Bunzl (BNZL) Q3 2025 TU earnings summary

Executive summary

• Q3 revenue grew 0.6% at constant exchange rates, with underlying revenue up 0.4% despite challenging markets.

• Net acquisitions contributed 1.4% growth at constant exchange rates; fewer trading days reduced revenue by 1.1%.

• At actual exchange rates, group revenue declined by 0.8%.

• Operating margin decline moderated in Q3 compared to H1.

Financial highlights

• Group revenue up 0.6% at constant exchange rates year-over-year.

• Underlying revenue increased 0.4% year-over-year.

• Net acquisitions added 1.4% to revenue growth; disposals reduced by 0.4%.

• Operating margin for the year expected moderately below 8.0%, down from 8.3% in 2024.

Outlook and guidance

• Full year guidance unchanged; moderate revenue growth expected for 2025 at constant exchange rates.

• Underlying revenue expected to remain broadly flat.

• Operating margin decline expected to moderate in H2 versus H1.