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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.
Genus
Genus (GNS) investor relations material
Genus H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary10 Sep, 2026
Executive summary
FY 2026 adjusted PBT and adjusted EPS each rose 35%; free cash flow reached £62m, and PIC China’s JV formation strengthened the balance sheet.
Strategic progress included PRP approvals in four additional markets, initial commercialization preparations in Latin America, and a 10% proposed dividend increase plus a £60m buyback.
Financial highlights
Revenue was £658.1m, down 2% in actual currency, primarily reflecting PIC China’s deconsolidation; adjusted PBT rose 35% to £100.2m and adjusted EPS rose 35% to £1.103.
Adjusted operating profit including JVs increased 25% to £116m; margin rose 380 bps to 17.6%, or 350 bps to 16.8% excluding BCA milestones in both years.
Statutory PBT was £310.5m, mainly reflecting a £204.1m gain on deconsolidating PIC China; exceptional expenses fell to £5.8m from £11.4m.
Free cash flow rose to £62m from £40.9m; cash conversion was 94%, supported by higher adjusted EBITDA, increased JV dividends and lower exceptional cash payments.
Outlook and guidance
FY 2027 underlying adjusted PBT in constant currency is expected to be moderately higher year over year than normalized FY 2026 PBT of £90.3m, with growth weighted to H2; group adjusted PBT is expected to be in line with consensus.
Moderate adjusted operating profit growth is anticipated in both PIC and ABS; FY 2027 profit phasing is expected to flip from FY 2026, with North American PIC disease headwinds and Brazil weakness weighing on H1.
FY 2027 free cash flow is expected to remain strong but be lower than FY 2026, reflecting China JV formation, modestly higher capital expenditure and the absence of the FY 2026 BCA milestone.
FY 2027 normalized earnings considerations include annualized ABS VAP phase 3 benefits, higher bovine and porcine product development and PRP costs, and lower average net debt.
ABS continues to target double-digit operating margins over the medium term; FY 2027 research costs are expected to rise but remain below 3% of revenue.
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Latest events from Genus
- FY26 profit and cash flow exceeded expectations, with net leverage sharply reduced.GNS
Trading update - Record H1 profit, strong PIC and ABS growth, and major China JV drive positive FY26 outlook.GNSH1 2026
- Market leadership, innovation in gene editing, and China expansion drive strong growth prospects.GNS44th Annual J.P. Morgan Healthcare Conference Presentation
- Profit outlook raised above expectations after strong H1 and China joint venture progress.GNSTrading update
- Record profit growth, China JV acceleration, and FDA PRP approval drive strong FY25 results.GNSH2 2025
- Profit growth expected in FY25 after strategic gains and cost savings, despite market challenges.GNSH2 2024
- Profit fell as China and ABS faced headwinds, but margin and PRP progress continued.GNSH2 2024 (Q&A)
- Profit outlook raised to top end of expectations as both ABS and PIC segments outperform.GNSTrading Update
- Strong H1 profit growth, margin gains, and strategic progress drive a positive outlook.GNSH1 2025
Next Genus earnings date
H1 202725 Feb, 2027
Genus
Next Genus earnings date
H1 202725 Feb, 2027
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Frequently asked questions
Genus plc is an animal genetics company. The Company focuses on the integration of marker-assisted sire selection, genomic selection and reproductive technology to improve the productivity, efficiency and sustainability of the global dairy industry. The company was incorporated in 1994 and is based in Basingstoke, the United Kingdom.