Bunzl Non-GAAP EPS of 87.70p, revenue of £5.93B; launches £500M buyback and raises 2026 outlook

Bunzl reported a 3.0% year-on-year revenue increase to £5.93 billion and a non-GAAP EPS of 87.70p for the first half. The company launched a £500 million share buyback program aimed at returning excess cash to shareholders and supporting strategic acquisitions. Bunzl upgraded its 2026 outlook, expecting modest underlying revenue growth, stable operating margins, and a slight increase in adjusted operating profit on a constant currency basis.

Recommendation Rating: Positive Outlook on Bunzl

Bunzl has announced its financial results for the first half, reporting a non-GAAP Earnings Per Share (EPS) of 87.70p. The company's revenue reached £5.93 billion, reflecting a year-on-year increase of 3.0%.

In a strategic move, Bunzl has initiated a £500 million share buyback program intended to be executed over the coming 12 months. This initiative aligns with the company's strategy of returning excess cash to shareholders while also ensuring availability for high-value bolt-on acquisitions, which remain a key focus.

Looking ahead to 2026, Bunzl has upgraded its outlook. The company anticipates continued modest growth in underlying revenue and expects its operating margin to remain relatively unchanged compared to the previous year. Additionally, Bunzl projects a slight increase in adjusted operating profit year-on-year, when adjusted for constant exchange rates.