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 PRRS-resistant pig (PRP), including Canadian approval, moving closer to North American commercialization.

• Maintained strong free cash flow generation and reduced leverage, supporting a robust financial position.

Financial highlights

• Revenue stable at £335.6m for H1 FY26; adjusted profit before tax up 57% to £55.7m year-over-year.

• Adjusted EPS up 53% to 60.8p; free cash flow at £8.2m with 60% conversion.

• Group adjusted operating margin increased to 19.2% (17.5% excluding BCA milestone).

• Interim dividend proposed at 11.2p per share, up from 10.3p last year.

• Net debt to adjusted EBITDA improved to 1.4x; ROIC rose to 15.8%.

Outlook and guidance

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

• ~£100m receipt from Chinese JV expected in fiscal Q4, with deconsolidation of PIC China from group accounts.

• FY26 free cash flow anticipated to exceed FY25's record level.

• Currency impact expected to be neutral in H2 if current rates persist.

• Market environment seen as generally stable for H2, with some regional disease challenges and weak pork prices in China.