A.G. BARR (BAG) H1 25/26 earnings summary

Executive summary

• Revenue grew 3.1% year-over-year to £228.1m, driven by strong performance in Soft Drinks, especially Boost, and margin expansion from operational efficiencies.

• Adjusted profit before tax increased 20.1% to £35.2m, with adjusted operating margin up 200bps to 15.0%.

• Strategic progress included the acquisition of a 50.1% stake in Innate-Essence Ltd, expanding into functional beverages, and the sale of Strathmore to focus on core brands.

• Interim dividend increased 11% to 3.44p per share.

• Full year expectations reconfirmed, with plans on track and continued strategic progress.

Financial highlights

• Revenue reached £228.1m, up 3.1% year-over-year; volume increased 1.1%.

• Adjusted profit before tax: £35.2m (up 20.1%).

• Adjusted operating margin: 15.0% (up 200bps).

• Statutory EPS: 24.90p (up 47.5%); adjusted EPS: 24.90p (up 25.4%).

• Net cash at bank: £41.3m; dividend per share increased 11% to 3.44p.

Outlook and guidance

• Full-year 2025/26 profit expectations remain unchanged, targeting market consensus of £65.5m.

• Continued year-over-year operating margin improvement and strong innovation pipeline for FY26.

• H2 expected to benefit from increased marketing, innovation, and commercial execution.

• Progressive dividend policy to continue, with increases in line with profit growth.

• Net cash expected to exceed £50m by year-end.