DAVY VIEW

AG Barr delivered a resilient performance, with full year sales growth of 4% (H1: 3%, H2: c.5%), driving a full year outcome broadly in line with consensus expectations and a healthy exit into FY27. The FY26 adjusted operating margin of c.14.7% reflects the continued delivery of self-help initiatives, offsetting meaningful reinvestment across the business. AG Barr has also announced two strategic acquisitions, consistent with its targeted M&A strategy to support growth through the broadening of its brand portfolio. At first look, we envisage limited changes to our forecasts.