Trading Statement

IMMEDIATE RELEASE 29 July 2025

A.G. BARR p.l.c

("A.G. BARR" or "the Company")

Trading Update

Continued revenue & profit growth; Full Year expectations unchanged

A.G. BARR p.l.c., the multi-beverage business with a portfolio of market-leading UK brands including IRN-BRU, Rubicon, Boost and FUNKIN, today announces a trading update for the 26 weeks ended 26 July 2025 (H1 2025/26).

H1 2025/26 Trading

H1 2025/26 revenue is expected to be c.£228m, c.3% up on the prior year (H1 2024/25: £221.3m). Overall, the Company's trading momentum increased as H1 progressed, with several record volume weeks in Q2.

Brand revenue performance was led by Boost which delivered strong double-digit growth. IRN-BRU and Rubicon were flat in H1, with a stronger performance in Q2. FUNKIN saw continued off-trade growth partly mitigating challenges in on-trade, with the overall trend improving during H1 and positive in Q2. 

H1 adjusted operating margin is anticipated to be ahead of last year at c.15.0% (H1 2024/25: 13.0%) driven by improved manufacturing efficiencies, on-going benefits from our strategic business improvement initiatives and continued disciplined cost management.

Strategy Update

We are pleased to announce the Company has acquired a 50.1% equity stake in Innate-Essence Ltd, for an initial consideration of £15 million. Innate-Essence is the home of The Turmeric Co., a leading brand in the functional shots market, as well as a number of other speciality health drinks.

This is consistent with the Company's strategy of acquisitions and innovation in high growth, health focused, functional beverage categories. The investment has been funded from the Company's net cash position. It is not expected to have a significant impact on revenue or profit in the current financial year.

The Company has also concluded the sale of the Strathmore brand and the Forfar production site to Tŷ Nant, negatively impacting revenue in the short-term but not profit.

Full Year Outlook

Our revenue and profit growth expectations for the full year are unchanged. We are confident that H2 will see a strong rate of year-on-year revenue growth. We have made excellent progress with operating margin during H1 and expect to deliver a full year result in line with expectations after taking into account a planned higher level of marketing activity in H2.

Euan Sutherland, Chief Executive Officer, commented:

"We are pleased to report continued revenue growth and strong profit growth in the first half of the financial year. Trading improved during H1 and we enter H2 with strong momentum and continued progress on margin improvement as our strategic initiatives continue to deliver. I am also excited about our expansion into the functional beverage segment working alongside Thomas Robson-Kanu and the Innate-Essence team. Our full year guidance remains unchanged and in line with market expectations."

For more information, please contact :

A.G. BARR  MHP GROUP

0330 390 3900 07801 894 577

Euan Sutherland, Chief Executive Officer [email protected]

Stuart Lorimer, Chief Finance and Operating Officer Oliver Hughes

Ewan Dytch, Corporate Finance Director Rachel Farrington

Veronica Farah