Applied Nutrition (APN) H2 2026 TU earnings summary

Executive summary

• FY26 adjusted EBITDA rose 40% year-over-year to approximately £43.3m, with revenue up 50% to £160m, both ahead of market expectations.

• Strong demand persisted across all markets and channels, excluding contributions from the Nutrablend acquisition.

• Net cash at FY26 year-end was £15.9m after the Nutrablend acquisition, production expansion, and increased working capital.

Financial highlights

• FY26 adjusted EBITDA: £43.3m (up 40% year-over-year from £30.9m).

• FY26 revenue: £160m (up 50% year-over-year from £107m).

• Net cash at year-end: £15.9m, excluding IFRS 16 liabilities.

Outlook and guidance

• FY27 adjusted EBITDA expected to reach £49m (+13% year-over-year), revenue to rise to £205m, both above consensus.

• FY27 EBITDA margin projected to decrease slightly due to higher US revenue share, increased whey protein costs, and more whey-based product sales.