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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
AA (AA) investor relations material
AA has been private
AA H1 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2027 earnings summary14 Oct, 2026
Executive summary
Total holdings reached 16.7m, up 2% vs FY26; net revenue rose 5% to £656m and Adjusted EBITDA rose 8% to £262m, with growth across all three segments.
Positive cash generation supported lower Group leverage of 3.7x vs 4.0x at FY26.
Confidence in the outlook for the remainder of FY2027, supported by operating performance and positive cash generation.
Financial highlights
Adjusted EBIT rose 10% to £155m; operating profit rose 12% to £144m, while profit before tax was £53m vs £60m and profit for the period was £43m vs £44m.
Operating free cash flow before working capital increased 9% to £165m; a £13m working-capital outflow preceded £52m free cash flow after tax, pension and other items.
Net margin was 40%, up 1ppt; available liquidity was £243m, up £49m vs FY26.
Outlook and guidance
Targeting Group leverage at or below 4.0x and senior leverage at or below 5.0x; distributions to be considered against the business plan and cash requirements.
Next debt maturity is July 2028.
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Latest events from AA
- Revenue rose 14%, adjusted EBITDA 9%, and leverage fell to 4.5x.AA
H1 2025 - Revenue up 12%, operating profit up 28%, and leverage improved to 4.4x with strong cash flow.AAH2 2025
- Profit before tax jumped 54% as customer holdings hit 17m and leverage improved to 4.1x.AAH1 2026
- Revenue up 5% to £1.3bn, EBITDA up 7%, and leverage reduced to 4.0x amid strong digital growth.AAH2 2026
Next AA earnings date
H2 202721 Apr, 2027
Next AA earnings date
H2 202721 Apr, 2027
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