Genus (GNS) H2 2026 earnings summary

Executive summary

• Adjusted profit before tax and adjusted EPS both increased by 35% year-over-year, with free cash flow reaching GBP 62 million, substantially ahead of the prior year.

• Strategic progress included regulatory approvals for PRP technology in several countries and the formation of a major porcine joint venture in China, accelerating growth in the world's largest market.

• A GBP 60 million share buyback and a 10% increase in the full-year dividend were announced, reflecting strong balance sheet and confidence in future growth.

• Commercialisation of PRP began in selected Latin American countries following regulatory milestones in Argentina, Canada, Uruguay, and Peru.

• Free cash flow of GBP 62 million and robust balance sheet supported capital returns.

Financial highlights

• Revenue was GBP 658.1 million, down 2% due to deconsolidation of PIC China after the JV formation.

• Adjusted profit before tax rose 35% to GBP 100.2 million; adjusted EPS also up 35% to 110.3 pence.

• Free cash flow increased to GBP 62 million, with cash conversion at 94%.

• Statutory profit before tax surged to GBP 310.5 million, mainly due to a GBP 204 million gain from the PIC China JV deconsolidation.

• Net debt reduced to GBP 71.8 million, and leverage fell from 1.5x to 0.4x.

Outlook and guidance

• Underlying adjusted PBT in constant currency expected to be moderately higher year-over-year in FY 2027, with group PBT second-half weighted.

• Moderate adjusted operating profit growth anticipated for both PIC and ABS from normalized bases.

• FY 2027 free cash flow expected to remain strong but lower than FY 2026 due to JV formation and increased capex.