Genus Plc · LSE:GNS
Genus — H1 FY2026 Earnings Presentation
37 slides from Genus's earnings presentation, Feb 26, 2026
Slide 1: Interim Results
Interim Results Half Year Ended 31 December 2025 Record first half profit and substantial strategic progress
Slide 2: Disclaimer
2 Disclaimer This presentation has been prepared by Genus plc (“Genus” or “the Company”) and has not been independently verified. Genus is so lely responsible for the contents of this document and has taken all reasonable care to ensure that the facts stated herein are true and accur ate in all mate
Slide 3: Overview & Headlines
Overview & Headlines Jorgen Kokke Chief Executive Officer
Slide 4: FY26 H1: Strong progress on all fronts
4 FY26 H1: Strong progress on all fronts • Record H1 profit, driven by strong growth in PIC and VAP actions benefitting ABS • Continued strong free cash flow generation • Further milestone towards North American PRP commercialisation with Canada approving the PRP gene edit • Strategic porcine joint
Slide 5: What Genus does
5 What Genus does We produce and sell Our animals exhibit This helps our Our products elite animal genetics valuable traits such customers raise therefore improve to farmers. as increased feed healthier animals farmer profitability Our genetics constitute conversion, that produce and reduce the less
Slide 6: Strategic Priorities: Continued focus and momentum
6 Strategic Priorities: Continued focus and momentum 1. 2. 3. Continued growth in Successfully Drive greater porcine, accelerated commercialise PRP and deliver attractive value from bovine growth in China returns from R&D • PIC Global; solid royalty revenue • Secured Canadian approval in • VAP initi
Slide 7: Strategic porcine joint venture formation in China
7 Strategic porcine joint venture formation in China Creates the best platform to accelerate the long - term growth opportunity for PIC China Strong domestic partner: Beijing Capital Agribusiness (“BCA”) is a leading state - backed agribusiness Value crystallisation: £5.6m accelerated milestone alre
Slide 8: Financial Results
Financial Results Andy Russell Chief Financial Officer
Slide 9: Strong financial performance in FY26 H1
9 Strong financial performance in FY26 H1… Revenue Adj. PBT 1 Adj. EPS 1 £ 335.6 m £ 55.7 m 60.8 p (0 %) (+ 57%) (+ 53 %) Adj. Leverage 1,2 Adj. ROIC 1,2 Free Cash Flow 1.4x 15.8% £ 8.2 m (FY25: 1.5x) (FY25: 14.7%) Conversion 60 % NB: Actual currency unless specified; growth rates are compared to th
Slide 10: …driven by good business unit performance
10 …driven by good business unit performance Genus PIC Genus ABS Royalty Adj. Op. Adj. Op. Sexed Adj. Op. Adj. Op. Revenue Profit 1 Profit Margin 1,2 Volume Profit Profit Margin 2 £ 92.8 m £ 71.9m 34.5 % 4.3 m £ 10.9 m 7.1% (+ 6 %) (+ 30 %) (+ 640 bps) (+ 1%) (+ 27%) (+ 180 bps) NAM +1%* LATAM +7%*
Slide 11: Record Genus H1 Operating Profit
11 Record Genus H1 Operating Profit Record group adjusted operating profit... …driven by broad - based profit growth £m £m 29% 70 2.3 0.8 64.4 64.4 5.6 (0.3) 60 8.0 24% 48.3 5.6 4.0 50 45.2 39.7 6.8 8.8 38.1 4.0 19.2% 19% 40 1.0 2.8 45.2 30 14.1% 14% 13.8% 13.4% 50.8 11.4% 20 39.5 41.2 FY25 H1 PIC P
Slide 12: Genus PIC: Significant profit growth
12 Genus PIC: Significant profit growth PIC Operating Profit Bridge £m Adj. Op. • Adjusted operating profit increased 30% in actual Profit Margin 1 1.8 71.8 5.6 currency (19% excluding the BCA milestone) at a (1.0) margin of 34.5% (31.4% excluding the BCA milestone) 34.5% 4.1 (FY25 H1: 28.1%) • £5.6
Slide 13: Genus ABS: Continued profit improvement
13 Genus ABS: Continued profit improvement ABS Operating Profit Bridge £m Adj. Op. • Adjusted operating profit increased 27% in actual Profit Margin 1 currency at a margin of 7.1% 7.1% • Solid trading and FX tailwind offset by weaker Asia, (FY25 H1: 5.3 %) including China 4.7 • VAP continued to be a
Slide 14: Significant continuing investment in R&D
14 Significant continuing investment in R&D Genus research and product development Porcine product development % of Genus revenue Genus continues to % of Porcine revenue Increased invest substantially 11% underlying 50 12% 13% 15%in research and 25.0 investment in PRP 11% 11% 9% 9% 40 11% 10% produc
Slide 15: Statutory Income
15 Statutory Income FY26 H1 FY25 H1 Change Non - cash impacts £m £m £m • £6.4m decrease in net IAS 41 biological assets Adjusted operating profit 55.8 40.3 14.1 primarily driven by porcine (FY25 H1: £16.0m decrease primarily due to bovine) Net IAS 41 valuation mvmt on biological assets (6.4) (16.0)
Slide 16: Continued Strong Free Cash Flow generation
16 Continued Strong Free Cash Flow generation Free cash flow bridge Actual currency (£m) • Solid FCF generation of £8.2m compared to a very strong prior year comparator (5.6) • Significant EBITDA increase of £17.1m • £5.6m BCA milestone payment recognised in FY26 H1 with cash received post - period
Slide 17: Strong financial position – leverage reduced to 1.4x
17 Strong financial position – leverage reduced to 1.4x Net debt bridge Actual currency (£m ) Net Debt Free cash flow inc. lease repayments: • Gross debt increased to £232.9m at 31 December 2025 £8.2 m • Leverage 1 reduced to 1.4x due to higher EBITDA • Expect to receive ~£100m of net cash Net Net p
Slide 18: Capital Allocation Framework
18 Capital Allocation Framework Maintain a strong balance sheet → target leverage range of 1.0x to 2.0x Organic growth 1 opportunities Invest in compelling organic profit returns growth opportunities that can deliver strong Ordinary Progressive dividend policy funded by organic free cash generation
Slide 19: Pro Forma: FY26 H2 considerations
19 Pro Forma: FY26 H2 considerations Actual currency (£m) FY25 H1 FY26 H1 £m Reported Less: PIC 49% of Genus Reported Less: 49% of Less: Genus FY26 H2 Considerations China China JV pro - PIC China JV Milestone pro - & interest forma China & interest (SASAC 1) forma savings savings PIC • Increased PR
Slide 20: Strategic Progress
Strategic Progress Jorgen Kokke Chief Executive Officer
Slide 21: Genus's Strategic Priorities
21 Genus’s Strategic Priorities 1. 2. 3. Continued growth in Successfully Drive greater value porcine, accelerated commercialise PRP from bovine growth in China and deliver attractive returns from R&D
Slide 22: Priority 1: Compounding PIC royalty revenue
22 Priority 1: Compounding PIC royalty revenue Compounding royalty revenue growth… 4- year CAGR …with a proven revenue model that stabilises earnings and Constant currency £m drives customer loyalty 50 45 NAM Royalty Model 40 +4 % Aligns PIC and Customer Royalty 35 Benefits/Value 30 LATAM Revenue 25
Slide 23: Priority 1: Strong PIC China, Joint Venture formed
23 Priority 1: Strong PIC China, Joint Venture formed Strong FY26 H1 (despite declining pork prices) Strategic Chinese joint venture formed Constant Currency £m Creates the best platform to accelerate the long - term growth opportunity for PIC China 17 Strong domestic partner: Beijing Capital 16 Agr
Slide 24: Priority 2: Canadian approval adds to PRP regulatory build-out
24 Priority 2: Canadian approval adds to PRP regulatory build - out Approved/ favourable determination: • Canada • Dominican Republic (January 2026) (March 2025) • Argentina • Brazil (July 2025) (April 2024) • USA • Colombia (April 2025) (October 2023) In process: Approved • Japan • Mexico In Proces
Slide 25: Priority 3: VAP progressing well
25 Priority 3: VAP 3 progressing well VAP Phase 1 & 2: Focus Areas VAP phase 3: Focus Areas Adj. Op. Profit Unified global FY26 H1 Adj. Op. FY26 Adj. Op. Annualised Adj. Reshaping Benefit leadership Profit Benefit Profit Benefit Op. Profit Benefit ABS Go - To - Pricing Market £21m governance & £2.7m
Slide 26: Summary & Outlook
Summary & Outlook Jorgen Kokke Chief Executive Officer
Slide 27: Good Genus momentum amidst mixed underlying markets
27 Good Genus momentum amidst mixed underlying markets Market Landscape Market Landscape FY26 H1 • Americas: Good margins for pork producers over the • North America: Good margins for dairy and beef period producers REGIONAL HIGHLIGHTS • Europe: Weak pork producer profitability and disease • Europe:
Slide 28: Summary & Outlook
28 Summary & Outlook Outlook Record H1 profits driven by Continued good momentum across the strong growth in PIC and VAP business actions benefitting ABS Broadly neutral currency impact expected in FY26 H2 at current FX rates Strategic porcine joint venture formed in China Successful formation of Ch
Slide 29: Q&A
29 Q&A
Slide 30: Appendices
30 Appendices
Slide 31: Technical Guidance
31 Technical Guidance Area FY25 FY26 Expected Impacts Adjusted Income Statement Items Net Interest £18.8m £15m - £16m Effective Tax Rate 27.5% 27% - 28% £0m - £3m tailwind based on current rates; see Appendix for sensitivity Foreign Exchange £8.5m headwind analysis ABS VAP Phase 2 benefit to adjuste
Slide 32: Pro Forma: Milestones & PIC China Deconsolidation
32 Pro Forma: Milestones & PIC China Deconsolidation Actual currency (£m) FY25 H1 FY25 H2 FY25 Full Year £m Reported Less: PIC 49% of Genus Reported Less: 49% of Less: Genus Reported Less: PIC 49% of Less: Genus China China JV pro - PIC China JV Milestone pro - China China JV Milestone pro - & inter
Slide 33: Free Cash Flow
33 Free Cash Flow FY26 H1 FY25 H1 Cash flow history actual actual (£m) £m £m Adjusted operating profit inc. JV 64.4 45.2 112% 102% Less: JV profit and non - controlling interests (8.6) (4.9) 45 Depreciation and amortisation 19.5 17.9 92% 35 Adjusted EBITDA 75.3 58.2 Cash received from joint ventures
Slide 34: Exchange Rate Sensitivity
34 Exchange Rate Sensitivity FY25 FY26 H1 Spot at Profit Genus’s geographic profile Average 1 Average 22 Feb 2026 Sensitivity £m 2 can lead to translational currency impacts Euro 1.19 1.15 1.14 2.2 Mexican Peso 25.8 24.6 23.1 1.9 We monitor key rates against GBP US Dollar 1.29 1.33 1.35 1.7 Latest s
Slide 35: Proportion of Total Porcine Volumes Under Royalty
35 Proportion of Total Porcine Volumes Under Royalty North America EMEA 97% 97% 97% 97% 97% 79% 80% 80% 79% 78% FY22 FY23 FY24 FY25 FY26 H1 FY22 FY23 FY24 FY25 FY26 H1 Latin America Asia 67% 71% 67% 84% 83% 57% 56% 77% 70% 66% FY22 FY23 FY24 FY25 FY26 H1 FY22 FY23 FY24 FY25 FY26 H1
Slide 36: Porcine Royalty Revenue Growth
36 Porcine Royalty Revenue Growth North America EMEA 8% 10% 7% 9% 9% 7% 4% 2% 1% 1% FY22 FY23 FY24 FY25 FY26 H1 FY22 FY23 FY24 FY25 FY26 H1 Latin America Asia 1 36% 17% 20% 12% 12% 11% - 8% 6% 7% - 32% FY22 FY23 FY24 FY25 FY26 H1 FY22 FY23 FY24 FY25 FY26 H1
Slide 37: Glossary
37 Glossary Artificial insemination (‘AI’) Using semen collected from a bull or boar to Genomic bull A bull which has been assessed through genomic testing. PRP PRRS Resistant Pig. impregnate a cow or sow when in oestrus. Artificial insemination allows a This typically refers to bulls which have not