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Associated British Foods (ABF) investor relations material
Associated British Foods H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary4 Nov, 2025
Executive summary
Group revenue declined 1% to GBP 19.5 billion, with adjusted operating profit down 12% to GBP 1.7 billion and adjusted EPS down 11% to 174.9p.
A comprehensive review of group structure is underway, considering a potential split into separate Retail and Food businesses, with no final decision yet.
Strong cash generation and disciplined capital allocation supported GBP 1.2 billion in capital investments and continued shareholder returns.
Strategic actions included closing the Vivergo bioethanol plant, restructuring Spanish sugar operations, and acquiring Hovis Group.
Despite challenges, robust results were delivered in other segments, and a new GBP 250 million share buyback program was announced for 2026.
Financial highlights
Group revenue was GBP 19.5 billion, down 1% at constant currency, with a GBP 450 million negative FX impact.
Adjusted operating profit was GBP 1.7 billion, down 12% at constant currency, with a 13% decline at actual rates due to FX.
Free cash flow was GBP 648 million, down from GBP 1.4 billion last year.
Capital expenditure was GBP 1.2 billion, in line with last year.
Return on average capital employed fell to 15.5% from 18.1%.
Outlook and guidance
Growth in adjusted operating profit and adjusted EPS is expected for FY2026.
Primark's consumer environment is expected to remain subdued, with new space contributing around 4% to sales.
Grocery and Ingredients profits are expected to be broadly flat, with some improvement in Sugar.
Ingredients and Agriculture profits expected to be stable; Sugar to improve profitability but face continued low prices.
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Frequently asked questions
Associated British Foods plc is a diversified international group with operations in food, ingredients, and retail. The company operates through segments including grocery, sugar, agriculture, ingredients, and the clothing retailer Primark. It serves both consumer and industrial markets across global regions. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE.
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