Trading Update, Acquisition and Collaboration

Applied Nutrition PLC

01 June 2026

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

This announcement contains inside information as stipulated under the Market Abuse Regulation no 596/2014 (incorporated into UK law by virtue of the European Union (Withdrawal) Act 2018 as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019). Upon the publication of this announcement via a regulatory information service, this inside information is now considered to be in the public domain.

 1 June 2026

Applied Nutrition plc

(the "Group")

Group Trading Ahead of Expectations,

Acquisition of US Manufacturing Facility, and New North American Collaboration

Applied Nutrition plc, a leading sports nutrition, health and wellness brand, today announces:

·	an upgrade to its expectations for the current financial year ending 31 July 2026 ("FY26")1, with revenue now expected to be approximately £148m and EBITDA margin in line with current consensus market expectations2 (both excluding the effect of the acquisition announced today);
·	the acquisition of the trade and majority of assets3 of Nutrablend Group, which includes a manufacturing and warehouse facility in the United States; and
·	a significant new North American flavour collaboration agreement with Mondelēz International to allow the Group to develop and manufacture AN Supps & SOUR PATCH KIDS® and AN Supps & SWEDISH FISH® branded sports nutrition products.

FY26 Outlook⁴

Trading in the current financial year to date remains strong with continued momentum across the Group. Excluding any contribution from the acquisition of Nutrablend, the Board now expects the Group's FY26 revenue to be ahead of current consensus market expectations² at approximately £148m, with the EBITDA margin expected to be in line with current consensus market expectations². The EBITDA contribution for FY26 from the acquisition of Nutrablend is not expected to be meaningful.

The Group will provide a further update on performance when it announces its FY26 trading update in August.

US Manufacturing Acquisition

The Group has acquired the trade and majority of assets of Nutrablend Group³, a US-based sports nutrition manufacturer, for a total cash consideration of $16m (approximately £12m), which has been financed from the Group's existing cash resources⁵. The acquired assets include:

·	a freehold fully fitted-out facility for manufacturing and warehousing (the "Facility") which has been independently valued at approximately $7m; and
·	production equipment, stock, and Nutrablend's two in-house brands, Basic Supplements6 ("Basic") & GR8 Lifestyle7 ("GR8").

The well-invested Facility located in Buffalo, New York, has its own Research & Development and design teams. Following the acquisition, the US operation will have the same vertically integrated model as the UK business.

The acquisition significantly enhances the Group's operational footprint in North America and is expected to deliver the following strategic benefits:

·	production capacity of up to c.$300m of revenue per year in the US - supporting both existing and future customer demand across the Group's existing product ranges (AN & ABE), newly acquired brands (Basic & GR8), and generating revenue from white label manufacturing;
·	improved service levels for North American customers through reduced lead times and improved speed to market with new product development (NPD);
·	lower freight, logistics and import duty costs in North America;
·	greater operational and supply chain resilience, reducing reliance on cross-border shipping and reducing working capital tie-up due to lower inventory level requirements;
·	increased UK manufacturing headroom with moving production of North American sales volume to the new Facility; and
·	c.100 employees including an experienced management team.

The acquisition includes:

·	freehold six-acre site with 107,000 square feet of office, warehousing and production space in Buffalo, New York, valued at approximately $7m;
·	production equipment including five powder filling lines, three stick pack filling machines and other plant and machinery estimated at approximately $4m;
·	inventory estimated at approximately $5m; and
·	two brands, Basic Supplements6 and GR8 Lifestyle7, and all other intangible assets such as customer lists and goodwill.

Liabilities assumed as part of the deal are expected to be below $0.1m.

The existing powder manufacturing currently carried out in the Group's UK facility & US co-manufacturers for US sales will be moved to the Buffalo site, which will also continue to produce the Basic & GR8 brands plus white label for other brands. The two brands being acquired will operate under the existing AN Supps business whilst the white label manufacturing business will trade as 'AN Labz'. The Group will have the opportunity to cross-sell its existing ranges to current Nutrablend customers, while expanding the reach of Nutrablend's two in-house brands through Applied Nutrition's global distribution network.

It is expected that this acquisition will be earnings enhancing in FY27, contributing at least an additional $30m in revenue at high single digit EBITDA margin, of which approximately 65% of the revenue will be generated from white label manufacturing.  The short to medium term strategy for this new business is to grow the white label volumes to utilise capacity whilst growing higher margin sales of own brands over the longer term.

North American Flavour Collaboration Deal - SOUR PATCH KIDS® Licensing Contract with Mondelēz International

The Group has entered into a new licensing agreement with Mondelēz International for the development and manufacture of AN Supps & SOUR PATCH KIDS® and AN Supps & SWEDISH FISH® branded sports nutrition products for the US & Canadian markets. Under the agreement, Applied Nutrition will leverage its formulation expertise, product development capability and new US manufacturing infrastructure to bring a collaborative range of products to market.

The range will initially be stocked in 2,200 Walmart stores and 1,300 GNC corporate stores from August 2026.

Thomas Ryder, CEO of Applied Nutrition, said:

"The acquisition of a US manufacturing site significantly strengthens our ability to support ongoing growth in the region and provides us with the ability to expand our North American offering, harnessing Nutrablend's experienced management team. Importantly, it allows us to launch new products at the same pace as we do in the UK, improving our responsiveness to consumer and market demand and reinforcing a clear competitive advantage for Applied.

The partnership with Mondelēz International on the Sour Patch Kids & Swedish Fish brands brings two more globally recognised names into our portfolio. This agreement represents a significant endorsement of the Group's capabilities, underlines the strength of our execution and shows our ability to deliver new, vibrant products to market through our NPD engine.

Demand across our markets shows no sign of abating and we are well positioned to deliver on what consumers need for their health and wellness journey. As an agile but disciplined business, we're confident that our delivery and expansion will continue to underpin the long-term outlook for our business."

Notes:

¹ All figures used in this announcement relating to FY26 remain subject to audit.

² Consensus market expectations for FY26 as calculated by the Group immediately before this announcement are: 

Measure	FY26
Revenue	£140.3 million
Adjusted EBITDA EBITDA Margin	£39.5 million 28.2%

The Group periodically updates these calculations and publishes them at: https://www.appliednutritionplc.com/consensus-earnings-estimates

³ Trade receivables and cash are not being acquired. More details of the current business can be seen at https://nutrablendfoods.com

⁴ Please see cautionary note regarding forward-looking statements below.

⁵ The Group has also entered into an amendment of its revolving credit facility with its main bankers (Royal Bank of Scotland plc) to extend the available credit to £30.0m but has not yet drawn down on the facility

⁶ https://basicsupplements.com

⁷ https://gr8lifestyle.com

Further information and contacts

Information for investors can be found on the Group's website at www.appliednutritionplc.com

Applied Nutrition plc	via Alma
Thomas Ryder, Chief Executive Officer
Steven Granite, Chief Operating Officer
Joe Pollard, Chief Financial Officer
Alma Strategic Communications (Public Relations adviser to Applied Nutrition)	[phone] [e-mail]
Rebecca Sanders-Hewett, Sam Modlin, Joe Pederzolli, Sarah Peters

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation.  The person responsible for arranging the release of this announcement on behalf of Applied Nutrition is Joe Pollard, Chief Financial Officer.

Forward-looking statements

Cautionary Statement - Certain statements included or incorporated by reference within this announcement may constitute "forward-looking statements" in respect of the Group's operations, performance, prospects and/or financial condition. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words and words of similar meaning as "anticipates", "aims", "due", "could", "may", "will", "should", "expects", "believes", "intends", "plans", "potential", "targets", "goal" or "estimates". By their nature, forward looking statements involve a number of risks, uncertainties and assumptions and actual results or events may differ materially from those expressed or implied by those statements. Accordingly, no assurance can be given that any particular expectation will be met, and reliance should not be placed on any forward-looking statement. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. No responsibility or obligation is accepted to update or revise any forward-looking statement resulting from new information, future events or otherwise. Nothing in this announcement should be construed as a profit forecast. This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any shares or other securities in the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the shares or other securities of the Company. Past performance cannot be relied upon as a guide to future performance and persons needing advice should consult an independent financial adviser. Statements in this announcement reflect the knowledge and information available at the time of its preparation. Liability arising from anything in this announcement shall be governed by English law. Nothing in this announcement shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.

Notes to editors

Applied Nutrition plc (LSE: APN) is a leading sports nutrition, health and wellness brand, which formulates and creates nutrition products with a stated aim of being the world's most trusted and innovative brand in the market.

Headquartered in the UK, the Group sells products in over 85 countries worldwide and has a diverse product range, targeting elite athletes, gym goers and health-conscious consumers. Applied Nutrition has developed and launched four ranges under the umbrella of the Applied Nutrition brand - Applied Nutrition, ABE, BodyFuel, and Endurance. Across the four ranges, the Group sells over 120 different products.

The Group's success has been built on an exceptional product range developed in-house in Knowsley, Liverpool & Buffalo, New York by  teams of experts, allowing products to be developed efficiently delivering new innovation to the market, keeping existing products up to date, and introducing products aligned with latest trends.

The Group largely operates a global business-to-business (B2B) model, which has facilitated a low risk, highly cost-effective go-to-market strategy and has enabled strong, profitable growth in the UK, Europe and other international geographies. The vertically integrated B2B business model and strategy has enabled the Group to become a fast-growing, highly profitable and cash generative global supplier in the sports nutrition, health and wellness market.

For further information, please visit www.appliednutritionplc.com

 

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