Genus (GNS) H1 2026 earnings summary

Executive summary

• Achieved record first half profit, driven by strong PIC growth, BCA milestone, and VAP benefits in ABS, with strategic progress including a major porcine JV in China and regulatory milestones for PRP gene edit in North America.

• Maintained strong free cash flow generation and reduced leverage, supporting a robust financial position and long-term growth platform.

• Statutory profit before tax increased significantly, mainly due to lower non-cash IAS41 biological asset valuation charges.

Financial highlights

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

• Free cash flow of £8.2m in H1, with 60% conversion; leverage reduced to 1.4x; interim dividend proposed at 11.2p per share.

• Adjusted operating margin increased to 19.2% (17.5% excluding BCA milestone); statutory operating profit rose to £35.8m.

Outlook and guidance

• FY26 adjusted PBT expected in line with upgraded market expectations, with consensus at £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 expected to exceed FY25's record level; currency impact expected to be neutral in H2 if current rates persist.