A.G. BARR (BAG) Trading Update summary

Financial performance and outlook

• Revenue for FY 2024/25 expected at approximately £420m, up 5% year-on-year; adjusted operating margin to improve to about 13.5%, supporting double-digit profit growth.

• Analyst consensus for FY 2025/26 projects revenue of £439.4m and adjusted operating margin of 14.5%.

• Cash generation remains strong, with year-end net cash of £53.6m.

Brand and segment highlights

• All core soft drinks brands (IRN-BRU, Rubicon, Boost) performed strongly; Rubicon achieved another year of double-digit revenue growth.

• Boost's focus on value and synergies led to improved profitability and full commercial operation.

• FUNKIN's ready-to-drink retail business grew, partially offsetting challenges in the on-premise market.

Strategic initiatives and investments

• Completed projects to strengthen convenience market presence and integrate Boost, delivering significant cost synergies; incurred a one-off cost of about £5m.

• Ongoing multi-year supply chain investment, with capital spend of £19m including new PET lines at Cumbernauld for increased capacity.