A.G. BARR (BAG) H2 25/26 earnings summary

Executive summary

• Achieved strong financial results with revenue, profit, and dividend growth year-over-year.

• Expanded innovation pipeline and executed three acquisitions to broaden the addressable market.

• Built momentum in core soft drinks business and functional hydration segments.

Financial highlights

• Revenue grew 4.0% to £437.3m compared to the previous year.

• Operating margin increased by 120bps to 14.8%.

• ROCE remained strong at 20.4%.

• Profit before tax rose 12.5% to £65.8m; statutory PBT up 17.7%.

• Dividend per share increased 11.0% to 18.71p; EPS up 11.2%.

Outlook and guidance

• Low double-digit percentage revenue growth expected in FY26/27, supported by recent acquisitions.

• Operating margin and ROCE expected to remain within target ranges.

• Integration of Fentimans and Frobishers underway, with initial ROCE dilution anticipated.

• Capex cycle to peak at ~£40m, with a return to a small positive net cash position by year-end.