Applied Nutrition (APN) H2 2025 earnings summary

Executive summary

• Achieved strong, profitable growth in FY 2025, with revenue of £107.1m, up 24.2% year-over-year, surpassing market expectations and IPO targets, and momentum continuing into Q1 FY 2026.

• Adjusted EBITDA rose 18.8% to £30.9m, with a 29% margin, in line with IPO guidance.

• Expanded globally, now selling in over 85 countries, with significant new partnerships and deeper engagement with existing customers.

• B2B model and diversified product mix supported performance and margin stability despite rising whey prices.

• Continued investment in manufacturing capacity and infrastructure to support future growth.

Financial highlights

• Revenue increased by 24.2% year-over-year to £107.1m, with gross profit up 19.4% to £49.3m.

• Adjusted EBITDA margin was 29%, and gross margin remained robust at 44.7% despite a 30% increase in whey protein prices.

• Free cash flow generation reached £16.5m, with a 72.4% after-tax conversion rate.

• Net cash at year-end was £18.5m, with no drawn-down debt.

• UK revenue grew 44%, Europe saw significant gains, and international sales (excluding exited distributor) rose 13%.

Outlook and guidance

• Strong start to FY 2026, with Q1 trends mirroring Q4 FY 2025 acceleration.

• Maintaining current FY 2026 market expectations due to early stage of the financial year.

• Ongoing capital investment to further increase capacity and capabilities.

• Continued focus on capturing market share and growth opportunities.