A.g. Barr P.l.c. · LSE:BAG
A.g. Barr P.l.c — H1 2026/27 Earnings Presentation
32 slides from A.g. Barr P.l.c's earnings presentation, Sep 29, 2026
Slide 1: H1 26/27 Interim Results Presentation
H1 26/27 Interim Results Presentation 29 September 2026
Slide 2: Today's Agenda
Overview Euan Sutherland, CEO Financial Results Stuart Lorimer, CFO Today’s Business Update Euan Sutherland, CEO Agenda Q&A
Slide 3: Strong progress against strategic priorities
Strong progress against strategic priorities Full year expectations unchanged Momentum in core Successful innovation brands, evidenced by launches & acquisition market performance integrations Good H1 financial On track to deliver performance despite full-year results constrained revenue in line wit
Slide 4: AG Barr growing ahead of the market
AG Barr growing ahead of the market Resilient, growing soft drinks market The Market AG Barr Total Soft Drinks +6.7% Total AG Barr +7.2% IRN-BRU +2.8% +6.7% +11.1% Rubicon +7.9% Resilient Growing strongly & growing & gaining share Boost +28.7% External market performance source: Retail Sales Value m
Slide 5: Continued strategic progress
Continued strategic progress Delivering across strategic growth drivers More from Core Increased brand awareness, distribution & penetration Excellence in Sales & Execution driving growth ahead of the market Marketing Continued capacity and capability build for the long-term, Supply Chain Leverage s
Slide 6: H1 supply chain update
H1 supply chain update Stock availability and customer service normalising through H2 Significant H1 change Temporary disruption programme delivered during summer peak • Cumbernauld manufacturing • Actions taken to address programme challenges experienced as new planning system was • Integration of
Slide 7: Building to a strong H2
Building to a strong H2 Clear plan to leverage positive momentum from H1 Continued Focused on driving brand momentum, growth in core & current trading on-track acquired brands Milton Keynes Resilient supply chain expansion and tech platform in progressing to place plan 7
Slide 8: Financial Results
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Slide 9: Financial scorecard
Financial scorecard Strategy delivering good financial results Highlights Core Metrics H1 26/27 H1 25/26 Variance Revenue (£m) 247.4 228.1 + 8.5% Revenue growth led by Operating Margin (%) 15.0% 15.0% - core brands & acquisitions ROCE (%) c. 19% c. 20% c. (100bps) Short-term gross margin dilution Pr
Slide 10: Brand revenue performance
Brand revenue performance Constrained by temporary supply issue Core Soft Drinks Brands % of Revenue Revenue vs. LY % of Revenue Revenue vs. LY % of Revenue Revenue vs. LY 29% Flat 19% +1% 13% +8% Acquired Portfolio Brands Portfolio revenue decline Brands % of Revenue Revenue vs. LY driven by FUNKIN
Slide 11: Costs & operating margin
Costs & operating margin Strong margin maintained despite external cost headwinds H1 Operating Costs (£m) & Margin (%) Cost Overview Macro environment driving higher input costs • Volatile geopolitical and regulatory backdrop Higher operating We have responded costs primarily • Strengthened resilien
Slide 12: Strong & sustainable cash generation
Strong & sustainable cash generation Cash deployed in line with capital allocation framework Net Cash Movement (£m) 6.4 33.9 CND: £10m MK: £10m (39.5) I-E: £3m (7.2) (1.3) Driven by seasonality and H1 (23.4) close falling on 1 August (40.5) (17.0) 12
Slide 13: FY 26/27 financial outlook
FY 26/27 financial outlook On track to meet full year expectations1 Financial Framework ≥4% Revenue Growth 14-16% Operating Margin 19-21% ROCE FY 2026/27 Guidance c.10% Revenue Growth c.15% Operating Margin c.19% ROCE £10-20m Net bank debt c.£40m cash capex c.£3m adjusting cost Note: 1 - Company-com
Slide 14: Business update
Business update ROBISHERS. ORANGE & WEPSSIONFRUM AG Barr BUILDING GREAT BRANDS
Slide 15: Delivering on strategic commitments
Delivering on strategic commitments Consistent strategy, focused on execution 1 Creating a strong & consistent flywheel of growth Goal 2 Great Taste & Great Value Non-Negotiables 3 Revenue Growth Operating Margin ROCE Financial Outcomes ≥4% 14-16% 19-21% x% market share Talent Disciplined 4 Strong T
Slide 16: Portfolio strategy building momentum
Portfolio strategy building momentum Commercial growth plan now spans multiple market segments Everyday Refreshment Daily Performance Elevated Experience Carbonates Stills Energy Sport Functional Refined Refreshment 3% market share 3% market share 5% market share Significant growth headroom across a
Slide 17: Core brand momentum
Core brand momentum Positive growth in IRN-BRU, Rubicon and Boost IRN-BRU Rubicon Boost Accelerating post rebrand Core growth in Sparkling Core growth led by Sport Strong “Zero” growth Successful category expansion Grocery distribution gains Momentum in England Grocery main aisle listings Strong NPD
Slide 18: Great value remains core to AG Barr proposition
Great value remains core to AG Barr proposition Clear price headroom versus key competitors IRN-BRU 500ml Rubicon 500ml Boost Energy 500ml Boost Sport 500ml Coke Zero £1.40 Fanta £1.40 Monster £1.75 Lucozade £1.65 £1.29 £1.29 £1.00 £1.00 Maximises value return while Accessible price point against Gr
Slide 19: Brand equity and penetration are lead indicators
Brand equity and penetration are lead indicators Distribution progression driving increased consideration Strengthening Equity Distribution Progression 15% increase in distribution points across Grocery and Convenience Increased Displays 23% YoY increase in display points for Rubicon and IRN-BRU res
Slide 20: Integration of Fentimans & Frobishers on plan
Integration of Fentimans & Frobishers on plan Phased plan to deliver synergies COST SYNERGIES REVENUE GROWTH MANUFACTURING Boost Completing H2 24/25 From H2 24/25 Acquired: Q4 22/23 H1 27/28 Frobishers H1 26/27 From H2 26/27 Optimised at third party Acquired: Q4 25/26 manufacturer Fentimans ✓H1 26/2
Slide 21: Well prepared for UK Deposit Return Scheme
Well prepared for UK Deposit Return Scheme Planning underway for October 2027 launch Scheme information 20p returnable deposit on plastic & metal drinks containers between 150ml and 3L Potential impact on Some short-term disruption possible market* Limited long-term volume impact, market normalises
Slide 22: Supply chain capability & capacity
Supply chain capability & capacity Cumbernauld and I-E capex projects completed in H1, MK expansion on track Cumbernauld Innate-Essence Milton Keynes New high speed can line New high-pressure Site expansion including commissioned processing equipment second independent can line Increased capacity in
Slide 23: Summary
AG Barr BUILDING GREAT BRANDS
Slide 24: Summary
Summary Well positioned for continued growth and strong financial delivery Significant strategic Supply issues resolved, H2 progress and good financial tracking to plan delivery in H1 On track to deliver full-year Preparations for UK DRS results in line with market scheme progressing well expectatio
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Slide 26: Appendices
BARISTA OAT PROFESSIONA AG Barr BUILDING GREAT BRANDS
Slide 27: H1 26/27 adjusting items
H1 26/27 adjusting items Adjusting items reflect integration process and gain on sale Adjusting Items H1 Gain on sale of property £1.3m Fentimans Integration (£3.5m) Total Adjusting Items (£2.2m) Full year adjusting items expected to be c.£3m net cost 27
Slide 28: 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 29: IRN-BRU
IRN-BRU Positive growth momentum in England and Zero Marketing Excellence Growth in Zero Momentum in England High-Quality Execution Accelerating post rebrand Scale opportunity 10% RSV growth1 7% RSV growth1 Highly successful 7% Revenue growth 19% RSV growth1 in ZERO summer football Incremental flavo
Slide 30: Rubicon
Rubicon Increasing mainstream presence through brand refresh and new flavours Marketing Excellence Mainstream Growth Innovation High-Quality Execution Clear Main Aisle Strategy Category Expansion Brand refresh & 16% RSV growth1 in Sparkling £2m incremental revenue from summer Twist & Dilutes campaig
Slide 31: Boost
Boost Continued strong momentum including from new Boost Water+ Marketing Excellence Expanded Distribution Innovation High-Quality Core Range Growth Category Expansion Execution 6% RSV Growth1 in Boost Energy £3m incremental revenue from ‘Straight Up’ Campaign Boost Water+ 24% RSV Growth1 in Boost S
Slide 32: 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