DAVY VIEW

AG Barr is expected to deliver revenue growth of c.3% in H1-26 (VA consensus: +4.5%), with growth impacted by negative volumes in Q1-26 that recovered in the second quarter. The group expects to achieve an adjusted operating margin of c.15% (VA consensus: 13.8%), supported by ongoing strategic initiatives, improved cost management and manufacturing efficiencies. AG Barr has held its full year revenue and profit guidance, with increased marketing activity factored into H2-26. At this stage, we expect to keep our forecasts broadly unchanged.