A.g. Barr P.l.c. · LSE:BAG
A.g. Barr P.l.c — H1 2025/26 Earnings Presentation
32 slides from A.g. Barr P.l.c's earnings presentation
Slide 1: Interim Results H1 2025/26
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Slide 2: Summary, Financial review, Strategy update, Q&A
Euan Sutherland CEO ❏ Summary Stuart Lorimer ❏ Financial review CFO ❏ Strategy update Ewan Dytch ❏ Q&A Corporate Finance Director 2 2
Slide 3: Summary
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Slide 4: Strong H1 results led by margin expansion
Strong H1 results led by margin expansion Full year expectations reconfirmed Strong H1 results Strategic progress Full Year Outlook ● Revenue growth +3.1% ● Plans on track ● Continued YoY Op 54% (Front & Back of Chiller) Margin improvement ● Op margin 15.0% +200bps 14% ● Investment in high growth, ●
Slide 5: Financial review
Financial review Stuart Lorimer CFO
Slide 6: Financial KPIs
Financial KPIs Revenue Operating Margin ROCE^ £228.1m 15.0% c.20% +3.1% +200 bps* +140 bps* Gross Margin EPS Volume 42.2% 24.90p +1.1% +190 bps +25.4%* PBT DPS £35.2m 3.44p +20.1%* +11.0% Net Cash £41.3m (£2.4m) *No adjusting items in H1 25/26. H1 24/25 included an adjusting item charge of £4.4m rel
Slide 7: PBT Bridge
PBT Bridge PBT +£5.9m (+20.1%) £m H1 24/25 H1 25/26 PBT 29.3 35.2 Adjusting items (4.4) - *H1 24/25 PBT as shown is on adjusted basis 7 Statutory PBT 24.9 35.2
Slide 8: Brand overview
Brand overview Core brands Share of total revenue Share of total revenue Share of total revenue Share of total revenue 31% 21% 13% 9% Revenue v LY Revenue v LY Revenue v LY Revenue v LY Flat +1% +17% (5%) Note: Total alcohol solutions including KA Remix Portfolio brands Share of total revenue Revenu
Slide 9: Cost Base
Cost Base Higher marketing investment in line with strategy Other incl. +9% Marketing (4%) EPR fees and Insourcing benefits + additional some areas of lower Utilities & material costs (e.g. warehousing Site costs Materials & 3rd sugar) supporting +14% in-house Party manufacture Manufacturing Employee
Slide 10: Cashflow & Cash allocation
Cashflow & Cash allocation £21.1m (£43.7m) Cash generated from Cash used in investing and operations financing 10
Slide 11: FY Outlook
FY Outlook YoY Revenue Strong Operating Growth Consistent Margin Continues ROCE Improvement Adjusting H2 - the completion of a small number of business change projects. Items Expectations are small cost impact on profit and modest net positive cash inflow. Capex c.£30m Dividend Progressive dividend to
Slide 12: Strategy update
Strategy update Euan Sutherland CEO
Slide 13: Our five strategic platforms for growth
Our five strategic platforms for growth More from Excellence Supply Step M&A core in Sales & Chain Change As part of brands Marketing leverage Innovation our Plan 13 13
Slide 14: Strategic growth categories
Strategic growth categories Soft drinks Functional drinks Adult socialising Sports & Rapid Clear, low sugar Inflammation Carbonates Energy Stills & Juices hydration hydration reduction Ready to drink Large, stable market Category expansion opportunity Regional > National Penetration-led growth Innova
Slide 15: IRN-BRU
IRN-BRU Strategic Growth Pillars Regional => Launch & grow New flavour Attract Gen Z National Zero innovation H1 H2 & 26/27 Price repositioning “Made from Girders” campaign (H2) Limited editions Winter Limited edition (H2) National sampling Brand redesign (H1 26/27) New permanent flavours (H1 26/27) 1
Slide 16: IRN-BRU - Rebrand End H2 F25
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Slide 17: Rubicon
Rubicon Strategic Growth Pillars Increase brand Category Greater availability & visibility relevance innovation H1 H2 & 26/27 New Rubicon Spring Vits New sparkling flavours (H2) Big Flavour Behaviour comms platform Healthy hydration innovation (H2) National sampling Brand redesign (H1 26/27) 17
Slide 18: New Rubicon Twist
New Rubicon Twist Real fruit Still spring water 3 calories 3 3 3 3 Zero sugar 4 flavours 1.5L & 750ml sports Exclusive Tesco launch
Slide 19: Rubicon - Rebrand End H2 FY25
Rubicon - Rebrand End H2 FY25 +17% +11%R ME AYING WORTH P R +10% MORE INNOVATIVE BRAND FO +19% MORE F O +12% MODERNITY PURCHAS INTENT E +14% +16AL%ITY BRAND RECALL QU I ONS E P T PERC
Slide 20: DISRUP
MARKET-L E ADING DISRUP [lucky’s visual] TASTE A STAG NANT C TING ATEGOR Y TH R E E FRUIT ORE 20% M Q1 BO LD FR UI T F L AVOURS THAN COMP JUICE E TITOR S
Slide 21: Boost
Boost Strategic Growth Pillars Unique brand Increase Increase brand Expand through position availability awareness innovation H1 H2 DD revenue growth - Wholesale led New Multipack offerings (H2) Distribution and rate of sale gains - Powders innovation (H2) both Energy & Sport Healthy hydration innov
Slide 22: Boost - H2 Innovation
Boost - H2 Innovation High growth categories High purchase intent Focus on taste, value & functionality
Slide 23: Cocktail solutions
Cocktail solutions Strategic Growth Pillars RTD Cocktails Evolve & grow Accelerate innovation category leader on-trade H1 H2 & 26/27 RTD campaign and sampling On-trade social boost (H2) New Funkin Spritz & KA Remix RTD campaign (H2) On-trade pressures remain RTD innovation (H1 26/27) 23
Slide 24: New Innovation in Alcohol - KA REMIX Launch
New Innovation in Alcohol - KA REMIX Launch
Slide 25: New Innovation in Alcohol
New Innovation MOMA in Alcohol - Strong growth - KAa year following REMIX Launch of reset in 2024 High quality UK oats driving credibility & superior taste. Rebrand & innovation step change completed in 2024 now landing in grocery & foodservice
Slide 26: Innate-Essence
Innate-Essence Acquired a 50.1% stake in Innate-Essence Limited in July 2025. Total consideration of £16.7m including £2.0m of contingent consideration related to earn-out. Functional Private shots label Healthy hydration 26
Slide 27: Supply Chain
Supply Chain Strategy: Long-term investment in people, processes and assets to drive capability, capacity and efficiency Operational efficiency Capital expenditure A further 10% improvement in Cumbernauld upgrade programme manufacturing performance in H1 = greater efficiency & capacity Final stage i
Slide 28: Summary
Summary Positive H1 results Continued progress against strategic priorities Strong programme of brand activity, innovation & commercial execution for H2 & 26/27 Full year 25/26 expectations reconfirmed Clear, consistent long-term strategy 28
Slide 29: Q&A
Q&A 2 29
Slide 30: Appendices
Appendices
Slide 31: Innate-Essence acquisition - Financials
Innate-Essence acquisition - Financials ● Acquired a 50.1% stake in Innate-Essence Limited in July 2025. Transaction overview ● Total consideration of £16.7m including £2.0m of contingent consideration related to earn-out. Acquisition accounting Earn-out Net assets acquired £16.0m of which brand int
Slide 32: Strathmore disposal - Financials
Strathmore disposal - Financials Transaction ● Strathmore sale completed on 29th July 2025 overview ● Brand and Forfar production site sold to Tŷ Nant Impact on H1 financial statements Sale proceeds £1.75m Asset NBV write-off (£1.25m) Stock write-off (£0.20m) Net gain on sale £0.30m 32