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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.
B&M European Value Retail
B&M European Value Retail (BME) investor relations material
B&M European Value Retail H1 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2027 earnings summary12 Nov, 2026
Executive summary
H1 revenue rose 3.6% to £2,848m, with positive like-for-like sales across all three businesses and UK Q2 like-for-like growth of 3.2%.
Adjusted EBITDA (pre-IFRS 16) increased 6.0% to £203m; adjusted PBT rose 16.6% to £121m.
Back to B&M Basics is delivering; Phase 2 estate-productivity trials are testing store layouts and refits to improve sales, margins and customer experience.
Financial highlights
Revenue was £2,848m, up 3.6% YoY; gross profit rose 5.5% to £1,060m and gross margin increased 67 bps to 37.2%.
Adjusted EBITDA (pre-IFRS 16) increased 6.0% to £203m, with a 7.1% margin versus 7.0%; adjusted PBT rose 16.6% to £121m.
Statutory PBT grew 53.7% to £115m, profit after tax was £84m versus £53m, and adjusted diluted EPS rose 24.3% to 8.9p.
Post-tax free cash flow was £132m versus £51m; statutory cash generated from operations rose to £344m from £293m.
Outlook and guidance
FY27 guidance is adjusted EBITDA (pre-IFRS 16) of £450m–£500m and adjusted PBT of £280m–£330m.
Early Golden Quarter like-for-like trading was positive across all three businesses; UK growth in FMCG and General Merchandise continued in Q3.
FY27 gross openings are expected at 15–20 in the UK, revised from 25–35; the UK pace is expected to return to 25–35 in FY28. France plans 15–20 openings in FY27.
General Merchandise category margin is expected to improve YoY in H2; FMCG investment will annualize, with gradual further margin improvement expected.
Low-double-digit UK adjusted EBITDA margin remains a medium-term ambition.
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Latest events from B&M European Value Retail
- Revenue grew 6.6%, and FY24 adjusted EBITDA is expected to exceed FY23.BME
H2 2023 - Q1 FY27 revenue rose 2.0% YoY, led by France, while UK like-for-like sales declined 2.3%.BMEQ1 2027 TU
- Adjusted EBITDA £459m, revenue up 3.6%, strong cash flow, France outperformed, UK margin pressures.BMEH2 2026
- EBITDA guidance cut to £440m–£475m as price investments and clearance weigh on margins.BMEQ3 2026 TU
- Revenue and EBITDA up on store growth; outlook and dividend policy raised despite one-offs.BMEH1 2025
- Q1 revenue up 2.4% to £1,345m, with strong France growth and robust UK margins.BMEQ1 2025 TU
- Revenue up 10.1% to £5.5bn, with strong EBITDA, cash flow, and accelerated store growth.BMEH2 2024
- Profit growth, £151m special dividend, and raised EBITDA guidance highlight strong performance.BMEQ3 2025 TU
- Resilient profit and revenue growth achieved despite negative like-for-likes and cost pressures.BMEH2 2025
Next B&M European Value Retail earnings date
H2 20272 Jun, 2027
B&M European Value Retail
Next B&M European Value Retail earnings date
H2 20272 Jun, 2027
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Frequently asked questions
B&M European Value Retail S.A. operates a chain of discount retail stores offering a wide range of products, including food, home goods, toys, and seasonal merchandise. The company serves value-oriented consumers through locations primarily in the United Kingdom and continental Europe. The company is headquartered in Luxembourg City, Luxembourg, and its shares are listed on the LSE.