Applied Nutrition Plc · LSE:APN
Applied Nutrition — H1 FY26 Earnings Presentation
31 slides from Applied Nutrition's earnings presentation, March 2026
Slide 1: Applied Nutrition H1 FY26 Results Presentation
INNOVATE. DELIVER. SCALE. Applied Nutrition H1 FY26 Results Presentation Applied Nutrition plc | March 2026 1
Slide 2: Agenda
Agenda TOPICS MEET THE PRESENTERS At a Glance Key Messages H1 FY26 Performance Market Opportunity THOMAS STEVEN JOE Strategic Update RYDER GRANITE POLLARD Outlook Founder and Group CEO Group COO Group CFO Applied Nutrition plc | March 2026 2
Slide 3: Applied Nutrition at a Glance
APPLIED NUTRITION AT A GLANCE GROWING MARKET GLOBAL FOOTPRINT SUCCESSFUL B2B MODEL Low risk, highly cost -effective 79% 85+ go-to-market strategy Leverage local marketing expertise of consumers in the UK see Countries sold into globally through distributors wellness as a top or important priority 1
Slide 4: Exceptionally strong first half with continued positive momentum across the business
EXCEPTIONALLY STRONG FIRST HALF WITH CONTINUED POSITIVE MOMENTUM ACROSS THE BUSINESS STRONG H1 YF26 TRADING CONTINUED DELIVERY AGAINST FY26 GUIDANCE REITERATED GROWTH STRATEGY Multiple upgrades to FY26 market Strengthened relationships with Significant momentum within expectations existing customers
Slide 5: H1 FY26 Performance
H1 FY26 PERFORMANCE Applied Nutrition plc | March 2026 5
Slide 6: H1 FY26 Financial Performance
H1 FY26 FINANCIAL PERFORMANCE £74.5m £34.8m £21.5m Revenue Gross profit 1 EBITDA Adjusted Up 56.5% Up Up56.1% xx% UpUp 55.8% 18.7% 28.9% 6.2 pence £26.4m 1 EBITDA margin Adjusted 1 basic and diluted EPS Adjusted Net cash H1 FY25: 29.0% Up 47.6% H1 FY25: £10.9m 1 In H1 FY26 there were no adjustments
Slide 7: Exceptional Performance Across All Regions
EXCEPTIONAL PERFORMANCE ACROSS ALL REGIONS GROUP REVENUE REVENUE BY GEOGRAPHY All geographies saw an increase 80 +57% 74.5 in sales during the period compared to the prior year 40 +46% +75% 70 34.2 35 31.5 UK sales grew 46% as we 60 30 continued to see exciting growth in both historic and newer 50 4
Slide 8: Robust Gross Margin Despite Whey Prices Rising
ROBUST GROSS MARGIN DESPITE WHEY PRICES RISING 60.0% 50.0% 47.9% 1.1% 0.3% 46.0% 46.8% 46.7% 44.7% (1.1%) (0.4%) 4 year (FY22 to FY25) average: 40.2% 40.0% 44.7% 30.0% 20.0% 10.0% 0.0% Applied Nutrition plc | March 2026 8
Slide 9: Diverse and Balanced Product Mix Supports Margin Stability
DIVERSE AND BALANCED PRODUCT MIX SUPPORTS MARGIN STABILITY • Diverse and balanced product mix limits exposure to products where whey protein is the predominant H1 FY26 PRODUCT MIX (£m) ingredient (21% of Group sales in H1 FY26) Weight Management 9.9 5.0 • Non - whey protein sales grew by 83% compare
Slide 10: Administrative Expenses and EBITDA Margin
ADMINISTRATIVE EXPENSES AND EBITDA MARGIN 1 ADMIN EXPENSES AS A % OF REVENUE ADJUSTED EBITDA MARGIN Admin expenses (as a % of 18.9% 18.9% revenue) marginally 18.8% 18.2% increased compared to full 30.5% 30.2% 29.7% FY25 as we reinvested in 29.0% 29.0% 28.9% the business including 15.2% marketing 11.
Slide 11: Cash Flow and Net Cash Movement
CASH FLOW AND NET CASH MOVEMENT Working capital increase of £21.5m 56% inline with 57% increase in revenue (versus H1 FY25). Implied working capital days of 109 days for H1 FY26 (H1 FY25: 109 days) (£10.9m) £0.2m £0.1m £26.4m (£2.3m) (£0.2m) (£0.5m) Working capital absolute £ amount increase because
Slide 12: Approach to Capital Allocation
APPROACH TO CAPITAL ALLOCATION POLICY DELIVERY AND GUIDANCE Full year market expectations upgraded twice Drive shareholder returns Dividends and/orshare buybacks will be considered at the appropriate time Current production capacity for up to £200 million of revenue Invest to drive organic growth an
Slide 13: New Global Distribution Facility and Production Expansion
NEW GLOBAL DISTRIBUTION FACILITY AND PRODUCTION EXPANSION Total investments expected to increase annual revenue capacity to c.£300 million Construction commenced on a new global Construction also commenced on Phase 3 distribution facility and head office post of the factory extension period end This
Slide 14: Market Opportunity
MARKET OPPORTUNITY Applied Nutrition plc | March 2026 14
Slide 15: From the Health Conscious to Performance Athletes
FROM THE HEALTH CONSCIOUS TO PERFORMANCE ATHLETES Requiring scientifically - formulated performance nutrition to PERFORMANCE maximise output, speed up recovery, and maintain ATHLETE (6%*) competitive edge ELITE Constantly seeking advanced supplements to optimise strength, endurance, and physique wit
Slide 16: Strategic Update
STRATEGIC UPDATE Applied Nutrition plc | March 2026 16
Slide 17: Delivery in Line with Our Strategic Priorities
DELIVERY IN LINE WITH OUR STRATEGIC PRIORITIES EXISTING CUSTOMERS NEW CUSTOMERS D2C Increase distribution New New customers and Increase shelf space D2C end points geographies channels • Strong growth across UK • Deeper distribution in UK • Growing presence across • New retail listings with UK • Str
Slide 18: Case Study – Licensing-out Deal with Morrisons
CASE STUDY – LICENSING -OUT DEAL WITH MORRISONS Exclusive three - year agreement with Morrisons for a range of Applied Nutrition branded, GLP - 1 friendly, meals and food products 53 products initially launched across c.400 UK supermarket stores, enabling expanding reach into new audiences Items inc
Slide 19: Significant New Product Development Progress
SIGNIFICANT NEW PRODUCT DEVELOPMENT PROGRESS Maintain a deep understanding of customer needs, expanding ranges quickly through in - house NPD Strongest ever period of NPD launches in H1 FY26 NPD is focused on: 1. Keeping products fresh 2. Filling opportunity gaps 3. Accessing emerging trends Applied
Slide 20: Enhancing Visibility and Credibility Across the Globe
ENHANCING VISIBILITY AND CREDIBILITY ACROSS THE GLOBE Designed to deliver a strong, trusted brand that drives demand and makes us the product of choice for consumers Focus is not only on reaching end users but also on equipping distributors with the tools, messaging, and brand equity needed to accel
Slide 21: Outlook
OUTLOOK Applied Nutrition plc | March 2026 21
Slide 22: Confident for H2 FY26 and Beyond
CONFIDENT FOR H2 FY26 AND BEYOND Cognisant of disruption to shippi FY26 results will be first -half Strong momentum entering H2 routes and purchasing activities weighted FY26 within Middle East Performance driven by diversified Capital investment to support Reiterate FY26 guidance of revenue channel
Slide 23: Ingredients for Success in the Sports Nutrition, Health and Wellness Market
INGREDIENTS FOR SUCCESS IN THE SPORTS NUTRITION, HEALTH AND WELLNESS MARKET 1. 2. 3. 4. SIGNIFICANT MARKET TRUSTED BRAND WITH BROAD SUCCESSFUL B2B SCALED -HOUSE IN OPPORTUNITY CONSUMER APPEAL BUSINESS MODEL MANUFACTURING CAPABILIT Global market opportunity A trusted brand, with broad Benefiting from
Slide 24: Appendix
APPENDIX Applied Nutrition plc | March 2026 24
Slide 25: Our Vision
OUR VISION Applied Nutrition plc | March 2026 25
Slide 26: The Applied Nutrition Ranges
THE APPLIED NUTRITION RANGES Select products: Launched in 2014, a high Launched in 2016, a highly Launched in 2023, a range of Launched in 2022, a Range quality & trusted brand with formulated, premium range entry-level products aimed at specialist product range description competitive pricing and t
Slide 27: Established and Diverse Routes-to-Market
ESTABLISHED AND DIVERSE-TO ROUTES -MARKET Retailers Distributors Gyms / Sports clubs D2C White label • Specialty stores • Sports Nutrition specialist • Commercial gyms • Applied Nutrition website • Manufacture of products • Discounters distributors • Sports clubs (e.g. football (UK, US) for selected
Slide 28: Why We Will Continue to Win Market Share Over the Long-Term
WHY WE WILL CONTINUE TO WIN MARKET SHARE -TERM OVER THE LONG Great We make products that look great, feel great, taste great, using expert 1 products formulation and all at a competitive price Highly We are able to bring new products to the market quickly and efficiently, keeping 2 effective NPD pro
Slide 29: Board with Significant Expertise to Deliver Future Success
BOARD WITH SIGNIFICANT EXPERTISE TO DELIVER FUTURE SUCCESS Thomas Ryder Steven Granite Joe Pollard Founder & Group CEO Group COO Group CFO Executive 2014 (inception) – present 2020 – present 2021 – present Directors 15+ years of experience in the Previously CEO of a private equity- Previously Direct
Slide 30: Disclaimer
DISCLAIMER The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in it.
Slide 31: Applied Nutrition
APPLIED CAND NUTRITION