A.g. Barr P.l.c. · LSE:BAG
A.g. Barr P.l.c — FY2025 Earnings Presentation
30 slides from A.g. Barr P.l.c's earnings presentation, Mar 25, 2025
Slide 1: Final Results
FINAL RESULTS 52 weeks ended 25 January 2025
Slide 2: Agenda
Agenda Euan Sutherland Chief Executive Officer ❏ Business Review Stuart Lorimer ❏ Financial Review Chief Finance & Operating Officer ❏ Outlook Ewan Dytch Group Finance Director ❏ Questions 2 2
Slide 3: Business Review
Business Review
Slide 4: Three key metrics
Three key metrics Revenue Op Margin* ROCE* £420.4m 13.6% 20.1% +5.1% +130 bps +170 bps *Adjusted - excludes £5.3m of one-off costs treated as adjusting items. See Appendix 1. 4
Slide 5: Business highlights
Business highlights BRAND OPERATIONS Soft Drinks revenue +6.4% Good progress with manufacturing insourcing Strong double digit revenue growth 2 NEW PET lines at Cumbernauld site Stand-out brand campaign for Euros 2 strategic change projects completed Successful innovation “Front of the chiller” “Bac
Slide 6: Market performance
Market performance SOFT DRINKS Value Volume Total Soft Drinks +2.6% +1.3% OFCs +0.3% (2.7%) Energy +5.5% +1.0% Stills +3.9% +4.2% OFCs - Other Flavoured Carbonates. Flavoured carbonated drinks which are not a cola, lemonade or mixer. COCKTAILS Value RTD Alcohol +7% RTD Cocktails +15% RTD - Ready to
Slide 7: Brand overview
Brand overview Power brands Share of total revenue Share of total revenue Share of total revenue Share of total revenue 33% 21% 12% 10% Revenue v LY Revenue v LY Revenue v LY Revenue v LY 6.4% 17.4% Flat (6.1%) Portfolio brands Share of total revenue Revenue v LY 24% 1.7% 7
Slide 8: IRN-BRU
IRN-BRU 2024/25 ● Volume and value growth ● Successful Euros marketing campaign and limited editions NPD ● 40% of IRN BRU sold in England after another year of double-digit growth ● Now a top 5 UK carbonate brand* 2025/26 ● Upweighted consumer marketing plan ● Distribution growth in England and Scot
Slide 9: Rubicon
Rubicon 2024/25 ● Double digit volume and value growth ● Fastest growing OFC in the UK* ● #1 flavoured sparkling water for 6th year running* ● “Release the Sunshine” campaign - TV, social & digital, outdoor, sampling 2025/26 ● Innovation - new Spring Vits ● Distribution growth across all variants ● I
Slide 10: Boost
Boost 2024/25 ● Profitability focus ● “There’s a Boost for that!” marketing campaign and new pack designs ● Progress with manufacturing insourcing ● Stronger sales and improved margins in H2 ● UK’s #2 sports drink and #3 energy stimulation brand* 2025/26 ● Distribution gains ● Continued progress with
Slide 11: FUNKIN
FUNKIN 2024/25 ● Double digit RTD growth - UK’s No. 1 cocktail choice* ● Successful innovation in both RTD cans and bottles ● On-trade sales declined due to ongoing weakness in sector 2025/26 ● Increased penetration in off and on-trade supported by exciting innovation pipeline ● FUNKIN brand refresh
Slide 12: Portfolio
Portfolio 2024/25 2025/26 ● Portfolio brands contributed 24% of total ● Limited edition innovation and format business revenue extensions across several brands ● MOMA - launched new pack design & ● Exciting new partnership between Barr and delivered double digit gross profit growth iconic global bran
Slide 13: Operations
Operations Improving capability, capacity and operational performance are key to revenue growth, margin accretion and great customer service 24/25 CAPEX MILESTONES 24/25 OPERATIONAL PERFORMANCE Cumbernauld Manufacturing - New small format PET line - 10% improvement in line performance, - Second and
Slide 14: Strategic programme
Strategic programme Good progress with strategic projects to improve efficiency and accelerate growth 2024/25 2025/26+ SOFT DRINKS ROUTE TO MARKET ONE COMPANY MODEL Closure of Barr Direct completed June 24 Business reorganisation to move to a single company operating model BOOST INTEGRATION Sales, m
Slide 15: Operating margin rebuild
Operating margin rebuild Strong progress on Commercial growth, Operations capability and Strategic programme = 130 bps improvement in Operating Margin 15
Slide 16: Financial Review
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Slide 17: Financial KPIs
Financial KPIs Revenue Op Margin* ROCE* £420.4m 13.6% 20.1% +5.1% +130 bps +170 bps PBT* Dividend / share Volume £58.5m 16.86p +3% +15.8% +12.0% Gross Margin EPS* 39.1% 39.77p +50 bps +17.4% Net cash £63.9m +19.2% *Adjusted Metric which excludes £5.3m one-off costs related to the closure of Barr Dir
Slide 18: PBT bridge
PBT bridge PBT (adjusted) +£8m (+15.8%) £m 23/24 24/25 PBT 50.5 58.5 Adjusting items 0.8 (5.3) Statutory PBT 51.3 53.2 18
Slide 19: Cost Base
Cost Base Driven by increased volume Insourcing has Energy reduced requirement Upweighted marketing & Site for external investment delivered Costs 3rd Party manufacturing several successful Manufacturing campaigns Other inc. Marketing Employee Raw Materials remain Costs Materials elevated but sugar
Slide 20: Cashflow & cash allocation
Cashflow & cash allocation Strong, sustainable cash generation from operations utilised in line with capital allocation principles £57.6m (£47.3m) Cash generated from operations Cash used in investing and financing 20
Slide 21: Capital investment
Capital investment Capital investment programme on track and on budget 2023/24 24/25 25/26 26/27 27/28 28/29 29/30 30/31 £18m £19m c.£30m c.£25m per annum Cumbernauld refresh - 2 new lines and Replacement 1 line upgrade Expansion Milton Keynes - processing capability and Inventory management line up
Slide 22: Outlook
Outlook
Slide 23: Consistent Financial Delivery
Consistent Financial Delivery Note: Operating margin and ROCE are on adjusted basis 23
Slide 24: 25/26 Outlook
25/26 Outlook Revenue Op Margin ROCE Mid-single digit Increase to Above 20% growth mid-teens Pricing Strategic Capex c.£30m Programme: Distribution c.£2-3m one-off Organic net net cost cash growth Rate of sale Incl. Dividend Innovation manufacturing growth insourcing Note: 2025/26 financial will be a
Slide 25: H1 25/26 Marketing & Innovation
H1 25/26 Marketing & Innovation IRN-BRU Campaign Rubicon RAW Wave Rubicon Spring Vits Editions Sainsbury’s national IRN-BRU & Burns night in-store activation 25
Slide 26: H1 IR Calendar
H1 IR Calendar MARCH APRIL / MAY JUNE JULY INVESTOR SITE CAPITAL 2024/25 VISITS MARKETS H1 2025/26 RESULTS EVENT TRADING UPDATE CUMBERNAULD 25 MARCH WED 23 APRIL TUES 29 JULY LONDON TUES 3 JUNE MILTON KEYNES THURS 15 MAY June Capital Markets Event ● An opportunity to gain a deeper understanding of t
Slide 27: Questions
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Slide 28: Appendices
Appendices
Slide 29: Appendix 1 - Adjusting items
Appendix 1 - Adjusting items Cash cost Non cash Total charge Route to market changes £2.7m £1.7m £4.4m Boost integration £0.9m - £0.9m Total Adjusting Items £3.6m £1.7m £5.3m The costs above relate to the business change projects involving the route to market changes with the closure of the Barr Dir
Slide 30: Appendix 2 - Financial scorecard
Appendix 2 - Financial scorecard 24/25 23/24 Movement Revenue - £m 420.4 400.0 5.1% ⬤ Operating Margin % 13.6% 12.3% 130bps ⬤ ROCE 20.1% 18.4% 170bps ⬤ Volumes - Cases (m) 68.7 66.4 3.5% ⬤ Gross Margin % 39.1% 38.6% 50bps ⬤ Profit Before Tax - £m 58.5 50.5 15.8% ⬤ Statutory Profit Before Tax - £m 53.2