Boparan - comment

The Q4 numbers exceeded our expectations, but we expect FYE 2026 to be tougher, as grocery customers seek to shore up their own margins. Boparan remains bullish on the poultry business. With leverage under 2x (headline basis), Boparan can carry the Meals & Bakery business for now. We will have more colour after today’s call.

Poultry EBIT margins were 8.1%, and we expect some pushback from grocers in FYE26. Meals & Bakery EBIT margins were 2.2% as the division continues to struggle with the pass-through of higher costs. We do not expect any relief on this in FYE 2026.