Bunzl (BNZL) Q1 2026 TU earnings summary

Executive summary

• Delivered resilient Q1 performance amid significant macroeconomic and geopolitical uncertainty.

• Group revenue grew 1.5% at constant exchange rates; underlying revenue up 2.0%.

• Adjusted operating profit aligned with expectations for a stable 2026.

Financial highlights

• Group revenue increased 1.5% at constant exchange rates; decreased 0.4% at actual rates.

• Underlying revenue rose 2.0%, aided by volume growth and tariff-related price increases.

• Acquisitions net of disposals contributed 0.6% to growth; fewer trading days reduced revenue by 1.1%.

Outlook and guidance

• 2026 guidance reiterated; performance year-to-date consistent with expectations.

• Moderate revenue growth expected at constant exchange rates, with a small benefit from acquisitions.

• Operating margin anticipated to be slightly down year-on-year.

• Improved outlook for acquisitions in 2026 compared to prior year.