A.g. Barr P.l.c. · LSE:BAG
A.g. Barr P.l.c — FY2025/26 Earnings Presentation
35 slides from A.g. Barr P.l.c's earnings presentation, Mar 31, 2026
Slide 1: FY25/26 Results Presentation
FY25/26 Results Presentation 31 March 2026
Slide 2: Today's Agenda
Key Messages Euan Sutherland, CEO Financial Performance Stuart Lorimer, CFO Today’s Strategy Update Euan Sutherland, CEO Agenda Core Soft Drinks Brands Functional & Healthy Hydration Outlook Euan Sutherland, CEO Q&A
Slide 3: Key messages
Key messages A year of strong financial delivery and strategic progress Strong financial results Building momentum in delivering target core soft drinks metrics business Innovation pipeline & Three acquisitions, activity significantly broadening expanded addressable market 3
Slide 4: Track record of profitable growth
Track record of profitable growth Sustained strategic progress across our three financial KPIs Revenue (£m) Operating Margin (%) ROCE (%) 4.0% Growth ≥4% Revenue Growth 14-16% Operating Margin 19-21% ROCE Consistent delivery over medium term = growth in profits, EPS and dividends 4
Slide 5: Financial Performance
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Slide 6: Financial scorecard
Financial scorecard A year of strong financial results Highlights Metric FY25/26 FY24/25 Variance Revenue (£m) 437.3 420.4 + 4.0% Operating Margin (%) 14.8% 13.6% + 120bps Revenue growth ROCE (%) 20.4% 20.8% (40bps) Continued margin expansion Other Metrics Volumes – Cases1 (m) 69.4 68.7 + 1.0% ROCE
Slide 7: Brand revenue performance
Brand revenue performance Broadening portfolio led by three core soft drinks brands Core Soft Drinks Brands % of Revenue Revenue Growth % of Revenue Revenue Growth % of Revenue Revenue Growth 32% 1.1% 21% 2.4% 12% 11.9% Other Brands xv New % of Revenue Revenue Growth Brands 35% 5.1% 7
Slide 8: Cost base
Cost base Executing well on cost management initiatives Operating Costs (£m) & Margin FY25/26 Cost Breakdown Cost drivers Employee Costs Increase driven by investment in talent & recent M&A Raw Materials £371.5m Materials remain elevated but sugar & rPET have moved out of cycle peaks 3rd Party Manuf
Slide 9: Capital investment
Capital investment Programme for the future being delivered on time and within budget Cash capex (£m) Cumbernauld Milton Keynes 25/26 25/26 New high-speed can line - final phase Deposits & preparations for of line refresh programme c.40 manufacturing expansion 30-35 26/27 26/27 Install capability to
Slide 10: Strong & sustainable cash flow generation
Strong & sustainable cash flow generation Cash deployed in line with capital allocation framework Net Cash Movement (£m) 11.8 62.6 (8.0) 2.4 (13.9) (30.4) (27.6) (19.2) 10
Slide 11: FY26/27 financial outlook
FY26/27 financial outlook Building momentum Elevated revenue growth Low double digit % revenue growth (supported by c.£35m contribution with sustained margins from recent acquisitions) while maintaining operating margin Integration of Fentimans Integration of recent acquisitions commenced. and Frobi
Slide 12: Strategy Update
Strategy Update AG Barr BUILDING GREAT BRANDS
Slide 13: Clear strategy built on growth platforms
Clear strategy built on 5 growth platforms Significant growth opportunities More from Core Excellence in Sales & Marketing Execute greater distribution and growth Maximise cross channel commercial approach to deliver across our core soft drinks brands high quality execution and revenue growth Supply
Slide 14: Progress against segmental opportunities
Progress against segmental opportunities Targeting growth in three areas of market Soft Drinks Functional Drinks Premium Socialising Sports & Rapid hydration. Clear Lo/No, Inflammation Carbonates Stills & Juices Ready to Drink Energy reduction, Collagen, Protein, Fibre IRN-BRU & Rubicon rebrands New
Slide 15: Core Soft Drinks Brands
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Slide 16: IRN-BRU
IRN-BRU We have reset our communication platforms & relaunched the IRN-BRU brand DISTINCTIVE COMMUNICATION INNOVATION & BRAND STRETCH BRAND RELAUNCH ‘Made in Scotland from Girders’ Bold Flavour Extensions Core Range Refresh 16
Slide 17: Rubicon
Rubicon Rubicon has expanded into ‘Healthy Hydration’ DISTINCTIVE COMMUNICATION INNOVATION & BRAND STRETCH EXPANSION INTO GROCERY ‘Big Flavour Behaviour’ Move into Hydration Brand Refresh & New Flavour Launches 3 3 3 3 17
Slide 18: Boost
Boost Partnership with Rugby Super League and launched into ‘Healthy Hydration’ DISTINCTIVE COMMUNICATION INNOVATION & BRAND STRETCH EXPANSION INTO GROCERY ‘Boost’ Masterbrand Move into Hydration Core Range Distribution 18
Slide 19: Customers
Customers Strong channel expansion progress underpinned through executional gains RETAIL IMPULSE OOH Accelerated Growth Maintain Stronghold Win through New Business 19
Slide 20: Functional and Healthy Hydration
Functional and Healthy Hydration
Slide 21: Growing functional and healthy hydration market
Growing functional and healthy hydration market Shifting consumer focus on health and wellness products Functional Shots Natural Hydration Protein & Fibre UK functional shots market UK sports drink market UK protein-based nutrition ~ £33m in 2024 ~£1.5bn in 2024 £238m in 2024 Growing to £126m by 203
Slide 22: Mass awareness of turmeric's benefits
@ @ | ( Mass awareness of turmeric’s benefits becomes accepted Reduces burden on the NHS (e.g. £1 per shot reduction = ~£23b cost) Creates a compounding health benefit for society Relieves pain, inflammation & supporting recovery (Currently cosis the NHS in £23b annually)
Slide 23: Product suite built for growth
Product suite built for growth Growing suite of products ready to leverage growing market Functional Shots Natural Hydration Protein & Fibre FY26/27 Growth Driver FY26/27 Growth Opportunity FY26/27 Growth Opportunity Ambition to expand across UK Brand refresh planned Planned new product launch into
Slide 24: Outlook
Outlook AG Barr BUILDING GREAT BRANDS
Slide 25: Frobishers & Fentimans FY26/27 plans
Frobishers & Fentimans FY26/27 plans Integrate with associated synergies starting to come through FY26/27 Financial Impact FY26/27 Financial Impact c. £10m Revenue c. £25m Revenue c. £2m PBT1 (incl. H2 integration synergies) c. £2m PBT1 (incl. H2 integration synergies) Integration announced and prog
Slide 26: Summary & Outlook
Summary & Outlook Flywheel of consistent growth with the ambition to double the size of the business Multiple routes to Entering FY26/27 growth, with low with momentum execution risk Increased capacity FY26/27 to and capability demonstrate further proof points Low double-digit % revenue growth expec
Slide 27: BUILDING GREAT BRANDS
BUILDING GREAT BRANDS
Slide 28: Appendices
BARISTA OAT PROFESSIONAL AG Barr BUILDING GREAT BRANDS
Slide 29: Efficiencies driving improved operating margin
Efficiencies driving improved operating margin Expansion led by commercial growth and operational capability Operating Margin Bridge (%) +120bps 1.2% 1.8% (1.2%) (0.6%) Note: Investing for the future includes growth related investments in brand marketing, technology and people 29
Slide 30: M&A to elevate growth and broaden portfolio
M&A to elevate growth and broaden portfolio More meaningful and targeted M&A strategy Elevating growth and broadening 3 acquisitions over the last year, Minimal cannibalisation of addressable market within higher growth categories existing portfolio Innate-Essence Frobishers Fentimans Q2 25/26 Q4 25
Slide 31: Innovation pipeline significantly expanded
Innovation pipeline significantly expanded Largest innovation pipeline in AG Barr’s history 3 3 3 3 Series of new product launches - just landed and upcoming 31
Slide 32: Disciplined and Effective Capital Allocation
Disciplined and Effective Capital Allocation Central to our business strategy and responsibilities to shareholders Organic Investments Investment across brand development, supply chain optimisation and system infrastructure Sustainable Long-term Growth M&A Inorganic investments assessing strategic f
Slide 33: Behaving responsibly for over 150 years
Behaving responsibly for over 150 years Refreshingly responsible We act We respect with integrity the environment Safety and wellbeing Carbon reduction Employee engagement Packaging Responsible policies and practices Sustainable sourcing We support We give healthy living back Calorie reduction Commu
Slide 34: Behaving responsibly for over 150 years
Behaving responsibly for over 150 years Refreshingly responsible Environment Social Governance Reducing our environmental Fostering social responsibility and Ensuring ethical governance and impact & increasing resource having a positive community accountability efficiency impact Best practice govern
Slide 35: Disclaimer
Disclaimer This document contains forward-looking statements that involve risks and uncertainties. These statements may generally, but not always, be identified by the use of words such as ‘outlook’, ‘guidance’, ‘intend’, ‘expect’, ‘anticipate’, ‘plan’, ‘target’ and similar expressions to identify f