London · Delayed Price · Currency is GBP · Price in GBX Bunzl Earnings Call Transcripts
Fiscal Year 2026
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Revenue is set to grow 4% in H1, driven by volume and price increases, with margin expansion expected in H1 but some pressure anticipated in H2 as prices normalize. Acquisition activity is set to increase in 2026, and leverage is expected below two times at half year.
Fiscal Year 2025
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Adjusted operating profit declined 4% year-over-year amid challenging end markets and organizational changes, but revenue grew 3% at constant exchange rates, supported by acquisitions and operational improvements. 2026 guidance anticipates moderate revenue growth and stable profit, with continued focus on efficiency and bolt-on M&A.
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Profit for 2025 is on track with guidance, with flat underlying revenue and positive Q4 momentum. 2026 is expected to see moderate, volume-driven growth and a slight margin decline, supported by cost initiatives and acquisitions. Own brand revenue share will remain stable.
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Disciplined acquisitions remain central to growth, with a robust pipeline, decentralized model, and strong local-central collaboration. Cultural fit, operational synergies, and talent retention are prioritized, while rigorous oversight and flexible onboarding support successful integration. 2026 is expected to see renewed M&A momentum.
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Revenue grew 4.2% at constant exchange rates, driven by acquisitions, but adjusted operating profit fell 7.6% due to margin declines in North America and Europe. Corrective actions and cost controls are underway, with guidance for moderated margin decline and resumed share buybacks.
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Q1 results were below expectations due to operational challenges and customer loss in North America, leading to a significant decline in adjusted operating profit and a revised outlook for 2025. Margin recovery is expected in the second half, with cost actions underway.
Fiscal Year 2024
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Adjusted operating profit rose 7.2% and revenue grew 3.1%, driven by acquisitions and margin expansion. Own brand penetration increased to 28%, supporting higher margins, while free cash flow and disciplined capital allocation enabled record acquisition spend and shareholder returns.
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Record acquisition spend and strong margin expansion led to an upgraded 2024 profit outlook. Free cash flow and returns remain robust, with a new share buyback program and continued focus on value-accretive acquisitions. Operating margin rose to 8% and own brand penetration increased to 27%.