McBride (MCB) H2 2026 earnings summary

Executive summary

• Delivered resilient full-year results and achieved third consecutive year of profitability despite Q4 inflation from the Middle East crisis impacting margins.

• Achieved strategic milestones: SAP IT rollout, Eurotab acquisition, and Vestacy contract manufacturing agreement, set to drive transformational growth and expand market presence.

• Private label market share continued to grow, especially in key European markets, reaching record highs.

• Share price rose over 60% year-over-year, reflecting confidence in growth strategy.

• Capital allocation supported total shareholder returns of £18.0m, including dividends and buybacks.

Financial highlights

• Revenue increased to £934.2m, up 0.8% year-over-year; up GBP 7.7 million, but down 1.8% on constant currency basis.

• Adjusted operating profit £59.0m, down £7.1m year-over-year due to Q4 inflation shock; adjusted EBITDA £80.0m, margin declined to 8.6%.

• Adjusted basic EPS decreased 2.3% to 21.6p; EPS decreased by GBP 0.05 per share.

• Free cash flow was £56.7m, down from £93.9m in FY25.

• Net debt increased to £122.8m, mainly due to timing of creditor payments and shareholder returns.

Outlook and guidance

• Ongoing margin pressures expected; further price increases likely due to persistent inflation and volatile cost environment.

• Early FY2027 sales volumes in line with expectations; private label demand signals remain positive, with some regions showing stronger growth.

• SAP Wave 2 and integration of Eurotab and Vestacy sites progressing as planned, expected to drive revenue and margin growth.