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Associated British Foods (ABF) investor relations material
Associated British Foods Q4 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 TU earnings summary10 Sep, 2025
Executive summary
Second half performance was resilient amid consumer caution, inflation, and geopolitical uncertainty, with strong UK and Ireland retail gains, improved US sales, and softer results in continental Europe.
Primark sales expected up 1% in H2, with UK market share rising from 6.6% to 6.8%.
Strategic actions included closing the Vivergo bioethanol plant, restructuring the Spanish sugar business, and agreeing to acquire Hovis to strengthen the UK bakeries segment.
Food businesses performed in line with expectations; sugar profitability improvement delayed, with margin restoration in Europe taking longer.
Continental Europe saw softer trading in H2, especially in France, Italy, and Germany, attributed to weak consumer sentiment.
Financial highlights
Primark's adjusted operating profit margin for the full year is broadly in line with last year; H2 margin lower than H1 due to one-off items.
Primark H2 sales growth expected at 1%, with like-for-like sales down 2% year-over-year; full-year sales growth projected at 1%, driven by new store openings.
Sugar segment in Europe remains loss-making due to oversupply and low prices, with an adjusted operating loss near £40m and sales down 10%.
Africa sugar operations (notably Tanzania, Zambia, Malawi, Eswatini) are performing well, with a new plant in Tanzania nearing commissioning.
Agriculture business impacted by one-offs and the closure of Bevogo, with adjusted operating profit significantly below last year.
Outlook and guidance
Confident in future performance, especially in UK and Ireland, with strong autumn-winter ranges.
No expected increase in Primark margin next year; tailwinds to be reinvested in demand creation rather than margin expansion.
Primark space growth expected around 4% next year, maintaining disciplined expansion.
Sugar profitability in Europe to remain subdued; margin restoration will take time, with improvement anticipated in 2026, but Africa expected to contribute positively.
Hovis synergies expected to be realized mostly within a year after CMA approval, with upside to the £50 million synergy estimate.
Primark's US growth vs. European softness. What's next?
Quantify 2026 benefits from strategic restructuring.
What is the path to sustainable Sugar profitability?
Primark: Detail demand creation investments
Hovis: Expected profitability post-synergies?
Sugar: Key conditions for European margin recovery?
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Next Associated British Foods earnings date
H2 20254 Nov, 2025
Next Associated British Foods earnings date
H2 20254 Nov, 2025
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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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