Associated British Foods (ABF) Q1 2026 TU earnings summary

Executive summary

• Group revenue for the 16 weeks to 3 January 2026 was £6,759m, in line with estimates and up 1% at constant currency compared to the prior year.

• Retail segment revenue rose 4.2% at actual currency and 1.5% at constant currency year-over-year.

• Grocery segment revenue was in line with estimates, up 0.7% at actual currency and 1% at constant currency.

Financial highlights

• Ingredients revenue declined 2.9% at actual currency and 2.1% at constant currency year-over-year.

• Sugar revenue fell 4.3% at actual currency and 6.9% at constant currency year-over-year.

• Agriculture revenue decreased 4.1% at both actual and constant currency year-over-year.

• Group revenue includes £9m from disposed and closed businesses, down from £46m in the prior year.

Segment performance

• Primark (Retail) like-for-like sales grew 1.7%, with total sales up 3% year-over-year.

• UK and Ireland accounted for 49% of Primark sales, with UK only at 45%, Europe (excluding UK and Ireland) at 6%, and US at 1%.

• Primark sales in the US grew 12%, while Europe (excluding UK and Ireland) declined 5.7%.