EarningsQ2 2026 Earnings Report
MX:BNZLN Q2 2026 EPS Results
Actual EPS$20.08
Consensus EPS$18.75
Beat/MissBeat by +$1.33
One Year Ago EPS$17.81
MX:BNZLN Q2 2026 Revenue Results
Actual Revenue$135.83B
Expected Revenue$135.40B
Beat/MissBeat by +$430.23M
YoY Revenue Growth+3.01%
Earnings Announcement Details
QuarterQ2 2026
Date09/01/2026
TimeBefore Open
Conference CallTuesday, September 1, 2026
MX:BNZLN Upcoming Earnings
Bunzl plc's next earnings date is estimated for March 1, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a positive overall outlook, supported by broad-based volume growth, improved North America Distribution execution, higher profit, strong cash generation, an upgraded 2026 profit outlook, an active acquisition pipeline and shareholder returns through a GBP 500 million buyback and a 3% dividend increase. These positives were tempered by expectations for lower second-half margins, normalization of selling prices and temporary inflation benefits, higher operating costs, selected regional and end-market challenges, tariff refund repayments and tougher future comparatives.Company Guidance
Broad-Based Revenue and Volume Growth
Group revenue increased 4.1% at constant currency in the first half, including underlying revenue growth of 3.2%. Approximately two-thirds of underlying growth came from volume and one-third from selling price increases. Growth was delivered across all business areas, and Bunzl recorded its fifth consecutive quarter of underlying revenue growth.
Second-Quarter Growth Acceleration
Underlying revenue growth accelerated from 2% in Q1 to 4.3% in Q2, driven by stronger volume growth and increased inflation.
Improved Profitability and Upgraded Outlook
Adjusted 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 Nisbets synergies and stabilization of the distribution business. Bunzl upgraded its 2026 outlook to broadly flat operating margins year-on-year and modest growth in adjusted operating profit.
Higher Gross Margin and Earnings per Share
Gross margin increased to 29.4% from 28.8% in the prior period, with gross margin expansion in all business areas except North America. Adjusted earnings per share increased 11%.
Strong Cash Generation and Balance Sheet
Free cash flow increased 5.6% year-on-year to GBP 328 million, including a GBP 71 million inflow related to tariff refunds. Excluding that inflow, cash conversion was 90%, in line with Bunzl's target. Adjusted net debt to EBITDA was 1.8x, below the company's medium-term target range of 2 to 2.5x.
Share Buyback and Progressive Dividend
Bunzl announced a GBP 500 million share buyback over the next 12 months while maintaining headroom for bolt-on acquisitions. The interim dividend increased 3%, with expected 2026 dividend cover of 2.4x. Bunzl stated that dividend per share has delivered a circa 9% CAGR since 1992.
Active Acquisition Pipeline
Bunzl completed two acquisitions year-to-date and expects committed acquisition spend to be higher in 2026 than in 2025. The company has identified more than 1,300 potential acquisition targets and reported that recent deals generated a two-year return on invested capital of 13.3%.
North America Revenue Recovery
North America delivered underlying revenue growth of 4.6%, supported by volume growth and inflation. Growth was led by the recovering distribution business and supported by strong Foodservice Redistribution and safety performance.
North America Distribution Rebound
North America Distribution delivered 8% underlying revenue growth in the first half, mostly driven by volume, including new business wins in Q4 2025 and growth with established grocery partnerships. The business also achieved a moderate increase in operating margin.
Operational Improvements in Distribution
Bunzl stated that agility, 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, and collaboration between teams had improved.
Distribution Growth Initiatives
North America Distribution plans to hire a new CEO and open two mixing centers on the East and West Coasts. These facilities are intended to hold imported products for distribution centers, improve product availability, enhance warehouse productivity and create commercial opportunities with customers.
Continental Europe Operational Progress
Underlying revenue growth in Continental Europe was just over 2% and accelerated during the period, driven by improved volumes across most countries and higher selling prices. The largest French Cleaning & Hygiene business completed a warehouse consolidation from 15 warehouses to 6, contributing to higher service levels, lower inventory, increased capacity and improved health and safety.
European New Business and adidas Partnership
Bunzl secured net new business wins worth around EUR 30 million of annualized revenue in Europe during the first half. Its global exclusive adidas license covers the design, manufacture and distribution of safety footwear, with potential to expand the product range, categories and geographic markets.
U.K. and Ireland Profit Growth
U.K. and Ireland underlying revenue grew slightly, mainly from volume. Both gross and operating margins increased, and adjusted operating profit rose 9%, driven by annualized Nisbets synergies and a one-off property-related gain despite overhead inflation.
Rest of World Profit Growth
Rest 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.
Operational Efficiency and Digital Adoption
Bunzl completed 15 warehouse consolidations and relocations in the first half, more than it would typically expect over six months. Digital orders represented 78% of total orders, up from 76% across 2025. The company also stated that artificial intelligence is becoming embedded in everyday sales, operations and support processes.
Resilient and Diversified Business Model
Bunzl highlighted the geographic and sector diversification of its 150 businesses, exposure to essential products, strong cash generation and entrepreneurial culture. Around half of Group profit is generated from Safety, Health Care and Cleaning & Hygiene, which Bunzl identified as sectors with the greatest growth opportunity and highest operating margins.
Long-Term Acquisition Track Record
Bunzl has completed more than 230 acquisitions since 2004. Between 2021 and 2025, bolt-on acquisitions contributed average annual revenue growth of 2.6%. The company reported that 74 of 77 announced acquisitions between 2020 and 2025 were bolt-ons, with average committed spend of around GBP 25 million per deal.
MX:BNZLN 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