Genus (GNS) H2 2025 earnings summary

Executive summary

• Achieved strong financial and strategic progress, including accelerated formation of the PIC China joint venture and FDA approval for PRP gene edit, with substantial improvements in porcine and bovine segments.

• Introduced a new CFO and maintained focus on growth in Poresign, PRP commercialization, and value creation in Bovine.

• Delivered record free cash flow, improved margins, and higher ROIC.

Financial highlights

• Revenue grew 1% to £672.8m; group adjusted operating profit up 19% to £93.1m; adjusted PBT up 38% in constant currency.

• Adjusted EPS rose 25% to 81.8p; statutory profit before tax increased to £28.5m.

• Record free cash flow of £40.9m, with cash conversion at 114%.

• Net debt reduced to £228m; leverage down to 1.5x EBITDA.

• Exceptional expenses fell to £11.4m, mainly due to VAP restructuring and corporate transactions.

Outlook and guidance

• Market conditions expected to remain stable for H1 FY26, with ongoing disease and geopolitical risks, and continued weakness in China dairy.

• Significant growth in adjusted profit before tax anticipated for FY26 in constant currency, in line with market expectations.

• Exceptional costs in FY26 expected to be similar to FY25, mainly from VAP Phase 3 restructuring.

• Broadly neutral currency impact anticipated for FY26 at current spot rates.