A.G. BARR (BAG) H2 2025 earnings summary

Executive summary

• Revenue grew 5.1% year-over-year to £420.4m, with adjusted operating margin up 130bps to 13.6%.

• Adjusted profit before tax rose 15.8% to £58.5m, driven by volume and price/mix improvements.

• Strong cash generation supported increased dividend (+12%) and net cash position (+19.2%).

• Strategic projects completed: Barr Direct closure and Boost integration, incurring £5.3m in one-off costs.

• Brand highlights: IRN BRU and Rubicon delivered double-digit growth; Funkin Cocktails declined.

Financial highlights

• Revenue: £420.4m (+5.1% year-over-year); volume up 3%.

• Adjusted operating margin: 13.6% (+130bps); gross margin: 39.1% (+50bps).

• Adjusted PBT: £58.5m (+15.8%); statutory PBT: £53.2m (+3.7%).

• EPS: 39.77p (+17.4% adjusted); dividend/share: 16.86p (+12%).

• Net cash: £63.9m (+19.2%); capex: £19.2m (+7.9%).

Outlook and guidance

• 2025/26 revenue expected to grow mid-single digit; operating margin to increase to mid-teens.

• ROCE to remain above 20%; capex c.£30m; continued organic net cash and dividend growth.

• Strategic programme to incur £2-3m one-off net cost; 2025/26 will be a 53-week year.