Associated British Foods plc (ABF) Earnings Call Transcripts

Associated British Foods plc's Latest Earnings Call - April 21, 2026

In the earnings call for the first half of fiscal year 2026, Associated British Foods plc (ABF) reported a challenging period with group adjusted operating profit down 18% and adjusted EPS down 15%. Revenue was flat at GBP 9.5 billion. Primark sales grew 2%, while food businesses saw a 3% decline. Management maintained full-year guidance, except for sugar, which is expected to deliver an operating loss due to prolonged low prices in Europe. The demerger of Primark is set for completion by the end of 2027, aiming to enhance governance and focus for both Primark and the food businesses.

Reported metrics

Guidance from management

Management maintained full-year guidance for all segments except sugar, which is expected to deliver an adjusted operating loss. Primark's full-year operating margin is expected to be approximately 10%.

What management said

We haven't said anything officially about balance sheet structure. I think you can look through to the Wittington majority control of both and assume that there's a degree of conservatism that's going to characterize the balance sheets of both companies. But let me not say anything more on that.

Do you want me to have a go? I mean you might comment on it as well on the margin -- on digital and marketing and margins. I mean, you would obviously expect us to say this being we're quite judicious in how we think about the spend in both the returns that we're generating from both. So I don't think there's anything to really say for this financial year. I think your question was more medium term. Is it?

What analysts pressed on

Analysts expressed concerns about Primark's margin compression and the impact of recent consumer spending slowdowns. Questions were raised about the sustainability of Primark's growth strategy and the potential impact of the Middle East conflict on consumer demand.

Main topics on the call

• Demerger of Primark — Management reiterated their commitment to the demerger of Primark by the end of 2027, emphasizing the need for 'separate oversight from separate dedicated boards' to enhance growth potential.
• Primark Performance — Primark's sales grew 2% to GBP 4.7 billion, with like-for-like sales declining 2.7%. The UK market showed improvement with a 3% sales increase. Management highlighted efforts to 'reenergize Primark's customer proposition...
• Sugar Segment Challenges — The sugar segment reported an adjusted operating loss due to 'prolonged low average selling prices in Europe.' Management noted that the market remains oversupplied, impacting profitability.
• Food Business Outlook — The food business faced challenges with U.S. oils and sugar, but management expects a 'strong improvement in profit in the second half' driven by innovation and market expansion.

Read the full Associated British Foods plc transcript (April 21, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 20 Associated British Foods plc earnings call transcripts on record, spanning April 21, 2020 to July 1, 2026. Based on this history, Associated British Foods plc reports semi-annually. The most recent call on file is dated July 1, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

ABF

Exchange

LSE

Country

GB

Sector

Consumer Staples

Industry

Food Products

Calls on record

20

First call

April 21, 2020

Most recent

July 1, 2026

Reporting cadence

semi-annually