A.G. BARR (BAG) investor relations material

Executive summary

• Delivered strong financial results in FY 2025-2026, with robust revenue, profit, and dividend growth, margin expansion, and high return on capital employed, aligned with strategic commitments.

• Achieved 4% revenue growth year-over-year, in line with long-term targets, and expect low double-digit revenue growth in FY 2026-2027 due to recent acquisitions.

• Expanded innovation pipeline and executed three acquisitions to broaden the addressable market and support future growth.

• Built momentum in core soft drinks and functional hydration segments, with employee engagement at an all-time high.

Financial highlights

• Revenue increased 4% year-over-year to £437.3m, with growth across the portfolio.

• Operating margin expanded by 120bps to 14.8%, within the 14%-16% target range.

• Profit before tax rose 12.5% to £65.8m; statutory PBT up 17.7%.

• EPS up 11.2% year-over-year; proposed full-year dividend of £0.1871, up 11%.

• Operating cash flow exceeded £60 million; year-end net cash just over £40 million after strategic investments.

Outlook and guidance

• Expecting low double-digit percentage revenue growth in FY 2026-2027, supported by £35 million revenue from Frobishers and Fentimans acquisitions.

• Operating margin and ROCE to be maintained within target ranges, with initial ROCE dilution from integration.

• One-off integration costs of ~£4 million anticipated in 2026-2027.

• CapEx to peak at ~£40 million in 2026-2027, then normalize to £30-£35 million per annum.

• Plan to return to a small positive net cash position by year-end.