Applied Nutrition (APN) H1 2026 earnings summary

Executive summary

• Revenue for H1 FY26 rose 57% year-over-year to £74.5m, with strong growth across all geographies and channels.

• Adjusted EBITDA increased 56% to £21.5m, with margin stable at 28.9%.

• Upgraded FY26 revenue guidance twice, now targeting £140m, supported by robust trading and innovation.

• Enhanced brand credibility and trust, supported by PLC status, FTSE 250 inclusion, and global B2B presence in over 85 countries.

• Strategic progress included expanded shelf space, new customer wins, and international growth, notably in Europe, Latin America, and Asia.

Financial highlights

• Gross profit increased 56.1% to £34.8m, with gross margin stable at 46.7% despite higher whey prices.

• Operating profit rose 80% to £20.7m; profit before tax was £20.9m, up 77.1%.

• Net cash at period end was £26.4m, up from £10.9m in H1 FY25.

• Earnings per share at 6.2p (basic and diluted), more than doubling year-over-year.

• Free cash flow was £7.9m, with conversion at 51.3%.

Outlook and guidance

• FY26 revenue guidance maintained at £140m, with performance expected to be more H1-weighted.

• Continued investment in production and distribution capacity, including a new global facility and expanded manufacturing.

• No dividend planned before FY27; focus remains on reinvestment and potential M&A.

• Shipping disruptions in the Middle East may reduce regional volumes, but alternative routes are being used and guidance is unchanged.