Interim Results

Barr(A.G.) PLC

29 September 2026

 

IMMEDIATE RELEASE                                                                                                                       29 September 2026

A.G. BARR plc

(“A.G. BARR” or “the Company”)

Interim Results for the 26 weeks ended 1 August 2026

Strong progress against strategic priorities, on track to meet full-year market expectations 

A.G. BARR, the multi-beverage business with a broad portfolio of market-leading UK brands including core brands    IRN-BRU, Rubicon and Boost, today announces its Interim Results for the 26 weeks ended 1 August 2026 (H1 26/27).

Highlights

●        Growth ahead of the soft drinks market1 driven by core brand performance; 

●        Revenue up 8.5% to £247.4m through core brand growth and the contribution from recent acquisitions;

●        Supply issues during summer trading peak resolved, with supply chain performance normalising through H2;

●        Manufacturing line refresh programme in Cumbernauld now complete, Milton Keynes manufacturing expansion progressing to plan;

●        Integration of recent acquisitions Fentimans and Frobishers complete, cost synergies from H2;

●        Adjusted operating margin maintained at 15.0%, supporting delivery of Adjusted profit before tax of £36.1m, up 2.6% on the prior year. Statutory profit before tax down 3.7% primarily as a result of one-off costs associated with integrating Fentimans;

●        Adjusted EPS up 0.4% driven by PBT growth partly offset by phasing of tax.  Interim dividend of 3.82p per share in line with policy at 25% of prior year final dividend;

●        Net bank debt of £47.0m, in line with plan, driven by acquisitions, peak capex year weighted to H1 and working capital seasonality;

●        On track to meet full year market expectations2:

o         c.10% revenue growth supported by market share gains, core brand performance and H1 supply constraints resolved;

o         Adjusted operating margin of c.15% and adjusted return on capital employed of c.19%, both in line with our financial framework.

Financial Summary 

	H1 26/27	H1 25/26	Increase / (Decrease)
Revenue  Adjusted Profit Before Tax3  Adjusted Operating Margin3  Adjusted EPS (basic pence/share) 3  Statutory Profit Before Tax  Statutory Operating Margin  Statutory EPS (basic pence/share)  Net Cash at Bank / (Net Bank Debt)3  Interim Dividend	£247.4m £36.1m 15.0% 24.99p £33.9m 14.1% 23.82p £(47.0)m 3.82p	£228.1m £35.2m 15.0% 24.90p £35.2m 15.0% 24.90p £41.3m 3.44p	8.5% 2.6% - 0.4% (3.7%) (90 bps) (4.3%) £(88.3)m 11.0%

Euan Sutherland, Chief Executive Officer, commented: 

“We made strong progress against our strategic priorities during the first half of the year, with continued momentum across our brands and strong execution against our strategic growth drivers.  Despite supply constraints impacting customer service in the peak summer months, our core brand portfolio performed well in the market, supported by successful rebrands, innovation and marketing.  Our recent acquisitions have expanded our addressable market and investment in our manufacturing capabilities continues to significantly strengthen the business for the long term.

Looking ahead, we remain confident in the significant opportunities for the business and our ability to build on this momentum in the second half.  With our acquisitions now fully integrated and our investment programme progressing well, we remain on track to deliver full year performance in line with market expectations. We will continue to focus on delivering above-market growth and creating sustainable long-term value for our shareholders.”

Analyst & Investor Meet Company presentations  

A presentation for analysts and registered professional investors will be held today (Tuesday 29th September) at 9:30am BST at the offices of Investec Bank in London. To enquire about attending the presentation in-person or virtually, please email [e-mail] (for investors) and [e-mail] (for analysts).

A.G. BARR will also be hosting a presentation via the Investor Meet Company platform tomorrow (Wednesday, 30 September 2026) at 4:30pm BST. The presentation is open to all existing and potential investors and will include a live Q&A session. Investors can sign up to the presentation and Investor Meet Company platform for free using this link: https://www.investormeetcompany.com/barr-ag-plc/register-investor

Notes

1. Independent data source: Circana – 26 weeks to 1 August 2026.  AG Barr value growth 7.2%, Total soft drinks market value growth 6.7%.

2. Company-compiled analyst forecast consensus for FY 26/27 adjusted profit before tax of £71.5m (forecast as of September 2026).

3. Alternate Performance Measures are non-GAAP measures used by management to assess the Company’s operating performance and to inform decisions. Definitions and relevant reconciliations are provided later in this announcement. 

For further information, please contact: 

A.G. BARR

0330 390 3900

[e-mail]

Euan Sutherland, Chief Executive Officer

Stuart Lorimer, Chief Finance and Operating Officer

Ewan Dytch, Corporate Finance Director

MHP GROUP 

07801 894 577

[e-mail]

Oliver Hughes

Rachel Farrington

Catherine Chapman

_____________________________________________________________________________________________ 

Interim statement 

During the first half of the year, we made significant progress against our strategic priorities and sound progress on financial metrics.  

Revenue increased by 8.5% to £247.4m (2025/26 H1:  £228.1m), reflecting continued core brand growth and the contribution from recent acquisitions Fentimans and Frobishers.  External retail sales data from H1* showed the Company growing ahead of the market, supported by successful rebrandings and new product launches.  Reported revenue growth was constrained by supply chain issues which have been resolved, with stock availability and customer service normalising through H2.  The encouraging external momentum has continued during the first months of H2 providing confidence for the balance of the financial year.

Adjusted operating margin was maintained at 15.0% (2025/26 H1:  15.0%), in the middle of our guided range of 14% to 16%.  The successful integration of our recent acquisitions (Fentimans and Frobishers), the benefits of our ongoing insourcing programme and strong cost control offset the initially dilutive impact of the acquisitions, upfront investment in operations to support future growth and cost inflation arising from the Middle East conflict not fully passed on to customers.  Adjusted profit before tax was up 2.6% to £36.1m (2025/26 H1:  £35.2m) and adjusted earnings per share up 0.4% to 24.99p (2025/26 H1:  24.90p).  A lower effective tax rate in the prior year, related to phasing of capex, gave rise to the lower rate of growth in EPS.  We continue to expect adjusted return on capital employed, which we report at the full year, to be at the lower end of our long term guidance range (19 - 21%).

Statutory PBT was £33.9m, 3.7% lower than the prior year (2025/26 H1:  £35.2m) as a result of the one-off costs associated with integrating Fentimans. 

We entered H2 with momentum and anticipate delivering increased percentage growth for both revenue and profit compared with H1, driven by strong demand for our brands and cost synergies from both insourcing actions and the successful integration of the acquisitions.

Strategic Progress

Our strategy remains firmly set.  During H1 we continued to execute across our strategic growth drivers of:

·    More from Core:  Deliver faster growth in our core soft drinks brands

·    Sales & Marketing Excellence:  High quality execution of commercial strategy 

·    Leverage Supply Chain:  Relentlessly drive operational efficiency and effectiveness

·    Innovation Upweight:  Accelerate New Product Development to respond to evolving consumer preferences

·    Strategic M&A:  Access higher growth segments and broaden our addressable market

We completed a refresh of the IRN-BRU and Rubicon brands in the period, which were supported by successful national marketing and advertising campaigns.  IRN-BRU’s football campaign across May and June, at the time of Scotland’s participation in the FIFA World Cup, performed exceptionally well, with several records for the brand achieved across TV, digital and social channels.  We made strong progress with our innovation activity, with a number of successful product launches including Boost Water+, a new zero-sugar vitamin and electrolyte enhanced functional water, for which consumer demand has been well ahead of our expectations.  As a result of our innovation launches and recent M&A, we have a stronger presence in the higher growth functional and premium socialising segments of the market.

Our investment programme to increase capability and capacity continued on plan and within budget, with the insourcing of Boost Sports production to our Cumbernauld factory completed at the end of H1, and the planned capacity upgrade at Milton Keynes progressing well.  The integrations of Fentimans and Frobishers were completed in H1 on schedule and the businesses are performing to plan, with operational efficiencies expected in H2. 

Following a period of M&A activity, our immediate focus is on driving growth and efficiency from the existing portfolio.  We believe M&A has an important role to play in longer term growth ambitions and we will continue to assess the market for compelling opportunities to elevate our pace of growth and increase participation into high growth categories.  Our strong balance sheet is well positioned to support this objective.

Market

In H1, the UK soft drinks market grew 6.7%* year-on-year (value basis).  Whilst good summer weather contributed to this strong growth rate, soft drinks continue to be a resilient category in terms of consumer demand.

Pleasingly, in H1 our rate of growth was ahead of the market, with our value sales up 7.2% year-on-year*, driven by the performance of our core brands.

Business performance

Distribution gains, innovation launches and brand marketing activities are the key drivers of the strong performance of our core brands, with good trading momentum carried into H2.

IRN-BRU exited H1 with a growth rate ahead of the carbonates market in both England and Scotland, which follows the rebranding of IRN-BRU Xtra to Zero in H1.  Rubicon's positive performance strengthened as H1 progressed, led by its rebranding and new product development including new sparkling flavours (cherry and tropical) and our first entry into the dilutables market.  Boost made strong progress as it expanded into grocery and launched into the healthy hydration category through Boost Water+.  Growth in core brands was partly offset by weakness in FUNKIN and Barr Brands caused by category and competitive headwinds.  The rest of the portfolio performed in line with expectations.

Whilst pleased with our trading performance in the market in the period, as Q2 progressed revenue was impacted by reduced stock availability, primarily from internal supply chain issues linked to our capability and capacity change programme, but also from external issues associated with third party manufacturing.  The issues, which are estimated to have resulted in lost revenue of £10m in H1 through customer delivery disruption and shelf availability, have been resolved with stock availability and customer service normalising through H2.  With the majority of our Cumbernauld operational change programme having been completed, and with our Milton Keynes manufacturing upgrade firmly on track, we are confident that we have a strong, stable and more efficient supply chain for H2 and beyond.  

During H1 the business experienced externally driven cost pressures related to the Middle East conflict, most notably higher fuel costs.  Whilst these higher costs were not fully reflected in customer pricing in H1, we have taken action to mitigate the impact of this.  We are fully hedged on all commodities that can be hedged through the balance of 2026/27 and well into 2027/28.

In Q1 we experienced a quality issue related to our MOMA porridge product, caused by a third-party manufacturer.  This resulted in a product recall from customers, which was managed swiftly and effectively.  Upon identification of the issue we ceased trading with the existing supplier and transitioned to a new supplier.  An insurance claim for the costs of the recall is pending and is expected to pay out in full.

Cash flow & balance sheet

Net cash used in operating activities of £7.6m was £23.3m lower than the prior year (2025/26 H1: net cash from operating activities of £15.7m).  This was primarily attributable to the timing of the payment run at the end of July occurring in H1 this year (start of H2 in FY 2025/26), and the working capital impact of acquisitions.

Capital expenditure in H1 was £23.4m (2025/26 H1: £11.0m).  Full-year capital expenditure expectations remain in line with guidance at c.£40m (2025/26 FY:  £30.4m), representing a peak year of investment as the completion of the Cumbernauld manufacturing refresh programme and the commencement of the Milton Keynes manufacturing expansion programme run concurrently.

Our balance sheet remains robust.  During the period we secured a new syndicated £100m three-year revolving credit facility, providing a platform to support our medium-term growth ambitions. 

The business closed the period with net bank debt of £47.0m (2025/26 H1:  £41.3m net cash at bank).  This primarily reflects the £53.4m cash outflow to acquire Fentimans (2026/27 H1) and Frobishers (2025/26 H2) and the impact of our capex programme.  Through the strongly cash generative nature of our business we expect to close the financial year in a small net-debt position.

Board

As previously communicated in January this year, Mark Allen OBE stepped down from the role of Non-Executive Chair, with Susan Barratt, Senior Independent Director, acting as Interim Chair whilst the Board carried out an independent recruitment process. 

On 1 September 2026 the Company announced that Darren Shapland joined the Board as Non-Executive Chair.  Darren brings extensive experience in retail and consumer businesses and will play a pivotal role in leading the Board and Company to deliver its growth ambitions. Susan Barratt stepped down from her position as Interim Chair on the same date, and will continue to serve on the Board as an independent Non-Executive Director. We thank Susan for her increased involvement and support during her period as Chair and welcome Darren to AG Barr. 

Dividend

The Board has declared an interim dividend for the 26 weeks ended 1 August 2026 of 3.82 pence per share, up 11% on the prior period (2025/26 H1: 3.44 pence) and payable on 6 November 2026 to shareholders on the register on 9 October 2026.  This is in line with our policy of the interim dividend being 25% of the prior year final dividend.

Outlook

Our brands continue to take market share and are carrying strong momentum with both customers and consumers into H2.  The work completed in H1 provides the platform for H2 and beyond, and we are confident of delivering a full year performance in line with market expectations.

*Independent data source:  Circana, 26 weeks to 1 August 2026  

Consolidated Condensed Income Statement
		Unaudited	Unaudited	Audited
		Six months ended 1 August 2026	Six months ended 26 July 2025	Year ended 31 January 2026
	Note	£m	£m	£m
Revenue	6	247.4	228.1	437.3
Cost of sales		(146.4)	(131.8)	(260.0)
Gross profit	6	101.0	96.3	177.3
Operating expenses		(66.0)	(62.1)	(115.7)
Operating profit	8	35.0	34.2	61.6
Finance income	9	0.1	1.1	1.7
Finance costs	9	(1.2)	(0.1)	(0.7)
Profit before tax		33.9	35.2	62.6
Tax on profit	10	(8.5)	(7.7)	(15.9)
Profit for the period		25.4	27.5	46.7
Attributable to:
Equity shareholders of the parent Company		26.4	27.7	47.1
Non-controlling interests		(1.0)	(0.2)	(0.4)
Earnings per share (pence)
Basic earnings per share	11	23.82	24.90	42.27
Diluted earnings per share	11	23.52	24.61	41.80

Consolidated Condensed Statement of Comprehensive Income
	Unaudited	Unaudited	Audited
	Six months ended 1 August 2026	Six months ended 26 July 2025	Year ended 31 January 2026
	£m	£m	£m
Profit for the period	25.4	27.5	46.7
Other comprehensive (expense)/income
Items that will not be reclassified to profit or loss
Remeasurements on defined benefit pension plans (Note 17)	-	(7.2)	(7.8)
Deferred tax movements on items above	-	1.8	2.0
Items that will be or have been reclassified to profit or loss
(Loss)/gain arising on cash flow hedges during the period	(0.4)	0.5	-
Deferred tax movements on items above	0.1	(0.1)	-
Other comprehensive expense for the period, net of tax	(0.3)	(5.0)	(5.8)
Total comprehensive income for the period	25.1	22.5	40.9
Attributable to:
Equity shareholders of the parent Company	26.1	22.7	41.3
Non-controlling interests	(1.0)	(0.2)	(0.4)

Consolidated Condensed Statement of Financial Position
		Unaudited	Unaudited	Audited
		As at 1 August 2026	As at 26 July 2025	As at 31 January 2026
	Note	£m	£m	£m
Non-current assets
Intangible assets	13	204.1	151.1	162.3
Property, plant and equipment		155.7	122.8	145.6
Right-of-use assets		7.4	4.7	8.4
Loans and receivables	15	2.0	-	1.1
Retirement benefit surplus	17	0.5	1.1	0.5
		369.7	279.7	317.9
Current assets
Inventories		45.6	37.4	31.7
Trade and other receivables		124.2	113.3	82.2
Assets classified as held for sale		-	0.6	0.2
Derivative financial instruments	15	-	0.5	-
Current tax asset		0.7	0.7	0.6
Short-term investments		-	15.0	20.2
Cash and cash equivalents		15.5	26.3	61.4
		186.0	193.8	196.3
Total assets		555.7	473.5	514.2
Current liabilities
Trade and other payables		81.4	95.9	74.6
Loans and other borrowings	16	63.5	0.1	40.0
Derivative financial instruments	15	0.6	0.1	0.1
Lease liabilities	16	1.9	1.9	1.8
Provisions		1.6	1.0	1.2
		149.0	99.0	117.7
Non-current liabilities
Deferred tax liabilities		47.1	39.9	41.9
Loans and other borrowings	16	-	0.2	-
Provisions		0.7	-	0.7
Lease liabilities	16	5.5	2.7	6.2
Derivative financial instruments	15	-	-	0.1
Contingent consideration	15	1.2	2.0	2.0
		54.5	44.8	50.9
Capital and reserves
Share capital		4.7	4.7	4.7
Share premium account		0.9	0.9	0.9
Share options reserve		2.4	3.2	4.3
Other reserves		(0.3)	0.4	-
Retained earnings		337.9	312.7	328.1
Total shareholder equity		345.6	321.9	338.0
Non-controlling interest in equity		6.6	7.8	7.6
Total equity and liabilities		555.7	473.5	514.2

Consolidated Condensed Statement of Changes in Equity (Unaudited)
	Share capital	Share premium account	Share options reserve	Other reserves	Retained earnings	Total	Non-controlling interests	Total
	£m	£m	£m	£m	£m	£m	£m	£m
At 31 January 2026	4.7	0.9	4.3	-	328.1	338.0	7.6	345.6
Profit/(loss) for the period	-	-	-	-	26.4	26.4	(1.0)	25.4
Other comprehensive expense	-	-	-	(0.3)	-	(0.3)	-	(0.3)
Total comprehensive income/(expense) for the period	-	-	-	(0.3)	26.4	26.1	(1.0)	25.1
Company shares purchased for use by employee benefit trusts	-	-	-	-	(2.2)	(2.2)	-	(2.2)
Proceeds on disposal of shares by employee benefit trusts	-	-	-	-	0.6	0.6	-	0.6
Recognition of share-based payment costs	-	-	0.3	-	-	0.3	-	0.3
Transfer of reserve on share award	-	-	(2.0)	-	2.0	-	-	-
Deferred tax on items taken direct to reserves	-	-	(0.2)	-	-	(0.2)	-	(0.2)
Dividends paid	-	-	-	-	(17.0)	(17.0)	-	(17.0)
At 1 August 2026	4.7	0.9	2.4	(0.3)	337.9	345.6	6.6	352.2
	Share capital	Share premium account	Share options reserve	Other reserves	Retained earnings	Total	Non-controlling interests	Total
	£m	£m	£m	£m	£m	£m	£m	£m
At 26 January 2025	4.7	0.9	3.6	-	308.4	317.6	-	317.6
Profit/(loss) for the period	-	-	-	-	27.7	27.7	(0.2)	27.5
Other comprehensive income/(expense)	-	-	-	0.4	(5.4)	(5.0)	-	(5.0)
Total comprehensive income/(expense) for the period	-	-	-	0.4	22.3	22.7	(0.2)	22.5
Company shares purchased for use by employee benefit trusts	-	-	-	-	(4.9)	(4.9)	-	(4.9)
Proceeds on disposal of shares by employee benefit trusts	-	-	-	-	0.4	0.4	-	0.4
Recognition of share-based payment costs	-	-	1.2	-	-	1.2	-	1.2
Transfer of reserve on share award	-	-	(1.8)	-	1.8	-	-	-
Deferred tax on items taken direct to reserves	-	-	0.2	-	-	0.2	-	0.2
Recognition of non-controlling interests	-	-	-	-	-	-	8.0	8.0
Dividends paid	-	-	-	-	(15.3)	(15.3)	-	(15.3)
At 26 July 2025	4.7	0.9	3.2	0.4	312.7	321.9	7.8	329.7

Consolidated Condensed Statement of Changes in Equity (Audited)
	Share capital	Share premium account	Share options reserve	Other reserves	Retained earnings	Total	Non-controlling interests	Total
	£m	£m	£m	£m	£m	£m	£m	£m
At 26 January 2025	4.7	0.9	3.6	-	308.4	317.6	-	317.6
Profit/(loss) for the year	-	-	-	-	47.1	47.1	(0.4)	46.7
Other comprehensive expense	-	-	-	-	(5.8)	(5.8)	-	(5.8)
Total comprehensive income/(expense) for the year	-	-	-	-	41.3	41.3	(0.4)	40.9
Company shares purchased for use by employee benefit trusts	-	-	-	-	(5.0)	(5.0)	-	(5.0)
Proceeds on disposal of shares by employee benefit trusts	-	-	-	-	0.7	0.7	-	0.7
Recognition of share-based payment costs	-	-	2.5	-	-	2.5	-	2.5
Transfer of reserve on share award	-	-	(1.9)	-	1.9	-	-	-
Deferred tax on items taken direct to reserves	-	-	0.1	-	-	0.1	-	0.1
Recognition of non-controlling interests	-	-	-	-	-	-	8.0	8.0
Dividends paid	-	-	-	-	(19.2)	(19.2)	-	(19.2)
At 31 January 2026	4.7	0.9	4.3	-	328.1	338.0	7.6	345.6

Consolidated Condensed Cash Flow Statement
	Unaudited	Unaudited	Audited
	Six months ended 1 August 2026	Six months ended 26 July 2025	Year ended 31 January 2026
	£m	£m	£m
Operating activities
Profit for the period before tax	33.9	35.2	62.6
Adjustments for:
Interest receivable	(0.1)	(1.1)	(1.7)
Interest payable	1.2	0.1	0.7
Impairment of assets classified as held for sale	-	-	0.5
Depreciation of property, plant and equipment	6.4	5.7	10.8
Amortisation of intangible assets	-	0.4	0.5
Share-based payment costs	-	1.2	2.5
Lease modification	(0.1)	(0.5)	(0.5)
Gain on sale of property, plant and equipment	(1.4)	(0.6)	(1.2)
Contingent consideration fair value adjustment	(0.8)	-	-
Operating cash flows before movements in working capital	39.1	40.4	74.2
(Increase)/decrease in inventories	(9.1)	(4.8)	2.3
Increase in receivables	(37.3)	(35.9)	(2.1)
Increase/(decrease) in payables	6.9	22.7	(8.2)
Difference between employer pension contributions and amounts recognised in the income statement	-	(1.3)	(1.3)
Cash (used in)/generated by operations	(0.4)	21.1	64.9
Tax paid	(7.2)	(5.4)	(13.9)
Net cash (used in)/from operating activities	(7.6)	15.7	51.0
Investing activities
Acquisition of subsidiaries	(40.5)	(14.7)	(27.6)
Cash acquired on acquisition of subsidiaries	2.5	6.1	8.8
Loans provided	(0.9)	-	(1.1)
Purchase of property, plant and equipment	(23.4)	(11.0)	(30.4)
Proceeds on sale of property, plant and equipment	2.2	2.3	2.7
Funds placed on fixed term deposit	-	(45.0)	(107.1)
Funds returned from fixed term deposit	20.2	72.5	129.6
Interest received	0.3	1.2	1.8
Net cash (used in)/from investing activities	(39.6)	11.4	(23.3)
Financing activities
Loans drawn	73.5	10.0	50.0
Loans repaid	(52.1)	(11.3)	(11.6)
Lease payments	(1.2)	(1.0)	(2.3)
Purchase of Company shares by employee benefit trusts	(2.2)	(4.9)	(5.0)
Proceeds from disposal of Company shares by employee benefit trusts	0.6	0.4	0.7
Dividends paid	(17.0)	(15.3)	(19.2)
Interest paid	(0.3)	(0.1)	(0.3)
Net cash from/(used in) financing activities	1.3	(22.2)	12.3
Net (decrease)/increase in cash and cash equivalents	(45.9)	4.9	40.0
Cash and cash equivalents at beginning of period	61.4	21.4	21.4
Cash and cash equivalents at end of period	15.5	26.3	61.4

Notes to the Consolidated Condensed Financial Statements
	1. General information
	A.G. BARR p.l.c. (the "Company") and its subsidiaries (together the "Group") manufacture, distribute and sell a range of beverages. The Group has manufacturing sites in the UK and sells mainly to customers in the UK with some international sales. The Company is a public limited company, which is listed on the London Stock Exchange and incorporated and domiciled in Scotland. The address of its registered office is Westfield House, 4 Mollins Road, Cumbernauld, G68 9HD. This consolidated condensed interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 January 2026 were approved by the Board of Directors on 31 March 2026 and delivered to the Registrar of Companies. The comparative figures for the financial year ended 31 January 2026 are an extract of the Group's consolidated accounts for that year. The report of the auditor on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 (2) or (3) of the Companies Act 2006. This consolidated condensed interim financial information is unaudited but has been reviewed by the Company’s Auditor.
	2. Basis of preparation
	This consolidated condensed interim financial information for the 26 weeks ended 1 August 2026 has been prepared in accordance with UK-adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. The interim report does not include all of the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 31 January 2026, which has been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006.
	Going concern basis The directors have adopted the going concern basis in preparing these accounts after assessing the principal risks, which included a number of severe but plausible downside scenarios that could impact the business (both individually and cumulatively) over the period until January 2031. These scenarios include a major brand issue which impacts reputation and consumer purchasing, a worse than expected UK DRS (Deposit Return Scheme) impact, a cyber-attack and a global pandemic. In each scenario the Group continues to be cash generative throughout the forecast horizon, resulting in our liquidity headroom being maintained. The most significant potential financial impact would be due to a significant reduction in sales. The revenue and operational leverage impact of such a volume loss would have a negative impact on Group profitability, however the scenario modelling would indicate that the Group would maintain sufficient liquidity headroom to bank facilities in place. In May 2026 the Group agreed and implemented a new, three-year £100m revolving credit facility with a syndicate of three banks, of which £62.5m was drawn at 1 August 2026. This significantly increased the Group’s debt facilities, thereby providing further liquidity headroom should a downside scenario transpire. We are confident that should such an issue be experienced, the Group is well placed to manage the disruption without utilising in full the facilities or breaching the financial covenants of the revolving credit facility in place. We would anticipate a recovery in the following years with confidence that the Group can remain profitable and cash-generative through prolonged disruption and fully recover after such events. The directors believe that the Group is well placed to manage its financing and other business risks satisfactorily, and have a reasonable expectation that the Group and parent Company will have adequate resources to continue in operation for at least 12 months from the signing date of these interim consolidated condensed financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
	3. Accounting policies
	New standards and interpretations applied for the first time
	There are no accounting standards or interpretations which have become effective from 1 February 2026 that have a significant impact on the Group's interim condensed consolidated financial statements. The assessment of the impact of IFRS 18 – Presentation and disclosure of financial statements, which will become effective in the year ending 29 January 2028, is still in progress and will change the presentation of the consolidated financial statements. The Group is also actively evaluating the UK Sustainability Reporting Standards (UK SRS) issued by the Department for Business and Trade in February 2026, to ensure an ordered transition from the current TCFD framework to mandatory UK SRS S2 climate reporting, which will become effective in the year ending 29 January 2028. The consolidated condensed interim financial information has been prepared in accordance with the Group's most recent annual financial statements for the year ended 31 January 2026.
	Adjusting items
	Adjusting items are items of financial performance which have been determined by management as being material by their size or incidence and relevant to the understanding of the Group’s underlying business performance. Adjusting items include profit or loss on business reorganisation and integration, acquisitions and asset impairments. The Group presents these measures to users to enhance their understanding of how the business has performed within the year, and does not consider them to be more important than, or superior to, their equivalent IFRS measure.
	Estimation uncertainty
	Assessment of impairment of goodwill and brands
	Goodwill and brands have arisen from business combinations that have indefinite useful lives and, in accordance with IAS 36 are subject to annual impairment testing. The recoverable amount is assessed as the higher of the assets value in use or the fair value less costs of disposal. The directors consider there to be a key source of estimation uncertainty in the Innate-Essence cash flows. A reduction in the forecast revenue CAGR from 20.0% to 17.9% would eliminate remaining headroom, resulting in the recoverable amount equalling the carrying value. A further reduction in the CAGR to 12.0% would result in an impairment charge of £9.0m, fully writing down the carrying value of goodwill to nil.
	Retirement benefit obligations
	The financial statements to 31 January 2026 disclosed the valuation of defined retirement obligations as a key source of estimation uncertainty due the sensitivity of funded obligations to key actuarial assumptions. Management has evaluated the net retirement benefit surplus of £0.5m at 1 August 2026 (£0.5m surplus at 31 January 2026) and concluded that reasonably possible variations in actuarial assumptions no longer carry a significant risk of causing a material adjustment to the carrying value of assets or liabilities within the next financial year. Consequently, retirement benefit obligations are no longer presented as a key source of estimation uncertainty in these condensed interim financial statements.
	4. Principal risks and uncertainties
	The directors consider that the following principal risks and uncertainties could have a material impact on the Group’s performance in the balance of the financial year. Further detail can be found on pages 64 - 68 of the Group's annual financial statements as at 31 January 2026, which are available on our website, www.agbarr.co.uk. -           Environmental sustainability and climate change considerations could lead to Government intervention on climate change and environmental issues and/or changes in consumer or customer behaviour -           Loss of product integrity -           The Group’s environmental sustainability performance and/or commitments are perceived as poor or inadequate -           Changes in consumer preferences, perception or purchasing behaviour -           Failure of critical IT systems or a breach of cyber security -           Failure of the Group’s operational infrastructure -           Financial risks -           Loss of continuity of supply of major raw materials -           Inability to protect the Group’s intellectual property rights -           Adverse publicity in relation to the soft drinks industry, the Group or its brands -           Failure to maintain customer relationships or take account of changing market dynamics -           Consumer rejection of enhanced sweeteners in reformulated products The Group has reviewed its exposure to climate-related and other emerging business risks, and despite existing risks materialising in the period, no new principal risks were identified that would impact the financial performance or position of the Group at 1 August 2026.
	5. Financial risk management and financial instruments
	The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, cash flow and fair value interest rate risk and price risk), credit risk and liquidity risk. The condensed interim financial statements should be read in conjunction with the Group’s annual financial statements as at 31 January 2026 as they do not include all financial risk management information and disclosures contained within the annual financial statements. There have been no changes in the risk management policies since the year end.
	6. Segment reporting
	The Board and senior executives have been identified as the Group's chief operating decision-makers (CODM), who review the Group's internal reporting in order to assess performance and allocate resources. The reportable segments have been aggregated by nature of the product as well as having similar production and distribution processes, consistent with the internal reporting structure used by the CODM. The Group reports on the following segments: Soft drinks – includes carbonated and non-carbonated beverages from brands such as IRN-BRU, Rubicon, Boost, Frobishers and Fentimans. Cocktail solutions – includes beverages from the FUNKIN brand for premium socialising. Other – includes oat-based products from the MOMA brand and functional beverages from Innate-Essence business. Segment performance is evaluated based on revenue and gross profit and is measured consistently with gross profit in the consolidated financial statements. As the Group's operating costs are charged centrally, the performance of the segments is assessed by reference to their revenue and gross profit as reported to the CODM.
	Unaudited
	Six months ended 1 August 2026
		Soft drinks	Cocktail solutions	Other	Total
		£m	£m	£m	£m
	Total revenue	218.0	16.6	12.8	247.4
	Gross profit	91.1	5.4	4.5	101.0
	Unaudited
	Six months ended 26 July 2025
		Soft drinks	Cocktail solutions	Other	Total
		£m	£m	£m	£m
	Total revenue	201.0	20.0	7.1	228.1
	Gross profit	85.9	8.0	2.4	96.3
	Audited
	Year ended 31 January 2026
		Soft drinks	Cocktail solutions	Other	Total
		£m	£m	£m	£m
	Total revenue	382.0	35.8	19.5	437.3
	Gross profit	157.4	13.6	6.3	177.3

	There are no material intersegment sales. All revenue is in relation to product sales, which is recognised at a point in time, upon delivery to the customer. All of the assets and liabilities of the Group are managed on a central basis rather than at a segment level. As a result, no reconciliation of segment assets and liabilities to the statement of financial position has been disclosed for either of the periods presented. Included in revenues arising from the above segments are revenues of approximately £43.2m which arose from sales to the Group's largest customer. In the year ended 31 January 2026 and six months ended 26 July 2025, revenues of approximately £78.2m and £40.3m respectively arose from sales to the Group's largest customer. No other single customer contributed ten per cent or more to the Group's revenue in the comparative period to July 2025 or January 2026.
	7. Seasonality of operations
	Revenues and reported profits are affected by weather conditions, cost inflation, the timing of marketing and promotional investment and innovation launches. It is anticipated that reported profits for the second half of the year to 30 January 2027 will be ahead of those for the 26 weeks ended 1 August 2026.
	8. Operating profit
	The following items have been charged/(credited) to operating profit during the period:
		Unaudited	Unaudited	Audited
		Six months ended 1 August 2026	Six months ended 26 July 2025	Year ended 31 January 2026
		£m	£m	£m
	Business reorganisation and integration costs	3.3	-	1.3
	Acquisition related costs	0.2	-	1.4
	Provision for business reorganisation	-	0.2	-
	Gain on sale of property, plant and equipment	(1.4)	(0.6)	(1.2)

	9. Net finance costs
		Unaudited	Unaudited	Audited
		Six months ended 1 August 2026	Six months ended 26 July 2025	Year ended 31 January 2026
	Finance income	£m	£m	£m
	Interest on bank and short-term deposits	0.1	0.9	1.5
	Finance costs relating to defined benefit pension plans	-	0.2	0.1
	Other interest	-	-	0.1
		0.1	1.1	1.7
	Finance costs	£m	£m	£m
	Interest payable	1.0	-	0.4
	Lease interest	0.2	0.1	0.3
		1.2	0.1	0.7

	10. Tax on profit
	The interim period total tax charge of £8.5m (six months ended 26 July 2025: £7.7m; year ended 31 January 2026: £15.9m) is accrued based on the estimated annual effective tax rate of 25.1% (six months ended 26 July 2025: 21.9%; year ended 31 January 2026: 25.4%). The effective tax rate is calculated using the forecast year end effective corporation tax rate and the movement in deferred tax to 1 August 2026. The effective tax rate has increased in the six months ended 1 August 2026 compared to the year ended 31 January 2026 primarily due to the phasing of capital spend.
		Unaudited	Unaudited	Audited
		Six months ended 1 August 2026	Six months ended 26 July 2025	Year ended 31 January 2026
	Analysis of tax charge	£m	£m	£m
	Current income tax charge	7.0	5.2	13.2
	Deferred income tax charge	1.5	2.5	2.7
	Total tax charge in the consolidated condensed income statement	8.5	7.7	15.9
	11. Earnings per share
	Basic earnings per share has been calculated by dividing the earnings attributable to equity holders of the parent by the weighted average number of shares in issue during the year, excluding shares held by the employee share scheme trusts.
		Unaudited	Unaudited	Audited
		Six months ended 1 August 2026	Six months ended 26 July 2025	Year ended 31 January 2026
	Profit attributable to equity holders of the Company (£m)	26.4	27.7	47.1
	Weighted average number of ordinary shares in issue	110,846,816	111,253,659	111,438,412
	Basic earnings per share (pence)	23.82	24.90	42.27
	For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive ordinary shares. These represent share options granted to employees where the exercise price is less than the average market price of the Company’s ordinary shares during the year. The number of shares as calculated above is compared with the number of shares that would have been issued assuming the exercise of the share options.
		Unaudited	Unaudited	Audited
		Six months ended 1 August 2026	Six months ended 26 July 2025	Year ended 31 January 2026
	Profit attributable to equity holders of the Company (£m)	26.4	27.7	47.1
	Weighted average number of ordinary shares in issue	110,846,816	111,253,659	111,438,412
	Adjustment for dilutive effect of share options	1,374,287	1,306,179	1,234,304
	Diluted weighted average number of ordinary shares in issue	112,221,103	112,559,838	112,672,716
	Diluted earnings per share (pence)	23.52	24.61	41.80

	12. Dividends
		Six months ended 1 August 2026		Six months ended 26 July 2025		Year ended 31 January 2026		Six months ended 1 August 2026		Six months ended 26 July 2025		Year ended 31 January 2026
		per share (p)		per share (p)		per share (p)		£m		£m		£m
	Paid final dividend	15.27		13.76		13.76		17.0		15.3		15.3
	Paid interim dividend	-		-		3.44		-		-		3.9
		15.27		13.76		17.20		17.0		15.3		19.2
	An interim dividend of 3.82 pence per share was approved by the Board on 29 September 2026 and will be paid on 6 November 2026 to shareholders on the register as of 9 October 2026.
	13. Intangible assets
			Goodwill		Brands		Customer relationships		Water rights		Others		Total
			£m		£m		£m		£m		£m		£m
	Cost
	At 25 January 2025		45.2		94.4		3.9		0.7		11.8		156.0
	Acquired on subsidiary acquisition		8.7		13.4		-		-		0.2		22.3
	At 26 July 2025		53.9		107.8		3.9		0.7		12.0		178.3
	Additions		-		-		-		-		0.1		0.1
	Acquired on subsidiary acquisition		2.5		6.3		2.4		-		-		11.2
	Disposals		-		-		(3.9)		-		-		(3.9)
	At 31 January 2026		56.4		114.1		2.4		0.7		12.1		185.7
	Acquired on subsidiary acquisition		26.9		13.4		1.5		-		-		41.8
	At 1 August 2026		83.3		127.5		3.9		0.7		12.1		227.5
	Amortisation
	At 25 January 2025		3.6		7.3		3.9		0.7		11.3		26.8
	Amortisation for the period		-		-		-		-		0.4		0.4
	At 26 July 2025		3.6		7.3		3.9		0.7		11.7		27.2
	Amortisation for the period		-		-		-		-		0.1		0.1
	Disposals		-		-		(3.9)		-		-		(3.9)
	At 31 January 2026 and 1 August 2026		3.6		7.3		-		0.7		11.8		23.4
	Carrying amounts
	At 1 August 2026		79.7		120.2		3.9		-		0.3		204.1
	At 31 January 2026		52.8		106.8		2.4		-		0.3		162.3
	At 26 July 2025		50.3		100.5		-		-		0.3		151.1
	At 25 January 2025		41.6		87.1		-		-		0.5		129.2
	In February 2026, the Group acquired a 100% interest in Fentimans Ltd. Details of brand, goodwill and other intangibles recognised on acquisition are included in Note 14. There was also an adjustment to Innate-Essence Limited goodwill balance following finalisation of the purchase price accounting work resulting in an increase in goodwill of £0.3m. This is included within additions in the table above. The remaining goodwill and brands recognised relate primarily to the acquisition of Rio Tropical Limited, Boost Drinks Limited, MOMA Foods Ltd, Rubicon Drinks Limited, FUNKIN Limited, Innate-Essence Limited and Frobishers Juices Limited. Others include internally generated software development costs and third-party consultancy costs in relation to the Business Process Redesign project implemented in 2015.

	14. Business combinations
	On 2 February 2026, the Group acquired 100% of the share capital of Fentimans Ltd ("Fentimans"), a premium soft drinks brand. The acquisition aligns with the Group’s strategy to diversify into higher growth segments, in this case premium soft drinks. In the period from acquisition to 1 August 2026, Fentimans contributed revenue of £15.3m to the Group's results. Had Fentimans been consolidated from 31 January 2026, these numbers would be materially the same. On 1 July 2026, the trade and operations of Fentimans were integrated into A.G. BARR p.l.c. In accordance with IFRS 3 paragraph B65, the directors consider it impracticable to disclose the standalone profit or loss contribution of the Fentimans business for the period to 1 August 2026. Following integration, Fentimans products have been sold through A.G. BARR p.l.c.’s unified sales force, shared distribution channels, and centralised corporate functions; consequently, isolating post-integration operating costs to calculate a standalone profit figure would require highly subjective and arbitrary allocations. As the acquisition occurred on the first day of the reporting period, the consolidated financial statements inherently reflect the combined results as though the business combination had occurred on 1 February 2026. The acquisition consideration and provisional fair value of identifiable assets and liabilities of Fentimans at the date of acquisition were:
						£m
	Property, plant and equipment					0.1
	Right-of-use assets					0.3
	Cash and cash equivalents					2.6
	Trade and other receivables					4.7
	Inventories					4.8
	Trade and other payables					(5.3)
	Loans and borrowings					(2.1)
	Bank overdraft					(0.1)
	Lease liabilities					(0.3)
	Provisions					(2.0)
	Customer relationships					1.5
	Brand - acquisition intangible					13.4
	Deferred tax on acquisition intangibles					(3.7)
	Total identifiable net assets acquired					13.9
	Goodwill					26.6
	Value on acquisition					40.5
	Attributable to:					£m
	Equity shareholders of the parent Company					40.5
	Represented by:					£m
	Cash consideration paid					40.5
	The fair value of the acquired identifiable assets of £13.9m is provisional pending receipt of the final valuations for those assets. A deferred tax liability of £3.7m has been provided in relation to these fair value adjustments in relation to intangible fixed assets.
	Acquisition-related costs
	The Group incurred acquisition-related costs of £0.2m relating to external legal fees and due diligence costs. These costs have been included in operating costs in the consolidated condensed income statement. None of the goodwill arising on the acquisition is expected to be deductible for tax purposes. The Goodwill of £26.6m relates to the expectation of continued high growth in Fentimans through its participation in the premium soft drinks category and synergies on integration, subject to inherent execution risks associated with operational integration.
	15. Financial instruments
	All of the derivatives noted below are designated and effective as hedging instruments carried at fair value and relate to foreign exchange forward contracts:
				Unaudited	Unaudited	Audited
				As at 1 August 2026	As at 26 July 2025	As at 31 January 2026
				£m	£m	£m
	Derivative financial assets - current			-	0.5	-
	Derivative financial liabilities - current			(0.6)	(0.1)	(0.1)
	Derivative financial liabilities - non-current			-	-	(0.1)

Fair value hierarchy

Fair value hierarchies 1 to 3 are based on the degree to which fair value is observable: -           Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. -           Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). -           Level 3: inputs for the asset or liability that are not based on observable market data. All financial instruments at fair value sit within Level 2 of the fair value hierarchy with the exception of contingent consideration which is measured at Level 3. The fair value of financial instruments that are not traded in an active market (e.g. over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. The fair value of the forward foreign exchange contracts is determined using forward exchange rates at the date of the statement of financial position, with the resulting value discounted accordingly as relevant. These are classified as Level 2 in the fair value hierarchy. The Group acquired Innate-Essence Ltd (‘Innate’) in July 2025 and has agreed to pay the former owners a contingent consideration based on achievement of certain financial targets in the period from 1 April 2026 to 31 March 2028. The value of this Level 3 input is determined by assessing the expected growth of Innate over the two-year period. No discount rate has been applied to the fair value estimate of the contingent consideration as due to the short time period the effect of discounting has a negligible effect on the fair value. Significant unobservable inputs are based on revenue and profits achieved by Innate over the two-year period.

			Unaudited		Unaudited	Audited
			As at 1 August 2026		As at 26 July 2025	As at 31 January 2026
			£m		£m	£m
Opening contingent consideration		2.0		-		-
Arising on acquisition of subsidiary		-		2.0		2.0
Fair value adjustment through the income statement			(0.8)		-	-
Closing contingent consideration		1.2		2.0		2.0

	The following tables show the carrying amounts and fair values of financial assets and financial liabilities. With the exception of foreign currency forward contracts and contingent consideration the carrying amount of the financial assets and financial liabilities approximates to the fair value as they are short term in nature.
		Carrying amount
	Unaudited	Fair value - hedging instruments	Other financial assets at amortised cost	Other financial liabilities at fair value		Other financial liabilities at amortised cost		Total
	At 1 August 2026	£m	£m	£m		£m		£m
	Financial assets - Non-current
	Loans and receivables	-	2.0	-	-		2.0
		-	2.0	-	-		2.0
	Financial assets - Current
	Trade receivables	-	112.6	-	-		112.6
	Cash and cash equivalents	-	15.5	-	-		15.5
		-	128.1	-	-		128.1
	Financial liabilities - Non-current
	Contingent consideration	-	-	1.2	-		1.2
	Lease liabilities	-	-	-	5.5		5.5
		-	-	1.2	5.5		6.7
	Financial liabilities - Current
	Loans and borrowings	-	-	-	63.5		63.5
	Foreign exchange contracts used for hedging	0.6	-	-	-		0.6
	Lease liabilities	-	-	-	1.9		1.9
	Accruals*	-	-	-	30.1		30.1
	Trade payables	-	-	-	46.5		46.5
		0.6	-	-	142.0		142.6

		Carrying amount
	Unaudited	Fair value - hedging instruments	Other financial assets at amortised cost	Other financial liabilities at fair value	Other financial liabilities at amortised cost	Total
	At 26 July 2025	£m	£m	£m	£m	£m
	Financial assets - Current
	Foreign exchange contracts used for hedging	0.5	-	-	-	0.5
	Trade receivables	-	110.2	-	-	110.2
	Short-term investments	-	15.0	-	-	15.0
	Cash and cash equivalents	-	26.3	-	-	26.3
		0.5	151.5	-	-	152.0
	Financial liabilities - Non-current
	Contingent consideration	-	-	2.0	-	2.0
	Loans and borrowings	-	-	-	0.2	0.2
	Lease liabilities	-	-	-	2.7	2.7
		-	-	2.0	2.9	4.9
	Financial liabilities - Current
	Loans and borrowings	-	-		0.1	0.1
	Foreign exchange contracts used for hedging	0.1	-		-	0.1
	Lease liabilities	-	-		1.9	1.9
	Accruals*	-	-		36.4	36.4
	Trade payables	-	-		46.1	46.1
		0.1	-		84.5	84.6
		Carrying amount
	Audited	Fair value - hedging instruments	Other financial assets at amortised cost	Other financial liabilities at fair value	Other financial liabilities at amortised cost	Total
	At 31 January 2026	£m	£m	£m	£m	£m
	Financial assets - Non-current
	Loans and receivables	-	1.1	-	-	1.1
		-	1.1	-	-	1.1
	Financial assets - Current
	Trade receivables	-	77.3	-	-	77.3
	Short-term investments	-	20.2	-	-	20.2
	Cash and cash equivalents	-	61.4	-	-	61.4
		-	158.9	-	-	158.9
	Financial liabilities - Non-current
	Contingent consideration	-	-	2.0	-	2.0
	Foreign exchange contracts used for hedging	0.1	-	-	-	0.1
	Lease liabilities	-	-	-	6.2	6.2
		0.1	-	2.0	6.2	8.3
	Financial liabilities - Current
	Loans and borrowings	-	-	-	40.0	40.0
	Foreign exchange contracts used for hedging	0.1	-	-	-	0.1
	Lease liabilities	-	-	-	1.8	1.8
	Accruals*	-	-	-	30.0	30.0
	Trade payables	-	-	-	33.8	33.8
		0.1	-	-	105.6	105.7
	* Employee liabilities have been excluded from the accruals balance above.

	16. Loans and other borrowings
	Movements in borrowings are analysed as follows:
		Unaudited	Unaudited	Audited
		Six months ended 1 August 2026	Six months ended 26 July 2025	Year ended 31 January 2026
		£m	£m	£m
	Opening borrowings balance	48.0	4.6	4.6
	Net lease movements	(0.9)	(0.8)	3.4
	Borrowings drawn-down	73.5	10.0	50.0
	Borrowings acquired on subsidiary acquisition	2.1	1.6	1.6
	Leases acquired	0.3	0.8	-
	Repayments of borrowings	(52.1)	(11.3)	(11.6)
	Closing borrowings balance	70.9	4.9	48.0
	The reconciliation of the above closing borrowings balance to the figures on the face of the consolidated condensed statement of financial position is as follows:
		Unaudited	Unaudited	Audited
		As at 1 August 2026	As at 26 July 2025	As at 31 January 2026
		£m	£m	£m
	Current
	Loans and borrowings	63.5	0.1	40.0
	Lease liabilities	1.9	1.9	1.8
		65.4	2.0	41.8
	Non-current
	Loans and borrowings	-	0.2	-
	Lease liabilities	5.5	2.7	6.2
		5.5	2.9	6.2
	Total borrowings	70.9	4.9	48.0
	The reconciliation to net (debt)/funds is as follows:
		Unaudited	Unaudited	Audited
		As at 1 August 2026	As at 26 July 2025	As at 31 January 2026
		£m	£m	£m
	Closing borrowings balance	(70.9)	(4.9)	(48.0)
	Short-term investments	-	15.0	20.2
	Cash and cash equivalents	15.5	26.3	61.4
	Net (debt)/funds	(55.4)	36.4	33.6
	On 22 May 2026 the Group agreed and implemented a new three year £100m revolving credit facility with a syndicate of three banks. This facility is due to expire on 22 May 2029 with the option to extend for up to a further 2 years. Arrangement fees associated with the loan facilities have been capitalised and will be included in the finance costs of the income statement over the duration of the facility. The drawn/undrawn facilities at 1 August 2026 are as follows:
		Total facility	Drawn	Undrawn
		£m	£m	£m
	Revolving credit facility - three years, expires May 2029	100.0	(62.5)	37.5
	Non-bank loans and borrowings	1.0	(1.0)	-
	Overdraft facility	15.0	-	15.0
		116.0	(63.5)	52.5

	The table below details changes in the Group's liabilities arising from financing activities, including both cash and non-cash changes.
		As at 31 January 2026	Interest charged	New leases	Leases acquired	Loans acquired	Loans drawn	Loans repaid	Non-cash interest	Financing cash flows	As at 1 August 2026
	Group	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
	Interest paid	-	1.0	-	-	-	-	-	(0.7)	(0.3)	-
	Borrowings	40.0	-	-	-	2.1	73.5	(52.1)	-	-	63.5
	Lease liabilities	8.0	0.2	0.1	0.3	-	-	-	-	(1.2)	7.4
	Total liabilities from financing activities	48.0	1.2	0.1	0.3	2.1	73.5	(52.1)	(0.7)	(1.5)	70.9

		17. Retirement benefit obligations
		On 1 May 2016 the A.G. BARR p.l.c. (2008) Pension and Life Assurance Scheme was closed to future accrual following a negotiated agreement between the Company and the board of trustees. The defined retirement benefit scheme had a surplus of £0.5m as at 1 August 2026 (surplus as at 26 July 2025: £1.1m; surplus as at 31 January 2026: £0.5m). The reconciliation of the closing surplus is as follows:
						Unaudited				Unaudited				Audited
						Six months ended 1 August 2026				Six months ended 26 July 2025				Year ended 31 January 2026
						£m				£m				£m
		Opening present value of obligation				(65.4)				(65.7)				(65.7)
		Interest expense				(1.8)				(1.8)				(3.5)
		Remeasurement - changes in financial assumptions				4.4				2.0				(0.5)
		Benefits paid				2.0				1.9				4.3
		Closing present value of obligation				(60.8)				(63.6)				(65.4)
		Opening fair value of plan assets				65.9				72.5				72.5
		Interest income				1.8				2.0				3.7
		Remeasurement - actuarial return on assets				(4.4)				(9.2)				(7.3)
		Employer contributions				-				1.3				1.3
		Benefits paid				(2.0)				(1.9)				(4.3)
		Closing fair value of plan assets				61.3				64.7				65.9
						As at 1 August 2026				As at 26 July 2025				As at 31 January 2026
						£m				£m				£m
		Present value of funded obligations				(60.8)				(63.6)				(65.4)
		Fair value of plan assets				61.3				64.7				65.9
		Surplus recognised under IAS 19				0.5				1.1				0.5
		The key financial assumptions used to value the liabilities were as follows:
						As at 1 August 2026				As at 26 July 2025				As at 31 January 2026
						%				%				%
		Discount rate				6.4				5.8				5.6
		Inflation assumption				3.1				3.0				3.1
		The board of pension trustees have taken a number of steps to control the level of investment risk within the 2008 Scheme. In prior periods, the Trustee and the Company agreed three annuity contracts with Canada Life at a total cost of £97.6m securing the total amount of future pension payments of all participants of the 2008 Pension Scheme's pensioners. The Trustees are now considering the options for the Scheme including a buy-out.

	18. Movements in own shares held by employee benefit trusts
	During the six months to 1 August 2026 the employee benefit trusts of the Group acquired 342,934 (six months to 26 July 2025: 729,813; year to 31 January 2026: 747,312) of the Company's shares. The total amount paid to acquire the shares has been deducted from shareholders' equity and is included within retained earnings. At 1 August 2026 the shares held by the Company's employee benefit trusts represented 873,857 (26 July 2025: 1,106,013; 31 January 2026: 1,053,203) shares at a purchased cost of £5.7m (26 July 2025: £7.0m; 31 January 2026: £6.7m). 522,280 (six months to 26 July 2025: 415,626; year to 31 January 2026: 485,935) shares were utilised in satisfying share options from the Company's employee share schemes during the same period. The related weighted average share price at the time of exercise for the six months to 1 August 2026 was £6.33 (six months to 26 July 2025: £6.90; year to 31 January 2026: £6.80).
	19. Contingencies and commitments
		Unaudited	Unaudited	Audited
		As at 1 August 2026	As at 26 July 2025	As at 31 January 2026
		£m	£m	£m
	Commitments for the acquisition of property, plant and equipment	17.5	15.7	17.4
	20. Related party transactions
	There have been no related party transactions in the first 26 weeks of the current financial year which have materially affected the financial position or performance of the Group.

RESPONSIBILITY AND CAUTIONARY STATEMENTS
Responsibility Statement
Company law requires the directors to prepare statements for each financial year. Under that law the directors are required to prepare group financial statements in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and UK-adopted International Financial Reporting Standards. The directors confirm that these consolidated condensed interim financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting. The interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely: an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and material related party transactions in the first six months and any material changes in the related party transactions described in the last annual report.
Cautionary Statement This report is addressed to the shareholders of A.G. BARR p.l.c. and has been prepared solely to provide information to them. This report is intended to inform the shareholders of the Group's performance during the six months to 1 August 2026. This report contains forward-looking statements based on knowledge and information available to the directors as at the date the report was prepared. These statements should be treated with caution due to the inherent uncertainties underlying any forward-looking information and any statements about the future outlook may be influenced by factors that could cause actual outcomes and results to be materially different. The directors of A.G. BARR p.l.c. that served during the six months to 1 August 2026 and up to the date of signing, and their respective responsibilities, were: Darren Shapland (Chair) (appointed 1 September 2026) Euan Sutherland (Chief Executive Officer) Stuart Lorimer (Chief Finance and Operating Officer) Susan Barratt Julie Barr Dr Rohit Dhawan Zoe Howorth Louise Smalley Nick Wharton For and on behalf of the Board of Directors
Euan Sutherland Chief Executive Officer 29 September 2026	Stuart Lorimer Chief Finance and Operating Officer 29 September 2026

Glossary

Non-GAAP measures are provided because they are tracked by management to assess the Group's operating performance and to inform financial, strategic and operating decisions.

Adjusting items

The Group excludes adjusting items from its non-GAAP measures because of their size, frequency and nature to allow shareholders to understand better the elements of financial performance in the period, so as to facilitate comparison with prior periods and to assess trends in financial performance more readily. These items are primarily non-operational. Definitions of non-GAAP measures used are provided below: Capital expenditure is defined as the cash outflow on purchases of property, plant and equipment, and is disclosed in the cash flow statement. Operating margin is calculated by dividing operating profit by revenue. Adjusted operating margin is calculated by dividing adjusted operating profit by revenue. Adjusted operating profit is calculated as operating profit after adjusting items. Adjusted profit before tax is calculated as reported profit before tax after adjusting entries as disclosed in the adjusting entries accounting policy (Note 3). Adjusted earnings per share is calculated by dividing adjusted profit attributable to equity holders by the weighted average number of shares in issue. Net bank debt/net cash at bank is defined as the net of cash plus short-term investments less bank loans and bank borrowings. Return on capital employed (ROCE) is defined as reported profit before tax as a percentage of invested capital. Invested capital is a non-GAAP measure defined as the average of the opening and closing non-current assets plus current assets less current liabilities excluding all balances relating to any provisions, financial instruments, interest-bearing liabilities and cash or cash equivalents.

Reconciliation of Non-GAAP Measures
Adjusted Consolidated Income Statements
	Six months ended 1 August 2026					Six months ended 26 July 2025
	Reported	Business reorganisation & integration	Gain on sale of property	Total adjustments	Adjusted	Reported and adjusted
	£m	£m	£m	£m	£m	£m
Revenue	247.4	-	-	-	247.4	228.1
Cost of sales	(146.4)	-	-	-	(146.4)	(131.8)
Gross profit	101.0	-	-	-	101.0	96.3
Operating expenses	(66.0)	3.5	(1.3)	2.2	(63.8)	(62.1)
Operating profit	35.0	3.5	(1.3)	2.2	37.2	34.2
Finance income	0.1	-	-	-	0.1	1.1
Finance costs	(1.2)	-	-	-	(1.2)	(0.1)
Profit before tax	33.9	3.5	(1.3)	2.2	36.1	35.2
Tax on profit	(8.5)	(0.9)	-	(0.9)	(9.4)	(7.7)
Profit for the period	25.4	2.6	(1.3)	1.3	26.7	27.5
Attributable to:
Equity shareholders of the parent Company	26.4	2.6	(1.3)	1.3	27.7	27.7
Non-controlling interests	(1.0)	-	-	-	(1.0)	(0.2)
	Year ended 31 January 2026
	Reported	Business reorganisation & integration	Acquisition related	Asset impairment	Total adjustments	Adjusted
	£m	£m	£m	£m	£m	£m
Revenue	437.3	-	-	-	-	437.3
Cost of sales	(260.0)	-	-	-	-	(260.0)
Gross profit	177.3	-	-	-	-	177.3
Operating expenses	(115.7)	1.3	1.4	0.5	3.2	(112.5)
Operating profit	61.6	1.3	1.4	0.5	3.2	64.8
Finance income	1.7	-	-	-	-	1.7
Finance costs	(0.7)	-	-	-	-	(0.7)
Profit before tax	62.6	1.3	1.4	0.5	3.2	65.8
Tax on profit	(15.9)	(0.3)	(0.4)	-	(0.7)	(16.6)
Profit for the period	46.7	1.0	1.0	0.5	2.5	49.2
Attributable to:
Equity shareholders of the parent Company	47.1	1.0	0.7	0.5	2.2	49.3
Non-controlling interests	(0.4)	-	0.3	-	0.3	(0.1)
Adjusting entries: Business reorganisation & integration – one-off costs of integrating Fentimans Ltd following the 100% acquisition in February 2026 (year ended 31 January 2026: the costs associated with the integration of FUNKIN and restructuring of the Commercial function and one-off accrual of costs relating to the integration of the Frobishers business that will commence in H1 and will be completed by H2 FY26/27). Acquisition related – professional and transaction fees in relation to the acquisition work undertaken in the financial year for Innate-Essence, Frobishers and Fentimans. Asset impairment – impairment of vehicles that were part of Barr Direct operations. Gain on sale of property - gain on sale of Moston property following the closure of Barr Direct operations in F25.

	Six months ended 1 August 2026	Six months ended 26 July 2025	Year ended 31 January 2026
Adjusted EPS
Adjusted profit attributable to equity holders of the Company £m	27.7	27.7	49.3
Weighted average number of shares in issue	110,846,816	111,253,659	111,438,412
Adjusted EPS (p)	24.99	24.90	44.24
Operating margin	£m	£m	£m
Revenue	247.4	228.1	437.3
Operating profit	35.0	34.2	61.6
Operating margin	14.1%	15.0%	14.1%
Adjusted operating margin	£m	£m	£m
Revenue	247.4	228.1	437.3
Adjusted operating profit	37.2	34.2	64.8
Adjusted operating margin	15.0%	15.0%	14.8%
Net bank debt	£m	£m	£m
Cash and cash equivalents	15.5	26.3	61.4
Short-term investments	-	15.0	20.2
Loans and other borrowings	(63.5)	-	(40.0)
Remove non-bank loans and borrowings	1.0	-	-
Net bank debt	(47.0)	41.3	41.6

 

END