FY26 H1: Strong progress on oll fronts
Record HI 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 venture formed in China in January 2026
6
•
•
Strotegic Priorities: Continued focus ond momentum
•
•
•
•
Record Genus HI Operoting Profit
Record group adjusted operating profit... ...driven by brood-based profit growth
64.4
48.3
39.7
45.2
38.1
45.2
4.0
2.3 0.8
(o.3)
64.4
FY25 HI PIC BCA
Adj. Ex China Milestone Operating ana BCA
Profit Milestone
ABS
R6D FY26 H1
Adj.
Operating Profit
FY22 HI
FY25 H1
Adj. Operating Profit
FY2A H1
FY25 HI
BCA Milestone
FY26 H1
£5.6m milestone receipt from BCA
Excluding the BCA milestone receipt, very strong underlying PIC profit growth driven by the Agroceres JV and China
PIC China Operating ProfitGroup Adj. Operating Margin
Good ABS profit growth, driven predominantly by VAP benefits
Group margin' up 580bps to 19.2% (+410bps to 17.5% excluding the BCA milestone)
Operating profit and Operating Marpin represents adjusted operating results including joint ventures
Genus PIC: Significant profit growth
PIC Operoting Profit Bridge
5.9
55.4
(1.0)
1.8
Adjusted operating profit increased 30% in actual currency (19% excluding the BCA milestone) ata margin of 54.5% (31.4% excluding the BCA milestone)
£5.6m milestone payment received from BCA
Very strong PIC China profit performance driven by higher royalty revenues and strong volumes
Strong LATAM performance, particularly in Brazil, drove growth in Trading Regions ex-China
Investment in porcine product development decreased £2.8m excluding PRP due to lower input costs in Global Production
PIC Trading
FY25 Regions
operating ex China profit
PIC China BCA milestone
PRP costs FX /
Other
PIC
FY26 HI
operating profit
Underlying PRP costs increased £1.0m in FY26 H1 excluding the BCA milestone
Adjusted operating profit includes joint ventures. Adjusted operating marpin excludes joint ventures
Bridge items are in constant currency and calculated by restating the results for the half year ended 31 December 2025 at the average exchange rates applied to adjusted operating profit for the year ended 30 June 2025. The FX difference is included within FX / Other
Genus ABS: Continued profit improvement
Adj. Op.
Profit Marginl
7.1°é
ABS Operoting Profit Bridge
4.7
8.6
Adjusted operoting profit increased 27% in actual currency ata margin of 7.1%
Solid trading and FX toilwind offset by weaker Asia, including China
(o.3)
10.9
VAP continued to bea major driver of ABS profit growth; £4.7m of benefit realised in FY26 H1, comprising £2m of annuolised Phase 2 benefits and
£2.7m of Phase 3 benefits
Phase 5 initiatives now expected to achieve £7m of in-year benefit and £9m of annuolised benefit
Bovine product development costs increased £2.1m, as expected, due to higher depreciation
ABS FY25 HI
operating profit actual
VAP Product Development
FX / Other
ABS FY26 HI
operating profit actual
Adjusted operating profit includes joint ventures. Adjusted operating marpin excludes joint ventures
Bridpe items are in constant currency and calculated by restating the results for the half year ended Z1 December 2025 at the average exchange rates applied to adjusted operating profit for the year ended TO June 2025. The FX difference is included within FX / Other
Statutory Income
FY26 H1
FY25 H1
Change
Em
Em
Em
Adjusted operating profit
55.8
TO.3
Net IAS 41 valuation mvmt on biological assets
(6.4)
(16.0)
Amortisation of acquired intangible assets
(2.4)
(2.9)
05
Share-based payments
(4.5)
(2.9)
-16
Exceptional items
. . . . . . . . . . . . . . . . . . . . . .
(6.7)
(6.0)
-0.7
Operating profit
35.8
12.5
25.5
Share of post-tax profit of JVs and associates
J2.4
5.1
7.3
Other gains and losses
0.0
(4.5)
4.s
Net finance costs
(8.7)
(9.8)
11
Profit before tax
39.5
3.3
36.2
Taxation
. . . . . . . . . . . . . . . . . . . . .
(9.6)
(1.8)
(7.8)
Profit after tax
29%
1.5
28:4
Non-cosh impacts
£6.km decrease in net IAS 41 biological assets primarily driven by porcine (FY25 HI: £16.0m decrease primarily due to bovine)
Exceptional items
£6.7m expense (FY25 HI: £6.0m); Ed.6m VAP restructuring costs, and £1.9m in relation to PIC China JV formation
Net finance costs
£8.7m expense (FY24: £9.8m) driven by lower interest rates and average debt
Taxation
Adjusted tax rate of 27.8% (FY25 H1: 26.0%)
Statutory tax rate of 24.3% (FY25 HI: 54.1%)
Continued Strong Free Cash Flow generotion
Free cosh flow bridge
(13.3)
(6.8)
(5.6)
Actual currency (Em)
Free EBITDA BCA Performance Other Decreased Other cash increase related exceptional
FY25 HI payments capital mvmt items
Free cash FY26 HI
Solid FCF generation of £8.2m compared toa very strong prior year comparotor
Significant EBITDA increase of £17.1m
£5.6m BCA milestone payment recognised in FY26 H1 with cash received post-period end
Underlying working capitol movement of
£13.km primarily due to strong improvement in bovine inventory and receivables in the prior year period
Lower exceptional cosh payments, as expected
H1 FCF typically lower than H2 due to bonus payments
Step up in FCF generation expected in H2, resulting in FY26 FCF above prior year
•
•
•
•
•
19
Pro Forma: FY26 H2 considerations
Actual currency (Em)
Reported
Less: PIC
49% of
Genus
Reported
Less:
49% of
Less:
Genus
China
China JV
pro-
PIC
China JV
Milestone
pro-
& interest : savings
forma
China
& interest savings
(SASAC1) :
forma
Revenue
336.4
22.2
5J4.2
53S.6
26.5
310.3
Adj. OP
JVs
4.1
56.2
55.7
8.5
5.d
Share of JVs Profit Before Tax
4.9
(0.1)
2.0
7.0
8.7
(0.5)
5.9
1z.1
Adj. OP
inc-JVs
45.2
4.0
2.0
43.2
64.4
8.0
39
5.d
54.7
Net Finance Costs
(9.8)
3.4
(6.4)
(8.7)
2.9
(5.8)
Adj. Profit
Before Tax
3S.4
4.0
5.4
36.8
55.7
8.0
b8
5.6
48.9
FY26 H2 Considerations
PIC
Increased PRP market acceptance costs in H2
Higher product development spend in
H2
PIC China earnings normalisation
ABS
VAP Phase 3 run-rate savings into H2
Group
Milestone payment received from the Group's Chinese partner, BCA, upon SASAC approval for the formation of the Group's porcine joint venture in China
Potential net finance cost benefits from lower average net debt
Generates more steady revenue/profit
24
Priority 2: Conodion opprovol odds to PRP regulotory build-out
Approved
In Process
Approved/favourable determination:
Canada
(January 2026)
Argentina
Dominican Republic
(March 2025)
Brazil
(July 2025) (April 2024)
USA • Colombia
(April 2025) (October 2023)
In process:
Japan
lexico
China
The review and approval of PRP for use in human consumption is through new regulatory processes. Timelines for these regulatory processes are difficult to determine and may vary based upon additional regulatory questions raised under the review process or varying response times from regulators around the world
27
Good Genus momentum amidst mixed underlying markets
Market Landscape % Market Landscape
FY26 HI
Americas: Good margins for pork producers over the • North America: Good margins for dairy and beef
REGIONAL
HIGHLIGHTS
period producers
Europe: Weak pork producer profitability and disease • Europe: Weakening profitability for dairy and beef
challenges for customers in specific countries producers
Asia ex-China: Weak pork producer profitability and • Brazil: Strong exports and strengthening domestic
disease challenges for customers in specific regions demand improved margins for beef producers
China: Weak pork producer profitability
FY26 H2 MARKET OUTLOOK
Stable
Lower global milk prices
Continuing ABS China headwind from the restriction on U.S. bovine genetic imports
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