EarningsQ2 2027 Earnings Report
DE:AF72 Q2 2027 EPS Results
Actual EPS€0.29
Consensus EPS―
Beat/Miss―
One Year Ago EPS€0.29
DE:AF72 Q2 2027 Revenue Results
Actual Revenue€290.40M
Expected Revenue€288.76M
Beat/MissBeat by +€1.64M
YoY Revenue Growth+8.46%
Earnings Announcement Details
QuarterQ2 2027
Date09/29/2026
TimeBefore Open
Conference CallTuesday, September 29, 2026
DE:AF72 Upcoming Earnings
AG Barr's next earnings date is estimated for March 30, 2027, based on past reporting schedules.
Q2 2027 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2027 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2027 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive. A.G. BARR reported strong revenue growth, market outperformance, positive momentum across IRN-BRU, Rubicon, and Boost, successful acquisition integration, resolved supply-chain issues, and reaffirmed full-year and medium-term targets. Offsetting factors included the approximately GBP 10 million supply-chain-related sales impact, flat reported like-for-like growth, gross-margin dilution, higher interest and external cost pressures, weakness in FUNKIN and other portfolio brands, and ROCE guidance toward the lower end of its range. Highlights significantly outweighed the lowlights.Company Guidance
Strong First-Half Revenue Growth
Revenue grew 8.5% to GBP 247.4 million, led by the core brands and recent acquisitions, despite approximately GBP 10 million of sales impact from temporary supply constraints.
Outperformance of the Soft Drinks Market
The total soft drinks market grew 6.7%, while A.G. BARR delivered 7.2% growth. Boost and Rubicon were the primary performance drivers, and A.G. BARR's share in England increased 11% over the 26 weeks.
Core Brand Momentum
IRN-BRU, Rubicon, and Boost all performed well. IRN-BRU accounted for 29% of group revenue, Rubicon represented 19%, and Boost delivered 8% revenue growth.
IRN-BRU Zero and England Expansion
IRN-BRU Zero delivered 7% revenue growth and 10% RSV growth following its rebrand. IRN-BRU's expansion in England generated 7% RSV growth, including 19% RSV growth for the Zero variant.
Successful IRN-BRU Marketing Campaign
The summer football campaign achieved more than 5 million YouTube views and 58 million impressions. System1 ranked the IRN-BRU advertisement as the most effective World Cup advert, and it received an endorsement from the mayor of Boston.
Rubicon Growth and Innovation
Rubicon Sparkling delivered 16% RSV growth, while Mango Sparkling delivered 13% RSV growth. New Twist and Dilutes products generated GBP 2 million of incremental revenue in the first half, supported by listings at Tesco and Sainsbury's.
Boost Sport and Boost Water+ Growth
Boost Energy delivered 6% RSV growth and Boost Sport delivered 24% RSV growth. Boost Water+ outperformed expectations and generated GBP 3 million of incremental revenue during the period.
Improved Distribution and Brand Execution
Brand distribution increased 15% year-on-year across grocery and convenience, while displays for the two biggest brands increased by more than 20%. The number of households buying IRN-BRU, Rubicon, and Boost grew at double-digit rates.
Strong Brand Consideration
In a recent YouGov survey, Rubicon and IRN-BRU ranked first and third, respectively, for improved consumer consideration when buying their next soft drink.
Successful Acquisition Integration
The integration of Fentimans and Frobishers was completed in the first half in line with plan. The businesses were transferred into A.G. BARR's logistics, warehousing, marketing, sales, and brand-building network, with expected overhead synergies scheduled to begin in the second half.
Sustained Operating Margin
A.G. BARR maintained a 15% operating margin during a period of significant change, in line with its established financial framework. Management expects the full-year operating margin to be slightly above the first-half performance.
Full-Year Guidance Reaffirmed
Management remains on track for full-year revenue growth of around 10%, operating margin slightly above the first-half level, ROCE within the 19%-21% guided range, and profit before tax of between GBP 71 million and GBP 72 million.
Supply Chain Issues Resolved
Operational bottlenecks created by the new demand and supply planning system were addressed, with inventory and customer service metrics normalizing. Management stated that the short-term supply constraints were resolved and that second-half performance was tracking to plan.
Manufacturing Capacity Expansion
The new high-speed can line at Cumbernauld was fully commissioned, new PET sleeving capability enabled the insourcing of Boost Sport and Boost Water+ volume, and the Innate-Essence high-pressure processing equipment was fully implemented.
Milton Keynes Expansion Progressing
The Milton Keynes expansion, including installation of a second independent can line, is progressing to plan and is expected to increase capacity and technical capability from early 2027. It also supports planned Boost Energy insourcing during the 2027-2028 financial year.
Portfolio Scale and Growth Headroom
Management said A.G. BARR has only 3% U.K. market share and identified significant growth headroom. The portfolio is being expanded across Everyday Refreshment, Daily Performance, and Elevated Experience through core brands, functional drinks, and the Fentimans and Frobishers acquisitions.
Competitive Pricing Position
IRN-BRU and Rubicon 500 mL products are priced at GBP 1.29, below key comparators such as Coke Zero and Fanta. Boost 500 mL energy products and Boost Sport are priced at GBP 1, compared with Monster at GBP 1.75 and higher-priced Powerade and Lucozade products.
Balance Sheet Capacity and Capital Allocation
Net bank debt was GBP 47 million at the period end, remaining within the leverage target of up to 2x-2.5x EBITDA with significant debt capacity headroom. The company continued its progressive dividend program with a GBP 17 million final dividend paid in June.
Strategic Investment Program
First-half CapEx was GBP 23.4 million, including approximately GBP 10 million at Cumbernauld, GBP 10 million at Milton Keynes, and GBP 3 million for Innate-Essence. Full-year cash CapEx guidance remains approximately GBP 40 million, reducing to around GBP 30 million in 2027-2028.
Deposit Return Scheme Preparation
Planning is underway for the U.K. Deposit Return Scheme launch in October 2027. The company has analyzed learnings from Ireland, begun preparations for the SKU label change program, and said it is well-positioned at this early stage.
Medium-Term Targets Reconfirmed
Management recommitted to its medium-term targets and said it remains confident in delivering revenue growth of at least 4%, operating margin between 14%-16%, and ROCE between 19%-21% over time.
DE:AF72 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed