**Summary of McBride PLC Interim Results for 6M Ended 31 December 2025**
**Financial Performance**
**Revenue**£475.2 million, up 0.8% year-on-year (down 2.1% on a constant currency basis), driven by volume growth in private label and contract manufacturing.
**Adjusted Operating Profit**£31.5 million, slightly down from £32.0 million in 2024, with margins maintained at 6.6%.
**Adjusted EBITDA**£41.8 million, stable at 8.8% of revenue, reflecting operational efficiency and cost control.
**Profit Before Taxation**£23.0 million, down from £25.7 million in 2024, impacted by exceptional items.
**Adjusted Basic EPS**10.8p, down from 11.9p in 2024, due to one-off tax effects in the prior year.
**Net Debt**£120.6 million, up slightly from £117.6 million, despite £12.9 million in shareholder returns (dividends, share buybacks, and Employee Benefit Trust purchases).
**Operational Highlights**
**Volume Growth**Overall volumes up 0.4%, with private label volumes increasing by 0.9% and contract manufacturing volumes by 1.4%.
**SAP S/4HANA Implementation**Successful launch of Wave 1 in the UK, with the next wave expected across European sites in the next financial year.
**Transformation Agenda**On track to deliver £50 million in net benefits over five years, with cumulative benefits of £8.7 million as of 31 December 2025.
**Sustainability**Progress on decarbonization, renewable energy adoption, and employee training in climate literacy.
**Strategic Initiatives**
**Shareholder Returns**Reinstated dividends, share buyback program, and EBT purchases to reduce equity dilution.
**Customer Partnerships**Strengthened relationships and secured a healthy pipeline of new contracts for the second half of the year.
**Operational Efficiency**Focus on automation, cost optimization, and productivity improvements across manufacturing sites.
**Outlook**
**Second Half Expectations**In line with expectations, with good momentum driven by new contract wins and market share growth in private label.
**Market Conditions**Private label market share continues to grow, with material costs expected to remain flat and overhead costs under control.
**Full-Year Guidance**On track to meet analysts expectations for adjusted operating profit of £64.7 million.
**Divisional Performance**
**Liquids**Revenue stable at £269.0 million, with adjusted operating profit of £17.7 million (margin 6.6%).
**Unit Dosing**Revenue down 2.0% to £115.7 million, but adjusted operating profit improved to £12.5 million (margin 10.8%).
**Powders**Revenue up 2.0% to £44.9 million, with adjusted operating profit of £3.0 million (margin 6.7%).
**Aerosols**Revenue up 18.1% to £33.9 million, with adjusted operating profit of £2.1 million (margin 6.2%).
**Asia Pacific**Revenue stable at £11.7 million, with adjusted operating profit of £0.5 million (margin 4.3%).
**Conclusion**
McBride PLC delivered a solid first-half performance, maintaining profitability and operational efficiency despite inflationary pressures. The company remains focused on strategic growth, shareholder returns, and sustainability, with a positive outlook for the remainder of the financial year and beyond.
| Metric | 2025 (£m) | 2024 (£m) | Change (£m) | Change (%) |
|---|---|---|---|---|
| Revenue | 475.2 | 471.4 | 3.8 | 0.8% |
| Adjusted Operating Profit | 31.5 | 32.0 | (0.5) | (1.6%) |
| Operating Profit | 28.3 | 31.0 | (2.7) | (8.7%) |
| Adjusted EBITDA | 41.8 | 41.7 | 0.1 | 0.2% |
| Adjusted Profit Before Taxation | 26.2 | 26.7 | (0.5) | (1.9%) |
| Profit Before Taxation | 23.0 | 25.7 | (2.7) | (10.5%) |
| Net Debt | 120.6 | 117.6 | 3.0 | 2.6% |