DAVY VIEW

AG Barr is set to deliver a strong FY25 trading performance, with revenue growth of c.5% driven by continued strength in its Soft Drinks division. The FY25 adjusted operating margin outcome of c.13.5% was supported by ongoing self-help initiatives and strong operating leverage. FY26 guidance remains unchanged, with expectations for steady c.mid-single-digit (MSD) % revenue growth and further margin expansion — an impressive outlook given the broader market backdrop. AG Barr will host a Capital Markets Day in June.