Interim Results

Consolidated Condensed Cash Flow Statement

Unaudited

Unaudited

Audited

Six months ended 26 July 2025

Six months ended 27 July 2024

Year ended 25 January 2025

£m

£m

£m

Operating activities

Profit for the period before tax

35.2

24.9

53.2

Adjustments for:

Interest receivable

(1.1)

(0.8)

(2.0)

Interest payable

0.1

0.2

0.5

Depreciation of property, plant and equipment

5.7

5.8

11.0

Amortisation of intangible assets

0.4

0.5

1.2

Share-based payment costs

1.2

1.4

2.4

Lease modification

(0.5)

-

-

Impairment of assets classified as held for sale

-

1.1

1.6

Gain on sale of property, plant and equipment

(0.6)

(0.1)

(0.3)

Operating cash flows before movements in working capital

40.4

33.0

67.6

(Increase)/decrease in inventories

(4.8)

0.9

4.8

Increase in receivables

(35.9)

(30.3)

(13.0)

Increase in payables

22.7

18.5

1.5

Difference between employer pension contributions and amounts recognised in the income statement

(1.3)

(2.9)

(3.3)

Cash generated by operations

21.1

19.2

57.6

Tax paid

(5.4)

(6.2)

(9.3)

Net cash from operating activities

15.7

13.0

48.3

Investing activities

Acquisition of subsidiary

(14.7)

-

-

Cash acquired on acquisition of subsidiary

6.1

-

-

Purchase of property, plant and equipment

(11.0)

(7.4)

(19.2)

Proceeds on sale of property, plant and equipment

2.3

0.2

1.0

Funds placed on fixed term deposit

(45.0)

(37.5)

(90.5)

Funds returned from fixed term deposit

72.5

25.0

68.0

Interest received

1.2

0.5

1.4

Net cash from/(used in) investing activities

11.4

(19.2)

(39.3)

Financing activities

Loans drawn

10.0

-

-

Loans repaid

(11.3)

-

-

Lease payments

(1.0)

(1.1)

(2.1)

Purchase of Company shares by employee benefit trusts

(4.9)

(1.9)

(2.7)

Proceeds from disposal of Company shares by employee benefit trusts

0.4

0.7

1.0

Dividends paid

(15.3)

(13.8)

(17.2)

Interest paid

(0.1)

(0.1)

(0.2)

Net cash used in financing activities

(22.2)

(16.2)

(21.2)

Net increase/(decrease) in cash and cash equivalents

4.9

(22.4)

(12.2)

Cash and cash equivalents at beginning of period

21.4

33.6

33.6

Cash and cash equivalents at end of period

26.3

11.2

21.4

Cash and cash equivalents per the cash flow statement comprises cash and cash equivalents per the statement of financial position of £26.3m (27 July 2024: cash and cash equivalents of £17.3m, net of bank overdrafts of £6.1m; 25 January 2025 cash and cash equivalents of £21.4m).

Notes to the Consolidated Condensed Financial Statements

1

General information

A.G. BARR p.l.c. (the "Company") and its subsidiaries (together the "Group") manufacture, distribute and sell a range of beverages. The Group has manufacturing sites in the UK and sells mainly to customers in the UK with some international sales.The Company is a public limited company, which is listed on the London Stock Exchange and incorporated and domiciled in Scotland. The address of its registered office is Westfield House, 4 Mollins Road, Cumbernauld, G68 9HD.This consolidated condensed interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 25 January 2025 were approved by the Board of Directors on 25 March 2025 and delivered to the Registrar of Companies. The comparative figures for the financial year ended 25 January 2025 are an extract of the Company's statutory accounts for that year. The report of the auditor on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 (2) or (3) of the Companies Act 2006.This consolidated condensed interim financial information is unaudited but has been reviewed by the Company's Auditor.

2

Basis of preparation

This consolidated condensed interim financial information for the 26 weeks ended 26 July 2025 has been prepared in accordance with UK-adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. The interim report does not include all of the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 25 January 2025, which has been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006.

Going concern basis

The directors have adopted the going concern basis in preparing these accounts after assessing the principal risks.There has been no further update to the assessment undertaken in the year ended 25 January 2025, which remains valid. This reviewed a number of severe but plausible downside scenarios that could impact the business (both individually and cumulatively) over the period until January 2031. These scenarios include a major brand issue which impacts reputation and consumer purchasing, worse than expected UK DRS impact, a cyber-attack and a global pandemic. In each scenario the Group continues to be cash generative throughout the forecast horizon, resulting in our liquidity headroom being maintained.The most significant potential financial impact would be due to a significant reduction in sales. The revenue and operational leverage impact of such a volume loss would have a negative impact on Group profitability, however the scenario modelling would indicate that the Group would maintain sufficient liquidity headroom without utilising the existing facilities or breaching the financial covenants of the revolving credit facility over the next 12 months. We would anticipate a recovery in the following years with confidence that the Group can remain profitable and cash-generative through prolonged disruption and fully recover after such events.The Group has £20m of committed, unutilised revolving credit facilities providing the business with a secure funding platform. The facility expires in February 2026 and we currently have no plans to renew it. The directors believe the Group could access short-term credit facilities if needed. The Group continues to utilise a £15m overdraft agreement to support intra-month working capital requirements and maximise cash deposit interest. Throughout these severe but plausible downside scenarios, the Group continues to have significant liquidity headroom on existing facilities and against the revolving credit facilities financial covenants.The directors believe that the Group is well placed to manage its financing and other business risks satisfactorily, and have a reasonable expectation that the Group and parent Company will have adequate resources to continue in operation for at least 12 months from the signing date of these consolidated condensed financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

3

Accounting policies

New standards and interpretations applied for the first time

There are no accounting standards or interpretations which have become effective from 26 January 2025 that have a significant impact on the Group's interim condensed consolidated financial statements.The consolidated condensed interim financial information has been prepared in accordance with the Group's most recent annual financial statements for the year ended 25 January 2025.

Estimation uncertainty

Business combinations

Management use various valuation techniques when determining the fair value of certain assets and liabilities acquired in a business combination. In particular, the fair value of contingent consideration is dependent on a number of variables including the acquirees' future profitability (Note 14).

4

Principal risks and uncertainties

The directors consider that the following principal risks and uncertainties could have a material impact on the Group's performance in the balance of the financial year. Further detail can be found on pages 55 - 62 of the Group's annual financial statements as at 25 January 2025, which are available on our website, www.agbarr.co.uk.- Changes in consumer preferences, perception or purchasing behaviour- Consumer rejection of reformulated products- Loss of product integrity- Loss of continuity of supply of major raw materials- Adverse publicity in relation to the soft drinks industry, the Group or its brands- Government intervention on climate change and environmental issues e.g. packaging waste- Failure to maintain customer relationships or take account of changing market dynamics- Inability to protect the Group's intellectual property rights- Failure of the Group's operational infrastructure- Failure of critical IT systems or a breach of cyber security- Financial risks- Environmental Social and Governance (ESG) risksThe Group has reviewed its exposure to climate-related and other emerging business risks but has not identified any specific risks that would impact the financial performance or position of the Group at 26 July 2025.

5

Financial risk management and financial instruments

The Group's activities expose it to a variety of financial risks: market risk (including foreign exchange risk, cash flow and fair value interest rate risk and price risk), credit risk and liquidity risk.The condensed interim financial statements should be read in conjunction with the Group's annual financial statements as at 25 January 2025 as they do not include all financial risk management information and disclosures contained within the annual financial statements. There have been no changes in the risk management policies since the year end.

6

Segment reporting

The Board and senior executives have been identified as the Group's chief operating decision-makers, who review the Group's internal reporting in order to assess performance and allocate resources.

The performance of the operating segments is assessed by reference to their gross profit.

Unaudited

Six months ended 26 July 2025

Soft drinks

Cocktail solutions

Other

Total

£m

£m

£m

£m

Total revenue

201.0

20.0

7.1

228.1

Gross profit

85.9

8.0

2.4

96.3

Unaudited

Six months ended 27 July 2024

Soft drinks

Cocktail solutions

Other

Total

£m

£m

£m

£m

Total revenue

194.6

21.1

5.6

221.3

Gross profit

79.5

7.8

1.8

89.1

Audited

Year ended 25 January 2025

Soft drinks

Cocktail solutions

Other

Total

£m

£m

£m

£m

Total revenue

368.8

40.3

11.3

420.4

Gross profit

145.9

14.8

3.6

164.3

There are no material intersegment sales. All revenue is in relation to product sales, which is recognised at a point in time, upon delivery to the customer.All of the assets and liabilities of the Group are managed on a central basis rather than at a segment level. As a result, no reconciliations of segment assets and liabilities to the consolidated condensed statement of financial position has been disclosed for any of the periods presented.Included in revenues arising from the above segments are revenues of approximately £40.3m which arose from sales to the Group's largest customer. In the year ended 25 January 2025 and six months ended 27 July 2024, revenues of approximately £78.0m and £39.0m respectively arose from sales to the Group's largest customer. No other single customer contributed ten per cent or more to the Group's revenue in the comparative period to July 2024 or January 2025.All of the segments included within the three categories meet the aggregation criteria set out in IFRS 8 Operating Segments.

7

Seasonality of operations

Revenues and reported profits are affected by weather conditions, cost inflation, the timing of marketing and promotional investment and innovation launches. It is anticipated that reported profits for the second half of the year to 31 January 2026 are expected to be lower than those for the 26 weeks ended 26 July 2025.

8

Operating profit

The following items have been charged/(credited) to operating profit during the period:

Unaudited

Unaudited

Audited

Six months ended 26 July 2025

Six months ended 27 July 2024

Year ended 25 January 2025

£m

£m

£m

Business change projects

-

4.4

-

Provision for business reorganisation

0.2

0.7

-

Gain on sale of property, plant and equipment

(0.6)

(0.1)

(0.3)

9

Net finance costs

Unaudited

Unaudited

Audited

Six months ended 26 July 2025

Six months ended 27 July 2024

Year ended 25 January 2025

Finance income

£m

£m

£m

Interest receivable on short-term deposits

0.9

0.7

1.8

Finance costs relating to defined benefit pension plans

0.2

0.1

0.2

1.1

0.8

2.0

Finance costs

£m

£m

£m

Interest payable

-

0.1

0.3

Lease interest

0.1

0.1

0.2

0.1

0.2

0.5

10

Tax on profit

The interim period total tax charge of £7.7m (six months ended 27 July 2024: £6.2m; year ended 25 January 2025: £13.5m) is accrued based on the estimated annual effective tax rate of 21.9% (six months ended 27 July 2024: 24.9%; year ended 25 January 2025: 25.4%). The effective tax rate is calculated using the forecast year end effective corporation tax rate and the movement in deferred tax to 26 July 2025. The effective tax rate has reduced in the six months ended 26 July 2025 compared to the year ended 25 January 2025 primarily due to the timing of the Strathmore disposal.

Unaudited

Unaudited

Audited

Six months ended 26 July 2025

Six months ended 27 July 2024

Year ended 25 January 2025

Analysis of tax charge

£m

£m

£m

Current income tax charge

5.2

5.3

8.2

Deferred income tax charge

2.5

0.9

5.3

Total tax charge in the consolidated condensed income statement

7.7

6.2

13.5

11

Earnings per share

Basic earnings per share has been calculated by dividing the earnings attributable to equity holders of the parent company by the weighted average number of shares in issue during the period, excluding shares held by the employee share scheme trusts.

Unaudited

Unaudited

Audited

Six months ended 26 July 2025

Six months ended 27 July 2024

Year ended 25 January 2025

Profit attributable to equity holders of the Company (£m)

27.7

18.7

39.7

Weighted average number of ordinary shares in issue

111,253,659

110,797,643

110,874,571

Basic earnings per share (pence)

24.90

16.88

35.81

For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive ordinary shares. These represent share options granted to employees where the exercise price is less than the average market price of the Company's ordinary shares during the period. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.

Unaudited

Unaudited

Audited

Six months ended 26 July 2025

Six months ended 27 July 2024

Year ended 25 January 2025

Profit attributable to equity holders of the Company (£m)

27.7

18.7

39.7

Weighted average number of ordinary shares in issue

111,253,659

110,797,643

110,874,571

Adjustment for dilutive effect of share options

1,306,179

1,047,922

1,175,898

Diluted weighted average number of ordinary shares in issue

112,559,838

111,845,565

112,050,469

Diluted earnings per share (pence)

24.61

16.72

35.43

12

Dividends

Six months ended 26 July 2025

Six months ended 27 July 2024

Year ended 25 January 2025

Six months ended 26 July 2025

Six months ended 27 July 2024

Year ended 25 January 2025

per share (p)

per share (p)

per share (p)

£m

£m

£m

Paid final dividend

13.76

12.40

12.40

15.3

13.8

13.8

Paid interim dividend

-

-

3.10

-

-

3.4

13.76

12.40

15.50

15.3

13.8

17.2

An interim dividend of 3.44 pence per share was approved by the Board on 30 September 2025 and will be paid on 7 November 2025 to shareholders on the register as of 10 October 2025.

13

Intangible assets

Goodwill

Brands

Customer relationships

Water rights

Others

Total

£m

£m

£m

£m

£m

£m

Cost

At 28 January 2024

45.2

94.4

3.9

0.7

11.8

156.0

Additions

-

-

-

-

-

-

At 27 July 2024 and 25 January 2025

45.2

94.4

3.9

0.7

11.8

156.0

Additions

8.7

13.4

-

-

-

22.1

Acquired on acquisition

-

-

-

-

0.2

0.2

At 26 July 2025

53.9

107.8

3.9

0.7

12.0

178.3

Amortisation

At 27 July 2024

3.6

7.3

3.9

0.7

10.6

26.1

Amortisation for the period

-

-

-

-

0.7

0.7

At 25 January 2025

3.6

7.3

3.9

0.7

11.3

26.8

Amortisation for the period

-

-

-

-

0.4

0.4

At 26 July 2025

3.6

7.3

3.9

0.7

11.7

27.2

Carrying amounts

At 26 July 2025

50.3

100.5

-

-

0.3

151.1

At 25 January 2025

41.6

87.1

-

-

0.5

129.2

At 27 July 2024

41.6

87.1

-

-

1.2

129.9

In July 2025, the Group acquired a 50.1% interest in Innate-Essence Ltd. Details of brand, goodwill and other intangibles recognised on acquisition are included in (Note 14).

The remaining goodwill and brands recognised relate primarily to the acquisition of Rio Tropical Limited, Boost Drinks Limited, MOMA Foods Ltd, Rubicon Drinks Limited and FUNKIN Limited. Others includes the software development costs from internally generated software development and third-party consultancy costs in relation to the Business Process Redesign project implemented in 2015.

14

Business combinations

On 7 July 2025, the Group acquired 50.1% of the share capital of Innate-Essence Ltd ("Innate"), a functional drinks business, specialising in health and wellness-led innovation. The primary reason for this acquisition was to diversify into high growth segments, in this case functional beverages.In the period from acquisition to 26 July 2025, Innate contributed revenue of £0.8m and an operating loss of £0.4m to the Group's results. Had Innate been consolidated from 26 January 2025, it would have contributed revenue of £5m to the Group and a £1.4m loss. The acquisition consideration and provisional fair value of identifiable assets and liabilities of Innate at the date of acquisition were:

£m

Intangible assets

0.2

Property, plant and equipment

1.1

Deferred tax asset

0.2

Right-of-use assets

0.7

Cash and cash equivalents

6.1

Trade and other receivables

0.6

Inventories

0.9

Trade and other payables

(1.4)

Loans and other borrowings

(1.6)

Lease liabilities

(0.8)

Provisions

(0.1)

Brand - acquisition intangible

13.4

Deferred tax on acquisition intangibles

(3.3)

Total identifiable net assets acquired

16.0

Goodwill

8.7

Value on acquisition

24.7

Attributable to:

£m

Equity shareholders of the parent Company

16.7

Non-controlling interests

8.0

Represented by:

£m

Cash consideration paid

14.7

Contingent consideration

2.0

Total consideration

16.7

Contingent consideration

The Group has agreed to pay the former owners of Innate a contingent consideration based on achievement of certain financial targets by Innate in the period from 1 April 2026 to 31 March 2028. The potential undiscounted amount of all future payments that the Group could make under the acquisition agreement is between £nil and £16m.The fair value of the contingent consideration arrangement of £2m was estimated by assessing the expected growth of Innate over the two years period. No discount rate has been applied to the fair value estimate of the contingent consideration as due to the short time period the effect of discounting has a negligible effect on the fair value. If revenues increased by an additional 10% per annum over the earn out period an additional £1.3m consideration would be payable. if revenues are 10% lower than plan per annum, consideration would reduce by £0.3m.The fair value of the acquired identifiable intangible assets of £16.0m, is provisional pending receipt of the final valuations for those assets. A deferred tax liability of £3.3m has been provided in relation to these fair value adjustments in relation to intangible assets.

Acquisition-related costs

The Group incurred acquisition-related costs of £0.5m relating to external legal fees and due diligence costs. These costs have been included in operating costs in the consolidated condensed income statement.None of the goodwill arising on the acquisition is expected to be deductible for tax purposes.The Goodwill of £8.7m relates to the expectation of continued high growth in Innate through its participation in the functional beverages category.

15

Financial instruments

Current assets of £0.5m (at 27 July 2024: £nil and 25 January 2025: £0.2m) relate to forward foreign currency contracts with a maturity of less than 12 months and are recognised at fair value through the cash flow hedge reserve, included within other reserves.Current liabilities of £0.1m (at 27 July 2024: £0.5m and 25 January 2025: £0.3m) relate to forward foreign currency contracts with a maturity of less than 12 months and are recognised at fair value through the cash flow hedge reserve, included within other reserves.Non-current liabilities of £nil (at 27 July 2024 and 25 January 2025: £0.1m) relate to forward foreign currency contracts with a maturity of more than 12 months and are recognised at fair value through the cash flow hedge reserve, included within other reserves.

Fair value hierarchy

Fair value hierarchies 1 to 3 are based on the degree to which fair value is observable:- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities- Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)- Level 3: inputs for the asset or liability that are not based on observable market dataAll financial instruments carried at fair value are Level 2 with the exception of contingent consideration which is measured at Level 3.The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. The fair value of the Level 2 input, forward foreign exchange contracts, is determined using forward exchange rates at the date of the consolidated condensed statement of financial position, with the resulting value discounted accordingly as relevant.As disclosed in Note 14, the Group acquired Innate-Essence Limited ("Innate") during the period and has agreed to pay the former owners a contingent consideration based on achievement of certain financial targets in the period from 1 April 2026 to 31 March 2028. The value of this Level 3 input is determined by assessing the expected growth of Innate over the two-year period. No discount rate has been applied to the fair value estimate of the contingent consideration as due to the short time period the effect of discounting has a negligible effect on the fair value. Significant unobservable inputs are based on revenue and profits achieved by Innate over the two-year period.

Fair values of financial assets and financial liabilities

The following table shows the carrying amounts and fair values of financial assets and financial liabilities. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

Carrying amount

Unaudited

Fair value - hedging instruments

Other financial assets at amortised cost

Other financial liabilities designated at fair value

Other financial liabilities at amortised cost

Total

At 26 July 2025

£m

£m

£m

£m

£m

Financial assets - Current

Foreign exchange contracts used for hedging

0.5

-

-

-

0.5

Trade receivables

-

110.2

-

-

110.2

Short-term investments

-

15.0

-

-

15.0

Cash and cash equivalents

-

26.3

-

-

26.3

0.5

151.5

-

-

152.0

Financial liabilities - Non-current

Contingent consideration

-

-

2.0

-

2.0

Loans and borrowings

-

-

-

0.2

0.2

Lease liabilities

-

-

-

2.7

2.7

-

-

2.0

2.9

4.9

Financial liabilities - Current

Loans and borrowings

-

-

-

0.1

0.1

Foreign exchange contracts used for hedging

0.1

-

-

-

0.1

Lease liabilities

-

-

-

1.9

1.9

Accruals

-

-

-

41.9

41.9

Trade payables

-

-

-

46.1

46.1

0.1

-

-

90.0

90.1

Carrying amount

Unaudited

Fair value - hedging instruments

Other financial assets at amortised cost

Other financial liabilities at amortised cost

Total

At 27 July 2024

£m

£m

£m

£m

Financial assets - Current

Trade receivables

-

91.2

-

91.2

Short-term investments

-

32.5

-

32.5

Cash and cash equivalents

-

17.3

-

17.3

-

141.0

-

141.0

Financial liabilities - Non-current

Foreign exchange contracts used for hedging

0.1

-

-

0.1

Lease liabilities

-

-

2.6

2.6

0.1

-

2.6

2.7

Financial liabilities - Current

Bank overdraft

-

-

6.1

6.1

Foreign exchange contracts used for hedging

0.5

-

-

0.5

Lease liabilities

-

-

1.7

1.7

Accruals

-

-

37.0

37.0

Trade payables

-

-

42.6

42.6

0.5

-

87.4

87.9

Carrying amount

Audited

Fair value - hedging instruments

Other financial assets at amortised cost

Other financial liabilities at amortised cost

Total

At 25 January 2025

£m

£m

£m

£m

Financial assets - Current

Foreign exchange contracts used for hedging

0.2

-

-

0.2

Trade receivables

-

73.3

-

73.3

Short-term investments

-

42.5

-

42.5

Cash and cash equivalents

-

21.4

-

21.4

0.2

137.2

-

137.4

Financial liabilities - Non-current

Foreign exchange contracts used for hedging

0.1

-

-

0.1

Lease liabilities

-

-

2.8

2.8

0.1

-

2.8

2.9

Financial liabilities - Current

Foreign exchange contracts used for hedging

0.3

-

-

0.3

Lease liabilities

-

-

1.8

1.8

Accruals

-

-

36.8

36.8

Trade payables

-

-

32.4

32.4

0.3

-

71.0

71.3

16

Loans and other borrowings

Movements in borrowings are analysed as follows:

Unaudited

Unaudited

Audited

Six months ended 26 July 2025

Six months ended 27 July 2024

Year ended 25 January 2025

£m

£m

£m

Opening borrowings balance

4.6

4.9

4.9

Net lease movements

(0.8)

(0.6)

(0.3)

Borrowings drawn-down

10.0

6.1

-

Borrowings acquired

1.6

-

-

Leases acquired

0.8

-

-

Repayments of borrowings

(11.3)

-

-

Closing borrowings balance

4.9

10.4

4.6

The reconciliation of the above closing borrowings balance to the figures on the face of the consolidated condensed statement of financial position is as follows:

Unaudited

Unaudited

Audited

As at 26 July 2025

As at 27 July 2024

As at 25 January 2025

£m

£m

£m

Loans and borrowings

0.3

6.1

-

Lease liabilities

4.6

4.3

4.6

Total loans and borrowings

4.9

10.4

4.6

Disclosed as:

Current liabilities

Loans and borrowings

0.1

6.1

-

Lease liabilities

1.9

1.7

1.8

2.0

7.8

1.8

Non-current liabilities

Loans and borrowings

0.2

-

-

Lease liabilities

2.7

2.6

2.8

2.9

2.6

2.8

The reconciliation to net funds is as follows:

Unaudited

Unaudited

Audited

As at 26 July 2025

As at 27 July 2024

As at 25 January 2025

£m

£m

£m

Closing borrowings balance

(4.9)

(10.4)

(4.6)

Short-term investments

15.0

32.5

42.5

Cash and cash equivalents

26.3

17.3

21.4

Net funds

36.4

39.4

59.3

In July 2024, the Group agreed a £15m overdraft facility with the Royal Bank of Scotland to support intra-month working capital requirements and maximise cash deposit interest.On the acquisition of Innate, the Group acquired £1.6m of loans and borrowings (see Note 14). £1.3m of these facilities have since been repaid leaving a balance outstanding as at 26 July 2025 of £0.3m.The drawn/undrawn facilities at 26 July 2025 are as follows:

Total facility

Drawn

Undrawn

£m

£m

£m

Revolving credit facility - five years, expires February 2026

20.0

-

20.0

Overdraft facility

15.0

-

15.0

Other loan facilities

0.6

0.3

0.3

35.6

0.3

35.3

17

Retirement benefit obligations

On 1 May 2016 the A.G. BARR p.l.c. (2008) Pension and Life Assurance Scheme was closed to future accrual following a negotiated agreement between the Company and the board of trustees.The defined retirement benefit scheme had a surplus of £1.1m as at 26 July 2025 (surplus as at 27 July 2024: £6.2m; surplus as at 25 January 2025: £6.8m). The reconciliation of the closing surplus is as follows:

Unaudited

Unaudited

Audited

Six months ended 26 July 2025

Six months ended 27 July 2024

Year ended 25 January 2025

£m

£m

£m

Opening present value of obligation

(65.7)

(69.3)

(69.3)

Interest expense

(1.8)

(1.6)

(3.3)

Remeasurement - changes in financial assumptions

2.0

(0.5)

3.0

Benefits paid

1.9

1.7

3.9

Closing present value of obligation

(63.6)

(69.7)

(65.7)

Opening fair value of plan assets

72.5

72.5

72.5

Interest income

2.0

1.7

3.5

Remeasurement - actuarial return on assets

(9.2)

0.5

(2.9)

Employer contributions

1.3

2.9

3.3

Benefits paid

(1.9)

(1.7)

(3.9)

Closing fair value of plan assets

64.7

75.9

72.5

As at 26 July 2025

As at 27 July 2024

As at 25 January 2025

£m

£m

£m

Present value of funded obligations

(63.6)

(69.7)

(65.7)

Fair value of plan assets

64.7

75.9

72.5

Surplus recognised under IAS 19

1.1

6.2

6.8

The key financial assumptions used to value the liabilities were as follows:

As at 26 July 2025

As at 27 July 2024

As at 25 January 2025

%

%

%

Discount rate

5.8

5.1

5.5

Inflation assumption

3.0

3.2

3.2

The Board of Pension Trustee have taken a number of steps to control the level of investment risk within the 2008 Pension Scheme. In prior periods, the Trustee and the Company agreed two annuity contracts purchases with Canada Life at a total cost of £55.8m securing the total amount of future pension payments of 195 of the 2008 Pension Scheme's pensioners. In June 2025, a further annuity purchase with Canada Life was agreed securing the future pension costs of the remaining pensioners at a cost of c£41.8m.

18

Movements in own shares held by employee benefit trusts

During the six months to 26 July 2025 the employee benefit trusts of the Group acquired 729,813 (six months to 27 July 2024: 338,003; year to 25 January 2025: 475,449) of the Company's shares. The total amount paid to acquire the shares has been deducted from shareholders' equity and is included within retained earnings. At 26 July 2025 the shares held by the Company's employee benefit trusts represented 1,106,013 (27 July 2024: 793,306; 25 January 2025: 791,826) shares at a purchased cost of £7.0m (27 July 2024: £4.1m; 25 January 2025: £4.3m).415,626 (six months to 27 July 2024: 593,778; year to 25 January 2025: 725,054) shares were utilised in satisfying share options from the Company's employee share schemes during the same period. The related weighted average share price at the time of exercise for the six months to 26 July 2025 was £6.90 (six months to 27 July 2024: £6.00; year to 25 January 2025: £6.09).

19

Contingencies and commitments

Unaudited

Unaudited

Audited

As at 26 July 2025

As at 27 July 2024

As at 25 January 2025

£m

£m

£m