.1

Losses recorded in AOCI, end of period		$	(0.5)	$	(0.4)


		13 weeks ended
(in millions)	Statement of operations caption	May 2, 2026		May 3, 2025
Gains recorded in AOCI, beginning of period		$	35.8	$	—
Current period losses recognized in OCI		(0.9)		—
Gains reclassified from AOCI to net income	Cost of sales (1)	(2.3)		—

Gains recorded in AOCI, end of period		$	32.6	$	—

There were no discontinued cash flow hedges during the 13 weeks ended May 2, 2026 and May 3, 2025 as all forecasted transactions are expected to occur as originally planned. As of May 2, 2026, based on current valuations, the Company expects approximately $30.3 million of net pre-tax derivative gains to be reclassified out of AOCI into earnings within the next 12 months.

The following table summarizes the gains (losses) recognized from the Company’s derivatives instruments not designated as cash flow hedges within other operating expense, net in the condensed consolidated statements of operations for the 13 weeks ended May 2, 2026 and May 3, 2025: