Genus (GNS) Trading Update summary

Trading performance

• Achieved strong underlying trading in line with expectations, with double-digit growth in PIC adjusted operating profit and a net £3.7m milestone receipt after FDA approval of PRP gene edit.

• ABS segment outperformed in H2, with VAP Phase 2 delivering £8.5m in-year benefit; annualised benefit from VAP Phases 1 and 2 projected over £21m.

• Group cash conversion remained robust in H2, driving strong free cash flow and reducing leverage to below 1.6x at year-end.

Financial guidance and outlook

• FY25 adjusted PBT expected to be at least £68m excluding PRP milestone, aligning with consensus; at least £72m including the milestone.

• Analyst consensus for FY25 adjusted PBT averaged £67.9m, with a range of £66.8m to £70.2m.

• FY25 results include a currency headwind of £8.4m, consistent with previous guidance.

Strategic and operational highlights

• FDA approval for PRRS Resistant Pig gene edit enabled a $5.5m milestone from a Chinese partner, offset by £0.4m in research collaborator payments.

• ABS launched Phase 3 of VAP to enhance commercial excellence and accelerate growth.

• Preliminary FY25 results scheduled for release on 4 September 2025.