Bunzl (BUZ) Q2 2026 Earnings Report
DE:BUZ Q2 2026 EPS Results
- Actual EPS
- EUR 0.53
- Consensus EPS
- EUR 0.49
- Beat/Miss
- Beat by +EUR 0.04
- One Year Ago EPS
- EUR 0.47
DE:BUZ Q2 2026 Revenue Results
- Actual Revenue
- EUR 7.11B
- Expected Revenue
- EUR 7.05B
- Beat/Miss
- Beat by +EUR 62.12M
- YoY Revenue Growth
- +6.86%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 09/01/2026
- Time
- Before Open
- Conference Call
- Tuesday, September 1, 2026
DE:BUZ Upcoming Earnings
Bunzl's next earnings date is estimated for March 1, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:BUZ Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Bunzl reported broad-based volume and revenue growth, improved operating profit, stronger cash generation, a recovery in North America Distribution, an upgraded 2026 outlook and sufficient balance-sheet capacity for both acquisitions and a GBP 500 million share buyback. These strengths were partly offset by temporary inflation benefits, expected second-half margin declines, higher variable and freight-related costs, regional end-market challenges, tariff-refund repayments and tougher future comparatives.
Company Guidance
For 2026, Bunzl expects revenue growth at constant exchange rates, excluding U.S. tariff refunds, to be driven by modest underlying growth supported by some inflation alongside a small benefit from acquisitions; group operating margin is expected to be broadly flat year-on-year compared to the 7.6% margin reported in 2025, which excluded the GBP 8 million share-based payment credit, with modest growth in adjusted operating profit. Tax guidance is unchanged at 26%, net interest is expected to be between GBP 125 million and GBP 130 million, annual acquisition spend is expected to be higher in 2026 compared to 2025, and expected dividend cover for 2026 is 2.4x. Over the medium term, leverage is targeted within 2 to 2.5x adjusted net debt to EBITDA, while a GBP 500 million share buyback is planned over the next 12 months.
- Broad-Based Revenue and Volume GrowthGroup revenue increased 4.1% at constant currency in the first half, including 3.2% underlying revenue growth. Approximately two-thirds of underlying growth came from volume and one-third from selling price increases. Growth was delivered in all business areas, and Bunzl has now delivered five consecutive quarters of underlying revenue growth. Underlying revenue growth accelerated from 2% in Q1 to 4.3% in Q2.
- Improved ProfitabilityAdjusted operating profit increased 8% year-on-year to GBP 441 million. Operating margin increased by 30 basis points to 7.3%, supported by the net impact of inflation, annualized initial Nisbets synergies and stabilization of the distribution business.
- Upgraded 2026 OutlookFollowing the first-half performance, Bunzl upgraded its 2026 outlook and now expects group operating margins to be broadly flat year-on-year, with modest growth in adjusted operating profit.
- Strong Cash Generation and ReturnsFree cash flow rose 5.6% year-on-year to GBP 328 million, with cash conversion of 90% excluding the tariff refund inflow. Return on invested capital was 13.3% and return on average operating capital was 38%, with returns slightly higher in the first half.
- Balance Sheet Capacity and Capital AllocationAdjusted net debt to EBITDA was 1.8x, below Bunzl's target range of 2 to 2.5x. The company announced a GBP 500 million share buyback over the next 12 months while maintaining headroom for bolt-on acquisitions, which remain a priority.
- Dividend Growth and Acquisition ActivityBunzl announced a 3% increase in its interim dividend, with expected 2026 dividend cover of 2.4x. The company completed two acquisitions year-to-date and continues to expect committed acquisition spend to be higher in 2026 than in 2025.
- North America Performance RecoveryNorth America delivered 4.6% underlying revenue growth, supported by volume and inflation. The Distribution business delivered 8% underlying revenue growth, mainly from volume growth, new business wins in Q4 2025 and established grocery partnerships. Distribution margins increased moderately.
- Distribution Operational ImprovementsBunzl said agility, product availability, commercial responsiveness and service levels in North America Distribution had returned to desired levels, with on-time-in-full performance back to 2019 levels. Staff turnover had fallen meaningfully over the last 12 months, sales-team engagement had improved, and collaboration between teams had noticeably strengthened.
- Distribution Growth InitiativesNear-term priorities include hiring a new CEO for Distribution and opening two mixing centers on the East and West Coasts. The mixing centers are intended to hold imported products for distribution centers, improve product availability, enhance warehouse productivity and create commercial opportunities with customers.
- Continental Europe Growth and EfficiencyContinental Europe delivered just over 2% underlying revenue growth, which accelerated through the period through improved volumes and higher selling prices. In the largest French Cleaning & Hygiene business, warehouse consolidation from 15 warehouses to 6 was fully operational and was already providing higher service levels, lower inventory, increased warehouse capacity and improved health and safety.
- European New Business Wins and adidas PartnershipBunzl secured around EUR 30 million of annualized net new business wins in Europe in the first half. Its global exclusive license agreement with adidas covers the design, manufacture and distribution of safety footwear, with an initial launch in several European countries and stated potential to expand product categories and geographical markets.
- United Kingdom and Ireland Profit GrowthThe U.K. and Ireland delivered slight underlying revenue growth, driven mainly by volume. Adjusted operating profit increased 9%, while gross and operating margins improved, supported by annualized Nisbets synergies and a one-off property-related gain despite overhead inflation.
- Rest of World Profit GrowthRest of the World constant-currency revenue increased 5%, primarily due to acquisitions, with underlying revenue growth contributing almost 2%. Operating profit grew by just over 15% as gross and operating margins increased strongly, particularly in Brazil.
- Active and Proven Acquisition PlatformBunzl has identified more than 1,300 potential acquisition targets. Between 2020 and 2025, 74 of 77 announced acquisitions were bolt-ons, with average committed spend of around GBP 25 million per deal and average bolt-on spending of GBP 300 million per year. The average purchase multiple was consistently around 8x operating profit, and recent deals produced a two-year return on invested capital of 13.3%.
- Operational Efficiency and Digital AdoptionBunzl completed 15 warehouse consolidations and relocations in the first half of 2026. Digital orders represented 78% of total orders, up from 76% across 2025. The company also said artificial intelligence is becoming embedded in everyday sales, operations and support processes.
- Resilient and Diversified Business ModelBunzl highlighted diversification across 150 businesses, geographies and sectors, exposure to essential products, strong cash generation and high customer retention. The company said around half of group profit is generated by Safety, Health Care and Cleaning & Hygiene, which it identified as sectors with the greatest growth opportunity and highest operating margins.
- Effective Inflation ManagementManagement said the global businesses successfully navigated product and operating cost increases arising from the geopolitical environment. The company used price increases in certain categories, surcharges for some fuel and freight costs, and ongoing efficiencies to manage inflation while maintaining volume growth.
DE:BUZ Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 01, 2027 | 2026 (Q4) | 0.60- | 0.6 | ― | ― |
| Sep 01, 2026 | 2026 (Q2) | 0.490.53 | 0.47 | 13.36% (+0.06) | |
| Mar 02, 2026 | 2025 (Q4) | 0.600.60 | 0.59 | 1.35% (+0.01) | |
| Aug 26, 2025 | 2025 (Q2) | 0.470.47 | 0.5 | -6.09% (-0.03) | |
| Mar 03, 2025 | 2024 (Q4) | 0.580.59 | 0.5 | 18.26% (+0.09) | |
| Aug 27, 2024 | 2024 (Q2) | 0.490.50 | 0.49 | 1.27% (+0.01) | |
| Feb 26, 2024 | 2023 (Q4) | 0.530.50 | 0.53 | -4.57% (-0.02) | |
| Aug 29, 2023 | 2023 (Q2) | 0.480.49 | 0.44 | 11.54% (+0.05) | |
| Feb 27, 2023 | 2022 (Q4) | 0.520.53 | 0.56 | -5.29% (-0.03) | |
| Aug 30, 2022 | 2022 (Q2) | 0.440.44 | 0.47 | -7.32% (-0.03) |
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
