FY27 Interim Results
Summary by AI BETAClose X
12 November 2026
FY27 Interim Results (Unaudited)
A Return to UK Like-for-Like Growth, driven by ‘Back to B&M Basics’
B&M European Value Retail plc (“the Group”), the UK’s leading value retailer, today announces its FY27 Interim results for the 26 weeks to 26 September 2026.
Financial Highlights
Group revenue increased by +3.6% to £2,848m (+3.5% constant currency1), with like-for-like (LFL)2 growth across all three businesses (B&M UK3, B&M France and Heron Foods)
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B&M UK3 total sales grew +2.4%, with LFL2 sales up +0.4%, including +3.2% LFL2 growth in Q2, driven by General Merchandise with an improved FMCG performance versus Q1
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B&M France delivered +13.7% total sales growth, driven by strong LFL2 performance of +5.9% in H1 (Q2 LFL +6.5%) and new space growth
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Heron Foods total sales grew +3.0%, with LFL2 sales growth of +2.9%
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Group gross margin of 37.2%, +67 bps higher year-on-year, driven by trading gross margin4 recovery in B&M UK3
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Group adjusted EBITDA5 (pre-IFRS 16) of £203m, up +6.0% (H1 FY26: £191m), with a margin of 7.1% (H1 FY26: 7.0%). Group adjusted profit before tax5 (PBT) of £121m, up +16.6% (H1 FY26: £103m), with a margin of 4.2% (H1 FY26: 3.8%)
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Statutory profit before tax of £115m, up +53.7% YoY (H1 FY26: £75m)
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Post-tax free cash flow6 of £132m (H1 FY26: £51m), reflecting higher cash profit, accelerated working capital benefits and the phasing of capital expenditure in H1 FY27
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Net debt7 to adjusted EBITDA5 (pre-IFRS 16) leverage ratio of 1.3x (H1 FY26: 1.6x) reflecting strong cash generation and improved working capital position. Net debt including leases of 2.8x (H1 FY26: 2.9x)
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Interim dividend of 3.6p per Ordinary Share will be paid on 18 December 2026 to shareholders who are on the register at close of business on 20 November 2026
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Tjeerd Jegen, Chief Executive Officer, said:
“Back to B&M Basics is starting to deliver. Over the past year, we have sharpened our pricing, improved the on-shelf availability of our best-selling brands, revamped our in-store promotions and reduced SKU count across our stores. Our goal has been to restore B&M UK to sustainable like-for-like (LFL)2 growth while making everyday life more affordable for customers facing mounting cost-of-living pressures, and our second quarter LFL performance of +3.2% shows the first phase of our strategy is working. B&M France delivered another strong quarter, with Q2 LFL sales of +6.5% and a margin similar to B&M UK. B&M France has considerable growth potential as we achieve critical scale there and deepen awareness of our differentiated value proposition with customers.
With Phase 1 of our strategic growth plan now starting to deliver, we are making progress with Phase 2, where we see an opportunity to transform the customer experience of B&M and boost the productivity of our UK estate through new store formats. Sales data from early trials have been encouraging and we plan to increase investment in re-laying and refitting stores in H2, balancing this with a slower pace of UK store rollouts in FY27.
We are restoring Group profitability through re-establishing UK LFL sales growth and improving our UK category margin while managing continued cost headwinds and investing in our business. This will support our ambition of achieving low double-digit adjusted EBITDA margins for B&M UK in the medium term as an outcome.
Early Golden Quarter trading has been positive in each of our operating businesses, with continued LFL growth at B&M UK in both FMCG and General Merchandise. Today, we introduce financial guidance for FY27 and expect Group adjusted EBITDA5 (pre-IFRS 16) in a range of £450m - £500m, versus £459m in FY26, and Group adjusted PBT of £280m – £330m, versus £284m in FY26.”
Operational Highlights
Four net new stores opened across the Group in H1 (11 gross), with 9 net new stores in B&M France (10 gross) offset by 2 net closures in B&M UK and 3 net closures in Heron Foods
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Our new B&M 2.0 concept store launched in Wigan on 28 August and is seeing encouraging early trading
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Early Golden Quarter trading has been positive in each of our three operating businesses, with continued LFL2 growth at B&M UK in both FMCG and General Merchandise
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Atheeq Akbar, whom the Board announced as the Group’s new incoming Chief Financial Officer in June 2026, will start in this role on 25 January 2027. Michael Fletcher started as Managing Director of Heron Foods on 2 November 2026 |
Financial Guidance
FY27 guidance introduced, with Group adjusted EBITDA5 (pre-IFRS 16) in a range of £450m - £500m (FY26: £459m) and Group adjusted PBT of £280m - £330m (FY26: £284m) |
Headline measures |
H1 FY27 |
H1 FY26 |
Change |
Group revenue |
£2,848m |
£2,749m |
3.6% |
Group adjusted EBITDA (pre-IFRS 16)5 |
£203m |
£191m |
6.0% |
Group adjusted EBITDA (pre-IFRS 16)5 margin % |
7.1% |
7.0% |
16 bps |
Group adjusted profit before tax5 |
£121m |
£103m |
16.6% |
Group adjusted profit before tax5 margin % |
4.2% |
3.8% |
47 bps |
Adjusted diluted EPS5 |
8.9p |
7.2p |
24.3% |
Group post-tax free cash flow6 |
£132m |
£51m |
158.1% |
Net debt7 |
£613m |
£859m |
(28.7)% |
Ordinary dividends |
3.6p |
3.5p |
2.9% |
|
|
|
|
Statutory measures |
H1 FY27 |
H1 FY26 |
Change |
Group operating profit |
£186m |
£149m |
25.5% |
Group profit before tax |
£115m |
£75m |
53.7% |
Statutory diluted EPS |
8.3p |
5.2p |
59.1% |
Group cash generated from operations |
£344m |
£293m |
17.2% |
Notes:
1 |
Constant currency comparison involves restating the prior year Euro revenues using the same exchange rate as that used to translate the current year Euro revenues. |
2 |
One-year like-for-like revenues include each store’s revenue for that part of the current period that falls at least 14 months after it opened compared with its revenue for the corresponding part of FY26. This 14-month approach has been adopted as it excludes the 2-month halo period which new stores experience following opening. |
3 |
References in this announcement to the B&M UK business include the B&M fascia stores in the UK except for the 'B&M Express' fascia stores. References in this announcement to the Heron Foods business include both the Heron Foods fascia and B&M Express fascia convenience stores in the UK. |
4 |
Trading gross margin is considered to be a meaningful measure of profitability as it refers to the measure of gross margin used by management to commercially run the business. It differs to the statutory definition for B&M UK, which increased 74 bps from 36.2% to 36.9%, reflecting higher General Merchandise category margins and positive mix benefit from General Merchandise sales participation. |
5 |
Adjusted values are considered to be appropriate to exclude unusual, non-trading and/or non-recurring impacts on performance which therefore provides the user of the accounts with additional metrics to compare periods of account. See notes 3 and 4 of the financial information for further details. |
6 |
Please see note 3 of the financial information for more details and reconciliation to the Consolidated statement of cash flows. Statutory Group cash generated from operations was £344m (H1 FY26: £293m). This statutory definition excludes payments for leased assets including the leasehold property estate. |
7 |
Net debt comprises interest bearing loans and borrowings, overdrafts and cash and cash equivalents. Net debt was £613m at the half year end (H1 FY26: £859m), reflecting £996m (H1 FY26: £1,027m) gross cash debt netted against £383m of cash (H1 FY26: £168m). See note 8 of the financial information for more details. |
Results Presentation
An in-person presentation and Q&A for analysts will be held today at 9.30am (UK) at Bank of America, 2 King Edward St, London, EC1A 1HQ. Attendance is by invitation only and attendees must be registered in advance.
A simultaneous live webcast and presentation will also be available. Please use the following link:
https://edge.media-server.com/mmc/p/nptgmcuf
Post-event, a replay and transcript will be available on demand via the Investors section of our website at:
https://www.bandmretail.com/investors/results-and-presentations#2026
Enquiries
B&M European Value Retail plc
For further information please contact: +44 (0) 151 728 5400
Tjeerd Jegen, Chief Executive Officer
Peter Waterhouse, Interim Chief Financial Officer
Andrew Orchard, Head of Investor Relations
Investor.relations@bandmretail.com
Media
For media please contact:
Sodali & Co
David Allchurch, Rob Greening, Sam Austrums
Tel: +44(0) 207 250 1446
Disclaimer
This announcement contains statements which are or may be deemed to be ‘forward-looking statements’. Forward-looking statements involve risks and uncertainties because they relate to events and depend on events or circumstances that may or may not occur in the future. All forward-looking statements in this announcement reflect the Group’s present view with respect to future events as at the date of this announcement. Forward-looking statements are not guarantees of future performance and actual results in future periods may and often do differ materially from those expressed in forward-looking statements. Except where required by law or the Listing Rules of the UK Listing Authority, the Company undertakes no obligation to release publicly the results of any revisions to any forward-looking statements in this announcement that may occur due to any change in its expectations or to reflect any events or circumstances arising after the date of this announcement.
About B&M European Value Retail plc
B&M European Value Retail plc is a value retailer with 797 stores in the UK operating under the "B&M" brand, 339 stores under the "Heron Foods" and "B&M Express" brands, and 156 stores in France also operating under the "B&M" brand as at 26 September 2026. It is a constituent of the FTSE 250 index.
The B&M Group was founded in 1978 and listed on the London Stock Exchange in June 2014. For more information, please visit www.bandmretail.com
Chief Executive’s Review
Back to B&M Basics fully implemented
In my first presentation of Interim Results a year ago, I outlined a three-phase strategic growth plan for B&M UK, starting with the immediate priority of restoring sustainable LFL sales growth to our UK business through a set of actions we called Back to B&M Basics.
Twelve months on, we have implemented all four Back to B&M Basics workstreams in full, sharpening price, improving on-shelf availability in key brands, boosting the effectiveness of our promotions and reducing SKU count across our FMCG ranges. We gave ourselves between 12 to 18 months to see the financial impact of our actions. Today, I am pleased to report these actions are delivering.
The return of UK LFL sales growth of +3.2% in Q2 is an encouraging milestone. This was led by General Merchandise, which benefitted from an extended garden season following a slow weather-related start in Q1. It also included non-seasonal categories, including our Home ranges, where we are making everyday life more affordable for customers facing mounting cost-of-living pressures.
Encouragingly, our UK FMCG LFL saw improvement across Q2, ending the quarter flat. This improvement has continued in early Q3 trading, with positive FMCG LFL, giving us confidence that the actions we have taken under Back to B&M Basics are working. Our General Merchandise LFL has also remained positive, which is an important contributor to our Golden Quarter sales.
We have made further progress in restoring our UK General Merchandise category margin during the first half. We anticipate continued year-on-year improvements in the second half, which together with the restoration of UK LFL sales is a key driver of returning our UK adjusted EBITDA margin (pre-IFRS 16) to low double-digit levels over time, which we continue to see as a medium-term outcome for B&M UK.
Phase 2: Boosting the productivity of our UK estate
With Phase 1 now starting to deliver, we are making progress with our Phase 2 plans, where we see an opportunity to transform the customer experience of B&M and boost the productivity of our UK estate through investing in new store formats.
This is a departure from our previous approach, which adopted a single retail format across different sized stores in a variety of locations. Now, we have identified six store clusters with common customer profiles and shopping missions, which we are re-laying stores to match. Alongside re-lays, we are also refitting some stores where we identify an opportunity to boost sales by enhancing the customer store experience.
In August 2026, we launched our new B&M 2.0 concept store in Wigan, which embodies the design and layout elements of the B&M store of the future. Wigan 2.0 materially enhances the customer journey by introducing a landing zone, a more intuitive flow that plays to B&M's strength in General Merchandise and seasonal categories, wider aisles and a more efficient checkout experience enabled by the first installation of self-checkouts in B&M. As with Back to B&M Basics, our approach to B&M 2.0 is one of test-and-learn to determine which design elements drive the best sales outcomes.
Our Wigan 2.0 store has been recognised by The Institute of Grocery Distribution (IGD), which selected it as IGD's Store of the Month for November 2026, commending it as an excellent example of global retail execution.
Early trading at the store has been encouraging, with strong LFLs alongside positive category mix benefits. We plan to adopt the most successful format elements from Wigan 2.0 in all our new UK stores as they roll out, as well as in each store we refit, in order to progressively leverage these benefits to our wider UK estate.
All re-lays and refits will be funded through internally generated cash, with the investment requirements in FY27 balanced by a slower pace of UK store rollouts than in recent years. We now expect 15-20 gross new UK stores in FY27, versus the 25-35 gross we previously guided to, reverting to 25-35 gross in FY28. The majority of this year’s new stores will be opened in the second half. This is reflected in the phasing of our capital investment in FY27, which will be weighted more towards H2.
France: achieving critical scale
B&M France continues to perform strongly, delivering mid-single-digit LFL sales growth across H1 (+5.9%) through higher footfall and market share gains. With 156 stores, we see B&M France achieving breakthrough scale and deeper awareness with customers, who are attracted by our focus on compelling value, newness and depth of choice across our Home categories.
France’s Q2 LFL performance of +6.5% was delivered off a high base in Q2 FY26 (+9.4%), underscoring the strength and depth of the performance. B&M is taking share in France, growing transaction volumes alongside competitors that in many instances face operational and financial challenges. B&M France ended H1 with a 9.4% share of the discount market1, up +100bps since the end of FY26 and +140bps year-on-year.
We still see a strong growth runway for B&M France and now expect to open 15-20 new stores in FY27, versus the 15 we guided to with FY26 Results. France remains several years behind the UK in market consolidation, which may yet provide us with opportunities to scale the pace of our store expansion there.
To date, we have not seen a material impact of the social unrest in France on our business.
Heron Foods: delivering growth as cost-of-living pressures intensify
Heron delivered a second consecutive quarter of LFL growth, demonstrating the relevance of our everyday low price (EDLP) convenience offer in some of the UK’s most economically challenged urban areas at a time of rising cost-of-living pressures.
We continue to review Heron’s customer proposition and plan to evolve its value offer through a wider range of front-of-store convenience categories.
Leadership talent is a vital aspect of Heron’s future success and I am delighted to announce the appointment of Michael Fletcher as Managing Director of Heron Foods, effective 2 November 2026. Michael has extensive UK and International experience of a broad range of retail and wholesale operations, including senior roles at Tesco, Co-op and SPAR. His recent career has been particularly focused on developing and delivering award-winning propositions within the UK convenience sector, which will be of tremendous value to Heron as we position the business for future success. Michael takes on this role from Tony Dobbs, who has decided to step down after 35 years with Heron. I would like to thank Tony personally for everything he has contributed to Heron and the wider B&M Group. He leaves with my sincere thanks and very best wishes for the future.
Culture and values
Strategy alone cannot deliver organisational change. Culture plays a vital role in ensuring the transition we are bringing about is rooted in strong organisational foundations. That is why we embarked upon an extensive internal consultation in late 2025 to understand from our colleagues who we at B&M are today, and who we want to be in the future. The result is our new B&M DNA: a set of five core values which reflect the qualities and behaviours that colleagues told us matter most. Delighting our Customers, working as One Team, operating a business that is Simple and Agile, providing Opportunity for All and always Behaving Like an Owner: these values capture what makes B&M unique and provide a shared foundation for how we work together and serve our customers every day.
Restoring Group profitability on solid financial foundations
The operational performance we are now delivering for B&M is built on solid financial foundations. Our balance sheet leverage stood at 1.3x at the end of H1 FY27, well within our target range of 1.0 – 1.5x, reflecting prudent inventory management and the phasing of our capital investment for the year. We expect leverage to remain within this range during H2 FY27 now that our normal seasonal inventory build ahead of our Golden Quarter is behind us.
We are restoring Group profitability through re-establishing UK LFL sales growth and improving our UK category margin while managing continued cost headwinds and investing in our business. This will support our ambition of achieving low double-digit adjusted EBITDA margins for B&M UK in the medium term as an outcome.
Current trading and outlook
Early Golden Quarter trading has been positive in each of our operating businesses, with continued LFL growth at B&M UK in both FMCG and General Merchandise. Taking into account year-to-date performance and current trading, we expect to deliver FY27 Group adjusted EBITDA (pre-IFRS 16) in a range of £450m - £500m (FY26: £459m) and Group adjusted PBT of £280m - £330m (FY26: £284m).
The elements of B&M’s long-term growth algorithm remain in place. We have a clear growth story anchored in boosting productivity of our existing estate while deploying new stores into a substantial white space opportunity, both in the UK and France, generating considerable job creation in the communities we serve. We are restoring margins through improving category profitability as sustainable UK LFL growth returns. Our business enjoys strong cash conversion, which provides us with the ability to both invest in the organic growth of our business and support attractive shareholder returns.
The past twelve months have challenged us. Yet they have also provided us opportunities to test and learn new execution, format and design elements with the potential to improve sales outcomes beyond the restoration of LFL growth we are bringing about. With Phase 1 delivering, this is now our focus as we continue to transform B&M and further our ambition to be the nation's favourite place to shop.
Tjeerd Jegen
Chief Executive Officer
11 November 2026
Notes:
1 |
Source: Circana Discount Destockage (excluding Temu). |
Financial review
Group
£’m |
H1 FY27 |
H1 FY26 |
YoY Change |
Revenue |
2,848 |
2,749 |
3.6% |
Gross profit |
1,060 |
1,004 |
5.5% |
% |
37.2% |
36.5% |
67 bps |
Adjusted operating costs1 |
(857) |
(813) |
5.4% |
Adjusted EBITDA (pre-IFRS 16)1 |
203 |
191 |
6.0% |
% |
7.1% |
7.0% |
16 bps |
Depreciation and amortisation (pre-IFRS 16) |
(51) |
(48) |
5.7% |
Operating impact of IFRS 16* |
40 |
34 |
18.0% |
Adjusted operating profit1 |
192 |
177 |
8.3% |
Finance costs relating to right-of-use assets |
(43) |
(42) |
2.7% |
Other net finance costs |
(28) |
(32) |
(11.1)% |
Adjusted profit before tax |
121 |
103 |
16.6% |
Adjusting items |
(6) |
(28) |
(81.2)% |
Statutory profit before tax |
115 |
75 |
53.7% |
*includes depreciation on right-of-use assets of £99m (H1 FY26: £98m). H1 total depreciation & amortisation was £150m (H1 FY26: £146m)
Revenue
Group revenues increased by +3.6%, (+3.5% on a constant currency basis2), driven by positive LFL3 sales across all three businesses with 4 net new store openings.
Gross margin
Group gross profit margin increased by +67 bps to 37.2% primarily driven by an increase in B&M UK4 trading gross margin5 in General Merchandise and sales mix benefits, with some gross margin expansion also in B&M France.
Adjusted EBITDA (pre-IFRS 16)
Group adjusted operating costs1 grew by +5.4% to £857m (H1 FY26: £813m), reflecting estate growth, continued investment in supply chain infrastructure and operating cost inflation including wages, leading to an overall Group adjusted EBITDA1 (pre-IFRS 16) of £203m, representing an increase of +6.0% year-on-year (FY26 H1: £191m). This reflects the operating profit growth across each of the businesses.
Our Group adjusted EBITDA margin was 7.1%, an increase of +16 bps.
Net finance costs
Net finance costs, excluding IFRS 16, decreased by £4m to £28m, primarily reflecting additional financial income and lower borrowing costs due to generally higher cash levels. Finance charges relating to right-of-use assets (IFRS 16) rose slightly by £1m to £43m.
Adjusted profit before tax
Group adjusted profit before tax1 increased by +16.6% to £121m (H1 FY26: £103m), driven by higher EBITDA, a smaller net loss in relation to IFRS 16 adjustments and lower net finance costs. Depreciation and amortisation increased by +5.7% to £51m, reflecting continued growth in the store estate and investment in the supply chain over the last 18 months.
Adjusting items
Adjusting items1 were a net charge of £6m (H1 FY26: net charge of £28m). The primary drivers of this were £9m store and fixed asset impairments (H1 FY26: £13m) netted against a £3m gain (H1 FY26: £10m loss) related to non-underlying foreign exchange. H1 FY26 also included £2m of costs in relation to significant infrastructure projects and £3m of costs in relation to the redomicile. For further details, please see note 3 of the financial information.
Profit before tax
Statutory profit before tax increased by +53.7% to £115m (H1 FY26: £75m) due to higher adjusted profit and lower adjusting items as described above.
Earnings per share
Adjusted diluted EPS1 was 8.9p, +24.3% higher year-on-year, driven by higher adjusted profit. Statutory diluted EPS was 8.3p, (H1 FY26: 5.2p) additionally caused by a decrease in adjusting items1 year-on-year.
Capital expenditure
Group net capital expenditure, excluding IFRS 16 right-of-use asset additions, was £51m (H1 FY26: £74m). This included £10m spent on 11 gross new stores opened in the first half across the Group (H1 FY26: £32m on 31 stores), £30m on maintenance works (approximately 1% of H1 revenues) to ensure that our existing store estate and warehouses are appropriately invested (H1 FY26: £22m), and a total of £11m on infrastructure projects and opportunistic freehold acquisitions or disposals (H1 FY26: £13m). H1 FY26 also included £7m of one-off expenditure on the fit out of our Ellesmere Port import centre.
We would expect H2 capital expenditure to increase as we expect to have more store openings, re-lays and refits than we have had in H1.
Post-tax free cash flow6 and leverage
Post-tax free cash flow6 generated in the first half of £132m (H1 FY26: £51m), reflected the higher cash profit, an improved working capital position, and lower capital expenditure year-on-year.
Net debt7 to last-twelve-months adjusted EBITDA1 (pre-IFRS 16) is at 1.3x at the end of H1 FY27 (H1 FY26: 1.6x) which is within our target range of 1.0x – 1.5x. Incorporating IFRS 16, net debt to last twelve-months adjusted EBITDA was 2.8x (H1 FY26: 2.9x).
Our working capital has benefitted earlier than we had originally anticipated in respect to recent process improvements and we would expect this to be maintained and to stabilise over the remainder of the year, whilst capital expenditure is expected to increase in H2 as noted above. With Golden Quarter trading to come, we would expect to remain within our target range of 1.0x-1.5x at the year end date.
Dividends
We target to pay ordinary dividends at 40-50% of after-tax adjusted earnings1 (post-IFRS 16), with the long-term outlook paying out at the mid-point of the range (approximately one-third as an interim dividend and two-thirds as the final dividend).
As such, an interim dividend of 3.6p per Ordinary Share will be paid on 18 December 2026 to shareholders on the register at 20 November 2026. The ex-dividend date will be 19 November 2026.
Performance by segment
Segment performance |
Revenue £'m |
Revenue growth % |
Adjusted EBITDA1 (pre-IFRS 16) margin % |
||||
| |||||||
| |||||||
H1 FY27 |
H1 FY26 |
H1 FY27 |
H1 FY26 |
H1 FY27 |
H1 FY26 |
| |
B&M UK4 | 2,248 |
2,196 |
2.4% |
3.5% |
7.5% |
|
|
B&M France | 319 |
280 |
13.7% |
13.4% |
7.9% |
6.6%
|
|
Heron Foods | 281 |
273 |
3.0% |
(0.9)% |
4.6% |
3.9%
|
|
*The B&M UK adjusted EBITDA (pre-IFRS 16) margin % has been restated from the previously reported 7.7% for H1 FY26 due to a reallocation of certain costs between our B&M UK and Corporate segments. See notes 2 and 3 for further details. |
| ||||||
B&M UK
In B&M UK4, total revenue increased by +2.4% to £2,248m (H1 FY26: £2,196m), with LFL3 sales increasing by +0.4%. Our Q1 LFL was -2.3%, driven by poor seasonal weather and a strong comparative, particularly in April. General Merchandise returned to growth in May and June, offsetting softer FMCG performance.
The improving trading momentum continued into Q2, with General Merchandise delivering LFL growth driven by both average selling price (ASP) and volume. FMCG trends also improved, with LFL3 sales finishing flat in the quarter. Together, this resulted in total Q2 LFL3 growth of +3.2%.
Trading gross margin5 increased by +94 bps year-on-year to 36.3% (H1 FY26: 35.4%), reflecting higher category margins across General Merchandise and a positive mix benefit from increased General Merchandise sales participation. FMCG trading margins remained below the prior year, as expected, reflecting continued price investment in key value items (KVIs) and the impact of clearance in relation to SKU rationalisation. KVI price investment annualised during August, while the impact from SKU rationalisation was more pronounced in Q2, affecting the year-on-year decrease in FMCG category margin. Statutory gross margin increased by +74 bps to 36.9% (H1 FY26: 36.2%), with the difference principally reflecting foreign exchange derivative accounting.
There was 1 gross new store opening in H1, with 3 closures. We aim to open between 15 and 20 gross new stores by the end of this financial year, lower than our previously stated target of between 25 and 35.
In addition to revenue generated in-store, B&M UK4 revenues also included £13m of wholesale revenues (H1 FY26: £15m), the majority of which represented sales made to our associate Centz Retail Holdings Limited, a chain of 59 variety goods stores in the Republic of Ireland.
Adjusted operating1 costs increased by +5.2% to £662m (29.4% of revenue), compared with £629m (28.6% of revenue) in the prior year. The increase reflected estate growth, the statutory National Minimum Wage increase, continued investment in our distribution infrastructure, including the opening of a new third-party managed distribution centre in Rugby, and broader operating cost inflation.
Adjusted EBITDA (pre-IFRS 16)1 increased by +1.5% to £168m (H1 FY26: £165m), with adjusted margin holding at 7.5% (H1 FY26: 7.5%), the LFL and trading margin growth offsetting with underlying operating cost inflation.
Adjusted profit before tax1 was £132m, a £4m increase year-on-year (H1 FY26: £128m), driven largely by the increase in Adjusted EBITDA. Statutory profit before tax for the period was £132m (H1 FY26: £128m).
B&M France
B&M France has continued to trade strongly with total revenues increasing by +13.7% to £319m (H1 FY26: £280m). This performance was underpinned by LFL3 growth of +5.9%, driven by footfall and 9 net new stores. The business is on track to open between 15 to 20 new stores by the end of the financial year.
Adjusted operating costs1 increased by +11.3% to £116m (H1 FY26: £104m) reflecting the volume growth associated with the increased level of sales. Costs improved as a percentage of revenue (36.4% of revenue) compared to the prior year (37.1% of revenue) with the business benefitting from meaningful leverage as it continues to scale.
Adjusted EBITDA1 (pre-IFRS 16) increased by +36.9% to £25m (H1 FY26: £18m) representing a margin of 7.9% (H1 FY26: 6.6%).
Adjusted profit before tax1 for the period was £17m (H1 FY26: £10m) due to the reasons outlined above.
Heron Foods
Our discount convenience offering, Heron Foods generated revenues of £281m, up +3.0% year-on-year. The performance was driven by strong growth in ambient ranges. We have made good progress in strengthening Heron’s LFL3 performance, which grew by +3.1% in Q2. We continue to review Heron’s customer proposition and plan to evolve its value offer through a wider range of convenience categories.
Heron did not open any new stores in this half and have closed 3 stores whilst the focus has been on restoring LFL3 growth. Our expectation is to open 5 gross new stores by the end of this financial year.
Adjusted operating costs1 decreased by -1.4% to £76m (27.1% of revenue) compared with £77m (28.3% of revenue) in the prior year. Adjusted EBITDA1 (pre-IFRS 16) increased by +21.7% to £13m (H1 FY26: £11m) as a result of higher LFL sales and stronger cost control.
Adjusted profit before tax1 was £8m (H1 FY26: £4m) due to the reasons outlined above. Statutory profit before tax for the period was £8m (H1 FY26: £4m).
Principal risks and uncertainties
The principal risks and uncertainties faced by the Group remain those as set out on page 22 to 28 of our Annual Report and Financial Statements 2026: supply chain; competition; economic environment; regulation and compliance; international expansion; political uncertainty; IT systems, artificial intelligence, cyber security and business continuity; key management reliance and store expansion.
Peter Waterhouse
Interim Chief Financial Officer
11 November 2026
Notes:
1 |
Adjusted values are considered to be appropriate to exclude unusual, non-trading and/or non-recurring impacts on performance which therefore provides the user of the accounts with additional metrics to compare periods of account. See notes 3 and 4 of the financial information for further details. |
2 |
Constant currency comparison involves restating the prior year Euro revenues using the same exchange rate as that used to translate the current year Euro revenues. |
3 |
One-year like-for-like revenues include each store’s revenue for that part of the current period that falls at least 14 months after it opened compared with its revenue for the corresponding part of FY26. This 14-month approach has been adopted as it excludes the 2-month halo period which new stores experience following opening. |
4 |
References in this announcement to the B&M UK business include the B&M fascia stores in the UK except for the 'B&M Express' fascia stores. References in this announcement to the Heron Foods business include both the Heron Foods fascia and B&M Express fascia convenience stores in the UK. |
5 |
Trading gross margin is considered to be a meaningful measure of profitability as it refers to the measure of gross margin used by management to commercially run the business. It differs to the statutory definition for B&M UK, which increased 74 bps from 36.2% to 36.9%, reflecting higher General Merchandise category margins and positive mix benefit from General Merchandise sales participation. |
6 |
Please see note 3 of the financial information for more details and reconciliation to the Consolidated statement of cash flows. Statutory Group cash generated from operations was £344m (H1 FY26: £293m). This statutory definition excludes payments for leased assets including the leasehold property estate. |
7 |
Net debt comprises interest bearing loans and borrowings, overdrafts and cash and cash equivalents. Net debt was £613m at the half year end (H1 FY26: £859m), reflecting £996m (H1 FY26: £1,027m) gross cash debt netted against £383m of cash (H1 FY26: £168m). See note 8 of the financial information for more details. |
Condensed Consolidated Statement of Comprehensive Income
|
|
26 weeks ended 26 September 2026 |
26 weeks ended 27 September 2025 |
52 weeks ended 28 March 2026 |
|
Note |
£’m |
£’m |
£’m |
|
|
|
|
|
Revenue |
2 |
2,848 |
2,749 |
5,775 |
|
|
|
|
|
Cost of sales |
|
(1,788) |
(1,745) |
(3,670) |
|
|
|
|
|
Gross profit |
|
1,060 |
1,004 |
2,105 |
|
|
|
|
|
Administrative expenses |
|
(874) |
(855) |
(1,731) |
|
|
|
|
|
Operating profit |
3 |
186 |
149 |
374 |
|
|
|
|
|
Share of profits in associates |
|
- |
- |
1 |
|
|
|
|
|
Profit on ordinary activities before interest and tax |
|
186 |
149 |
375 |
|
|
|
|
|
Finance costs on lease liabilities |
|
(43) |
(42) |
(84) |
Other finance costs |
|
(33) |
(36) |
(70) |
Finance income |
|
5 |
4 |
6 |
|
|
|
|
|
Profit on ordinary activities before tax |
|
115 |
75 |
227 |
|
|
|
|
|
Income tax expense |
6 |
(31) |
(22) |
(63) |
|
|
|
|
|
Profit for the period |
|
84 |
53 |
164 |
|
|
|
|
|
Other comprehensive income for the period |
|
|
|
|
Items that may be subsequently reclassified to profit or loss: |
|
|
|
|
Exchange differences on retranslation of subsidiaries and associates |
|
(1) |
4 |
4 |
Fair value movements recorded in the hedging reserve |
|
0 |
(15) |
(10) |
Tax effect of other comprehensive income |
|
(0) |
1 |
(3) |
Total other comprehensive income |
|
(1) |
(10) |
(9) |
|
|
|
|
|
Total comprehensive income for the period |
|
83 |
43 |
155 |
|
|
|
|
|
Earnings per share |
|
|
|
|
Basic earnings attributable to ordinary equity holders (pence) |
4 |
8.3 |
5.2 |
16.3 |
Diluted earnings attributable to ordinary equity holders (pence) |
4 |
8.3 |
5.2 |
16.3 |
All profit and other comprehensive income is attributable to the owners of the parent.
The accompanying accounting policies and notes form an integral part of these condensed consolidated financial statements.
Condensed Consolidated Statement of Financial Position
|
Note |
26 September 2026 £’m |
*Restated 27 September 2025 £’m |
28 March 2026 £’m |
Non-current assets |
|
|
|
|
Goodwill |
|
921 |
921 |
921 |
Intangible assets |
|
119 |
119 |
120 |
Property, plant and equipment |
|
469 |
468 |
471 |
Right-of-use assets |
|
1,138 |
1,162 |
1,153 |
Investments in associates |
|
7 |
6 |
7 |
Other receivables |
|
9 |
9 |
9 |
Other financial assets |
11 |
0 |
1 |
- |
Deferred tax asset |
|
6 |
6 |
6 |
|
|
2,669 |
2,692 |
2,687 |
Current assets |
|
|
|
|
Cash and cash equivalents |
|
383 |
168 |
342 |
Inventories |
|
926 |
1,035 |
849 |
Trade and other receivables |
|
98 |
83 |
59 |
Other financial assets |
11 |
12 |
4 |
13 |
Income tax receivable |
|
20 |
28 |
23 |
|
|
1,439 |
1,318 |
1,286 |
|
|
|
|
|
Total assets |
|
4,108 |
4,010 |
3,973 |
|
|
|
|
|
Equity |
|
|
|
|
Share capital |
7 |
(101) |
(101) |
(101) |
Share premium |
|
(2,474) |
(2,474) |
(2,474) |
Retained earnings |
|
(218) |
(110) |
(184) |
Hedging reserve |
|
(1) |
14 |
1 |
Other reserve |
|
- |
(10) |
(10) |
Merger reserve |
|
1,979 |
1,979 |
1,979 |
Foreign exchange reserve |
|
(8) |
(9) |
(9) |
|
|
(823) |
(711) |
(798) |
Non-current liabilities |
|
|
|
|
Interest-bearing loans and borrowings |
8 |
(981) |
(981) |
(982) |
Lease liabilities |
|
(1,233) |
(1,245) |
(1,240) |
Deferred tax liabilities |
|
(41) |
(25) |
(45) |
Other financial liabilities |
11 |
(0) |
(0) |
- |
Provisions |
9 |
(1) |
(4) |
(5) |
|
|
(2,256) |
(2,255) |
(2,272) |
Current liabilities |
|
|
|
|
Interest-bearing loans and borrowings |
8 |
(7) |
(36) |
(7) |
Trade and other payables |
|
(779) |
(747) |
(661) |
Lease liabilities |
|
(221) |
(216) |
(217) |
Other financial liabilities |
11 |
(1) |
(27) |
(3) |
Income tax payable |
|
(10) |
(6) |
(9) |
Provisions |
9 |
(11) |
(12) |
(6) |
|
|
(1,029) |
(1,044) |
(903) |
|
|
|
|
|
Total liabilities |
|
(3,285) |
(3,299) |
(3,175) |
|
|
|
|
|
Total equity and liabilities |
|
(4,108) |
(4,010) |
(3,973) |
*The restatement relates to a reclassification between share premium and retained earnings. For more details, see note 1. | ||||
The accompanying accounting policies and notes form an integral part of this financial information. The condensed financial statements were approved by the Board of Directors on 11 November 2026 and signed on their behalf by:
Tjeerd Jegen
Chief Executive Officer
11 November 2026
Condensed Consolidated Statement of Changes in Shareholders’ Equity
|
Share capital |
Share premium |
Retained earnings |
Hedging reserve |
Other reserve |
Merger reserve |
Foreign exchange reserve |
Total equity |
|
£’m |
£’m |
£’m |
£’m |
£’m |
£’m |
£’m |
£’m |
|
|
|
|
|
|
|
|
|
Balance at 29 March 2025 as previously reported |
100 |
2,484 |
143 |
(11) |
10 |
(1,979) |
5 |
752 |
|
|
|
|
|
|
|
|
|
Restatement of share premium* |
- |
(10) |
10 |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Restated balance at 29 March 2025* |
100 |
2,474 |
153 |
(11) |
10 |
(1,979) |
5 |
752 |
|
|
|
|
|
|
|
|
|
Ordinary dividends declared |
- |
- |
(97) |
- |
- |
- |
- |
(97) |
Restated effect of share options* |
1 |
- |
1 |
- |
- |
- |
- |
2 |
Total for transactions with owners |
1 |
- |
(96) |
- |
- |
- |
- |
(95) |
|
|
|
|
|
|
|
|
|
Profit for the period |
- |
- |
53 |
- |
- |
- |
- |
53 |
Other comprehensive income |
- |
- |
- |
(14) |
- |
- |
4 |
(10) |
Total comprehensive income for the period |
- |
- |
53 |
(14) |
- |
- |
4 |
43 |
|
|
|
|
|
|
|
|
|
Hedging gains & losses reclassified as inventory |
- |
- |
- |
10 |
- |
- |
- |
10 |
Hedging gains & losses reclassified as finance costs |
- |
- |
- |
1 |
- |
- |
- |
1 |
|
|
|
|
|
|
|
|
|
Restated balance at 27 September 2025* |
101 |
2,474 |
110 |
(14) |
10 |
(1,979) |
9 |
711 |
|
|
|
|
|
|
|
|
|
Ordinary dividends declared |
- |
- |
(36) |
- |
- |
- |
- |
(36) |
Effect of share options |
0 |
- |
2 |
- |
- |
- |
- |
2 |
Total for transactions with owners |
0 |
- |
(34) |
- |
- |
- |
- |
(34) |
|
|
|
|
|
|
|
|
|
Profit for the period |
- |
- |
111 |
- |
- |
- |
- |
111 |
Other comprehensive income |
- |
- |
(3) |
4 |
- |
- |
- |
1 |
Total comprehensive income for the period |
- |
- |
108 |
4 |
- |
- |
- |
112 |
|
|
|
|
|
|
|
|
|
Hedging gains & losses reclassified as inventory |
- |
- |
- |
9 |
- |
- |
- |
9 |
Hedging gains & losses reclassified as finance costs |
- |
- |
- |
0 |
- |
- |
- |
0 |
|
|
|
|
|
|
|
|
|
Balance at 28 March 2026 |
101 |
2,474 |
184 |
(1) |
10 |
(1,979) |
9 |
798 |
|
|
|
|
|
|
|
|
|
Ordinary dividends declared |
- |
- |
(61) |
- |
- |
- |
- |
(61) |
Effect of share options |
0 |
- |
1 |
- |
- |
- |
- |
1 |
Total for transactions with owners |
0 |
- |
(60) |
- |
- |
- |
- |
(60) |
|
|
|
|
|
|
|
|
|
Profit for the period |
- |
- |
84 |
- |
- |
- |
- |
84 |
Other comprehensive income |
- |
- |
- |
(0) |
- |
- |
(1) |
(1) |
Total comprehensive income for the period |
- |
- |
84 |
(0) |
- |
- |
(1) |
83 |
|
|
|
|
|
|
|
|
|
Hedging gains & losses reclassified as inventory |
- |
- |
- |
2 |
- |
- |
- |
2 |
Hedging gains & losses reclassified as finance costs |
- |
- |
- |
0 |
- |
- |
- |
0 |
|
|
|
|
|
|
|
|
|
Reallocation of other reserve** |
- |
- |
10 |
- |
(10) |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Balance at 26 September 2026 |
101 |
2,474 |
218 |
1 |
- |
(1,979) |
8 |
823 |
*The restatement relates to a reclassification between share premium and retained earnings. For more details, see note 1. | ||||||||
**This related to a reallocation between other reserve and retained earnings. For more details, see note 1. | ||||||||
The accompanying accounting policies and notes form an integral part of these consolidated financial statements.
Condensed Consolidated Statement of Cash Flows
|
|
26 weeks ended 26 September 2026 |
26 weeks ended 27 September 2025 |
52 weeks ended 28 March 2026 |
|
Note |
£’m |
£’m |
£’m |
Cash flows from operating activities |
|
|
|
|
Cash generated from operations |
10 |
344 |
293 |
801 |
Income tax paid |
|
(33) |
(47) |
(65) |
Net cash flows from operating activities |
|
311 |
246 |
736 |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Purchase of property, plant and equipment |
|
(51) |
(76) |
(139) |
Purchase of intangible assets |
|
(1) |
0 |
(3) |
Proceeds from the sale of property, plant and equipment |
|
1 |
2 |
3 |
Receipts in relation to short-term money market investments |
|
- |
150 |
150 |
Finance income received |
|
5 |
4 |
6 |
Net cash flows from investing activities |
|
(46) |
80 |
17 |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Net receipt of Group revolving credit facilities |
8 |
- |
30 |
- |
Repayment of old corporate bonds |
8 |
- |
(156) |
(156) |
Receipt of loan facilities held in France |
|
1 |
7 |
12 |
Repayment of loan facilities held in France |
|
(4) |
(3) |
(7) |
Repayment of the principal in relation to right-of-use assets |
|
(85) |
(79) |
(192) |
Payment of interest in relation to right-of-use assets |
|
(43) |
(42) |
(84) |
Fees on refinancing |
8 |
- |
- |
(0) |
Other finance costs paid |
|
(32) |
(37) |
(69) |
Dividends paid to owners of the parent |
|
(61) |
(97) |
(133) |
Net cash flows from financing activities |
|
(224) |
(377) |
(629) |
|
|
|
|
|
Effects of exchange rate changes on cash and cash equivalents |
|
(0) |
2 |
1 |
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
41 |
(49) |
125 |
Cash and cash equivalents at the beginning of the period |
|
342 |
217 |
217 |
Cash and cash equivalents at the end of the period |
|
383 |
168 |
342 |
|
|
|
|
|
Cash and cash equivalents comprise: |
|
|
|
|
Cash at bank and in hand |
|
383 |
168 |
342 |
|
|
383 |
168 |
342 |
The accompanying accounting policies and notes form an integral part of these consolidated financial statements.
Notes to the financial information
- General information and basis of preparation
The unaudited results for the first half of the financial year have been prepared on the basis of the accounting policies set out in the Group’s latest set of consolidated financial statements released by the ultimate controlling party, B&M European Value Retail plc (the “Company”), and its subsidiaries (the “Group”). The Company is listed on the London Stock Exchange and incorporated in Jersey.
In the prior year, three Group entities relocated to Jersey from Luxembourg, B&M European Value Retail plc migrated on 27 February 2026 and both B&M European Value Retail 1 Ltd and B&M European Value Retail 2 Ltd migrated on 18 March 2026.
The financial information has been prepared in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority and IAS 34 ‘Interim Financial Reporting’ as contained in UK-adopted international accounting standards. The interim financial information for the period ended 27 September 2025 was prepared in accordance with International Accounting Standard (IAS) 34 ‘Interim Financial Reporting’ as endorsed by the European Union.
These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting, and should be read in conjunction with the Group’s last annual consolidated financial statements as at and for the period ended 28 March 2026. They do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS Accounting Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements.
These interim financial statements were authorised for issue by the Company’s board of directors on 11 November 2026.
During the period, the Group adopted the amendments to IFRS 9 Financial Instruments for the first time. The amendments introduce additional requirements relating to the classification and measurement of financial assets and financial liabilities, including clarifications regarding the assessment of contractual cash flow characteristics and the derecognition of financial liabilities settled through electronic payment systems. We have assessed the impact of these amendments on the Group's financial instruments and have concluded that their adoption has not had a material impact on the Group's financial position.
The Group’s trade is general retail, with trading taking place in the UK and France.
The principal accounting policies have remained unchanged from the prior financial information for the Group for the period to 28 March 2026.
The consolidated financial statements for B&M European Value Retail plc for the 52 weeks to 28 March 2026 have been reported on by the Group auditor. The audit report was unqualified.
The consolidated interim financial statements are presented in pounds sterling and all values are rounded to the nearest million (£’m), except when otherwise indicated.
This consolidated financial information does not constitute statutory financial statements.
Basis of consolidation
This Group financial information consolidates the financial information of the Company and its subsidiary undertakings, together with the Group's share of the net assets and results of associated undertakings, for the period from 29 March 2026 to 26 September 2026. Acquisitions of subsidiaries are dealt with by the acquisition method of accounting, acquisitions of associates are dealt with by the equity method of accounting. The results of companies acquired are included in the consolidated statement of comprehensive income from the acquisition date.
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
Specifically, the Group controls an investee if and only if the Group has:
Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); | |
Exposure, or rights, to variable returns from its involvement with the investee, and | |
The ability to use its power over the investee to affect its returns. |
When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:
The contractual arrangement with the other vote holders of the investee; | |
Rights arising from other contractual arrangements; and | |
The Group’s voting rights and potential voting rights. |
The Group re-assesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the statement of comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary, excluding the situations as outlined in the basis of preparation.
Restatement
When preparing the 28 March 2026 accounts, the Group voluntarily restated the prior year reserves balances to reflect alignment between the share premium balance between the parent company and the Group. This difference arose as previously in the Group financial statements the credit previously recognised in retained earnings for share options accounting was reclassified to share premium when employee share options were exercised. This was not reflected in the parent company. The reclassification aligns the presentation in the Group accounts with that of the parent company. The comparative period ended 27 September 2025 has also been restated. The overall impact of the restatement was to increase retained earnings and decrease share premium by £10 million at 29 March 2025, as previously reported, and by a further £3 million at 27 September 2025. There was no impact on the profit or net assets in either period. No restatement was required for the period ended 28 March 2026 as the error had already been identified and reflected when this set of accounts was prepared.
Reallocation of other reserve
Our other reserve balance of £10m represented the statutory reserve brought forward from the apportionment of profit within each Luxembourg company. This was previously represented as the ‘legal reserve’ until the redomicile to Jersey completed early in 2026. Following completion of the redomicile in March 2026, this period we have recycled this reserve balance to the retained earnings reserve.
Going concern
As a value retailer, the Group is well placed to withstand volatility within the economic environment. The Group’s forecasts and projections, taking into account reasonably plausible changes in trading performance, show that the Group will trade within its current banking facilities.
In assessing the Group’s going concern at the half year, the Directors have considered the business activities including the Group’s principal risks and uncertainties. The Directors have also considered the Group’s current cash position, the repayment profile of its obligations, its financial covenants and the resilience of its 12-month cash flow forecast to a series of severe but plausible downside scenarios. Having considered these factors, the Board is satisfied the Group has adequate resources to continue in operational existence for the foreseeable future.
Consequently, the Directors are confident that the Group and Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the condensed consolidated interim financial statements and therefore have prepared the financial statements on a going concern basis.
Critical judgments and key sources of estimation uncertainty
Impairment
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required (for goodwill or indefinite life assets), the Group estimates the asset’s recoverable amount.
The Group bases its impairment calculation on detailed budgets and forecasts which are prepared separately for each of the Group’s cash-generating units (CGUs) to which the individual assets are allocated. Indications of impairment might include (for goodwill and the brand assets, for instance) a significant decrease in the like-for-like sales of established stores as a consequence of sustained negative publicity.
The B&M UK and Heron Foods impairment calculations reflect assumptions that are based upon management’s judgment. The key assumptions include the anticipated like-for-like sales performance and gross margin rates, which are based upon the historical performance of the entity and strategic decisions in relation to this entity. See note 5 for further details.
Standards and interpretations not yet applied by the Group
The following amendment to accounting standards and interpretations, issued by the International Accounting Standards Board (IASB), has not yet been applied by the Group during the period. The impact of this amendment on the Group’s financial statements is expected to be significant.
Impact of new international reporting standards, amendments and interpretations: Annual periods beginning on or after 1 January 2027
Standard |
Summary of changes
|
UK endorsement status |
IFRS 18 Presentation and Disclosure in Financial Statements |
IFRS 18 replaces IAS 1 and introduces new presentation and disclosure requirements. It requires entities to categorise income and expenses into five defined groups and present a new operating profit subtotal, without affecting overall net profit. It also mandates disclosure of MPMs in a single note that are not subtotalled in the financial statements. Additionally, operating profit must be used as the starting point for cash flows under the indirect method. The Group is still in the process of assessing the overall impact of the new accounting standard, particularly with respect to the structure of the Group’s consolidated statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements, including for items currently labelled as ‘other’. This is expected to be effective for B&M for the year ended 25 March 2028. |
Approved for early-adoption in the UK by the UK Endorsement Board (UKEB) on 10 December 2025. |
2 Segmental information
IFRS 8 (‘Operating segments’) requires the Group’s segments to be identified on the basis of internal reports about the components of the Group that are regularly reviewed by the chief operating decision maker to assess performance and allocate resources across each reporting segment.
The chief operating decision maker has been identified as the executive directors who monitor the operating results of the retail segments for the purpose of making decisions about resource allocation and performance assessment.
For management purposes, the Group is organised into three operating segments; B&M UK, Heron Foods and B&M France, each comprising a separately operated business unit within the Group.
Items that fall into the Corporate category, which is not a separate segment but is presented to reconcile the balances to those presented in the main statements, include those related to the Jersey or associate entities, group financing, corporate transactions, any tax adjustments and items we consider to be adjusting (see note 3).
The average euro rate for translation purposes was €1.1613/£ during the period, with the period end rate being €1.1617/£ (September 2025: €1.1659/£ and €1.1463/£ and March 2026: €1.1564/£ and €1.1538/£ respectively).
26 week period to 26 September 2026 |
B&M UK |
Heron Foods |
B&M France |
Corporate |
Total |
|
£’m |
£’m |
£’m |
£’m |
£’m |
|
|
|
|
|
|
Revenue |
2,248 |
281 |
319 |
- |
2,848 |
|
|
|
|
|
|
EBITDA (note 3) |
274 |
19 |
52 |
(9) |
336 |
Depreciation and amortisation |
(115) |
(10) |
(25) |
- |
(150) |
Net finance expense |
(27) |
(1) |
(10) |
(33) |
(71) |
Profit/(loss) before tax |
132 |
8 |
17 |
(42) |
115 |
Income tax (charge)/credit |
(34) |
(2) |
(4) |
9 |
(31) |
Segment profit/(loss) |
98 |
6 |
13 |
(33) |
84 |
|
|
|
|
|
|
Total assets |
3,298 |
256 |
506 |
48 |
4,108 |
Total liabilities |
(1,741) |
(120) |
(364) |
(1,060) |
(3,285) |
Capital expenditure** |
(41) |
(1) |
(10) |
- |
(52) |
26 week period to 27 September 2025 |
B&M UK |
Heron Foods |
B&M France |
Corporate |
Total |
|
£’m |
£’m |
£’m |
£’m |
£’m |
|
|
|
|
|
|
Revenue |
2,196 |
273 |
280 |
- |
2,749 |
|
|
|
|
|
|
Restated EBITDA (note 3)* |
266 |
17 |
43 |
(31) |
295 |
Depreciation and amortisation |
(111) |
(12) |
(23) |
- |
(146) |
Net finance expense |
(27) |
(1) |
(10) |
(36) |
(74) |
Profit/(loss) before tax |
128 |
4 |
10 |
(67) |
75 |
Restated income tax (charge)/credit* |
(34) |
(1) |
(2) |
15 |
(22) |
Restated segment profit/(loss)* |
94 |
3 |
8 |
(52) |
53 |
|
|
|
|
|
|
Total assets |
3,230 |
272 |
462 |
46 |
4,010 |
Total liabilities |
(1,743) |
(124) |
(335) |
(1,097) |
(3,299) |
Capital expenditure** |
(59) |
(8) |
(9) |
- |
(76) |
| |||||
*The comparative period table has a reclassification of £5m of costs between B&M UK and Corporate, impacting EBITDA and segmental profit/(loss), relating to a previous incorrect allocation of certain costs in the prior half year report. The figures previously reported were £271m in B&M UK and a £36m loss in Corporate for EBITDA, and a £98m profit in B&M UK and £56m loss in Corporate for segmental profit/(loss). The income tax (charge)/credit has also been updated by £1m in-line with the change to EBITDA. | |||||
52 week period to 28 March 2026 |
B&M UK |
Heron Foods |
B&M France |
Corporate |
Total |
|
£’m |
£’m |
£’m |
£’m |
£’m |
|
|
|
|
|
|
Revenue |
4,615 |
544 |
616 |
- |
5,775 |
|
|
|
|
|
|
EBITDA (note 3) |
602 |
29 |
103 |
(62) |
672 |
Depreciation and amortisation |
(227) |
(22) |
(48) |
- |
(297) |
Net finance expense |
(56) |
(3) |
(19) |
(70) |
(148) |
Profit/(loss) before tax |
319 |
4 |
36 |
(132) |
227 |
Income tax (charge)/credit |
(83) |
(0) |
(9) |
29 |
(63) |
Segment profit/(loss) |
236 |
4 |
27 |
(103) |
164 |
|
|
|
|
|
|
Total assets |
3,185 |
264 |
474 |
50 |
3,973 |
Total liabilities |
(1,656) |
(120) |
(331) |
(1,068) |
(3,175) |
Capital expenditure** |
(110) |
(15) |
(17) |
- |
(142) |
** Capital expenditure includes both tangible and intangible capital.
Revenue is disaggregated geographically as follows:
Period to |
26 weeks ended 26 September 2026 |
26 weeks ended 27 September 2025 |
52 weeks ended 28 March 2026 |
|
£’m |
£’m |
£’m |
|
|
|
|
Revenue due to UK operations |
2,529 |
2,469 |
5,159 |
Revenue due to French operations |
319 |
280 |
616 |
Overall revenue |
2,848 |
2,749 |
5,775 |
Non-current assets (excluding deferred tax) are disaggregated geographically as follows:
As at |
26 September 2026 |
27 September 2025 |
28 March 2026 |
|
£’m |
£’m |
£’m |
|
|
|
|
UK operations |
2,370 |
2,398 |
2,392 |
French operations |
286 |
280 |
282 |
Jersey operations* |
7 |
8 |
7 |
Overall |
2,663 |
2,686 |
2,681 |
*Prior years were Luxembourg, up until the migration, detailed in note 1.
The Group operates small wholesale operations, with the relevant disaggregation of revenue as follows:
Period to |
26 weeks ended 26 September 2026 |
26 weeks ended 27 September 2025 |
52 weeks ended 28 March 2026 |
|
£’m |
£’m |
£’m |
|
|
|
|
Revenue due to sales made in stores |
2,835 |
2,734 |
5,745 |
Revenue due to wholesale activities |
13 |
15 |
30 |
Overall revenue |
2,848 |
2,749 |
5,775 |
3 Reconciliation of non-IFRS measures from the statement of comprehensive income
The Group reports a selection of alternative performance measures as detailed below. The Directors believe that these measures provide additional information that is useful to the users of the accounts.
EBITDA, adjusted EBITDA, adjusted operating profit and adjusted profit are non-IFRS measures and therefore we provide a reconciliation of these amounts to the statement of comprehensive income below.
Period to |
26 weeks ended 26 September 2026 |
26 weeks ended 27 September 2025 |
52 weeks ended 28 March 2026 |
|
£’m |
£’m |
£’m |
|
|
|
|
Profit on ordinary activities before interest and tax |
186 |
149 |
375 |
Add back depreciation and amortisation |
150 |
146 |
297 |
EBITDA |
336 |
295 |
672 |
Impairment charge |
9 |
13 |
36 |
Costs in relation to significant infrastructure projects |
- |
2 |
7 |
Costs in relation to the redomicile |
- |
3 |
7 |
External costs in relation to strategic business projects |
- |
- |
4 |
Costs incurred in strategic leadership reset |
- |
- |
4 |
Non-underlying impact of foreign exchange |
(3) |
10 |
(1) |
Adjusted EBITDA |
342 |
323 |
729 |
Depreciation and amortisation |
(150) |
(146) |
(297) |
Adjusted operating profit |
192 |
177 |
432 |
Interest costs related to lease liabilities |
(43) |
(42) |
(84) |
Net other finance costs |
(28) |
(32) |
(64) |
Adjusted profit before tax |
121 |
103 |
284 |
Adjusted tax |
(31) |
(31) |
(70) |
Adjusted profit for the period |
90 |
72 |
214 |
In the current period, the total of the pre-IFRS 16 adjusting items was equal to the post-IFRS 16 adjusting items at £6m.
In the period ended 27 September 2025, on a pre-IFRS 16 basis, the costs in relation to significant infrastructure projects adjusting item was £3m and the total of the pre-IFRS 16 adjusting items was £29m compared to above £28m on a post-IFRS 16 basis.
In the period ended 28 March 2026, on a pre-IFRS 16 basis, the costs in relation to significant infrastructure projects adjusting item was £10m and the total of the pre-IFRS 16 adjusting items was £60m compared to above £57m on a post-IFRS 16 basis.
Adjusted EBITDA (pre-IFRS 16), adjusted profit before tax (pre-IFRS 16) and adjusted profit (pre-IFRS 16) are calculated as follows. These are the statements of adjusted profit that excludes the effects of IFRS 16.
Period to |
26 weeks ended 26 September 2026 |
26 weeks ended 27 September 2025 |
52 weeks ended 28 March 2026 |
|
£’m |
£’m |
£'m |
|
|
|
|
EBITDA (above) |
336 |
295 |
672 |
Remove effects of IFRS 16 on EBITDA |
(139) |
(133) |
(273) |
EBITDA (pre-IFRS 16) |
197 |
162 |
399 |
Adjusting items (above) |
6 |
29 |
60 |
Adjusted EBITDA (pre-IFRS 16) |
203 |
191 |
459 |
Pre-IFRS 16 depreciation and amortisation |
(51) |
(48) |
(99) |
Adjusted operating profit (pre-IFRS 16) |
152 |
143 |
360 |
Net other finance costs |
(28) |
(32) |
(64) |
Adjusted profit before tax (pre-IFRS 16) |
124 |
111 |
296 |
Adjusted tax |
(31) |
(31) |
(71) |
Adjusted profit for the period (pre-IFRS 16) |
93 |
80 |
225 |
The effects of IFRS 16 on EBITDA caption reflects the difference between IAS 17 and IFRS 16 accounting and largely consists of the additional rent expense the Group would have incurred under the IAS 17 standard.
In reference to the captions in the tables above;
Impairment charge relates to the impairments of assets across three segments, B&M UK, Heron Foods and B&M France as a result of an assessment of individual store profitability within those segments. These have been treated as an adjusting item as they are one-off in nature and of meaningful magnitude whilst not relating to underlying performance in the period.
The impairments relate directly to the assets held by the stores, including their lease asset, and an apportionment of assets held centrally.
Costs in relation to significant infrastructure projects in the prior periods included the pre-operational and ramp up costs of our Ellesmere Port Import Centre and the dual-running costs associated with the replacement of our Middlewich DC with a third-party operated site in Rugby.
Both projects were significant in nature, with Ellesmere Port representing the largest infrastructure project within the Group since Bedford opened in 2020 and the Rugby site representing a significant project of relocating warehouse operations whilst incurring dual-running costs of running both sites during the crossover period.
The Ellesmere Port Import Centre and the Rugby DC were both fully operational early in FY27 whilst the Middlewich DC fully closed at the same time. Therefore, the costs relating to these projects are not meaningful in the current period and have not been adjusted for.
Costs in relation to the redomicile project included any fees related to the redomicile of the Group’s Luxembourg entities to Jersey.
This project was significant in nature and the costs in the prior periods were meaningful and non-recurring, and as such they were included in our adjusting items for those periods.
The project was completed in the prior year, with remaining current year costs relating only to the wind down of our Luxembourg operations which are not meaningful and have not been adjusted for in the current period.
External costs in relation to strategic business projects related to external costs incurred in operating the Back to B&M Basics project which is a significant strategic project that required external input into the formative stages of the project in the period ended 28 March 2026. In the current period, external costs in relation to this project are not meaningful and have not been adjusted for.
Costs incurred in strategic leadership reset. The senior leadership team of the business underwent significant changes during the period ended 28 March 2026, and the costs associated with those changes were meaningful and included in our adjusting items. In the current period, there have been no meaningful costs in relation to leadership change. Further details around specifically the changes in our directors are also included in note 15.
Non-underlying impact of foreign exchange includes the fair value of derivatives which have yet to mature and any gains or losses in relation to foreign exchange on intercompany balances, and any foreign exchange that arises as a point-in-time adjustment on our stock, creditor or cash balances in relation to any stock which has not yet been sold. This arises as a timing difference, since we aim to fully operationally hedge for our stock purchased in dollars, and whilst our achieved rate is directly reflected in our cost price and margins in internal reporting, we cannot account for it in this way on a statutory basis.
The actual achieved rate is reflected in the reports reviewed by the management which are used in making pricing decisions and, as such, management consider that the timing difference adjusted for is not reflective of our underlying trading performance.
Any foreign exchange arising outside of our operational hedging programme has been included in the underlying figures presented.
Adjusted tax represents the tax charge per the statement of comprehensive income as adjusted only for the effects of the adjusting items detailed above.
The following table reconciles the statutory figures to the adjusted and adjusted (pre-IFRS 16) figures in the statutory profit and loss format on a line-by-line basis:
26 week period to 26 September 2026 |
Statutory figures |
Adjusting items |
Adjusted figures |
Impact of IFRS 16 |
Adjusted (pre-IFRS 16) |
|
£’m |
£’m |
£’m |
£’m |
£’m |
|
|
|
|
|
|
Revenue |
2,848 |
- |
2,848 |
- |
2,848 |
Cost of sales |
(1,788) |
- |
(1,788) |
- |
(1,788) |
Gross profit |
1,060 |
- |
1,060 |
- |
1,060 |
Depreciation and amortisation |
(150) |
- |
(150) |
99 |
(51) |
Other administrative expenses |
(724) |
6 |
(718) |
(139) |
(857) |
Operating profit/(loss) |
186 |
6 |
192 |
(40) |
152 |
Share of profits in associates |
- |
- |
- |
- |
- |
Profit/(loss) before interest and tax |
186 |
6 |
192 |
(40) |
152 |
Finance costs relating to right-of-use assets |
(43) |
- |
(43) |
43 |
- |
Other finance costs |
(33) |
- |
(33) |
- |
(33) |
Finance income |
5 |
- |
5 |
- |
5 |
Profit before tax |
115 |
6 |
121 |
3 |
124 |
Income tax expense |
(31) |
(0) |
(31) |
0 |
(31) |
Profit for the period |
84 |
6 |
90 |
3 |
93 |
26 week period to 27 September 2025 |
Statutory figures |
Adjusting items |
Adjusted figures |
Impact of IFRS 16 |
Adjusted (pre-IFRS 16) |
|
£’m |
£’m |
£’m |
£’m |
£’m |
|
|
|
|
|
|
Revenue |
2,749 |
- |
2,749 |
- |
2,749 |
Cost of sales |
(1,745) |
- |
(1,745) |
- |
(1,745) |
Gross profit |
1,004 |
- |
1,004 |
- |
1,004 |
Depreciation and amortisation |
(146) |
- |
(146) |
98 |
(48) |
Other administrative expenses |
(709) |
28 |
(681) |
(132) |
(813) |
Operating profit/(loss) |
149 |
28 |
177 |
(34) |
143 |
Share of profits in associates |
- |
- |
- |
- |
- |
Profit/(loss) before interest and tax |
149 |
28 |
177 |
(34) |
143 |
Finance costs relating to right-of-use assets |
(42) |
- |
(42) |
42 |
- |
Other finance costs |
(36) |
- |
(36) |
- |
(36) |
Finance income |
4 |
- |
4 |
- |
4 |
Profit before tax |
75 |
28 |
103 |
8 |
111 |
Income tax expense |
(22) |
(9) |
(31) |
0 |
(31) |
Profit for the period |
53 |
19 |
72 |
8 |
80 |
52 week period to 28 March 2026 |
Statutory figures |
Adjusting items |
Adjusted figures |
Impact of IFRS 16 |
Adjusted (pre-IFRS 16) |
|
£’m |
£’m |
£’m |
£’m |
£’m |
|
|
|
|
|
|
Revenue |
5,775 |
- |
5,775 |
- |
5,775 |
Cost of sales |
(3,670) |
- |
(3,670) |
- |
(3,670) |
Gross profit |
2,105 |
- |
2,105 |
- |
2,105 |
Depreciation and amortisation |
(297) |
- |
(297) |
198 |
(99) |
Other administrative expenses |
(1,434) |
57 |
(1,377) |
(270) |
(1,647) |
Operating profit (loss) |
374 |
57 |
431 |
(72) |
359 |
Share of profits in associates |
1 |
- |
1 |
- |
1 |
Profit/ (loss) before interest and tax |
375 |
57 |
432 |
(72) |
360 |
Finance costs relating to right-of-use assets |
(84) |
- |
(84) |
84 |
- |
Other finance costs |
(70) |
- |
(70) |
- |
(70) |
Finance income |
6 |
- |
6 |
- |
6 |
Profit before tax |
227 |
57 |
284 |
12 |
296 |
Income tax expense |
(63) |
(7) |
(70) |
(1) |
(71) |
Profit for the period |
164 |
50 |
214 |
11 |
225 |
The tables below give the reconciliation between the profit/(loss) before interest and tax and adjusted EBITDA (pre-IFRS 16) by segment:
26 week period to 26 September 2026 |
B&M UK |
Heron Foods |
B&M France |
Corporate |
Total |
|
£’m |
£’m |
£’m |
£’m |
£’m |
|
|
|
|
|
|
Profit/(loss) before interest and tax |
159 |
9 |
27 |
(9) |
186 |
Net finance charges |
(27) |
(1) |
(10) |
(33) |
(71) |
Profit/(loss) before tax |
132 |
8 |
17 |
(42) |
115 |
Adjusting items (above) |
- |
- |
- |
6 |
6 |
Adjusted profit/(loss) before tax |
132 |
8 |
17 |
(36) |
121 |
Net finance charges added back |
27 |
1 |
10 |
33 |
71 |
Adjusted operating profit/(loss) |
159 |
9 |
27 |
(3) |
192 |
Depreciation and amortisation (pre-IFRS 16) |
38 |
6 |
7 |
- |
51 |
Impact of IFRS 16 |
(29) |
(2) |
(9) |
- |
(40) |
Adjusted EBITDA (pre-IFRS 16) |
168 |
13 |
25 |
(3) |
203 |
|
|
|
|
|
|
26 week period to 27 September 2025 |
B&M UK |
Heron Foods |
B&M France |
Corporate |
Total |
|
£’m |
£’m |
£’m |
£’m |
£’m |
|
|
|
|
|
|
Restated profit/(loss) before interest and tax* |
155 |
5 |
20 |
(31) |
149 |
Net finance charges |
(27) |
(1) |
(10) |
(36) |
(74) |
Profit/(loss) before tax |
128 |
4 |
10 |
(67) |
75 |
Adjusting items (above) |
- |
- |
- |
28 |
28 |
Adjusted profit/(loss) before tax |
128 |
4 |
10 |
(39) |
103 |
Net finance charges added back |
27 |
1 |
10 |
36 |
74 |
Restated adjusted operating profit/(loss)* |
155 |
5 |
20 |
(3) |
177 |
Depreciation and amortisation (pre-IFRS 16) |
35 |
7 |
6 |
- |
48 |
Impact of IFRS 16 |
(25) |
(1) |
(8) |
- |
(34) |
Restated adjusted EBITDA (pre-IFRS 16)* |
165 |
11 |
18 |
(3) |
191 |
|
|
|
|
|
|
*The comparative period table has a reclassification of £5m of costs between B&M UK and Corporate, impacting profit/(loss) before interest and tax, adjusted operating profit/(loss) and adjusted EBITDA (pre-IFRS 16), relating to a previous incorrect allocation of certain costs in the prior half year report. The figures previously reported were a £160m profit in B&M UK and a £36m loss in Corporate for profit/(loss) before interest and tax, £160m profit in B&M UK and an £8m loss in Corporate for adjusted operating profit/(loss), and a £170m profit in B&M UK and an £8m loss in Corporate for adjusted EBITDA (pre-IFRS 16). | |||||
52 week period to 28 March 2026 |
B&M UK |
Heron Foods |
B&M France |
Corporate |
Total |
|
£’m |
£’m |
£’m |
£’m |
£’m |
|
|
|
|
|
|
Profit/(loss) before interest and tax |
375 |
7 |
55 |
(62) |
375 |
Net finance charges |
(56) |
(3) |
(19) |
(70) |
(148) |
Profit/(loss) before tax |
319 |
4 |
36 |
(132) |
227 |
Adjusting items (above) |
- |
- |
- |
57 |
57 |
Adjusted profit/(loss) before tax |
319 |
4 |
36 |
(75) |
284 |
Net finance charges added back |
56 |
3 |
19 |
70 |
148 |
Adjusted operating profit/(loss) |
375 |
7 |
55 |
(5) |
432 |
Depreciation and amortisation (pre-IFRS 16) |
73 |
13 |
13 |
- |
99 |
Impact of IFRS 16 |
(53) |
(4) |
(15) |
- |
(72) |
Adjusted EBITDA (pre-IFRS 16) |
395 |
16 |
53 |
(5) |
459 |
Post-tax free cash flow is reconciled to the consolidated statement of cash flows as follows:
Period to |
26 weeks ended 26 September 2026 |
26 weeks ended 27 September 2025 |
52 weeks ended 28 March 2026 |
|
£’m |
£’m |
£’m |
|
|
|
|
Cash generated from operations |
344 |
293 |
801 |
Income tax paid |
(33) |
(47) |
(65) |
Purchase of property, plant and equipment |
(51) |
(76) |
(139) |
Purchase of intangible assets |
(1) |
(0) |
(3) |
Proceeds from sale of property, plant and equipment |
1 |
2 |
3 |
Repayment of the principal in relation to lease liabilities |
(85) |
(79) |
(192) |
Payment of interest in relation to right-of-use assets |
(43) |
(42) |
(84) |
Post-tax free cash flow |
132 |
51 |
321 |
Adjusted EBITDA and related measures are not measures of performance or liquidity under IFRS and should not be considered in isolation or as a substitute for measures of profit, or as an indicator of the Group’s operating performance or cash flows from operating activities as determined in accordance with IFRS.
4 Earnings per share
Basic earnings per share amounts are calculated by dividing the net profit for the financial period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding at each period end.
Diluted earnings per share amounts are calculated by dividing the net profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during each year plus the weighted average number of ordinary shares that would be issued on conversion of any dilutive potential ordinary shares into ordinary shares.
Adjusted (and adjusted (pre-IFRS 16)) basic and diluted earnings per share are calculated in the same way as above, except using adjusted profit attributable to ordinary equity holders of the parent, as defined in note 3.
There are share option schemes in place which have a dilutive effect on all periods presented. The increase in the number of shares used in the calculation of the basic earnings per share is due to the exercise of some of these options.
The following reflects the income and share data used in the earnings per share computations:
Period to |
26 weeks ended 26 September 2026 |
26 weeks ended 27 September 2025 |
52 weeks ended 28 March 2026 |
|
£’m |
£’m |
£’m |
|
|
|
|
Profit for the period attributable to owners of the parent |
84 |
53 |
164 |
Adjusted profit for the period attributable to owners of the parent |
90 |
72 |
214 |
Adjusted (pre-IFRS 16) profit for the period attributable to owners of the parent |
93 |
80 |
225 |
|
|
|
|
|
Thousands |
Thousands |
Thousands |
|
|
|
|
Weighted average number of ordinary shares for basic earnings per share |
1,005,328 |
1,004,363 |
1,004,701 |
Dilutive effect of employee share options |
1,170 |
1,567 |
1,219 |
Weighted average number of ordinary shares adjusted for the effect of dilution |
1,006,498 |
1,005,930 |
1,005,920 |
|
|
|
|
Period ended |
26 September 2026 |
27 September 2025 |
28 March 2026 |
|
Pence |
Pence |
Pence |
|
|
|
|
Basic earnings per share |
8.3 |
5.2 |
16.3 |
Diluted earnings per share |
8.3 |
5.2 |
16.3 |
Adjusted basic earnings per share |
8.9 |
7.2 |
21.3 |
Adjusted diluted earnings per share |
8.9 |
7.2 |
21.3 |
Adjusted (pre-IFRS 16) basic earnings per share |
9.3 |
8.0 |
22.4 |
Adjusted (pre-IFRS 16) diluted earnings per share |
9.3 |
7.9 |
22.4 |
5 Impairment review
The Group carries out annual impairment reviews both in respect of assets held with indefinite life (primarily Goodwill) and at an individual CGU level in respect of assets supported by the trade of each store.
At the half year an analysis is carried out to assess if an additional review is required on an interim basis. This is the case if we identify a significant indicator of impairment having arisen in the period since the last full impairment review.
Full details of the last full annual impairment review are disclosed in our Annual Report and Accounts for the year ended 28 March 2026.
Assets with indefinite life
Our B&M UK and B&M France segments each had significant headroom in respect of their indefinite asset base as at March 2026 (£3,500m and €938m respectively). Neither have exhibited performance which would constitute a significant indicator of impairment, and as such management consider that an interim test is not required.
Heron’s headroom was much lower at £16m, however Heron’s performance has exceeded that projected in their impairment review, and there is no significant indicator that it will not do so for the remainder of the year. As such, any interim test carried out would not be expected to have a worse result than that reported at the year end date. Management therefore consider that an interim test is not required.
The next full impairment review of assets with indefinite lives will be reported in the Group’s Annual Report and Accounts for the year ended 27 March 2027.
Assets supported by the trade of our stores
Management consider that each store within the Group represents a CGU, and as such a review of each store’s performance was carried out to identify significant indicators of impairment that would require an additional interim test for impairment.
This review, which included assessing the performance of each store in the estate, and included an allocation of central costs and assets, indicated that 8 stores should be tested for impairment. 7 of these were in B&M UK and 1 in Heron Foods. No stores were identified in the review of B&M France.
The total impairment recorded against these 8 stores was £9m, £5m of which is against our right-of-use asset balance and £4m against our property, plant & equipment balance. £8m of the impairment was in B&M UK with <£1m in Heron Foods. This has been treated as an adjusting item (see note 3).
The remainder of the estate did not exhibit a significant indicator of impairment with the next full review to be reported in the Group’s Annual Report and Accounts for the year ended 27 March 2027.
6 Taxation
The continuing tax charge for the interim period has been calculated on the basis of the corporation tax rate for the full period of 25% in the UK and France, and then adjusted for allowances and non-deductibles in line with the prior periods (September 2025 and March 2026: same).
7 Share capital
|
Number of shares |
Nominal Value |
Allotted, called up and fully paid |
|
£’m |
B&M European Value Retail plc ordinary shares of 10p each; |
|
|
As at 29 March 2025 |
1,003,821,871 |
100 |
Shares issued due to exercise of employee share options |
1,216,385 |
1 |
At 27 September 2025 |
1,005,038,256 |
101 |
Shares issued due to exercise of employee share options |
- |
- |
As at 28 March 2026 |
1,005,038,256 |
101 |
Shares issued due to exercise of employee share options |
869,295 |
0 |
At 26 September 2026 |
1,005,907,551 |
101 |
Ordinary Shares
Each ordinary share ranks pari passu with each other ordinary share and each share carries one vote.
In addition to the issued share capital, the Company has an authorised but unissued share capital of 2,967,531,056 (September 2025 and March 2026: 2,968,400,351) ordinary shares.
The outstanding share options can be summarised as follows:
Period ended |
26 September 2026 |
27 September 2025 |
28 March 2026 |
|
|
|
|
Vested, available to exercise |
3,737 |
7,425 |
7,425 |
Not vested, not subject to conditions (in holding) |
645,358 |
979,026 |
999,796 |
Not vested, subject to conditions |
5,168,352 |
4,106,101 |
3,628,913 |
Total outstanding share options |
5,817,447 |
5,092,552 |
4,636,134 |
For the dilutive effect of these see note 4.
8 Financial liabilities – borrowings
As at |
26 September 2026 |
27 September 2025 |
28 March 2026 |
|
£’m |
£’m |
£'m |
Current |
|
|
|
Revolving facility bank loan |
- |
30 |
- |
B&M France loan facilities |
7 |
6 |
7 |
|
7 |
36 |
7 |
Non-current |
|
|
|
High yield bond notes |
744 |
743 |
744 |
Term facility bank loan |
223 |
222 |
222 |
B&M France loan facilities |
14 |
16 |
16 |
|
981 |
981 |
982 |
Loan details
The French loan facilities are denominated in Euros and are translated into Sterling at the closing exchange rate at the reporting date. Exchange differences arising on translation are recognised within finance income and expense.
The term facility bank loan and high yield bonds have a book value lower than the cash amount that is outstanding due to the allocation of fees to these facilities on their inception.
Other borrowings
The carrying values given above include fees incurred on refinancing which are to be amortised over the terms of those facilities. More details of these are given below.
The Group holds three tranches of high yield bond notes which are each held at amortised cost using the effective interest method. The three tranches of bonds were issued in November 2021, November 2023 and November 2024, with £3m, £4m and £3m, respectively, of fees capitalised at inception.
The current applicable interest rates, gross cash debt and maturities on the Group’s loans are as follows:
|
Interest rate |
Maturity |
26 September 2026 |
27 September 2025 |
28 March 2026 |
|
% |
|
£’m |
£’m |
£’m |
|
|
|
|
|
|
Revolving credit facility |
2.00% + SONIA |
N/A |
- |
30 |
- |
Term facility bank loan A |
2.25% + SONIA |
Mar-30 |
225 |
225 |
225 |
High yield bond notes (2021) |
4.000% |
Nov-28 |
250 |
250 |
250 |
High yield bond notes (2023) |
8.125% |
Nov-30 |
250 |
250 |
250 |
High yield bond notes (2024) |
6.500% |
Nov-31 |
250 |
250 |
250 |
B&M France – BNP Paribas |
3.30 - 3.97% |
Feb-28 to Aug-29 |
5 |
7 |
6 |
B&M France – Caisse d'Épargne |
2.60% |
Nov-29 |
1 |
1 |
1 |
B&M France – CIC |
0.71 - 2.75% |
Jan-27 to Dec-29 |
3 |
4 |
4 |
B&M France – Crédit Agricole |
0.81 - 3.18% |
Jan-28 to Mar-31 |
4 |
0 |
5 |
B&M France – Crédit Lyonnais |
0.69 - 3.65% |
Mar-27 to Jul-29 |
5 |
8 |
5 |
B&M France – Societe Generale |
2.60 - 2.70% |
May-30 to Jun-31 |
3 |
2 |
2 |
|
|
|
996 |
1,027 |
998 |
On 1 September 2026, the Group amended its banking facilities by reducing the revolving credit facility from £250 million to £235 million and establishing a separate £15 million ancillary facility. Total committed facilities remained unchanged at £250 million. At the reporting date, the revolving credit facility and the ancillary facility were undrawn.
The term facility bank loans and the high yield bond notes have carrying values which include transaction fees allocated on inception.
All B&M France facilities have gross values in Euros, and the values above have been translated at the period-end rates of €1.1617/£ (September 2025: €1.1463/£ and March 2026: €1.1538/£).
The Group uses the following definition of net debt: External interest-bearing loans and borrowings less cash and short-term deposits.
The interest-bearing loans figure used is the gross amount of cash borrowed at that time, as opposed to the carrying value under the amortised cost method. The difference between pre and post IFRS 16 net debt is the inclusion of our full lease liability in the latter.
Short-term deposits includes any term deposits held with a maturity of less than one year.
As at |
26 September 2026 |
27 September 2025 |
28 March 2026 |
|
£’m |
£’m |
£’m |
|
|
|
|
Interest bearing loans and borrowings |
996 |
1,027 |
998 |
Less: cash |
(383) |
(168) |
(342) |
Net debt (pre-IFRS 16) |
613 |
859 |
656 |
Total lease liabilities |
1,454 |
1,461 |
1,457 |
Net debt (post-IFRS 16) |
2,067 |
2,320 |
2,113 |
The Group’s leverage ratio is defined as net debt divided by last-twelve-months adjusted EBITDA (note 3) and calculates to be 2.8 on a post-IFRS 16 basis and 1.3 on a pre-IFRS 16 basis (September 2025: 2.9 and 1.6; March 2026: 2.9 and 1.4, respectively).
9 Provisions
The Group is subject to an ongoing investigation by the UK Environment Agency in relation to its historical compliance with the UK Waste Electrical and Electronic Equipment Regulations and Batteries and Accumulators Regulations. The investigation primarily relates to the period 2014–2022. A small provision has been recorded against this in the current period.
10 Reconciliation of profit before tax to cash generated from operations
Period to |
26 weeks ended 26 September 2026 |
26 weeks ended 27 September 2025 |
52 weeks ended 28 March 2026 |
|
£’m |
£’m |
£’m |
|
|
|
|
Profit before tax |
115 |
75 |
227 |
Adjustments for: |
|
|
|
Net interest expense |
71 |
74 |
148 |
Depreciation of property, plant and equipment |
48 |
46 |
95 |
Depreciation of right-of-use assets |
100 |
99 |
200 |
Impairment of right-of-use assets |
5 |
6 |
25 |
Impairment of property, plant and equipment |
4 |
7 |
17 |
Amortisation of intangible assets |
2 |
1 |
2 |
(Profit)/loss on disposal of property, plant and equipment |
(0) |
1 |
1 |
Share option expense |
2 |
2 |
3 |
Change in inventories |
(78) |
(148) |
38 |
Change in trade and other receivables |
(39) |
(6) |
18 |
Change in trade and other payables |
115 |
126 |
40 |
Change in provisions |
1 |
(0) |
(6) |
Share of profits from associates |
- |
- |
(1) |
(Profit)/loss resulting from fair value of financial derivatives |
(2) |
10 |
(6) |
Cash generated from operations |
344 |
293 |
801 |
11 Financial instruments
Fair value
The fair value of our corporate bonds, which are financial liabilities held at amortised cost, has been determined by using the relevant quoted bid price for those bonds. These differ to the carrying values as shown below.
|
Fair Value (Level 1) |
Carrying Value | |||||
As at
|
26 September 2026 £’m |
27 September 2025 £’m |
28 March 2026 £’m |
26 September 2026 £’m |
27 September 2025 £’m |
28 March 2026 £’m |
|
|
|
|
|
|
|
|
|
High yield bond notes (2021) |
242 |
241 |
235 |
249 |
249 |
249 |
|
High yield bond notes (2023) |
257 |
264 |
254 |
247 |
247 |
247 |
|
High yield bond notes (2024) |
245 |
253 |
237 |
248 |
247 |
247 |
|
The fair value of the other financial assets and liabilities of the Group are not materially different from their carrying value. Refer to the table below. These all represent financial assets and liabilities measured at amortised cost except where stated as measured at fair value through profit and loss or fair value through other comprehensive income.
As at |
26 September 2026 |
27 September 2025 |
28 March 2026 |
Financial assets: |
£’m |
£’m |
£’m |
Fair value through profit and loss |
|
|
|
Forward foreign exchange contracts |
6 |
2 |
7 |
Fair value through other comprehensive income |
|
|
|
Forward foreign exchange contracts |
6 |
3 |
6 |
Amortised cost |
|
|
|
Cash and cash equivalents |
383 |
168 |
342 |
Trade receivables |
14 |
9 |
11 |
Other receivables |
22 |
31 |
14 |
As at |
26 September 2026 |
27 September 2025 |
28 March 2026 |
Financial liabilities: |
£’m |
£’m |
£’m |
Fair value through profit and loss |
|
|
|
Forward foreign exchange contracts |
0 |
13 |
1 |
Fair value through other comprehensive income |
|
|
|
Forward foreign exchange contracts | 1 |
14 |
2 |
Amortised cost |
|
|
|
Lease liabilities |
1,454 |
1,461 |
1,457 |
Interest-bearing loans and borrowings (excluding corporate bonds) |
244 |
274 |
245 |
Trade payables |
531 |
490 |
429 |
Other payables |
29 |
19 |
27 |
Financial instruments at fair value through profit and loss
The financial assets and liabilities through profit or loss reflect the fair value of those foreign exchange forward contracts that are intended to reduce the level of risk for expected sales and purchases.
The forward foreign exchange contracts have been valued by the issuing bank, using a mark to market method. The bank has used various inputs to compute the valuations, and these include inter alia the relevant maturity date strike rates and the current exchange rate.
12 Related party transactions
The Group has transacted with the following related parties over the presented periods:
Multi-lines International Company Limited, a supplier, and Centz Retail Holdings Limited, a customer, are associates of the Group.
The following tables set out the total amount of trading transactions with related parties included in the statement of comprehensive income:
|
26 weeks ended 26 September 2026 £’m |
26 weeks ended 27 September 2025 £’m |
52 weeks ended 28 March 2026 £’m |
Sales to associates of the Group |
|
|
|
Centz Retail Holdings Limited |
13 |
15 |
30 |
|
26 weeks ended 26 September 2026 £’m |
26 weeks ended 27 September 2025 £’m |
52 weeks ended 28 March 2026 £’m |
Purchases from associates of the Group |
|
|
|
Multi-lines International Company Limited |
132 |
138 |
250 |
The following tables set out the total amount of trading balances with related parties outstanding at the period end.
|
26 September 2026 £’m |
27 September 2025 £’m |
28 March 2026 £’m |
Trade receivables from associates of the Group |
|
|
|
Centz Retail Holdings Limited |
5 |
4 |
4 |
|
26 September 2026 £’m |
27 September 2025 £’m |
28 March 2026 £’m |
Trade payables to associates of the Group |
|
|
|
Multi-lines International Company Limited |
29 |
51 |
19 |
Outstanding trade balances at the balance sheet dates are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party trade receivables or payables.
The balance with Multi-lines International Company Limited includes £16m (September 2025: £18m; March 2026: £11m) held within a supply chain facility. The facility is operated by major banking partners with high credit ratings and is limited to £70m total exposure at any one time.
The purpose of the arrangement is to enable our participating suppliers, at their discretion, to draw down against their receivables from the Group prior to their usual due date.
There would be no impact on the Group if the facility became unavailable and there are no fees or charges payable by the Group in regards to this arrangement.
As these invoices continue to be part of the normal operating cycle of the Group, the scheme does not change the recognition of the invoices subject to the scheme, so they continue to be recognised as trade payables, with the associated cash flows presented within operating cash flows and without affecting the calculation of Group net debt.
The business has not recorded any impairment of trade receivables relating to amounts owed by related parties in any of the presented periods. This assessment is through examining the financial position of the related party and the market in which the related party operates.
Further details regarding the Group’s associates are disclosed in the 2026 Annual Report.
13 Commitments
At the period end, there were £20m of contractual capital commitments not provided within the Group financial statements (September 2025: £4m; March 2026: £16m).
14 Post balance sheet events
An interim dividend of 3.6p per Ordinary Share will be paid on 18 December 2026.
15 Directors
The directors that served during the period were:
T Hall (Chair)
T Jegen (CEO)
P Waterhouse (Interim CFO) (appointed 10 April 2026)
H Cowing (Interim CFO) (appointed 1 December 2025, resigned 10 April 2026)
P MacKenzie
H Lasry
O Tant
E Sutherland
P Pritchard (appointed 10 April 2026)
N Shouraboura (retired 18 June 2026)
As previously announced by the Group on 10 April 2026, Helen Cowing had stepped down from her role as interim Chief Financial Officer and Peter Waterhouse, previously B&M Finance Director, succeeded Helen as interim Chief Financial Officer, with immediate effect.
It was also announced on 10 April 2026, that Peter Pritchard was appointed to the Board as a Non-Executive Director, with immediate effect.
Nadia Shouraboura served as a Non-Executive Director of the B&M Group from May 2024 until her retirement from the Board on 18 June 2026.
It was announced on 24 June 2026 that Atheeq Akbar will be appointed as B&M Group’s new Chief Financial Officer, and will join the B&M Group on 25 January 2027.
On 23 September 2026, the Group announced the appointment of Mike Iddon to the Board as an independent Non-Executive Director, with effect from 4 January 2027.
All directors served for the whole period except where indicated above.
DIRECTORS’ RESPONSIBILITIES STATEMENT
We confirm that to the best of our knowledge:
|
|
|
|
By order of the Board
Tjeerd Jegen
Chief Executive Officer
11 November 2026
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