Genus (GNS) H1 2026 earnings summary

Executive summary

• Achieved record first half profit, driven by strong PIC growth, a £5.6m milestone from BCA, and Value Acceleration Program (VAP) benefits in ABS.

• Formed a strategic porcine joint venture in China, positioning for long-term growth in the world's largest porcine market.

• Advanced regulatory progress on PRP (PRRS-resistant pig), including Canadian approval, moving closer to North American commercialization.

• Achieved solid free cash flow generation and reduced leverage, maintaining momentum from last year's record inflow.

Financial highlights

• Revenue flat at £335.6m for H1; adjusted profit before tax up 57% to £55.7m; adjusted EPS up 53% to 60.8p.

• Free cash flow of £8.2m in H1, with 60% conversion; leverage reduced to 1.4x; ROIC improved to 15.8%.

• Interim dividend proposed at 11.2p per share, up from 10.3p, in line with updated policy of 30–40% payout.

• Statutory operating profit rose to £35.8m from £12.5m; profit after tax at £28.4m.

Outlook and guidance

• FY26 adjusted PBT expected in line with market consensus (£88.9m, range £88.0m–£90.0m), excluding BCA milestone.

• Deconsolidation of PIC China JV expected to yield ~£100m in Q4 cash receipt.

• FY26 free cash flow anticipated to exceed FY25's record level; currency impact expected to be neutral in H2.

• Anticipate lower net finance costs due to reduced average net debt.