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Bunzl
Bunzl (BNZL) investor relations material
Bunzl H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary2 Mar, 2026
Executive summary
Adjusted operating profit declined 4% at constant exchange rates, impacted by organizational changes and end market weakness, especially in North America Distribution, which represents 30% of group revenue.
Decisive actions and leadership changes improved operational performance, leading to a moderation of margin decline in H2 and a return to underlying revenue growth.
Revenue grew 3% at constant exchange rates, driven by acquisitions and slightly positive underlying growth, with improvement in the second half.
Eight acquisitions completed, including first entry into Chilean healthcare and presence in Slovakia; acquisition spend was lower at GBP 132 million.
Strong platform for growth established, with confidence in medium-term opportunities and an active acquisition pipeline.
Financial highlights
Revenue grew 3.0% year-over-year to £11,845m, with underlying revenue growth of 0.4% and net acquisitions contributing 2.9%.
Adjusted operating profit: GBP 910 million, down 4.3% year-over-year; excluding share-based payment credit, GBP 902 million.
Operating margin: 7.6% (excluding share-based payment credit), down from 8.3% in 2024.
Adjusted EPS fell 5.2% to GBP 1.793; effective tax rate rose to 26%.
Free cash flow was GBP 579 million, down 8.7% year-over-year but improved in H2.
Total dividend per share increased 0.3% to 74.1p, marking 33 consecutive years of growth.
Outlook and guidance
2026 guidance reiterated: moderate revenue growth expected, with stable adjusted operating profit and slightly lower operating margin.
Anticipate slight volume growth and broadly neutral selling price environment; operating cost inflation expected at 2%-3%.
Net finance charge expected at GBP 125 million and tax rate at 26% for 2026.
Acquisition activity expected to pick up in 2026, with bolt-on M&A as a focus.
More normalized H1/H2 profit weighting expected in 2026.
Expected acquisition spend for 2026?
Expected timeline for NA distribution wallet share recovery?
Quantify net operating cost savings from 2025 initiatives
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Next Bunzl earnings date
H1 202625 Aug, 2026
Bunzl
Next Bunzl earnings date
H1 202625 Aug, 2026
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Frequently asked questions
Bunzl plc is an international distribution and outsourcing company specializing in providing essential products and services to businesses. The company operates across multiple sectors, including foodservice, retail, healthcare, cleaning, and safety. Bunzl’s product portfolio includes packaging materials, hygiene supplies, safety equipment, disposable tableware, and other consumables. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE (London Stock Exchange).
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