**Summary of Bunzl PLCs Final Results for 2025**
**Financial Performance**
**Revenue** Increased by 3.0% at constant exchange rates to £11,845.4 million, driven by acquisitions and underlying growth of 0.4%.
**Adjusted Operating Profit** Declined by 4.3% at constant exchange rates to £910.3 million, with a margin decrease from 8.3% to 7.7%.
**Adjusted Earnings Per Share** Decreased by 5.2% at constant exchange rates to 179.3p.
**Dividend** Increased by 0.3% to 74.1p per share, marking the 33rd consecutive year of dividend growth.
**Operational Highlights**
**Acquisitions** Completed eight acquisitions with a committed spend of £132 million, entering new markets like Chile and Slovakia.
**Share Buyback** Completed a £200 million share buyback program during 2025.
**Operational Efficiency** Consolidated 36 warehouses, including a large project in France, to enhance efficiency and service levels.
**Sustainability** Improved carbon efficiency by 2 percentage points and achieved 90% compliance in sourcing from assessed suppliers in high-risk regions.
**Business Area Performance**
**North America** Revenue declined by 1.2% due to the disposal of R3 Safety, with underlying revenue flat. Adjusted operating profit decreased by 11.5% due to execution challenges in the Distribution business.
**Continental Europe** Revenue grew by 2.5%, driven by acquisitions, with underlying revenue flat. Operating margin stabilized in the second half after a challenging first half in France.
**UK & Ireland** Revenue increased by 15.9%, driven by the acquisition of Nisbets and underlying volume growth. Operating margin decreased due to the consolidation of Nisbets but improved in the second half.
**Rest of the World** Revenue grew by 9.1%, with strong performance in Asia Pacific and Latin America, though Brazil faced margin pressure due to currency-related cost increases.
**Strategic Progress**
**Own Brand Penetration** Increased to 30% from 28% in 2024.
**Digital Orders** Grew to 76% of total orders, up from 75% in 2024.
**Employee Engagement** Achieved a 71% Trust Index score in the Great Place to Work survey, maintaining a high level of employee satisfaction.
**Outlook for 2026**
**Revenue Growth** Moderate growth expected at constant exchange rates, driven by underlying growth and acquisitions.
**Operating Margin** Expected to be slightly down compared to 7.6% in 2025.
**Acquisitions** Pipeline remains active with an improving outlook for 2026.
**CEO Commentary**
Frank van Zanten, CEO, expressed satisfaction with the Groups response to a challenging year, highlighting the resilience of the business model and confidence in delivering long-term profitable growth. He emphasized the focus on organic growth, operational efficiency, and strategic acquisitions to drive future performance.
**Governance and Sustainability**
**Board Changes** Julia Wilson and Daniela Barone Soares appointed as non-executive directors, with Julia succeeding Lloyd Pitchford as Audit Committee Chair.
**Sustainability** Strengthened sustainability offerings, winning significant contracts and improving carbon efficiency.
**Financial Position**
**Cash Flow** Strong cash conversion of 95%, with free cash flow of £579 million.
**Net Debt** Adjusted net debt to EBITDA of 2.0 times, within the target range of 2.0 to 2.5 times.
**Conclusion**
Despite a challenging year, Bunzl PLC demonstrated resilience with moderate revenue growth, strategic acquisitions, and a focus on operational efficiency. The company remains committed to its long-term growth strategy, supported by a strong business model and a focus on sustainability.
| Metric | 2025 | 2024 | Growth (Reported) | Growth (Constant Exchange Rates) |
|---|---|---|---|---|
| Revenue | £11,845.4m | £11,776.4m | 0.6% | 3.0% |
| Adjusted Operating Profit | £910.3m | £976.1m | (6.7%) | (4.3%) |
| Adjusted Profit Before Income Tax | £787.1m | £872.9m | (9.8%) | (7.4%) |
| Adjusted Earnings Per Share | 179.3p | 194.3p | (7.7%) | (5.2%) |
| Dividend for the Year | 74.1p | 73.9p | 0.3% | 0.3% |
| Net Debt (excluding lease liabilities) | £1,663.9m | £1,611.4m | 3.3% | 3.3% |
| Adjusted Net Debt to EBITDA | 2.0 times | 1.8 times | 11.1% | 11.1% |