**Summary**
Bunzl PLC released its Q3 2025 trading statement on October 21, 2025, reporting results in line with expectations despite challenging market conditions. Key highlights include
1. **Revenue Growth**
Group revenue grew by 0.6% at constant exchange rates, with underlying revenue (organic, adjusted for trading days) up 0.4%.
Net acquisitions contributed 1.4% growth, partially offset by a 1.1% impact from fewer trading days.
At actual exchange ratesrevenue declined by 0.8%.
2. **Margins**
The year-on-year operating margin decline moderated compared to the first half of 2025, as expected.
3. **Full-Year Guidance**
Full-year guidance remains unchanged, with moderate revenue growth expected at constant exchange rates, driven by acquisitions and flat underlying revenue.
Group operating margin is projected to be moderately below 8.0%, compared to 8.3% in 2024.
4. **Buyback and Leverage**
Approximately £190 million of the announced £200 million 2025 share buyback has been completed.
Leverage is expected to be just over 2.0 times by year-end, after acquisitions and buyback completion.
5. **Management Commentary**
CEO Frank van Zanten emphasized focus on operational improvements and confidence in the Group’s resilience and acquisition growth opportunities.
Seven acquisitions have been completed year-to-date, with an active pipeline for future growth.
Bunzl remains confident in delivering consistent medium-term growth despite ongoing market challenges.