**Summary of Genus PLC Interim Results for the Six Months Ended 31 December 2025**
**Financial Highlights**
**Record First Half Profit** Genus PLC reported a record first half adjusted operating profit of £55.8 million, driven by strong growth in PIC (porcine business), a £5.6 million milestone payment from Beijing Capital Agribusiness (BCA), and Value Acceleration Programme (VAP) actions benefiting ABS (bovine business).
**Revenue Stability** Revenue remained stable at £335.6 million, similar to the previous year.
**Profit Before Tax (PBT)** Adjusted PBT increased by 57% to £55.7 million, with statutory PBT at £39.5 million.
**Cash Flow** Strong cash generation with a free cash inflow of £8.2 million, despite a working capital outflow of £22.7 million.
**Dividend Increase** Interim dividend increased to 11.2 pence per share, up from 10.3 pence.
**Strategic Progress**
**Porcine Joint Venture** Formation of a strategic Chinese porcine joint venture with BCA, expected to receive approximately £100 million in fiscal Q4.
**PRRS Resistant Pig (PRP)** Significant milestone with Canada approving the use of PRP gene edit, advancing North American commercialization.
**Bovine VAP** Phase 3 initiatives on track to deliver £7 million in-year benefit and £9 million annualized benefit.
**Divisional Performance**
**PIC** Strong performance with 30% adjusted operating profit growth, driven by China and LATAM, lower input costs, and the BCA milestone payment.
**ABS** Significant improvement in adjusted operating profit to £10.9 million, driven by £4.7 million in VAP benefits, partially offset by lower profits in ABS China.
**Outlook**
**Broadly Neutral Currency Impact** Expected in FY26 H2 if current exchange rates continue.
**PIC China Deconsolidation** Expected in fiscal Q4, with FY26 Group adjusted PBT in line with market expectations.
**Management Commentary**
CEO Jorgen Kokke highlighted the strong first half performance, strategic milestones, and continued focus on executing strategic priorities, expressing confidence for the second half of FY26.
**Key Metrics**
**Adjusted Earnings Per Share (EPS)** Increased by 53% to 60.8 pence.
**Net Debt to Adjusted EBITDA** Improved to 1.4x from 1.5x.
**Return on Adjusted Invested Capital** Increased to 15.8% from 14.7%.
**Conclusion**
Genus PLC demonstrated robust financial and strategic progress in the first half of FY26, with record profits, significant strategic advancements, and a positive outlook for the remainder of the fiscal year.