A.G. BARR (BAG) H1 26/27 earnings summary

Executive summary

• Achieved strong progress on strategic priorities, with full-year expectations unchanged and momentum in core brands evidenced by market performance.

• Revenue grew 8.5% year-over-year to £247.4m, outpacing the UK soft drinks market, driven by core brand strength and recent acquisitions.

• Adjusted profit before tax rose 2.6% to £36.1m; statutory profit before tax declined 3.7% due to one-off integration costs.

• Integration of Fentimans and Frobishers completed, with cost synergies expected in H2.

• On track to deliver full-year results in line with market expectations, supported by successful innovation launches and acquisition integrations.

Financial highlights

• Revenue for H1 26/27 was £247.4m, up 8.5% year-over-year; operating margin held steady at 15.0%.

• Profit before tax rose 2.6% to £36.1m; statutory profit before tax declined 3.7% to £33.9m due to adjusting items.

• Dividend per share increased 11% to 3.82p; basic EPS up 0.4% to 24.99p.

• Net bank debt at period end was £47.0m, reflecting M&A and capex investments.

• Net cash used in operating activities: £7.6m, mainly due to acquisition timing and working capital.

Outlook and guidance

• FY 26/27 guidance: ~10% revenue growth, ~15% operating margin, ~19% ROCE, £10-20m net bank debt, ~£40m capex, ~£3m adjusting cost.

• Full-year results expected to be in line with market consensus for adjusted profit before tax of £71.5m.

• H2 expected to deliver higher revenue and profit growth, supported by resolved supply constraints and cost synergies.

• Continued focus on above-market growth and sustainable long-term value.