**Summary of PZ Cussons PLC Interim Results for H1 FY26 (Ended 29 November 2025)**
**Financial Performance Highlights**
**Revenue Growth** Reported revenue increased by 8.0% to £269.3 million, driven by broad-based like-for-like (LFL) growth of 9.5% across all four lead markets (UK, ANZ, Nigeria, and Indonesia).
**Operating Profit** Adjusted operating profit rose by 31.9% to £35.6 million, with a margin improvement to 13.2%. Statutory operating profit surged by 199.3% to £40.1 million.
**Profit Before Tax** Adjusted profit before tax grew by 50.5% to £29.8 million, while statutory profit before tax increased by 435.9% to £34.3 million.
**Earnings Per Share (EPS)** Adjusted EPS rose by 12.3% to 4.37p, and statutory EPS increased by 17.6% to 1.40p.
**Dividend** Interim dividend maintained at 1.50p per share.
**Strategic and Operational Updates**
**Strategic Review Completion** The company concluded its strategic review, resulting in a strengthened balance sheet and a more focused, resilient business.
**Portfolio Transformation** Proceeds of £48.5 million were received from the sale of the 50% stake in the PZ Wilmar joint venture, with an additional £3.4 million expected.
**Brand Performance** Strong growth in key brands across all markets, driven by innovation, brand-building, and commercial execution.
**UK** Sanctuary Spa led growth with successful Christmas gifting.
**ANZ** Returned to category growth with strong market share.
**Nigeria** Double-digit volume growth despite pricing increases.
**Indonesia** Growth driven by innovation and commercial execution.
**Cost Savings** On track to deliver £5-10 million in gross cost savings in FY26, reinvested in marketing and brand-building.
**Capital Allocation and Outlook**
**Capital Allocation Policy** Surplus cash will be allocated to maintain net debt/EBITDA at 1.0-1.5x, fund a progressive dividend, and support bolt-on M&A or shareholder returns.
**FY26 Guidance** Adjusted operating profit is expected to be £53-57 million (up from £50-55 million previously), with net debt/EBITDA ending at approximately 1.0x.
**Current Trading** Trading in line with expectations, with continued strong LFL revenue growth.
**Key Metrics**
**Net Debt** Declined by £27.7 million to £84.3 million, driven by free cash flow and proceeds from asset sales.
**Return on Capital Employed (ROCE)** Improved due to higher profitability and efficient capital management.
**Conclusion**
PZ Cussons delivered a robust H1 FY26 performance, underpinned by broad-based growth, strategic portfolio adjustments, and disciplined cost management. The company is well-positioned to achieve its FY26 targets and deliver sustainable shareholder value through its focused strategy and strengthened balance sheet.