Genus (GNS) Trading update summary

Financial performance

• Second half trading exceeded expectations, driven by strong growth in Asia and Latin America, offsetting North American challenges.

• Adjusted profit before tax for FY26 is expected to be about £98m, ahead of the consensus range midpoint of £95.5m.

• Double-digit profit growth in ABS was achieved, supported by the Value Acceleration Programme despite softer demand and lower dairy prices.

• Free cash flow generation saw significant growth, with strong cash conversion in the second half.

• Net leverage at year-end is projected to fall to approximately 0.4x, aided by a £111m net cash inflow from a Chinese joint venture.

Strategic and operational highlights

• Successful formation of a Chinese porcine joint venture resulted in a substantial cash inflow.

• The business enters FY27 with a strengthened balance sheet and a focus on strategic priorities.

• Continued innovation in gene editing, with the PRRS Resistant Pig positioned for future commercialisation pending regulatory approval.

Outlook

• The group is well positioned for FY27, with preliminary FY26 results to be announced on 10 September 2026.