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"2024-07-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-486": { "value": "43700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930022EOITNKSIGH56", "period": "2026-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-487": { "value": "48000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-489": { "value": "
1. REPORTING ENTITY
Genus plc (the \u2018Company\u2019) is a public company limited by shares and incorporated in England, United
Kingdom under the Companies Act 2006. Its company number is 02972325 and its registered office is
Matrix House, Basing View, Basingstoke, Hampshire RG21 4FF. The Group Financial Statements for the year
ended 30 June 2026 comprise the Company and its subsidiaries (together referred to as the \u2018Group\u2019). We
have used the equity method to account for the Group\u2019s interests in joint ventures and associates. Our
business model on pages 6 to 7 explains the Group\u2019s operations and principal activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-3": { "value": "Genus plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-4": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-5": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-6": { "value": "Matrix House, Basing View, Basingstoke, Hampshire RG21 4FF", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-490": { "value": "
2. BASIS OF PREPARATION
The consolidated financial statements of the Group have been prepared in accordance with UK-
adopted International Accounting Standards (\u2018IFRS\u2019) and in compliance with the Companies Act 2006,
as applicable to companies reporting under those standards.\u2019
Unless otherwise stated, we have consistently applied the material accounting policy information set
out below to all periods presented in these Group Financial Statements. The going concern statement
has been included in the Strategic Report on page 48 and forms part of these statements.
Functional and presentational currency
We present the Group Financial Statements in Sterling, which is the Company\u2019s functional and
presentational currency. All financial information presented in Sterling has been rounded to the
nearest \u00a30.1m.
Use of estimates
Preparing financial statements requires management to make judgements, estimates and
assumptions that affect our application of accounting policies and our reported assets, liabilities,
income and expenses. Our actual results may differ from these estimates. We review our estimates
and underlying assumptions on an ongoing basis, and recognise revisions to accounting estimates
in the period in which we revise the estimate and in any future periods affected.
Note 4 provides information about significant areas of estimation uncertainty and the critical
judgements we made in applying accounting policies that have the most effect on the amounts
recognised in the Financial Statements.
Alternative Performance Measures (\u2018APMs\u2019)
In reporting financial information, the Group presents APMs, which are not defined or specified under
the requirements of IFRS and which are not considered to be a substitute for, or superior to, IFRS
measures.
The Group believes that these APMs provide stakeholders with additional helpful information on the
performance of the business. The APMs are consistent with how we plan our business performance and
report on it in our internal management reporting to the Board and GELT. Some of these measures are
also used for the purpose of setting remuneration targets.
For a full list of all APMs please see the Alternative Performance Measures Glossary section of the
Annual Report on pages 183 to 191.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-488": { "value": "2. BASIS OF PREPARATION The consolidated financial statements of the Group have been prepared in accordance with UK- adopted International Accounting Standards (\u2018IFRS\u2019) and in compliance with the Companies Act 2006, as applicable to companies reporting under those standards.\u2019 Unless otherwise stated, we have consistently applied the material accounting policy information set out below to all periods presented in these Group Financial Statements. The going concern statement has been included in the Strategic Report on page 48 and forms part of these statements. Functional and presentational currency We present the Group Financial Statements in Sterling, which is the Company\u2019s functional and presentational currency. All financial information presented in Sterling has been rounded to the nearest \u00a30.1m. Use of estimates Preparing financial statements requires management to make judgements, estimates and assumptions that affect our application of accounting policies and our reported assets, liabilities, income and expenses. Our actual results may differ from these estimates. We review our estimates and underlying assumptions on an ongoing basis, and recognise revisions to accounting estimates in the period in which we revise the estimate and in any future periods affected. Note 4 provides information about significant areas of estimation uncertainty and the critical judgements we made in applying accounting policies that have the most effect on the amounts recognised in the Financial Statements. Alternative Performance Measures (\u2018APMs\u2019) In reporting financial information, the Group presents APMs, which are not defined or specified under the requirements of IFRS and which are not considered to be a substitute for, or superior to, IFRS measures. The Group believes that these APMs provide stakeholders with additional helpful information on the performance of the business. The APMs are consistent with how we plan our business performance and report on it in our internal management reporting to the Board and GELT. Some of these measures are also used for the purpose of setting remuneration targets. For a full list of all APMs please see the Alternative Performance Measures Glossary section of the Annual Report on pages 183 to 191.
3. MATERIAL ACCOUNTING POLICY INFORMATION APPLIED IN THE CURRENT REPORTING PERIOD
THAT RELATES TO THE FINANCIAL STATEMENTS AS A WHOLE
This section sets out our material accounting policy information as it relates to the Financial
Statements as a whole. Where an accounting policy is generally applicable to a specific note to the
Financial Statements, the policy has been described in that note. We have also detailed below the
new accounting pronouncements that we will adopt in future years and our current view of the impact
they will have on our financial reporting.
Accounting convention
We prepare the Group Financial Statements under the historical cost convention, except for our
biological assets, share-based payment expense, pension liabilities and derivative financial
instruments. In accordance with IFRS, we measure biological assets at fair value less point-of-sale
costs, which represent distribution costs and selling expenses, and share-based payment expense,
pension liabilities, and certain financial instruments at fair value.
Basis of consolidation
Subsidiaries are entities the Group controls. We have control of an entity when we are exposed, or have
the rights, to variable returns from the entity and have the ability to affect the returns through power over
the entity. In assessing control, we take into account potential voting rights that we can currently exercise
or convert. We fully consolidate the results of subsidiaries we acquire from the date that control transfers
to the Group. We cease consolidating the results of subsidiaries that we cease to control from the date
that control passes.
In preparing the Group Financial Statements, we eliminate intra-Group balances and any unrealised
income and expenses arising from intra-Group transactions. Unrealised gains arising from transactions
with equity-accounted investees are eliminated against the investment, to the extent of our interest in
the investee. We eliminate unrealised losses in the same way as unrealised gains, but only to the extent
that there is no evidence of impairment.
Foreign currencies
We record foreign currency transactions in the relevant Group entity\u2019s functional currency, at the
exchange rate on the transaction date. At each balance sheet date, we retranslate monetary assets
and liabilities denominated in foreign currencies at the exchange rate on the balance sheet date. We
recognise the foreign exchange differences arising on retranslation in the Group Income Statement.
When non-monetary assets and liabilities are measured at historical cost in a foreign currency, we
translate them at the exchange rate at the transaction date. When non-monetary assets and
liabilities are stated at fair value in a foreign currency, we translate them at the prevailing exchange
rate on the date we determined the fair value. We recognise the foreign exchange differences arising
on retranslation in the Group Statement of Comprehensive Income.
The assets and liabilities of foreign operations, including goodwill arising on consolidation, are
translated into Sterling at the prevailing exchange rates at the balance sheet date. The resulting
exchange differences are booked into foreign currency translation reserves and reported in the Group
Statement of Comprehensive Income. We translate these operations\u2019 revenues and expenses using an
average rate for the period.
The Group has assessed the impact of hyperinflation in Argentina under IAS 29 Financial Reporting in
Hyperinflationary Economies and determined that the resulting effect on the consolidated financial
statements is not material.
When exchange differences arise from the fair value movement of related effective hedges, we take
them to the foreign currency translation reserve. When we dispose of a foreign operation, we release
these differences to the Income Statement. Exchange movements on inter-company loans considered
to be permanent equity are recognised in the Group Statement of Comprehensive Income, together
with any related taxation.
The principal exchange rates were as follows:
Average
Closing
2026
2025
2024
2026
2025
2024
US Dollar/\u00a3
1.34
1.30
1.26
1.33
1.37
1.27
Euro/\u00a3
1.15
1.19
1.17
1.16
1.17
1.18
Brazilian Real/\u00a3
7.07
7.46
6.35
6.85
7.46
7.07
Mexican Peso/\u00a3
24.06
25.83
21.69
23.18
25.75
23.12
Chinese Yuan/\u00a3
9.35
9.35
9.06
9.00
9.84
9.19
Russian Rouble/\u00a3
104.92
118.29
115.46
104.26
107.38
108.18
Research and development
We undertake research with the aim of gaining new scientific or technical knowledge, and recognise
this expenditure in the Income Statement as it is incurred.
The Group constantly monitors its research activities. When research projects achieve technical
feasibility and are commercially viable, our policy is to capitalise further development costs within
intangible assets, in accordance with IAS 38.
Our development activities include developing and maintaining our porcine genetic nucleus herd and
our bovine pre-stud herds. We do not capitalise development expenditure separately for these herds,
as their fair value is included in the fair value of the Group\u2019s biological assets, in accordance with IAS 41.
We disclose the costs of research and development activities, as required by IAS 38 (see note 8).
Other income and deferred income
During the year ended 30 June 2019, the Company entered into a strategic collaboration with Beijing
Capital Agribusiness (\u2018BCA\u2019) under which BCA will establish and fund a collaboration-specific entity
(\u2018BCA Future Bio-Tech\u2019) which will use Genus\u2019s intellectual property and know-how to pursue the
PRRS-resistance regulatory and development work in China. Genus will receive consideration after
meeting certain milestones in the development programme.
Each milestone is considered to be either a separate performance obligation, or a set of separate
performance obligations, under this agreement and milestones are unbundled in the contractual
arrangement as if they are distinct from one another. We assess each separate performance
obligation relating to the milestone payments, and upon completion of those performance obligations
recognise the fair value of amounts earned in other income. Some performance obligations, such as
the transfer of know-how, are recognised at a point in time whereas others, such as the provision of
technical services, are recognised over time. We recognise any received but unearned consideration
as deferred income. We will apply the same accounting policy to any other comparable agreements.
Reversals of impairment We reverse an impairment loss in respect of assets other than goodwill when the impairment loss may no longer exist and we have changed the estimates we used to determine the recoverable amount. We only reverse an impairment loss to the extent that the asset\u2019s carrying amount does not exceed the carrying amount it would have had, net of depreciation or amortisation, if we had not recognised the impairment loss. Climate change In preparing these consolidated financial statements we have considered the impact of both physical and transition climate change risks on the current valuation of our assets and liabilities. We do not believe that there is a material impact on the financial reporting judgements and estimates arising from our considerations and as a result the valuations of our assets or liabilities have not been significantly impacted by these risks as at 30 June 2026. In concluding, we specifically considered the impact of climate change on the growth rates and projected cash flows as part of our goodwill impairment testing (see note 14). As government policies evolve as a result of commitments to limit global warming to 1.5\u00b0C, we will continue to monitor implications on the valuations of our assets and liabilities that could arise in future years. New standards and interpretations In the current period, the Group has applied a number of amendments to IFRS issued by the International Accounting Standards Board that are mandatorily effective for an accounting period that begins after 1 January 2025 and have been implemented with effect from 1 July 2025. These are: \u2022 Amendments to IAS 21 \u2013 \u2018Lack of Exchangeability\u2019. Their application has not had any material impact on the disclosures or amounts reported in the Group Financial Statements. New standards and interpretations not yet adopted At the date of the Annual Report, the following standards and interpretations which have not been applied in the report were in issue but not yet effective (and in some cases had not yet been adopted by the UK). The Group will continue to assess the impact of these amendments prior to their adoption. These are: \u2022 IFRS S1 \u2018General Requirements for Disclosure of Sustainability-related Financial Information\u2019; \u2022 IFRS S2 \u2018Climate-related Disclosures\u2019; \u2022 Amendments to IAS 12 \u2013 \u2018International Tax Reform Pillar Two Model Rules \u2013 other disclosure requirements\u2019; \u2022 IFRS 18 \u2013 \u2018Presentation and Disclosure in Financial Statements\u2019; \u2022 Amendment to IFRS 9 and IFRS 7 \u2013 \u2018Classification and Measurement of Financial Instruments\u2019; \u2022 Annual Improvements to IFRS Standards 2023\u20132025 Cycle; \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 \u2018Contracts Referencing Nature-dependent Electricity\u2019; and \u2022 Amendments to IFRS 10 and IAS 28 \u2013 \u2018Sale or Contribution of Assets between an Investor and its Associate or Joint Venture\u2019 .
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 was issued in April 2024 and will replace IAS 1
\u2018Presentation of Financial Statements\u2019. IFRS 18 is effective for annual reporting periods beginning on or after
1 January 2027, with early adoption permitted. This will be applicable for the Group\u2019s 30 June 2028 Annual
Report. IFRS 18 introduces new requirements for the presentation of the statement of profit or loss, including
defined subtotals and categories, and enhanced disclosure requirements in relation to management-defined
performance measures. The Group is currently assessing the impact of IFRS 18 on its financial statements.
Based on the assessment performed to date, the standard is not expected to affect the recognition or
measurement of amounts in the financial statements, but it may result in changes to presentation and
disclosure. The impact will be reflected in the Group\u2019s financial statements when the standard is applied.
4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of Consolidated Financial Statements requires the Group to make estimates and
judgements that affect the application of policies and reported amounts.
Critical judgements represent key decisions made by management in the application of the Group\u2019s
accounting policies, where a significant risk of materially different outcomes exists due to
management assumptions or sources of estimation uncertainty. Estimates and judgements are
continually evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances. Actual
results may differ from these estimates.
The estimates which have a significant risk of causing a material adjustment to the carrying amount of
assets and liabilities within the next 12 months are discussed below.
Critical accounting judgements
Adjusting items
The Directors believe that the adjusted profit and earnings per share measures provide additional
information to shareholders on the performance of the business. These measures are consistent with
how business performance is measured internally by the Board and GELT. Further descriptions and
reconciliations are provided in the APM Glossary.
The profit before tax and adjusting items measures are not recognised profit measures under IFRS and
may not be directly comparable with adjusted profit measures used by other companies. The
classification of adjusting items requires significant judgement, after considering the nature and
intentions of a transaction. The Group\u2019s definitions of adjusting items are outlined within the Group
accounting policies and have been applied consistently year-on-year.
Key sources of estimation uncertainty
Determination of the fair value of biological assets including those held in equity-accounted
investees (note 16 and note 18)
Determining the fair values of our bovine and porcine biological assets requires the application of a
number of estimates and assumptions.
Below is a list of these estimates and assumptions, showing whether we consider them to be
observable or unobservable inputs to the fair value determination. In addition, we identify those inputs
that are \u2018readily obtainable\u2019 transactional data or \u2018open market prices\u2019. Sensitivities of the estimates
and assumptions given below are disclosed in note 16.
Estimates and assumptions
Observable/unobservable
Source
Bovine
Long-term dairy volume
growth rate
Unobservable
n/a
Short-term dairy volume
growth rate
Unobservable
n/a
Value at point of production
1
Unobservable
n/a
Current unit prices
Observable
Readily obtainable
Growth in unit prices
1
Unobservable
n/a
Animals\u2019 useful lifespan
Observable
Readily obtainable
Percentage of new dairy bulls to
be produced internally each year
Unobservable
n/a
Age profile of bulls
Unobservable
n/a
Risk-adjusted discount rate
1
Unobservable
n/a
Porcine
(non pure line herds)
Animals\u2019 useful lifespan
Observable
Readily obtainable
The proportion of animals that
go to slaughter
Observable
Readily obtainable
The mix of boars and gilts
Observable
Readily obtainable
Risk-adjusted discount rate
Unobservable
n/a
Porcine Number of future generations
(pure line herds)
attributable to the current herds
Observable
Readily obtainable
Animals\u2019 expected useful lifespan
Fair value prices achieved on salesObservable
Open market prices
and productivity
Observable
Readily obtainable
The proportion of animals that
go to breeding sales
1
Observable
Readily obtainable
Risk-adjusted discount rate
1
Unobservable
n/a
1 Key sources of estimation uncertainty.
Impairment of Bovine and Aqua goodwill (see note 14)
Determining whether bovine and aqua goodwill is impaired requires us to consider any specific
impairment indicators and to estimate the value in use of the cash-generating units to which we have
allocated goodwill. The value in use calculation requires us to estimate the future cash flows arising
from the cash-generating unit (\u2018CGU\u2019), the appropriate discount rate and the growth rates, in order to
calculate present value.
Impact of Russian sanctions
The Group has two group operating companies that are incorporated in Russia \u2013 Limited Liability Co.
Genus ABS Russia and PIC Genetics LLC (\u2018Russian-based subsidiaries/entities\u2019). Following the sanctions
that have been put in place by the UK and other governments, the Group implemented a
comprehensive screening process with external counsel to ensure that its Russian entities do not trade
with sanctioned individuals or entities controlled by them. The main impact of the sanctions regime on
our business has been to categorise the banks in Russia into sanctioned and non-sanctioned banks.
Where we receive money from sanctioned banks we are unable to use the cash without a licence from
His Majesty\u2019s Treasury (\u2018HMT\u2019). For cash receipts from non-sanctioned banks into the entities\u2019 non-
sanctioned bank account, we are able to use the cash in Russia for day-to-day operations.
The UK Office of Financial Sanctions Implementation (\u2018OFSI\u2019) issued a general licence for trading in
agricultural commodities in Russia effective on the 4 November 2022 which provides exemptions to the
sanctions regime in connection with the export, production and transport of agricultural commodities.
This definition includes reproductive materials such as are supplied by Genus. Under this general
licence, receipts from non-sanctioned customers received from and before 4 November 2022 from
sanctioned banks no longer need to be frozen and can be freely used. Also receipts from a sanctioned
customer, if made through a non-sanctioned bank, no longer need to be frozen and can be freely
used. If any customer is or becomes sanctioned and pays through a sanctioned bank, these funds
would still need to be frozen even after 4 November 2022.
Under the requirements of IAS 7, where there is cash that is not available to be used by the rest of the
Group this needs to be disclosed. As at 30 June 2026, we had a cash balance of \u00a312.4m (30 June 2025:
\u00a312.1m) in the Russian entities. Of this cash \u00a30.9m (2025: \u00a30.9m) was received from sanctioned banks
and is frozen under applicable sanctions regulations and not available for use by the Group. At
30 June 2026, this amount has been reclassified to non-current other receivables within note 21 as it no
longer meets the definition of cash and cash equivalents under IAS 7. The Group continues to monitor
the status of these balances and the Group\u2019s ability to repatriate them.
The remaining \u00a311.5m cash remains available for use within Russia, however \u00a38.6m (2025: \u00a37.1m) is not
available for repatriation due to local dividend restrictions. Following further evaluation, this amount is
not considered available for use elsewhere in the Group and is therefore considered restricted.
Management has reviewed the operations and cash flow over a period of 18 months from 30 June 2026
to 31 December 2027, based upon the 2027 plans, to determine whether the Russian entities have
sufficient non-sanctioned cash flow to enable them to continue day-to-day operations and to meet
liabilities as they fall due. The analysis indicates they do have sufficient non-sanctioned cash flow to
enable them to meet their day-to-day operational needs.
Critical accounting judgement \u2013 exercise of control
Management has assessed whether the actions of the UK and Russian Governments have caused the
Group to lose control of these Russian-based subsidiaries.
Genus PLC received a licence from the Department for International Trade (\u2018DIT\u2019), effective from
11 January 2023 for two years, to allow for UK-based employees within the Genus group to provide
accounting, business and management consulting services to the Russian-based subsidiaries, for the
purpose of helping them carry out business operations in Russia, delivery of humanitarian assistance
activity and for the production or distribution of food, provided that it is for the benefit of the civilian
population. It authorises the following services:
\u2022 The fullest possible range of accounting services, business and management consulting services,
to include advisory, guidance and operational assistance services provided for business policy
and strategy, and the overall planning, structuring, and control of the organisation.
\u2022 The oversight that a parent company would typically provide to its subsidiaries in the areas of
accounting, financial controls, tax, treasury, finance and human resources, along with similar
oversight in the areas of information technology, supply chain and other types of technology.
In February 2025, the DIT licence was renewed and extended for an additional two years, now expiring
on 6 February 2027.
We have concluded that we have control over the Russian-based subsidiaries for the year ended
30 June 2026, as defined under IFRS 10 \u2018Consolidated Financial Statements\u2019, and we are still able to
consolidate them despite restrictions on extracting cash. We have also assessed each of the asset
balances for impairment. The material areas that could give rise to impairment are:
\u2022 PIC Russia farm: \u00a31.9m (30 June 2025: \u00a32.6m) \u2013 the value of the farm is predicated on the future
economic benefit of the animals that are being reared there. We would need to assess if the
property\u2019s open market price (less cost to sell) would support the carrying value.
\u2022 Trade receivables: \u00a35.7m (30 June 2025: \u00a33.6m) \u2013 the ongoing financial sanctions may affect our
customers\u2019 ability to pay us for their goods. If it is determined that our customers are unlikely to
repay these amounts, then they should be provided for.
\u2022 IAS 41 valuation: \u00a31.5m (30 June 2025: \u00a33.7m) \u2013 the ongoing impacts of both the local economic
outlook and our customers\u2019 ability to pay us could result in a reversal of the fair value of the Russian
biological assets.
Management\u2019s impairment analysis indicates that, under the current business environment and based
on the plans for FY27 no impairment is required as at 30 June 2026.
Management will continue to monitor the situation closely to see if any further changes require
additional analysis that may result in a different conclusion.
In the event of changes in legislation, such as more restrictive sanctions imposed by the UK Government or
actions taken by the Russian Government, we may determine that we do not exercise control, as defined
under IFRS 10 \u2018Consolidated Financial Statements\u2019, over the assets and operations of the Russian entities
and we would not be able to consolidate these companies into the Financial Statements. The
deconsolidation would mean that we would reclassify the Russian entities as investments and we would
need to assess for impairment. A charge of up to \u00a321.7m (2025: \u00a321.2m) may need to be recognised in the
Income Statement, representing the total net assets of the two Russian entities. Dependent on the nature
of the events leading to the decision to deconsolidate the entities, there may be additional expenses
incurred which we are unable to estimate at this time. In addition, revenues would not be consolidated
into the Financial Statements from the date of any deconsolidation. Revenues from the Russian entities
were \u00a319.3m in the year ended 30 June 2026 (2025: \u00a315.6m).
Valuation of PRRS-resistant pig (\u2018PRP\u2019)
On 29 April 2025, the Group obtained US Food and Drug Administration (\u2018FDA\u2019) approval for our
gene-edited PRRS-resistant pig (\u2018PRP\u2019) in the United States, alongside positive determinations
obtained in Brazil, Colombia, Argentina and the Dominican Republic. Since then, the Group has made
further regulatory progress, including approval in Canada in January 2026 and additional favourable
determinations in Argentina and Uruguay. However, approval by the FDA and other regulators does not
automatically lead to commercialisation in the United States or elsewhere. Regulatory approvals or
positive determinations are still required in key U.S. export markets, particularly Mexico and Japan, due
to the integrated supply chains within the global pork market.
Until approvals are obtained in these key US export markets, it remains management\u2019s judgement that
the PRP animals do not meet the Group\u2019s definition of a pure line and are therefore not subject to the
pure line valuation methodology described in Note 16. While the Group has commenced limited
slaughter and by-product sales in the United States, these do not represent commercial sales for IAS 41
purposes and do not demonstrate the existence of an active market for PRP animals. Accordingly, no
value has been recognised in respect of pure line animals or the Group\u2019s retained interest.
The Group would expect to recognise pure line animal values once the necessary approvals have
been obtained in key US export markets and a first commercial sale has been agreed. Inventory
continues to be held at a nil fair value, except for a limited adjustment to reflect recoverable value
from by-product sales. This judgement remains significant to the valuation of the PRP herd.
Accounting policy
The Group recognises revenue from the following sources:
\u2022 sale of bovine and porcine semen, porcine breeding animals, embryos and ancillary products;
\u2022 royalties;
\u2022 consulting;
\u2022 technical services and advice revenues;
\u2022 installation and maintenance of IntelliGen technology;
\u2022 licensing of IntelliGen technology;
\u2022 slaughter animal sales; and
\u2022 bovine partnership contracts.
Revenue is measured based on the consideration the Group expects to be entitled to under a contract
with a customer and excludes amounts collected on behalf of third parties. The Group recognises
revenue when it transfers control of a product or service to a customer.
The sale of bovine and porcine semen, porcine breeding animals, embryos and ancillary products
Revenue from the sale of bovine and porcine semen, porcine breeding animals, embryos and ancillary
products is recognised when the control of the goods has transferred to the customer or distributor.
This is either when we ship to customers or on delivery, depending on the terms of sale. Payment of the
transaction price is due immediately, or within a short period of time, from the point the customer or
distributor controls the goods.
Royalties
Royalties are recognised when the performance obligation is met. We receive royalty payments from
certain porcine customers based on key performance variables, such as the number of pigs born per litter,
the number of litters born per sow and the average slaughter weight of the animals born. This amount is
confirmed directly to Genus by the customer. Payment of the transaction price is due immediately from
the customer, or within a short period of time, once the performance obligation is satisfied.
Consulting
Revenue from consulting represents the amounts we charged for services we provided during the year,
including recoverable expenses. We recognise consulting services provided but not yet billed as
revenue, based on a fair value assessment of the work we have delivered and our contractual right to
receive payment. Where unbilled revenue is contingent on a future event, we do not recognise any
revenue until the event occurs.
Technical services and advice revenues
Revenue from technical services and advice revenues represents the amounts we charged for services
we provided during the year, including recoverable expenses. We recognise technical services and
advice revenues provided but not yet billed as revenue, based on a fair value assessment of the work
we have delivered and our contractual right to receive payment. Where unbilled revenue is contingent
on a future event, we do not recognise any revenue until the event occurs. Technical services and
advice revenues are presented in ancillary services in the table on the following page.
Installation and maintenance of IntelliGen technology
Revenue from the installation of IntelliGen technology is recognised by reference to the stage of
completion of the installation and is based on milestones being met. Maintenance is provided as a
distinct service to customers and is recognised over the period of the service agreement. These
revenues are presented in ancillary services in the following table.
Licensing of IntelliGen technology
Revenue from the licensing of IntelliGen technology is recognised at a point in time when the licence is
granted. In determining the transaction price, any minimum royalties due under the contracts are
included in the value apportioned to the grant of the licence, excluding any royalties that arise on units
produced in excess of the guaranteed minimums. These additional royalties have been determined to
be a usage-based royalty and are recognised as revenue at the point in time that the units are
produced. These revenues are presented in ancillary services in the following table.
Slaughter of animals
Revenue from the slaughter of animals is recognised when control of the goods has transferred to the
slaughterhouse, which is generally on the delivery of animals to the slaughterhouse. Payment of the
transaction price is due immediately, or within a short period of time, from the point the slaughterhouse
controls the goods.
Bovine partnership contracts
Partnership contracts include the provision of multiple bovine products and services for a single price.
The contract price is allocated to the individual performance obligations based on their standalone
selling prices. The expected revenue is recognised for the products and services once the individual
performance obligation has been satisfied. Revenues from partnership contracts are presented in sale
of animals, semen, embryos and ancillary products and services.
Accounting policy
We present exceptional items separately, as we believe this helps to improve understanding of the
Group\u2019s underlying performance.
In determining whether an item should be presented as exceptional, we consider items which are
material either because of their size or their nature, and those which are non-recurring. For an item to
be considered exceptional, it must initially meet at least one of the following criteria:
\u2022 it is a one-off material item;
\u2022 it has been directly incurred as the result of either a corporate transaction, integration or other
major restructuring programme;
\u2022 it has been previously classified as an exceptional item, and as such consistent accounting
treatment is being applied; or
\u2022 it is unusual in nature, e.g. outside the normal course of business.
If an item meets at least one of the criteria, we then exercise judgement as to whether the item
should be classified as exceptional.
For the tax and cash impact of exceptional items see notes 11 and 32, respectively.
Accounting policy
We recognise interest income and interest expense in the Income Statement, as they accrue, based on
the effective interest rate method.
Interest income includes income on cash and cash equivalents, and income on other financial assets.
Finance costs include interest costs in relation to financial liabilities. This includes interest on lease
liabilities, which represents the unwinding of the discount rate applied to lease liabilities.
Accounting policies
Tax on the profit or loss for the year comprises current and deferred tax. We recognise tax in the
Income Statement, unless:
\u2022 it relates to items we have recognised directly in equity, in which case we recognise it in equity; or
\u2022 it arises as a fair value adjustment in a business combination.
We provide for current tax, including UK corporation tax and foreign tax, at the amounts we expect to
pay (or recover), using the tax rates and the laws enacted or substantively enacted at the balance
sheet date, together with any adjustments to tax payable in respect of previous years.
Deferred tax is tax we expect to pay or recover due to differences between the carrying amounts of
our assets and liabilities in our Financial Statements and the corresponding tax bases used in
calculating our taxable profit. We account for deferred tax using the balance sheet liability method.
We generally recognise deferred tax liabilities for all taxable temporary differences, and deferred tax
assets to the extent that we will probably have taxable profits to utilise deductible temporary differences
against. We do not recognise these assets and liabilities if the temporary difference arises from:
\u2022 our initial recognition of goodwill; or
\u2022 our initial recognition of other assets and liabilities in a transaction (other than a business
combination) that affects neither our taxable profit nor our accounting profit.
We recognise deferred tax liabilities for taxable temporary differences arising on our investments in
subsidiaries, and interests in joint ventures and associates, except where we can control the reversal of
the temporary difference and it is probable that it will not reverse in the foreseeable future.
We calculate deferred tax at the tax rates we expect to apply in the period when we settle the liability
or realise the asset. We charge or credit deferred tax in the Income Statement, except when it relates
to items we have charged or credited directly to equity, in which case the deferred tax is also dealt
with in equity.
Accounting policies
When we acquire a subsidiary, associate or joint venture, the goodwill arising is the excess of the
acquisition cost, excluding transaction costs, over our interest in the net fair value of the acquiree\u2019s
identifiable assets, liabilities and contingent liabilities. Identifiable assets include intangible assets which
could be sold separately, or which arise from legal rights, regardless of whether those rights are separable.
We state goodwill at cost less any accumulated impairment losses. We allocate goodwill to cash-
generating units (\u2018CGUs\u2019), which are the smallest identifiable group of assets that generate cash
inflows that are largely independent of the cash inflows from other assets or groups of assets. We do
not amortise goodwill but we do test it annually for impairment.
IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 requires us to treat the following as assets
and liabilities of the acquired entity, rather than of the acquiring entity:
\u2022 goodwill arising on acquisition of a foreign operation; and
\u2022 any fair value adjustments we make on acquisition to the carrying amounts of the acquiree\u2019s assets
and liabilities.
We therefore express them in the foreign operation\u2019s functional currency and retranslate them at the
balance sheet date.
Accounting policies
Identifiable intangible assets are recognised when the Group controls the asset, it is probable that
future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be
reliably measured.
For \u2018Software as a Service\u2018 (\u2018SaaS\u2018) arrangements, we do not capitalise costs relating to the
configuration and customisation of SaaS arrangements as intangible assets except where control of
the software exists.
Intangible assets that we have acquired in a business combination since 1 April 2005 are identified and
recognised separately from goodwill, where they meet the definition of an intangible asset and we can
reliably measure their fair values. Their cost is their fair value at the acquisition date.
After their initial recognition, we report these intangible assets at cost less accumulated amortisation
and accumulated impairment losses. This is the same basis as for intangible assets acquired
separately. The estimated useful lives for intangible assets are as follows:
\u2022 Porcine and bovine
genetics technology 20 years
\u2022 Multiplier contracts 15 years
\u2022 Brands 10 to 15 years
\u2022 Customer relationships 10 to 17 years
\u2022 IntelliGen 10 years
\u2022 Patents and licences term of agreement
(4 years)
\u2022 Software 2 to 10 years
Accounting policies
Biological assets and inventories
In bovine, we use research and development to identify genetically superior bulls in a number of
breeds, primarily the Holstein dairy breed. Each selected bull has its performance measured against its
peers, by using genomic evaluations and progeny testing of its daughters\u2019 performance. We collect
and freeze semen from the best bulls, to satisfy our customers\u2019 demand. Farmers use semen from dairy
breeds to breed replacement milking stock. They use the semen we sell from beef breeds in either
specialist beef breeding herds, for multiplying breeding bulls for use in natural service, or on dairy cows
to produce animals to be reared for meat.
Our research and development also enables us to produce and select our own genetically superior
females, from which we will breed future bulls.
We hold our bovine biological assets for long-term internal use and classify them as non-current assets.
We transfer bull semen to inventory at its fair value at the point of harvest, which becomes its deemed
cost under IAS 2. We state our inventories at the lower of this deemed cost and net realisable value.
Sorting semen is a production process rather than a biological process. As a result, we transfer semen
inventory into sexed semen production at its fair value at the point of harvest, less the cost to sell, and
it becomes a component of the production process. We carry sexed semen in finished goods at
production cost.
In porcine, we maintain and develop a central breeding stock (the \u2018nucleus herd\u2019), to provide genetically
superior animals. These genetics help make farmers and food processors more profitable, by increasing
their output of consistently high-quality products, which yield higher value. So we can capitalise on our
intellectual property, we outsource the vast majority of our pig production to our global multiplier
network. We also sell the offspring or semen we obtain from animals in the nucleus herd to customers, for
use in commercial farming.
Pig sales generally occur in one of two ways: \u2018upfront\u2019 and \u2018royalty\u2019. Under upfront sales, we receive the
full fair value of the animal at the point we transfer it to the customer. Under royalty sales, the pig is
regarded as comprising two separately identifiable components: its carcass and its genetic potential.
We receive the initial consideration, which is approximately the animal\u2019s carcass value, at the point we
transfer the pig to the customer. We retain our interest in the pig\u2019s genetic potential and receive
royalties for the customer\u2019s use of this genetic potential.
The breeding animal biological assets we own, and our retained interest in the biological assets we have
sold under royalty contracts, are recognised and measured at fair value at each balance sheet date. We
recognise changes in fair value in the Income Statement, within operating profit for the period.
We classify the porcine biological assets we are using as breeding animals as non-current assets and
carry them at fair value. The porcine biological assets we are holding for resale, which are the offspring
of the breeding herd, are carried at fair value and classified as current assets.
Determination of fair values \u2013 biological assets
IAS 41 \u2018Agriculture\u2019 requires us to show the carrying value of biological assets in the Group Balance
Sheet. We determine this carrying value according to IAS 41\u2019s provisions and show the net valuation
movement in the Income Statement. There are important differences in how we value our bovine and
porcine assets, as explained below.
Bovine \u2013 we base the fair value of all bulls on the net cash flows we expect to receive from selling their
semen, discounted at a current risk-adjusted market-determined rate. The significant assumptions
determining the fair values are the expected future demand for semen, the estimated biological value
and the marketable life of bulls. The biological value is the estimated value at the point of production.
We adjust the fair value of the bovine herd and semen inventory where a third party earns a royalty
from semen sales from a particular bull. Females are valued by reference to market prices and
published independent genetic evaluations.
Porcine \u2013 the fair value of porcine biological assets includes the animals we own entirely and our
retained interest in the genetics of animals we have sold under royalty arrangements. The fair value of
animals we own is calculated using the animals\u2019 average live weights, plus a premium where we
believe that their genetics make them saleable. We base the live weight value and the genetic
premium on recent transaction prices we have achieved. The significant assumptions in determining
fair values are the breeding animals\u2019 expected life, the percentage of production animals that are
saleable as breeding animals and the expected sales prices. For our retained interest in the genetics
of animals sold under royalty contracts, we base the initial fair value on the fair values we achieved in
recent direct sales of similar animals, less the amount we received upfront for the carcass element. We
then remeasure the fair value of our retained interest at each reporting date. The significant
assumption in determining the fair value of the retained interest is the animals\u2019 expected life.
We value the pigs in our pure line herds, which are the repository of our proprietary genetics, as a
single unit of account. We do this using a discounted cash flow model, applied to the herds\u2019 future
outputs at current prices. The significant assumptions we make are the number of future generations
attributable to the current herds, the fair value prices we achieve on sales, the animals\u2019 expected
useful lifespan and productivity, and the risk-adjusted discount rate.
Non-recognition of porcine multiplier contracts where the Group
does not retain a contractual interest
To manage commercial risk, a very large part of our porcine business model involves selling pigs to
farmers (\u2018multipliers\u2019) who produce piglets on farms we neither manage nor control. We have the
option, but not the obligation, to buy the offspring at slaughter market value plus a premium. Because
the offspring have superior genetics, we can then sell them to other farmers at a premium.
We do not recognise the right to purchase offspring on the Group Balance Sheet, as we enter into the
contracts and continue to hold them for the purpose of receiving non-financial items (the offspring),
in accordance with our expected purchase requirements. This means the option is outside the scope
of IFRS 9. We do not recognise the offspring as biological assets under IAS 41, as we do not own or
control them.
Accounting policies
We state property, plant and equipment at cost, together with any directly attributable acquisition
expenses, or at their latest valuation, less depreciation and any impairment losses. Where parts of an
item of property, plant and equipment have different useful lives, we account for them separately.
We charge depreciation to the Income Statement on a straight-line basis, over the estimated useful
lives of each part of an asset. The estimated useful lives are as follows:
\u2022 Freehold buildings 10 to 40 years
\u2022 Leasehold buildings over the term of the lease
\u2022 Plant and equipment 3 to 20 years
\u2022 Motor vehicles 3 to 5 years
We do not depreciate land or assets under construction.
Accounting policies
Joint ventures are entities over whose activities we have joint control, under a contractual agreement.
The Group Financial Statements include the Group\u2019s share of profit or loss arising from joint ventures.
Associates are entities in which the Group has significant influence, but not control, over the financial
and operating policies. The Group Financial Statements include the Group\u2019s share of the total
recognised income and expense of associates on an equity-accounted basis, from the date that
significant influence commences until the date it ceases. When our share of losses exceeds our interest
in an associate, we reduce the carrying amount to nil and stop recognising further losses, except to the
extent that the Group has incurred legal or constructive obligations or made payments on an
associate\u2019s behalf.
Under the equity method, investments in joint ventures or associates are initially recognised in the
Group Balance Sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or
loss and other comprehensive income of the joint ventures and associates. Related party transactions
with the Group\u2019s joint ventures and associates primarily comprise the sale of products and services.
The Group\u2019s joint ventures and associates operate through separate legal entities established to
support the delivery of porcine and bovine genetic improvement programmes within their respective
markets. Their principal activities include the breeding, multiplication and sale of elite genetics,
supported by technical services. Each arrangement is structured through a limited liability company
governed by a shareholders\u2019 agreement that defines the capital and ownership structure, board
representation, decision-making protocols and profit-distribution mechanisms. These contractual
arrangements determine how the relevant activities are directed and form the basis for the Group\u2019s
assessment of joint control or significant influence.
The financial information of each joint venture and associate is prepared using accounting policies
consistent with those of the Group. Where local accounting policies differ from IFRS, appropriate
adjustments are made to ensure the results, assets and liabilities included in these consolidated
financial statements are presented on a basis consistent with the Group\u2019s accounting policies.
The Group\u2019s share of profit after tax in its equity-accounted investees for the year was \u00a334.7m
(2025: \u00a39.1m).
Accounting policies
Financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) comprise equity securities
which are not held for trading, and which the Group has irrevocably elected at initial recognition to
recognise as FVOCI. The Group considers this classification relevant as these are strategic investments.
Financial assets at FVOCI are adjusted to the fair value of the asset at the balance sheet date, with any
gain or loss being recognised in other comprehensive income and held as part of other reserves. On
disposal any gain or loss is recognised in other comprehensive income.
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a
financial asset not at fair value through income statement, transaction costs that are directly
attributable to the acquisition of the financial asset. Transaction costs of financial assets carried
at fair value through the income statement are expensed in the Income Statement.
Accounting policies
Inventory (excluding biological assets\u2019 harvest) is stated at the lower of cost and net realisable value.
Cost is determined on the basis of weighted average costs and comprises direct materials and, where
appropriate, direct labour costs and those overheads that have been incurred in bringing the
inventories to their present location and condition.
Accounting policies
We state trade and other receivables at their amortised cost less any impairment losses.
Accounting policies
Cash and cash equivalents comprise cash balances. Bank overdrafts that are repayable on demand
form an integral part of our cash management and are included in interest-bearing loans and
borrowings due in less than one year.
Accounting policies
Trade payables are not interest bearing and are stated at their nominal value.
Accounting policy
A contract asset is recognised when the Group\u2019s right to consideration is conditional on something
other than the passage of time, for example the completion of future performance obligations under
the terms of the contract with the customer. In some instances, the Group receives payments from
customers based on a billing schedule, as established in the contract, which may not match the
pattern of performance under the contract.
Where payment is received ahead of performance a contract liability will be created, and where
performance obligations are satisfied ahead of billing, then a contract asset will be recognised.
Accounting policies
We recognise a provision in the Balance Sheet when an event results in the Group having a current
legal or constructive obligation, and it is probable that we will have to settle the obligation through
an outflow of economic benefits. If the effect is material, we discount provisions to their present value.
Accounting policies
Financial instruments
Financial assets and liabilities in respect of financial instruments are recognised on the Group Balance
Sheet when the Group becomes a party to the instrument\u2019s contractual provisions.
Financial liabilities and equity instruments
Financial liabilities and equity instruments issued by the Group are classified according to the
substance of the contractual arrangements entered into and the definitions of a financial liability and
an equity instrument. An equity instrument is any contract that provides a residual interest in the
Group\u2019s assets after deducting all of its liabilities and includes no obligation to deliver cash or other
financial assets. The accounting policies adopted for specific financial liabilities and equity
instruments are set out below.
Put option arrangements over non-controlling interest
The potential cash payments related to put options issued by the Group over the equity of subsidiary
companies are accounted for as financial liabilities.
The amount that may become payable under the option on exercise is initially recognised at present
value within financial liabilities, with a corresponding charge directly to equity. The charge to equity is
recognised separately as written put options over non-controlling interest, adjacent to non-controlling
interest in the net assets of consolidated subsidiaries.
Such options are subsequently measured at amortised cost, using the effective interest rate method, in
order to accrete the liability up to the amount payable under the option at the date at which it first
becomes exercisable. The charge arising is recorded as a financing cost. If the option expires
unexercised, the liability is derecognised, with a corresponding adjustment to equity.
Derivative financial instruments
Derivatives are recognised initially at fair value at the date a derivative contract is entered into and
are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is
recognised in the Income Statement immediately, unless the derivative is designated and effective as
a hedging instrument, in which event the timing of the recognition in the Income Statement depends
on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a
negative fair value is recognised as a financial liability. Derivatives are not offset in the financial
statements, unless the Group has both a legally enforceable right and intention to offset. A derivative
is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument
is more than 12 months and it is not due to be realised or settled within 12 months. Other derivatives are
presented as current assets or current liabilities.
The fair value of interest rate swaps is the estimated amount that we would receive or pay to terminate
the swap at the balance sheet date, taking into account current interest rates and the
creditworthiness of the swap counterparties.
The fair values of forward exchange contracts and forward commodity contracts are their quoted
market prices at the balance sheet date, which is the present value of the quoted forward price.
Hedging activities
The Group designates certain derivatives as hedging instruments in respect of foreign exchange risk,
interest rate risk and commodity risk in fair value hedges, cash flow hedges, or hedges of net
investments in foreign operations.
At the inception of the hedge relationship, the Group documents the relationship between the hedging
instrument and the hedged item, along with its risk management objectives and its strategy for
undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an
ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes
in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the
hedging relationship meets all of the following hedge effectiveness requirements:
\u2022 there is an economic relationship between the hedged item and the hedging instrument;
\u2022 the effect of credit risk does not dominate the value changes that result from that economic
relationship; and
\u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge
ratio but the risk management objective for that designated hedging relationship remains the same,
the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it
meets the qualifying criteria again.
The Group designates the full change in the fair value of a forward contract (i.e. including the forward
elements) as the hedging instrument for all of its hedging relationships involving forward contracts.
The Group designates only the intrinsic value of option contracts as a hedged item, i.e. excluding the
time value of the option. The changes in the fair value of the aligned time value of the option are
recognised in Other Comprehensive Income and accumulated in the cost of hedging reserve. If the
hedged item is transaction-related, the time value is reclassified to the Income Statement when the
hedged item affects the Income Statement. If the hedged item is time-period-related, then the
amount accumulated in the cost of hedging reserve is reclassified to the Income Statement on a
rational basis, applying straight-line amortisation. Those reclassified amounts are recognised in the
Income Statement in the same line as the hedged item. If the hedged item is a non-financial item, then
the amount accumulated in the cost of hedging reserve is removed directly from equity and included
in the initial carrying amount of the recognised non-financial item. Furthermore, if the Group expects
that some or all of the loss accumulated in the cost of hedging reserve will not be recovered in the
future, that amount is immediately reclassified to the Income Statement.
Cash flow hedges
The effective portion of changes in the fair value of derivatives and other qualifying hedging
instruments that are designated and qualify as cash flow hedges is recognised in Other
Comprehensive Income and accumulated under the heading of cash flow hedging reserve, and limited
to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss
relating to the ineffective portion is recognised immediately in the Income Statement and is included in
the \u2018other gains and losses\u2019 line item.
Amounts previously recognised in Other Comprehensive Income and accumulated in equity are
reclassified to the Income Statement in the periods when the hedged item affects the Income
Statement, in the same line as the recognised hedged item. However, when the hedged forecast
transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and
losses previously recognised in Other Comprehensive Income and accumulated in equity are removed
from equity and included in the initial measurement of the cost of the non-financial asset or non-
financial liability. This transfer does not affect Other Comprehensive Income. Furthermore, if the Group
expects that some or all of the loss accumulated in the cash flow hedging reserve will not be recovered
in the future, that amount is immediately reclassified to the Income Statement.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases
to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging
instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively.
Any gain or loss recognised in Other Comprehensive Income and accumulated in the cash flow hedging
reserve at that time remains in equity and is reclassified to the Income Statement when the forecast
transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss
accumulated in the cash flow hedging reserve is reclassified immediately to the Income Statement.
Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and
floating rate interest amounts calculated on agreed notional principal amounts. Such contracts
enable the Group to mitigate the risk of changing interest rates on the fair value of issued fixed-rate
debt held and the cash flow exposures on the issued variable-rate debt held. The fair value of interest
rate swaps at the reporting date is determined by discounting the future cash flows using the yield
curves at the reporting date and the credit risk inherent in the contract. The average interest rate is
based on the outstanding balances at the end of the financial year.
If the critical terms of the interest rate swap contracts and their corresponding hedged items are the
same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of
the interest rate swap contracts and the value of the corresponding hedged items will systematically
change in opposite directions, in response to movements in the underlying interest rates. The main
source of hedge ineffectiveness in these hedge relationships is the effect of the counterparty and the
Group\u2019s own credit risk on the fair value of the interest rate swap contracts, which is not reflected in the
fair value of the hedged item attributable to the change in interest rates. No other sources of
ineffectiveness emerged from these hedging relationships.
Net investment hedges
Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any
gain or loss on the foreign currency forward contracts relating to the effective portion of the hedge is
recognised in Other Comprehensive Income and accumulated in the foreign currency translation
reserve. The gain or loss relating to the ineffective portion is recognised immediately in the Income
Statement, and is included in the \u2018other gains and losses\u2019 line item.
Gains and losses on the hedging instrument accumulated in the foreign currency translation reserve
are reclassified to the Income Statement on the disposal or partial disposal of the foreign operation.
We only apply net investment hedge accounting in the Group Financial Statements.
The hedge ratio will be less than 100% if the net assets of the hedged item fall below the hedging
instrument. No hedge ineffectiveness emerged from these hedging relationships as the currency and
principal amount of both the hedged item and hedging instrument exactly match.
Accounting policies
In accordance with IFRS 16, we recognise as an expense any payments made in respect of short-term
leases (those with a term of less than 12 months) and leases for low-value items, on a straight-line basis
over the life of the lease.
For all other leases we recognise a liability at the date at which the leased asset is made available for
use, and a corresponding right-of-use asset is recognised and depreciated over the term of the lease
(see note 17).
Lease liabilities are measured at the present value of the future lease payments, excluding any
payments relating to non-lease components. Future lease payments include fixed payments, in-
substance fixed payments, and variable lease payments that are based on an index or a rate, less any
lease incentives receivable. Lease liabilities also take into account amounts payable under residual
value guarantees and payments to exercise options, to the extent that it is reasonably certain that
such payments will be made. The payments are discounted at the rate implicit in the lease or, where
that cannot be measured, at an incremental borrowing rate.
We remeasure the lease liability (and make a corresponding adjustment to the related right-of-use
asset) whenever:
\u2022 The lease term has changed or there is a change in the assessment of the exercise of a purchase
option, in which case the lease liability is remeasured by discounting the revised lease payments
using a revised discount rate.
\u2022 The lease payments change due to changes in an index or rate or a change in expected payment
under a guaranteed residual value, in which cases the lease liability is remeasured by discounting
the revised lease payments using the initial discount rate (unless the lease payments change is due
to a change in a floating interest rate, in which case a revised discount rate is used).
\u2022 A lease contract is modified, and the lease modification is not accounted for as a separate lease, in
which case the lease liability is remeasured by discounting the revised lease payments using a
revised discount rate.
Accounting policies
Defined contribution pension schemes
A number of our employees are members of defined contribution pension schemes. We charge
contributions to the Income Statement as they become payable under the scheme rules. We show
differences between the contributions payable and the amount we have paid as either accruals or
prepayments in the Balance Sheet. The schemes\u2019 assets are held separately from the Group\u2019s assets.
Defined benefit pension schemes
The Group operates defined benefit pension schemes for some of its employees. These schemes are
closed to new members and to further accrual. We calculate our net obligation separately for each
scheme, by estimating the amount of future benefit that employees have earned, in return for their
service to date. We discount that benefit to determine its present value and deduct the fair value of
the plan\u2019s assets (at bid price). The liability discount rate we use is the market yield at the balance
sheet date on high-quality corporate bonds, with terms to maturity approximating our pension
liabilities. Qualified actuaries perform the calculations, using the projected unit method.
We recognise actuarial gains and losses in equity in the period in which they occur, through the Group
Statement of Comprehensive Income. Actuarial gains and losses include the difference between the
expected and actual return on scheme assets and experience gains and losses on scheme liabilities.
Genus and the other participating employers are jointly and severally liable for the MPF\u2019s obligations.
We account for our section of the scheme and our share of any orphan assets and liabilities, and
provide for any amounts we believe we will have to pay under our joint and several liability. The joint
and several liability also means we have a contingent liability for the scheme\u2019s obligations that we
have not accounted for.
Under the joint and several liability, we initially recognise any changes in our share of orphan assets
and liabilities in the Income Statement. After this initial recognition, any actuarial gains and losses on
the orphan assets and liabilities are recognised directly in equity through the Group Statement of
Changes in Equity, in the period in which they occur.
We measure the fair value of our qualifying insurance policy assets to be the deemed present value
of the related obligation.
Accounting policies
We recognise the fair value of share awards and options granted as an employee expense, with a
corresponding increase in equity. We measure the fair value at the grant date and spread it over the
vesting period of each option. For the most part we use a binomial valuation model to measure the fair
value of share awards. We adjust the amount we recognise as an expense, to reflect the estimated
performance against non-market-related conditions and the number of share awards and options
that actually vest at the end of the vesting period.
Since 2025, performance share plan (\u2018PSP\u2019) awards are subject to a Total Shareholder Return (\u2018TSR\u2019)
performance measure. The fair value of the relative TSR component is calculated using a Monte Carlo
simulation model, to assess the probability of meeting the measure over a three-year performance
period. No dividend equivalents accrue for unvested PSP awards and options and the fair value takes
this into account.
The Group recognised a total share-based payment expense of \u00a310.4m (2025: \u00a36.9m), including
National Insurance contributions expense of \u00a31.5m (2025: \u00a30.2m).
Accounting policies
Equity instruments issued by the Group are recorded at the amounts of the proceeds received, net of
direct issuance costs.
Accounting policies
For short-term leases (those with a term of less than 12 months) and low-value items, we charge the
rentals payable to the Income Statement on a straight-line basis over the lease term.
The Company has elected not to apply IFRS 16 to contracts where the right-of-use asset would be
recognised as an intangible asset (e.g. software licences).
Accounting policies
We recognise deferred consideration on the Balance Sheet when a business combination contains a
contractual clause that defers a portion of the purchase price. When the consideration transferred by
the Group in a business combination includes a contingent consideration arrangement, the contingent
consideration is measured at its acquisition date fair value and included as part of the consideration
transferred in a business combination. Changes in fair value of the contingent consideration that
qualify as measurement period adjustments are adjusted retrospectively, with corresponding
adjustments against goodwill. Measurement period adjustments are adjustments that arise from
additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from
the acquisition date) about facts and circumstances that existed at the acquisition date.
Subsequent contingent consideration fair value remeasurements that do not qualify as measurement
period adjustments are recognised in the Income Statement.
Contingent deferred consideration is measured at fair value and the valuation basis is Level 3
classification, where fair value techniques use inputs which have a significant effect on the recorded
fair value that are not based on observable market data.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-531": { "value": "The consolidated financial statements of the Group have been prepared in accordance with UK- adopted International Accounting Standards (\u2018IFRS\u2019) and in compliance with the Companies Act 2006, as applicable to companies reporting under those standards.\u2019 ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-532": { "value": "Functional and presentational currency We present the Group Financial Statements in Sterling, which is the Company\u2019s functional and presentational currency. All financial information presented in Sterling has been rounded to the nearest \u00a30.1m. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-491": { "value": "Basis of consolidation Subsidiaries are entities the Group controls. We have control of an entity when we are exposed, or have the rights, to variable returns from the entity and have the ability to affect the returns through power over the entity. In assessing control, we take into account potential voting rights that we can currently exercise or convert. We fully consolidate the results of subsidiaries we acquire from the date that control transfers to the Group. We cease consolidating the results of subsidiaries that we cease to control from the date that control passes. In preparing the Group Financial Statements, we eliminate intra-Group balances and any unrealised income and expenses arising from intra-Group transactions. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment, to the extent of our interest in the investee. We eliminate unrealised losses in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-492": { "value": "Foreign currencies We record foreign currency transactions in the relevant Group entity\u2019s functional currency, at the exchange rate on the transaction date. At each balance sheet date, we retranslate monetary assets and liabilities denominated in foreign currencies at the exchange rate on the balance sheet date. We recognise the foreign exchange differences arising on retranslation in the Group Income Statement. When non-monetary assets and liabilities are measured at historical cost in a foreign currency, we translate them at the exchange rate at the transaction date. When non-monetary assets and liabilities are stated at fair value in a foreign currency, we translate them at the prevailing exchange rate on the date we determined the fair value. We recognise the foreign exchange differences arising on retranslation in the Group Statement of Comprehensive Income. The assets and liabilities of foreign operations, including goodwill arising on consolidation, are translated into Sterling at the prevailing exchange rates at the balance sheet date. The resulting exchange differences are booked into foreign currency translation reserves and reported in the Group Statement of Comprehensive Income. We translate these operations\u2019 revenues and expenses using an average rate for the period. The Group has assessed the impact of hyperinflation in Argentina under IAS 29 Financial Reporting in Hyperinflationary Economies and determined that the resulting effect on the consolidated financial statements is not material. When exchange differences arise from the fair value movement of related effective hedges, we take them to the foreign currency translation reserve. When we dispose of a foreign operation, we release these differences to the Income Statement. Exchange movements on inter-company loans considered to be permanent equity are recognised in the Group Statement of Comprehensive Income, together with any related taxation. The principal exchange rates were as follows:
Average
Closing
2026
2025
2024
2026
2025
2024
US Dollar/\u00a3
1.34
1.30
1.26
1.33
1.37
1.27
Euro/\u00a3
1.15
1.19
1.17
1.16
1.17
1.18
Brazilian Real/\u00a3
7.07
7.46
6.35
6.85
7.46
7.07
Mexican Peso/\u00a3
24.06
25.83
21.69
23.18
25.75
23.12
Chinese Yuan/\u00a3
9.35
9.35
9.06
9.00
9.84
9.19
Russian Rouble/\u00a3
104.92
118.29
115.46
104.26
107.38
108.18
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-493": { "value": "Research and development We undertake research with the aim of gaining new scientific or technical knowledge, and recognise this expenditure in the Income Statement as it is incurred. The Group constantly monitors its research activities. When research projects achieve technical feasibility and are commercially viable, our policy is to capitalise further development costs within intangible assets, in accordance with IAS 38. Our development activities include developing and maintaining our porcine genetic nucleus herd and our bovine pre-stud herds. We do not capitalise development expenditure separately for these herds, as their fair value is included in the fair value of the Group\u2019s biological assets, in accordance with IAS 41. We disclose the costs of research and development activities, as required by IAS 38 (see note 8). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-494": { "value": "Other income and deferred income During the year ended 30 June 2019, the Company entered into a strategic collaboration with Beijing Capital Agribusiness (\u2018BCA\u2019) under which BCA will establish and fund a collaboration-specific entity (\u2018BCA Future Bio-Tech\u2019) which will use Genus\u2019s intellectual property and know-how to pursue the PRRS-resistance regulatory and development work in China. Genus will receive consideration after meeting certain milestones in the development programme. Each milestone is considered to be either a separate performance obligation, or a set of separate performance obligations, under this agreement and milestones are unbundled in the contractual arrangement as if they are distinct from one another. We assess each separate performance obligation relating to the milestone payments, and upon completion of those performance obligations recognise the fair value of amounts earned in other income. Some performance obligations, such as the transfer of know-how, are recognised at a point in time whereas others, such as the provision of technical services, are recognised over time. We recognise any received but unearned consideration as deferred income. We will apply the same accounting policy to any other comparable agreements. ", "dimensions": { "concept": "genusplc:DescriptionOfAccountingPolicyForOtherIncomeAndDeferredIncome", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-495": { "value": "
Reversals of impairment
We reverse an impairment loss in respect of assets other than goodwill when the impairment loss may
no longer exist and we have changed the estimates we used to determine the recoverable amount.
We only reverse an impairment loss to the extent that the asset\u2019s carrying amount does not exceed
the carrying amount it would have had, net of depreciation or amortisation, if we had not recognised
the impairment loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-496": { "value": "
Climate change
In preparing these consolidated financial statements we have considered the impact of both physical
and transition climate change risks on the current valuation of our assets and liabilities. We do not
believe that there is a material impact on the financial reporting judgements and estimates arising
from our considerations and as a result the valuations of our assets or liabilities have not been
significantly impacted by these risks as at 30 June 2026. In concluding, we specifically considered the
impact of climate change on the growth rates and projected cash flows as part of our goodwill
impairment testing (see note 14). As government policies evolve as a result of commitments to limit
global warming to 1.5\u00b0C, we will continue to monitor implications on the valuations of our assets and
liabilities that could arise in future years.
", "dimensions": { "concept": "genusplc:DescriptionOfAccountingPolicyForClimateChange", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-533": { "value": "
New standards and interpretations
In the current period, the Group has applied a number of amendments to IFRS issued by the
International Accounting Standards Board that are mandatorily effective for an accounting period
that begins after 1 January 2025 and have been implemented with effect from 1 July 2025. These are:
\u2022 Amendments to IAS 21 \u2013 \u2018Lack of Exchangeability\u2019.
Their application has not had any material impact on the disclosures or amounts reported in the Group
Financial Statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-497": { "value": "New standards and interpretations In the current period, the Group has applied a number of amendments to IFRS issued by the International Accounting Standards Board that are mandatorily effective for an accounting period that begins after 1 January 2025 and have been implemented with effect from 1 July 2025. These are: \u2022 Amendments to IAS 21 \u2013 \u2018Lack of Exchangeability\u2019. Their application has not had any material impact on the disclosures or amounts reported in the Group Financial Statements. New standards and interpretations not yet adopted At the date of the Annual Report, the following standards and interpretations which have not been applied in the report were in issue but not yet effective (and in some cases had not yet been adopted by the UK). The Group will continue to assess the impact of these amendments prior to their adoption. These are: \u2022 IFRS S1 \u2018General Requirements for Disclosure of Sustainability-related Financial Information\u2019; \u2022 IFRS S2 \u2018Climate-related Disclosures\u2019; \u2022 Amendments to IAS 12 \u2013 \u2018International Tax Reform Pillar Two Model Rules \u2013 other disclosure requirements\u2019; \u2022 IFRS 18 \u2013 \u2018Presentation and Disclosure in Financial Statements\u2019; \u2022 Amendment to IFRS 9 and IFRS 7 \u2013 \u2018Classification and Measurement of Financial Instruments\u2019; \u2022 Annual Improvements to IFRS Standards 2023\u20132025 Cycle; \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 \u2018Contracts Referencing Nature-dependent Electricity\u2019; and \u2022 Amendments to IFRS 10 and IAS 28 \u2013 \u2018Sale or Contribution of Assets between an Investor and its Associate or Joint Venture\u2019 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 was issued in April 2024 and will replace IAS 1 \u2018Presentation of Financial Statements\u2019. IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027, with early adoption permitted. This will be applicable for the Group\u2019s 30 June 2028 Annual Report. IFRS 18 introduces new requirements for the presentation of the statement of profit or loss, including defined subtotals and categories, and enhanced disclosure requirements in relation to management-defined performance measures. The Group is currently assessing the impact of IFRS 18 on its financial statements. Based on the assessment performed to date, the standard is not expected to affect the recognition or measurement of amounts in the financial statements, but it may result in changes to presentation and disclosure. The impact will be reflected in the Group\u2019s financial statements when the standard is applied. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-534": { "value": "
New standards and interpretations not yet adopted
At the date of the Annual Report, the following standards and interpretations which have not been
applied in the report were in issue but not yet effective (and in some cases had not yet been adopted
by the UK). The Group will continue to assess the impact of these amendments prior to their adoption.
These are:
\u2022 IFRS S1 \u2018General Requirements for Disclosure of Sustainability-related Financial Information\u2019;
\u2022 IFRS S2 \u2018Climate-related Disclosures\u2019;
\u2022 Amendments to IAS 12 \u2013 \u2018International Tax Reform Pillar Two Model Rules \u2013 other disclosure
requirements\u2019;
\u2022 IFRS 18 \u2013 \u2018Presentation and Disclosure in Financial Statements\u2019;
\u2022 Amendment to IFRS 9 and IFRS 7 \u2013 \u2018Classification and Measurement of Financial Instruments\u2019;
\u2022 Annual Improvements to IFRS Standards 2023\u20132025 Cycle;
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 \u2018Contracts Referencing Nature-dependent Electricity\u2019; and
\u2022 Amendments to IFRS 10 and IAS 28 \u2013 \u2018Sale or Contribution of Assets between an Investor and its
Associate or Joint Venture\u2019 .
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 was issued in April 2024 and will replace IAS 1 \u2018Presentation of Financial Statements\u2019. IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027, with early adoption permitted. This will be applicable for the Group\u2019s 30 June 2028 Annual Report. IFRS 18 introduces new requirements for the presentation of the statement of profit or loss, including defined subtotals and categories, and enhanced disclosure requirements in relation to management-defined performance measures. The Group is currently assessing the impact of IFRS 18 on its financial statements. Based on the assessment performed to date, the standard is not expected to affect the recognition or measurement of amounts in the financial statements, but it may result in changes to presentation and disclosure. The impact will be reflected in the Group\u2019s financial statements when the standard is applied. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-498": { "value": "4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The preparation of Consolidated Financial Statements requires the Group to make estimates and judgements that affect the application of policies and reported amounts. Critical judgements represent key decisions made by management in the application of the Group\u2019s accounting policies, where a significant risk of materially different outcomes exists due to management assumptions or sources of estimation uncertainty. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next 12 months are discussed below. Critical accounting judgements Adjusting items The Directors believe that the adjusted profit and earnings per share measures provide additional information to shareholders on the performance of the business. These measures are consistent with how business performance is measured internally by the Board and GELT. Further descriptions and reconciliations are provided in the APM Glossary. The profit before tax and adjusting items measures are not recognised profit measures under IFRS and may not be directly comparable with adjusted profit measures used by other companies. The classification of adjusting items requires significant judgement, after considering the nature and intentions of a transaction. The Group\u2019s definitions of adjusting items are outlined within the Group accounting policies and have been applied consistently year-on-year. Key sources of estimation uncertainty Determination of the fair value of biological assets including those held in equity-accounted investees (note 16 and note 18) Determining the fair values of our bovine and porcine biological assets requires the application of a number of estimates and assumptions. Below is a list of these estimates and assumptions, showing whether we consider them to be observable or unobservable inputs to the fair value determination. In addition, we identify those inputs that are \u2018readily obtainable\u2019 transactional data or \u2018open market prices\u2019. Sensitivities of the estimates and assumptions given below are disclosed in note 16.
Estimates and assumptions
Observable/unobservable
Source
Bovine
Long-term dairy volume
growth rate
Unobservable
n/a
Short-term dairy volume
growth rate
Unobservable
n/a
Value at point of production
1
Unobservable
n/a
Current unit prices
Observable
Readily obtainable
Growth in unit prices
1
Unobservable
n/a
Animals\u2019 useful lifespan
Observable
Readily obtainable
Percentage of new dairy bulls to
be produced internally each year
Unobservable
n/a
Age profile of bulls
Unobservable
n/a
Risk-adjusted discount rate
1
Unobservable
n/a
Porcine
(non pure line herds)
Animals\u2019 useful lifespan
Observable
Readily obtainable
The proportion of animals that
go to slaughter
Observable
Readily obtainable
The mix of boars and gilts
Observable
Readily obtainable
Risk-adjusted discount rate
Unobservable
n/a
Porcine Number of future generations
(pure line herds)
attributable to the current herds
Observable
Readily obtainable
Animals\u2019 expected useful lifespan
Fair value prices achieved on salesObservable
Open market prices
and productivity
Observable
Readily obtainable
The proportion of animals that
go to breeding sales
1
Observable
Readily obtainable
Risk-adjusted discount rate
1
Unobservable
n/a
1 Key sources of estimation uncertainty. Impairment of Bovine and Aqua goodwill (see note 14) Determining whether bovine and aqua goodwill is impaired requires us to consider any specific impairment indicators and to estimate the value in use of the cash-generating units to which we have allocated goodwill. The value in use calculation requires us to estimate the future cash flows arising from the cash-generating unit (\u2018CGU\u2019), the appropriate discount rate and the growth rates, in order to calculate present value. Impact of Russian sanctions The Group has two group operating companies that are incorporated in Russia \u2013 Limited Liability Co. Genus ABS Russia and PIC Genetics LLC (\u2018Russian-based subsidiaries/entities\u2019). Following the sanctions that have been put in place by the UK and other governments, the Group implemented a comprehensive screening process with external counsel to ensure that its Russian entities do not trade with sanctioned individuals or entities controlled by them. The main impact of the sanctions regime on our business has been to categorise the banks in Russia into sanctioned and non-sanctioned banks. Where we receive money from sanctioned banks we are unable to use the cash without a licence from His Majesty\u2019s Treasury (\u2018HMT\u2019). For cash receipts from non-sanctioned banks into the entities\u2019 non- sanctioned bank account, we are able to use the cash in Russia for day-to-day operations. The UK Office of Financial Sanctions Implementation (\u2018OFSI\u2019) issued a general licence for trading in agricultural commodities in Russia effective on the 4 November 2022 which provides exemptions to the sanctions regime in connection with the export, production and transport of agricultural commodities. This definition includes reproductive materials such as are supplied by Genus. Under this general licence, receipts from non-sanctioned customers received from and before 4 November 2022 from sanctioned banks no longer need to be frozen and can be freely used. Also receipts from a sanctioned customer, if made through a non-sanctioned bank, no longer need to be frozen and can be freely used. If any customer is or becomes sanctioned and pays through a sanctioned bank, these funds would still need to be frozen even after 4 November 2022. Under the requirements of IAS 7, where there is cash that is not available to be used by the rest of the Group this needs to be disclosed. As at 30 June 2026, we had a cash balance of \u00a312.4m (30 June 2025: \u00a312.1m) in the Russian entities. Of this cash \u00a30.9m (2025: \u00a30.9m) was received from sanctioned banks and is frozen under applicable sanctions regulations and not available for use by the Group. At 30 June 2026, this amount has been reclassified to non-current other receivables within note 21 as it no longer meets the definition of cash and cash equivalents under IAS 7. The Group continues to monitor the status of these balances and the Group\u2019s ability to repatriate them. The remaining \u00a311.5m cash remains available for use within Russia, however \u00a38.6m (2025: \u00a37.1m) is not available for repatriation due to local dividend restrictions. Following further evaluation, this amount is not considered available for use elsewhere in the Group and is therefore considered restricted. Management has reviewed the operations and cash flow over a period of 18 months from 30 June 2026 to 31 December 2027, based upon the 2027 plans, to determine whether the Russian entities have sufficient non-sanctioned cash flow to enable them to continue day-to-day operations and to meet liabilities as they fall due. The analysis indicates they do have sufficient non-sanctioned cash flow to enable them to meet their day-to-day operational needs. Critical accounting judgement \u2013 exercise of control Management has assessed whether the actions of the UK and Russian Governments have caused the Group to lose control of these Russian-based subsidiaries. Genus PLC received a licence from the Department for International Trade (\u2018DIT\u2019), effective from 11 January 2023 for two years, to allow for UK-based employees within the Genus group to provide accounting, business and management consulting services to the Russian-based subsidiaries, for the purpose of helping them carry out business operations in Russia, delivery of humanitarian assistance activity and for the production or distribution of food, provided that it is for the benefit of the civilian population. It authorises the following services: \u2022 The fullest possible range of accounting services, business and management consulting services, to include advisory, guidance and operational assistance services provided for business policy and strategy, and the overall planning, structuring, and control of the organisation. \u2022 The oversight that a parent company would typically provide to its subsidiaries in the areas of accounting, financial controls, tax, treasury, finance and human resources, along with similar oversight in the areas of information technology, supply chain and other types of technology. In February 2025, the DIT licence was renewed and extended for an additional two years, now expiring on 6 February 2027. We have concluded that we have control over the Russian-based subsidiaries for the year ended 30 June 2026, as defined under IFRS 10 \u2018Consolidated Financial Statements\u2019, and we are still able to consolidate them despite restrictions on extracting cash. We have also assessed each of the asset balances for impairment. The material areas that could give rise to impairment are: \u2022 PIC Russia farm: \u00a31.9m (30 June 2025: \u00a32.6m) \u2013 the value of the farm is predicated on the future economic benefit of the animals that are being reared there. We would need to assess if the property\u2019s open market price (less cost to sell) would support the carrying value. \u2022 Trade receivables: \u00a35.7m (30 June 2025: \u00a33.6m) \u2013 the ongoing financial sanctions may affect our customers\u2019 ability to pay us for their goods. If it is determined that our customers are unlikely to repay these amounts, then they should be provided for. \u2022 IAS 41 valuation: \u00a31.5m (30 June 2025: \u00a33.7m) \u2013 the ongoing impacts of both the local economic outlook and our customers\u2019 ability to pay us could result in a reversal of the fair value of the Russian biological assets. Management\u2019s impairment analysis indicates that, under the current business environment and based on the plans for FY27 no impairment is required as at 30 June 2026. Management will continue to monitor the situation closely to see if any further changes require additional analysis that may result in a different conclusion. In the event of changes in legislation, such as more restrictive sanctions imposed by the UK Government or actions taken by the Russian Government, we may determine that we do not exercise control, as defined under IFRS 10 \u2018Consolidated Financial Statements\u2019, over the assets and operations of the Russian entities and we would not be able to consolidate these companies into the Financial Statements. The deconsolidation would mean that we would reclassify the Russian entities as investments and we would need to assess for impairment. A charge of up to \u00a321.7m (2025: \u00a321.2m) may need to be recognised in the Income Statement, representing the total net assets of the two Russian entities. Dependent on the nature of the events leading to the decision to deconsolidate the entities, there may be additional expenses incurred which we are unable to estimate at this time. In addition, revenues would not be consolidated into the Financial Statements from the date of any deconsolidation. Revenues from the Russian entities were \u00a319.3m in the year ended 30 June 2026 (2025: \u00a315.6m). Valuation of PRRS-resistant pig (\u2018PRP\u2019) On 29 April 2025, the Group obtained US Food and Drug Administration (\u2018FDA\u2019) approval for our gene-edited PRRS-resistant pig (\u2018PRP\u2019) in the United States, alongside positive determinations obtained in Brazil, Colombia, Argentina and the Dominican Republic. Since then, the Group has made further regulatory progress, including approval in Canada in January 2026 and additional favourable determinations in Argentina and Uruguay. However, approval by the FDA and other regulators does not automatically lead to commercialisation in the United States or elsewhere. Regulatory approvals or positive determinations are still required in key U.S. export markets, particularly Mexico and Japan, due to the integrated supply chains within the global pork market. Until approvals are obtained in these key US export markets, it remains management\u2019s judgement that the PRP animals do not meet the Group\u2019s definition of a pure line and are therefore not subject to the pure line valuation methodology described in Note 16. While the Group has commenced limited slaughter and by-product sales in the United States, these do not represent commercial sales for IAS 41 purposes and do not demonstrate the existence of an active market for PRP animals. Accordingly, no value has been recognised in respect of pure line animals or the Group\u2019s retained interest. The Group would expect to recognise pure line animal values once the necessary approvals have been obtained in key US export markets and a first commercial sale has been agreed. Inventory continues to be held at a nil fair value, except for a limited adjustment to reflect recoverable value from by-product sales. This judgement remains significant to the valuation of the PRP herd. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-535": { "value": "Key sources of estimation uncertainty Determination of the fair value of biological assets including those held in equity-accounted investees (note 16 and note 18) Determining the fair values of our bovine and porcine biological assets requires the application of a number of estimates and assumptions. Below is a list of these estimates and assumptions, showing whether we consider them to be observable or unobservable inputs to the fair value determination. In addition, we identify those inputs that are \u2018readily obtainable\u2019 transactional data or \u2018open market prices\u2019. Sensitivities of the estimates and assumptions given below are disclosed in note 16. Estimates and assumptions Observable/unobservable Source Bovine Long-term dairy volume growth rate Unobservable n/a Short-term dairy volume growth rate Unobservable n/a Value at point of production1 Unobservable n/a Current unit prices Observable Readily obtainable Growth in unit prices1 Unobservable n/a Animals\u2019 useful lifespan Observable Readily obtainable Percentage of new dairy bulls to be produced internally each year Unobservable n/a Age profile of bulls Unobservable n/a Risk-adjusted discount rate1 Unobservable n/a Porcine (non pure line herds) Animals\u2019 useful lifespan Observable Readily obtainable The proportion of animals that go to slaughter Observable Readily obtainable The mix of boars and gilts Observable Readily obtainable Risk-adjusted discount rate Unobservable n/a Porcine Number of future generations (pure line herds) attributable to the current herds Observable Readily obtainable Animals\u2019 expected useful lifespan Fair value prices achieved on salesObservable Open market prices and productivity Observable Readily obtainable The proportion of animals that go to breeding sales1 Observable Readily obtainable Risk-adjusted discount rate1 Unobservable n/a 1 Key sources of estimation uncertainty. Impairment of Bovine and Aqua goodwill (see note 14) Determining whether bovine and aqua goodwill is impaired requires us to consider any specific impairment indicators and to estimate the value in use of the cash-generating units to which we have allocated goodwill. The value in use calculation requires us to estimate the future cash flows arising from the cash-generating unit (\u2018CGU\u2019), the appropriate discount rate and the growth rates, in order to calculate present value. Impact of Russian sanctions The Group has two group operating companies that are incorporated in Russia \u2013 Limited Liability Co. Genus ABS Russia and PIC Genetics LLC (\u2018Russian-based subsidiaries/entities\u2019). Following the sanctions that have been put in place by the UK and other governments, the Group implemented a comprehensive screening process with external counsel to ensure that its Russian entities do not trade with sanctioned individuals or entities controlled by them. The main impact of the sanctions regime on our business has been to categorise the banks in Russia into sanctioned and non-sanctioned banks. Where we receive money from sanctioned banks we are unable to use the cash without a licence from His Majesty\u2019s Treasury (\u2018HMT\u2019). For cash receipts from non-sanctioned banks into the entities\u2019 non- sanctioned bank account, we are able to use the cash in Russia for day-to-day operations. The UK Office of Financial Sanctions Implementation (\u2018OFSI\u2019) issued a general licence for trading in agricultural commodities in Russia effective on the 4 November 2022 which provides exemptions to the sanctions regime in connection with the export, production and transport of agricultural commodities. This definition includes reproductive materials such as are supplied by Genus. Under this general licence, receipts from non-sanctioned customers received from and before 4 November 2022 from sanctioned banks no longer need to be frozen and can be freely used. Also receipts from a sanctioned customer, if made through a non-sanctioned bank, no longer need to be frozen and can be freely used. If any customer is or becomes sanctioned and pays through a sanctioned bank, these funds would still need to be frozen even after 4 November 2022. Under the requirements of IAS 7, where there is cash that is not available to be used by the rest of the Group this needs to be disclosed. As at 30 June 2026, we had a cash balance of \u00a312.4m (30 June 2025: \u00a312.1m) in the Russian entities. Of this cash \u00a30.9m (2025: \u00a30.9m) was received from sanctioned banks and is frozen under applicable sanctions regulations and not available for use by the Group. At 30 June 2026, this amount has been reclassified to non-current other receivables within note 21 as it no longer meets the definition of cash and cash equivalents under IAS 7. The Group continues to monitor the status of these balances and the Group\u2019s ability to repatriate them. The remaining \u00a311.5m cash remains available for use within Russia, however \u00a38.6m (2025: \u00a37.1m) is not available for repatriation due to local dividend restrictions. Following further evaluation, this amount is not considered available for use elsewhere in the Group and is therefore considered restricted. Management has reviewed the operations and cash flow over a period of 18 months from 30 June 2026 to 31 December 2027, based upon the 2027 plans, to determine whether the Russian entities have sufficient non-sanctioned cash flow to enable them to continue day-to-day operations and to meet liabilities as they fall due. The analysis indicates they do have sufficient non-sanctioned cash flow to enable them to meet their day-to-day operational needs. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-499": { "value": "
5. SEGMENTAL INFORMATION
IFRS 8 \u2018Operating Segments\u2019 requires operating segments to be identified on the basis of internal
reports about components of the Group that are regularly reviewed by the Chief Executive and the
Board, to allocate resources to the segments and to assess their performance. The Group\u2019s operating
and reporting structure comprises three operating segments: Genus PIC, Genus ABS and Genus
Research and Development. These segments are the basis on which the Group reports its segmental
information. The principal activities of each segment are as follows:
\u2022 Genus PIC \u2013 our global porcine sales business;
\u2022 Genus ABS \u2013 our global bovine sales business; and
\u2022 Genus Research and Development \u2013 our global spend on research and development.
A segmental analysis of revenue, operating profit, depreciation, amortisation, non-current asset
additions, segment assets and liabilities and geographical information is provided below. We do not
include our adjusting items in the segments, as we believe these do not reflect the underlying
performance of the segments. The accounting policies of the reportable segments are the same as
the Group\u2019s accounting policies, as described in the Financial Statements.
2026 2025
Revenue \u00a3m \u00a3m
Genus PIC
355.8
362.9
Genus ABS
299.8
307.7
Central
2.5
2.2
658.1
672.8
Adjusted operating profit by segment is set out below and reconciled to the Group\u2019s adjusted
operating profit. A reconciliation of adjusted operating profit to profit for the year is shown on the face
of the Group Income Statement.
2026 2025
Adjusted operating profit \u00a3m \u00a3m
Genus PIC
109.9
100.3
Genus ABS
22.6
19.1
Genus Research and Development
(14.7)
(16.5)
Adjusted segment operating profit
117.8
102.9
Central
(23.0)
(21.8)
Adjusted operating profit
94.8
81.1
Our business is not highly seasonal and our customer base is diversified, with no individual customer
generating more than 2% of revenue.
Exceptional items of \u00a35.8m net expense (2025: \u00a311.4m net expense), includes Genus ABS \u00a38.3m net
expense (2025: \u00a38.7m net expense), Genus PIC \u00a3nil expense (2025: \u00a30.3m) and our Central segment
\u00a32.5m net income (2025: \u00a32.4m net expense). Note 7 provides details of these exceptional items.
We consider share-based payment expenses on a Group-wide basis and do not allocate them to
reportable segments.
Other segmental information
Additions to non-current
assets (excluding deferred taxation and financial
Depreciation
Amortisation
instruments)
2026 2025 2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Genus PIC
9.7
12.0
3.3
4.7
8.0
10.3
Genus ABS
17.4
17.8
5.3
5.3
15.9
21.4
Genus Research and
Development
0.5
0.6
0.1
\u2013
0.2
0.8
Segment total
27.6
30.4
8.7
10.0
24.1
32.5
Central
1.3
1.4
3.3
2.9
2.6
1.7
Total
28.9
31.8
12.0
12.9
26.7
34.2
Segment assets
Segment liabilities
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Genus PIC
626.5
500.8
(102.3)
(113.2)
Genus ABS
325.0
334.8
(45.0)
(59.2)
Genus Research and Development
3.4
4.0
(3.1)
(2.9)
Segment total
954.9
839.6
(150.4)
(175.3)
Central
63.4
59.4
(101.2)
(247.7)
Total
1,018.3
899.0
(251.6)
(423.0)
Geographical information
The Group\u2019s revenue by geographical segment is analysed below. This analysis is stated on the basis
of where the customer is located.
Revenue
2026 2025
\u00a3m \u00a3m
North America
256.6
265.0
Latin America
116.7
107.3
UK
88.1
94.0
Rest of Europe, Middle East, Russia and Africa
120.9
109.8
Asia
75.8
96.7
Total revenue
658.1
672.8
Non-current assets (excluding deferred taxation and financial instruments)
The Group\u2019s non-current assets by geographical segment are analysed below and are stated on the
basis of where the assets are located.
2026 2025
\u00a3m \u00a3m
North America
377.5
385.1
Latin America
112.3
76.9
UK
50.8
59.5
Rest of Europe, Middle East, Russia and Africa
45.8
47.6
Asia
134.6
44.6
Non-current assets (excluding deferred taxation and financial instruments)
721.0
613.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-536": { "value": "Geographical information The Group\u2019s revenue by geographical segment is analysed below. This analysis is stated on the basis of where the customer is located. Revenue
2026 2025
\u00a3m \u00a3m
North America
256.6
265.0
Latin America
116.7
107.3
UK
88.1
94.0
Rest of Europe, Middle East, Russia and Africa
120.9
109.8
Asia
75.8
96.7
Total revenue
658.1
672.8
Non-current assets (excluding deferred taxation and financial instruments) The Group\u2019s non-current assets by geographical segment are analysed below and are stated on the basis of where the assets are located.
2026 2025
\u00a3m \u00a3m
North America
377.5
385.1
Latin America
112.3
76.9
UK
50.8
59.5
Rest of Europe, Middle East, Russia and Africa
45.8
47.6
Asia
134.6
44.6
Non-current assets (excluding deferred taxation and financial instruments)
721.0
613.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-500": { "value": "6. REVENUE Accounting policy The Group recognises revenue from the following sources: \u2022 sale of bovine and porcine semen, porcine breeding animals, embryos and ancillary products; \u2022 royalties; \u2022 consulting; \u2022 technical services and advice revenues; \u2022 installation and maintenance of IntelliGen technology; \u2022 licensing of IntelliGen technology; \u2022 slaughter animal sales; and \u2022 bovine partnership contracts. Revenue is measured based on the consideration the Group expects to be entitled to under a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer. The sale of bovine and porcine semen, porcine breeding animals, embryos and ancillary products Revenue from the sale of bovine and porcine semen, porcine breeding animals, embryos and ancillary products is recognised when the control of the goods has transferred to the customer or distributor. This is either when we ship to customers or on delivery, depending on the terms of sale. Payment of the transaction price is due immediately, or within a short period of time, from the point the customer or distributor controls the goods. Royalties Royalties are recognised when the performance obligation is met. We receive royalty payments from certain porcine customers based on key performance variables, such as the number of pigs born per litter, the number of litters born per sow and the average slaughter weight of the animals born. This amount is confirmed directly to Genus by the customer. Payment of the transaction price is due immediately from the customer, or within a short period of time, once the performance obligation is satisfied. Consulting Revenue from consulting represents the amounts we charged for services we provided during the year, including recoverable expenses. We recognise consulting services provided but not yet billed as revenue, based on a fair value assessment of the work we have delivered and our contractual right to receive payment. Where unbilled revenue is contingent on a future event, we do not recognise any revenue until the event occurs. Technical services and advice revenues Revenue from technical services and advice revenues represents the amounts we charged for services we provided during the year, including recoverable expenses. We recognise technical services and advice revenues provided but not yet billed as revenue, based on a fair value assessment of the work we have delivered and our contractual right to receive payment. Where unbilled revenue is contingent on a future event, we do not recognise any revenue until the event occurs. Technical services and advice revenues are presented in ancillary services in the table on the following page. Installation and maintenance of IntelliGen technology Revenue from the installation of IntelliGen technology is recognised by reference to the stage of completion of the installation and is based on milestones being met. Maintenance is provided as a distinct service to customers and is recognised over the period of the service agreement. These revenues are presented in ancillary services in the following table. Licensing of IntelliGen technology Revenue from the licensing of IntelliGen technology is recognised at a point in time when the licence is granted. In determining the transaction price, any minimum royalties due under the contracts are included in the value apportioned to the grant of the licence, excluding any royalties that arise on units produced in excess of the guaranteed minimums. These additional royalties have been determined to be a usage-based royalty and are recognised as revenue at the point in time that the units are produced. These revenues are presented in ancillary services in the following table. Slaughter of animals Revenue from the slaughter of animals is recognised when control of the goods has transferred to the slaughterhouse, which is generally on the delivery of animals to the slaughterhouse. Payment of the transaction price is due immediately, or within a short period of time, from the point the slaughterhouse controls the goods. Bovine partnership contracts Partnership contracts include the provision of multiple bovine products and services for a single price. The contract price is allocated to the individual performance obligations based on their standalone selling prices. The expected revenue is recognised for the products and services once the individual performance obligation has been satisfied. Revenues from partnership contracts are presented in sale of animals, semen, embryos and ancillary products and services.
2026 2025
\u00a3m \u00a3m
Genus PIC
176.8
185.3
Genus ABS
288.0
294.5
Central
\u2013
\u2013
Sale of animals, semen, embryos and ancillary products and services
464.8
479.8
Genus PIC
179.0
177.6
Genus ABS
1.2
0.5
Central
\u2013
\u2013
Royalties
180.2
178.1
Genus PIC
\u2013
\u2013
Genus ABS
10.6
12.7
Central
2.5
2.2
Consulting services
13.1
14.9
Total revenue
658.1
672.8
Revenue from contracts with customers
The Group\u2019s revenue is analysed below by the timing at which it is recognised.
2026 2025
\u00a3m \u00a3m
Genus PIC
350.1
357.9
Genus ABS
269.0
269.0
Central
\u2013
\u2013
Recognised at a point in time
619.1
626.9
Genus PIC
5.7
5.0
Genus ABS
30.8
38.7
Central
2.5
2.2
Recognised over time
39.0
45.9
Total revenue
658.1
672.8
An analysis of contract assets and contract liabilities is provided in note 24.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-591": { "value": "Accounting policy The Group recognises revenue from the following sources: \u2022 sale of bovine and porcine semen, porcine breeding animals, embryos and ancillary products; \u2022 royalties; \u2022 consulting; \u2022 technical services and advice revenues; \u2022 installation and maintenance of IntelliGen technology; \u2022 licensing of IntelliGen technology; \u2022 slaughter animal sales; and \u2022 bovine partnership contracts. Revenue is measured based on the consideration the Group expects to be entitled to under a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer. The sale of bovine and porcine semen, porcine breeding animals, embryos and ancillary products Revenue from the sale of bovine and porcine semen, porcine breeding animals, embryos and ancillary products is recognised when the control of the goods has transferred to the customer or distributor. This is either when we ship to customers or on delivery, depending on the terms of sale. Payment of the transaction price is due immediately, or within a short period of time, from the point the customer or distributor controls the goods. Royalties Royalties are recognised when the performance obligation is met. We receive royalty payments from certain porcine customers based on key performance variables, such as the number of pigs born per litter, the number of litters born per sow and the average slaughter weight of the animals born. This amount is confirmed directly to Genus by the customer. Payment of the transaction price is due immediately from the customer, or within a short period of time, once the performance obligation is satisfied. Consulting Revenue from consulting represents the amounts we charged for services we provided during the year, including recoverable expenses. We recognise consulting services provided but not yet billed as revenue, based on a fair value assessment of the work we have delivered and our contractual right to receive payment. Where unbilled revenue is contingent on a future event, we do not recognise any revenue until the event occurs. Technical services and advice revenues Revenue from technical services and advice revenues represents the amounts we charged for services we provided during the year, including recoverable expenses. We recognise technical services and advice revenues provided but not yet billed as revenue, based on a fair value assessment of the work we have delivered and our contractual right to receive payment. Where unbilled revenue is contingent on a future event, we do not recognise any revenue until the event occurs. Technical services and advice revenues are presented in ancillary services in the table on the following page. Installation and maintenance of IntelliGen technology Revenue from the installation of IntelliGen technology is recognised by reference to the stage of completion of the installation and is based on milestones being met. Maintenance is provided as a distinct service to customers and is recognised over the period of the service agreement. These revenues are presented in ancillary services in the following table. Licensing of IntelliGen technology Revenue from the licensing of IntelliGen technology is recognised at a point in time when the licence is granted. In determining the transaction price, any minimum royalties due under the contracts are included in the value apportioned to the grant of the licence, excluding any royalties that arise on units produced in excess of the guaranteed minimums. These additional royalties have been determined to be a usage-based royalty and are recognised as revenue at the point in time that the units are produced. These revenues are presented in ancillary services in the following table. Slaughter of animals Revenue from the slaughter of animals is recognised when control of the goods has transferred to the slaughterhouse, which is generally on the delivery of animals to the slaughterhouse. Payment of the transaction price is due immediately, or within a short period of time, from the point the slaughterhouse controls the goods. Bovine partnership contracts Partnership contracts include the provision of multiple bovine products and services for a single price. The contract price is allocated to the individual performance obligations based on their standalone selling prices. The expected revenue is recognised for the products and services once the individual performance obligation has been satisfied. Revenues from partnership contracts are presented in sale of animals, semen, embryos and ancillary products and services. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-537": { "value": "Revenue from contracts with customers The Group\u2019s revenue is analysed below by the timing at which it is recognised.
2026 2025
\u00a3m \u00a3m
Genus PIC
350.1
357.9
Genus ABS
269.0
269.0
Central
\u2013
\u2013
Recognised at a point in time
619.1
626.9
Genus PIC
5.7
5.0
Genus ABS
30.8
38.7
Central
2.5
2.2
Recognised over time
39.0
45.9
Total revenue
658.1
672.8
An analysis of contract assets and contract liabilities is provided in note 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-501": { "value": "7. EXCEPTIONAL ITEMS Accounting policy We present exceptional items separately, as we believe this helps to improve understanding of the Group\u2019s underlying performance. In determining whether an item should be presented as exceptional, we consider items which are material either because of their size or their nature, and those which are non-recurring. For an item to be considered exceptional, it must initially meet at least one of the following criteria: \u2022 it is a one-off material item; \u2022 it has been directly incurred as the result of either a corporate transaction, integration or other major restructuring programme; \u2022 it has been previously classified as an exceptional item, and as such consistent accounting treatment is being applied; or \u2022 it is unusual in nature, e.g. outside the normal course of business. If an item meets at least one of the criteria, we then exercise judgement as to whether the item should be classified as exceptional. For the tax and cash impact of exceptional items see notes 11 and 32, respectively.
2026 2025
Operating (expense)/credit \u00a3m \u00a3m
ABS restructuring
(8.2)
(8.8)
Corporate transactions
\u2013
(1.9)
Litigation
(0.3)
(0.9)
Pension related
2.7
\u2013
Other
\u2013
0.2
Net exceptional items
(5.8)
(11.4)
ABS restructuring and related central functions As part of an ongoing strategic global Value Acceleration Programme, significant one-off expenses were incurred in relation to \u00a33.9m (2025: \u00a34.4m) of staff redundancies, \u00a30.2m (2025: \u00a30.6m) fixed asset and inventory write-downs and \u00a34.1m (2025: \u00a33.8m) consultancy fees. Corporate transactions During the year, no costs were incurred in relation to potential corporate transactions (2025: \u00a31.9m). Litigation Litigation includes legal fees, settlement and related costs of \u00a30.3m (2025: \u00a30.9m) related to the actions between ABS Global, Inc. and certain affiliates (\u2018ABS\u2019) and Inguran, LLC and certain affiliates (also known as STgenetics (\u2018ST\u2019)). Pension related In the judgement of the Company it is now highly probable that the surplus in relation to the Dalgety Pension Fund will be returned in the next year and accordingly a surplus of \u00a32.7m has been recognised in line with IFRIC 14, which reflects the overall net pension asset position at 30 June 2026 less expected future liabilities (see note 29).", "dimensions": { "concept": "genusplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-592": { "value": "Accounting policy We present exceptional items separately, as we believe this helps to improve understanding of the Group\u2019s underlying performance. In determining whether an item should be presented as exceptional, we consider items which are material either because of their size or their nature, and those which are non-recurring. For an item to be considered exceptional, it must initially meet at least one of the following criteria: \u2022 it is a one-off material item; \u2022 it has been directly incurred as the result of either a corporate transaction, integration or other major restructuring programme; \u2022 it has been previously classified as an exceptional item, and as such consistent accounting treatment is being applied; or \u2022 it is unusual in nature, e.g. outside the normal course of business. If an item meets at least one of the criteria, we then exercise judgement as to whether the item should be classified as exceptional. For the tax and cash impact of exceptional items see notes 11 and 32, respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-502": { "value": "
8. OPERATING PROFIT
Operating costs comprise:
2026 2025
\u00a3m \u00a3m
Other costs of goods sold
(262.4)
(284.2)
Net IAS 41 valuation movement on biological assets
12.8
(13.3)
Amortisation of multiplier contract intangible assets
(1.0)
(1.0)
Cost of goods sold
(250.6)
(298.5)
Other cost of sales, excluding product development and
amortisation expense
(111.6)
(118.2)
Product development expenses
(49.4)
(50.2)
Amortisation of customer relationship intangible assets
(1.7)
(1.5)
Other cost of sales
(162.7)
(169.9)
Research and Development expenditure
(14.7)
(15.6)
Amortisation and impairment of technology, software and
licences and patents
(4.6)
(6.1)
Research and Development costs
(19.3)
(21.7)
Administrative expenses (excluding exceptional items)
(122.9)
(120.0)
Other income
5.6
4.1
Impairment of goodwill
\u2013
(1.5)
Share-based payment expense
(10.4)
(6.9)
Amortisation of software, licences and patents
(4.7)
(4.6)
Net exceptional items within administrative expenses
(5.8)
(11.4)
Total administrative expenses
(138.2)
(140.3)
Total operating costs
(570.8)
(630.4)
Profit for the year is stated after charging/(crediting):
2026 2025
\u00a3m \u00a3m
Net foreign exchange losses
1.0
0.9
Depreciation of owned fixed assets (see note 17)
16.4
17.6
Depreciation of right-of-use assets (see note 17)
12.5
14.2
Profit on disposal of fixed assets and right-of-use assets
0.9
0.5
Impairment of goodwill (see note 14)
\u2013
1.5
Impairment of owned fixed assets (see note 17)
0.2
\u2013
Rental expense for short-term leases
0.1
0.1
Employee costs
229.9
225.1
Net (decrease)/increase in expected credit losses (see notes 21 and 24)
(0.1)
0.3
(Decrease)/increase of inventory impairment
(1.5)
1.0
Cost of inventories recognised as an expense
63.5
76.3
Auditor\u2019s remuneration is as follows:
2026 2025
\u00a3m \u00a3m
Fees payable to the Company\u2019s auditor and its associates for the audit of the
Company\u2019s Annual Report and Financial Statements
1.2
0.9
Fees payable to the Company\u2019s auditor and its associates for the audit of the
Company\u2019s subsidiaries
0.9
0.8
Total audit fees
2.1
1.7
Total fees to the Group\u2019s auditor
2.1
1.7
Fees payable to other auditors of Group companies
\u2013
\u2013
Non-audit services, classified as other assurance services, of \u00a35,000 (2025: \u00a35,000) is comprised of
costs incurred for Viewpoint access, which provides accounting guidance. These services fall within
the non-audit services policy approved by the Company\u2019s Audit & Risk Committee at the time
of engagement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-577": { "value": "8. OPERATING PROFIT Operating costs comprise:
2026 2025
\u00a3m \u00a3m
Other costs of goods sold
(262.4)
(284.2)
Net IAS 41 valuation movement on biological assets
12.8
(13.3)
Amortisation of multiplier contract intangible assets
(1.0)
(1.0)
Cost of goods sold
(250.6)
(298.5)
Other cost of sales, excluding product development and
amortisation expense
(111.6)
(118.2)
Product development expenses
(49.4)
(50.2)
Amortisation of customer relationship intangible assets
(1.7)
(1.5)
Other cost of sales
(162.7)
(169.9)
Research and Development expenditure
(14.7)
(15.6)
Amortisation and impairment of technology, software and
licences and patents
(4.6)
(6.1)
Research and Development costs
(19.3)
(21.7)
Administrative expenses (excluding exceptional items)
(122.9)
(120.0)
Other income
5.6
4.1
Impairment of goodwill
\u2013
(1.5)
Share-based payment expense
(10.4)
(6.9)
Amortisation of software, licences and patents
(4.7)
(4.6)
Net exceptional items within administrative expenses
(5.8)
(11.4)
Total administrative expenses
(138.2)
(140.3)
Total operating costs
(570.8)
(630.4)
Profit for the year is stated after charging/(crediting):
2026 2025
\u00a3m \u00a3m
Net foreign exchange losses
1.0
0.9
Depreciation of owned fixed assets (see note 17)
16.4
17.6
Depreciation of right-of-use assets (see note 17)
12.5
14.2
Profit on disposal of fixed assets and right-of-use assets
0.9
0.5
Impairment of goodwill (see note 14)
\u2013
1.5
Impairment of owned fixed assets (see note 17)
0.2
\u2013
Rental expense for short-term leases
0.1
0.1
Employee costs
229.9
225.1
Net (decrease)/increase in expected credit losses (see notes 21 and 24)
(0.1)
0.3
(Decrease)/increase of inventory impairment
(1.5)
1.0
Cost of inventories recognised as an expense
63.5
76.3
Auditor\u2019s remuneration is as follows:
2026 2025
\u00a3m \u00a3m
Fees payable to the Company\u2019s auditor and its associates for the audit of the
Company\u2019s Annual Report and Financial Statements
1.2
0.9
Fees payable to the Company\u2019s auditor and its associates for the audit of the
Company\u2019s subsidiaries
0.9
0.8
Total audit fees
2.1
1.7
Total fees to the Group\u2019s auditor
2.1
1.7
Fees payable to other auditors of Group companies
\u2013
\u2013
Non-audit services, classified as other assurance services, of \u00a35,000 (2025: \u00a35,000) is comprised of costs incurred for Viewpoint access, which provides accounting guidance. These services fall within the non-audit services policy approved by the Company\u2019s Audit & Risk Committee at the time of engagement.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-593": { "value": "8. OPERATING PROFIT Operating costs comprise:
2026 2025
\u00a3m \u00a3m
Other costs of goods sold
(262.4)
(284.2)
Net IAS 41 valuation movement on biological assets
12.8
(13.3)
Amortisation of multiplier contract intangible assets
(1.0)
(1.0)
Cost of goods sold
(250.6)
(298.5)
Other cost of sales, excluding product development and
amortisation expense
(111.6)
(118.2)
Product development expenses
(49.4)
(50.2)
Amortisation of customer relationship intangible assets
(1.7)
(1.5)
Other cost of sales
(162.7)
(169.9)
Research and Development expenditure
(14.7)
(15.6)
Amortisation and impairment of technology, software and
licences and patents
(4.6)
(6.1)
Research and Development costs
(19.3)
(21.7)
Administrative expenses (excluding exceptional items)
(122.9)
(120.0)
Other income
5.6
4.1
Impairment of goodwill
\u2013
(1.5)
Share-based payment expense
(10.4)
(6.9)
Amortisation of software, licences and patents
(4.7)
(4.6)
Net exceptional items within administrative expenses
(5.8)
(11.4)
Total administrative expenses
(138.2)
(140.3)
Total operating costs
(570.8)
(630.4)
Profit for the year is stated after charging/(crediting):
2026 2025
\u00a3m \u00a3m
Net foreign exchange losses
1.0
0.9
Depreciation of owned fixed assets (see note 17)
16.4
17.6
Depreciation of right-of-use assets (see note 17)
12.5
14.2
Profit on disposal of fixed assets and right-of-use assets
0.9
0.5
Impairment of goodwill (see note 14)
\u2013
1.5
Impairment of owned fixed assets (see note 17)
0.2
\u2013
Rental expense for short-term leases
0.1
0.1
Employee costs
229.9
225.1
Net (decrease)/increase in expected credit losses (see notes 21 and 24)
(0.1)
0.3
(Decrease)/increase of inventory impairment
(1.5)
1.0
Cost of inventories recognised as an expense
63.5
76.3
Auditor\u2019s remuneration is as follows:
2026 2025
\u00a3m \u00a3m
Fees payable to the Company\u2019s auditor and its associates for the audit of the
Company\u2019s Annual Report and Financial Statements
1.2
0.9
Fees payable to the Company\u2019s auditor and its associates for the audit of the
Company\u2019s subsidiaries
0.9
0.8
Total audit fees
2.1
1.7
Total fees to the Group\u2019s auditor
2.1
1.7
Fees payable to other auditors of Group companies
\u2013
\u2013
Non-audit services, classified as other assurance services, of \u00a35,000 (2025: \u00a35,000) is comprised of costs incurred for Viewpoint access, which provides accounting guidance. These services fall within the non-audit services policy approved by the Company\u2019s Audit & Risk Committee at the time of engagement.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-588": { "value": "Operating costs comprise:
2026 2025
\u00a3m \u00a3m
Other costs of goods sold
(262.4)
(284.2)
Net IAS 41 valuation movement on biological assets
12.8
(13.3)
Amortisation of multiplier contract intangible assets
(1.0)
(1.0)
Cost of goods sold
(250.6)
(298.5)
Other cost of sales, excluding product development and
amortisation expense
(111.6)
(118.2)
Product development expenses
(49.4)
(50.2)
Amortisation of customer relationship intangible assets
(1.7)
(1.5)
Other cost of sales
(162.7)
(169.9)
Research and Development expenditure
(14.7)
(15.6)
Amortisation and impairment of technology, software and
licences and patents
(4.6)
(6.1)
Research and Development costs
(19.3)
(21.7)
Administrative expenses (excluding exceptional items)
(122.9)
(120.0)
Other income
5.6
4.1
Impairment of goodwill
\u2013
(1.5)
Share-based payment expense
(10.4)
(6.9)
Amortisation of software, licences and patents
(4.7)
(4.6)
Net exceptional items within administrative expenses
(5.8)
(11.4)
Total administrative expenses
(138.2)
(140.3)
Total operating costs
(570.8)
(630.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-584": { "value": "Operating costs comprise:
2026 2025
\u00a3m \u00a3m
Other costs of goods sold
(262.4)
(284.2)
Net IAS 41 valuation movement on biological assets
12.8
(13.3)
Amortisation of multiplier contract intangible assets
(1.0)
(1.0)
Cost of goods sold
(250.6)
(298.5)
Other cost of sales, excluding product development and
amortisation expense
(111.6)
(118.2)
Product development expenses
(49.4)
(50.2)
Amortisation of customer relationship intangible assets
(1.7)
(1.5)
Other cost of sales
(162.7)
(169.9)
Research and Development expenditure
(14.7)
(15.6)
Amortisation and impairment of technology, software and
licences and patents
(4.6)
(6.1)
Research and Development costs
(19.3)
(21.7)
Administrative expenses (excluding exceptional items)
(122.9)
(120.0)
Other income
5.6
4.1
Impairment of goodwill
\u2013
(1.5)
Share-based payment expense
(10.4)
(6.9)
Amortisation of software, licences and patents
(4.7)
(4.6)
Net exceptional items within administrative expenses
(5.8)
(11.4)
Total administrative expenses
(138.2)
(140.3)
Total operating costs
(570.8)
(630.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-538": { "value": "
2026 2025
\u00a3m \u00a3m
Other costs of goods sold
(262.4)
(284.2)
Net IAS 41 valuation movement on biological assets
12.8
(13.3)
Amortisation of multiplier contract intangible assets
(1.0)
(1.0)
Cost of goods sold
(250.6)
(298.5)
Other cost of sales, excluding product development and
amortisation expense
(111.6)
(118.2)
Product development expenses
(49.4)
(50.2)
Amortisation of customer relationship intangible assets
(1.7)
(1.5)
Other cost of sales
(162.7)
(169.9)
Research and Development expenditure
(14.7)
(15.6)
Amortisation and impairment of technology, software and
licences and patents
(4.6)
(6.1)
Research and Development costs
(19.3)
(21.7)
Administrative expenses (excluding exceptional items)
(122.9)
(120.0)
Other income
5.6
4.1
Impairment of goodwill
\u2013
(1.5)
Share-based payment expense
(10.4)
(6.9)
Amortisation of software, licences and patents
(4.7)
(4.6)
Net exceptional items within administrative expenses
(5.8)
(11.4)
Total administrative expenses
(138.2)
(140.3)
Total operating costs
(570.8)
(630.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-560": { "value": "
2026 2025
\u00a3m \u00a3m
Other costs of goods sold
(262.4)
(284.2)
Net IAS 41 valuation movement on biological assets
12.8
(13.3)
Amortisation of multiplier contract intangible assets
(1.0)
(1.0)
Cost of goods sold
(250.6)
(298.5)
Other cost of sales, excluding product development and
amortisation expense
(111.6)
(118.2)
Product development expenses
(49.4)
(50.2)
Amortisation of customer relationship intangible assets
(1.7)
(1.5)
Other cost of sales
(162.7)
(169.9)
Research and Development expenditure
(14.7)
(15.6)
Amortisation and impairment of technology, software and
licences and patents
(4.6)
(6.1)
Research and Development costs
(19.3)
(21.7)
Administrative expenses (excluding exceptional items)
(122.9)
(120.0)
Other income
5.6
4.1
Impairment of goodwill
\u2013
(1.5)
Share-based payment expense
(10.4)
(6.9)
Amortisation of software, licences and patents
(4.7)
(4.6)
Net exceptional items within administrative expenses
(5.8)
(11.4)
Total administrative expenses
(138.2)
(140.3)
Total operating costs
(570.8)
(630.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-562": { "value": "Profit for the year is stated after charging/(crediting):
2026 2025
\u00a3m \u00a3m
Net foreign exchange losses
1.0
0.9
Depreciation of owned fixed assets (see note 17)
16.4
17.6
Depreciation of right-of-use assets (see note 17)
12.5
14.2
Profit on disposal of fixed assets and right-of-use assets
0.9
0.5
Impairment of goodwill (see note 14)
\u2013
1.5
Impairment of owned fixed assets (see note 17)
0.2
\u2013
Rental expense for short-term leases
0.1
0.1
Employee costs
229.9
225.1
Net (decrease)/increase in expected credit losses (see notes 21 and 24)
(0.1)
0.3
(Decrease)/increase of inventory impairment
(1.5)
1.0
Cost of inventories recognised as an expense
63.5
76.3
Impairment
We review the carrying amounts of our tangible and intangible assets at each balance sheet date, to
determine whether there is any indication of impairment. If any indication exists, we estimate the
asset\u2019s recoverable amount.
For goodwill, and tangible and intangible assets that are not yet available for use, we estimate the
recoverable amount at each balance sheet date. The recoverable amount is the greater of their fair
value less cost to sell and value in use. In assessing value in use, we discount the estimated future cash
flows to their present value, using a pre-tax discount rate, which is derived from the Group\u2019s weighted
average cost of capital (\u2018WACC\u2019). For some countries we add a premium to this rate, to reflect the risk
attributable to that country. If the asset does not generate largely independent cash inflows, we
determine the recoverable amount for the CGU that the asset belongs to.
We recognise an impairment loss in the Income Statement whenever the carrying amount of an asset
or its CGU exceeds its recoverable amount.
When we recognise an impairment loss in respect of a CGU, we first allocate it to reduce the carrying
amount of any goodwill allocated to the CGU, and then apply any remaining loss to reduce the
carrying amount of the unit\u2019s other assets on a pro rata basis.
The aggregate carrying amounts of goodwill allocated to each operating segment are as follows:
Genus PIC Genus ABS Xelect Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 July 2024
75.5
30.8
4.0
110.3
Effect of movements in exchange rates
(4.1)
(1.9)
\u2013
(6.0)
Balance at 30 June 2025
71.4
28.9
4.0
104.3
Loss of control (note 42)
(2.7)
\u2013
\u2013
(2.7)
Effect of movements in exchange rates
1.9
1.4
\u2013
3.3
Balance at 30 June 2026
70.6
30.3
4.0
104.9
Accumulated impairment losses
Balance at 1 July 2024
\u2013
\u2013
\u2013
\u2013
Impairment losses
\u2013
\u2013
(1.5)
(1.5)
Balance at 30 June 2025 and 30 June 2026
\u2013
\u2013
(1.5)
(1.5)
Carrying amounts
At 30 June 2026
70.6
30.3
2.5
103.4
At 30 June 2025
71.4
28.9
2.5
102.8
To test impairment, we allocate goodwill to our CGUs, which are in line with our operating segments. These are the lowest level within the Group at which we monitor goodwill for internal management purposes. We test goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. We determine the recoverable amount of our CGUs by using value in use calculations. The key assumptions for these calculations relate to discount rates, long-term growth rates and short-term growth rates (which includes consideration of expected changes to selling prices, cost savings derived from the IntelliGen technologies, and changes in product mix). We have estimated the pre-tax discount rate using the Group\u2019s WACC. We risk-adjusted the discount rate for risks specific to each market, adding between nil and 17% (2025: nil and 15%) to the WACC as appropriate. The pre-tax discount rate of 14.0% (2025: 13.4%) we applied to our cash flow projections equates to a post-tax rate of 10.9% (2025: 10.3%). Our estimates of changes in selling prices and direct costs are based on past experience and our expectations of future changes in the market. The annual impairment test is performed on 31 March (2025: 31 March). It is based on cash flows derived from our most recent financial and strategic plans approved by management, over the next five years, taking into account the impact of climate change. A growth rate of 2.5% (2025: 2.5%) has been used to extrapolate cash flows beyond this period. Short-term profitability and growth rates are based on past experience, current trading conditions (including the impact of inflation) and our expectations of future changes in the market. There have been no additional indicators of impairment identified after this date for the Genus PIC and Xelect CGUs that would require the impairment test to be reperformed. The impairment review has been updated for the ABS CGU on 30 June 2026 reflecting updated forecasts and currency impacts. The conclusion on 30 June 2026 did not differ from the conclusion at 31 March 2026. The Genus PIC, Genus ABS and Xelect CGUs are deemed to be significant. The individual country assumptions used to determine value in use for these CGUs are:
Risk premium used to Short-term profit growth Long-term market growth
adjust discount rate rates (CAGR) rates
2026
2025
2026
2025
2026
2025
Genus PIC
nil\u201317%
nil\u201315%
nil\u201370%
nil\u201367%
2.5%
2.5%
Genus ABS
nil\u201317%
nil\u201315%
nil\u201319%
nil\u201316%
2.5%
2.5%
Xelect
nil\u20139%
nil\u201311%
nil\u201340%
nil\u201371%
2.5%
2.5%
Weighted average Weighted average Weighted average
risk-adjusted pre-tax risk-adjusted post-tax short-term profit
discount rate discount rate growth rates (CAGR)
2026
2025
2026
2025
2026
2025
Genus PIC
13.6%
12.9%
10.9%
10.3%
18.4%
10.9%
Genus ABS
14.2%
12.9%
11.1%
10.3%
15.3%
10.5%
Xelect
14.3%
14.5%
11.3%
11.5%
34.7%
39.6%
The rates towards the higher end of the range above represent those which are applied to our smaller entities and those in emerging markets and hence appear high relative to others. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-540": { "value": "Profit for the year is stated after charging/(crediting):
2026 2025
\u00a3m \u00a3m
Net foreign exchange losses
1.0
0.9
Depreciation of owned fixed assets (see note 17)
16.4
17.6
Depreciation of right-of-use assets (see note 17)
12.5
14.2
Profit on disposal of fixed assets and right-of-use assets
0.9
0.5
Impairment of goodwill (see note 14)
\u2013
1.5
Impairment of owned fixed assets (see note 17)
0.2
\u2013
Rental expense for short-term leases
0.1
0.1
Employee costs
229.9
225.1
Net (decrease)/increase in expected credit losses (see notes 21 and 24)
(0.1)
0.3
(Decrease)/increase of inventory impairment
(1.5)
1.0
Cost of inventories recognised as an expense
63.5
76.3
17. PROPERTY, PLANT AND EQUIPMENT We make significant investments in our property, plant and equipment. All assets are depreciated over their useful economic lives. Accounting policies We state property, plant and equipment at cost, together with any directly attributable acquisition expenses, or at their latest valuation, less depreciation and any impairment losses. Where parts of an item of property, plant and equipment have different useful lives, we account for them separately. We charge depreciation to the Income Statement on a straight-line basis, over the estimated useful lives of each part of an asset. The estimated useful lives are as follows: \u2022 Freehold buildings 10 to 40 years \u2022 Leasehold buildings over the term of the lease \u2022 Plant and equipment 3 to 20 years \u2022 Motor vehicles 3 to 5 years We do not depreciate land or assets under construction. Right-of-use assets Right-of-use assets are measured initially at cost, based on the value of the associated lease liability, adjusted for any payments made before inception, initial direct costs and an estimate of the dismantling, removal and restoration costs required in the terms of the lease. Subsequent to initial recognition, we record an interest charge in respect of the lease liability. The related right-of-use asset is depreciated over the term of the lease or, if shorter, the useful economic life of the leased asset. The lease term shall include the period of an extension option where it is reasonably certain that the option will be exercised. Where the lease contains a purchase option, the asset is written off over the useful life of the asset when it is reasonably certain that the purchase option will be exercised.
Plant, motor Total Plant, motor Total
Land and vehicles and Assets under owned Land and vehicles and right-of-use
buildings equipment construction assets buildings equipment assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost or deemed cost
Balance at 1 July 2024
122.4
124.1
10.1
256.6
61.2
38.8
100.0
356.6
Additions
1.5
1.8
11.0
14.3
2.3
12.4
14.7
29.0
Transfers
6.3
7.0
(13.3)
\u2013
\u2013
\u2013
\u2013
\u2013
Loss of control
\u2013
(0.1)
\u2013
(0.1)
(8.3)
\u2013
(8.3)
(8.4)
Disposals
(0.1)
(8.1)
\u2013
(8.2)
(0.5)
(3.9)
(4.4)
(12.6)
Effect of movements in exchange rates
(9.7)
(9.4)
(0.5)
(19.6)
(3.4)
(0.6)
(4.0)
(23.6)
Balance at 30 June 2025
120.4
115.3
7.3
243.0
51.3
46.7
98.0
341.0
Additions
0.4
1.8
10.3
12.5
0.8
7.8
8.6
21.1
Transfers
6.1
5.9
(12.0)
\u2013
\u2013
\u2013
\u2013
\u2013
Loss of control (note 42)
(1.9)
(1.4)
\u2013
(3.3)
(25.4)
(1.8)
(27.2)
(30.5)
Disposals
(2.2)
(6.5)
\u2013
(8.7)
(0.1)
(6.2)
(6.3)
(15.0)
Effect of movements in exchange rates
3.0
2.6
0.2
5.8
1.4
1.0
2.4
8.2
Balance at 30 June 2026
125.8
117.7
5.8
249.3
28.0
47.5
75.5
324.8
Depreciation and impairment losses
Balance at 1 July 2024
41.0
88.3
\u2013
129.3
21.2
24.1
45.3
174.6
Depreciation for the year
6.5
11.1
\u2013
17.6
6.1
8.1
14.2
31.8
Loss of control
\u2013
\u2013
\u2013
\u2013
(2.2)
\u2013
(2.2)
(2.2)
Disposals
(0.1)
(7.5)
\u2013
(7.6)
(0.2)
(2.2)
(2.4)
(10.0)
Effect of movements in exchange rates
(3.9)
(7.0)
\u2013
(10.9)
(1.1)
(1.5)
(2.6)
(13.5)
Balance at 30 June 2025
43.5
84.9
\u2013
128.4
23.8
28.5
52.3
180.7
Depreciation for the year
5.7
10.7
\u2013
16.4
4.6
7.9
12.5
28.9
Loss of control (note 42)
(0.7)
(0.9)
\u2013
(1.6)
(10.0)
(1.1)
(11.1)
(12.7)
Disposals
(1.9)
(5.3)
\u2013
(7.2)
(0.1)
(4.5)
(4.6)
(11.8)
Effect of movements in exchange rates
1.4
1.9
\u2013
3.3
0.6
0.6
1.2
4.5
Balance at 30 June 2026
48.0
91.3
\u2013
139.3
18.9
31.4
50.3
189.6
Carrying amounts
At 30 June 2026
77.8
26.4
5.8
110.0
9.1
16.1
25.2
135.2
At 30 June 2025
76.9
30.4
7.3
114.6
27.5
18.2
45.7
160.3
Included within property, plant and equipment are assets with a gross cost of \u00a386.7m (June 2025: \u00a372.8m) that are fully depreciated and are still in use in the business.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-539": { "value": "Auditor\u2019s remuneration is as follows:
2026 2025
\u00a3m \u00a3m
Fees payable to the Company\u2019s auditor and its associates for the audit of the
Company\u2019s Annual Report and Financial Statements
1.2
0.9
Fees payable to the Company\u2019s auditor and its associates for the audit of the
Company\u2019s subsidiaries
0.9
0.8
Total audit fees
2.1
1.7
Total fees to the Group\u2019s auditor
2.1
1.7
Fees payable to other auditors of Group companies
\u2013
\u2013
Non-audit services, classified as other assurance services, of \u00a35,000 (2025: \u00a35,000) is comprised of costs incurred for Viewpoint access, which provides accounting guidance. These services fall within the non-audit services policy approved by the Company\u2019s Audit & Risk Committee at the time of engagement.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-503": { "value": "
9. EMPLOYEE COSTS
This note shows the total employment costs and the average number of people employed by segment
during the year.
Employee costs, including Directors\u2019 remuneration, amounted to:
2026 2025
\u00a3m \u00a3m
Wages and salaries (including bonuses and sales commission)
194.5
196.5
Social security costs
20.0
17.8
Contributions to defined contribution pension plans
7.0
7.7
Share-based payment expense (excluding National Insurance)
8.8
6.7
230.3
228.7
The employee costs above include \u00a30.4m (2025: \u00a30.6m) which has been capitalised into intangible
assets as part of the development of GenusOne and other digital projects. Additionally, they include
\u00a33.7m (2025: \u00a33.6m) of staff redundancies as part of an ongoing strategic global Value Acceleration
Programme and strategic review of Research and Development.
The average monthly number of employees and full-time equivalent employees, including Directors,
was as follows:
Number of employees
Full-time equivalent
2026 2025 2026 2025
Number Number Number Number
Genus PIC
817
909
789
877
Genus ABS
2,098
2,258
2,001
2,164
Research and Development
62
63
62
62
Central
77
77
69
67
3,054
3,307
2,921
3,170
Included in the totals above:
UK
688
795
627
706
The Directors\u2019 Remuneration Report sets out details of the Directors\u2019 remuneration, pensions and
share options.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-589": { "value": "10. NET FINANCE COSTS Net finance costs mainly arise from interest due on bank loans, pension scheme liabilities, amortisation of debt issue costs, unwinding of discounts on put options and the results of hedging transactions used to manage foreign exchange and interest rate movements. Accounting policy We recognise interest income and interest expense in the Income Statement, as they accrue, based on the effective interest rate method. Interest income includes income on cash and cash equivalents, and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities, which represents the unwinding of the discount rate applied to lease liabilities.
2026 2025
\u00a3m \u00a3m
Interest payable on bank loans and overdrafts
(13.1)
(17.0)
Amortisation of debt issue costs
(0.9)
(0.9)
Other interest payable
(0.5)
(0.7)
Unwinding of discount on put options
\u2013
(0.1)
Net interest cost in respect of pension scheme liabilities
(0.4)
(0.3)
Interest on lease liabilities
(1.8)
(2.4)
Total interest expense
(16.7)
(21.4)
Interest income on bank deposits
0.8
0.8
Net interest income on derivative financial instruments
0.1
1.8
Total interest income
0.9
2.6
Net finance costs
(15.8)
(18.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-585": { "value": "10. NET FINANCE COSTS Net finance costs mainly arise from interest due on bank loans, pension scheme liabilities, amortisation of debt issue costs, unwinding of discounts on put options and the results of hedging transactions used to manage foreign exchange and interest rate movements. Accounting policy We recognise interest income and interest expense in the Income Statement, as they accrue, based on the effective interest rate method. Interest income includes income on cash and cash equivalents, and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities, which represents the unwinding of the discount rate applied to lease liabilities.
2026 2025
\u00a3m \u00a3m
Interest payable on bank loans and overdrafts
(13.1)
(17.0)
Amortisation of debt issue costs
(0.9)
(0.9)
Other interest payable
(0.5)
(0.7)
Unwinding of discount on put options
\u2013
(0.1)
Net interest cost in respect of pension scheme liabilities
(0.4)
(0.3)
Interest on lease liabilities
(1.8)
(2.4)
Total interest expense
(16.7)
(21.4)
Interest income on bank deposits
0.8
0.8
Net interest income on derivative financial instruments
0.1
1.8
Total interest income
0.9
2.6
Net finance costs
(15.8)
(18.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-578": { "value": "10. NET FINANCE COSTS Net finance costs mainly arise from interest due on bank loans, pension scheme liabilities, amortisation of debt issue costs, unwinding of discounts on put options and the results of hedging transactions used to manage foreign exchange and interest rate movements. Accounting policy We recognise interest income and interest expense in the Income Statement, as they accrue, based on the effective interest rate method. Interest income includes income on cash and cash equivalents, and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities, which represents the unwinding of the discount rate applied to lease liabilities.
2026 2025
\u00a3m \u00a3m
Interest payable on bank loans and overdrafts
(13.1)
(17.0)
Amortisation of debt issue costs
(0.9)
(0.9)
Other interest payable
(0.5)
(0.7)
Unwinding of discount on put options
\u2013
(0.1)
Net interest cost in respect of pension scheme liabilities
(0.4)
(0.3)
Interest on lease liabilities
(1.8)
(2.4)
Total interest expense
(16.7)
(21.4)
Interest income on bank deposits
0.8
0.8
Net interest income on derivative financial instruments
0.1
1.8
Total interest income
0.9
2.6
Net finance costs
(15.8)
(18.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-561": { "value": "10. NET FINANCE COSTS Net finance costs mainly arise from interest due on bank loans, pension scheme liabilities, amortisation of debt issue costs, unwinding of discounts on put options and the results of hedging transactions used to manage foreign exchange and interest rate movements. Accounting policy We recognise interest income and interest expense in the Income Statement, as they accrue, based on the effective interest rate method. Interest income includes income on cash and cash equivalents, and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities, which represents the unwinding of the discount rate applied to lease liabilities.
2026 2025
\u00a3m \u00a3m
Interest payable on bank loans and overdrafts
(13.1)
(17.0)
Amortisation of debt issue costs
(0.9)
(0.9)
Other interest payable
(0.5)
(0.7)
Unwinding of discount on put options
\u2013
(0.1)
Net interest cost in respect of pension scheme liabilities
(0.4)
(0.3)
Interest on lease liabilities
(1.8)
(2.4)
Total interest expense
(16.7)
(21.4)
Interest income on bank deposits
0.8
0.8
Net interest income on derivative financial instruments
0.1
1.8
Total interest income
0.9
2.6
Net finance costs
(15.8)
(18.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-541": { "value": "10. NET FINANCE COSTS Net finance costs mainly arise from interest due on bank loans, pension scheme liabilities, amortisation of debt issue costs, unwinding of discounts on put options and the results of hedging transactions used to manage foreign exchange and interest rate movements. Accounting policy We recognise interest income and interest expense in the Income Statement, as they accrue, based on the effective interest rate method. Interest income includes income on cash and cash equivalents, and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities, which represents the unwinding of the discount rate applied to lease liabilities.
2026 2025
\u00a3m \u00a3m
Interest payable on bank loans and overdrafts
(13.1)
(17.0)
Amortisation of debt issue costs
(0.9)
(0.9)
Other interest payable
(0.5)
(0.7)
Unwinding of discount on put options
\u2013
(0.1)
Net interest cost in respect of pension scheme liabilities
(0.4)
(0.3)
Interest on lease liabilities
(1.8)
(2.4)
Total interest expense
(16.7)
(21.4)
Interest income on bank deposits
0.8
0.8
Net interest income on derivative financial instruments
0.1
1.8
Total interest income
0.9
2.6
Net finance costs
(15.8)
(18.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-504": { "value": "10. NET FINANCE COSTS Net finance costs mainly arise from interest due on bank loans, pension scheme liabilities, amortisation of debt issue costs, unwinding of discounts on put options and the results of hedging transactions used to manage foreign exchange and interest rate movements. Accounting policy We recognise interest income and interest expense in the Income Statement, as they accrue, based on the effective interest rate method. Interest income includes income on cash and cash equivalents, and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities, which represents the unwinding of the discount rate applied to lease liabilities.
2026 2025
\u00a3m \u00a3m
Interest payable on bank loans and overdrafts
(13.1)
(17.0)
Amortisation of debt issue costs
(0.9)
(0.9)
Other interest payable
(0.5)
(0.7)
Unwinding of discount on put options
\u2013
(0.1)
Net interest cost in respect of pension scheme liabilities
(0.4)
(0.3)
Interest on lease liabilities
(1.8)
(2.4)
Total interest expense
(16.7)
(21.4)
Interest income on bank deposits
0.8
0.8
Net interest income on derivative financial instruments
0.1
1.8
Total interest income
0.9
2.6
Net finance costs
(15.8)
(18.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-625": { "value": "Accounting policy We recognise interest income and interest expense in the Income Statement, as they accrue, based on the effective interest rate method. Interest income includes income on cash and cash equivalents, and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities, which represents the unwinding of the discount rate applied to lease liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-613": { "value": "Accounting policy We recognise interest income and interest expense in the Income Statement, as they accrue, based on the effective interest rate method. Interest income includes income on cash and cash equivalents, and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities, which represents the unwinding of the discount rate applied to lease liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-594": { "value": "Accounting policy We recognise interest income and interest expense in the Income Statement, as they accrue, based on the effective interest rate method. Interest income includes income on cash and cash equivalents, and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities, which represents the unwinding of the discount rate applied to lease liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-590": { "value": "11. TAXATION AND DEFERRED TAXATION This note explains how our Group tax charge arises. The deferred tax section of the note also provides information on our expected future tax charges and sets out the tax assets and liabilities held across the Group, together with our view on whether or not we expect to be able to make use of them in the future. Accounting policies Tax on the profit or loss for the year comprises current and deferred tax. We recognise tax in the Income Statement, unless: \u2022 it relates to items we have recognised directly in equity, in which case we recognise it in equity; or \u2022 it arises as a fair value adjustment in a business combination. We provide for current tax, including UK corporation tax and foreign tax, at the amounts we expect to pay (or recover), using the tax rates and the laws enacted or substantively enacted at the balance sheet date, together with any adjustments to tax payable in respect of previous years. Deferred tax is tax we expect to pay or recover due to differences between the carrying amounts of our assets and liabilities in our Financial Statements and the corresponding tax bases used in calculating our taxable profit. We account for deferred tax using the balance sheet liability method. We generally recognise deferred tax liabilities for all taxable temporary differences, and deferred tax assets to the extent that we will probably have taxable profits to utilise deductible temporary differences against. We do not recognise these assets and liabilities if the temporary difference arises from: \u2022 our initial recognition of goodwill; or \u2022 our initial recognition of other assets and liabilities in a transaction (other than a business combination) that affects neither our taxable profit nor our accounting profit. We recognise deferred tax liabilities for taxable temporary differences arising on our investments in subsidiaries, and interests in joint ventures and associates, except where we can control the reversal of the temporary difference and it is probable that it will not reverse in the foreseeable future. We calculate deferred tax at the tax rates we expect to apply in the period when we settle the liability or realise the asset. We charge or credit deferred tax in the Income Statement, except when it relates to items we have charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Income tax expense
2026 2025
\u00a3m \u00a3m
Current tax expense
Current period
29.4
14.4
Adjustment for prior periods
2.1
(0.7)
Total current tax expense in the Group Income Statement
31.5
13.7
Deferred tax expense
Origination and reversal of temporary differences
(7.0)
(3.0)
Adjustment for prior periods
0.5
(1.5)
Total deferred tax credit in the Group Income Statement
(6.5)
(4.5)
Total income tax expense excluding share of income tax of
equity-accounted investees
25.0
9.2
Share of income tax of equity-accounted investees (see note 18)
11.0
2.0
Total income tax expense in the Group Income Statement
36.0
11.2
Reconciliation of effective tax rate
2026 2026 2025 2025
% \u00a3m % \u00a3m
Profit before tax
310.5
28.5
Add back share of income tax of equity-accounted
11.0
2.0
investees
Profit before tax excluding share of income tax
321.5
30.5
of equity-accounted investees
Income tax at UK corporation tax rate of 25.0%
25.0
80.4
25.0
7.6
(2025: 25.0%)
Effect of overseas tax rates and foreign exchange
7.6
24.4
7.2
2.2
differences
Non-deductible expenses
0.8
2.7
7.2
2.2
Tax-exempt income and incentives
(18.6)
(60.2)
(15.1)
(4.6)
Change in tax rate
(0.3)
(0.8)
9.2
2.8
Movements in recognition of tax losses
(1.5)
(4.7)
(3.3)
(1.0)
Change in unrecognised temporary differences
(2.9)
(9.3)
16.4
5.0
Tax over provided in prior periods
0.8
2.6
(7.3)
(2.2)
Change in provisions
0.2
0.5
(2.6)
(0.8)
Tax on undistributed reserves
0.1
0.4
\u2013
\u2013
Total income tax expense in the
Group Income Statement
11.2
36.0
36.7
11.2
The tax rate for the year depends on our mix of profits by country and our ability to recognise deferred tax assets in respect of losses in some of our smaller territories. Tax is calculated using prevailing tax legislation, reliefs and existing interpretations and practice. The statutory profit tax charge for the year, including share of income tax of equity-accounted investees of \u00a336.0m (2025: \u00a311.2m), represents an effective tax rate (\u2018ETR\u2019) of 11.2% (2025: 36.7%). The decrease in the statutory ETR of 25.5 points results primarily from an increase in profit before tax to \u00a3310.5m (2025: \u00a328.5m) from the formation of the Chinese joint venture which is non-taxable under the Substantial Shareholding Exemption (\u2018SSE\u2019) rules in the UK. Furthermore, the reduction in the Group\u2019s debt following the formation of the PIC Chinese joint venture has enabled the recognition of additional deferred tax assets. The UK Finance (No. 2) Act 2023, which contains the UK\u2019s provisions addressing the implementation of BEPS Pillar Two, was substantively enacted on 20 June 2023. This legislation implements domestic and multinational top-up taxes, designed to achieve a global minimum effective tax rate of 15%, and does apply to Genus in the year ended 30 June 2026. The Group has performed an assessment of its potential exposure to Pillar Two income taxes. This assessment is based on the most recent information available regarding the financial performance of the constituent entities in the Group. Based on the assessment, the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are above 15%. The Group therefore does not expect to have a material exposure to Pillar Two income taxes. In the current year, the Group has applied the exception under the related IAS 12 amendment to recognising and disclosing information about deferred tax assets and liabilities related to Pillar 2 income taxes. The tax credit attributable to exceptional items is a credit of \u00a31.3m (2025: credit of \u00a32.7m). Income tax recognised directly in the Statement of Comprehensive Income and Statement of Changes in Equity
2026 2025
\u00a3m \u00a3m
Financial instruments
(0.1)
(0.2)
Foreign exchange differences on long-term intra-Group currency loans
0.1
(0.2)
and balances
Actuarial movement on retirement benefit obligations
0.1
(0.1)
Foreign exchange differences on translation of biological assets,
intangible assets and leases
0.7
(4.7)
Income tax recognised directly in the Statement of Comprehensive Income
0.8
(5.2)
and Statement of Changes in Equity
Income tax recognised directly to the Statement of Changes in Equity
Share-based payment (income)/expense
0.6
(0.7)
Income tax recognised directly to the Statement of Changes in Equity
0.6
(0.7)
Unrecognised deferred tax assets and liabilities At the balance sheet date, the Group had unused tax losses which were available for offset against future profits, with a potential tax benefit of \u00a325.2m (2025: \u00a317.2m). We have recognised a deferred tax asset in respect of \u00a323.1m (2025: \u00a312.5m) of these benefits, as we expect these losses to be offset against future profits of the relevant jurisdictions in the near term. We have not recognised a deferred tax asset in respect of the remaining \u00a32.1m (2025: \u00a34.7m), due to uncertainty about the availability of future taxable profits in the relevant jurisdictions. At 30 June 2026, the expiry dates of deferred tax assets in respect of losses available for the carry- forward were as follows:
Expiring within
1\u201310 years 11\u201320 years Unlimited Total
\u00a3m \u00a3m \u00a3m \u00a3m
Losses for which a deferred tax asset is recognised
0.9
0.1
22.1
23.1
Losses for which no deferred tax asset is recognised
0.2
\u2013
1.9
2.1
Total tax losses
1.1
0.1
24.1
25.2
In addition, at the balance sheet date, the Group had an unrecognised deferred tax asset in respect of other timing differences of \u00a36.2m (2025: \u00a315.2m). These unrecognised timing differences have an unlimited expiry date. At 30 June 2025, the expiry dates of deferred tax assets in respect of losses available for the carry- forward were as follows:
Expiring within
1\u201310 years 11\u201320 years Unlimited Total
\u00a3m \u00a3m \u00a3m \u00a3m
Losses for which a deferred tax asset is recognised
0.1
\u2013
12.4
12.5
Losses for which no deferred tax asset is recognised
\u2013
\u2013
4.7
4.7
Total tax losses
0.1
\u2013
17.1
17.2
The gross value of losses for which deferred tax assets are recognised is \u00a357.2m (2025: \u00a364.2m). The gross value of losses for which deferred tax assets are not recognised is \u00a38.3m (2025: \u00a315.9m). We have not recognised deferred tax liabilities totalling \u00a36.4m (2025: \u00a34.8m) for the withholding tax and other taxes that would be payable on the unremitted earnings of certain overseas subsidiaries. This is because we can control the timing and reversal of these differences and it is probable that the differences will not reverse in the foreseeable future. Recognised deferred tax assets and liabilities We have offset deferred tax assets and liabilities, to the extent that they arise in the same tax jurisdiction. The analysis of deferred tax balances is set out below:
2026 2025
\u00a3m \u00a3m
Deferred tax assets
(37.7)
(30.9)
Deferred tax liabilities
25.7
25.8
Net deferred tax assets
(12.0)
(5.1)
Movement in net deferred tax (asset)/ liabilities during the year
Prior year
Changes in tax adjustments
As at Recognised in rate recognised recognised in Foreign As at
1 July Income in Income Income Recognised in Acquisitions/ exchange 30 June
2025 Statement Statement Statement equity (disposals) difference 2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
1.5
2.0
(0.3)
2.7
\u2013
\u2013
0.5
6.4
Intangible assets
0.5
(0.2)
(0.3)
\u2013
\u2013
0.3
0.3
0.6
Biological assets
49.2
3.1
(0.4)
\u2013
0.8
(4.7)
\u2013
48.0
Retirement benefit obligations
(1.2)
0.6
0.1
(0.7)
0.1
\u2013
\u2013
(1.1)
Share-based payment expense
(3.6)
(0.9)
\u2013
\u2013
0.6
\u2013
\u2013
(3.9)
Short-term timing differences
(39.0)
(6.0)
1.7
2.7
(0.1)
3.0
(1.2)
(38.9)
Tax loss carry-forwards
(12.5)
(6.0)
\u2013
(4.2)
\u2013
\u2013
(0.4)
(23.1)
Net deferred tax liabilities/(assets)
(5.1)
(7.4)
0.8
0.5
1.4
(1.4)
(0.8)
(12.0)
Prior year
Changes in tax adjustments
As at Recognised in rate recognised recognised in Foreign As at
1 July Income in Income Income Recognised in Acquisitions/ exchange 30 June
2024 Statement Statement Statement equity (disposals) difference 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
3.8
0.4
0.2
(2.6)
\u2013
0.5
(0.8)
1.5
Intangible assets
4.9
(0.4)
(0.3)
(0.6)
\u2013
(3.0)
(0.1)
0.5
Biological assets
55.6
(2.9)
(0.6)
0.5
(4.9)
1.5
\u2013
49.2
Retirement benefit obligations
(1.2)
0.1
\u2013
\u2013
(0.1)
\u2013
\u2013
(1.2)
Share-based payment expense
(2.4)
(0.6)
\u2013
0.1
(0.7)
\u2013
\u2013
(3.6)
Short-term timing differences
(38.6)
(1.2)
(1.5)
1.4
(0.2)
(2.0)
3.1
(39.0)
Tax loss carry-forwards
(16.5)
4.5
(0.6)
(0.3)
\u2013
\u2013
0.4
(12.5)
Net deferred tax liabilities/(assets)
5.6
(0.1)
(2.8)
(1.5)
(5.9)
(3.0)
2.6
(5.1)
23. TRADE AND OTHER PAYABLES Our trade and other payables mainly consist of amounts we owe to our suppliers that have been invoiced or are accrued. They also include taxes and social security amounts due in relation to our role as an employer. Accounting policies Trade payables are not interest bearing and are stated at their nominal value.
2026 2025
\u00a3m \u00a3m
Trade payables
24.8
25.3
Other payables
3.2
7.1
Accrued expenses
54.3
59.6
Contract liabilities (see note 24)
4.2
6.7
Other taxes and social security
9.1
9.0
Current trade and other payables
95.6
107.7
Other payables
\u2013
\u2013
Contract liabilities (see note 24)
\u2013
0.1
Non-current trade and other payables
\u2013
0.1
The average credit period taken for trade purchases is 26 days (2025: 24 days). Other payables included an amount of \u00a3nil (2025: \u00a33.6m) relating to the ST litigation settlement. No balance was classified as non-current at 30 June 2026 (2025: \u00a3nil). Payables denominated in currencies other than Sterling comprise \u00a338.2m denominated in US Dollars (2025: \u00a340.1m), \u00a313.6m denominated in Euros (2025: \u00a314.9m) and \u00a321.2m denominated in other currencies (2025: \u00a328.9m). The carrying values of these liabilities are a reasonable approximation of their fair values.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-586": { "value": "11. TAXATION AND DEFERRED TAXATION This note explains how our Group tax charge arises. The deferred tax section of the note also provides information on our expected future tax charges and sets out the tax assets and liabilities held across the Group, together with our view on whether or not we expect to be able to make use of them in the future. Accounting policies Tax on the profit or loss for the year comprises current and deferred tax. We recognise tax in the Income Statement, unless: \u2022 it relates to items we have recognised directly in equity, in which case we recognise it in equity; or \u2022 it arises as a fair value adjustment in a business combination. We provide for current tax, including UK corporation tax and foreign tax, at the amounts we expect to pay (or recover), using the tax rates and the laws enacted or substantively enacted at the balance sheet date, together with any adjustments to tax payable in respect of previous years. Deferred tax is tax we expect to pay or recover due to differences between the carrying amounts of our assets and liabilities in our Financial Statements and the corresponding tax bases used in calculating our taxable profit. We account for deferred tax using the balance sheet liability method. We generally recognise deferred tax liabilities for all taxable temporary differences, and deferred tax assets to the extent that we will probably have taxable profits to utilise deductible temporary differences against. We do not recognise these assets and liabilities if the temporary difference arises from: \u2022 our initial recognition of goodwill; or \u2022 our initial recognition of other assets and liabilities in a transaction (other than a business combination) that affects neither our taxable profit nor our accounting profit. We recognise deferred tax liabilities for taxable temporary differences arising on our investments in subsidiaries, and interests in joint ventures and associates, except where we can control the reversal of the temporary difference and it is probable that it will not reverse in the foreseeable future. We calculate deferred tax at the tax rates we expect to apply in the period when we settle the liability or realise the asset. We charge or credit deferred tax in the Income Statement, except when it relates to items we have charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Income tax expense
2026 2025
\u00a3m \u00a3m
Current tax expense
Current period
29.4
14.4
Adjustment for prior periods
2.1
(0.7)
Total current tax expense in the Group Income Statement
31.5
13.7
Deferred tax expense
Origination and reversal of temporary differences
(7.0)
(3.0)
Adjustment for prior periods
0.5
(1.5)
Total deferred tax credit in the Group Income Statement
(6.5)
(4.5)
Total income tax expense excluding share of income tax of
equity-accounted investees
25.0
9.2
Share of income tax of equity-accounted investees (see note 18)
11.0
2.0
Total income tax expense in the Group Income Statement
36.0
11.2
Reconciliation of effective tax rate
2026 2026 2025 2025
% \u00a3m % \u00a3m
Profit before tax
310.5
28.5
Add back share of income tax of equity-accounted
11.0
2.0
investees
Profit before tax excluding share of income tax
321.5
30.5
of equity-accounted investees
Income tax at UK corporation tax rate of 25.0%
25.0
80.4
25.0
7.6
(2025: 25.0%)
Effect of overseas tax rates and foreign exchange
7.6
24.4
7.2
2.2
differences
Non-deductible expenses
0.8
2.7
7.2
2.2
Tax-exempt income and incentives
(18.6)
(60.2)
(15.1)
(4.6)
Change in tax rate
(0.3)
(0.8)
9.2
2.8
Movements in recognition of tax losses
(1.5)
(4.7)
(3.3)
(1.0)
Change in unrecognised temporary differences
(2.9)
(9.3)
16.4
5.0
Tax over provided in prior periods
0.8
2.6
(7.3)
(2.2)
Change in provisions
0.2
0.5
(2.6)
(0.8)
Tax on undistributed reserves
0.1
0.4
\u2013
\u2013
Total income tax expense in the
Group Income Statement
11.2
36.0
36.7
11.2
The tax rate for the year depends on our mix of profits by country and our ability to recognise deferred tax assets in respect of losses in some of our smaller territories. Tax is calculated using prevailing tax legislation, reliefs and existing interpretations and practice. The statutory profit tax charge for the year, including share of income tax of equity-accounted investees of \u00a336.0m (2025: \u00a311.2m), represents an effective tax rate (\u2018ETR\u2019) of 11.2% (2025: 36.7%). The decrease in the statutory ETR of 25.5 points results primarily from an increase in profit before tax to \u00a3310.5m (2025: \u00a328.5m) from the formation of the Chinese joint venture which is non-taxable under the Substantial Shareholding Exemption (\u2018SSE\u2019) rules in the UK. Furthermore, the reduction in the Group\u2019s debt following the formation of the PIC Chinese joint venture has enabled the recognition of additional deferred tax assets. The UK Finance (No. 2) Act 2023, which contains the UK\u2019s provisions addressing the implementation of BEPS Pillar Two, was substantively enacted on 20 June 2023. This legislation implements domestic and multinational top-up taxes, designed to achieve a global minimum effective tax rate of 15%, and does apply to Genus in the year ended 30 June 2026. The Group has performed an assessment of its potential exposure to Pillar Two income taxes. This assessment is based on the most recent information available regarding the financial performance of the constituent entities in the Group. Based on the assessment, the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are above 15%. The Group therefore does not expect to have a material exposure to Pillar Two income taxes. In the current year, the Group has applied the exception under the related IAS 12 amendment to recognising and disclosing information about deferred tax assets and liabilities related to Pillar 2 income taxes. The tax credit attributable to exceptional items is a credit of \u00a31.3m (2025: credit of \u00a32.7m). Income tax recognised directly in the Statement of Comprehensive Income and Statement of Changes in Equity
2026 2025
\u00a3m \u00a3m
Financial instruments
(0.1)
(0.2)
Foreign exchange differences on long-term intra-Group currency loans
0.1
(0.2)
and balances
Actuarial movement on retirement benefit obligations
0.1
(0.1)
Foreign exchange differences on translation of biological assets,
intangible assets and leases
0.7
(4.7)
Income tax recognised directly in the Statement of Comprehensive Income
0.8
(5.2)
and Statement of Changes in Equity
Income tax recognised directly to the Statement of Changes in Equity
Share-based payment (income)/expense
0.6
(0.7)
Income tax recognised directly to the Statement of Changes in Equity
0.6
(0.7)
Unrecognised deferred tax assets and liabilities At the balance sheet date, the Group had unused tax losses which were available for offset against future profits, with a potential tax benefit of \u00a325.2m (2025: \u00a317.2m). We have recognised a deferred tax asset in respect of \u00a323.1m (2025: \u00a312.5m) of these benefits, as we expect these losses to be offset against future profits of the relevant jurisdictions in the near term. We have not recognised a deferred tax asset in respect of the remaining \u00a32.1m (2025: \u00a34.7m), due to uncertainty about the availability of future taxable profits in the relevant jurisdictions. At 30 June 2026, the expiry dates of deferred tax assets in respect of losses available for the carry- forward were as follows:
Expiring within
1\u201310 years 11\u201320 years Unlimited Total
\u00a3m \u00a3m \u00a3m \u00a3m
Losses for which a deferred tax asset is recognised
0.9
0.1
22.1
23.1
Losses for which no deferred tax asset is recognised
0.2
\u2013
1.9
2.1
Total tax losses
1.1
0.1
24.1
25.2
In addition, at the balance sheet date, the Group had an unrecognised deferred tax asset in respect of other timing differences of \u00a36.2m (2025: \u00a315.2m). These unrecognised timing differences have an unlimited expiry date. At 30 June 2025, the expiry dates of deferred tax assets in respect of losses available for the carry- forward were as follows:
Expiring within
1\u201310 years 11\u201320 years Unlimited Total
\u00a3m \u00a3m \u00a3m \u00a3m
Losses for which a deferred tax asset is recognised
0.1
\u2013
12.4
12.5
Losses for which no deferred tax asset is recognised
\u2013
\u2013
4.7
4.7
Total tax losses
0.1
\u2013
17.1
17.2
The gross value of losses for which deferred tax assets are recognised is \u00a357.2m (2025: \u00a364.2m). The gross value of losses for which deferred tax assets are not recognised is \u00a38.3m (2025: \u00a315.9m). We have not recognised deferred tax liabilities totalling \u00a36.4m (2025: \u00a34.8m) for the withholding tax and other taxes that would be payable on the unremitted earnings of certain overseas subsidiaries. This is because we can control the timing and reversal of these differences and it is probable that the differences will not reverse in the foreseeable future. Recognised deferred tax assets and liabilities We have offset deferred tax assets and liabilities, to the extent that they arise in the same tax jurisdiction. The analysis of deferred tax balances is set out below:
2026 2025
\u00a3m \u00a3m
Deferred tax assets
(37.7)
(30.9)
Deferred tax liabilities
25.7
25.8
Net deferred tax assets
(12.0)
(5.1)
Movement in net deferred tax (asset)/ liabilities during the year
Prior year
Changes in tax adjustments
As at Recognised in rate recognised recognised in Foreign As at
1 July Income in Income Income Recognised in Acquisitions/ exchange 30 June
2025 Statement Statement Statement equity (disposals) difference 2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
1.5
2.0
(0.3)
2.7
\u2013
\u2013
0.5
6.4
Intangible assets
0.5
(0.2)
(0.3)
\u2013
\u2013
0.3
0.3
0.6
Biological assets
49.2
3.1
(0.4)
\u2013
0.8
(4.7)
\u2013
48.0
Retirement benefit obligations
(1.2)
0.6
0.1
(0.7)
0.1
\u2013
\u2013
(1.1)
Share-based payment expense
(3.6)
(0.9)
\u2013
\u2013
0.6
\u2013
\u2013
(3.9)
Short-term timing differences
(39.0)
(6.0)
1.7
2.7
(0.1)
3.0
(1.2)
(38.9)
Tax loss carry-forwards
(12.5)
(6.0)
\u2013
(4.2)
\u2013
\u2013
(0.4)
(23.1)
Net deferred tax liabilities/(assets)
(5.1)
(7.4)
0.8
0.5
1.4
(1.4)
(0.8)
(12.0)
Prior year
Changes in tax adjustments
As at Recognised in rate recognised recognised in Foreign As at
1 July Income in Income Income Recognised in Acquisitions/ exchange 30 June
2024 Statement Statement Statement equity (disposals) difference 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
3.8
0.4
0.2
(2.6)
\u2013
0.5
(0.8)
1.5
Intangible assets
4.9
(0.4)
(0.3)
(0.6)
\u2013
(3.0)
(0.1)
0.5
Biological assets
55.6
(2.9)
(0.6)
0.5
(4.9)
1.5
\u2013
49.2
Retirement benefit obligations
(1.2)
0.1
\u2013
\u2013
(0.1)
\u2013
\u2013
(1.2)
Share-based payment expense
(2.4)
(0.6)
\u2013
0.1
(0.7)
\u2013
\u2013
(3.6)
Short-term timing differences
(38.6)
(1.2)
(1.5)
1.4
(0.2)
(2.0)
3.1
(39.0)
Tax loss carry-forwards
(16.5)
4.5
(0.6)
(0.3)
\u2013
\u2013
0.4
(12.5)
Net deferred tax liabilities/(assets)
5.6
(0.1)
(2.8)
(1.5)
(5.9)
(3.0)
2.6
(5.1)
21. TRADE AND OTHER RECEIVABLES Our trade and other receivables mainly consist of amounts owed to us by customers and amounts we pay to our suppliers in advance. Accounting policies We state trade and other receivables at their amortised cost less any impairment losses.
2026 2025
\u00a3m \u00a3m
Trade receivables
89.8
88.4
Less expected credit loss allowance
(4.7)
(4.8)
Trade receivables net of impairment
85.1
83.6
Other debtors
4.8
4.8
Prepayments
6.6
6.4
Contract assets net of impairment (see note 24)
21.6
20.9
Other taxes and social security
2.8
3.5
Current trade and other receivables
120.9
119.2
Other debtors
1.7
4.3
Contract assets net of impairment (see note 24)
3.9
6.0
Non-current other receivables
5.6
10.3
Trade and other receivables
126.5
129.5
Trade receivables The average credit period our customers take on the sales of goods is 47 days (2025: 45 days). We do not charge interest on receivables for the first 30 days from the date of the invoice. The Group always measures the loss allowance for trade receivables and contract assets at an amount equal to lifetime expected credit losses (\u2018ECLs\u2019). The ECLs on trade receivables and contract assets are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the general economic conditions of the industry and country in which the debtor operates and an assessment of both the current and the forecast direction of conditions at the reporting date. The Group writes off a trade receivable and a contract asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, such as when the debtor has been placed under liquidation or has entered into bankruptcy proceedings. The Group recognises ECLs with reference to the following matrix, in accordance with the simplified approach permitted in IFRS 9. There has been no change in the estimation techniques during the current reporting period. A component of the calculation is the risk premium of the countries in which our customers operate. The risk premiums are updated on each reporting date, to reflect changes in the global economy.
North Latin
America
America
EMEA
Asia
2026
Risk premium (%)
1.6%
4.3%
2.6%
2.4%
Trade receivables (\u00a3m)
22.8
22.7
36.2
8.1
2025
Risk premium (%)
1.6%
4.5%
2.4%
2.0%
Trade receivables (\u00a3m)
19.4
20.1
34.1
14.8
The following table shows the movement in lifetime ECLs that has been recognised for trade receivables, in accordance with the simplified approach set out in IFRS 9.
2026 2025
\u00a3m \u00a3m
Balance at the start of the year
4.8
4.7
Change in loss allowance due to new trade and other receivables originated
net of those derecognised due to settlement
2.7
4.3
Amounts written off as uncollectable
(0.5)
(0.3)
Impairment losses reversed
(2.5)
(4.0)
Effect of movements in exchange rates
0.2
0.1
Balance at the end of the year
4.7
4.8
The ageing of trade receivables is presented below:
Trade receivables
Trade receivables net of impairment
2026 2025 2026 2025
Days past due \u00a3m \u00a3m \u00a3m \u00a3m
Not yet due
63.3
59.4
61.5
57.7
0\u201330 days
13.5
13.0
13.2
12.7
31\u201390 days
7.8
9.5
7.5
9.3
91\u2013180 days
2.1
3.5
2.0
3.2
Over 180 days
3.1
3.0
0.9
0.7
89.8
88.4
85.1
83.6
No customer represents more than 5% of the total balance of trade receivables (2025: no more than 5%). The Directors consider that the carrying amount of trade and other receivables approximates their fair value. Trade and other receivables denominated in currencies other than Sterling comprise \u00a345.6m denominated in US Dollars (2025: \u00a341.7m), \u00a314.6m denominated in Euros (2025: \u00a316.0m) and \u00a339.8m denominated in other currencies (2025: \u00a344.4m). Other debtors Included in other debtors is an amount of \u00a3nil (2025: \u00a32.1m) which comprises security deposits held in respect of porcine farms.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-542": { "value": "11. TAXATION AND DEFERRED TAXATION This note explains how our Group tax charge arises. The deferred tax section of the note also provides information on our expected future tax charges and sets out the tax assets and liabilities held across the Group, together with our view on whether or not we expect to be able to make use of them in the future. Accounting policies Tax on the profit or loss for the year comprises current and deferred tax. We recognise tax in the Income Statement, unless: \u2022 it relates to items we have recognised directly in equity, in which case we recognise it in equity; or \u2022 it arises as a fair value adjustment in a business combination. We provide for current tax, including UK corporation tax and foreign tax, at the amounts we expect to pay (or recover), using the tax rates and the laws enacted or substantively enacted at the balance sheet date, together with any adjustments to tax payable in respect of previous years. Deferred tax is tax we expect to pay or recover due to differences between the carrying amounts of our assets and liabilities in our Financial Statements and the corresponding tax bases used in calculating our taxable profit. We account for deferred tax using the balance sheet liability method. We generally recognise deferred tax liabilities for all taxable temporary differences, and deferred tax assets to the extent that we will probably have taxable profits to utilise deductible temporary differences against. We do not recognise these assets and liabilities if the temporary difference arises from: \u2022 our initial recognition of goodwill; or \u2022 our initial recognition of other assets and liabilities in a transaction (other than a business combination) that affects neither our taxable profit nor our accounting profit. We recognise deferred tax liabilities for taxable temporary differences arising on our investments in subsidiaries, and interests in joint ventures and associates, except where we can control the reversal of the temporary difference and it is probable that it will not reverse in the foreseeable future. We calculate deferred tax at the tax rates we expect to apply in the period when we settle the liability or realise the asset. We charge or credit deferred tax in the Income Statement, except when it relates to items we have charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Income tax expense
2026 2025
\u00a3m \u00a3m
Current tax expense
Current period
29.4
14.4
Adjustment for prior periods
2.1
(0.7)
Total current tax expense in the Group Income Statement
31.5
13.7
Deferred tax expense
Origination and reversal of temporary differences
(7.0)
(3.0)
Adjustment for prior periods
0.5
(1.5)
Total deferred tax credit in the Group Income Statement
(6.5)
(4.5)
Total income tax expense excluding share of income tax of
equity-accounted investees
25.0
9.2
Share of income tax of equity-accounted investees (see note 18)
11.0
2.0
Total income tax expense in the Group Income Statement
36.0
11.2
Reconciliation of effective tax rate
2026 2026 2025 2025
% \u00a3m % \u00a3m
Profit before tax
310.5
28.5
Add back share of income tax of equity-accounted
11.0
2.0
investees
Profit before tax excluding share of income tax
321.5
30.5
of equity-accounted investees
Income tax at UK corporation tax rate of 25.0%
25.0
80.4
25.0
7.6
(2025: 25.0%)
Effect of overseas tax rates and foreign exchange
7.6
24.4
7.2
2.2
differences
Non-deductible expenses
0.8
2.7
7.2
2.2
Tax-exempt income and incentives
(18.6)
(60.2)
(15.1)
(4.6)
Change in tax rate
(0.3)
(0.8)
9.2
2.8
Movements in recognition of tax losses
(1.5)
(4.7)
(3.3)
(1.0)
Change in unrecognised temporary differences
(2.9)
(9.3)
16.4
5.0
Tax over provided in prior periods
0.8
2.6
(7.3)
(2.2)
Change in provisions
0.2
0.5
(2.6)
(0.8)
Tax on undistributed reserves
0.1
0.4
\u2013
\u2013
Total income tax expense in the
Group Income Statement
11.2
36.0
36.7
11.2
The tax rate for the year depends on our mix of profits by country and our ability to recognise deferred tax assets in respect of losses in some of our smaller territories. Tax is calculated using prevailing tax legislation, reliefs and existing interpretations and practice. The statutory profit tax charge for the year, including share of income tax of equity-accounted investees of \u00a336.0m (2025: \u00a311.2m), represents an effective tax rate (\u2018ETR\u2019) of 11.2% (2025: 36.7%). The decrease in the statutory ETR of 25.5 points results primarily from an increase in profit before tax to \u00a3310.5m (2025: \u00a328.5m) from the formation of the Chinese joint venture which is non-taxable under the Substantial Shareholding Exemption (\u2018SSE\u2019) rules in the UK. Furthermore, the reduction in the Group\u2019s debt following the formation of the PIC Chinese joint venture has enabled the recognition of additional deferred tax assets. The UK Finance (No. 2) Act 2023, which contains the UK\u2019s provisions addressing the implementation of BEPS Pillar Two, was substantively enacted on 20 June 2023. This legislation implements domestic and multinational top-up taxes, designed to achieve a global minimum effective tax rate of 15%, and does apply to Genus in the year ended 30 June 2026. The Group has performed an assessment of its potential exposure to Pillar Two income taxes. This assessment is based on the most recent information available regarding the financial performance of the constituent entities in the Group. Based on the assessment, the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are above 15%. The Group therefore does not expect to have a material exposure to Pillar Two income taxes. In the current year, the Group has applied the exception under the related IAS 12 amendment to recognising and disclosing information about deferred tax assets and liabilities related to Pillar 2 income taxes. The tax credit attributable to exceptional items is a credit of \u00a31.3m (2025: credit of \u00a32.7m). Income tax recognised directly in the Statement of Comprehensive Income and Statement of Changes in Equity
2026 2025
\u00a3m \u00a3m
Financial instruments
(0.1)
(0.2)
Foreign exchange differences on long-term intra-Group currency loans
0.1
(0.2)
and balances
Actuarial movement on retirement benefit obligations
0.1
(0.1)
Foreign exchange differences on translation of biological assets,
intangible assets and leases
0.7
(4.7)
Income tax recognised directly in the Statement of Comprehensive Income
0.8
(5.2)
and Statement of Changes in Equity
Income tax recognised directly to the Statement of Changes in Equity
Share-based payment (income)/expense
0.6
(0.7)
Income tax recognised directly to the Statement of Changes in Equity
0.6
(0.7)
Unrecognised deferred tax assets and liabilities At the balance sheet date, the Group had unused tax losses which were available for offset against future profits, with a potential tax benefit of \u00a325.2m (2025: \u00a317.2m). We have recognised a deferred tax asset in respect of \u00a323.1m (2025: \u00a312.5m) of these benefits, as we expect these losses to be offset against future profits of the relevant jurisdictions in the near term. We have not recognised a deferred tax asset in respect of the remaining \u00a32.1m (2025: \u00a34.7m), due to uncertainty about the availability of future taxable profits in the relevant jurisdictions. At 30 June 2026, the expiry dates of deferred tax assets in respect of losses available for the carry- forward were as follows:
Expiring within
1\u201310 years 11\u201320 years Unlimited Total
\u00a3m \u00a3m \u00a3m \u00a3m
Losses for which a deferred tax asset is recognised
0.9
0.1
22.1
23.1
Losses for which no deferred tax asset is recognised
0.2
\u2013
1.9
2.1
Total tax losses
1.1
0.1
24.1
25.2
In addition, at the balance sheet date, the Group had an unrecognised deferred tax asset in respect of other timing differences of \u00a36.2m (2025: \u00a315.2m). These unrecognised timing differences have an unlimited expiry date. At 30 June 2025, the expiry dates of deferred tax assets in respect of losses available for the carry- forward were as follows:
Expiring within
1\u201310 years 11\u201320 years Unlimited Total
\u00a3m \u00a3m \u00a3m \u00a3m
Losses for which a deferred tax asset is recognised
0.1
\u2013
12.4
12.5
Losses for which no deferred tax asset is recognised
\u2013
\u2013
4.7
4.7
Total tax losses
0.1
\u2013
17.1
17.2
The gross value of losses for which deferred tax assets are recognised is \u00a357.2m (2025: \u00a364.2m). The gross value of losses for which deferred tax assets are not recognised is \u00a38.3m (2025: \u00a315.9m). We have not recognised deferred tax liabilities totalling \u00a36.4m (2025: \u00a34.8m) for the withholding tax and other taxes that would be payable on the unremitted earnings of certain overseas subsidiaries. This is because we can control the timing and reversal of these differences and it is probable that the differences will not reverse in the foreseeable future. Recognised deferred tax assets and liabilities We have offset deferred tax assets and liabilities, to the extent that they arise in the same tax jurisdiction. The analysis of deferred tax balances is set out below:
2026 2025
\u00a3m \u00a3m
Deferred tax assets
(37.7)
(30.9)
Deferred tax liabilities
25.7
25.8
Net deferred tax assets
(12.0)
(5.1)
Movement in net deferred tax (asset)/ liabilities during the year
Prior year
Changes in tax adjustments
As at Recognised in rate recognised recognised in Foreign As at
1 July Income in Income Income Recognised in Acquisitions/ exchange 30 June
2025 Statement Statement Statement equity (disposals) difference 2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
1.5
2.0
(0.3)
2.7
\u2013
\u2013
0.5
6.4
Intangible assets
0.5
(0.2)
(0.3)
\u2013
\u2013
0.3
0.3
0.6
Biological assets
49.2
3.1
(0.4)
\u2013
0.8
(4.7)
\u2013
48.0
Retirement benefit obligations
(1.2)
0.6
0.1
(0.7)
0.1
\u2013
\u2013
(1.1)
Share-based payment expense
(3.6)
(0.9)
\u2013
\u2013
0.6
\u2013
\u2013
(3.9)
Short-term timing differences
(39.0)
(6.0)
1.7
2.7
(0.1)
3.0
(1.2)
(38.9)
Tax loss carry-forwards
(12.5)
(6.0)
\u2013
(4.2)
\u2013
\u2013
(0.4)
(23.1)
Net deferred tax liabilities/(assets)
(5.1)
(7.4)
0.8
0.5
1.4
(1.4)
(0.8)
(12.0)
Prior year
Changes in tax adjustments
As at Recognised in rate recognised recognised in Foreign As at
1 July Income in Income Income Recognised in Acquisitions/ exchange 30 June
2024 Statement Statement Statement equity (disposals) difference 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
3.8
0.4
0.2
(2.6)
\u2013
0.5
(0.8)
1.5
Intangible assets
4.9
(0.4)
(0.3)
(0.6)
\u2013
(3.0)
(0.1)
0.5
Biological assets
55.6
(2.9)
(0.6)
0.5
(4.9)
1.5
\u2013
49.2
Retirement benefit obligations
(1.2)
0.1
\u2013
\u2013
(0.1)
\u2013
\u2013
(1.2)
Share-based payment expense
(2.4)
(0.6)
\u2013
0.1
(0.7)
\u2013
\u2013
(3.6)
Short-term timing differences
(38.6)
(1.2)
(1.5)
1.4
(0.2)
(2.0)
3.1
(39.0)
Tax loss carry-forwards
(16.5)
4.5
(0.6)
(0.3)
\u2013
\u2013
0.4
(12.5)
Net deferred tax liabilities/(assets)
5.6
(0.1)
(2.8)
(1.5)
(5.9)
(3.0)
2.6
(5.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-505": { "value": "11. TAXATION AND DEFERRED TAXATION This note explains how our Group tax charge arises. The deferred tax section of the note also provides information on our expected future tax charges and sets out the tax assets and liabilities held across the Group, together with our view on whether or not we expect to be able to make use of them in the future. Accounting policies Tax on the profit or loss for the year comprises current and deferred tax. We recognise tax in the Income Statement, unless: \u2022 it relates to items we have recognised directly in equity, in which case we recognise it in equity; or \u2022 it arises as a fair value adjustment in a business combination. We provide for current tax, including UK corporation tax and foreign tax, at the amounts we expect to pay (or recover), using the tax rates and the laws enacted or substantively enacted at the balance sheet date, together with any adjustments to tax payable in respect of previous years. Deferred tax is tax we expect to pay or recover due to differences between the carrying amounts of our assets and liabilities in our Financial Statements and the corresponding tax bases used in calculating our taxable profit. We account for deferred tax using the balance sheet liability method. We generally recognise deferred tax liabilities for all taxable temporary differences, and deferred tax assets to the extent that we will probably have taxable profits to utilise deductible temporary differences against. We do not recognise these assets and liabilities if the temporary difference arises from: \u2022 our initial recognition of goodwill; or \u2022 our initial recognition of other assets and liabilities in a transaction (other than a business combination) that affects neither our taxable profit nor our accounting profit. We recognise deferred tax liabilities for taxable temporary differences arising on our investments in subsidiaries, and interests in joint ventures and associates, except where we can control the reversal of the temporary difference and it is probable that it will not reverse in the foreseeable future. We calculate deferred tax at the tax rates we expect to apply in the period when we settle the liability or realise the asset. We charge or credit deferred tax in the Income Statement, except when it relates to items we have charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Income tax expense
2026 2025
\u00a3m \u00a3m
Current tax expense
Current period
29.4
14.4
Adjustment for prior periods
2.1
(0.7)
Total current tax expense in the Group Income Statement
31.5
13.7
Deferred tax expense
Origination and reversal of temporary differences
(7.0)
(3.0)
Adjustment for prior periods
0.5
(1.5)
Total deferred tax credit in the Group Income Statement
(6.5)
(4.5)
Total income tax expense excluding share of income tax of
equity-accounted investees
25.0
9.2
Share of income tax of equity-accounted investees (see note 18)
11.0
2.0
Total income tax expense in the Group Income Statement
36.0
11.2
Reconciliation of effective tax rate
2026 2026 2025 2025
% \u00a3m % \u00a3m
Profit before tax
310.5
28.5
Add back share of income tax of equity-accounted
11.0
2.0
investees
Profit before tax excluding share of income tax
321.5
30.5
of equity-accounted investees
Income tax at UK corporation tax rate of 25.0%
25.0
80.4
25.0
7.6
(2025: 25.0%)
Effect of overseas tax rates and foreign exchange
7.6
24.4
7.2
2.2
differences
Non-deductible expenses
0.8
2.7
7.2
2.2
Tax-exempt income and incentives
(18.6)
(60.2)
(15.1)
(4.6)
Change in tax rate
(0.3)
(0.8)
9.2
2.8
Movements in recognition of tax losses
(1.5)
(4.7)
(3.3)
(1.0)
Change in unrecognised temporary differences
(2.9)
(9.3)
16.4
5.0
Tax over provided in prior periods
0.8
2.6
(7.3)
(2.2)
Change in provisions
0.2
0.5
(2.6)
(0.8)
Tax on undistributed reserves
0.1
0.4
\u2013
\u2013
Total income tax expense in the
Group Income Statement
11.2
36.0
36.7
11.2
The tax rate for the year depends on our mix of profits by country and our ability to recognise deferred
tax assets in respect of losses in some of our smaller territories. Tax is calculated using prevailing tax
legislation, reliefs and existing interpretations and practice.
The statutory profit tax charge for the year, including share of income tax of equity-accounted
investees of \u00a336.0m (2025: \u00a311.2m), represents an effective tax rate (\u2018ETR\u2019) of 11.2% (2025: 36.7%). The
decrease in the statutory ETR of 25.5 points results primarily from an increase in profit before tax to
\u00a3310.5m (2025: \u00a328.5m) from the formation of the Chinese joint venture which is non-taxable under the
Substantial Shareholding Exemption (\u2018SSE\u2019) rules in the UK. Furthermore, the reduction in the Group\u2019s
debt following the formation of the PIC Chinese joint venture has enabled the recognition of additional
deferred tax assets.
The UK Finance (No. 2) Act 2023, which contains the UK\u2019s provisions addressing the implementation of
BEPS Pillar Two, was substantively enacted on 20 June 2023. This legislation implements domestic and
multinational top-up taxes, designed to achieve a global minimum effective tax rate of 15%, and does
apply to Genus in the year ended 30 June 2026. The Group has performed an assessment of its
potential exposure to Pillar Two income taxes. This assessment is based on the most recent information
available regarding the financial performance of the constituent entities in the Group. Based on the
assessment, the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates
are above 15%. The Group therefore does not expect to have a material exposure to Pillar Two income
taxes. In the current year, the Group has applied the exception under the related IAS 12 amendment to
recognising and disclosing information about deferred tax assets and liabilities related to Pillar 2
income taxes.
The tax credit attributable to exceptional items is a credit of \u00a31.3m (2025: credit of \u00a32.7m).
Income tax recognised directly in the Statement of Comprehensive Income and Statement of
Changes in Equity
2026 2025
\u00a3m \u00a3m
Financial instruments
(0.1)
(0.2)
Foreign exchange differences on long-term intra-Group currency loans
0.1
(0.2)
and balances
Actuarial movement on retirement benefit obligations
0.1
(0.1)
Foreign exchange differences on translation of biological assets,
intangible assets and leases
0.7
(4.7)
Income tax recognised directly in the Statement of Comprehensive Income
0.8
(5.2)
and Statement of Changes in Equity
Income tax recognised directly to the Statement of Changes in Equity
Share-based payment (income)/expense
0.6
(0.7)
Income tax recognised directly to the Statement of Changes in Equity
0.6
(0.7)
Unrecognised deferred tax assets and liabilities
At the balance sheet date, the Group had unused tax losses which were available for offset against
future profits, with a potential tax benefit of \u00a325.2m (2025: \u00a317.2m). We have recognised a deferred tax
asset in respect of \u00a323.1m (2025: \u00a312.5m) of these benefits, as we expect these losses to be offset
against future profits of the relevant jurisdictions in the near term. We have not recognised a deferred
tax asset in respect of the remaining \u00a32.1m (2025: \u00a34.7m), due to uncertainty about the availability of
future taxable profits in the relevant jurisdictions.
At 30 June 2026, the expiry dates of deferred tax assets in respect of losses available for the carry-
forward were as follows:
Expiring within
1\u201310 years 11\u201320 years Unlimited Total
\u00a3m \u00a3m \u00a3m \u00a3m
Losses for which a deferred tax asset is recognised
0.9
0.1
22.1
23.1
Losses for which no deferred tax asset is recognised
0.2
\u2013
1.9
2.1
Total tax losses
1.1
0.1
24.1
25.2
In addition, at the balance sheet date, the Group had an unrecognised deferred tax asset in respect of
other timing differences of \u00a36.2m (2025: \u00a315.2m). These unrecognised timing differences have an unlimited
expiry date.
At 30 June 2025, the expiry dates of deferred tax assets in respect of losses available for the carry-
forward were as follows:
Expiring within
1\u201310 years 11\u201320 years Unlimited Total
\u00a3m \u00a3m \u00a3m \u00a3m
Losses for which a deferred tax asset is recognised
0.1
\u2013
12.4
12.5
Losses for which no deferred tax asset is recognised
\u2013
\u2013
4.7
4.7
Total tax losses
0.1
\u2013
17.1
17.2
The gross value of losses for which deferred tax assets are recognised is \u00a357.2m (2025: \u00a364.2m). The gross
value of losses for which deferred tax assets are not recognised is \u00a38.3m (2025: \u00a315.9m). We have not
recognised deferred tax liabilities totalling \u00a36.4m (2025: \u00a34.8m) for the withholding tax and other taxes
that would be payable on the unremitted earnings of certain overseas subsidiaries. This is because we
can control the timing and reversal of these differences and it is probable that the differences will not
reverse in the foreseeable future.
Recognised deferred tax assets and liabilities
We have offset deferred tax assets and liabilities, to the extent that they arise in the same tax jurisdiction.
The analysis of deferred tax balances is set out below:
2026 2025
\u00a3m \u00a3m
Deferred tax assets
(37.7)
(30.9)
Deferred tax liabilities
25.7
25.8
Net deferred tax assets
(12.0)
(5.1)
Movement in net deferred tax (asset)/ liabilities during the year
Prior year
Changes in tax adjustments
As at Recognised in rate recognised recognised in Foreign As at
1 July Income in Income Income Recognised in Acquisitions/ exchange 30 June
2025 Statement Statement Statement equity (disposals) difference 2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
1.5
2.0
(0.3)
2.7
\u2013
\u2013
0.5
6.4
Intangible assets
0.5
(0.2)
(0.3)
\u2013
\u2013
0.3
0.3
0.6
Biological assets
49.2
3.1
(0.4)
\u2013
0.8
(4.7)
\u2013
48.0
Retirement benefit obligations
(1.2)
0.6
0.1
(0.7)
0.1
\u2013
\u2013
(1.1)
Share-based payment expense
(3.6)
(0.9)
\u2013
\u2013
0.6
\u2013
\u2013
(3.9)
Short-term timing differences
(39.0)
(6.0)
1.7
2.7
(0.1)
3.0
(1.2)
(38.9)
Tax loss carry-forwards
(12.5)
(6.0)
\u2013
(4.2)
\u2013
\u2013
(0.4)
(23.1)
Net deferred tax liabilities/(assets)
(5.1)
(7.4)
0.8
0.5
1.4
(1.4)
(0.8)
(12.0)
Prior year
Changes in tax adjustments
As at Recognised in rate recognised recognised in Foreign As at
1 July Income in Income Income Recognised in Acquisitions/ exchange 30 June
2024 Statement Statement Statement equity (disposals) difference 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
3.8
0.4
0.2
(2.6)
\u2013
0.5
(0.8)
1.5
Intangible assets
4.9
(0.4)
(0.3)
(0.6)
\u2013
(3.0)
(0.1)
0.5
Biological assets
55.6
(2.9)
(0.6)
0.5
(4.9)
1.5
\u2013
49.2
Retirement benefit obligations
(1.2)
0.1
\u2013
\u2013
(0.1)
\u2013
\u2013
(1.2)
Share-based payment expense
(2.4)
(0.6)
\u2013
0.1
(0.7)
\u2013
\u2013
(3.6)
Short-term timing differences
(38.6)
(1.2)
(1.5)
1.4
(0.2)
(2.0)
3.1
(39.0)
Tax loss carry-forwards
(16.5)
4.5
(0.6)
(0.3)
\u2013
\u2013
0.4
(12.5)
Net deferred tax liabilities/(assets)
5.6
(0.1)
(2.8)
(1.5)
(5.9)
(3.0)
2.6
(5.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-614": { "value": "Accounting policies Tax on the profit or loss for the year comprises current and deferred tax. We recognise tax in the Income Statement, unless: \u2022 it relates to items we have recognised directly in equity, in which case we recognise it in equity; or \u2022 it arises as a fair value adjustment in a business combination. We provide for current tax, including UK corporation tax and foreign tax, at the amounts we expect to pay (or recover), using the tax rates and the laws enacted or substantively enacted at the balance sheet date, together with any adjustments to tax payable in respect of previous years. Deferred tax is tax we expect to pay or recover due to differences between the carrying amounts of our assets and liabilities in our Financial Statements and the corresponding tax bases used in calculating our taxable profit. We account for deferred tax using the balance sheet liability method. We generally recognise deferred tax liabilities for all taxable temporary differences, and deferred tax assets to the extent that we will probably have taxable profits to utilise deductible temporary differences against. We do not recognise these assets and liabilities if the temporary difference arises from: \u2022 our initial recognition of goodwill; or \u2022 our initial recognition of other assets and liabilities in a transaction (other than a business combination) that affects neither our taxable profit nor our accounting profit. We recognise deferred tax liabilities for taxable temporary differences arising on our investments in subsidiaries, and interests in joint ventures and associates, except where we can control the reversal of the temporary difference and it is probable that it will not reverse in the foreseeable future. We calculate deferred tax at the tax rates we expect to apply in the period when we settle the liability or realise the asset. We charge or credit deferred tax in the Income Statement, except when it relates to items we have charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-595": { "value": "Accounting policies Tax on the profit or loss for the year comprises current and deferred tax. We recognise tax in the Income Statement, unless: \u2022 it relates to items we have recognised directly in equity, in which case we recognise it in equity; or \u2022 it arises as a fair value adjustment in a business combination. We provide for current tax, including UK corporation tax and foreign tax, at the amounts we expect to pay (or recover), using the tax rates and the laws enacted or substantively enacted at the balance sheet date, together with any adjustments to tax payable in respect of previous years. Deferred tax is tax we expect to pay or recover due to differences between the carrying amounts of our assets and liabilities in our Financial Statements and the corresponding tax bases used in calculating our taxable profit. We account for deferred tax using the balance sheet liability method. We generally recognise deferred tax liabilities for all taxable temporary differences, and deferred tax assets to the extent that we will probably have taxable profits to utilise deductible temporary differences against. We do not recognise these assets and liabilities if the temporary difference arises from: \u2022 our initial recognition of goodwill; or \u2022 our initial recognition of other assets and liabilities in a transaction (other than a business combination) that affects neither our taxable profit nor our accounting profit. We recognise deferred tax liabilities for taxable temporary differences arising on our investments in subsidiaries, and interests in joint ventures and associates, except where we can control the reversal of the temporary difference and it is probable that it will not reverse in the foreseeable future. We calculate deferred tax at the tax rates we expect to apply in the period when we settle the liability or realise the asset. We charge or credit deferred tax in the Income Statement, except when it relates to items we have charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-564": { "value": "The UK Finance (No. 2) Act 2023, which contains the UK\u2019s provisions addressing the implementation of BEPS Pillar Two, was substantively enacted on 20 June 2023. This legislation implements domestic and multinational top-up taxes, designed to achieve a global minimum effective tax rate of 15%, and does apply to Genus in the year ended 30 June 2026. The Group has performed an assessment of its potential exposure to Pillar Two income taxes. This assessment is based on the most recent information available regarding the financial performance of the constituent entities in the Group. Based on the assessment, the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are above 15%. The Group therefore does not expect to have a material exposure to Pillar Two income taxes. In the current year, the Group has applied the exception under the related IAS 12 amendment to recognising and disclosing information about deferred tax assets and liabilities related to Pillar 2 income taxes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-563": { "value": "Unrecognised deferred tax assets and liabilities At the balance sheet date, the Group had unused tax losses which were available for offset against future profits, with a potential tax benefit of \u00a325.2m (2025: \u00a317.2m). We have recognised a deferred tax asset in respect of \u00a323.1m (2025: \u00a312.5m) of these benefits, as we expect these losses to be offset against future profits of the relevant jurisdictions in the near term. We have not recognised a deferred tax asset in respect of the remaining \u00a32.1m (2025: \u00a34.7m), due to uncertainty about the availability of future taxable profits in the relevant jurisdictions. At 30 June 2026, the expiry dates of deferred tax assets in respect of losses available for the carry- forward were as follows:
Expiring within
1\u201310 years 11\u201320 years Unlimited Total
\u00a3m \u00a3m \u00a3m \u00a3m
Losses for which a deferred tax asset is recognised
0.9
0.1
22.1
23.1
Losses for which no deferred tax asset is recognised
0.2
\u2013
1.9
2.1
Total tax losses
1.1
0.1
24.1
25.2
In addition, at the balance sheet date, the Group had an unrecognised deferred tax asset in respect of other timing differences of \u00a36.2m (2025: \u00a315.2m). These unrecognised timing differences have an unlimited expiry date. At 30 June 2025, the expiry dates of deferred tax assets in respect of losses available for the carry- forward were as follows:
Expiring within
1\u201310 years 11\u201320 years Unlimited Total
\u00a3m \u00a3m \u00a3m \u00a3m
Losses for which a deferred tax asset is recognised
0.1
\u2013
12.4
12.5
Losses for which no deferred tax asset is recognised
\u2013
\u2013
4.7
4.7
Total tax losses
0.1
\u2013
17.1
17.2
The gross value of losses for which deferred tax assets are recognised is \u00a357.2m (2025: \u00a364.2m). The gross value of losses for which deferred tax assets are not recognised is \u00a38.3m (2025: \u00a315.9m). We have not recognised deferred tax liabilities totalling \u00a36.4m (2025: \u00a34.8m) for the withholding tax and other taxes that would be payable on the unremitted earnings of certain overseas subsidiaries. This is because we can control the timing and reversal of these differences and it is probable that the differences will not reverse in the foreseeable future. Recognised deferred tax assets and liabilities We have offset deferred tax assets and liabilities, to the extent that they arise in the same tax jurisdiction. The analysis of deferred tax balances is set out below:
2026 2025
\u00a3m \u00a3m
Deferred tax assets
(37.7)
(30.9)
Deferred tax liabilities
25.7
25.8
Net deferred tax assets
(12.0)
(5.1)
Movement in net deferred tax (asset)/ liabilities during the year
Prior year
Changes in tax adjustments
As at Recognised in rate recognised recognised in Foreign As at
1 July Income in Income Income Recognised in Acquisitions/ exchange 30 June
2025 Statement Statement Statement equity (disposals) difference 2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
1.5
2.0
(0.3)
2.7
\u2013
\u2013
0.5
6.4
Intangible assets
0.5
(0.2)
(0.3)
\u2013
\u2013
0.3
0.3
0.6
Biological assets
49.2
3.1
(0.4)
\u2013
0.8
(4.7)
\u2013
48.0
Retirement benefit obligations
(1.2)
0.6
0.1
(0.7)
0.1
\u2013
\u2013
(1.1)
Share-based payment expense
(3.6)
(0.9)
\u2013
\u2013
0.6
\u2013
\u2013
(3.9)
Short-term timing differences
(39.0)
(6.0)
1.7
2.7
(0.1)
3.0
(1.2)
(38.9)
Tax loss carry-forwards
(12.5)
(6.0)
\u2013
(4.2)
\u2013
\u2013
(0.4)
(23.1)
Net deferred tax liabilities/(assets)
(5.1)
(7.4)
0.8
0.5
1.4
(1.4)
(0.8)
(12.0)
Prior year
Changes in tax adjustments
As at Recognised in rate recognised recognised in Foreign As at
1 July Income in Income Income Recognised in Acquisitions/ exchange 30 June
2024 Statement Statement Statement equity (disposals) difference 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
3.8
0.4
0.2
(2.6)
\u2013
0.5
(0.8)
1.5
Intangible assets
4.9
(0.4)
(0.3)
(0.6)
\u2013
(3.0)
(0.1)
0.5
Biological assets
55.6
(2.9)
(0.6)
0.5
(4.9)
1.5
\u2013
49.2
Retirement benefit obligations
(1.2)
0.1
\u2013
\u2013
(0.1)
\u2013
\u2013
(1.2)
Share-based payment expense
(2.4)
(0.6)
\u2013
0.1
(0.7)
\u2013
\u2013
(3.6)
Short-term timing differences
(38.6)
(1.2)
(1.5)
1.4
(0.2)
(2.0)
3.1
(39.0)
Tax loss carry-forwards
(16.5)
4.5
(0.6)
(0.3)
\u2013
\u2013
0.4
(12.5)
Net deferred tax liabilities/(assets)
5.6
(0.1)
(2.8)
(1.5)
(5.9)
(3.0)
2.6
(5.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-506": { "value": "
12. EARNINGS PER SHARE
Basic earnings per share is the profit generated for the financial year attributable to equity
shareholders, divided by the weighted average number of shares in issue during the year.
Basic earnings per share from continuing operations
2026 2025
(pence) (pence)
Basic earnings per share
431.6
29.3
The calculation of basic earnings per share from continuing operations is based on the net profit
attributable to owners of the Company from continuing operations of \u00a3285.3m (2025: \u00a319.3m) and a
weighted average number of ordinary shares outstanding of 66,105,000 (2025: 65,910,000), which is
calculated as follows:
Weighted average number of ordinary shares (basic)
2026 2025
000s 000s
Issued ordinary shares at the start of the year
66,036
66,033
Effect of own shares held
(433)
(125)
Shares issued on exercise of stock options and share incentive plans
2
2
Shares issued in relation to Employee Benefit Trust
500
\u2013
Weighted average number of ordinary shares in year
66,105
65,910
Diluted earnings per share from continuing operations
2026 2025
(pence) (pence)
Diluted earnings per share
425.1
28.9
The calculation of diluted earnings per share from continuing operations is based on the net profit
attributable to owners of the Company from continuing operations of \u00a3285.3m (2025: \u00a319.3m) and a
weighted average number of ordinary shares outstanding, after adjusting for the effects of all
potential dilutive ordinary shares, of 67,113,000 (2025: 66,839,000), which is calculated as follows:
Weighted average number of ordinary shares (diluted)
2026 2025
000s 000s
Weighted average number of ordinary shares (basic)
66,105
65,910
Dilutive effect of share awards and options
1,008
929
Weighted average number of ordinary shares for the purposes of diluted
earnings per share
67,113
66,839
Adjusted earnings per share from continuing operations
2026 2025
(pence) (pence)
Adjusted earnings per share
110.3
81.8
Diluted adjusted earnings per share
108.6
80.6
Adjusted earnings per share is calculated on profit before the net IAS 41 valuation movement on
biological assets, amortisation of acquired intangible assets, impairment of goodwill, share-based
payment expense, other gains and losses and exceptional items and after charging taxation
associated with those profits, is \u00a372.9m (2025: \u00a353.9m), which is calculated as follows:
2026 2025
\u00a3m \u00a3m
Profit before tax from continuing operations
310.5
28.5
Add/(deduct):
Net IAS 41 valuation movement on biological assets (see note 16)
(12.8)
13.3
Amortisation of acquired intangible assets (see note 15)
4.1
5.6
Impairment of goodwill (see note 14)
\u2013
1.5
Share-based payment expense (see note 30)
10.4
6.9
Exceptional items (see note 7)
5.8
11.4
Other gains and losses (see note 41)
(204.3)
4.2
Net IAS 41 valuation movement on biological assets in joint ventures
(24.3)
0.9
(see note 18)
Tax on joint ventures and associates (see note 18)
11.0
2.0
Attributable to non-controlling interest
(0.2)
\u2013
Adjusted profit before tax
100.2
74.3
Adjusted tax charge
(27.3)
(20.4)
Adjusted profit after tax
72.9
53.9
Effective tax rate on adjusted profit
27.2%
27.5%
Reconciliation of effective tax rate
2026 2026
Profit/loss Tax 2026
\u00a3m \u00a3m %
Profit before tax excluding share of income tax of equity-
accounted investees
321.5
36.0
11.2
Net IAS 41 valuation movement on biological assets
(12.8)
(2.7)
21.1
Amortisation of acquired intangible assets
4.1
1.0
25.0
Share-based payment expense
10.4
2.4
23.1
Other gains and losses
(204.3)
(5.8)
2.9
Exceptional items (see note 7)
5.8
1.3
22.1
Net IAS 41 valuation movement on biological assets in
joint ventures
(24.3)
(4.9)
20.0
Attributable to non-controlling interest
(0.2)
\u2013
\u2013
Adjusted profit before tax
100.2
27.3
27.2
The formation of the PIC China joint venture has resulted in a reduction in Group debt, which has
enabled the recognition of a deferred tax asset on corporate interest deductions available in future
periods. Consistent with the treatment of the underlying transaction, the associated tax benefit has
been included within the tax effect of other gains and losses. Had this item been excluded from
adjusted profit before tax, the Group\u2019s adjusted effective tax rate would have been 20.2%.
2025 2025
Profit/loss Tax 2025
\u00a3m \u00a3m %
Profit before tax excluding share of income tax of equity-
accounted investees
30.5
11.2
36.7
Net IAS 41 valuation movement on biological assets
13.3
4.2
31.6
Amortisation of acquired intangible assets
5.6
(0.3)
(5.4)
Impairment of goodwill
1.5
\u2013
\u2013
Share-based payment expense
6.9
1.5
21.7
Other gains and losses
4.2
0.2
4.8
Exceptional items (see note 7)
11.4
2.7
23.7
Net IAS 41 valuation movement on biological assets in
joint ventures
0.9
0.9
100.0
Attributable to non-controlling interest
\u2013
\u2013
\u2013
Adjusted profit before tax
74.3
20.4
27.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-507": { "value": "
13. DIVIDENDS
Dividends are one type of shareholder return, historically paid to our shareholders in late November/
early December and late March.
Amounts recognised as distributions to equity holders in the year
2026 2025
\u00a3m \u00a3m
Final dividend
Final dividend for the year ended 30 June 2025 of 21.7 pence per share
14.3
\u2013
Final dividend for the year ended 30 June 2024 of 21.7 pence per share
\u2013
14.3
Interim dividend
Interim dividend for the year ended 30 June 2026 of 11.2 pence per share
7.4
\u2013
Interim dividend for the year ended 30 June 2025 of 10.3 pence per share
\u2013
6.8
Total dividend
21.7
21.1
The Directors have proposed a final dividend of 24 .0 pence per share for 2026. This is subject to
shareholders\u2019 approval at the AGM and we have therefore not included it as a liability in these
Financial Statements. The total proposed and paid dividend for year ended 30 June 2026 is 35.2 pence
per share (2025: 32.0 pence per share).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-543": { "value": "0.24", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-544": { "value": "14. GOODWILL Accounting policies When we acquire a subsidiary, associate or joint venture, the goodwill arising is the excess of the acquisition cost, excluding transaction costs, over our interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. Identifiable assets include intangible assets which could be sold separately, or which arise from legal rights, regardless of whether those rights are separable. We state goodwill at cost less any accumulated impairment losses. We allocate goodwill to cash- generating units (\u2018CGUs\u2019), which are the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. We do not amortise goodwill but we do test it annually for impairment. IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 requires us to treat the following as assets and liabilities of the acquired entity, rather than of the acquiring entity: \u2022 goodwill arising on acquisition of a foreign operation; and \u2022 any fair value adjustments we make on acquisition to the carrying amounts of the acquiree\u2019s assets and liabilities. We therefore express them in the foreign operation\u2019s functional currency and retranslate them at the balance sheet date. Impairment We review the carrying amounts of our tangible and intangible assets at each balance sheet date, to determine whether there is any indication of impairment. If any indication exists, we estimate the asset\u2019s recoverable amount. For goodwill, and tangible and intangible assets that are not yet available for use, we estimate the recoverable amount at each balance sheet date. The recoverable amount is the greater of their fair value less cost to sell and value in use. In assessing value in use, we discount the estimated future cash flows to their present value, using a pre-tax discount rate, which is derived from the Group\u2019s weighted average cost of capital (\u2018WACC\u2019). For some countries we add a premium to this rate, to reflect the risk attributable to that country. If the asset does not generate largely independent cash inflows, we determine the recoverable amount for the CGU that the asset belongs to. We recognise an impairment loss in the Income Statement whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. When we recognise an impairment loss in respect of a CGU, we first allocate it to reduce the carrying amount of any goodwill allocated to the CGU, and then apply any remaining loss to reduce the carrying amount of the unit\u2019s other assets on a pro rata basis. The aggregate carrying amounts of goodwill allocated to each operating segment are as follows:
Genus PIC Genus ABS Xelect Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 July 2024
75.5
30.8
4.0
110.3
Effect of movements in exchange rates
(4.1)
(1.9)
\u2013
(6.0)
Balance at 30 June 2025
71.4
28.9
4.0
104.3
Loss of control (note 42)
(2.7)
\u2013
\u2013
(2.7)
Effect of movements in exchange rates
1.9
1.4
\u2013
3.3
Balance at 30 June 2026
70.6
30.3
4.0
104.9
Accumulated impairment losses
Balance at 1 July 2024
\u2013
\u2013
\u2013
\u2013
Impairment losses
\u2013
\u2013
(1.5)
(1.5)
Balance at 30 June 2025 and 30 June 2026
\u2013
\u2013
(1.5)
(1.5)
Carrying amounts
At 30 June 2026
70.6
30.3
2.5
103.4
At 30 June 2025
71.4
28.9
2.5
102.8
To test impairment, we allocate goodwill to our CGUs, which are in line with our operating segments. These are the lowest level within the Group at which we monitor goodwill for internal management purposes. We test goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. We determine the recoverable amount of our CGUs by using value in use calculations. The key assumptions for these calculations relate to discount rates, long-term growth rates and short-term growth rates (which includes consideration of expected changes to selling prices, cost savings derived from the IntelliGen technologies, and changes in product mix). We have estimated the pre-tax discount rate using the Group\u2019s WACC. We risk-adjusted the discount rate for risks specific to each market, adding between nil and 17% (2025: nil and 15%) to the WACC as appropriate. The pre-tax discount rate of 14.0% (2025: 13.4%) we applied to our cash flow projections equates to a post-tax rate of 10.9% (2025: 10.3%). Our estimates of changes in selling prices and direct costs are based on past experience and our expectations of future changes in the market. The annual impairment test is performed on 31 March (2025: 31 March). It is based on cash flows derived from our most recent financial and strategic plans approved by management, over the next five years, taking into account the impact of climate change. A growth rate of 2.5% (2025: 2.5%) has been used to extrapolate cash flows beyond this period. Short-term profitability and growth rates are based on past experience, current trading conditions (including the impact of inflation) and our expectations of future changes in the market. There have been no additional indicators of impairment identified after this date for the Genus PIC and Xelect CGUs that would require the impairment test to be reperformed. The impairment review has been updated for the ABS CGU on 30 June 2026 reflecting updated forecasts and currency impacts. The conclusion on 30 June 2026 did not differ from the conclusion at 31 March 2026. The Genus PIC, Genus ABS and Xelect CGUs are deemed to be significant. The individual country assumptions used to determine value in use for these CGUs are:
Risk premium used to Short-term profit growth Long-term market growth
adjust discount rate rates (CAGR) rates
2026
2025
2026
2025
2026
2025
Genus PIC
nil\u201317%
nil\u201315%
nil\u201370%
nil\u201367%
2.5%
2.5%
Genus ABS
nil\u201317%
nil\u201315%
nil\u201319%
nil\u201316%
2.5%
2.5%
Xelect
nil\u20139%
nil\u201311%
nil\u201340%
nil\u201371%
2.5%
2.5%
Weighted average Weighted average Weighted average
risk-adjusted pre-tax risk-adjusted post-tax short-term profit
discount rate discount rate growth rates (CAGR)
2026
2025
2026
2025
2026
2025
Genus PIC
13.6%
12.9%
10.9%
10.3%
18.4%
10.9%
Genus ABS
14.2%
12.9%
11.1%
10.3%
15.3%
10.5%
Xelect
14.3%
14.5%
11.3%
11.5%
34.7%
39.6%
The rates towards the higher end of the range above represent those which are applied to our smaller entities and those in emerging markets and hence appear high relative to others. Sensitivity to changes in assumptions Management has performed the following sensitivity analysis: \u2022 changing the key assumptions, with other variables held constant; \u2022 simultaneously changing the key assumptions; and \u2022 incorporating the potential impact of the principal risks and uncertainties outlined on pages 44 to 47, in particular the impacts of biosecurity, market downturns, continuity of supply, increased competition and the impact of a global pandemic, taking into account the likely degree of available mitigating actions. Management has concluded that no reasonably possible changes in any of the key assumptions would lead to a material impairment in the carrying amounts of goodwill to exceed the value in use of the Genus PIC CGU. However, there are reasonably possible changes to key assumptions that would lead to the carrying value of the Genus ABS CGU and Xelect CGU exceeding their respective recoverable amounts based on the value in use calculations. The recoverable amount of the ABS CGU is estimated to exceed the carrying amount of the CGU at 30 June 2026 by \u00a326.0m (2025: \u00a3122.9m). The reduction in headroom compared to the prior year is primarily driven by an increase in the discount rate applied in the valuation. Management has identified the following assumptions as key sources of estimation uncertainty within the ABS CGU (see note 4).
Change required to
2026
2025
Sensitivity
eliminate headroom
Weighted average
11.1%
10.3%
Increase of 1% in the discount rate
Increase by 0.9%
risk-adjusted would decrease the recoverable
discount rate amount by \u00a329.3m
Weighted average
15.3%
10.5%
Decrease of 1% in the CAGR would
Decrease by 2.0%
short-term profit decrease the recoverable amount
growth rates (CAGR) by \u00a313.8m
Long-term market
2.5%
2.5%
Decrease of 1% in the long-term
Decrease by 1.1%
growth rate growth rate would decrease the
recoverable amount by \u00a324.0m
The recoverable amount of the Xelect CGU is estimated to exceed the carrying amount of the CGU at 30 June 2026 by \u00a30.5m (2025: \u00a3nil). Management has identified the following assumptions as key sources of estimation uncertainty within the ABS CGU (see note 4).
Change required to
2026
2025
Sensitivity
eliminate headroom
Weighted average
11.3%
11.5%
Increase of 1% in the discount rate
Increase by 0.9%
risk-adjusted would decrease the recoverable
discount rate amount by \u00a30.5m
Weighted average
34.7%
39.6%
Decrease of 1% in the CAGR would
Decrease by 3.2%
short-term profit decrease the recoverable amount
growth rates (CAGR) by \u00a30.1m
Long-term market
2.5%
2.5%
Decrease of 1% in the long-term
Decrease by 1.4%
growth rate growth rate would decrease the
recoverable amount by \u00a30.4m
Applying our estimate of the potential impact of the principal risks and uncertainties outlined on pages 44 to 47, and taking into account available mitigating actions, has not resulted in any impairment being recognised within the ABS CGU or Xelect CGU. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-508": { "value": "14. GOODWILL Accounting policies When we acquire a subsidiary, associate or joint venture, the goodwill arising is the excess of the acquisition cost, excluding transaction costs, over our interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. Identifiable assets include intangible assets which could be sold separately, or which arise from legal rights, regardless of whether those rights are separable. We state goodwill at cost less any accumulated impairment losses. We allocate goodwill to cash- generating units (\u2018CGUs\u2019), which are the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. We do not amortise goodwill but we do test it annually for impairment. IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 requires us to treat the following as assets and liabilities of the acquired entity, rather than of the acquiring entity: \u2022 goodwill arising on acquisition of a foreign operation; and \u2022 any fair value adjustments we make on acquisition to the carrying amounts of the acquiree\u2019s assets and liabilities. We therefore express them in the foreign operation\u2019s functional currency and retranslate them at the balance sheet date. Impairment We review the carrying amounts of our tangible and intangible assets at each balance sheet date, to determine whether there is any indication of impairment. If any indication exists, we estimate the asset\u2019s recoverable amount. For goodwill, and tangible and intangible assets that are not yet available for use, we estimate the recoverable amount at each balance sheet date. The recoverable amount is the greater of their fair value less cost to sell and value in use. In assessing value in use, we discount the estimated future cash flows to their present value, using a pre-tax discount rate, which is derived from the Group\u2019s weighted average cost of capital (\u2018WACC\u2019). For some countries we add a premium to this rate, to reflect the risk attributable to that country. If the asset does not generate largely independent cash inflows, we determine the recoverable amount for the CGU that the asset belongs to. We recognise an impairment loss in the Income Statement whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. When we recognise an impairment loss in respect of a CGU, we first allocate it to reduce the carrying amount of any goodwill allocated to the CGU, and then apply any remaining loss to reduce the carrying amount of the unit\u2019s other assets on a pro rata basis.
The aggregate carrying amounts of goodwill allocated to each operating segment are as follows:
Genus PIC Genus ABS Xelect Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 July 2024
75.5
30.8
4.0
110.3
Effect of movements in exchange rates
(4.1)
(1.9)
\u2013
(6.0)
Balance at 30 June 2025
71.4
28.9
4.0
104.3
Loss of control (note 42)
(2.7)
\u2013
\u2013
(2.7)
Effect of movements in exchange rates
1.9
1.4
\u2013
3.3
Balance at 30 June 2026
70.6
30.3
4.0
104.9
Accumulated impairment losses
Balance at 1 July 2024
\u2013
\u2013
\u2013
\u2013
Impairment losses
\u2013
\u2013
(1.5)
(1.5)
Balance at 30 June 2025 and 30 June 2026
\u2013
\u2013
(1.5)
(1.5)
Carrying amounts
At 30 June 2026
70.6
30.3
2.5
103.4
At 30 June 2025
71.4
28.9
2.5
102.8
To test impairment, we allocate goodwill to our CGUs, which are in line with our operating
segments. These are the lowest level within the Group at which we monitor goodwill for internal
management purposes.
We test goodwill annually for impairment, or more frequently if there are indications that goodwill
might be impaired. We determine the recoverable amount of our CGUs by using value in use
calculations. The key assumptions for these calculations relate to discount rates, long-term growth
rates and short-term growth rates (which includes consideration of expected changes to selling prices,
cost savings derived from the IntelliGen technologies, and changes in product mix).
We have estimated the pre-tax discount rate using the Group\u2019s WACC. We risk-adjusted the discount
rate for risks specific to each market, adding between nil and 17% (2025: nil and 15%) to the WACC as
appropriate. The pre-tax discount rate of 14.0% (2025: 13.4%) we applied to our cash flow projections
equates to a post-tax rate of 10.9% (2025: 10.3%). Our estimates of changes in selling prices and direct
costs are based on past experience and our expectations of future changes in the market.
The annual impairment test is performed on 31 March (2025: 31 March). It is based on cash flows derived
from our most recent financial and strategic plans approved by management, over the next five years,
taking into account the impact of climate change. A growth rate of 2.5% (2025: 2.5%) has been used to
extrapolate cash flows beyond this period. Short-term profitability and growth rates are based on past
experience, current trading conditions (including the impact of inflation) and our expectations of future
changes in the market.
There have been no additional indicators of impairment identified after this date for the Genus PIC
and Xelect CGUs that would require the impairment test to be reperformed. The impairment review has
been updated for the ABS CGU on 30 June 2026 reflecting updated forecasts and currency impacts.
The conclusion on 30 June 2026 did not differ from the conclusion at 31 March 2026.
The Genus PIC, Genus ABS and Xelect CGUs are deemed to be significant. The individual country
assumptions used to determine value in use for these CGUs are:
Risk premium used to Short-term profit growth Long-term market growth
adjust discount rate rates (CAGR) rates
2026
2025
2026
2025
2026
2025
Genus PIC
nil\u201317%
nil\u201315%
nil\u201370%
nil\u201367%
2.5%
2.5%
Genus ABS
nil\u201317%
nil\u201315%
nil\u201319%
nil\u201316%
2.5%
2.5%
Xelect
nil\u20139%
nil\u201311%
nil\u201340%
nil\u201371%
2.5%
2.5%
Weighted average Weighted average Weighted average
risk-adjusted pre-tax risk-adjusted post-tax short-term profit
discount rate discount rate growth rates (CAGR)
2026
2025
2026
2025
2026
2025
Genus PIC
13.6%
12.9%
10.9%
10.3%
18.4%
10.9%
Genus ABS
14.2%
12.9%
11.1%
10.3%
15.3%
10.5%
Xelect
14.3%
14.5%
11.3%
11.5%
34.7%
39.6%
The rates towards the higher end of the range above represent those which are applied to our smaller
entities and those in emerging markets and hence appear high relative to others.
Sensitivity to changes in assumptions
Management has performed the following sensitivity analysis:
\u2022 changing the key assumptions, with other variables held constant;
\u2022 simultaneously changing the key assumptions; and
\u2022 incorporating the potential impact of the principal risks and uncertainties outlined on pages 44 to
47, in particular the impacts of biosecurity, market downturns, continuity of supply, increased
competition and the impact of a global pandemic, taking into account the likely degree of
available mitigating actions.
Management has concluded that no reasonably possible changes in any of the key assumptions
would lead to a material impairment in the carrying amounts of goodwill to exceed the value in use
of the Genus PIC CGU.
However, there are reasonably possible changes to key assumptions that would lead to the carrying
value of the Genus ABS CGU and Xelect CGU exceeding their respective recoverable amounts based
on the value in use calculations.
The recoverable amount of the ABS CGU is estimated to exceed the carrying amount of the CGU at
30 June 2026 by \u00a326.0m (2025: \u00a3122.9m). The reduction in headroom compared to the prior year is
primarily driven by an increase in the discount rate applied in the valuation. Management has identified
the following assumptions as key sources of estimation uncertainty within the ABS CGU (see note 4).
Change required to
2026
2025
Sensitivity
eliminate headroom
Weighted average
11.1%
10.3%
Increase of 1% in the discount rate
Increase by 0.9%
risk-adjusted would decrease the recoverable
discount rate amount by \u00a329.3m
Weighted average
15.3%
10.5%
Decrease of 1% in the CAGR would
Decrease by 2.0%
short-term profit decrease the recoverable amount
growth rates (CAGR) by \u00a313.8m
Long-term market
2.5%
2.5%
Decrease of 1% in the long-term
Decrease by 1.1%
growth rate growth rate would decrease the
recoverable amount by \u00a324.0m
The recoverable amount of the Xelect CGU is estimated to exceed the carrying amount of the CGU at
30 June 2026 by \u00a30.5m (2025: \u00a3nil). Management has identified the following assumptions as key sources
of estimation uncertainty within the ABS CGU (see note 4).
Change required to
2026
2025
Sensitivity
eliminate headroom
Weighted average
11.3%
11.5%
Increase of 1% in the discount rate
Increase by 0.9%
risk-adjusted would decrease the recoverable
discount rate amount by \u00a30.5m
Weighted average
34.7%
39.6%
Decrease of 1% in the CAGR would
Decrease by 3.2%
short-term profit decrease the recoverable amount
growth rates (CAGR) by \u00a30.1m
Long-term market
2.5%
2.5%
Decrease of 1% in the long-term
Decrease by 1.4%
growth rate growth rate would decrease the
recoverable amount by \u00a30.4m
Applying our estimate of the potential impact of the principal risks and uncertainties outlined on pages
44 to 47, and taking into account available mitigating actions, has not resulted in any impairment
being recognised within the ABS CGU or Xelect CGU.
15. INTANGIBLE ASSETS Our Group Balance Sheet contains significant intangible assets, including acquired technology, customer relationships, software and our IntelliGen development project. Accounting policies Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably measured. For \u2018Software as a Service\u2018 (\u2018SaaS\u2018) arrangements, we do not capitalise costs relating to the configuration and customisation of SaaS arrangements as intangible assets except where control of the software exists. Intangible assets that we have acquired in a business combination since 1 April 2005 are identified and recognised separately from goodwill, where they meet the definition of an intangible asset and we can reliably measure their fair values. Their cost is their fair value at the acquisition date. After their initial recognition, we report these intangible assets at cost less accumulated amortisation and accumulated impairment losses. This is the same basis as for intangible assets acquired separately. The estimated useful lives for intangible assets are as follows: \u2022 Porcine and bovine genetics technology 20 years \u2022 Multiplier contracts 15 years \u2022 Brands 10 to 15 years \u2022 Customer relationships 10 to 17 years \u2022 IntelliGen 10 years \u2022 Patents and licences term of agreement (4 years) \u2022 Software 2 to 10 years Intangible assets acquired separately We carry intangible assets acquired other than through a business combination at cost less accumulated amortisation and any impairment loss. We charge amortisation on a straight-line basis over their estimated useful lives and review the useful life and amortisation method at the end of each financial year, accounting for the effect of any changes in estimate on a prospective basis.
Brands,
multiplier Separately
Porcine contracts identified
and bovine and acquired Patents,
genetics customer
intangible
Assets under
licences and
technology relationships
assets
Software
construction IntelliGen other Total
\u00a3m \u00a3m
\u00a3m
\u00a3m
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 July 2024
55.8
99.8
155.6
42.7
8.8
25.7
4.5
237.3
Additions
\u2013
\u2013
\u2013
\u2013
4.6
\u2013
0.6
5.2
Transfers
\u2013
\u2013
\u2013
3.5
(9.1)
5.6
\u2013
\u2013
Disposals
\u2013
\u2013
\u2013
(0.2)
\u2013
\u2013
\u2013
(0.2)
Effect of movements in exchange rates
(0.4)
(6.3)
(6.7)
(0.6)
(0.1)
(2.5)
(0.1)
(10.0)
Balance at 30 June 2025
55.4
93.5
148.9
45.4
4.2
28.8
5.0
232.3
Additions
\u2013
\u2013
\u2013
\u2013
5.6
\u2013
\u2013
5.6
Transfers
\u2013
\u2013
\u2013
0.4
(0.4)
\u2013
\u2013
\u2013
Loss of control (note 42)
\u2013
(1.4)
(1.4)
\u2013
\u2013
\u2013
\u2013
(1.4)
Disposals
\u2013
\u2013
\u2013
\u2013
(0.2)
\u2013
\u2013
(0.2)
Effect of movements in exchange rates
0.2
3.0
3.2
0.3
0.2
1.0
0.1
4.8
Balance at 30 June 2026
55.6
95.1
150.7
46.1
9.4
29.8
5.1
241.1
Amortisation and impairment losses
Balance at 1 July 2024
45.5
83.0
128.5
22.0
\u2013
17.0
4.4
171.9
Amortisation for the year
3.2
2.4
5.6
4.5
\u2013
2.8
\u2013
12.9
Disposals
\u2013
\u2013
\u2013
(0.1)
\u2013
\u2013
\u2013
(0.1)
Effect of movements in exchange rates
(0.2)
(5.4)
(5.6)
(0.5)
\u2013
(1.6)
\u2013
(7.7)
Balance at 30 June 2025
48.5
80.0
128.5
25.9
\u2013
18.2
4.4
177.0
Amortisation for the year
1.6
2.5
4.1
4.8
\u2013
3.0
0.1
12.0
Loss of control (note 42)
\u2013
(1.4)
(1.4)
\u2013
\u2013
\u2013
\u2013
(1.4)
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Effect of movements in exchange rates
0.2
2.8
3.0
0.2
\u2013
0.7
0.1
4.0
Balance at 30 June 2026
50.3
83.9
134.2
30.9
\u2013
21.9
4.6
191.6
Carrying amounts
At 30 June 2026
5.3
11.2
16.5
15.2
9.4
7.9
0.5
49.5
At 30 June 2025
6.9
13.5
20.4
19.5
4.2
10.6
0.6
55.3
Included within brands, multiplier contracts and customer relationships are carrying amounts for brands of \u00a30.2m (2025: \u00a30.3m), multiplier contracts of \u00a35.4m (2025: \u00a36.4m) and customer
relationships of \u00a35.6m (2025: \u00a36.8m).
Included within the software class of assets is \u00a310.3m (2025: \u00a312.1m) that relates to GenusOne, our single global enterprise system. In addition, assets in the course of construction include
\u00a37.2m (2025: \u00a33.0m) that relate to IntelliGen.
Included within Intangible assets acquired separately are assets with a gross cost of \u00a3120.0m (2025: \u00a376.9m) that are fully amortised and are still in use in the business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-626": { "value": "Accounting policies When we acquire a subsidiary, associate or joint venture, the goodwill arising is the excess of the acquisition cost, excluding transaction costs, over our interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. Identifiable assets include intangible assets which could be sold separately, or which arise from legal rights, regardless of whether those rights are separable. We state goodwill at cost less any accumulated impairment losses. We allocate goodwill to cash- generating units (\u2018CGUs\u2019), which are the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. We do not amortise goodwill but we do test it annually for impairment. IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 requires us to treat the following as assets and liabilities of the acquired entity, rather than of the acquiring entity: \u2022 goodwill arising on acquisition of a foreign operation; and \u2022 any fair value adjustments we make on acquisition to the carrying amounts of the acquiree\u2019s assets and liabilities. We therefore express them in the foreign operation\u2019s functional currency and retranslate them at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-615": { "value": "Accounting policies When we acquire a subsidiary, associate or joint venture, the goodwill arising is the excess of the acquisition cost, excluding transaction costs, over our interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. Identifiable assets include intangible assets which could be sold separately, or which arise from legal rights, regardless of whether those rights are separable. We state goodwill at cost less any accumulated impairment losses. We allocate goodwill to cash- generating units (\u2018CGUs\u2019), which are the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. We do not amortise goodwill but we do test it annually for impairment. IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 requires us to treat the following as assets and liabilities of the acquired entity, rather than of the acquiring entity: \u2022 goodwill arising on acquisition of a foreign operation; and \u2022 any fair value adjustments we make on acquisition to the carrying amounts of the acquiree\u2019s assets and liabilities. We therefore express them in the foreign operation\u2019s functional currency and retranslate them at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-596": { "value": "Accounting policies When we acquire a subsidiary, associate or joint venture, the goodwill arising is the excess of the acquisition cost, excluding transaction costs, over our interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. Identifiable assets include intangible assets which could be sold separately, or which arise from legal rights, regardless of whether those rights are separable. We state goodwill at cost less any accumulated impairment losses. We allocate goodwill to cash- generating units (\u2018CGUs\u2019), which are the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. We do not amortise goodwill but we do test it annually for impairment. IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 requires us to treat the following as assets and liabilities of the acquired entity, rather than of the acquiring entity: \u2022 goodwill arising on acquisition of a foreign operation; and \u2022 any fair value adjustments we make on acquisition to the carrying amounts of the acquiree\u2019s assets and liabilities. We therefore express them in the foreign operation\u2019s functional currency and retranslate them at the balance sheet date. Accounting policies Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably measured. For \u2018Software as a Service\u2018 (\u2018SaaS\u2018) arrangements, we do not capitalise costs relating to the configuration and customisation of SaaS arrangements as intangible assets except where control of the software exists. Intangible assets that we have acquired in a business combination since 1 April 2005 are identified and recognised separately from goodwill, where they meet the definition of an intangible asset and we can reliably measure their fair values. Their cost is their fair value at the acquisition date. After their initial recognition, we report these intangible assets at cost less accumulated amortisation and accumulated impairment losses. This is the same basis as for intangible assets acquired separately. The estimated useful lives for intangible assets are as follows: \u2022 Porcine and bovine genetics technology 20 years \u2022 Multiplier contracts 15 years \u2022 Brands 10 to 15 years \u2022 Customer relationships 10 to 17 years \u2022 IntelliGen 10 years \u2022 Patents and licences term of agreement (4 years) \u2022 Software 2 to 10 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-545": { "value": "15. INTANGIBLE ASSETS Our Group Balance Sheet contains significant intangible assets, including acquired technology, customer relationships, software and our IntelliGen development project. Accounting policies Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably measured. For \u2018Software as a Service\u2018 (\u2018SaaS\u2018) arrangements, we do not capitalise costs relating to the configuration and customisation of SaaS arrangements as intangible assets except where control of the software exists. Intangible assets that we have acquired in a business combination since 1 April 2005 are identified and recognised separately from goodwill, where they meet the definition of an intangible asset and we can reliably measure their fair values. Their cost is their fair value at the acquisition date. After their initial recognition, we report these intangible assets at cost less accumulated amortisation and accumulated impairment losses. This is the same basis as for intangible assets acquired separately. The estimated useful lives for intangible assets are as follows: \u2022 Porcine and bovine genetics technology 20 years \u2022 Multiplier contracts 15 years \u2022 Brands 10 to 15 years \u2022 Customer relationships 10 to 17 years \u2022 IntelliGen 10 years \u2022 Patents and licences term of agreement (4 years) \u2022 Software 2 to 10 years Intangible assets acquired separately We carry intangible assets acquired other than through a business combination at cost less accumulated amortisation and any impairment loss. We charge amortisation on a straight-line basis over their estimated useful lives and review the useful life and amortisation method at the end of each financial year, accounting for the effect of any changes in estimate on a prospective basis.
Brands,
multiplier Separately
Porcine contracts identified
and bovine and acquired Patents,
genetics customer
intangible
Assets under
licences and
technology relationships
assets
Software
construction IntelliGen other Total
\u00a3m \u00a3m
\u00a3m
\u00a3m
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 July 2024
55.8
99.8
155.6
42.7
8.8
25.7
4.5
237.3
Additions
\u2013
\u2013
\u2013
\u2013
4.6
\u2013
0.6
5.2
Transfers
\u2013
\u2013
\u2013
3.5
(9.1)
5.6
\u2013
\u2013
Disposals
\u2013
\u2013
\u2013
(0.2)
\u2013
\u2013
\u2013
(0.2)
Effect of movements in exchange rates
(0.4)
(6.3)
(6.7)
(0.6)
(0.1)
(2.5)
(0.1)
(10.0)
Balance at 30 June 2025
55.4
93.5
148.9
45.4
4.2
28.8
5.0
232.3
Additions
\u2013
\u2013
\u2013
\u2013
5.6
\u2013
\u2013
5.6
Transfers
\u2013
\u2013
\u2013
0.4
(0.4)
\u2013
\u2013
\u2013
Loss of control (note 42)
\u2013
(1.4)
(1.4)
\u2013
\u2013
\u2013
\u2013
(1.4)
Disposals
\u2013
\u2013
\u2013
\u2013
(0.2)
\u2013
\u2013
(0.2)
Effect of movements in exchange rates
0.2
3.0
3.2
0.3
0.2
1.0
0.1
4.8
Balance at 30 June 2026
55.6
95.1
150.7
46.1
9.4
29.8
5.1
241.1
Amortisation and impairment losses
Balance at 1 July 2024
45.5
83.0
128.5
22.0
\u2013
17.0
4.4
171.9
Amortisation for the year
3.2
2.4
5.6
4.5
\u2013
2.8
\u2013
12.9
Disposals
\u2013
\u2013
\u2013
(0.1)
\u2013
\u2013
\u2013
(0.1)
Effect of movements in exchange rates
(0.2)
(5.4)
(5.6)
(0.5)
\u2013
(1.6)
\u2013
(7.7)
Balance at 30 June 2025
48.5
80.0
128.5
25.9
\u2013
18.2
4.4
177.0
Amortisation for the year
1.6
2.5
4.1
4.8
\u2013
3.0
0.1
12.0
Loss of control (note 42)
\u2013
(1.4)
(1.4)
\u2013
\u2013
\u2013
\u2013
(1.4)
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Effect of movements in exchange rates
0.2
2.8
3.0
0.2
\u2013
0.7
0.1
4.0
Balance at 30 June 2026
50.3
83.9
134.2
30.9
\u2013
21.9
4.6
191.6
Carrying amounts
At 30 June 2026
5.3
11.2
16.5
15.2
9.4
7.9
0.5
49.5
At 30 June 2025
6.9
13.5
20.4
19.5
4.2
10.6
0.6
55.3
Included within brands, multiplier contracts and customer relationships are carrying amounts for brands of \u00a30.2m (2025: \u00a30.3m), multiplier contracts of \u00a35.4m (2025: \u00a36.4m) and customer relationships of \u00a35.6m (2025: \u00a36.8m). Included within the software class of assets is \u00a310.3m (2025: \u00a312.1m) that relates to GenusOne, our single global enterprise system. In addition, assets in the course of construction include \u00a37.2m (2025: \u00a33.0m) that relate to IntelliGen. Included within Intangible assets acquired separately are assets with a gross cost of \u00a3120.0m (2025: \u00a376.9m) that are fully amortised and are still in use in the business.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-616": { "value": "Accounting policies Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably measured. For \u2018Software as a Service\u2018 (\u2018SaaS\u2018) arrangements, we do not capitalise costs relating to the configuration and customisation of SaaS arrangements as intangible assets except where control of the software exists. Intangible assets that we have acquired in a business combination since 1 April 2005 are identified and recognised separately from goodwill, where they meet the definition of an intangible asset and we can reliably measure their fair values. Their cost is their fair value at the acquisition date. After their initial recognition, we report these intangible assets at cost less accumulated amortisation and accumulated impairment losses. This is the same basis as for intangible assets acquired separately. The estimated useful lives for intangible assets are as follows: \u2022 Porcine and bovine genetics technology 20 years \u2022 Multiplier contracts 15 years \u2022 Brands 10 to 15 years \u2022 Customer relationships 10 to 17 years \u2022 IntelliGen 10 years \u2022 Patents and licences term of agreement (4 years) \u2022 Software 2 to 10 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-509": { "value": "16. BIOLOGICAL ASSETS The Group applies quantitative genetics and biotechnology to animal breeding. We use these techniques to identify and select animals with the genes responsible for superior milk and meat, high health and performance traits. We sell breeding animals, semen and embryos to customers, who use them to produce offspring which yield greater production efficiency and milk and meat quality, for the global dairy and meat supply chain. We recognise that accounting for biological assets is an area which includes key sources of estimation uncertainty. These are outlined in note 4 and sensitivities are provided below. Accounting policies Biological assets and inventories In bovine, we use research and development to identify genetically superior bulls in a number of breeds, primarily the Holstein dairy breed. Each selected bull has its performance measured against its peers, by using genomic evaluations and progeny testing of its daughters\u2019 performance. We collect and freeze semen from the best bulls, to satisfy our customers\u2019 demand. Farmers use semen from dairy breeds to breed replacement milking stock. They use the semen we sell from beef breeds in either specialist beef breeding herds, for multiplying breeding bulls for use in natural service, or on dairy cows to produce animals to be reared for meat. Our research and development also enables us to produce and select our own genetically superior females, from which we will breed future bulls. We hold our bovine biological assets for long-term internal use and classify them as non-current assets. We transfer bull semen to inventory at its fair value at the point of harvest, which becomes its deemed cost under IAS 2. We state our inventories at the lower of this deemed cost and net realisable value. Sorting semen is a production process rather than a biological process. As a result, we transfer semen inventory into sexed semen production at its fair value at the point of harvest, less the cost to sell, and it becomes a component of the production process. We carry sexed semen in finished goods at production cost. In porcine, we maintain and develop a central breeding stock (the \u2018nucleus herd\u2019), to provide genetically superior animals. These genetics help make farmers and food processors more profitable, by increasing their output of consistently high-quality products, which yield higher value. So we can capitalise on our intellectual property, we outsource the vast majority of our pig production to our global multiplier network. We also sell the offspring or semen we obtain from animals in the nucleus herd to customers, for use in commercial farming. Pig sales generally occur in one of two ways: \u2018upfront\u2019 and \u2018royalty\u2019. Under upfront sales, we receive the full fair value of the animal at the point we transfer it to the customer. Under royalty sales, the pig is regarded as comprising two separately identifiable components: its carcass and its genetic potential. We receive the initial consideration, which is approximately the animal\u2019s carcass value, at the point we transfer the pig to the customer. We retain our interest in the pig\u2019s genetic potential and receive royalties for the customer\u2019s use of this genetic potential. The breeding animal biological assets we own, and our retained interest in the biological assets we have sold under royalty contracts, are recognised and measured at fair value at each balance sheet date. We recognise changes in fair value in the Income Statement, within operating profit for the period. We classify the porcine biological assets we are using as breeding animals as non-current assets and carry them at fair value. The porcine biological assets we are holding for resale, which are the offspring of the breeding herd, are carried at fair value and classified as current assets. Determination of fair values \u2013 biological assets IAS 41 \u2018Agriculture\u2019 requires us to show the carrying value of biological assets in the Group Balance Sheet. We determine this carrying value according to IAS 41\u2019s provisions and show the net valuation movement in the Income Statement. There are important differences in how we value our bovine and porcine assets, as explained below. Bovine \u2013 we base the fair value of all bulls on the net cash flows we expect to receive from selling their semen, discounted at a current risk-adjusted market-determined rate. The significant assumptions determining the fair values are the expected future demand for semen, the estimated biological value and the marketable life of bulls. The biological value is the estimated value at the point of production. We adjust the fair value of the bovine herd and semen inventory where a third party earns a royalty from semen sales from a particular bull. Females are valued by reference to market prices and published independent genetic evaluations. Porcine \u2013 the fair value of porcine biological assets includes the animals we own entirely and our retained interest in the genetics of animals we have sold under royalty arrangements. The fair value of animals we own is calculated using the animals\u2019 average live weights, plus a premium where we believe that their genetics make them saleable. We base the live weight value and the genetic premium on recent transaction prices we have achieved. The significant assumptions in determining fair values are the breeding animals\u2019 expected life, the percentage of production animals that are saleable as breeding animals and the expected sales prices. For our retained interest in the genetics of animals sold under royalty contracts, we base the initial fair value on the fair values we achieved in recent direct sales of similar animals, less the amount we received upfront for the carcass element. We then remeasure the fair value of our retained interest at each reporting date. The significant assumption in determining the fair value of the retained interest is the animals\u2019 expected life. We value the pigs in our pure line herds, which are the repository of our proprietary genetics, as a single unit of account. We do this using a discounted cash flow model, applied to the herds\u2019 future outputs at current prices. The significant assumptions we make are the number of future generations attributable to the current herds, the fair value prices we achieve on sales, the animals\u2019 expected useful lifespan and productivity, and the risk-adjusted discount rate. Non-recognition of porcine multiplier contracts where the Group does not retain a contractual interest To manage commercial risk, a very large part of our porcine business model involves selling pigs to farmers (\u2018multipliers\u2019) who produce piglets on farms we neither manage nor control. We have the option, but not the obligation, to buy the offspring at slaughter market value plus a premium. Because the offspring have superior genetics, we can then sell them to other farmers at a premium. We do not recognise the right to purchase offspring on the Group Balance Sheet, as we enter into the contracts and continue to hold them for the purpose of receiving non-financial items (the offspring), in accordance with our expected purchase requirements. This means the option is outside the scope of IFRS 9. We do not recognise the offspring as biological assets under IAS 41, as we do not own or control them.
Bovine Porcine Total
Fair value of biological assets \u00a3m \u00a3m \u00a3m
Balance at 30 June 2024
56.1
232.5
288.6
Increases due to purchases
15.4
208.5
223.9
Decreases attributable to sales
\u2013
(226.8)
(226.8)
Decrease due to harvest
(9.0)
(26.2)
(35.2)
Changes in fair value less estimated sale costs
(14.9)
42.6
27.7
Loss of control (note 42)
\u2013
(5.2)
(5.2)
Effect of movements in exchange rates
(3.2)
(16.1)
(19.3)
Balance at 30 June 2025
44.4
209.3
253.7
Non-current biological assets
44.4
174.6
219.0
Current biological assets
\u2013
34.7
34.7
Balance at 30 June 2025
44.4
209.3
253.7
Increases due to purchases
15.8
119.2
135.0
Decreases attributable to sales
\u2013
(179.7)
(179.7)
Decrease due to harvest
(5.5)
(26.2)
(31.7)
Changes in fair value less estimated sale costs
(14.2)
100.7
86.5
Loss of control (note 42)
\u2013
(14.3)
(14.3)
Effect of movements in exchange rates
1.3
3.8
5.1
Balance at 30 June 2026
41.8
212.8
254.6
Non-current biological assets
41.8
176.9
218.7
Current biological assets
\u2013
35.9
35.9
Balance at 30 June 2026
41.8
212.8
254.6
Bovine
Bovine biological assets include \u00a36.3m (2025: \u00a32.7m) representing the fair value of bulls owned by third
parties but managed by the Group, net of expected future payments to such third parties, which are
therefore treated as assets held under leases.
There were no movements in the carrying value of the bovine biological assets in respect of sales or
other changes during the year.
A risk-adjusted rate of 19.6% Beef \u2013 28.3% Dairy (2025: 16.0% Beef \u2013 22.1% Dairy) has been used to
discount future net cash flows from the sale of bull semen.
Decreases due to harvest represent the semen extracted from the biological assets. Inventories of
such semen are shown as biological asset harvest in note 20.
Porcine
Included in increases due to purchases is the aggregate increase arising during the year on initial
recognition of biological assets in respect of multiplier purchases, other than parent gilts, of \u00a373.7m
(2025: \u00a372.5m).
Decreases attributable to sales during the year of \u00a3179.7m (2025: \u00a3226.8m) include \u00a374.0m (2025:
\u00a396.3m) in respect of the reduction in fair value of the retained interest in the genetics of animals, other
than parent gilts, transferred under royalty contracts.
Also included is \u00a368.2m (2025: \u00a358.6m) relating to the fair value of the retained interest in the genetics in
respect of animals, other than parent gilts, sold to customers under royalty contracts in the year.
Total revenue in the year, including parent gilts, includes \u00a3240.4m (2025: \u00a3245.3m) in respect of these
contracts, comprising \u00a361.4m (2025: \u00a367.7m) on initial transfer of animals and semen to customers and
\u00a3179.0m (2025: \u00a3177.6m) in respect of royalties received.
A risk-adjusted rate of 24.3% (2025: 21.9% and 22.7%) has been used to discount future net cash flows
from the expected output of the pure line porcine herds. The number of future generations which
have been taken into account is seven (2025: seven) and their estimated useful lifespan is 1.4 years
(2025: 1.4 years).
Year ended 30 June 2026
Bovine Porcine Total
\u00a3m \u00a3m \u00a3m
Changes in fair value of biological assets
(14.2)
100.7
86.5
Inventory transferred to cost of sales at fair value
12.9
(26.2)
(13.3)
Biological assets transferred to cost of sales at fair value
\u2013
(62.1)
(62.1)
(1.3)
12.4
11.1
Fair value movement in related financial derivative
\u2013
1.7
1.7
Net IAS 41 valuation movement on biological assets
1
(1.3)
14.1
12.8
Year ended 30 June 2025
Bovine Porcine Total
\u00a3m \u00a3m \u00a3m
Changes in fair value of biological assets
(14.9)
42.6
27.7
Inventory transferred to cost of sales at fair value
3.3
(26.2)
(22.9)
Biological assets transferred to cost of sales at fair value
\u2013
(16.2)
(16.2)
(11.6)
0.2
(11.4)
Fair value movement in related financial derivative
\u2013
(1.9)
(1.9)
Net IAS 41 valuation movement on biological assets
1
(11.6)
(1.7)
(13.3)
1 This represents the difference between operating profit prepared under IAS 41 and operating profit prepared under historical cost
accounting, which forms part of the reconciliation to adjusted operating profit (see APMs).
Fair value measurement
All of the biological assets inputs fall under Level 3 of the hierarchy defined in IFRS 13. Significant increases/(decreases) in any of these inputs in isolation would result in a significantly lower or higher fair
value measurement.
Unobservable inputs and key sources of estimation uncertainty
2026
2025
Sensitivity
Bovine
Risk-adjusted discount rate
1
Dairy 28.3% Dairy 22.1% 1 percentage point increase in the discount rate would result in approximately a \u00a30.7m (2025:
Beef 19.6% Beef 16.0% \u00a30.8m) reduction in value.
Value at point of production
1
30.0%
31.3%
1 percentage point decrease in the rate would result in approximately a \u00a33.4m (2025: \u00a34.1m)
reduction in value.
Percentage of new dairy bulls to be produced internally FY27 67% FY26 78% If percentage remained at FY26 level of 76% (2025: 66%) there would be a decrease in value of
in future years FY28 67% FY27 72% approximately \u00a30.7m (2025: \u00a30.2m decrease).
FY29 67% FY28 72%
FY30 and thereafter 67% FY29 and thereafter 72%
Age profile of Holstein bulls generating future sales
FY27 \u2013 avg. age 3.7 yrs
FY26 \u2013 avg. age 3.7 yrs If age profile remains at FY26 average age of 3.8 years (2025: 4.0 years), there would be an
FY28 \u2013 avg. age 3.7 yrs FY27 \u2013 avg. age 3.7 yrs increase in value of approximately \u00a30.6m (2025: \u00a30.7m increase).
FY29 \u2013 avg. age 3.6 yrs FY28 \u2013 avg. age 3.7 yrs
FY30 and thereafter \u2013 FY29 and thereafter \u2013
avg. age 3.5 yrs avg. age 3.7 yrs
Age profile of US beef-on-dairy bulls generating FY27 \u2013 avg. age 5.8 yrs FY26 \u2013 avg. age 5.1 yrs If age profile remains at FY26 average age of 6.1 years (2025: 5.8 years), there would be an
future sales FY28 \u2013 avg. age 5.5 yrs FY27 \u2013 avg. age 5.1 yrs increase in value of approximately \u00a30.7m (2025: \u00a30.9m increase).
FY29 \u2013 avg. age 5.4 yrs FY28 \u2013 avg. age 5.1 yrs
FY30 and thereafter \u2013 FY29 and thereafter \u2013
avg. age 5.2 yrs avg. age 5.1 yrs
Long-term dairy volume growth rate
(1.9%)
(0.8%)
1 percentage point decrease in the Holstein growth rate would result in approximately a \u00a30.1m
(2025: \u00a30.1m) reduction in value.
Short-term dairy volume growth rate
1.7%
(0.9%)
1 percentage point decrease in the Holstein growth rate would result in approximately a \u00a30.5m
(2025: \u00a30.7m) reduction in value.
Growth in unit prices
1
(1.9%)
1.4%
1 percentage point increase in the forecasted unit price growth would result in approximately a
\u00a32.2m increase in value (2025: \u00a33.1m).
Porcine
Risk-adjusted discount rate \u2013 pure line herd
1
24.3%
21.9% to 22.7%
1 percentage point increase in the discount rate would result in approximately a \u00a31.9m (2025: \u00a32.1m)
reduction in value. Any additional increase in the percentage would lead to a linear impact.
Proportion of animals that go to breeding sales
1
Gilts \u2013 6.1% to 10.4%
Gilts \u2013 7.4% to 10.3%
1 percentage point increase in the go to breeding sales would result in approximately a \u00a36.9m
(2025: \u00a37.2m) increase in value.
Boars \u2013 7.8% to 11%
Boars \u2013 7.6% to 10.1%
1 percentage point increase in the go to breeding sales would result in approximately a \u00a37.3m
(2025: \u00a37.5m) increase in value.
1 Key sources of estimation uncertainty.
Additional information
2026
2025
Bovine
Quantities at period end
Number of bulls in production
1,162
1,096
Number of bulls under development (including calves)
496
540
Total number of bulls
1,658
1,636
Number of doses of semen valued in inventory
11.9m
11.1m
Amounts during the year
Fair value of agricultural produce \u2013 semen harvested during the period
\u00a35.5m
\u00a39.0m
Porcine
Quantities at period end
Number of pigs (own farms)
86,920
115,762
Number of pigs, excluding parent gilts, despatched on a royalty basis and
valued at fair value
129,934
81,149
Amounts during the year
Fair value of agricultural produce \u2013 semen harvested during the period
\u00a326.2m
\u00a326.2m
", "dimensions": { "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-597": { "value": "Accounting policies Biological assets and inventories In bovine, we use research and development to identify genetically superior bulls in a number of breeds, primarily the Holstein dairy breed. Each selected bull has its performance measured against its peers, by using genomic evaluations and progeny testing of its daughters\u2019 performance. We collect and freeze semen from the best bulls, to satisfy our customers\u2019 demand. Farmers use semen from dairy breeds to breed replacement milking stock. They use the semen we sell from beef breeds in either specialist beef breeding herds, for multiplying breeding bulls for use in natural service, or on dairy cows to produce animals to be reared for meat. Our research and development also enables us to produce and select our own genetically superior females, from which we will breed future bulls. We hold our bovine biological assets for long-term internal use and classify them as non-current assets. We transfer bull semen to inventory at its fair value at the point of harvest, which becomes its deemed cost under IAS 2. We state our inventories at the lower of this deemed cost and net realisable value. Sorting semen is a production process rather than a biological process. As a result, we transfer semen inventory into sexed semen production at its fair value at the point of harvest, less the cost to sell, and it becomes a component of the production process. We carry sexed semen in finished goods at production cost. In porcine, we maintain and develop a central breeding stock (the \u2018nucleus herd\u2019), to provide genetically superior animals. These genetics help make farmers and food processors more profitable, by increasing their output of consistently high-quality products, which yield higher value. So we can capitalise on our intellectual property, we outsource the vast majority of our pig production to our global multiplier network. We also sell the offspring or semen we obtain from animals in the nucleus herd to customers, for use in commercial farming. Pig sales generally occur in one of two ways: \u2018upfront\u2019 and \u2018royalty\u2019. Under upfront sales, we receive the full fair value of the animal at the point we transfer it to the customer. Under royalty sales, the pig is regarded as comprising two separately identifiable components: its carcass and its genetic potential. We receive the initial consideration, which is approximately the animal\u2019s carcass value, at the point we transfer the pig to the customer. We retain our interest in the pig\u2019s genetic potential and receive royalties for the customer\u2019s use of this genetic potential. The breeding animal biological assets we own, and our retained interest in the biological assets we have sold under royalty contracts, are recognised and measured at fair value at each balance sheet date. We recognise changes in fair value in the Income Statement, within operating profit for the period. We classify the porcine biological assets we are using as breeding animals as non-current assets and carry them at fair value. The porcine biological assets we are holding for resale, which are the offspring of the breeding herd, are carried at fair value and classified as current assets. Determination of fair values \u2013 biological assets IAS 41 \u2018Agriculture\u2019 requires us to show the carrying value of biological assets in the Group Balance Sheet. We determine this carrying value according to IAS 41\u2019s provisions and show the net valuation movement in the Income Statement. There are important differences in how we value our bovine and porcine assets, as explained below. Bovine \u2013 we base the fair value of all bulls on the net cash flows we expect to receive from selling their semen, discounted at a current risk-adjusted market-determined rate. The significant assumptions determining the fair values are the expected future demand for semen, the estimated biological value and the marketable life of bulls. The biological value is the estimated value at the point of production. We adjust the fair value of the bovine herd and semen inventory where a third party earns a royalty from semen sales from a particular bull. Females are valued by reference to market prices and published independent genetic evaluations. Porcine \u2013 the fair value of porcine biological assets includes the animals we own entirely and our retained interest in the genetics of animals we have sold under royalty arrangements. The fair value of animals we own is calculated using the animals\u2019 average live weights, plus a premium where we believe that their genetics make them saleable. We base the live weight value and the genetic premium on recent transaction prices we have achieved. The significant assumptions in determining fair values are the breeding animals\u2019 expected life, the percentage of production animals that are saleable as breeding animals and the expected sales prices. For our retained interest in the genetics of animals sold under royalty contracts, we base the initial fair value on the fair values we achieved in recent direct sales of similar animals, less the amount we received upfront for the carcass element. We then remeasure the fair value of our retained interest at each reporting date. The significant assumption in determining the fair value of the retained interest is the animals\u2019 expected life. We value the pigs in our pure line herds, which are the repository of our proprietary genetics, as a single unit of account. We do this using a discounted cash flow model, applied to the herds\u2019 future outputs at current prices. The significant assumptions we make are the number of future generations attributable to the current herds, the fair value prices we achieve on sales, the animals\u2019 expected useful lifespan and productivity, and the risk-adjusted discount rate. Non-recognition of porcine multiplier contracts where the Group does not retain a contractual interest To manage commercial risk, a very large part of our porcine business model involves selling pigs to farmers (\u2018multipliers\u2019) who produce piglets on farms we neither manage nor control. We have the option, but not the obligation, to buy the offspring at slaughter market value plus a premium. Because the offspring have superior genetics, we can then sell them to other farmers at a premium. We do not recognise the right to purchase offspring on the Group Balance Sheet, as we enter into the contracts and continue to hold them for the purpose of receiving non-financial items (the offspring), in accordance with our expected purchase requirements. This means the option is outside the scope of IFRS 9. We do not recognise the offspring as biological assets under IAS 41, as we do not own or control them. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-510": { "value": "17. PROPERTY, PLANT AND EQUIPMENT We make significant investments in our property, plant and equipment. All assets are depreciated over their useful economic lives. Accounting policies We state property, plant and equipment at cost, together with any directly attributable acquisition expenses, or at their latest valuation, less depreciation and any impairment losses. Where parts of an item of property, plant and equipment have different useful lives, we account for them separately. We charge depreciation to the Income Statement on a straight-line basis, over the estimated useful lives of each part of an asset. The estimated useful lives are as follows: \u2022 Freehold buildings 10 to 40 years \u2022 Leasehold buildings over the term of the lease \u2022 Plant and equipment 3 to 20 years \u2022 Motor vehicles 3 to 5 years We do not depreciate land or assets under construction. Right-of-use assets Right-of-use assets are measured initially at cost, based on the value of the associated lease liability, adjusted for any payments made before inception, initial direct costs and an estimate of the dismantling, removal and restoration costs required in the terms of the lease. Subsequent to initial recognition, we record an interest charge in respect of the lease liability. The related right-of-use asset is depreciated over the term of the lease or, if shorter, the useful economic life of the leased asset. The lease term shall include the period of an extension option where it is reasonably certain that the option will be exercised. Where the lease contains a purchase option, the asset is written off over the useful life of the asset when it is reasonably certain that the purchase option will be exercised.
Plant, motor Total Plant, motor Total
Land and vehicles and Assets under owned Land and vehicles and right-of-use
buildings equipment construction assets buildings equipment assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost or deemed cost
Balance at 1 July 2024
122.4
124.1
10.1
256.6
61.2
38.8
100.0
356.6
Additions
1.5
1.8
11.0
14.3
2.3
12.4
14.7
29.0
Transfers
6.3
7.0
(13.3)
\u2013
\u2013
\u2013
\u2013
\u2013
Loss of control
\u2013
(0.1)
\u2013
(0.1)
(8.3)
\u2013
(8.3)
(8.4)
Disposals
(0.1)
(8.1)
\u2013
(8.2)
(0.5)
(3.9)
(4.4)
(12.6)
Effect of movements in exchange rates
(9.7)
(9.4)
(0.5)
(19.6)
(3.4)
(0.6)
(4.0)
(23.6)
Balance at 30 June 2025
120.4
115.3
7.3
243.0
51.3
46.7
98.0
341.0
Additions
0.4
1.8
10.3
12.5
0.8
7.8
8.6
21.1
Transfers
6.1
5.9
(12.0)
\u2013
\u2013
\u2013
\u2013
\u2013
Loss of control (note 42)
(1.9)
(1.4)
\u2013
(3.3)
(25.4)
(1.8)
(27.2)
(30.5)
Disposals
(2.2)
(6.5)
\u2013
(8.7)
(0.1)
(6.2)
(6.3)
(15.0)
Effect of movements in exchange rates
3.0
2.6
0.2
5.8
1.4
1.0
2.4
8.2
Balance at 30 June 2026
125.8
117.7
5.8
249.3
28.0
47.5
75.5
324.8
Depreciation and impairment losses
Balance at 1 July 2024
41.0
88.3
\u2013
129.3
21.2
24.1
45.3
174.6
Depreciation for the year
6.5
11.1
\u2013
17.6
6.1
8.1
14.2
31.8
Loss of control
\u2013
\u2013
\u2013
\u2013
(2.2)
\u2013
(2.2)
(2.2)
Disposals
(0.1)
(7.5)
\u2013
(7.6)
(0.2)
(2.2)
(2.4)
(10.0)
Effect of movements in exchange rates
(3.9)
(7.0)
\u2013
(10.9)
(1.1)
(1.5)
(2.6)
(13.5)
Balance at 30 June 2025
43.5
84.9
\u2013
128.4
23.8
28.5
52.3
180.7
Depreciation for the year
5.7
10.7
\u2013
16.4
4.6
7.9
12.5
28.9
Loss of control (note 42)
(0.7)
(0.9)
\u2013
(1.6)
(10.0)
(1.1)
(11.1)
(12.7)
Disposals
(1.9)
(5.3)
\u2013
(7.2)
(0.1)
(4.5)
(4.6)
(11.8)
Effect of movements in exchange rates
1.4
1.9
\u2013
3.3
0.6
0.6
1.2
4.5
Balance at 30 June 2026
48.0
91.3
\u2013
139.3
18.9
31.4
50.3
189.6
Carrying amounts
At 30 June 2026
77.8
26.4
5.8
110.0
9.1
16.1
25.2
135.2
At 30 June 2025
76.9
30.4
7.3
114.6
27.5
18.2
45.7
160.3
Included within property, plant and equipment are assets with a gross cost of \u00a386.7m (June 2025: \u00a372.8m) that are fully depreciated and are still in use in the business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-617": { "value": "Accounting policies We state property, plant and equipment at cost, together with any directly attributable acquisition expenses, or at their latest valuation, less depreciation and any impairment losses. Where parts of an item of property, plant and equipment have different useful lives, we account for them separately. We charge depreciation to the Income Statement on a straight-line basis, over the estimated useful lives of each part of an asset. The estimated useful lives are as follows: \u2022 Freehold buildings 10 to 40 years \u2022 Leasehold buildings over the term of the lease \u2022 Plant and equipment 3 to 20 years \u2022 Motor vehicles 3 to 5 years We do not depreciate land or assets under construction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-598": { "value": "Accounting policies We state property, plant and equipment at cost, together with any directly attributable acquisition expenses, or at their latest valuation, less depreciation and any impairment losses. Where parts of an item of property, plant and equipment have different useful lives, we account for them separately. We charge depreciation to the Income Statement on a straight-line basis, over the estimated useful lives of each part of an asset. The estimated useful lives are as follows: \u2022 Freehold buildings 10 to 40 years \u2022 Leasehold buildings over the term of the lease \u2022 Plant and equipment 3 to 20 years \u2022 Motor vehicles 3 to 5 years We do not depreciate land or assets under construction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-565": { "value": "
Right-of-use assets
Right-of-use assets are measured initially at cost, based on the value of the associated lease liability,
adjusted for any payments made before inception, initial direct costs and an estimate of the
dismantling, removal and restoration costs required in the terms of the lease. Subsequent to initial
recognition, we record an interest charge in respect of the lease liability. The related right-of-use asset
is depreciated over the term of the lease or, if shorter, the useful economic life of the leased asset. The
lease term shall include the period of an extension option where it is reasonably certain that the option
will be exercised. Where the lease contains a purchase option, the asset is written off over the useful
life of the asset when it is reasonably certain that the purchase option will be exercised.
Plant, motor Total Plant, motor Total
Land and vehicles and Assets under owned Land and vehicles and right-of-use
buildings equipment construction assets buildings equipment assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost or deemed cost
Balance at 1 July 2024
122.4
124.1
10.1
256.6
61.2
38.8
100.0
356.6
Additions
1.5
1.8
11.0
14.3
2.3
12.4
14.7
29.0
Transfers
6.3
7.0
(13.3)
\u2013
\u2013
\u2013
\u2013
\u2013
Loss of control
\u2013
(0.1)
\u2013
(0.1)
(8.3)
\u2013
(8.3)
(8.4)
Disposals
(0.1)
(8.1)
\u2013
(8.2)
(0.5)
(3.9)
(4.4)
(12.6)
Effect of movements in exchange rates
(9.7)
(9.4)
(0.5)
(19.6)
(3.4)
(0.6)
(4.0)
(23.6)
Balance at 30 June 2025
120.4
115.3
7.3
243.0
51.3
46.7
98.0
341.0
Additions
0.4
1.8
10.3
12.5
0.8
7.8
8.6
21.1
Transfers
6.1
5.9
(12.0)
\u2013
\u2013
\u2013
\u2013
\u2013
Loss of control (note 42)
(1.9)
(1.4)
\u2013
(3.3)
(25.4)
(1.8)
(27.2)
(30.5)
Disposals
(2.2)
(6.5)
\u2013
(8.7)
(0.1)
(6.2)
(6.3)
(15.0)
Effect of movements in exchange rates
3.0
2.6
0.2
5.8
1.4
1.0
2.4
8.2
Balance at 30 June 2026
125.8
117.7
5.8
249.3
28.0
47.5
75.5
324.8
Depreciation and impairment losses
Balance at 1 July 2024
41.0
88.3
\u2013
129.3
21.2
24.1
45.3
174.6
Depreciation for the year
6.5
11.1
\u2013
17.6
6.1
8.1
14.2
31.8
Loss of control
\u2013
\u2013
\u2013
\u2013
(2.2)
\u2013
(2.2)
(2.2)
Disposals
(0.1)
(7.5)
\u2013
(7.6)
(0.2)
(2.2)
(2.4)
(10.0)
Effect of movements in exchange rates
(3.9)
(7.0)
\u2013
(10.9)
(1.1)
(1.5)
(2.6)
(13.5)
Balance at 30 June 2025
43.5
84.9
\u2013
128.4
23.8
28.5
52.3
180.7
Depreciation for the year
5.7
10.7
\u2013
16.4
4.6
7.9
12.5
28.9
Loss of control (note 42)
(0.7)
(0.9)
\u2013
(1.6)
(10.0)
(1.1)
(11.1)
(12.7)
Disposals
(1.9)
(5.3)
\u2013
(7.2)
(0.1)
(4.5)
(4.6)
(11.8)
Effect of movements in exchange rates
1.4
1.9
\u2013
3.3
0.6
0.6
1.2
4.5
Balance at 30 June 2026
48.0
91.3
\u2013
139.3
18.9
31.4
50.3
189.6
Carrying amounts
At 30 June 2026
77.8
26.4
5.8
110.0
9.1
16.1
25.2
135.2
At 30 June 2025
76.9
30.4
7.3
114.6
27.5
18.2
45.7
160.3
Included within property, plant and equipment are assets with a gross cost of \u00a386.7m (June 2025: \u00a372.8m) that are fully depreciated and are still in use in the business.", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-579": { "value": "Right-of-use assets Right-of-use assets are measured initially at cost, based on the value of the associated lease liability, adjusted for any payments made before inception, initial direct costs and an estimate of the dismantling, removal and restoration costs required in the terms of the lease. Subsequent to initial recognition, we record an interest charge in respect of the lease liability. The related right-of-use asset is depreciated over the term of the lease or, if shorter, the useful economic life of the leased asset. The lease term shall include the period of an extension option where it is reasonably certain that the option will be exercised. Where the lease contains a purchase option, the asset is written off over the useful life of the asset when it is reasonably certain that the purchase option will be exercised.
Plant, motor Total Plant, motor Total
Land and vehicles and Assets under owned Land and vehicles and right-of-use
buildings equipment construction assets buildings equipment assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost or deemed cost
Balance at 1 July 2024
122.4
124.1
10.1
256.6
61.2
38.8
100.0
356.6
Additions
1.5
1.8
11.0
14.3
2.3
12.4
14.7
29.0
Transfers
6.3
7.0
(13.3)
\u2013
\u2013
\u2013
\u2013
\u2013
Loss of control
\u2013
(0.1)
\u2013
(0.1)
(8.3)
\u2013
(8.3)
(8.4)
Disposals
(0.1)
(8.1)
\u2013
(8.2)
(0.5)
(3.9)
(4.4)
(12.6)
Effect of movements in exchange rates
(9.7)
(9.4)
(0.5)
(19.6)
(3.4)
(0.6)
(4.0)
(23.6)
Balance at 30 June 2025
120.4
115.3
7.3
243.0
51.3
46.7
98.0
341.0
Additions
0.4
1.8
10.3
12.5
0.8
7.8
8.6
21.1
Transfers
6.1
5.9
(12.0)
\u2013
\u2013
\u2013
\u2013
\u2013
Loss of control (note 42)
(1.9)
(1.4)
\u2013
(3.3)
(25.4)
(1.8)
(27.2)
(30.5)
Disposals
(2.2)
(6.5)
\u2013
(8.7)
(0.1)
(6.2)
(6.3)
(15.0)
Effect of movements in exchange rates
3.0
2.6
0.2
5.8
1.4
1.0
2.4
8.2
Balance at 30 June 2026
125.8
117.7
5.8
249.3
28.0
47.5
75.5
324.8
Depreciation and impairment losses
Balance at 1 July 2024
41.0
88.3
\u2013
129.3
21.2
24.1
45.3
174.6
Depreciation for the year
6.5
11.1
\u2013
17.6
6.1
8.1
14.2
31.8
Loss of control
\u2013
\u2013
\u2013
\u2013
(2.2)
\u2013
(2.2)
(2.2)
Disposals
(0.1)
(7.5)
\u2013
(7.6)
(0.2)
(2.2)
(2.4)
(10.0)
Effect of movements in exchange rates
(3.9)
(7.0)
\u2013
(10.9)
(1.1)
(1.5)
(2.6)
(13.5)
Balance at 30 June 2025
43.5
84.9
\u2013
128.4
23.8
28.5
52.3
180.7
Depreciation for the year
5.7
10.7
\u2013
16.4
4.6
7.9
12.5
28.9
Loss of control (note 42)
(0.7)
(0.9)
\u2013
(1.6)
(10.0)
(1.1)
(11.1)
(12.7)
Disposals
(1.9)
(5.3)
\u2013
(7.2)
(0.1)
(4.5)
(4.6)
(11.8)
Effect of movements in exchange rates
1.4
1.9
\u2013
3.3
0.6
0.6
1.2
4.5
Balance at 30 June 2026
48.0
91.3
\u2013
139.3
18.9
31.4
50.3
189.6
Carrying amounts
At 30 June 2026
77.8
26.4
5.8
110.0
9.1
16.1
25.2
135.2
At 30 June 2025
76.9
30.4
7.3
114.6
27.5
18.2
45.7
160.3
Included within property, plant and equipment are assets with a gross cost of \u00a386.7m (June 2025: \u00a372.8m) that are fully depreciated and are still in use in the business.", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-580": { "value": "18. EQUITY-ACCOUNTED INVESTEES We hold interests in several joint ventures and associates where we have significant influence. Accounting policies Joint ventures are entities over whose activities we have joint control, under a contractual agreement. The Group Financial Statements include the Group\u2019s share of profit or loss arising from joint ventures. Associates are entities in which the Group has significant influence, but not control, over the financial and operating policies. The Group Financial Statements include the Group\u2019s share of the total recognised income and expense of associates on an equity-accounted basis, from the date that significant influence commences until the date it ceases. When our share of losses exceeds our interest in an associate, we reduce the carrying amount to nil and stop recognising further losses, except to the extent that the Group has incurred legal or constructive obligations or made payments on an associate\u2019s behalf. Under the equity method, investments in joint ventures or associates are initially recognised in the Group Balance Sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint ventures and associates. Related party transactions with the Group\u2019s joint ventures and associates primarily comprise the sale of products and services. The Group\u2019s joint ventures and associates operate through separate legal entities established to support the delivery of porcine and bovine genetic improvement programmes within their respective markets. Their principal activities include the breeding, multiplication and sale of elite genetics, supported by technical services. Each arrangement is structured through a limited liability company governed by a shareholders\u2019 agreement that defines the capital and ownership structure, board representation, decision-making protocols and profit-distribution mechanisms. These contractual arrangements determine how the relevant activities are directed and form the basis for the Group\u2019s assessment of joint control or significant influence. The financial information of each joint venture and associate is prepared using accounting policies consistent with those of the Group. Where local accounting policies differ from IFRS, appropriate adjustments are made to ensure the results, assets and liabilities included in these consolidated financial statements are presented on a basis consistent with the Group\u2019s accounting policies. The Group\u2019s share of profit after tax in its equity-accounted investees for the year was \u00a334.7m (2025: \u00a39.1m). The carrying value of the investments is reconciled as follows:
2026 2025
\u00a3m \u00a3m
Balance at 1 July
62.8
60.5
Share of post-tax retained profits of joint ventures and associates
34.7
9.1
Additions
\u2013
0.9
Shareholder loan repayments
\u2013
(0.1)
Retained 40% interest in PIC (Qiannan) Agriculture Science and
Technology Co. Ltd
\u2013
1.5
Retained 49% interest in PIC (Shanghai) Agriculture Science and
Technology Company Limited (China) (See Note 42)
118.2
\u2013
Loss of control (see note 42)
(0.5)
\u2013
Dividends received from Agroceres \u2013 PIC Gen\u00e9tica de Su\u00ednos Ltda (Brazil)
(16.0)
(6.1)
Dividends received from Societ\u00e0 Agricola GENEETIC S.r.l (Italy)
(0.1)
\u2013
Effect of other movements including exchange rates
6.2
(3.0)
Balance at 30 June
205.3
62.8
Shareholder loans provided to joint ventures are long-term funding arrangements that form part of the Group\u2019s net investment in those entities under IAS 28. These balances are not intended to be settled in the short term and are treated consistently with the Group\u2019s equity interests for the purpose of applying the equity method. This classification reflects the long-term nature of the Group\u2019s involvement in these arrangements and does not affect the Group\u2019s rights to receive future cash flows from the joint ventures. On 31 January 2026 the Group formed a Chinese porcine joint venture. As a result, the Group lost control of PIC (Shanghai) Agriculture Science and Technology Company Limited and its subsidiaries (\u2018PIC China\u2019). The Group sold 51% of its shareholding in PIC China for a consideration of \u00a3123.1m. On the date of the sale the retained 49% shareholding had a fair value of \u00a3118.2m. See note 42. Joint ventures and associates operate in jurisdictions where local statutory requirements govern the distribution of profits and the repatriation of cash, including statutory reserve requirements, foreign exchange administration rules and customary provisions in shareholder agreements. These requirements do not materially restrict the Group\u2019s ability to access cash flows from its joint ventures and associates. The Group\u2019s exposure to its joint ventures and associates is limited to the carrying amount of its equity investments, shareholder loans and outstanding trading balances. The Group has no outstanding capital commitments or uncalled capital obligations relating to its joint ventures or associates. The Group has not provided guarantees or other credit enhancements in respect of these entities and no contingent liabilities have arisen from its involvement. The Group has no legal or constructive obligation to provide financial support to joint ventures or associates beyond the terms of the shareholder agreements, nor has it made any such commitments. The Group is exposed to risks arising from its interests in these entities, including market and operational risks inherent in their agricultural activities, foreign exchange risk relating to operations in Brazil, China, India and Italy, and local regulatory considerations. These risks are monitored in accordance with the Group\u2019s risk management framework. Related party transactions with joint ventures and associates
Transaction value
Balance outstanding
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Sale of goods and services to joint ventures and
associates
2.7
1.3
2.2
1.1
Purchase of goods and services from joint ventures
and associates
11.4
9.1
(1.6)
(0.5)
The Group provides technical, licensing and other support services to certain joint ventures and associates under contractual arrangements. This includes the provision of porcine technical services, licensed technology and other ancillary administrative services to entities including PIC China and Agroceres. These transactions are undertaken in the ordinary course of business and on arm\u2019s length terms. All outstanding balances with joint ventures and associates are unsecured, interest-free and settled in accordance with normal credit terms. During the year, the Group recognised a \u00a31.5m impairment relating to a loan receivable from Haoxiang. The loan was held within PIC China prior to the disposal on 31 January 2026 and formed part of the net assets disposed of as part of that transaction. Other than this impairment, no impairment has been recognised in respect of amounts owed by joint ventures and associates (2025: \u00a3nil). Each investee operates through a separate legal entity, with the Group\u2019s ownership interests generally aligned to its corresponding voting rights unless otherwise stated. Financial information for these equity-accounted investees is provided on the following page. Biological assets The Group\u2019s share of results from equity-accounted investees includes the effects of biological assets measured at fair value under IAS 41. Within Agroceres PIC Gen\u00e9tica de Su\u00ednos Ltda (\u2018Agroceres\u2019), the biological asset valuation comprises retained interests in genetics, inventory and pure line herds, while within PIC (Shanghai) Agriculture Science and Technology Company Limited (\u2018PIC China\u2019) it comprises retained interests in genetics and inventory. Further details of the Group\u2019s accounting policies and valuation methodologies for biological assets are provided in note 16. All of the biological asset valuation inputs fall within Level 3 of the fair value hierarchy defined in IFRS 13. The table below provides information on the significant unobservable inputs and associated sensitivities used in determining the fair value of the biological assets held by Agroceres.
2026
2025
Sensitivity
Risk-adjusted
26.2%
27.7%
1 percentage point increase in the discount rate
discount rate \u2013 pure would result in approximately a \u00a30.5m (2025: \u00a30.2m)
line herd
1
reduction in value. Any additional increase in the
percentage would lead to a linear impact.
Proportion of
Gilts \u2013 17.3%
Gilts \u2013 10.3%
1 percentage point increase in the go to breeding
animals that go sales would result in approximately a \u00a31.2m (2025:
to breeding sales
1
\u00a30.7m) increase in value.
Boars \u2013 6.7%
Boars \u2013 9.3%
1 percentage point increase in the go to breeding
sales would result in approximately a \u00a31.5m (2025:
\u00a30.9m) increase in value.
Additional information
2026
2025
Agroceres
Quantities at period end
Number of pigs (own farms)
63,495
58,558
Number of pigs, excluding parent gilts, despatched on a royalty basis and
valued at fair value
17,986
18,716
PIC China
Quantities at period end
Number of pigs (own farms)
99,074
60,151
Number of pigs, excluding parent gilts, despatched on a royalty basis and
valued at fair value
73,771
\u2013
1 Key sources of estimation uncertainty. Joint ventures and associates \u2013 year ended 30 June 2026
PIC (Shanghai)
Agriculture Inner Mongolia Yan\u2019an PIC (Qiannan)
Science and Agroceres \u2013 PIC Chitale Societ\u00e0 Agricola Haoxiang Xinyongxiang Agriculture
Technology Gen\u00e9tica Genus ABS Societ\u00e0 Agricola GENEETIC Pig Breeding Technology Science and
Company Limited de Su\u00ednos Ltda Private Limited GENEETIC S.r.l. Service S.r.l. Co. Ltd. Co., Ltd Technology Profit/(loss)
(China) (Brazil) (India)
(Italy)
1
(Italy)
1
(China)
1
(China)
1
Co., Ltd. after tax
Ownership
49%
49%
50%
33%
33%
49%
49%
40%
Income Statement
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
12.5
51.1
0.6
1.1
\u2013
2.6
1.6
1.3
70.8
Net IAS 41 valuation movement on biological assets
1.1
24.0
\u2013
\u2013
\u2013
(0.5)
(0.2)
(0.1)
24.3
Expenses
(9.9)
(30.7)
(0.3)
(0.9)
\u2013
(4.2)
(2.1)
(1.3)
(49.4)
Operating profit/(loss)
3.7
44.4
0.3
0.2
\u2013
(2.1)
(0.7)
(0.1)
45.7
Taxation
(0.6)
(10.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(11.0)
Profit/(loss) after tax
3.1
34.0
0.3
0.2
\u2013
(2.1)
(0.7)
(0.1)
34.7
PIC (Shanghai) PIC (Qiannan)
Agriculture Inner Mongolia Yan\u2019an Agriculture
Science and Agroceres \u2013 PIC Chitale Societ\u00e0 Agricola Haoxiang Xinyongxiang Science and
Technology Gen\u00e9tica Genus ABS Societ\u00e0 Agricola GENEETIC Pig Breeding Technology Technology
Company Limited de Su\u00ednos Ltda Private Limited GENEETIC S.r.l. Service S.r.l. Co. Ltd. Co., Ltd Co., Ltd. Carrying
(China) (Brazil) (India)
(Italy)
1
(Italy)
1
(China)
1
(China)
1
(China) value
Ownership
49%
49%
50%
33%
33%
49%
49%
40%
Net assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Plant, motor vehicles & equipment
0.2
32.7
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
33.0
Right-of-use asset
7.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
7.9
Investment in subsidiary company
\u2013
6.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
6.1
Biological assets, net of deferred tax
7.4
42.2
1.0
0.2
\u2013
\u2013
\u2013
\u2013
50.8
Other non-current assets
3.2
1.0
0.8
0.3
\u2013
\u2013
\u2013
\u2013
5.3
Current net trade receivables (gross)
1.5
9.3
\u2013
0.1
0.1
\u2013
\u2013
\u2013
11.0
Cash and cash equivalents
20.7
8.3
0.4
\u2013
\u2013
\u2013
\u2013
\u2013
29.4
Other current assets
3.4
4.7
0.4
\u2013
\u2013
\u2013
\u2013
\u2013
8.5
Trade payables (current)
(0.4)
(21.3)
\u2013
(0.1)
\u2013
\u2013
\u2013
\u2013
(21.8)
Other current liabilities
(4.3)
(1.8)
(0.5)
\u2013
\u2013
\u2013
\u2013
\u2013
(6.6)
Obligations under leases
(8.5)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(8.5)
Other non-current liabilities
(0.3)
\u2013
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.4)
Net assets
30.8
81.2
2.1
0.5
0.1
\u2013
\u2013
\u2013
114.7
Inception fair value uplift
90.6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
90.6
Carrying value
121.4
81.2
2.1
0.5
0.1
\u2013
\u2013
\u2013
205.3
1 Classified as an associate. All other investments are classified as joint ventures. Certain joint ventures and associates have local statutory year ends of 31 December and Chitale Genus ABS (India) Private Limited has a 31 March year end, reflecting local regulatory requirements. The Group receives monthly financial information from all joint ventures and associates and records its share of results on a July to June basis. Accordingly, the financial information included in these consolidated statements reflects a full 12-month period aligned to the Group\u2019s year end and no reporting date adjustments are required. Certain joint ventures recognise foreign currency translation differences within other comprehensive income arising from the translation of foreign operations whose functional currency differs from that of the reporting entity. These amounts are accumulated within equity and will be recycled to profit or loss only upon partial or full disposal of the underlying investment. The results of certain joint ventures include fair value movements on biological assets recognised in accordance with IAS 41, which can create year-on-year volatility in reported profits. These movements are reflected within the summarised financial information presented above. Further information on the Group\u2019s biological asset valuation methodology is provided in note 16. The Group\u2019s share of losses from joint ventures and associates did not exceed the carrying amount of its investments or long-term interests, and no unrecognised losses existed during the year. Joint ventures and associates \u2013 year ended 30 June 2025
Inner Mongolia Yan\u2019an PIC (Qiannan)
Agroceres \u2013 PIC Chitale Societ\u00e0 Agricola Haoxiang Xinyongxiang Agriculture
Gen\u00e9tica Genus ABS Societ\u00e0 Agricola GENEETIC Pig Breeding Technology Science and
de Su\u00ednos Ltda Private Limited GENEETIC S.r.l. Service S.r.l. Co. Ltd. Co., Ltd Technology Profit/(loss)
(Brazil) (India)
(Italy)
1
(Italy)
1
(China)
1
(China)
1
Co., Ltd. after tax
Ownership
49%
50%
33%
33%
49%
49%
40%
Income Statement
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
41.6
0.6
1.1
0.1
4.5
3.4
2.0
53.3
Net IAS 41 valuation movement on biological assets
1.3
\u2013
\u2013
\u2013
\u2013
(0.7)
(1.5)
(0.9)
Expenses
(29.5)
(0.3)
(0.9)
(0.1)
(4.7)
(3.9)
(1.9)
(41.3)
Operating profit/(loss)
13.4
0.3
0.2
\u2013
(0.2)
(1.2)
(1.4)
11.1
Taxation
(2.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(2.0)
Profit/(loss) after tax
11.4
0.3
0.2
\u2013
(0.2)
(1.2)
(1.4)
9.1
1 Classified as an associate. All other investments are classified as joint ventures.
PIC (Qiannan)
Inner Mongolia Yan\u2019an Agriculture
Agroceres \u2013 PIC Chitale Societ\u00e0 Agricola Haoxiang Xinyongxiang Science and
Gen\u00e9tica Genus ABS Societ\u00e0 Agricola GENEETIC Pig Breeding Technology Technology
de Su\u00ednos Ltda Private Limited GENEETIC S.r.l. Service S.r.l. Co. Ltd. Co., Ltd Co., Ltd. Carrying
(Brazil) (India)
(Italy)
1
(Italy)
1
(China)
1
(China)
1
(China) value
Ownership
49%
50%
33%
33%
49%
49%
40%
Net assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Plant, motor vehicles & equipment
30.5
0.2
\u2013
\u2013
0.2
0.3
0.1
31.3
Right-of-use asset
\u2013
\u2013
\u2013
\u2013
4.0
\u2013
1.8
5.8
Investment in subsidiary company
4.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.9
Biological assets, net of deferred tax
20.5
0.7
0.3
\u2013
(0.4)
(0.6)
(0.6)
19.9
Other non-current assets
0.9
\u2013
0.4
\u2013
0.6
0.4
0.5
2.8
Current net trade receivables (gross)
7.5
\u2013
0.2
0.1
\u2013
\u2013
\u2013
7.8
Cash and cash equivalents
8.0
0.1
\u2013
\u2013
0.4
0.7
0.5
9.7
Other current assets
4.1
1.0
\u2013
\u2013
1.4
0.9
0.7
8.1
Trade payables (current)
( 1 7.8 )
\u2013
(0.4)
\u2013
(0. 2)
(0.1)
\u2013
(18.5)
Other current liabilities
(1.4)
\u2013
\u2013
\u2013
(0. 2)
(0.7)
( 0.1)
(2.4)
Obligations under leases
\u2013
\u2013
\u2013
\u2013
(3 .9)
\u2013
(2.4)
(6.3)
Other non-current liabilities
\u2013
(0.1)
\u2013
\u2013
(0.5)
\u2013
\u2013
(0.6)
Net assets/(liabilities)
57.2
1.9
0.5
0.1
1.4
0.9
0.5
62.5
Inception fair value uplift
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
0.3
Carrying value
57.2
1.9
0.5
0.1
1.4
0.9
0.8
62.8
1 Classified as an associate. All other investments are classified as joint ventures. Joint ventures and associates have a December year end, except Chitale Genus ABS (India) Private Limited, which has a March year end. Where the year end differs from the year of the Group this is due to local regulatory requirements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-566": { "value": "18. EQUITY-ACCOUNTED INVESTEES We hold interests in several joint ventures and associates where we have significant influence. Accounting policies Joint ventures are entities over whose activities we have joint control, under a contractual agreement. The Group Financial Statements include the Group\u2019s share of profit or loss arising from joint ventures. Associates are entities in which the Group has significant influence, but not control, over the financial and operating policies. The Group Financial Statements include the Group\u2019s share of the total recognised income and expense of associates on an equity-accounted basis, from the date that significant influence commences until the date it ceases. When our share of losses exceeds our interest in an associate, we reduce the carrying amount to nil and stop recognising further losses, except to the extent that the Group has incurred legal or constructive obligations or made payments on an associate\u2019s behalf. Under the equity method, investments in joint ventures or associates are initially recognised in the Group Balance Sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint ventures and associates. Related party transactions with the Group\u2019s joint ventures and associates primarily comprise the sale of products and services. The Group\u2019s joint ventures and associates operate through separate legal entities established to support the delivery of porcine and bovine genetic improvement programmes within their respective markets. Their principal activities include the breeding, multiplication and sale of elite genetics, supported by technical services. Each arrangement is structured through a limited liability company governed by a shareholders\u2019 agreement that defines the capital and ownership structure, board representation, decision-making protocols and profit-distribution mechanisms. These contractual arrangements determine how the relevant activities are directed and form the basis for the Group\u2019s assessment of joint control or significant influence. The financial information of each joint venture and associate is prepared using accounting policies consistent with those of the Group. Where local accounting policies differ from IFRS, appropriate adjustments are made to ensure the results, assets and liabilities included in these consolidated financial statements are presented on a basis consistent with the Group\u2019s accounting policies. The Group\u2019s share of profit after tax in its equity-accounted investees for the year was \u00a334.7m (2025: \u00a39.1m). The carrying value of the investments is reconciled as follows:
2026 2025
\u00a3m \u00a3m
Balance at 1 July
62.8
60.5
Share of post-tax retained profits of joint ventures and associates
34.7
9.1
Additions
\u2013
0.9
Shareholder loan repayments
\u2013
(0.1)
Retained 40% interest in PIC (Qiannan) Agriculture Science and
Technology Co. Ltd
\u2013
1.5
Retained 49% interest in PIC (Shanghai) Agriculture Science and
Technology Company Limited (China) (See Note 42)
118.2
\u2013
Loss of control (see note 42)
(0.5)
\u2013
Dividends received from Agroceres \u2013 PIC Gen\u00e9tica de Su\u00ednos Ltda (Brazil)
(16.0)
(6.1)
Dividends received from Societ\u00e0 Agricola GENEETIC S.r.l (Italy)
(0.1)
\u2013
Effect of other movements including exchange rates
6.2
(3.0)
Balance at 30 June
205.3
62.8
Shareholder loans provided to joint ventures are long-term funding arrangements that form part of the Group\u2019s net investment in those entities under IAS 28. These balances are not intended to be settled in the short term and are treated consistently with the Group\u2019s equity interests for the purpose of applying the equity method. This classification reflects the long-term nature of the Group\u2019s involvement in these arrangements and does not affect the Group\u2019s rights to receive future cash flows from the joint ventures. On 31 January 2026 the Group formed a Chinese porcine joint venture. As a result, the Group lost control of PIC (Shanghai) Agriculture Science and Technology Company Limited and its subsidiaries (\u2018PIC China\u2019). The Group sold 51% of its shareholding in PIC China for a consideration of \u00a3123.1m. On the date of the sale the retained 49% shareholding had a fair value of \u00a3118.2m. See note 42. Joint ventures and associates operate in jurisdictions where local statutory requirements govern the distribution of profits and the repatriation of cash, including statutory reserve requirements, foreign exchange administration rules and customary provisions in shareholder agreements. These requirements do not materially restrict the Group\u2019s ability to access cash flows from its joint ventures and associates. The Group\u2019s exposure to its joint ventures and associates is limited to the carrying amount of its equity investments, shareholder loans and outstanding trading balances. The Group has no outstanding capital commitments or uncalled capital obligations relating to its joint ventures or associates. The Group has not provided guarantees or other credit enhancements in respect of these entities and no contingent liabilities have arisen from its involvement. The Group has no legal or constructive obligation to provide financial support to joint ventures or associates beyond the terms of the shareholder agreements, nor has it made any such commitments. The Group is exposed to risks arising from its interests in these entities, including market and operational risks inherent in their agricultural activities, foreign exchange risk relating to operations in Brazil, China, India and Italy, and local regulatory considerations. These risks are monitored in accordance with the Group\u2019s risk management framework. Related party transactions with joint ventures and associates
Transaction value
Balance outstanding
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Sale of goods and services to joint ventures and
associates
2.7
1.3
2.2
1.1
Purchase of goods and services from joint ventures
and associates
11.4
9.1
(1.6)
(0.5)
The Group provides technical, licensing and other support services to certain joint ventures and associates under contractual arrangements. This includes the provision of porcine technical services, licensed technology and other ancillary administrative services to entities including PIC China and Agroceres. These transactions are undertaken in the ordinary course of business and on arm\u2019s length terms. All outstanding balances with joint ventures and associates are unsecured, interest-free and settled in accordance with normal credit terms. During the year, the Group recognised a \u00a31.5m impairment relating to a loan receivable from Haoxiang. The loan was held within PIC China prior to the disposal on 31 January 2026 and formed part of the net assets disposed of as part of that transaction. Other than this impairment, no impairment has been recognised in respect of amounts owed by joint ventures and associates (2025: \u00a3nil). Each investee operates through a separate legal entity, with the Group\u2019s ownership interests generally aligned to its corresponding voting rights unless otherwise stated. Financial information for these equity-accounted investees is provided on the following page. Biological assets The Group\u2019s share of results from equity-accounted investees includes the effects of biological assets measured at fair value under IAS 41. Within Agroceres PIC Gen\u00e9tica de Su\u00ednos Ltda (\u2018Agroceres\u2019), the biological asset valuation comprises retained interests in genetics, inventory and pure line herds, while within PIC (Shanghai) Agriculture Science and Technology Company Limited (\u2018PIC China\u2019) it comprises retained interests in genetics and inventory. Further details of the Group\u2019s accounting policies and valuation methodologies for biological assets are provided in note 16. All of the biological asset valuation inputs fall within Level 3 of the fair value hierarchy defined in IFRS 13. The table below provides information on the significant unobservable inputs and associated sensitivities used in determining the fair value of the biological assets held by Agroceres.
2026
2025
Sensitivity
Risk-adjusted
26.2%
27.7%
1 percentage point increase in the discount rate
discount rate \u2013 pure would result in approximately a \u00a30.5m (2025: \u00a30.2m)
line herd
1
reduction in value. Any additional increase in the
percentage would lead to a linear impact.
Proportion of
Gilts \u2013 17.3%
Gilts \u2013 10.3%
1 percentage point increase in the go to breeding
animals that go sales would result in approximately a \u00a31.2m (2025:
to breeding sales
1
\u00a30.7m) increase in value.
Boars \u2013 6.7%
Boars \u2013 9.3%
1 percentage point increase in the go to breeding
sales would result in approximately a \u00a31.5m (2025:
\u00a30.9m) increase in value.
Additional information
2026
2025
Agroceres
Quantities at period end
Number of pigs (own farms)
63,495
58,558
Number of pigs, excluding parent gilts, despatched on a royalty basis and
valued at fair value
17,986
18,716
PIC China
Quantities at period end
Number of pigs (own farms)
99,074
60,151
Number of pigs, excluding parent gilts, despatched on a royalty basis and
valued at fair value
73,771
\u2013
1 Key sources of estimation uncertainty. Joint ventures and associates \u2013 year ended 30 June 2026
PIC (Shanghai)
Agriculture Inner Mongolia Yan\u2019an PIC (Qiannan)
Science and Agroceres \u2013 PIC Chitale Societ\u00e0 Agricola Haoxiang Xinyongxiang Agriculture
Technology Gen\u00e9tica Genus ABS Societ\u00e0 Agricola GENEETIC Pig Breeding Technology Science and
Company Limited de Su\u00ednos Ltda Private Limited GENEETIC S.r.l. Service S.r.l. Co. Ltd. Co., Ltd Technology Profit/(loss)
(China) (Brazil) (India)
(Italy)
1
(Italy)
1
(China)
1
(China)
1
Co., Ltd. after tax
Ownership
49%
49%
50%
33%
33%
49%
49%
40%
Income Statement
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
12.5
51.1
0.6
1.1
\u2013
2.6
1.6
1.3
70.8
Net IAS 41 valuation movement on biological assets
1.1
24.0
\u2013
\u2013
\u2013
(0.5)
(0.2)
(0.1)
24.3
Expenses
(9.9)
(30.7)
(0.3)
(0.9)
\u2013
(4.2)
(2.1)
(1.3)
(49.4)
Operating profit/(loss)
3.7
44.4
0.3
0.2
\u2013
(2.1)
(0.7)
(0.1)
45.7
Taxation
(0.6)
(10.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(11.0)
Profit/(loss) after tax
3.1
34.0
0.3
0.2
\u2013
(2.1)
(0.7)
(0.1)
34.7
PIC (Shanghai) PIC (Qiannan)
Agriculture Inner Mongolia Yan\u2019an Agriculture
Science and Agroceres \u2013 PIC Chitale Societ\u00e0 Agricola Haoxiang Xinyongxiang Science and
Technology Gen\u00e9tica Genus ABS Societ\u00e0 Agricola GENEETIC Pig Breeding Technology Technology
Company Limited de Su\u00ednos Ltda Private Limited GENEETIC S.r.l. Service S.r.l. Co. Ltd. Co., Ltd Co., Ltd. Carrying
(China) (Brazil) (India)
(Italy)
1
(Italy)
1
(China)
1
(China)
1
(China) value
Ownership
49%
49%
50%
33%
33%
49%
49%
40%
Net assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Plant, motor vehicles & equipment
0.2
32.7
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
33.0
Right-of-use asset
7.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
7.9
Investment in subsidiary company
\u2013
6.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
6.1
Biological assets, net of deferred tax
7.4
42.2
1.0
0.2
\u2013
\u2013
\u2013
\u2013
50.8
Other non-current assets
3.2
1.0
0.8
0.3
\u2013
\u2013
\u2013
\u2013
5.3
Current net trade receivables (gross)
1.5
9.3
\u2013
0.1
0.1
\u2013
\u2013
\u2013
11.0
Cash and cash equivalents
20.7
8.3
0.4
\u2013
\u2013
\u2013
\u2013
\u2013
29.4
Other current assets
3.4
4.7
0.4
\u2013
\u2013
\u2013
\u2013
\u2013
8.5
Trade payables (current)
(0.4)
(21.3)
\u2013
(0.1)
\u2013
\u2013
\u2013
\u2013
(21.8)
Other current liabilities
(4.3)
(1.8)
(0.5)
\u2013
\u2013
\u2013
\u2013
\u2013
(6.6)
Obligations under leases
(8.5)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(8.5)
Other non-current liabilities
(0.3)
\u2013
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.4)
Net assets
30.8
81.2
2.1
0.5
0.1
\u2013
\u2013
\u2013
114.7
Inception fair value uplift
90.6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
90.6
Carrying value
121.4
81.2
2.1
0.5
0.1
\u2013
\u2013
\u2013
205.3
1 Classified as an associate. All other investments are classified as joint ventures. Certain joint ventures and associates have local statutory year ends of 31 December and Chitale Genus ABS (India) Private Limited has a 31 March year end, reflecting local regulatory requirements. The Group receives monthly financial information from all joint ventures and associates and records its share of results on a July to June basis. Accordingly, the financial information included in these consolidated statements reflects a full 12-month period aligned to the Group\u2019s year end and no reporting date adjustments are required. Certain joint ventures recognise foreign currency translation differences within other comprehensive income arising from the translation of foreign operations whose functional currency differs from that of the reporting entity. These amounts are accumulated within equity and will be recycled to profit or loss only upon partial or full disposal of the underlying investment. The results of certain joint ventures include fair value movements on biological assets recognised in accordance with IAS 41, which can create year-on-year volatility in reported profits. These movements are reflected within the summarised financial information presented above. Further information on the Group\u2019s biological asset valuation methodology is provided in note 16. The Group\u2019s share of losses from joint ventures and associates did not exceed the carrying amount of its investments or long-term interests, and no unrecognised losses existed during the year. Joint ventures and associates \u2013 year ended 30 June 2025
Inner Mongolia Yan\u2019an PIC (Qiannan)
Agroceres \u2013 PIC Chitale Societ\u00e0 Agricola Haoxiang Xinyongxiang Agriculture
Gen\u00e9tica Genus ABS Societ\u00e0 Agricola GENEETIC Pig Breeding Technology Science and
de Su\u00ednos Ltda Private Limited GENEETIC S.r.l. Service S.r.l. Co. Ltd. Co., Ltd Technology Profit/(loss)
(Brazil) (India)
(Italy)
1
(Italy)
1
(China)
1
(China)
1
Co., Ltd. after tax
Ownership
49%
50%
33%
33%
49%
49%
40%
Income Statement
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
41.6
0.6
1.1
0.1
4.5
3.4
2.0
53.3
Net IAS 41 valuation movement on biological assets
1.3
\u2013
\u2013
\u2013
\u2013
(0.7)
(1.5)
(0.9)
Expenses
(29.5)
(0.3)
(0.9)
(0.1)
(4.7)
(3.9)
(1.9)
(41.3)
Operating profit/(loss)
13.4
0.3
0.2
\u2013
(0.2)
(1.2)
(1.4)
11.1
Taxation
(2.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(2.0)
Profit/(loss) after tax
11.4
0.3
0.2
\u2013
(0.2)
(1.2)
(1.4)
9.1
1 Classified as an associate. All other investments are classified as joint ventures.
PIC (Qiannan)
Inner Mongolia Yan\u2019an Agriculture
Agroceres \u2013 PIC Chitale Societ\u00e0 Agricola Haoxiang Xinyongxiang Science and
Gen\u00e9tica Genus ABS Societ\u00e0 Agricola GENEETIC Pig Breeding Technology Technology
de Su\u00ednos Ltda Private Limited GENEETIC S.r.l. Service S.r.l. Co. Ltd. Co., Ltd Co., Ltd. Carrying
(Brazil) (India)
(Italy)
1
(Italy)
1
(China)
1
(China)
1
(China) value
Ownership
49%
50%
33%
33%
49%
49%
40%
Net assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Plant, motor vehicles & equipment
30.5
0.2
\u2013
\u2013
0.2
0.3
0.1
31.3
Right-of-use asset
\u2013
\u2013
\u2013
\u2013
4.0
\u2013
1.8
5.8
Investment in subsidiary company
4.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.9
Biological assets, net of deferred tax
20.5
0.7
0.3
\u2013
(0.4)
(0.6)
(0.6)
19.9
Other non-current assets
0.9
\u2013
0.4
\u2013
0.6
0.4
0.5
2.8
Current net trade receivables (gross)
7.5
\u2013
0.2
0.1
\u2013
\u2013
\u2013
7.8
Cash and cash equivalents
8.0
0.1
\u2013
\u2013
0.4
0.7
0.5
9.7
Other current assets
4.1
1.0
\u2013
\u2013
1.4
0.9
0.7
8.1
Trade payables (current)
( 1 7.8 )
\u2013
(0.4)
\u2013
(0. 2)
(0.1)
\u2013
(18.5)
Other current liabilities
(1.4)
\u2013
\u2013
\u2013
(0. 2)
(0.7)
( 0.1)
(2.4)
Obligations under leases
\u2013
\u2013
\u2013
\u2013
(3 .9)
\u2013
(2.4)
(6.3)
Other non-current liabilities
\u2013
(0.1)
\u2013
\u2013
(0.5)
\u2013
\u2013
(0.6)
Net assets/(liabilities)
57.2
1.9
0.5
0.1
1.4
0.9
0.5
62.5
Inception fair value uplift
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
0.3
Carrying value
57.2
1.9
0.5
0.1
1.4
0.9
0.8
62.8
1 Classified as an associate. All other investments are classified as joint ventures. Joint ventures and associates have a December year end, except Chitale Genus ABS (India) Private Limited, which has a March year end. Where the year end differs from the year of the Group this is due to local regulatory requirements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-546": { "value": "18. EQUITY-ACCOUNTED INVESTEES We hold interests in several joint ventures and associates where we have significant influence. Accounting policies Joint ventures are entities over whose activities we have joint control, under a contractual agreement. The Group Financial Statements include the Group\u2019s share of profit or loss arising from joint ventures. Associates are entities in which the Group has significant influence, but not control, over the financial and operating policies. The Group Financial Statements include the Group\u2019s share of the total recognised income and expense of associates on an equity-accounted basis, from the date that significant influence commences until the date it ceases. When our share of losses exceeds our interest in an associate, we reduce the carrying amount to nil and stop recognising further losses, except to the extent that the Group has incurred legal or constructive obligations or made payments on an associate\u2019s behalf. Under the equity method, investments in joint ventures or associates are initially recognised in the Group Balance Sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint ventures and associates. Related party transactions with the Group\u2019s joint ventures and associates primarily comprise the sale of products and services. The Group\u2019s joint ventures and associates operate through separate legal entities established to support the delivery of porcine and bovine genetic improvement programmes within their respective markets. Their principal activities include the breeding, multiplication and sale of elite genetics, supported by technical services. Each arrangement is structured through a limited liability company governed by a shareholders\u2019 agreement that defines the capital and ownership structure, board representation, decision-making protocols and profit-distribution mechanisms. These contractual arrangements determine how the relevant activities are directed and form the basis for the Group\u2019s assessment of joint control or significant influence. The financial information of each joint venture and associate is prepared using accounting policies consistent with those of the Group. Where local accounting policies differ from IFRS, appropriate adjustments are made to ensure the results, assets and liabilities included in these consolidated financial statements are presented on a basis consistent with the Group\u2019s accounting policies. The Group\u2019s share of profit after tax in its equity-accounted investees for the year was \u00a334.7m (2025: \u00a39.1m). The carrying value of the investments is reconciled as follows:
2026 2025
\u00a3m \u00a3m
Balance at 1 July
62.8
60.5
Share of post-tax retained profits of joint ventures and associates
34.7
9.1
Additions
\u2013
0.9
Shareholder loan repayments
\u2013
(0.1)
Retained 40% interest in PIC (Qiannan) Agriculture Science and
Technology Co. Ltd
\u2013
1.5
Retained 49% interest in PIC (Shanghai) Agriculture Science and
Technology Company Limited (China) (See Note 42)
118.2
\u2013
Loss of control (see note 42)
(0.5)
\u2013
Dividends received from Agroceres \u2013 PIC Gen\u00e9tica de Su\u00ednos Ltda (Brazil)
(16.0)
(6.1)
Dividends received from Societ\u00e0 Agricola GENEETIC S.r.l (Italy)
(0.1)
\u2013
Effect of other movements including exchange rates
6.2
(3.0)
Balance at 30 June
205.3
62.8
Shareholder loans provided to joint ventures are long-term funding arrangements that form part of the Group\u2019s net investment in those entities under IAS 28. These balances are not intended to be settled in the short term and are treated consistently with the Group\u2019s equity interests for the purpose of applying the equity method. This classification reflects the long-term nature of the Group\u2019s involvement in these arrangements and does not affect the Group\u2019s rights to receive future cash flows from the joint ventures. On 31 January 2026 the Group formed a Chinese porcine joint venture. As a result, the Group lost control of PIC (Shanghai) Agriculture Science and Technology Company Limited and its subsidiaries (\u2018PIC China\u2019). The Group sold 51% of its shareholding in PIC China for a consideration of \u00a3123.1m. On the date of the sale the retained 49% shareholding had a fair value of \u00a3118.2m. See note 42. Joint ventures and associates operate in jurisdictions where local statutory requirements govern the distribution of profits and the repatriation of cash, including statutory reserve requirements, foreign exchange administration rules and customary provisions in shareholder agreements. These requirements do not materially restrict the Group\u2019s ability to access cash flows from its joint ventures and associates. The Group\u2019s exposure to its joint ventures and associates is limited to the carrying amount of its equity investments, shareholder loans and outstanding trading balances. The Group has no outstanding capital commitments or uncalled capital obligations relating to its joint ventures or associates. The Group has not provided guarantees or other credit enhancements in respect of these entities and no contingent liabilities have arisen from its involvement. The Group has no legal or constructive obligation to provide financial support to joint ventures or associates beyond the terms of the shareholder agreements, nor has it made any such commitments. The Group is exposed to risks arising from its interests in these entities, including market and operational risks inherent in their agricultural activities, foreign exchange risk relating to operations in Brazil, China, India and Italy, and local regulatory considerations. These risks are monitored in accordance with the Group\u2019s risk management framework. Related party transactions with joint ventures and associates
Transaction value
Balance outstanding
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Sale of goods and services to joint ventures and
associates
2.7
1.3
2.2
1.1
Purchase of goods and services from joint ventures
and associates
11.4
9.1
(1.6)
(0.5)
The Group provides technical, licensing and other support services to certain joint ventures and associates under contractual arrangements. This includes the provision of porcine technical services, licensed technology and other ancillary administrative services to entities including PIC China and Agroceres. These transactions are undertaken in the ordinary course of business and on arm\u2019s length terms. All outstanding balances with joint ventures and associates are unsecured, interest-free and settled in accordance with normal credit terms. During the year, the Group recognised a \u00a31.5m impairment relating to a loan receivable from Haoxiang. The loan was held within PIC China prior to the disposal on 31 January 2026 and formed part of the net assets disposed of as part of that transaction. Other than this impairment, no impairment has been recognised in respect of amounts owed by joint ventures and associates (2025: \u00a3nil). Each investee operates through a separate legal entity, with the Group\u2019s ownership interests generally aligned to its corresponding voting rights unless otherwise stated. Financial information for these equity-accounted investees is provided on the following page. Biological assets The Group\u2019s share of results from equity-accounted investees includes the effects of biological assets measured at fair value under IAS 41. Within Agroceres PIC Gen\u00e9tica de Su\u00ednos Ltda (\u2018Agroceres\u2019), the biological asset valuation comprises retained interests in genetics, inventory and pure line herds, while within PIC (Shanghai) Agriculture Science and Technology Company Limited (\u2018PIC China\u2019) it comprises retained interests in genetics and inventory. Further details of the Group\u2019s accounting policies and valuation methodologies for biological assets are provided in note 16. All of the biological asset valuation inputs fall within Level 3 of the fair value hierarchy defined in IFRS 13. The table below provides information on the significant unobservable inputs and associated sensitivities used in determining the fair value of the biological assets held by Agroceres.
2026
2025
Sensitivity
Risk-adjusted
26.2%
27.7%
1 percentage point increase in the discount rate
discount rate \u2013 pure would result in approximately a \u00a30.5m (2025: \u00a30.2m)
line herd
1
reduction in value. Any additional increase in the
percentage would lead to a linear impact.
Proportion of
Gilts \u2013 17.3%
Gilts \u2013 10.3%
1 percentage point increase in the go to breeding
animals that go sales would result in approximately a \u00a31.2m (2025:
to breeding sales
1
\u00a30.7m) increase in value.
Boars \u2013 6.7%
Boars \u2013 9.3%
1 percentage point increase in the go to breeding
sales would result in approximately a \u00a31.5m (2025:
\u00a30.9m) increase in value.
Additional information
2026
2025
Agroceres
Quantities at period end
Number of pigs (own farms)
63,495
58,558
Number of pigs, excluding parent gilts, despatched on a royalty basis and
valued at fair value
17,986
18,716
PIC China
Quantities at period end
Number of pigs (own farms)
99,074
60,151
Number of pigs, excluding parent gilts, despatched on a royalty basis and
valued at fair value
73,771
\u2013
1 Key sources of estimation uncertainty. Joint ventures and associates \u2013 year ended 30 June 2026
PIC (Shanghai)
Agriculture Inner Mongolia Yan\u2019an PIC (Qiannan)
Science and Agroceres \u2013 PIC Chitale Societ\u00e0 Agricola Haoxiang Xinyongxiang Agriculture
Technology Gen\u00e9tica Genus ABS Societ\u00e0 Agricola GENEETIC Pig Breeding Technology Science and
Company Limited de Su\u00ednos Ltda Private Limited GENEETIC S.r.l. Service S.r.l. Co. Ltd. Co., Ltd Technology Profit/(loss)
(China) (Brazil) (India)
(Italy)
1
(Italy)
1
(China)
1
(China)
1
Co., Ltd. after tax
Ownership
49%
49%
50%
33%
33%
49%
49%
40%
Income Statement
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
12.5
51.1
0.6
1.1
\u2013
2.6
1.6
1.3
70.8
Net IAS 41 valuation movement on biological assets
1.1
24.0
\u2013
\u2013
\u2013
(0.5)
(0.2)
(0.1)
24.3
Expenses
(9.9)
(30.7)
(0.3)
(0.9)
\u2013
(4.2)
(2.1)
(1.3)
(49.4)
Operating profit/(loss)
3.7
44.4
0.3
0.2
\u2013
(2.1)
(0.7)
(0.1)
45.7
Taxation
(0.6)
(10.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(11.0)
Profit/(loss) after tax
3.1
34.0
0.3
0.2
\u2013
(2.1)
(0.7)
(0.1)
34.7
PIC (Shanghai) PIC (Qiannan)
Agriculture Inner Mongolia Yan\u2019an Agriculture
Science and Agroceres \u2013 PIC Chitale Societ\u00e0 Agricola Haoxiang Xinyongxiang Science and
Technology Gen\u00e9tica Genus ABS Societ\u00e0 Agricola GENEETIC Pig Breeding Technology Technology
Company Limited de Su\u00ednos Ltda Private Limited GENEETIC S.r.l. Service S.r.l. Co. Ltd. Co., Ltd Co., Ltd. Carrying
(China) (Brazil) (India)
(Italy)
1
(Italy)
1
(China)
1
(China)
1
(China) value
Ownership
49%
49%
50%
33%
33%
49%
49%
40%
Net assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Plant, motor vehicles & equipment
0.2
32.7
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
33.0
Right-of-use asset
7.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
7.9
Investment in subsidiary company
\u2013
6.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
6.1
Biological assets, net of deferred tax
7.4
42.2
1.0
0.2
\u2013
\u2013
\u2013
\u2013
50.8
Other non-current assets
3.2
1.0
0.8
0.3
\u2013
\u2013
\u2013
\u2013
5.3
Current net trade receivables (gross)
1.5
9.3
\u2013
0.1
0.1
\u2013
\u2013
\u2013
11.0
Cash and cash equivalents
20.7
8.3
0.4
\u2013
\u2013
\u2013
\u2013
\u2013
29.4
Other current assets
3.4
4.7
0.4
\u2013
\u2013
\u2013
\u2013
\u2013
8.5
Trade payables (current)
(0.4)
(21.3)
\u2013
(0.1)
\u2013
\u2013
\u2013
\u2013
(21.8)
Other current liabilities
(4.3)
(1.8)
(0.5)
\u2013
\u2013
\u2013
\u2013
\u2013
(6.6)
Obligations under leases
(8.5)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(8.5)
Other non-current liabilities
(0.3)
\u2013
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.4)
Net assets
30.8
81.2
2.1
0.5
0.1
\u2013
\u2013
\u2013
114.7
Inception fair value uplift
90.6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
90.6
Carrying value
121.4
81.2
2.1
0.5
0.1
\u2013
\u2013
\u2013
205.3
1 Classified as an associate. All other investments are classified as joint ventures. Certain joint ventures and associates have local statutory year ends of 31 December and Chitale Genus ABS (India) Private Limited has a 31 March year end, reflecting local regulatory requirements. The Group receives monthly financial information from all joint ventures and associates and records its share of results on a July to June basis. Accordingly, the financial information included in these consolidated statements reflects a full 12-month period aligned to the Group\u2019s year end and no reporting date adjustments are required. Certain joint ventures recognise foreign currency translation differences within other comprehensive income arising from the translation of foreign operations whose functional currency differs from that of the reporting entity. These amounts are accumulated within equity and will be recycled to profit or loss only upon partial or full disposal of the underlying investment. The results of certain joint ventures include fair value movements on biological assets recognised in accordance with IAS 41, which can create year-on-year volatility in reported profits. These movements are reflected within the summarised financial information presented above. Further information on the Group\u2019s biological asset valuation methodology is provided in note 16. The Group\u2019s share of losses from joint ventures and associates did not exceed the carrying amount of its investments or long-term interests, and no unrecognised losses existed during the year. Joint ventures and associates \u2013 year ended 30 June 2025
Inner Mongolia Yan\u2019an PIC (Qiannan)
Agroceres \u2013 PIC Chitale Societ\u00e0 Agricola Haoxiang Xinyongxiang Agriculture
Gen\u00e9tica Genus ABS Societ\u00e0 Agricola GENEETIC Pig Breeding Technology Science and
de Su\u00ednos Ltda Private Limited GENEETIC S.r.l. Service S.r.l. Co. Ltd. Co., Ltd Technology Profit/(loss)
(Brazil) (India)
(Italy)
1
(Italy)
1
(China)
1
(China)
1
Co., Ltd. after tax
Ownership
49%
50%
33%
33%
49%
49%
40%
Income Statement
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
41.6
0.6
1.1
0.1
4.5
3.4
2.0
53.3
Net IAS 41 valuation movement on biological assets
1.3
\u2013
\u2013
\u2013
\u2013
(0.7)
(1.5)
(0.9)
Expenses
(29.5)
(0.3)
(0.9)
(0.1)
(4.7)
(3.9)
(1.9)
(41.3)
Operating profit/(loss)
13.4
0.3
0.2
\u2013
(0.2)
(1.2)
(1.4)
11.1
Taxation
(2.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(2.0)
Profit/(loss) after tax
11.4
0.3
0.2
\u2013
(0.2)
(1.2)
(1.4)
9.1
1 Classified as an associate. All other investments are classified as joint ventures.
PIC (Qiannan)
Inner Mongolia Yan\u2019an Agriculture
Agroceres \u2013 PIC Chitale Societ\u00e0 Agricola Haoxiang Xinyongxiang Science and
Gen\u00e9tica Genus ABS Societ\u00e0 Agricola GENEETIC Pig Breeding Technology Technology
de Su\u00ednos Ltda Private Limited GENEETIC S.r.l. Service S.r.l. Co. Ltd. Co., Ltd Co., Ltd. Carrying
(Brazil) (India)
(Italy)
1
(Italy)
1
(China)
1
(China)
1
(China) value
Ownership
49%
50%
33%
33%
49%
49%
40%
Net assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Plant, motor vehicles & equipment
30.5
0.2
\u2013
\u2013
0.2
0.3
0.1
31.3
Right-of-use asset
\u2013
\u2013
\u2013
\u2013
4.0
\u2013
1.8
5.8
Investment in subsidiary company
4.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.9
Biological assets, net of deferred tax
20.5
0.7
0.3
\u2013
(0.4)
(0.6)
(0.6)
19.9
Other non-current assets
0.9
\u2013
0.4
\u2013
0.6
0.4
0.5
2.8
Current net trade receivables (gross)
7.5
\u2013
0.2
0.1
\u2013
\u2013
\u2013
7.8
Cash and cash equivalents
8.0
0.1
\u2013
\u2013
0.4
0.7
0.5
9.7
Other current assets
4.1
1.0
\u2013
\u2013
1.4
0.9
0.7
8.1
Trade payables (current)
( 1 7.8 )
\u2013
(0.4)
\u2013
(0. 2)
(0.1)
\u2013
(18.5)
Other current liabilities
(1.4)
\u2013
\u2013
\u2013
(0. 2)
(0.7)
( 0.1)
(2.4)
Obligations under leases
\u2013
\u2013
\u2013
\u2013
(3 .9)
\u2013
(2.4)
(6.3)
Other non-current liabilities
\u2013
(0.1)
\u2013
\u2013
(0.5)
\u2013
\u2013
(0.6)
Net assets/(liabilities)
57.2
1.9
0.5
0.1
1.4
0.9
0.5
62.5
Inception fair value uplift
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
0.3
Carrying value
57.2
1.9
0.5
0.1
1.4
0.9
0.8
62.8
1 Classified as an associate. All other investments are classified as joint ventures. Joint ventures and associates have a December year end, except Chitale Genus ABS (India) Private Limited, which has a March year end. Where the year end differs from the year of the Group this is due to local regulatory requirements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-511": { "value": "18. EQUITY-ACCOUNTED INVESTEES We hold interests in several joint ventures and associates where we have significant influence. Accounting policies Joint ventures are entities over whose activities we have joint control, under a contractual agreement. The Group Financial Statements include the Group\u2019s share of profit or loss arising from joint ventures. Associates are entities in which the Group has significant influence, but not control, over the financial and operating policies. The Group Financial Statements include the Group\u2019s share of the total recognised income and expense of associates on an equity-accounted basis, from the date that significant influence commences until the date it ceases. When our share of losses exceeds our interest in an associate, we reduce the carrying amount to nil and stop recognising further losses, except to the extent that the Group has incurred legal or constructive obligations or made payments on an associate\u2019s behalf. Under the equity method, investments in joint ventures or associates are initially recognised in the Group Balance Sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint ventures and associates. Related party transactions with the Group\u2019s joint ventures and associates primarily comprise the sale of products and services. The Group\u2019s joint ventures and associates operate through separate legal entities established to support the delivery of porcine and bovine genetic improvement programmes within their respective markets. Their principal activities include the breeding, multiplication and sale of elite genetics, supported by technical services. Each arrangement is structured through a limited liability company governed by a shareholders\u2019 agreement that defines the capital and ownership structure, board representation, decision-making protocols and profit-distribution mechanisms. These contractual arrangements determine how the relevant activities are directed and form the basis for the Group\u2019s assessment of joint control or significant influence. The financial information of each joint venture and associate is prepared using accounting policies consistent with those of the Group. Where local accounting policies differ from IFRS, appropriate adjustments are made to ensure the results, assets and liabilities included in these consolidated financial statements are presented on a basis consistent with the Group\u2019s accounting policies. The Group\u2019s share of profit after tax in its equity-accounted investees for the year was \u00a334.7m (2025: \u00a39.1m).
The carrying value of the investments is reconciled as follows:
2026 2025
\u00a3m \u00a3m
Balance at 1 July
62.8
60.5
Share of post-tax retained profits of joint ventures and associates
34.7
9.1
Additions
\u2013
0.9
Shareholder loan repayments
\u2013
(0.1)
Retained 40% interest in PIC (Qiannan) Agriculture Science and
Technology Co. Ltd
\u2013
1.5
Retained 49% interest in PIC (Shanghai) Agriculture Science and
Technology Company Limited (China) (See Note 42)
118.2
\u2013
Loss of control (see note 42)
(0.5)
\u2013
Dividends received from Agroceres \u2013 PIC Gen\u00e9tica de Su\u00ednos Ltda (Brazil)
(16.0)
(6.1)
Dividends received from Societ\u00e0 Agricola GENEETIC S.r.l (Italy)
(0.1)
\u2013
Effect of other movements including exchange rates
6.2
(3.0)
Balance at 30 June
205.3
62.8
Shareholder loans provided to joint ventures are long-term funding arrangements that form part of the
Group\u2019s net investment in those entities under IAS 28. These balances are not intended to be settled in
the short term and are treated consistently with the Group\u2019s equity interests for the purpose of
applying the equity method. This classification reflects the long-term nature of the Group\u2019s
involvement in these arrangements and does not affect the Group\u2019s rights to receive future cash flows
from the joint ventures.
On 31 January 2026 the Group formed a Chinese porcine joint venture. As a result, the Group lost
control of PIC (Shanghai) Agriculture Science and Technology Company Limited and its subsidiaries
(\u2018PIC China\u2019). The Group sold 51% of its shareholding in PIC China for a consideration of \u00a3123.1m. On the
date of the sale the retained 49% shareholding had a fair value of \u00a3118.2m. See note 42.
Joint ventures and associates operate in jurisdictions where local statutory requirements govern the
distribution of profits and the repatriation of cash, including statutory reserve requirements, foreign
exchange administration rules and customary provisions in shareholder agreements. These
requirements do not materially restrict the Group\u2019s ability to access cash flows from its joint ventures
and associates.
The Group\u2019s exposure to its joint ventures and associates is limited to the carrying amount of its equity
investments, shareholder loans and outstanding trading balances. The Group has no outstanding
capital commitments or uncalled capital obligations relating to its joint ventures or associates. The
Group has not provided guarantees or other credit enhancements in respect of these entities and no
contingent liabilities have arisen from its involvement.
The Group has no legal or constructive obligation to provide financial support to joint ventures or
associates beyond the terms of the shareholder agreements, nor has it made any such commitments.
The Group is exposed to risks arising from its interests in these entities, including market and
operational risks inherent in their agricultural activities, foreign exchange risk relating to operations in
Brazil, China, India and Italy, and local regulatory considerations. These risks are monitored in
accordance with the Group\u2019s risk management framework.
Related party transactions with joint ventures and associates
Transaction value
Balance outstanding
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Sale of goods and services to joint ventures and
associates
2.7
1.3
2.2
1.1
Purchase of goods and services from joint ventures
and associates
11.4
9.1
(1.6)
(0.5)
The Group provides technical, licensing and other support services to certain joint ventures and
associates under contractual arrangements. This includes the provision of porcine technical services,
licensed technology and other ancillary administrative services to entities including PIC China
and Agroceres. These transactions are undertaken in the ordinary course of business and on arm\u2019s
length terms.
All outstanding balances with joint ventures and associates are unsecured, interest-free and settled in
accordance with normal credit terms. During the year, the Group recognised a \u00a31.5m impairment
relating to a loan receivable from Haoxiang. The loan was held within PIC China prior to the disposal on
31 January 2026 and formed part of the net assets disposed of as part of that transaction. Other than
this impairment, no impairment has been recognised in respect of amounts owed by joint ventures and
associates (2025: \u00a3nil).
Each investee operates through a separate legal entity, with the Group\u2019s ownership interests generally
aligned to its corresponding voting rights unless otherwise stated. Financial information for these
equity-accounted investees is provided on the following page.
Biological assets
The Group\u2019s share of results from equity-accounted investees includes the effects of biological assets
measured at fair value under IAS 41. Within Agroceres PIC Gen\u00e9tica de Su\u00ednos Ltda (\u2018Agroceres\u2019), the
biological asset valuation comprises retained interests in genetics, inventory and pure line herds, while
within PIC (Shanghai) Agriculture Science and Technology Company Limited (\u2018PIC China\u2019) it comprises
retained interests in genetics and inventory. Further details of the Group\u2019s accounting policies and
valuation methodologies for biological assets are provided in note 16.
All of the biological asset valuation inputs fall within Level 3 of the fair value hierarchy defined in IFRS 13.
The table below provides information on the significant unobservable inputs and associated
sensitivities used in determining the fair value of the biological assets held by Agroceres.
2026
2025
Sensitivity
Risk-adjusted
26.2%
27.7%
1 percentage point increase in the discount rate
discount rate \u2013 pure would result in approximately a \u00a30.5m (2025: \u00a30.2m)
line herd
1
reduction in value. Any additional increase in the
percentage would lead to a linear impact.
Proportion of
Gilts \u2013 17.3%
Gilts \u2013 10.3%
1 percentage point increase in the go to breeding
animals that go sales would result in approximately a \u00a31.2m (2025:
to breeding sales
1
\u00a30.7m) increase in value.
Boars \u2013 6.7%
Boars \u2013 9.3%
1 percentage point increase in the go to breeding
sales would result in approximately a \u00a31.5m (2025:
\u00a30.9m) increase in value.
Additional information
2026
2025
Agroceres
Quantities at period end
Number of pigs (own farms)
63,495
58,558
Number of pigs, excluding parent gilts, despatched on a royalty basis and
valued at fair value
17,986
18,716
PIC China
Quantities at period end
Number of pigs (own farms)
99,074
60,151
Number of pigs, excluding parent gilts, despatched on a royalty basis and
valued at fair value
73,771
\u2013
1 Key sources of estimation uncertainty.
Joint ventures and associates \u2013 year ended 30 June 2026
PIC (Shanghai)
Agriculture Inner Mongolia Yan\u2019an PIC (Qiannan)
Science and Agroceres \u2013 PIC Chitale Societ\u00e0 Agricola Haoxiang Xinyongxiang Agriculture
Technology Gen\u00e9tica Genus ABS Societ\u00e0 Agricola GENEETIC Pig Breeding Technology Science and
Company Limited de Su\u00ednos Ltda Private Limited GENEETIC S.r.l. Service S.r.l. Co. Ltd. Co., Ltd Technology Profit/(loss)
(China) (Brazil) (India)
(Italy)
1
(Italy)
1
(China)
1
(China)
1
Co., Ltd. after tax
Ownership
49%
49%
50%
33%
33%
49%
49%
40%
Income Statement
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
12.5
51.1
0.6
1.1
\u2013
2.6
1.6
1.3
70.8
Net IAS 41 valuation movement on biological assets
1.1
24.0
\u2013
\u2013
\u2013
(0.5)
(0.2)
(0.1)
24.3
Expenses
(9.9)
(30.7)
(0.3)
(0.9)
\u2013
(4.2)
(2.1)
(1.3)
(49.4)
Operating profit/(loss)
3.7
44.4
0.3
0.2
\u2013
(2.1)
(0.7)
(0.1)
45.7
Taxation
(0.6)
(10.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(11.0)
Profit/(loss) after tax
3.1
34.0
0.3
0.2
\u2013
(2.1)
(0.7)
(0.1)
34.7
PIC (Shanghai) PIC (Qiannan)
Agriculture Inner Mongolia Yan\u2019an Agriculture
Science and Agroceres \u2013 PIC Chitale Societ\u00e0 Agricola Haoxiang Xinyongxiang Science and
Technology Gen\u00e9tica Genus ABS Societ\u00e0 Agricola GENEETIC Pig Breeding Technology Technology
Company Limited de Su\u00ednos Ltda Private Limited GENEETIC S.r.l. Service S.r.l. Co. Ltd. Co., Ltd Co., Ltd. Carrying
(China) (Brazil) (India)
(Italy)
1
(Italy)
1
(China)
1
(China)
1
(China) value
Ownership
49%
49%
50%
33%
33%
49%
49%
40%
Net assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Plant, motor vehicles & equipment
0.2
32.7
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
33.0
Right-of-use asset
7.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
7.9
Investment in subsidiary company
\u2013
6.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
6.1
Biological assets, net of deferred tax
7.4
42.2
1.0
0.2
\u2013
\u2013
\u2013
\u2013
50.8
Other non-current assets
3.2
1.0
0.8
0.3
\u2013
\u2013
\u2013
\u2013
5.3
Current net trade receivables (gross)
1.5
9.3
\u2013
0.1
0.1
\u2013
\u2013
\u2013
11.0
Cash and cash equivalents
20.7
8.3
0.4
\u2013
\u2013
\u2013
\u2013
\u2013
29.4
Other current assets
3.4
4.7
0.4
\u2013
\u2013
\u2013
\u2013
\u2013
8.5
Trade payables (current)
(0.4)
(21.3)
\u2013
(0.1)
\u2013
\u2013
\u2013
\u2013
(21.8)
Other current liabilities
(4.3)
(1.8)
(0.5)
\u2013
\u2013
\u2013
\u2013
\u2013
(6.6)
Obligations under leases
(8.5)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(8.5)
Other non-current liabilities
(0.3)
\u2013
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.4)
Net assets
30.8
81.2
2.1
0.5
0.1
\u2013
\u2013
\u2013
114.7
Inception fair value uplift
90.6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
90.6
Carrying value
121.4
81.2
2.1
0.5
0.1
\u2013
\u2013
\u2013
205.3
1 Classified as an associate. All other investments are classified as joint ventures.
Certain joint ventures and associates have local statutory year ends of 31 December and Chitale Genus ABS (India) Private Limited has a 31 March year end, reflecting local regulatory requirements. The Group
receives monthly financial information from all joint ventures and associates and records its share of results on a July to June basis. Accordingly, the financial information included in these consolidated
statements reflects a full 12-month period aligned to the Group\u2019s year end and no reporting date adjustments are required.
Certain joint ventures recognise foreign currency translation differences within other comprehensive income arising from the translation of foreign operations whose functional currency differs from that of the
reporting entity. These amounts are accumulated within equity and will be recycled to profit or loss only upon partial or full disposal of the underlying investment.
The results of certain joint ventures include fair value movements on biological assets recognised in accordance with IAS 41, which can create year-on-year volatility in reported profits. These movements are
reflected within the summarised financial information presented above. Further information on the Group\u2019s biological asset valuation methodology is provided in note 16.
The Group\u2019s share of losses from joint ventures and associates did not exceed the carrying amount of its investments or long-term interests, and no unrecognised losses existed during the year.
Joint ventures and associates \u2013 year ended 30 June 2025
Inner Mongolia Yan\u2019an PIC (Qiannan)
Agroceres \u2013 PIC Chitale Societ\u00e0 Agricola Haoxiang Xinyongxiang Agriculture
Gen\u00e9tica Genus ABS Societ\u00e0 Agricola GENEETIC Pig Breeding Technology Science and
de Su\u00ednos Ltda Private Limited GENEETIC S.r.l. Service S.r.l. Co. Ltd. Co., Ltd Technology Profit/(loss)
(Brazil) (India)
(Italy)
1
(Italy)
1
(China)
1
(China)
1
Co., Ltd. after tax
Ownership
49%
50%
33%
33%
49%
49%
40%
Income Statement
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
41.6
0.6
1.1
0.1
4.5
3.4
2.0
53.3
Net IAS 41 valuation movement on biological assets
1.3
\u2013
\u2013
\u2013
\u2013
(0.7)
(1.5)
(0.9)
Expenses
(29.5)
(0.3)
(0.9)
(0.1)
(4.7)
(3.9)
(1.9)
(41.3)
Operating profit/(loss)
13.4
0.3
0.2
\u2013
(0.2)
(1.2)
(1.4)
11.1
Taxation
(2.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(2.0)
Profit/(loss) after tax
11.4
0.3
0.2
\u2013
(0.2)
(1.2)
(1.4)
9.1
1 Classified as an associate. All other investments are classified as joint ventures.
PIC (Qiannan)
Inner Mongolia Yan\u2019an Agriculture
Agroceres \u2013 PIC Chitale Societ\u00e0 Agricola Haoxiang Xinyongxiang Science and
Gen\u00e9tica Genus ABS Societ\u00e0 Agricola GENEETIC Pig Breeding Technology Technology
de Su\u00ednos Ltda Private Limited GENEETIC S.r.l. Service S.r.l. Co. Ltd. Co., Ltd Co., Ltd. Carrying
(Brazil) (India)
(Italy)
1
(Italy)
1
(China)
1
(China)
1
(China) value
Ownership
49%
50%
33%
33%
49%
49%
40%
Net assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Plant, motor vehicles & equipment
30.5
0.2
\u2013
\u2013
0.2
0.3
0.1
31.3
Right-of-use asset
\u2013
\u2013
\u2013
\u2013
4.0
\u2013
1.8
5.8
Investment in subsidiary company
4.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.9
Biological assets, net of deferred tax
20.5
0.7
0.3
\u2013
(0.4)
(0.6)
(0.6)
19.9
Other non-current assets
0.9
\u2013
0.4
\u2013
0.6
0.4
0.5
2.8
Current net trade receivables (gross)
7.5
\u2013
0.2
0.1
\u2013
\u2013
\u2013
7.8
Cash and cash equivalents
8.0
0.1
\u2013
\u2013
0.4
0.7
0.5
9.7
Other current assets
4.1
1.0
\u2013
\u2013
1.4
0.9
0.7
8.1
Trade payables (current)
( 1 7.8 )
\u2013
(0.4)
\u2013
(0. 2)
(0.1)
\u2013
(18.5)
Other current liabilities
(1.4)
\u2013
\u2013
\u2013
(0. 2)
(0.7)
( 0.1)
(2.4)
Obligations under leases
\u2013
\u2013
\u2013
\u2013
(3 .9)
\u2013
(2.4)
(6.3)
Other non-current liabilities
\u2013
(0.1)
\u2013
\u2013
(0.5)
\u2013
\u2013
(0.6)
Net assets/(liabilities)
57.2
1.9
0.5
0.1
1.4
0.9
0.5
62.5
Inception fair value uplift
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.3
0.3
Carrying value
57.2
1.9
0.5
0.1
1.4
0.9
0.8
62.8
1 Classified as an associate. All other investments are classified as joint ventures.
Joint ventures and associates have a December year end, except Chitale Genus ABS (India) Private Limited, which has a March year end. Where the year end differs from the year of the Group this is due to local
regulatory requirements.
19. OTHER INVESTMENTS We hold a number of unlisted and listed investments. Accounting policies Financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) comprise equity securities which are not held for trading, and which the Group has irrevocably elected at initial recognition to recognise as FVOCI. The Group considers this classification relevant as these are strategic investments. Financial assets at FVOCI are adjusted to the fair value of the asset at the balance sheet date, with any gain or loss being recognised in other comprehensive income and held as part of other reserves. On disposal any gain or loss is recognised in other comprehensive income. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through income statement, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through the income statement are expensed in the Income Statement. Other investments may include equity investments (where the Group does not have control, joint control or significant influence in the investee), short-term deposits with banks and other investments with original maturities of more than three months. Any dividends received are recognised in the Income Statement.
2026 2025
Investments carried at fair value \u00a3m \u00a3m
Listed equity shares \u2013 Caribou Biosciences, Inc.
0.1
0.1
Unlisted equity shares \u2013 Dairy LLC (\u2018BoviSync\u2019)
\u2013
\u2013
Unlisted equity shares \u2013 Labby, Inc.
0.5
0.5
Unlisted equity shares \u2013 SwineTech, Inc.
2.6
2.6
Unlisted equity shares \u2013 Other
0.1
\u2013
Other investments
3.3
3.2
Caribou Biosciences, Inc shares are measured at fair value using the valuation basis of a Level 1 classification. Caribou shares are publicly traded on the NASDAQ. We hold a strategic non-controlling interest in BoviSync, a herd management software company. The investment is measured at fair value and the valuation basis of a Level 3 classification, with the nil valuation reflecting the current trading performance in difficult market conditions. In November 2022 the Group acquired a 5% interest in SwineTech Inc., an Iowa-based swine technology company, for USD 0.5m. In November 2024 the Group increased its holding to approximately 12% for a further USD 3.0m. Other unlisted equity investments primarily consist of strategic non-controlling interests in bovine technology companies, which are measured at fair value and the valuation basis is Level 3 classification, where fair value techniques use inputs which have a significant effect on the recorded fair value and are not based on observable market data. 37. GROUP ENTITIES In accordance with section 409 of the Companies Act 2006, a list of subsidiaries and joint ventures and associates as at 30 June 2026 is set out below. All subsidiary undertakings are subsidiary undertakings of their immediate parent undertaking(s), unless otherwise indicated. Nature of business Bovine
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
ABS (Beijing)
B160
8, Lucky Tower, No. 3, East
China
Indirect
No Par Value
100%
International 3rd Ring North Road, Common
Trade Co., Ltd. Chaoyang District, Beijing, Stock
100027,
China
ABS Argentina S.A.
A. Castellanos 1169, (3080)
Argentina
Direct
ARS1
100%
Esperanza, Ordinary
Sante Fe, Argentina
ABS Chile Limitada
Avenida del Parque #4161
Chile
Direct
CLP0.10
100%
office #601, Huechuraba, Common
Santiago, Chile Stock
ABS Genetics South Prestige Park Block B,
South Africa
Indirect
ZAR1
100%
Africa (Pty) Ltd Unit No. 5B, Pastorale Street, Ordinary
Durbanville Industrial Park,
Durbanville, 7550,
South Africa
ABS Global
1525
Floradale Road, Elmira ON
Canada
Indirect
CAD1
100%
(Canada) Inc. N3B 2Z1, Canada Common
ABS Global, Inc.
1525
River Road, De Forest WI
United
Indirect
USD0.01
100%
53
532, United States
States Common
ABS Italia S.r.l.
Cavatigozzi, 26100,
Via Bastida nr. 6, loc.
Italy
Indirect
\u20ac1 Quota
100%
Cremona, Italy
ABS M\u00e9xico,
Independencia,
6, 746
Mexico
Direct
MXN10 Class 1
100%
S.A. de C.V. New Los Angeles, Torreon, MXN10 Class
Mexico
27140,
2
ABS Polska Sp. z o.o.
Szafirowa 22A, 82-300
Poland
Indirect
PLN1,000
100%
Gronowo G\u00f3rne, Poland Ordinary
Bovec SASU
69 Chemin des Moli\u00e8res, PA du
France
Indirect
\u20ac10 Ordinary
100%
Charpenay, 69210, Lentilly,
France
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
Chitale Genus ABS Gat No 29, Bramha Facility,
India
Indirect
INR100
50%
1
(India) Private Limited Burungwadi Near Bhilawadi Ordinary
Railway Station, Taluka Palus,
Maharashtra, Sangli, 416303,
India
De Novo Genetics LLC
1525
River Road, De Forest, WI,
United
Indirect
No Par Value
100%
535
32, United States
States LLC Units
Genus ABS (NZ) Limited
Generate Accounting Group
New
Indirect
NZD1
100%
Limited, Level 1, Zealand Ordinary
317
New North Road,
Kingsland, Auckland, 1021,
New Zealand
Genus ABS Carrera 68A # 24B - 10, Torre 2,
Colombia
Indirect
COP10,000
100%
Colombia SAS Piso 8, Oficina 806, Bogot\u00e1, Ordinary
Colombia
Genus ABS Hoogoorddreef 15, Amsterdam,
Netherlands
Indirect
EUR1
100%
Netherlands B.V.
1101B
A, Netherlands
Ordinary
Genus Australia 15 Scholar Drive, Bundoora VIC
Australia
Indirect
AUD1.388
100%
Pty Ltd
3083,
Australia
Ordinary
Genus Breeding India 5th FLOOR, C WING, ETERNIA
India
Indirect
INR10
100%
Private Limited PREMISES CO-OP SOC, NEAR Ordinary
DA UNIT NO 505, 506, DAGDI
BUNGLOW, WAKDEWADI,
MAHARASHTRA, PUNE, 411005,
INDIA
Genus Breeding Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
Limited Basingstoke, Hampshire,
(01192037)
2
RG21 4FF, United Kingdom
\u2018Genus Ukraine\u2019 LLC
Pidlisna str., 1, KYIV 03164,
Ukraine
Indirect
No Par Value
100%
Ukraine Common
Stock
Inner Mongolia Genus 337, E2, 3rd Floor West,
China
Indirect
CNY1
100%
Biotechnology Co., Ltd Intelligent Manufacturing Ordinary
Industrial Park, Helinger New
Area, Inner Mongolia, China
LLC Genus ABS Rus
Zheleznodorozhnaya Street,
Russian
Indirect
RUB1
100%
House 51, Letter Zh, Premises 2, Federation Ordinary
Tula, 300062
Russian
Federation
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
Millwood Products Ltd Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
(08662101)
2
Basingstoke, Hampshire, RG21
4FF, United Kingdom
Pecplan ABS Imp. e Rod. BR 050 Km 196 +
Brazil
Indirect
BRL1 Ordinary
100%
Exp. Ltda. 150metros, Zona Rural, Delta,
MG \u2013 38108-000, Brazil
St Jacobs Animal
1525
River Road, De Forest WI
United
Indirect
No Par Value
100%
Breeding Corp.
53
532, United States
States Common
Zitery S.A.
Maximo Tajes 7286, Uruguay
Uruguay
Indirect
No Par Value
100%
Common
Nature of business Porcine
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
Agroceres PIC Rua 1 JN, n\u02da 1411, Sala 16 \u2013
Brazil
Indirect
BRL1 Ordinary
49%
1
Gen\u00e9tica de Su\u00ednos Jardim Novo, Rio Claro/SP \u2013
Ltda CEP, 13.502-741, Brazil
Agroceres PIC Rua 1 JN, n\u02da 1411, Sala 17 \u2013
Brazil
Indirect
BRL1 Ordinary
49%
1
Su\u00ednos Ltda Jardim Novo, Rio Claro/SP \u2013
CEP, 13.502-741, Brazil
GENEETIC Service S.R.L. Viale Europa 71, Belluno, 32100,
Italy
Indirect
\u20ac1 Ordinary
33%
1
Italy
PIC (Shanghai) Office 803A-305, Building 1,
China
Indirect
CNY1
49%
1
Agriculture Science Hongqiao Pingan Fortune Ordinary
and Technology Center, Lane 1588, Shenchang
Company Limited Road, Minhang District,
Shanghai, 201100,
China
PIC Andina SpA
Avenida del Parque #4161
Chile
Indirect
CLP1
100%
office #601, Huechuraba, Ordinary
Santiago, Chile
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
PIC Canada Ltd.
Borden Ladner Gervais LLP,
Canada
Indirect
CAD1
100%
Centennial Place, East Tower, Ordinary
190
0, 520 \u2013 3rd Ave SW,
Calgary, AB, T2P 0R3, Canada
PIC France SA
69 Chemin des Moli\u00e8res, PA du
France
Indirect
\u20ac17 Ordinary
100%
Charpenay, Lentilly, 69210,
France
PIC Genetics Riverside One, Sir John
Ireland
Indirect
\u20ac1.27
100%
Unlimited Company Rogerson\u2019s Quay, Dublin 2, Ordinary
D02 X576, Ireland, Europe \u20ac1.27
Redeemable
preference
shares
PIC Genetics LLC
79 Narodniy Boulevard,
Russian
Indirect
RUB1
100%
308000
, Belgorod, Russian
Federation Ordinary
Federation
Pig Improvement Wenceslao de la Barquera
Mexico
Indirect
No Par Value
100%
Company de M\u00e9xico, No.7, Col. Villas del Sur, Common
S. de R.L. de C.V.
76040
Queretaro, Queretaro,
Stock
Mexico
Pig Improvement Lorbeerrosenweg 10,
Germany
Indirect
No Par Value
100%
Company Deutschland Isernhagen, 30916, Germany Common
GmbH Stock
Pig Improvement
C/Pau Vila, 22 2
0
puerta 6,
Spain
Indirect
\u20ac25 Ordinary
100%
Company
08174
Sant Cugat del Valles,
Espa\u00f1a, S.A. Barcelona, Spain
Pig Improvement Matrix House, Basing View,
UK
Indirect
\u00a30.10
100%
Company UK Limited Basingstoke, Hampshire, Ordinary
(00716304)
2
RG21 4FF, United Kingdom
PIC Italia S.r.l.
Strada dei Loggi 22, 06135,
Italy
Indirect
\u20ac1 Ordinary
85%
Ponte San Giovanni, Perugia,
Italy
PIC Philippines, Inc.
Unit 2101-2103 and 2203,
Philippines
Indirect
PHP100
100%
Jollibee Plaza, F. Ortigas, Jr. Rd., Ortigas Center, Pasig Ordinary
City,
1605
, Philippines
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
PIC USA, Inc.
100
BlueGrass Commons Blvd,
United
Indirect
USD1
100%
Suite
220
0, Hendersonville, TN
States Ordinary
37075,
United States
RenOVAte
6874
Caravan Ct, Columbia
United
Direct
USD0.001
33%
1
Biosciences, Inc.
MD
210
44,
States Series Seed
United States Preferred
Societ\u00e0 Agricola Via Marche n. 2, Reggio Emilia,
Italy
Indirect
\u20ac1 Ordinary
33%
1
GENEETIC
421
22, Italy
S.R.L.
Nature of business
Other
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
Accounting & Kansas No. 2028, Quintas
Mexico
Indirect
MXN1 Class
100%
Managerial Services S. Campestre, 31214, Chihuahua, 1
de R.L. de C.V. Chih., Mexico
ABS International, Inc.
1525
River Road, De Forest WI
United
Indirect
USD1
100%
53532, States Ordinary
United States
Brazilian Holdings Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
Limited (00479048)
2
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Brazilian Properties Matrix House, Basing View,
UK
Direct
\u00a31 Ordinary
100%
Limited Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Busby Participa\u00e7\u00f5es Av. Leopoldino de Oliveira, 4.113,
Brazil
Indirect
BRL1
100%
Ltda. Sala 303, Centro, Ordinary
CEP: 38010-000, UBERABA-MG,
Brazil
Cannavarro Av. Leopoldino de Oliveira, 4.113,
Brazil
Indirect
BRL1
100%
Participa\u00e7\u00f5es Ltda. Sala 303, Centro, Ordinary
CEP: 38010-000, UBERABA-MG,
Brazil
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
Dalco Exportadora Av. Leopoldino de Oliveira, 4113
Brazil
Indirect
BRL1
100%
Ltda. \u2013 Sala 303, Uberaba, Ordinary
Minas Gerais, CEP 38010-000,
Brazil
Dalgety Pension Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
Trust Limited Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Fyfield (SM) Limited Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
(01026475)
2
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Fyfield Dormant
Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Fyfield Holland B.V.
Matrix House, Basing View,
Netherlands
Indirect
\u20ac1 Ordinary
100%
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Fyfield Ireland Riverside One, Sir John
Ireland
Indirect
\u20ac0.001 \u2018A\u2019
100%
Unlimited Company Rogerson\u2019s Quay, Ordinary
Dublin 2, DO2 X576, Ireland \u20ac0.001 \u2018B\u2019
Ordinary
Genus Investments Matrix House, Basing View,
UK
Direct
\u00a31 Ordinary
100%
Limited (02028517)
2
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Genus Quest Trustees Matrix House, Basing View,
UK
Direct
\u00a31 Ordinary
100%
Limited Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Genus R&D, Inc.
1525
River Road, De Forest WI
United
Indirect
US$0.01
100%
535
32, United States
States Common
Genus Trustees Limited
Matrix House, Basing View,
UK
Direct
\u00a31 Ordinary
100%
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
GIL Finance S.\u00e0.r.l.
31, rue de Hollerich, L-1741,
Luxembourg
Indirect
USD1
100%
Luxembourg Ordinary
PIC Do Brasil Rua 1 JN, no. 1411, Sala 13,
Brazil
Indirect
BRL0.01
100%
Empreendimentos e Jardim Novo, Rio Claro, Ordinary
Participa\u00e7\u00f5es Ltda. Estado De S\u00e3o Paulo, CEP
13.502.741, Brazil
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
PIC Fyfield Limited Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
(00019739)
2
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Pig Improvement Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
Company Overseas Basingstoke, Hampshire,
Limited (01583814)
2
RG21 4FF, United Kingdom
Pigtales Limited Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
(00723762)
2
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Promar International Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
Limited (03004562)
2
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Skogluno Av. Leopoldino de Oliveira, 4.113,
Brazil
Indirect
BRL1
100%
Participa\u00e7\u00f5es Ltda. Sala 303, Centro, Ordinary
CEP: 38010-000, UBERABA-MG,
Brazil
Spillers Limited
Matrix House, Basing View,
UK
Indirect
\u00a30.25
100%
Basingstoke, Hampshire, Ordinary
RG21 4FF, United Kingdom
Spillers Overseas Matrix House, Basing View,
UK
Indirect
\u00a30.25
100%
Limited (00069723)
2
Basingstoke, Hampshire, Ordinary
RG21 4FF, United Kingdom
Sygen, Inc.
100
BlueGrass Commons Blvd,
United
Indirect
USD1
100%
Suite
220
0, Hendersonville, TN
States Common
37075
United States
Sygen International Matrix House, Basing View,
UK
Direct
\u00a30.10
100%
Limited (03215874)
2
Basingstoke, Hampshire, Ordinary
RG21 4FF, United Kingdom
Sygen Investimentos Av. Leopoldino de Oliveira, 4113
Brazil
Indirect
BRL0.63
100%
Ltda. \u2013 Sala 303, Uberaba, Minas Gerais, CEP 38010-000, Ordinary
Brazil
Usicaf\u00e9 SA
c/o Cabinet Mayor, avocats,
Switzerland
Indirect
CHF1,000
100%
Rue Jean-Gabriel Eynard 6, Ordinary
1205
Gen\u00e8ve, Switzerland
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
Xelect Limited Horizon House, Abbey Walk, St
UK
Indirect
\u00a30.001
100%
(SC438223)
2
Andrews, Fife, KY16 9LB, Ordinary
Scotland
1 Associated undertakings including joint venture interests.
2 UK subsidiaries taking advantage of the audit exemption within section 479A of the Companies Act 2006.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-627": { "value": "Accounting policies Joint ventures are entities over whose activities we have joint control, under a contractual agreement. The Group Financial Statements include the Group\u2019s share of profit or loss arising from joint ventures. Associates are entities in which the Group has significant influence, but not control, over the financial and operating policies. The Group Financial Statements include the Group\u2019s share of the total recognised income and expense of associates on an equity-accounted basis, from the date that significant influence commences until the date it ceases. When our share of losses exceeds our interest in an associate, we reduce the carrying amount to nil and stop recognising further losses, except to the extent that the Group has incurred legal or constructive obligations or made payments on an associate\u2019s behalf. Under the equity method, investments in joint ventures or associates are initially recognised in the Group Balance Sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint ventures and associates. Related party transactions with the Group\u2019s joint ventures and associates primarily comprise the sale of products and services. The Group\u2019s joint ventures and associates operate through separate legal entities established to support the delivery of porcine and bovine genetic improvement programmes within their respective markets. Their principal activities include the breeding, multiplication and sale of elite genetics, supported by technical services. Each arrangement is structured through a limited liability company governed by a shareholders\u2019 agreement that defines the capital and ownership structure, board representation, decision-making protocols and profit-distribution mechanisms. These contractual arrangements determine how the relevant activities are directed and form the basis for the Group\u2019s assessment of joint control or significant influence. The financial information of each joint venture and associate is prepared using accounting policies consistent with those of the Group. Where local accounting policies differ from IFRS, appropriate adjustments are made to ensure the results, assets and liabilities included in these consolidated financial statements are presented on a basis consistent with the Group\u2019s accounting policies. The Group\u2019s share of profit after tax in its equity-accounted investees for the year was \u00a334.7m (2025: \u00a39.1m). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-618": { "value": "Accounting policies Joint ventures are entities over whose activities we have joint control, under a contractual agreement. The Group Financial Statements include the Group\u2019s share of profit or loss arising from joint ventures. Associates are entities in which the Group has significant influence, but not control, over the financial and operating policies. The Group Financial Statements include the Group\u2019s share of the total recognised income and expense of associates on an equity-accounted basis, from the date that significant influence commences until the date it ceases. When our share of losses exceeds our interest in an associate, we reduce the carrying amount to nil and stop recognising further losses, except to the extent that the Group has incurred legal or constructive obligations or made payments on an associate\u2019s behalf. Under the equity method, investments in joint ventures or associates are initially recognised in the Group Balance Sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint ventures and associates. Related party transactions with the Group\u2019s joint ventures and associates primarily comprise the sale of products and services. The Group\u2019s joint ventures and associates operate through separate legal entities established to support the delivery of porcine and bovine genetic improvement programmes within their respective markets. Their principal activities include the breeding, multiplication and sale of elite genetics, supported by technical services. Each arrangement is structured through a limited liability company governed by a shareholders\u2019 agreement that defines the capital and ownership structure, board representation, decision-making protocols and profit-distribution mechanisms. These contractual arrangements determine how the relevant activities are directed and form the basis for the Group\u2019s assessment of joint control or significant influence. The financial information of each joint venture and associate is prepared using accounting policies consistent with those of the Group. Where local accounting policies differ from IFRS, appropriate adjustments are made to ensure the results, assets and liabilities included in these consolidated financial statements are presented on a basis consistent with the Group\u2019s accounting policies. The Group\u2019s share of profit after tax in its equity-accounted investees for the year was \u00a334.7m (2025: \u00a39.1m). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-599": { "value": "Accounting policies Joint ventures are entities over whose activities we have joint control, under a contractual agreement. The Group Financial Statements include the Group\u2019s share of profit or loss arising from joint ventures. Associates are entities in which the Group has significant influence, but not control, over the financial and operating policies. The Group Financial Statements include the Group\u2019s share of the total recognised income and expense of associates on an equity-accounted basis, from the date that significant influence commences until the date it ceases. When our share of losses exceeds our interest in an associate, we reduce the carrying amount to nil and stop recognising further losses, except to the extent that the Group has incurred legal or constructive obligations or made payments on an associate\u2019s behalf. Under the equity method, investments in joint ventures or associates are initially recognised in the Group Balance Sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint ventures and associates. Related party transactions with the Group\u2019s joint ventures and associates primarily comprise the sale of products and services. The Group\u2019s joint ventures and associates operate through separate legal entities established to support the delivery of porcine and bovine genetic improvement programmes within their respective markets. Their principal activities include the breeding, multiplication and sale of elite genetics, supported by technical services. Each arrangement is structured through a limited liability company governed by a shareholders\u2019 agreement that defines the capital and ownership structure, board representation, decision-making protocols and profit-distribution mechanisms. These contractual arrangements determine how the relevant activities are directed and form the basis for the Group\u2019s assessment of joint control or significant influence. The financial information of each joint venture and associate is prepared using accounting policies consistent with those of the Group. Where local accounting policies differ from IFRS, appropriate adjustments are made to ensure the results, assets and liabilities included in these consolidated financial statements are presented on a basis consistent with the Group\u2019s accounting policies. The Group\u2019s share of profit after tax in its equity-accounted investees for the year was \u00a334.7m (2025: \u00a39.1m). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-547": { "value": "19. OTHER INVESTMENTS We hold a number of unlisted and listed investments. Accounting policies Financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) comprise equity securities which are not held for trading, and which the Group has irrevocably elected at initial recognition to recognise as FVOCI. The Group considers this classification relevant as these are strategic investments. Financial assets at FVOCI are adjusted to the fair value of the asset at the balance sheet date, with any gain or loss being recognised in other comprehensive income and held as part of other reserves. On disposal any gain or loss is recognised in other comprehensive income. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through income statement, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through the income statement are expensed in the Income Statement. Other investments may include equity investments (where the Group does not have control, joint control or significant influence in the investee), short-term deposits with banks and other investments with original maturities of more than three months. Any dividends received are recognised in the Income Statement.
2026 2025
Investments carried at fair value \u00a3m \u00a3m
Listed equity shares \u2013 Caribou Biosciences, Inc.
0.1
0.1
Unlisted equity shares \u2013 Dairy LLC (\u2018BoviSync\u2019)
\u2013
\u2013
Unlisted equity shares \u2013 Labby, Inc.
0.5
0.5
Unlisted equity shares \u2013 SwineTech, Inc.
2.6
2.6
Unlisted equity shares \u2013 Other
0.1
\u2013
Other investments
3.3
3.2
Caribou Biosciences, Inc shares are measured at fair value using the valuation basis of a Level 1 classification. Caribou shares are publicly traded on the NASDAQ. We hold a strategic non-controlling interest in BoviSync, a herd management software company. The investment is measured at fair value and the valuation basis of a Level 3 classification, with the nil valuation reflecting the current trading performance in difficult market conditions. In November 2022 the Group acquired a 5% interest in SwineTech Inc., an Iowa-based swine technology company, for USD 0.5m. In November 2024 the Group increased its holding to approximately 12% for a further USD 3.0m. Other unlisted equity investments primarily consist of strategic non-controlling interests in bovine technology companies, which are measured at fair value and the valuation basis is Level 3 classification, where fair value techniques use inputs which have a significant effect on the recorded fair value and are not based on observable market data. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-600": { "value": "Accounting policies Financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) comprise equity securities which are not held for trading, and which the Group has irrevocably elected at initial recognition to recognise as FVOCI. The Group considers this classification relevant as these are strategic investments. Financial assets at FVOCI are adjusted to the fair value of the asset at the balance sheet date, with any gain or loss being recognised in other comprehensive income and held as part of other reserves. On disposal any gain or loss is recognised in other comprehensive income. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through income statement, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through the income statement are expensed in the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-512": { "value": "20. INVENTORIES Our inventory primarily consists of bovine semen, raw materials and ancillary products. Accounting policies Inventory (excluding biological assets\u2019 harvest) is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted average costs and comprises direct materials and, where appropriate, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. For our biological assets accounting policies, see note 16.
2026 2025
\u00a3m \u00a3m
Biological assets\u2019 harvest classed as inventories
16.0
14.6
Sexed Semen
13.4
12.4
Bovine Semen
29.4
27.0
Raw materials and consumables
3.9
4.0
Goods held for resale
14.5
15.2
Inventories
47.8
46.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-601": { "value": "Accounting policies Inventory (excluding biological assets\u2019 harvest) is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted average costs and comprises direct materials and, where appropriate, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-581": { "value": "21. TRADE AND OTHER RECEIVABLES Our trade and other receivables mainly consist of amounts owed to us by customers and amounts we pay to our suppliers in advance. Accounting policies We state trade and other receivables at their amortised cost less any impairment losses.
2026 2025
\u00a3m \u00a3m
Trade receivables
89.8
88.4
Less expected credit loss allowance
(4.7)
(4.8)
Trade receivables net of impairment
85.1
83.6
Other debtors
4.8
4.8
Prepayments
6.6
6.4
Contract assets net of impairment (see note 24)
21.6
20.9
Other taxes and social security
2.8
3.5
Current trade and other receivables
120.9
119.2
Other debtors
1.7
4.3
Contract assets net of impairment (see note 24)
3.9
6.0
Non-current other receivables
5.6
10.3
Trade and other receivables
126.5
129.5
Trade receivables The average credit period our customers take on the sales of goods is 47 days (2025: 45 days). We do not charge interest on receivables for the first 30 days from the date of the invoice. The Group always measures the loss allowance for trade receivables and contract assets at an amount equal to lifetime expected credit losses (\u2018ECLs\u2019). The ECLs on trade receivables and contract assets are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the general economic conditions of the industry and country in which the debtor operates and an assessment of both the current and the forecast direction of conditions at the reporting date. The Group writes off a trade receivable and a contract asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, such as when the debtor has been placed under liquidation or has entered into bankruptcy proceedings. The Group recognises ECLs with reference to the following matrix, in accordance with the simplified approach permitted in IFRS 9. There has been no change in the estimation techniques during the current reporting period. A component of the calculation is the risk premium of the countries in which our customers operate. The risk premiums are updated on each reporting date, to reflect changes in the global economy.
North Latin
America
America
EMEA
Asia
2026
Risk premium (%)
1.6%
4.3%
2.6%
2.4%
Trade receivables (\u00a3m)
22.8
22.7
36.2
8.1
2025
Risk premium (%)
1.6%
4.5%
2.4%
2.0%
Trade receivables (\u00a3m)
19.4
20.1
34.1
14.8
The following table shows the movement in lifetime ECLs that has been recognised for trade receivables, in accordance with the simplified approach set out in IFRS 9.
2026 2025
\u00a3m \u00a3m
Balance at the start of the year
4.8
4.7
Change in loss allowance due to new trade and other receivables originated
net of those derecognised due to settlement
2.7
4.3
Amounts written off as uncollectable
(0.5)
(0.3)
Impairment losses reversed
(2.5)
(4.0)
Effect of movements in exchange rates
0.2
0.1
Balance at the end of the year
4.7
4.8
The ageing of trade receivables is presented below:
Trade receivables
Trade receivables net of impairment
2026 2025 2026 2025
Days past due \u00a3m \u00a3m \u00a3m \u00a3m
Not yet due
63.3
59.4
61.5
57.7
0\u201330 days
13.5
13.0
13.2
12.7
31\u201390 days
7.8
9.5
7.5
9.3
91\u2013180 days
2.1
3.5
2.0
3.2
Over 180 days
3.1
3.0
0.9
0.7
89.8
88.4
85.1
83.6
No customer represents more than 5% of the total balance of trade receivables (2025: no more than 5%). The Directors consider that the carrying amount of trade and other receivables approximates their fair value. Trade and other receivables denominated in currencies other than Sterling comprise \u00a345.6m denominated in US Dollars (2025: \u00a341.7m), \u00a314.6m denominated in Euros (2025: \u00a316.0m) and \u00a339.8m denominated in other currencies (2025: \u00a344.4m). Other debtors Included in other debtors is an amount of \u00a3nil (2025: \u00a32.1m) which comprises security deposits held in respect of porcine farms.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-567": { "value": "21. TRADE AND OTHER RECEIVABLES Our trade and other receivables mainly consist of amounts owed to us by customers and amounts we pay to our suppliers in advance. Accounting policies We state trade and other receivables at their amortised cost less any impairment losses.
2026 2025
\u00a3m \u00a3m
Trade receivables
89.8
88.4
Less expected credit loss allowance
(4.7)
(4.8)
Trade receivables net of impairment
85.1
83.6
Other debtors
4.8
4.8
Prepayments
6.6
6.4
Contract assets net of impairment (see note 24)
21.6
20.9
Other taxes and social security
2.8
3.5
Current trade and other receivables
120.9
119.2
Other debtors
1.7
4.3
Contract assets net of impairment (see note 24)
3.9
6.0
Non-current other receivables
5.6
10.3
Trade and other receivables
126.5
129.5
Trade receivables The average credit period our customers take on the sales of goods is 47 days (2025: 45 days). We do not charge interest on receivables for the first 30 days from the date of the invoice. The Group always measures the loss allowance for trade receivables and contract assets at an amount equal to lifetime expected credit losses (\u2018ECLs\u2019). The ECLs on trade receivables and contract assets are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the general economic conditions of the industry and country in which the debtor operates and an assessment of both the current and the forecast direction of conditions at the reporting date. The Group writes off a trade receivable and a contract asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, such as when the debtor has been placed under liquidation or has entered into bankruptcy proceedings. The Group recognises ECLs with reference to the following matrix, in accordance with the simplified approach permitted in IFRS 9. There has been no change in the estimation techniques during the current reporting period. A component of the calculation is the risk premium of the countries in which our customers operate. The risk premiums are updated on each reporting date, to reflect changes in the global economy.
North Latin
America
America
EMEA
Asia
2026
Risk premium (%)
1.6%
4.3%
2.6%
2.4%
Trade receivables (\u00a3m)
22.8
22.7
36.2
8.1
2025
Risk premium (%)
1.6%
4.5%
2.4%
2.0%
Trade receivables (\u00a3m)
19.4
20.1
34.1
14.8
The following table shows the movement in lifetime ECLs that has been recognised for trade receivables, in accordance with the simplified approach set out in IFRS 9.
2026 2025
\u00a3m \u00a3m
Balance at the start of the year
4.8
4.7
Change in loss allowance due to new trade and other receivables originated
net of those derecognised due to settlement
2.7
4.3
Amounts written off as uncollectable
(0.5)
(0.3)
Impairment losses reversed
(2.5)
(4.0)
Effect of movements in exchange rates
0.2
0.1
Balance at the end of the year
4.7
4.8
The ageing of trade receivables is presented below:
Trade receivables
Trade receivables net of impairment
2026 2025 2026 2025
Days past due \u00a3m \u00a3m \u00a3m \u00a3m
Not yet due
63.3
59.4
61.5
57.7
0\u201330 days
13.5
13.0
13.2
12.7
31\u201390 days
7.8
9.5
7.5
9.3
91\u2013180 days
2.1
3.5
2.0
3.2
Over 180 days
3.1
3.0
0.9
0.7
89.8
88.4
85.1
83.6
No customer represents more than 5% of the total balance of trade receivables (2025: no more than 5%). The Directors consider that the carrying amount of trade and other receivables approximates their fair value. Trade and other receivables denominated in currencies other than Sterling comprise \u00a345.6m denominated in US Dollars (2025: \u00a341.7m), \u00a314.6m denominated in Euros (2025: \u00a316.0m) and \u00a339.8m denominated in other currencies (2025: \u00a344.4m). Other debtors Included in other debtors is an amount of \u00a3nil (2025: \u00a32.1m) which comprises security deposits held in respect of porcine farms.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-548": { "value": "21. TRADE AND OTHER RECEIVABLES Our trade and other receivables mainly consist of amounts owed to us by customers and amounts we pay to our suppliers in advance. Accounting policies We state trade and other receivables at their amortised cost less any impairment losses.
2026 2025
\u00a3m \u00a3m
Trade receivables
89.8
88.4
Less expected credit loss allowance
(4.7)
(4.8)
Trade receivables net of impairment
85.1
83.6
Other debtors
4.8
4.8
Prepayments
6.6
6.4
Contract assets net of impairment (see note 24)
21.6
20.9
Other taxes and social security
2.8
3.5
Current trade and other receivables
120.9
119.2
Other debtors
1.7
4.3
Contract assets net of impairment (see note 24)
3.9
6.0
Non-current other receivables
5.6
10.3
Trade and other receivables
126.5
129.5
Trade receivables The average credit period our customers take on the sales of goods is 47 days (2025: 45 days). We do not charge interest on receivables for the first 30 days from the date of the invoice. The Group always measures the loss allowance for trade receivables and contract assets at an amount equal to lifetime expected credit losses (\u2018ECLs\u2019). The ECLs on trade receivables and contract assets are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the general economic conditions of the industry and country in which the debtor operates and an assessment of both the current and the forecast direction of conditions at the reporting date. The Group writes off a trade receivable and a contract asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, such as when the debtor has been placed under liquidation or has entered into bankruptcy proceedings. The Group recognises ECLs with reference to the following matrix, in accordance with the simplified approach permitted in IFRS 9. There has been no change in the estimation techniques during the current reporting period. A component of the calculation is the risk premium of the countries in which our customers operate. The risk premiums are updated on each reporting date, to reflect changes in the global economy.
North Latin
America
America
EMEA
Asia
2026
Risk premium (%)
1.6%
4.3%
2.6%
2.4%
Trade receivables (\u00a3m)
22.8
22.7
36.2
8.1
2025
Risk premium (%)
1.6%
4.5%
2.4%
2.0%
Trade receivables (\u00a3m)
19.4
20.1
34.1
14.8
The following table shows the movement in lifetime ECLs that has been recognised for trade receivables, in accordance with the simplified approach set out in IFRS 9.
2026 2025
\u00a3m \u00a3m
Balance at the start of the year
4.8
4.7
Change in loss allowance due to new trade and other receivables originated
net of those derecognised due to settlement
2.7
4.3
Amounts written off as uncollectable
(0.5)
(0.3)
Impairment losses reversed
(2.5)
(4.0)
Effect of movements in exchange rates
0.2
0.1
Balance at the end of the year
4.7
4.8
The ageing of trade receivables is presented below:
Trade receivables
Trade receivables net of impairment
2026 2025 2026 2025
Days past due \u00a3m \u00a3m \u00a3m \u00a3m
Not yet due
63.3
59.4
61.5
57.7
0\u201330 days
13.5
13.0
13.2
12.7
31\u201390 days
7.8
9.5
7.5
9.3
91\u2013180 days
2.1
3.5
2.0
3.2
Over 180 days
3.1
3.0
0.9
0.7
89.8
88.4
85.1
83.6
No customer represents more than 5% of the total balance of trade receivables (2025: no more than 5%). The Directors consider that the carrying amount of trade and other receivables approximates their fair value. Trade and other receivables denominated in currencies other than Sterling comprise \u00a345.6m denominated in US Dollars (2025: \u00a341.7m), \u00a314.6m denominated in Euros (2025: \u00a316.0m) and \u00a339.8m denominated in other currencies (2025: \u00a344.4m). Other debtors Included in other debtors is an amount of \u00a3nil (2025: \u00a32.1m) which comprises security deposits held in respect of porcine farms.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-513": { "value": "21. TRADE AND OTHER RECEIVABLES Our trade and other receivables mainly consist of amounts owed to us by customers and amounts we pay to our suppliers in advance. Accounting policies We state trade and other receivables at their amortised cost less any impairment losses.
2026 2025
\u00a3m \u00a3m
Trade receivables
89.8
88.4
Less expected credit loss allowance
(4.7)
(4.8)
Trade receivables net of impairment
85.1
83.6
Other debtors
4.8
4.8
Prepayments
6.6
6.4
Contract assets net of impairment (see note 24)
21.6
20.9
Other taxes and social security
2.8
3.5
Current trade and other receivables
120.9
119.2
Other debtors
1.7
4.3
Contract assets net of impairment (see note 24)
3.9
6.0
Non-current other receivables
5.6
10.3
Trade and other receivables
126.5
129.5
Trade receivables
The average credit period our customers take on the sales of goods is 47 days (2025: 45 days). We do
not charge interest on receivables for the first 30 days from the date of the invoice.
The Group always measures the loss allowance for trade receivables and contract assets at an
amount equal to lifetime expected credit losses (\u2018ECLs\u2019). The ECLs on trade receivables and contract
assets are estimated using a provision matrix by reference to past default experience of the debtor
and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the
general economic conditions of the industry and country in which the debtor operates and an
assessment of both the current and the forecast direction of conditions at the reporting date. The
Group writes off a trade receivable and a contract asset when there is information indicating that the
debtor is in severe financial difficulty and there is no realistic prospect of recovery, such as when the
debtor has been placed under liquidation or has entered into bankruptcy proceedings.
The Group recognises ECLs with reference to the following matrix, in accordance with the simplified
approach permitted in IFRS 9. There has been no change in the estimation techniques during the
current reporting period. A component of the calculation is the risk premium of the countries in which
our customers operate. The risk premiums are updated on each reporting date, to reflect changes in
the global economy.
North Latin
America
America
EMEA
Asia
2026
Risk premium (%)
1.6%
4.3%
2.6%
2.4%
Trade receivables (\u00a3m)
22.8
22.7
36.2
8.1
2025
Risk premium (%)
1.6%
4.5%
2.4%
2.0%
Trade receivables (\u00a3m)
19.4
20.1
34.1
14.8
The following table shows the movement in lifetime ECLs that has been recognised for trade
receivables, in accordance with the simplified approach set out in IFRS 9.
2026 2025
\u00a3m \u00a3m
Balance at the start of the year
4.8
4.7
Change in loss allowance due to new trade and other receivables originated
net of those derecognised due to settlement
2.7
4.3
Amounts written off as uncollectable
(0.5)
(0.3)
Impairment losses reversed
(2.5)
(4.0)
Effect of movements in exchange rates
0.2
0.1
Balance at the end of the year
4.7
4.8
The ageing of trade receivables is presented below:
Trade receivables
Trade receivables net of impairment
2026 2025 2026 2025
Days past due \u00a3m \u00a3m \u00a3m \u00a3m
Not yet due
63.3
59.4
61.5
57.7
0\u201330 days
13.5
13.0
13.2
12.7
31\u201390 days
7.8
9.5
7.5
9.3
91\u2013180 days
2.1
3.5
2.0
3.2
Over 180 days
3.1
3.0
0.9
0.7
89.8
88.4
85.1
83.6
No customer represents more than 5% of the total balance of trade receivables (2025: no more than 5%).
The Directors consider that the carrying amount of trade and other receivables approximates their
fair value.
Trade and other receivables denominated in currencies other than Sterling comprise \u00a345.6m
denominated in US Dollars (2025: \u00a341.7m), \u00a314.6m denominated in Euros (2025: \u00a316.0m) and \u00a339.8m
denominated in other currencies (2025: \u00a344.4m).
Other debtors
Included in other debtors is an amount of \u00a3nil (2025: \u00a32.1m) which comprises security deposits held in
respect of porcine farms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-602": { "value": "Accounting policies We state trade and other receivables at their amortised cost less any impairment losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-514": { "value": "22. CASH AND CASH EQUIVALENTS We hold cash and bank deposits which have a maturity of three months or less, to enable us to meet our short-term liquidity requirements. Accounting policies Cash and cash equivalents comprise cash balances. Bank overdrafts that are repayable on demand form an integral part of our cash management and are included in interest-bearing loans and borrowings due in less than one year.
2026 2025
\u00a3m \u00a3m
Cash at bank and in hand
43.7
48.0
The carrying amount of these assets approximates to their fair value. The credit quality of cash and cash equivalents can be assessed by reference to external credit ratings of the counterparty where the account or deposit is placed.
2026 2025
Counterparties with external credit ratings \u00a3m \u00a3m
A to AA-
26.0
29.8
BBB- to BBB
1.5
2.3
B- to BB+
4.6
4.0
CCC to CCC-
1.3
2.7
No ratings
10.3
9.2
Cash at bank and in hand
43.7
48.0
Within our cash and cash equivalents there is a cash balance of \u00a311.5m (2025: \u00a311.2m) in our Russian
entities, this remains available for use within Russia, however \u00a38.6m (2025: \u00a37.1m) is not available for
repatriation due to local dividend restrictions. Following further evaluation, this amount is not
considered available for use elsewhere in the Group and is therefore considered restricted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-603": { "value": "Accounting policies Cash and cash equivalents comprise cash balances. Bank overdrafts that are repayable on demand form an integral part of our cash management and are included in interest-bearing loans and borrowings due in less than one year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-582": { "value": "23. TRADE AND OTHER PAYABLES Our trade and other payables mainly consist of amounts we owe to our suppliers that have been invoiced or are accrued. They also include taxes and social security amounts due in relation to our role as an employer. Accounting policies Trade payables are not interest bearing and are stated at their nominal value.
2026 2025
\u00a3m \u00a3m
Trade payables
24.8
25.3
Other payables
3.2
7.1
Accrued expenses
54.3
59.6
Contract liabilities (see note 24)
4.2
6.7
Other taxes and social security
9.1
9.0
Current trade and other payables
95.6
107.7
Other payables
\u2013
\u2013
Contract liabilities (see note 24)
\u2013
0.1
Non-current trade and other payables
\u2013
0.1
The average credit period taken for trade purchases is 26 days (2025: 24 days). Other payables included an amount of \u00a3nil (2025: \u00a33.6m) relating to the ST litigation settlement. No balance was classified as non-current at 30 June 2026 (2025: \u00a3nil). Payables denominated in currencies other than Sterling comprise \u00a338.2m denominated in US Dollars (2025: \u00a340.1m), \u00a313.6m denominated in Euros (2025: \u00a314.9m) and \u00a321.2m denominated in other currencies (2025: \u00a328.9m). The carrying values of these liabilities are a reasonable approximation of their fair values.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-568": { "value": "23. TRADE AND OTHER PAYABLES Our trade and other payables mainly consist of amounts we owe to our suppliers that have been invoiced or are accrued. They also include taxes and social security amounts due in relation to our role as an employer. Accounting policies Trade payables are not interest bearing and are stated at their nominal value.
2026 2025
\u00a3m \u00a3m
Trade payables
24.8
25.3
Other payables
3.2
7.1
Accrued expenses
54.3
59.6
Contract liabilities (see note 24)
4.2
6.7
Other taxes and social security
9.1
9.0
Current trade and other payables
95.6
107.7
Other payables
\u2013
\u2013
Contract liabilities (see note 24)
\u2013
0.1
Non-current trade and other payables
\u2013
0.1
The average credit period taken for trade purchases is 26 days (2025: 24 days). Other payables included an amount of \u00a3nil (2025: \u00a33.6m) relating to the ST litigation settlement. No balance was classified as non-current at 30 June 2026 (2025: \u00a3nil). Payables denominated in currencies other than Sterling comprise \u00a338.2m denominated in US Dollars (2025: \u00a340.1m), \u00a313.6m denominated in Euros (2025: \u00a314.9m) and \u00a321.2m denominated in other currencies (2025: \u00a328.9m). The carrying values of these liabilities are a reasonable approximation of their fair values.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-549": { "value": "23. TRADE AND OTHER PAYABLES Our trade and other payables mainly consist of amounts we owe to our suppliers that have been invoiced or are accrued. They also include taxes and social security amounts due in relation to our role as an employer. Accounting policies Trade payables are not interest bearing and are stated at their nominal value.
2026 2025
\u00a3m \u00a3m
Trade payables
24.8
25.3
Other payables
3.2
7.1
Accrued expenses
54.3
59.6
Contract liabilities (see note 24)
4.2
6.7
Other taxes and social security
9.1
9.0
Current trade and other payables
95.6
107.7
Other payables
\u2013
\u2013
Contract liabilities (see note 24)
\u2013
0.1
Non-current trade and other payables
\u2013
0.1
The average credit period taken for trade purchases is 26 days (2025: 24 days). Other payables included an amount of \u00a3nil (2025: \u00a33.6m) relating to the ST litigation settlement. No balance was classified as non-current at 30 June 2026 (2025: \u00a3nil). Payables denominated in currencies other than Sterling comprise \u00a338.2m denominated in US Dollars (2025: \u00a340.1m), \u00a313.6m denominated in Euros (2025: \u00a314.9m) and \u00a321.2m denominated in other currencies (2025: \u00a328.9m). The carrying values of these liabilities are a reasonable approximation of their fair values.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-515": { "value": "23. TRADE AND OTHER PAYABLES Our trade and other payables mainly consist of amounts we owe to our suppliers that have been invoiced or are accrued. They also include taxes and social security amounts due in relation to our role as an employer. Accounting policies Trade payables are not interest bearing and are stated at their nominal value.
2026 2025
\u00a3m \u00a3m
Trade payables
24.8
25.3
Other payables
3.2
7.1
Accrued expenses
54.3
59.6
Contract liabilities (see note 24)
4.2
6.7
Other taxes and social security
9.1
9.0
Current trade and other payables
95.6
107.7
Other payables
\u2013
\u2013
Contract liabilities (see note 24)
\u2013
0.1
Non-current trade and other payables
\u2013
0.1
The average credit period taken for trade purchases is 26 days (2025: 24 days). Other payables included an amount of \u00a3nil (2025: \u00a33.6m) relating to the ST litigation settlement. No balance was classified as non-current at 30 June 2026 (2025: \u00a3nil). Payables denominated in currencies other than Sterling comprise \u00a338.2m denominated in US Dollars (2025: \u00a340.1m), \u00a313.6m denominated in Euros (2025: \u00a314.9m) and \u00a321.2m denominated in other currencies (2025: \u00a328.9m). The carrying values of these liabilities are a reasonable approximation of their fair values.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-604": { "value": "Accounting policies Trade payables are not interest bearing and are stated at their nominal value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-516": { "value": "24. CONTRACT BALANCES Accounting policy A contract asset is recognised when the Group\u2019s right to consideration is conditional on something other than the passage of time, for example the completion of future performance obligations under the terms of the contract with the customer. In some instances, the Group receives payments from customers based on a billing schedule, as established in the contract, which may not match the pattern of performance under the contract. Where payment is received ahead of performance a contract liability will be created, and where performance obligations are satisfied ahead of billing, then a contract asset will be recognised.
2026 2025
\u00a3m \u00a3m
Current contract assets net of impairment
21.6
20.9
Non-current contract assets net of impairment
3.9
6.0
Contract assets net of impairment (see note 21)
25.5
26.9
Current contract liabilities
(4.2)
(6.7)
Non-current contract liabilities
\u2013
(0.1)
Contract liabilities (see note 23)
(4.2)
(6.8)
Contract Contract
assets liabilities
\u00a3m \u00a3m
Balance at 1 July 2024
31.9
(8.3)
Increases as a result of performance in advance of billing
350.4
\u2013
Transfers to receivables during the year
(351.7)
\u2013
Increases as a result of billing ahead of performance
\u2013
(97.4)
Decreases as a result of revenue recognised in the year
\u2013
98.6
Decreases as a result of change in loss allowance
(0.2)
\u2013
Effect of movements in exchange rates
(3.5)
0.3
Balance at 30 June 2025
26.9
(6.8)
Increases as a result of performance in advance of billing
339.2
\u2013
Transfers to receivables during the year
(340.9)
\u2013
Increases as a result of billing ahead of performance
\u2013
(83.2)
Decreases as a result of revenue recognised in the year
\u2013
85.9
Effect of movements in exchange rates
0.3
(0.1)
Balance at 30 June 2026
25.5
(4.2)
In some cases, the Group receives payments from customers based on a billing schedule, as established
in our contracts. The contract assets relate to revenue recognised for performance in advance of
scheduled billing and have increased, as the Group has provided more services ahead of the agreed
payment schedules for certain contracts. The contract liability relates to payments received in advance
of performance under contract and varies based on performance under these contracts.
The transaction price allocated to partially unsatisfied performance obligations at 30 June 2026 is \u00a314.1m
(2025: \u00a36.5m). It is expected that the Group will recognise this revenue over the following eight years.
Refer to note 21 for the Group\u2019s accounting policies on measuring loss allowance for contract assets.
A component of the calculation is the risk premium of the countries in which our customers operate.
The risk premiums are updated on each reporting date, to reflect changes in the global economy.
North Latin
America
America
EMEA
Asia
2026
Risk premium (%)
1.6%
4.0%
1.7%
2.6%
Contract assets (\u00a3m)
8.7
4.6
10.2
2.0
2025
Risk premium (%)
1.6%
3.5%
2.0%
2.0%
Contract assets (\u00a3m)
8.0
2.9
11.1
4.9
The following table shows the movement in lifetime ECLs that has been recognised for contract assets,
in accordance with the simplified approach set out in IFRS 9.
2026 2025
\u00a3m \u00a3m
Balance at the start of the year
0.6
0.4
Change in loss allowance
\u2013
0.2
Effect of movements in exchange rates
\u2013
\u2013
Balance at the end of the year
0.6
0.6
", "dimensions": { "concept": "genusplc:DisclosureOfContractBalances", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-605": { "value": "Accounting policy A contract asset is recognised when the Group\u2019s right to consideration is conditional on something other than the passage of time, for example the completion of future performance obligations under the terms of the contract with the customer. In some instances, the Group receives payments from customers based on a billing schedule, as established in the contract, which may not match the pattern of performance under the contract. Where payment is received ahead of performance a contract liability will be created, and where performance obligations are satisfied ahead of billing, then a contract asset will be recognised. ", "dimensions": { "concept": "genusplc:DescriptionOfAccountingPolicyForContractBalances", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-550": { "value": "25. PROVISIONS A provision is a liability recorded in the Group Balance Sheet, where there is uncertainty over the timing or amount that will be paid, and is therefore estimated. The main provisions we hold relate to litigation damages, legal provisions, customer claims and share forfeiture. Accounting policies We recognise a provision in the Balance Sheet when an event results in the Group having a current legal or constructive obligation, and it is probable that we will have to settle the obligation through an outflow of economic benefits. If the effect is material, we discount provisions to their present value.
Share Other
forfeiture provisions Total
\u00a3m \u00a3m \u00a3m
Balance at 1 July 2024
0.2
1.2
1.4
Additional provision in the year
\u2013
0.3
0.3
Utilisation of provision
\u2013
(0.6)
(0.6)
Release of provision
(0.2)
(0.1)
(0.3)
Effect of movement in exchange rates
\u2013
(0.1)
(0.1)
Balance at 30 June 2025
\u2013
0.7
0.7
Additional provision in the year
\u2013
2.7
2.7
Utilisation of provision
\u2013
(0.1)
(0.1)
Loss of control (note 42)
\u2013
(0.5)
(0.5)
Release of provision
\u2013
(0.1)
(0.1)
Effect of movement in exchange rates
\u2013
0.3
0.3
Balance at 30 June 2026
\u2013
3.0
3.0
2026 2025
\u00a3m \u00a3m
Current
1.2
0.4
Non-current
1.8
0.3
3.0
0.7
Other provisions mainly relate to legal provisions, customer claims and employee retention arrangements. The increase during the year primarily reflects employee retention obligations recognised in connection with the disposal of PIC China. The timing and cash flows associated with the majority of legal claims are expected to be less than one year. However, for some legal claims and retention-related obligations, the timing of cash flows may be longer term in nature and are disclosed as such. The share forfeiture provision of \u00a3nil (2025: \u00a3nil) relates to potential claims that could be made by untraced members over the next three years, relating to the resale proceeds of shares that were identified during the prior year as being forfeited.
35. CONTINGENCIES AND BANK GUARANTEES
Contingent liabilities are potential future cash outflows, where the likelihood of payments is considered
more than remote but is not considered probable or cannot be measured reliably. Assessing the
amount of liabilities that are not probable is highly judgemental.
The retirement benefit obligations referred to in note 29 include obligations relating to the MPF defined
benefit scheme. Genus, together with other participating employers, is joint and severally liable for the
scheme\u2019s obligations. Genus has accounted for its section and its share of any orphan assets and
liabilities, collectively representing approximately 86% (2025: 86%) of the MPF. As a result of the joint and
several liability, Genus has a contingent liability for the scheme\u2019s obligations that it has not accounted
for. The total deficit of the MPF from the most recent triennial valuation can be found in note 29.
The Group makes a provision for amounts to the extent that an outflow of economic benefit is
probable and can be reliably estimated. However, there are specific claims identified in the litigation
where the Group considers the outcome of the claim is not probable and will not result in the outflow
of economic benefit.
The Group\u2019s future tax charge and effective tax rate could be affected by factors such as countries
reforming their tax legislation to implement the OECD\u2019s BEPS recommendations and by European
Commission initiatives including state aid investigations. Further information can be found in note 11.
At 30 June 2026, the Group had entered into bank guarantees totalling \u00a32.4m (2025: \u00a30.8m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-517": { "value": "25. PROVISIONS A provision is a liability recorded in the Group Balance Sheet, where there is uncertainty over the timing or amount that will be paid, and is therefore estimated. The main provisions we hold relate to litigation damages, legal provisions, customer claims and share forfeiture. Accounting policies We recognise a provision in the Balance Sheet when an event results in the Group having a current legal or constructive obligation, and it is probable that we will have to settle the obligation through an outflow of economic benefits. If the effect is material, we discount provisions to their present value.
Share Other
forfeiture provisions Total
\u00a3m \u00a3m \u00a3m
Balance at 1 July 2024
0.2
1.2
1.4
Additional provision in the year
\u2013
0.3
0.3
Utilisation of provision
\u2013
(0.6)
(0.6)
Release of provision
(0.2)
(0.1)
(0.3)
Effect of movement in exchange rates
\u2013
(0.1)
(0.1)
Balance at 30 June 2025
\u2013
0.7
0.7
Additional provision in the year
\u2013
2.7
2.7
Utilisation of provision
\u2013
(0.1)
(0.1)
Loss of control (note 42)
\u2013
(0.5)
(0.5)
Release of provision
\u2013
(0.1)
(0.1)
Effect of movement in exchange rates
\u2013
0.3
0.3
Balance at 30 June 2026
\u2013
3.0
3.0
2026 2025
\u00a3m \u00a3m
Current
1.2
0.4
Non-current
1.8
0.3
3.0
0.7
Other provisions mainly relate to legal provisions, customer claims and employee retention arrangements. The increase during the year primarily reflects employee retention obligations recognised in connection with the disposal of PIC China. The timing and cash flows associated with the majority of legal claims are expected to be less than one year. However, for some legal claims and retention-related obligations, the timing of cash flows may be longer term in nature and are disclosed as such. The share forfeiture provision of \u00a3nil (2025: \u00a3nil) relates to potential claims that could be made by untraced members over the next three years, relating to the resale proceeds of shares that were identified during the prior year as being forfeited. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-606": { "value": "Accounting policies We recognise a provision in the Balance Sheet when an event results in the Group having a current legal or constructive obligation, and it is probable that we will have to settle the obligation through an outflow of economic benefits. If the effect is material, we discount provisions to their present value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-551": { "value": "26. FINANCIAL INSTRUMENTS This note details our treasury management and financial risk management objectives and policies, as well as the Group\u2019s exposure and sensitivity to credit, liquidity, interest and foreign exchange rate risk, and the policies in place to monitor and manage these risks. Financial risk management objectives The Group\u2019s corporate treasury function provides services to the business, coordinates our access to domestic and international financial markets, and monitors and manages the financial risks relating to the Group\u2019s operations, through internal risk reports that analyse exposures by degree and magnitude of risk. These risks include market risk (including currency risk, fair value interest rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk. We seek to minimise the effects of these risks by hedging them using derivative financial instruments. Our use of financial derivatives is governed by policies approved by the Board of Directors, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and the investment of excess liquidity. The Board of Directors regularly reviews our compliance with policies and exposure limits. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. Key financial risks and exposures are monitored through a monthly report to the Board of Directors, together with an annual Board review of corporate treasury matters. Financial risk The principal financial risks our activities expose us to are the risks of changes in foreign currency exchange rates, interest rates and commodity prices. We use derivative financial instruments to manage our exposure to interest rate, foreign currency and commodity price risks, including: \u2022 forward foreign exchange contracts, to hedge the exchange rate risk arising on the sale of goods and purchase of supplies in foreign currencies; \u2022 interest rate swaps, to mitigate the risk of rising interest rates; and \u2022 forward commodity contracts, to hedge commodity price risk. Accounting policies Financial instruments Financial assets and liabilities in respect of financial instruments are recognised on the Group Balance Sheet when the Group becomes a party to the instrument\u2019s contractual provisions. Financial liabilities and equity instruments Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the Group\u2019s assets after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted for specific financial liabilities and equity instruments are set out below. Put option arrangements over non-controlling interest The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as financial liabilities. The amount that may become payable under the option on exercise is initially recognised at present value within financial liabilities, with a corresponding charge directly to equity. The charge to equity is recognised separately as written put options over non-controlling interest, adjacent to non-controlling interest in the net assets of consolidated subsidiaries. Such options are subsequently measured at amortised cost, using the effective interest rate method, in order to accrete the liability up to the amount payable under the option at the date at which it first becomes exercisable. The charge arising is recorded as a financing cost. If the option expires unexercised, the liability is derecognised, with a corresponding adjustment to equity. Derivative financial instruments Derivatives are recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Income Statement immediately, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Income Statement depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements, unless the Group has both a legally enforceable right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The fair value of interest rate swaps is the estimated amount that we would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates and the creditworthiness of the swap counterparties. The fair values of forward exchange contracts and forward commodity contracts are their quoted market prices at the balance sheet date, which is the present value of the quoted forward price. Hedging activities The Group designates certain derivatives as hedging instruments in respect of foreign exchange risk, interest rate risk and commodity risk in fair value hedges, cash flow hedges, or hedges of net investments in foreign operations. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts. The Group designates only the intrinsic value of option contracts as a hedged item, i.e. excluding the time value of the option. The changes in the fair value of the aligned time value of the option are recognised in Other Comprehensive Income and accumulated in the cost of hedging reserve. If the hedged item is transaction-related, the time value is reclassified to the Income Statement when the hedged item affects the Income Statement. If the hedged item is time-period-related, then the amount accumulated in the cost of hedging reserve is reclassified to the Income Statement on a rational basis, applying straight-line amortisation. Those reclassified amounts are recognised in the Income Statement in the same line as the hedged item. If the hedged item is a non-financial item, then the amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. Furthermore, if the Group expects that some or all of the loss accumulated in the cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. Cash flow hedges The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognised in Other Comprehensive Income and accumulated under the heading of cash flow hedging reserve, and limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement and is included in the \u2018other gains and losses\u2019 line item. Amounts previously recognised in Other Comprehensive Income and accumulated in equity are reclassified to the Income Statement in the periods when the hedged item affects the Income Statement, in the same line as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in Other Comprehensive Income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non- financial liability. This transfer does not affect Other Comprehensive Income. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in Other Comprehensive Income and accumulated in the cash flow hedging reserve at that time remains in equity and is reclassified to the Income Statement when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedging reserve is reclassified immediately to the Income Statement. Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates on the fair value of issued fixed-rate debt held and the cash flow exposures on the issued variable-rate debt held. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract. The average interest rate is based on the outstanding balances at the end of the financial year. If the critical terms of the interest rate swap contracts and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the interest rate swap contracts and the value of the corresponding hedged items will systematically change in opposite directions, in response to movements in the underlying interest rates. The main source of hedge ineffectiveness in these hedge relationships is the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the interest rate swap contracts, which is not reflected in the fair value of the hedged item attributable to the change in interest rates. No other sources of ineffectiveness emerged from these hedging relationships. Net investment hedges Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the foreign currency forward contracts relating to the effective portion of the hedge is recognised in Other Comprehensive Income and accumulated in the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement, and is included in the \u2018other gains and losses\u2019 line item. Gains and losses on the hedging instrument accumulated in the foreign currency translation reserve are reclassified to the Income Statement on the disposal or partial disposal of the foreign operation. We only apply net investment hedge accounting in the Group Financial Statements. The hedge ratio will be less than 100% if the net assets of the hedged item fall below the hedging instrument. No hedge ineffectiveness emerged from these hedging relationships as the currency and principal amount of both the hedged item and hedging instrument exactly match. Capital risk management The Group manages its capital to ensure that Group entities can continue as going concerns, while maximising the return to shareholders by optimising our debt and equity balance. The Group\u2019s capital structure consists of debt, which includes the borrowings disclosed in note 27, cash and cash equivalents, and equity attributable to equity holders of the Parent, comprising issued capital, reserves and retained earnings, as disclosed in note 31. Following receipt of the \u00a397.7m net proceeds after taxation from the part disposal of PIC China (see Note 42), the Group has conducted a review of its resulting capital structure and has decided in accordance with its capital allocation framework to launch a \u00a360m share buy-back programme with immediate effect to rebalance its debt-equity ratio. Gearing ratio The Group keeps its capital structure under review and monitors it monthly to ensure the gearing ratio remains below 60%. The Group is not subject to externally imposed capital requirements. The gearing ratio at the year end was as follows:
2026 2025
\u00a3m \u00a3m
Debt (see note 27)
107.5
265.9
Interest bearing deferred consideration (see note 38)
8.0
10.3
Cash and cash equivalents (see note 22)
(43.7)
(48.0)
Net debt (see note 32)
71.8
228.2
Equity
766.7
476.1
Net debt to equity ratio
9.4%
48%
Debt is defined as long-term and short-term borrowings, including lease obligations as detailed in note 27. Equity includes all capital and reserves of the Group attributable to equity holders of the Parent. Categories of financial instruments We have categorised financial instruments held at fair value into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique in accordance with IFRS 13. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, we base the category level on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety. We have estimated the fair values of the Group\u2019s outstanding interest rate swaps by calculating the present value of future cash flows, using appropriate market discount rates, representing Level 2 fair value measurements as defined by IFRS 13.
2026
Carrying value
2025
Carrying value
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Other investments
0.1
\u2013
3.2
3.3
0.1
\u2013
3.1
3.2
Trade receivables and
other debtors,
excluding prepayments
\u2013
119.9
\u2013
119.9
\u2013
123.1
\u2013
123.1
Cash and cash
equivalents
\u2013
43.7
\u2013
43.7
\u2013
48.0
\u2013
48.0
Derivative instruments
in non-designated
hedge relationships
\u2013
0.2
\u2013
0.2
\u2013
0.1
\u2013
0.1
Derivative instruments
in designated hedge
accounting
relationships
\u2013
0.1
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
0.1
163.9
3.2
167.2
0.1
171.2
3.1
174.4
Financial liabilities
Trade and other
payables, excluding
other taxes and social
security (see note 23)
\u2013
(86.5)
\u2013
(86.5)
\u2013
(98.8)
\u2013
(98.8)
Loans and overdrafts
(see note 27)
\u2013
(81.4)
\u2013
(81.4)
\u2013
(218.8)
\u2013
(218.8)
Leasing obligations (see
note 28)
\u2013
(25.7)
\u2013
(25.7)
\u2013
(47.1)
\u2013
(47.1)
Derivative instruments
in non-designated
hedge relationships
\u2013
(0.1)
\u2013
(0.1)
\u2013
(1.7)
\u2013
(1.7)
Derivative instruments
in designated hedge
accounting
relationships
\u2013
\u2013
\u2013
\u2013
\u2013
(0.6)
\u2013
(0.6)
Put option over
non-controlling interest
\u2013
(0.9)
\u2013
(0.9)
\u2013
(0.9)
\u2013
(0.9)
Deferred consideration
(see note 38)
\u2013
\u2013
(8.2)
(8.2)
\u2013
\u2013
(10.5)
(10.5)
\u2013
(194.6)
(8.2)
(202.8)
\u2013
(367.9)
(10.5)
(378.4)
Foreign currency risk management We undertake transactions denominated in foreign currencies. The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities (excluding short-term amounts related to our ongoing trade, recognised as trade receivables and trade payables) at the reporting date were as follows:
Liabilities
Assets
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
US Dollar
(33.3)
(80.4)
3.1
2.3
Euro
(34.1)
(40.9)
2.0
2.8
Canadian Dollar
\u2013
(0.1)
\u2013
\u2013
New Zealand Dollar
\u2013
\u2013
\u2013
0.1
Chilean Peso
\u2013
\u2013
0.4
0.7
Foreign currency Income Statement sensitivity analysis The Group is mainly exposed to movements in the US Dollar, Euro, Brazilian Real, Mexican Peso, Chinese Yuan and Russian Rouble exchange rates. The following table details the Group\u2019s profit sensitivity to a 10% and 20% increase and decrease in Sterling against these currencies. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management and represents our assessment of a significant change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% or 20% change in foreign currency rates. It includes external loans, as well as loans to foreign operations within the Group where the loan is denominated in a currency other than the lender or borrower\u2019s currency. A positive number below indicates an increase in profit when Sterling weakens against the relevant currency. A strengthening of Sterling against the relevant currency would produce an equal but opposite reduction in profit, and the balances below would be negative.
20% currency movement
10% currency movement
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Euro
4.8
3.9
2.4
2.0
US Dollar
7.6
6.9
3.8
3.5
Brazilian Real
4.8
2.6
2.4
1.3
Mexican Peso
3.8
3.4
1.9
1.7
Chinese Yuan
2.3
1.9
1.2
1.0
Russian Rouble
0.9
1.0
0.5
0.5
Forward foreign exchange contracts The Group\u2019s policy is to enter into forward foreign exchange contracts to cover specific foreign currency payments and receipts. The following table details the forward foreign currency contracts outstanding as at the year end:
Average exchange rate
Contract value
Fair value
Foreign 2026 2025 2026 2025
2026
2025
currency \u00a3m \u00a3m \u00a3m \u00a3m
Outstanding
contracts
Buy CHF
\u2013
0.91
CHF
\u2013
0.4
\u2013
\u2013
Buy CNY
\u2013
9.75
CNY
\u2013
\u2013
\u2013
\u2013
Buy COP
4,526.45
\u2013
COP
0.8
\u2013
\u2013
\u2013
Buy AUD
\u2013
2.09
AUD
\u2013
2.6
\u2013
\u2013
Sell AUD
1.88
\u2013
AUD
(0.1)
\u2013
\u2013
\u2013
Buy PHP
81.33
\u2013
PHP
3.7
\u2013
\u2013
\u2013
Sell PHP
\u2013
76.82
PHP
\u2013
0.4
\u2013
\u2013
Buy EUR
1.15
1.17
EUR
12.0
14.3
\u2013
0.1
Buy MXN
23.04
26.39
MXN
10.7
8.6
(0.1)
\u2013
Buy USD
\u2013
1.36
USD
\u2013
9.7
\u2013
(0.1)
Sell USD
1.32
\u2013
USD
(5.5)
\u2013
\u2013
\u2013
Sell INR
127.85
117.59
INR
(0.1)
0.1
\u2013
\u2013
Sell CAD
1.87
1.86
CAD
(0.6)
0.6
\u2013
\u2013
Sell RUB
\u2013
110.45
RUB
\u2013
0.1
\u2013
\u2013
Buy USD/Sell BRL
5.09
5.60
BRL
(0.2)
4.0
\u2013
\u2013
Buy USD/Sell CNY
6.79
\u2013
CNY
(0.2)
\u2013
\u2013
\u2013
Buy CLP/Sell USD
894.17
927.98
CLP
0.5
0.2
\u2013
\u2013
Buy PHP/Sell USD
61.34
55.92
PHP
4.1
2.7
\u2013
\u2013
Buy CAD/Sell USD
1.40
1.36
CAD
4.4
2.7
(0.1)
\u2013
Buy USD/Sell EUR
1.15
1.17
EUR
(1.5)
2.2
\u2013
\u2013
Buy USD/Sell RUB
75.60
\u2013
RUB
(0.6)
\u2013
\u2013
\u2013
Buy USD/Sell INR
95.46
85.61
INR
(0.7)
0.6
\u2013
\u2013
Buy USD/Sell ZAR
\u2013
17.81
ZAR
\u2013
0.1
\u2013
\u2013
Buy USD/Sell ARS
1,451.30
1,212.30
ARS
(0.8)
0.5
\u2013
\u2013
Buy USD/Sell MXN
17.44
19.04
MXN
(3.5)
0.3
\u2013
\u2013
Buy COP/Sell USD
\u2013
4,108.7
COP
\u2013
0.7
\u2013
\u2013
(0.2)
\u2013
Interest rate risk management The objective of our interest rate risk management is to minimise the Group\u2019s net finance cost whilst at the same time limiting exposure to interest rate fluctuations in the Group profit and loss account. In order to achieve this, the target is to maintain a level of fixed rate cover between 60% and 90% of external borrowings. The Group has floating rate loan payments under the Facilities Agreement dated 10 June 2025 as amended on 3 June 2026 that bear USD, EUR, and GBP interest at floating rates. In order to fix the interest rate on this debt, the Group has entered into interest rate swaps, where the Group pays interest at a fixed interest rate and the Counterparty pays interest to the Group at a floating rate. As a result, the Group is protected from increased interest costs arising from any future increases in USD, EUR, and GBP interest rates. We regularly review our hedging activities, to align with our interest rate views and defined risk appetite, thereby ensuring we apply optimal hedging strategies to minimise the adverse impact of fluctuations in interest expense through different interest rate cycles. The Group\u2019s exposures to interest rates on financial assets and financial liabilities are detailed in the liquidity risk management section of this note. Interest rate sensitivity analysis We have determined the sensitivity analyses below, based on the Group\u2019s exposure to interest rates for both derivatives and non-derivative instruments, at the balance sheet date. For floating rate liabilities, we prepared the analysis assuming the liability outstanding at the balance sheet date was outstanding for the whole year. A 1.0 percentage point increase or decrease is used when reporting interest rate risk internally to key management and is our assessment of a significant change in interest rates. If interest rates had been 1.0 percentage point higher or lower and all other variables were held constant, the Group\u2019s profit would have decreased or increased by \u00a30.9m (2025: decrease/increase by \u00a30.9m). This impact is smaller than would otherwise be the case, due to our fixed-rate hedging. Interest rate swap contracts Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts, calculated on agreed notional principal amounts. These contracts enable us to mitigate the risk of changing interest rates on the cash flow exposures on the variable- rate debt we hold. We determine the fair value of interest rate swaps at the reporting date by discounting the future cash flows, using the yield curves at the reporting date and the credit risk inherent in the contract. This fair value is disclosed on the following pages. The average interest rate is based on the outstanding balances at the end of the financial year. Cash flow hedges The following table details the notional principal amounts and remaining terms of interest rate swap contracts outstanding, as at the reporting date:
Average contract
fixed interest rate
Notional principal amount
Fair value
Outstanding receive-floating, 2026 2025 2026 2025 2026 2025
pay-fixed interest rate swaps % % \u00a3m \u00a3m \u00a3m \u00a3m
USD interest rate swaps
One to five years
3.94
4.49
10.6
72.1
\u2013
(0.3)
EUR interest rate swaps
One to five years
2.15
2.15
10.8
10.7
0.1
(0.1)
GBP interest rate swaps
One to five years
\u2013
3.45
\u2013
60.0
\u2013
(0.1)
The interest rate swaps settle on a quarterly basis. The corresponding floating rate on the interest rate swaps is three months. For USD the floating rate is SOFR daily compounded with a five-day lookback, for EUR the floating rate is three-month Euribor, and for GBP the floating rate is SONIA daily compounded with a five-day lookback. We settle the difference between the fixed and floating interest rate on a net basis. Interest rate swap contracts that exchange floating-rate interest amounts for fixed-rate interest amounts are designated as cash flow hedges, to reduce our cash flow exposure resulting from variable interest rates on borrowings. The interest rate swaps and the interest payments on the loan occur simultaneously and we recognise the amount deferred in equity in the Income Statement, over the period that the floating rate interest payments on debt affect the Income Statement. The table below shows a reconciliation of the gains or losses in hedging reserves:
2026 2025
\u00a3m \u00a3m
(Loss)/gain at the start of the year
(0.4)
0.8
Effective gains/(losses) recognised in equity in period
0.5
(1.2)
Balance carried forward in equity as effective gains/(losses)
0.1
(0.4)
Commodity hedges The Group hedges both feed and slaughter exposures using Chicago Mercantile Exchange lean hog, corn and soybean meal commodity futures contracts.
Average price
Notional principal amount
Fair value
2026 2025 2026 2025 2026 2025
Commodity hedge US$ US$ \u00a3m \u00a3m \u00a3m \u00a3m
Open commodity contracts
as at June
Lean hog
0.90
0.92
13.8
12.2
0.8
(1.1)
Corn
4.74
4.58
(7.2)
(6.0)
(0.5)
(0.3)
Soybean meal
312.83
315.48
(4.5)
(4.1)
(0.1)
(0.3)
2.1
2.1
0.2
(1.7)
Net investment hedges At 30 June 2025, the Group had net investment hedges designating the first EUR 15.5m of the net assets of Pig Improvement Company Espa\u00f1a S.A. and the first EUR 32m of the net assets for Fyfield Holland B.V. as a hedged item, using EUR 47.5m of borrowings. On 17 November 2025 the Group de-designated EUR 3m of the net assets of Pig Improvement Company Espa\u00f1a S.A. and EUR 7m of the net assets of Fyfield Holland B.V. Therefore, as at 30 June 2026 the Group has designated EUR 12.5m (GBP 10.8m) of the net assets of its subsidiary Pig Improvement Company Espa\u00f1a S.A. and EUR 25m (GBP 21.5m) of the net assets of its subsidiary Fyfield Holland B.V. as net investment hedges. These net investment hedges represent 49% of the Group\u2019s Euro net assets as at this date. The table below shows a reconciliation of the gains or losses deferred in equity:
2026 2025
\u00a3m \u00a3m
Loss at the start of the year
(0.5)
\u2013
Effective losses recognised in equity in period
(0.3)
(0.5)
Balance carried forward in equity as effective losses
(0.8)
(0.5)
Credit risk management Credit risk is the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the Group. We have a policy of only dealing with creditworthy counterparties. We regularly monitor our exposure and the credit ratings of our counterparties, and the aggregate value of transactions concluded is spread amongst approved counterparties. Credit exposure on financial instruments is controlled by counterparty limits that the Board reviews and approves annually. Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. We carry out ongoing credit evaluation of the financial condition of accounts receivable. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies and is deemed immaterial. Liquidity risk management The Board of Directors has ultimate responsibility for managing liquidity risk. We manage this risk by maintaining adequate reserves and banking facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Liquidity and interest risk tables For non-derivative financial liabilities, see notes 27, 28 and 38. The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities, excluding trade payables and other creditors which are short term and, as disclosed in note 23, have an average credit period of 26 days (2025: 24 days). We have drawn up the table based on the undiscounted cash flows of financial liabilities, using the earliest date on which we can be required to pay. The table includes both interest and principal cash flows.
Weighted
average
effective Less than 3 months\u2013
interest rate 1 month 1\u20133 months 1 year 1\u20135 years 5+ years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
Loans and
borrowings
4.50
5.4
0.7
2.7
89.3
\u2013
98.1
Lease liabilities
5.28
2.3
3.4
5.6
17.8
0.6
29.7
Deferred
consideration
6.19
2.7
\u2013
\u2013
5.3
\u2013
8.0
Variable interest
rate instruments
5.32
10.4
4.1
8.3
112.4
0.6
135.8
2025
Loans and
borrowings
4.54
9.5
1.7
9.4
260.5
\u2013
281.1
Lease liabilities
4.76
2.4
3.3
9.8
31.1
7.5
54.1
Deferred
consideration
\u2013
\u2013
\u2013
2.6
7.9
\u2013
10.5
Variable interest
rate instruments
4.65
11.9
5.0
21.8
299.5
7.5
345.7
The following table details the Group\u2019s expected maturity for other non-derivative financial assets, excluding trade receivables and other debtors. We have drawn up this table based on the undiscounted contractual maturities of the assets, including interest we will earn on them, except where we expect the cash flow to occur in a different period.
Weighted
average
effective Less than 3 months\u2013
interest rate 1 month 1\u20133 months 1 year 1\u20135 years 5+ years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
Variable interest
rate instruments
1.88
43.7
\u2013
\u2013
\u2013
\u2013
43.7
2025
Variable interest
rate instruments
2.11
48.0
\u2013
\u2013
\u2013
\u2013
48.0
The Group has financing facilities with a total unused amount of \u00a3263.8m (2025: \u00a3119.4m) at the balance sheet date. We expect to meet our other obligations from operating cash flows and the proceeds of maturing financial assets. We expect to reduce the debt to equity ratio, as borrowings decrease through repayment from operating cash flows. The following table details the Group\u2019s liquidity analysis for its derivative financial instruments. We have drawn up the table based on the undiscounted net cash outflows on derivative instruments that settle on a net basis and the undiscounted gross outflows on derivatives that require gross settlement. When the amount payable or receivable is not fixed, we have determined the amount disclosed by reference to the projected interest and foreign currency rates, as illustrated by the yield curves at the reporting date.
Less than 3 months\u2013
1 month 1\u20133 months 1 year 1\u20135 years 5+ years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
Foreign exchange contracts
(0.2)
\u2013
\u2013
\u2013
\u2013
(0.2)
Commodity swaps
\u2013
0.1
0.1
\u2013
\u2013
0.2
Interest rate swaps
\u2013
\u2013
\u2013
0.1
\u2013
0.1
2025
Foreign exchange contracts
(0.1)
0.1
\u2013
\u2013
\u2013
\u2013
Commodity swaps
(0.5)
(0.4)
(0.8)
\u2013
\u2013
(1.7)
Interest rate swaps
0.2
0.2
(0.7)
(0.2)
\u2013
(0.5)
Commodity swaps and interest rate swaps are always settled on a net basis. Foreign exchange contracts can be settled on a net or gross basis; the net cash flows presented in the table above reflect an inflow of \u00a361.5m and outflow of \u00a361.7m (2025: inflow of \u00a363.4m and outflow of \u00a363.4m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-518": { "value": "26. FINANCIAL INSTRUMENTS This note details our treasury management and financial risk management objectives and policies, as well as the Group\u2019s exposure and sensitivity to credit, liquidity, interest and foreign exchange rate risk, and the policies in place to monitor and manage these risks. Financial risk management objectives The Group\u2019s corporate treasury function provides services to the business, coordinates our access to domestic and international financial markets, and monitors and manages the financial risks relating to the Group\u2019s operations, through internal risk reports that analyse exposures by degree and magnitude of risk. These risks include market risk (including currency risk, fair value interest rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk. We seek to minimise the effects of these risks by hedging them using derivative financial instruments. Our use of financial derivatives is governed by policies approved by the Board of Directors, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and the investment of excess liquidity. The Board of Directors regularly reviews our compliance with policies and exposure limits. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. Key financial risks and exposures are monitored through a monthly report to the Board of Directors, together with an annual Board review of corporate treasury matters. Financial risk The principal financial risks our activities expose us to are the risks of changes in foreign currency exchange rates, interest rates and commodity prices. We use derivative financial instruments to manage our exposure to interest rate, foreign currency and commodity price risks, including: \u2022 forward foreign exchange contracts, to hedge the exchange rate risk arising on the sale of goods and purchase of supplies in foreign currencies; \u2022 interest rate swaps, to mitigate the risk of rising interest rates; and \u2022 forward commodity contracts, to hedge commodity price risk. Accounting policies Financial instruments Financial assets and liabilities in respect of financial instruments are recognised on the Group Balance Sheet when the Group becomes a party to the instrument\u2019s contractual provisions. Financial liabilities and equity instruments Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the Group\u2019s assets after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted for specific financial liabilities and equity instruments are set out below. Put option arrangements over non-controlling interest The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as financial liabilities. The amount that may become payable under the option on exercise is initially recognised at present value within financial liabilities, with a corresponding charge directly to equity. The charge to equity is recognised separately as written put options over non-controlling interest, adjacent to non-controlling interest in the net assets of consolidated subsidiaries. Such options are subsequently measured at amortised cost, using the effective interest rate method, in order to accrete the liability up to the amount payable under the option at the date at which it first becomes exercisable. The charge arising is recorded as a financing cost. If the option expires unexercised, the liability is derecognised, with a corresponding adjustment to equity. Derivative financial instruments Derivatives are recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Income Statement immediately, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Income Statement depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements, unless the Group has both a legally enforceable right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The fair value of interest rate swaps is the estimated amount that we would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates and the creditworthiness of the swap counterparties. The fair values of forward exchange contracts and forward commodity contracts are their quoted market prices at the balance sheet date, which is the present value of the quoted forward price. Hedging activities The Group designates certain derivatives as hedging instruments in respect of foreign exchange risk, interest rate risk and commodity risk in fair value hedges, cash flow hedges, or hedges of net investments in foreign operations. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts. The Group designates only the intrinsic value of option contracts as a hedged item, i.e. excluding the time value of the option. The changes in the fair value of the aligned time value of the option are recognised in Other Comprehensive Income and accumulated in the cost of hedging reserve. If the hedged item is transaction-related, the time value is reclassified to the Income Statement when the hedged item affects the Income Statement. If the hedged item is time-period-related, then the amount accumulated in the cost of hedging reserve is reclassified to the Income Statement on a rational basis, applying straight-line amortisation. Those reclassified amounts are recognised in the Income Statement in the same line as the hedged item. If the hedged item is a non-financial item, then the amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. Furthermore, if the Group expects that some or all of the loss accumulated in the cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. Cash flow hedges The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognised in Other Comprehensive Income and accumulated under the heading of cash flow hedging reserve, and limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement and is included in the \u2018other gains and losses\u2019 line item. Amounts previously recognised in Other Comprehensive Income and accumulated in equity are reclassified to the Income Statement in the periods when the hedged item affects the Income Statement, in the same line as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in Other Comprehensive Income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non- financial liability. This transfer does not affect Other Comprehensive Income. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in Other Comprehensive Income and accumulated in the cash flow hedging reserve at that time remains in equity and is reclassified to the Income Statement when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedging reserve is reclassified immediately to the Income Statement. Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates on the fair value of issued fixed-rate debt held and the cash flow exposures on the issued variable-rate debt held. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract. The average interest rate is based on the outstanding balances at the end of the financial year. If the critical terms of the interest rate swap contracts and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the interest rate swap contracts and the value of the corresponding hedged items will systematically change in opposite directions, in response to movements in the underlying interest rates. The main source of hedge ineffectiveness in these hedge relationships is the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the interest rate swap contracts, which is not reflected in the fair value of the hedged item attributable to the change in interest rates. No other sources of ineffectiveness emerged from these hedging relationships. Net investment hedges Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the foreign currency forward contracts relating to the effective portion of the hedge is recognised in Other Comprehensive Income and accumulated in the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement, and is included in the \u2018other gains and losses\u2019 line item. Gains and losses on the hedging instrument accumulated in the foreign currency translation reserve are reclassified to the Income Statement on the disposal or partial disposal of the foreign operation. We only apply net investment hedge accounting in the Group Financial Statements. The hedge ratio will be less than 100% if the net assets of the hedged item fall below the hedging instrument. No hedge ineffectiveness emerged from these hedging relationships as the currency and principal amount of both the hedged item and hedging instrument exactly match. Capital risk management The Group manages its capital to ensure that Group entities can continue as going concerns, while maximising the return to shareholders by optimising our debt and equity balance. The Group\u2019s capital structure consists of debt, which includes the borrowings disclosed in note 27, cash and cash equivalents, and equity attributable to equity holders of the Parent, comprising issued capital, reserves and retained earnings, as disclosed in note 31. Following receipt of the \u00a397.7m net proceeds after taxation from the part disposal of PIC China (see Note 42), the Group has conducted a review of its resulting capital structure and has decided in accordance with its capital allocation framework to launch a \u00a360m share buy-back programme with immediate effect to rebalance its debt-equity ratio.
Gearing ratio
The Group keeps its capital structure under review and monitors it monthly to ensure the gearing ratio
remains below 60%. The Group is not subject to externally imposed capital requirements. The gearing
ratio at the year end was as follows:
2026 2025
\u00a3m \u00a3m
Debt (see note 27)
107.5
265.9
Interest bearing deferred consideration (see note 38)
8.0
10.3
Cash and cash equivalents (see note 22)
(43.7)
(48.0)
Net debt (see note 32)
71.8
228.2
Equity
766.7
476.1
Net debt to equity ratio
9.4%
48%
Debt is defined as long-term and short-term borrowings, including lease obligations as detailed
in note 27.
Equity includes all capital and reserves of the Group attributable to equity holders of the Parent.
Categories of financial instruments
We have categorised financial instruments held at fair value into a three-level fair value hierarchy,
based on the priority of the inputs to the valuation technique in accordance with IFRS 13. The hierarchy
gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and
the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within
different levels of the hierarchy, we base the category level on the lowest priority level input that is
significant to the fair value measurement of the instrument in its entirety. We have estimated the fair
values of the Group\u2019s outstanding interest rate swaps by calculating the present value of future cash
flows, using appropriate market discount rates, representing Level 2 fair value measurements as
defined by IFRS 13.
2026
Carrying value
2025
Carrying value
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Other investments
0.1
\u2013
3.2
3.3
0.1
\u2013
3.1
3.2
Trade receivables and
other debtors,
excluding prepayments
\u2013
119.9
\u2013
119.9
\u2013
123.1
\u2013
123.1
Cash and cash
equivalents
\u2013
43.7
\u2013
43.7
\u2013
48.0
\u2013
48.0
Derivative instruments
in non-designated
hedge relationships
\u2013
0.2
\u2013
0.2
\u2013
0.1
\u2013
0.1
Derivative instruments
in designated hedge
accounting
relationships
\u2013
0.1
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
0.1
163.9
3.2
167.2
0.1
171.2
3.1
174.4
Financial liabilities
Trade and other
payables, excluding
other taxes and social
security (see note 23)
\u2013
(86.5)
\u2013
(86.5)
\u2013
(98.8)
\u2013
(98.8)
Loans and overdrafts
(see note 27)
\u2013
(81.4)
\u2013
(81.4)
\u2013
(218.8)
\u2013
(218.8)
Leasing obligations (see
note 28)
\u2013
(25.7)
\u2013
(25.7)
\u2013
(47.1)
\u2013
(47.1)
Derivative instruments
in non-designated
hedge relationships
\u2013
(0.1)
\u2013
(0.1)
\u2013
(1.7)
\u2013
(1.7)
Derivative instruments
in designated hedge
accounting
relationships
\u2013
\u2013
\u2013
\u2013
\u2013
(0.6)
\u2013
(0.6)
Put option over
non-controlling interest
\u2013
(0.9)
\u2013
(0.9)
\u2013
(0.9)
\u2013
(0.9)
Deferred consideration
(see note 38)
\u2013
\u2013
(8.2)
(8.2)
\u2013
\u2013
(10.5)
(10.5)
\u2013
(194.6)
(8.2)
(202.8)
\u2013
(367.9)
(10.5)
(378.4)
Foreign currency risk management
We undertake transactions denominated in foreign currencies.
The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and monetary
liabilities (excluding short-term amounts related to our ongoing trade, recognised as trade receivables
and trade payables) at the reporting date were as follows:
Liabilities
Assets
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
US Dollar
(33.3)
(80.4)
3.1
2.3
Euro
(34.1)
(40.9)
2.0
2.8
Canadian Dollar
\u2013
(0.1)
\u2013
\u2013
New Zealand Dollar
\u2013
\u2013
\u2013
0.1
Chilean Peso
\u2013
\u2013
0.4
0.7
Foreign currency Income Statement sensitivity analysis
The Group is mainly exposed to movements in the US Dollar, Euro, Brazilian Real, Mexican Peso, Chinese
Yuan and Russian Rouble exchange rates.
The following table details the Group\u2019s profit sensitivity to a 10% and 20% increase and decrease in
Sterling against these currencies. 10% is the sensitivity rate used when reporting foreign currency risk
internally to key management and represents our assessment of a significant change in foreign
exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated
monetary items and adjusts their translation at the period end for a 10% or 20% change in foreign
currency rates. It includes external loans, as well as loans to foreign operations within the Group where
the loan is denominated in a currency other than the lender or borrower\u2019s currency. A positive number
below indicates an increase in profit when Sterling weakens against the relevant currency. A
strengthening of Sterling against the relevant currency would produce an equal but opposite
reduction in profit, and the balances below would be negative.
20% currency movement
10% currency movement
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Euro
4.8
3.9
2.4
2.0
US Dollar
7.6
6.9
3.8
3.5
Brazilian Real
4.8
2.6
2.4
1.3
Mexican Peso
3.8
3.4
1.9
1.7
Chinese Yuan
2.3
1.9
1.2
1.0
Russian Rouble
0.9
1.0
0.5
0.5
Forward foreign exchange contracts
The Group\u2019s policy is to enter into forward foreign exchange contracts to cover specific foreign
currency payments and receipts. The following table details the forward foreign currency contracts
outstanding as at the year end:
Average exchange rate
Contract value
Fair value
Foreign 2026 2025 2026 2025
2026
2025
currency \u00a3m \u00a3m \u00a3m \u00a3m
Outstanding
contracts
Buy CHF
\u2013
0.91
CHF
\u2013
0.4
\u2013
\u2013
Buy CNY
\u2013
9.75
CNY
\u2013
\u2013
\u2013
\u2013
Buy COP
4,526.45
\u2013
COP
0.8
\u2013
\u2013
\u2013
Buy AUD
\u2013
2.09
AUD
\u2013
2.6
\u2013
\u2013
Sell AUD
1.88
\u2013
AUD
(0.1)
\u2013
\u2013
\u2013
Buy PHP
81.33
\u2013
PHP
3.7
\u2013
\u2013
\u2013
Sell PHP
\u2013
76.82
PHP
\u2013
0.4
\u2013
\u2013
Buy EUR
1.15
1.17
EUR
12.0
14.3
\u2013
0.1
Buy MXN
23.04
26.39
MXN
10.7
8.6
(0.1)
\u2013
Buy USD
\u2013
1.36
USD
\u2013
9.7
\u2013
(0.1)
Sell USD
1.32
\u2013
USD
(5.5)
\u2013
\u2013
\u2013
Sell INR
127.85
117.59
INR
(0.1)
0.1
\u2013
\u2013
Sell CAD
1.87
1.86
CAD
(0.6)
0.6
\u2013
\u2013
Sell RUB
\u2013
110.45
RUB
\u2013
0.1
\u2013
\u2013
Buy USD/Sell BRL
5.09
5.60
BRL
(0.2)
4.0
\u2013
\u2013
Buy USD/Sell CNY
6.79
\u2013
CNY
(0.2)
\u2013
\u2013
\u2013
Buy CLP/Sell USD
894.17
927.98
CLP
0.5
0.2
\u2013
\u2013
Buy PHP/Sell USD
61.34
55.92
PHP
4.1
2.7
\u2013
\u2013
Buy CAD/Sell USD
1.40
1.36
CAD
4.4
2.7
(0.1)
\u2013
Buy USD/Sell EUR
1.15
1.17
EUR
(1.5)
2.2
\u2013
\u2013
Buy USD/Sell RUB
75.60
\u2013
RUB
(0.6)
\u2013
\u2013
\u2013
Buy USD/Sell INR
95.46
85.61
INR
(0.7)
0.6
\u2013
\u2013
Buy USD/Sell ZAR
\u2013
17.81
ZAR
\u2013
0.1
\u2013
\u2013
Buy USD/Sell ARS
1,451.30
1,212.30
ARS
(0.8)
0.5
\u2013
\u2013
Buy USD/Sell MXN
17.44
19.04
MXN
(3.5)
0.3
\u2013
\u2013
Buy COP/Sell USD
\u2013
4,108.7
COP
\u2013
0.7
\u2013
\u2013
(0.2)
\u2013
Interest rate risk management
The objective of our interest rate risk management is to minimise the Group\u2019s net finance cost whilst at
the same time limiting exposure to interest rate fluctuations in the Group profit and loss account. In
order to achieve this, the target is to maintain a level of fixed rate cover between 60% and 90% of
external borrowings.
The Group has floating rate loan payments under the Facilities Agreement dated 10 June 2025 as
amended on 3 June 2026 that bear USD, EUR, and GBP interest at floating rates. In order to fix the
interest rate on this debt, the Group has entered into interest rate swaps, where the Group pays
interest at a fixed interest rate and the Counterparty pays interest to the Group at a floating rate. As a
result, the Group is protected from increased interest costs arising from any future increases in USD,
EUR, and GBP interest rates.
We regularly review our hedging activities, to align with our interest rate views and defined risk
appetite, thereby ensuring we apply optimal hedging strategies to minimise the adverse impact of
fluctuations in interest expense through different interest rate cycles.
The Group\u2019s exposures to interest rates on financial assets and financial liabilities are detailed in the
liquidity risk management section of this note.
Interest rate sensitivity analysis
We have determined the sensitivity analyses below, based on the Group\u2019s exposure to interest rates for
both derivatives and non-derivative instruments, at the balance sheet date. For floating rate liabilities, we
prepared the analysis assuming the liability outstanding at the balance sheet date was outstanding for
the whole year. A 1.0 percentage point increase or decrease is used when reporting interest rate risk
internally to key management and is our assessment of a significant change in interest rates.
If interest rates had been 1.0 percentage point higher or lower and all other variables were held
constant, the Group\u2019s profit would have decreased or increased by \u00a30.9m (2025: decrease/increase by
\u00a30.9m). This impact is smaller than would otherwise be the case, due to our fixed-rate hedging.
Interest rate swap contracts
Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and
floating rate interest amounts, calculated on agreed notional principal amounts. These contracts
enable us to mitigate the risk of changing interest rates on the cash flow exposures on the variable-
rate debt we hold. We determine the fair value of interest rate swaps at the reporting date by
discounting the future cash flows, using the yield curves at the reporting date and the credit risk
inherent in the contract. This fair value is disclosed on the following pages. The average interest rate
is based on the outstanding balances at the end of the financial year.
Cash flow hedges
The following table details the notional principal amounts and remaining terms of interest rate swap
contracts outstanding, as at the reporting date:
Average contract
fixed interest rate
Notional principal amount
Fair value
Outstanding receive-floating, 2026 2025 2026 2025 2026 2025
pay-fixed interest rate swaps % % \u00a3m \u00a3m \u00a3m \u00a3m
USD interest rate swaps
One to five years
3.94
4.49
10.6
72.1
\u2013
(0.3)
EUR interest rate swaps
One to five years
2.15
2.15
10.8
10.7
0.1
(0.1)
GBP interest rate swaps
One to five years
\u2013
3.45
\u2013
60.0
\u2013
(0.1)
The interest rate swaps settle on a quarterly basis. The corresponding floating rate on the interest rate
swaps is three months. For USD the floating rate is SOFR daily compounded with a five-day lookback,
for EUR the floating rate is three-month Euribor, and for GBP the floating rate is SONIA daily
compounded with a five-day lookback. We settle the difference between the fixed and floating
interest rate on a net basis.
Interest rate swap contracts that exchange floating-rate interest amounts for fixed-rate interest
amounts are designated as cash flow hedges, to reduce our cash flow exposure resulting from variable
interest rates on borrowings. The interest rate swaps and the interest payments on the loan occur
simultaneously and we recognise the amount deferred in equity in the Income Statement, over the
period that the floating rate interest payments on debt affect the Income Statement.
The table below shows a reconciliation of the gains or losses in hedging reserves:
2026 2025
\u00a3m \u00a3m
(Loss)/gain at the start of the year
(0.4)
0.8
Effective gains/(losses) recognised in equity in period
0.5
(1.2)
Balance carried forward in equity as effective gains/(losses)
0.1
(0.4)
Commodity hedges
The Group hedges both feed and slaughter exposures using Chicago Mercantile Exchange lean hog,
corn and soybean meal commodity futures contracts.
Average price
Notional principal amount
Fair value
2026 2025 2026 2025 2026 2025
Commodity hedge US$ US$ \u00a3m \u00a3m \u00a3m \u00a3m
Open commodity contracts
as at June
Lean hog
0.90
0.92
13.8
12.2
0.8
(1.1)
Corn
4.74
4.58
(7.2)
(6.0)
(0.5)
(0.3)
Soybean meal
312.83
315.48
(4.5)
(4.1)
(0.1)
(0.3)
2.1
2.1
0.2
(1.7)
Net investment hedges
At 30 June 2025, the Group had net investment hedges designating the first EUR 15.5m of the net assets of
Pig Improvement Company Espa\u00f1a S.A. and the first EUR 32m of the net assets for Fyfield Holland B.V. as a
hedged item, using EUR 47.5m of borrowings.
On 17 November 2025 the Group de-designated EUR 3m of the net assets of Pig Improvement
Company Espa\u00f1a S.A. and EUR 7m of the net assets of Fyfield Holland B.V.
Therefore, as at 30 June 2026 the Group has designated EUR 12.5m (GBP 10.8m) of the net assets of its
subsidiary Pig Improvement Company Espa\u00f1a S.A. and EUR 25m (GBP 21.5m) of the net assets of its
subsidiary Fyfield Holland B.V. as net investment hedges. These net investment hedges represent 49%
of the Group\u2019s Euro net assets as at this date.
The table below shows a reconciliation of the gains or losses deferred in equity:
2026 2025
\u00a3m \u00a3m
Loss at the start of the year
(0.5)
\u2013
Effective losses recognised in equity in period
(0.3)
(0.5)
Balance carried forward in equity as effective losses
(0.8)
(0.5)
Credit risk management
Credit risk is the risk that a counterparty will default on its contractual obligations, resulting in financial
loss to the Group. We have a policy of only dealing with creditworthy counterparties. We regularly
monitor our exposure and the credit ratings of our counterparties, and the aggregate value of
transactions concluded is spread amongst approved counterparties. Credit exposure on financial
instruments is controlled by counterparty limits that the Board reviews and approves annually.
Trade receivables consist of a large number of customers, spread across diverse industries and
geographical areas. We carry out ongoing credit evaluation of the financial condition of accounts
receivable.
The credit risk on liquid funds and derivative financial instruments is limited because the
counterparties are banks with high credit ratings assigned by international credit-rating
agencies and is deemed immaterial.
Liquidity risk management
The Board of Directors has ultimate responsibility for managing liquidity risk. We manage this risk
by maintaining adequate reserves and banking facilities, by continuously monitoring forecast
and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.
Liquidity and interest risk tables
For non-derivative financial liabilities, see notes 27, 28 and 38.
The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial
liabilities, excluding trade payables and other creditors which are short term and, as disclosed in note
23, have an average credit period of 26 days (2025: 24 days). We have drawn up the table based on
the undiscounted cash flows of financial liabilities, using the earliest date on which we can be required
to pay. The table includes both interest and principal cash flows.
Weighted
average
effective Less than 3 months\u2013
interest rate 1 month 1\u20133 months 1 year 1\u20135 years 5+ years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
Loans and
borrowings
4.50
5.4
0.7
2.7
89.3
\u2013
98.1
Lease liabilities
5.28
2.3
3.4
5.6
17.8
0.6
29.7
Deferred
consideration
6.19
2.7
\u2013
\u2013
5.3
\u2013
8.0
Variable interest
rate instruments
5.32
10.4
4.1
8.3
112.4
0.6
135.8
2025
Loans and
borrowings
4.54
9.5
1.7
9.4
260.5
\u2013
281.1
Lease liabilities
4.76
2.4
3.3
9.8
31.1
7.5
54.1
Deferred
consideration
\u2013
\u2013
\u2013
2.6
7.9
\u2013
10.5
Variable interest
rate instruments
4.65
11.9
5.0
21.8
299.5
7.5
345.7
The following table details the Group\u2019s expected maturity for other non-derivative financial assets,
excluding trade receivables and other debtors. We have drawn up this table based on the undiscounted
contractual maturities of the assets, including interest we will earn on them, except where we expect the
cash flow to occur in a different period.
Weighted
average
effective Less than 3 months\u2013
interest rate 1 month 1\u20133 months 1 year 1\u20135 years 5+ years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
Variable interest
rate instruments
1.88
43.7
\u2013
\u2013
\u2013
\u2013
43.7
2025
Variable interest
rate instruments
2.11
48.0
\u2013
\u2013
\u2013
\u2013
48.0
The Group has financing facilities with a total unused amount of \u00a3263.8m (2025: \u00a3119.4m) at the balance
sheet date. We expect to meet our other obligations from operating cash flows and the proceeds of
maturing financial assets. We expect to reduce the debt to equity ratio, as borrowings decrease
through repayment from operating cash flows.
The following table details the Group\u2019s liquidity analysis for its derivative financial instruments. We
have drawn up the table based on the undiscounted net cash outflows on derivative instruments that
settle on a net basis and the undiscounted gross outflows on derivatives that require gross settlement.
When the amount payable or receivable is not fixed, we have determined the amount disclosed by
reference to the projected interest and foreign currency rates, as illustrated by the yield curves at the
reporting date.
Less than 3 months\u2013
1 month 1\u20133 months 1 year 1\u20135 years 5+ years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
Foreign exchange contracts
(0.2)
\u2013
\u2013
\u2013
\u2013
(0.2)
Commodity swaps
\u2013
0.1
0.1
\u2013
\u2013
0.2
Interest rate swaps
\u2013
\u2013
\u2013
0.1
\u2013
0.1
2025
Foreign exchange contracts
(0.1)
0.1
\u2013
\u2013
\u2013
\u2013
Commodity swaps
(0.5)
(0.4)
(0.8)
\u2013
\u2013
(1.7)
Interest rate swaps
0.2
0.2
(0.7)
(0.2)
\u2013
(0.5)
Commodity swaps and interest rate swaps are always settled on a net basis. Foreign exchange
contracts can be settled on a net or gross basis; the net cash flows presented in the table above
reflect an inflow of \u00a361.5m and outflow of \u00a361.7m (2025: inflow of \u00a363.4m and outflow of \u00a363.4m).
27. LOANS AND BORROWINGS
The Group\u2019s borrowing for funding and liquidity purposes comes from a range of committed
bank facilities.
Interest-bearing loans and borrowings
We initially recognise interest-bearing loans and borrowings at their fair value, less attributable
transaction costs. After this initial recognition, we state them at amortised cost and recognise any
difference between the cost and redemption value in the Income Statement over the borrowings\u2019
expected life, on an effective interest rate basis. The carrying values of these liabilities are a
reasonable approximation of their fair values.
2026 2025
\u00a3m \u00a3m
Non-current liabilities
Unsecured bank loans
77.0
215.9
Obligations under leases
16.4
33.8
93.4
249.7
Current liabilities
Unsecured bank loans and overdrafts
4.3
2.9
Obligations under leases
9.8
13.3
14.1
16.2
Total interest-bearing liabilities
107.5
265.9
Terms and debt repayment schedule
Terms and conditions of outstanding loans and overdrafts were as follows:
2025 2026 2025
Currency Interest rate \u00a3m \u00a3m
Revolving credit facility and overdraft
GBP
5.2%
14.6
105.1
Revolving credit facility, term loan and overdraft
USD
5.0%
33.2
72.1
Revolving credit facility and overdraft
EUR
3.6%
32.8
41.0
Obligations under leases
USD
5.3%
26.2
47.1
Other unsecured bank borrowings
Other
4.5%
0.7
0.6
Total interest-bearing liabilities
107.5
265.9
The above revolving credit facilities are unsecured. Information about the Group\u2019s exposure to interest
rate and foreign currency risks is shown in note 26.
2026 2025
Loans and borrowings (excluding leases) comprise amounts falling due: \u00a3m \u00a3m
In one year or less or on demand
5.2
3.8
In more than one year but not more than two years
\u2013
\u2013
In more than two years but not more than five years
78.4
217.6
83.6
221.4
Less: unamortised issue costs
(2.3)
(2.6)
81.3
218.8
Current liabilities
(4.3)
(2.9)
Non-current liabilities
77.0
215.9
On 10 June 2025, the Company renewed its Facilities Agreement with a group of eight banks and at the
balance sheet date, the Company\u2019s credit facilities under this agreement comprised a \u00a3220m multi-
currency revolving credit facility (\u2018RCF\u2019) and a USD 150m RCF. The term of the new facility is for four years
maturing on 9 June 2029. The facility includes two one-year extension options, exercisable not more than
60 days, nor less than 30 days, prior to the first and second anniversaries of the signing date of 10 June
2025. The first of these extensions was exercised on 3 June 2026, extending the maturity of the Facility
agreement to 9 June 2030. The facility also includes an uncommitted \u00a3100m accordion feature for future
business development opportunities. In addition to the RCF facilities, the Company has approximately
\u00a313m of bilateral facilities supporting its GBP, EUR, and USD pooling arrangements. The Company had
headroom of \u00a3263.8m in its combined facilities at 30 June 2026.
As part of its interest rate hedging strategy, the Company has entered into interest rate swaps to hedge
variable interest rates. During the year to 30 June 2026, bank loan and overdrafts included borrowings of
USD 89.7m fixed at 4.12%, borrowings of \u00a347.8m fixed at 3.45% and borrowings of EUR 12.5m fixed at 2.15%
excluding applicable bank margins. Approximately 27% of total facility borrowings are covered by these
interest rate swaps as at 30 June 2026 with an average maturity of 16 months. Additional fixed interest
rate cover was added in July 2026, at an average fixed rate of 3.32% to increase the rate of fixed
coverage to 69%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-607": { "value": "26. FINANCIAL INSTRUMENTS This note details our treasury management and financial risk management objectives and policies, as well as the Group\u2019s exposure and sensitivity to credit, liquidity, interest and foreign exchange rate risk, and the policies in place to monitor and manage these risks. Financial risk management objectives The Group\u2019s corporate treasury function provides services to the business, coordinates our access to domestic and international financial markets, and monitors and manages the financial risks relating to the Group\u2019s operations, through internal risk reports that analyse exposures by degree and magnitude of risk. These risks include market risk (including currency risk, fair value interest rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk. We seek to minimise the effects of these risks by hedging them using derivative financial instruments. Our use of financial derivatives is governed by policies approved by the Board of Directors, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and the investment of excess liquidity. The Board of Directors regularly reviews our compliance with policies and exposure limits. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. Key financial risks and exposures are monitored through a monthly report to the Board of Directors, together with an annual Board review of corporate treasury matters. Financial risk The principal financial risks our activities expose us to are the risks of changes in foreign currency exchange rates, interest rates and commodity prices. We use derivative financial instruments to manage our exposure to interest rate, foreign currency and commodity price risks, including: \u2022 forward foreign exchange contracts, to hedge the exchange rate risk arising on the sale of goods and purchase of supplies in foreign currencies; \u2022 interest rate swaps, to mitigate the risk of rising interest rates; and \u2022 forward commodity contracts, to hedge commodity price risk. Accounting policies Financial instruments Financial assets and liabilities in respect of financial instruments are recognised on the Group Balance Sheet when the Group becomes a party to the instrument\u2019s contractual provisions. Financial liabilities and equity instruments Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the Group\u2019s assets after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted for specific financial liabilities and equity instruments are set out below. Put option arrangements over non-controlling interest The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as financial liabilities. The amount that may become payable under the option on exercise is initially recognised at present value within financial liabilities, with a corresponding charge directly to equity. The charge to equity is recognised separately as written put options over non-controlling interest, adjacent to non-controlling interest in the net assets of consolidated subsidiaries. Such options are subsequently measured at amortised cost, using the effective interest rate method, in order to accrete the liability up to the amount payable under the option at the date at which it first becomes exercisable. The charge arising is recorded as a financing cost. If the option expires unexercised, the liability is derecognised, with a corresponding adjustment to equity. Derivative financial instruments Derivatives are recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Income Statement immediately, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Income Statement depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements, unless the Group has both a legally enforceable right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The fair value of interest rate swaps is the estimated amount that we would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates and the creditworthiness of the swap counterparties. The fair values of forward exchange contracts and forward commodity contracts are their quoted market prices at the balance sheet date, which is the present value of the quoted forward price. Hedging activities The Group designates certain derivatives as hedging instruments in respect of foreign exchange risk, interest rate risk and commodity risk in fair value hedges, cash flow hedges, or hedges of net investments in foreign operations. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts. The Group designates only the intrinsic value of option contracts as a hedged item, i.e. excluding the time value of the option. The changes in the fair value of the aligned time value of the option are recognised in Other Comprehensive Income and accumulated in the cost of hedging reserve. If the hedged item is transaction-related, the time value is reclassified to the Income Statement when the hedged item affects the Income Statement. If the hedged item is time-period-related, then the amount accumulated in the cost of hedging reserve is reclassified to the Income Statement on a rational basis, applying straight-line amortisation. Those reclassified amounts are recognised in the Income Statement in the same line as the hedged item. If the hedged item is a non-financial item, then the amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. Furthermore, if the Group expects that some or all of the loss accumulated in the cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. Cash flow hedges The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognised in Other Comprehensive Income and accumulated under the heading of cash flow hedging reserve, and limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement and is included in the \u2018other gains and losses\u2019 line item. Amounts previously recognised in Other Comprehensive Income and accumulated in equity are reclassified to the Income Statement in the periods when the hedged item affects the Income Statement, in the same line as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in Other Comprehensive Income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non- financial liability. This transfer does not affect Other Comprehensive Income. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in Other Comprehensive Income and accumulated in the cash flow hedging reserve at that time remains in equity and is reclassified to the Income Statement when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedging reserve is reclassified immediately to the Income Statement. Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates on the fair value of issued fixed-rate debt held and the cash flow exposures on the issued variable-rate debt held. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract. The average interest rate is based on the outstanding balances at the end of the financial year. If the critical terms of the interest rate swap contracts and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the interest rate swap contracts and the value of the corresponding hedged items will systematically change in opposite directions, in response to movements in the underlying interest rates. The main source of hedge ineffectiveness in these hedge relationships is the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the interest rate swap contracts, which is not reflected in the fair value of the hedged item attributable to the change in interest rates. No other sources of ineffectiveness emerged from these hedging relationships. Net investment hedges Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the foreign currency forward contracts relating to the effective portion of the hedge is recognised in Other Comprehensive Income and accumulated in the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement, and is included in the \u2018other gains and losses\u2019 line item. Gains and losses on the hedging instrument accumulated in the foreign currency translation reserve are reclassified to the Income Statement on the disposal or partial disposal of the foreign operation. We only apply net investment hedge accounting in the Group Financial Statements. The hedge ratio will be less than 100% if the net assets of the hedged item fall below the hedging instrument. No hedge ineffectiveness emerged from these hedging relationships as the currency and principal amount of both the hedged item and hedging instrument exactly match. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-619": { "value": "Financial liabilities and equity instruments Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the Group\u2019s assets after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted for specific financial liabilities and equity instruments are set out below. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-620": { "value": "Put option arrangements over non-controlling interest The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as financial liabilities. The amount that may become payable under the option on exercise is initially recognised at present value within financial liabilities, with a corresponding charge directly to equity. The charge to equity is recognised separately as written put options over non-controlling interest, adjacent to non-controlling interest in the net assets of consolidated subsidiaries. Such options are subsequently measured at amortised cost, using the effective interest rate method, in order to accrete the liability up to the amount payable under the option at the date at which it first becomes exercisable. The charge arising is recorded as a financing cost. If the option expires unexercised, the liability is derecognised, with a corresponding adjustment to equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-628": { "value": "Derivative financial instruments Derivatives are recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Income Statement immediately, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Income Statement depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements, unless the Group has both a legally enforceable right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The fair value of interest rate swaps is the estimated amount that we would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates and the creditworthiness of the swap counterparties. The fair values of forward exchange contracts and forward commodity contracts are their quoted market prices at the balance sheet date, which is the present value of the quoted forward price. Hedging activities The Group designates certain derivatives as hedging instruments in respect of foreign exchange risk, interest rate risk and commodity risk in fair value hedges, cash flow hedges, or hedges of net investments in foreign operations. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts. The Group designates only the intrinsic value of option contracts as a hedged item, i.e. excluding the time value of the option. The changes in the fair value of the aligned time value of the option are recognised in Other Comprehensive Income and accumulated in the cost of hedging reserve. If the hedged item is transaction-related, the time value is reclassified to the Income Statement when the hedged item affects the Income Statement. If the hedged item is time-period-related, then the amount accumulated in the cost of hedging reserve is reclassified to the Income Statement on a rational basis, applying straight-line amortisation. Those reclassified amounts are recognised in the Income Statement in the same line as the hedged item. If the hedged item is a non-financial item, then the amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. Furthermore, if the Group expects that some or all of the loss accumulated in the cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. Cash flow hedges The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognised in Other Comprehensive Income and accumulated under the heading of cash flow hedging reserve, and limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement and is included in the \u2018other gains and losses\u2019 line item. Amounts previously recognised in Other Comprehensive Income and accumulated in equity are reclassified to the Income Statement in the periods when the hedged item affects the Income Statement, in the same line as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in Other Comprehensive Income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non- financial liability. This transfer does not affect Other Comprehensive Income. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in Other Comprehensive Income and accumulated in the cash flow hedging reserve at that time remains in equity and is reclassified to the Income Statement when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedging reserve is reclassified immediately to the Income Statement. Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates on the fair value of issued fixed-rate debt held and the cash flow exposures on the issued variable-rate debt held. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract. The average interest rate is based on the outstanding balances at the end of the financial year. If the critical terms of the interest rate swap contracts and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the interest rate swap contracts and the value of the corresponding hedged items will systematically change in opposite directions, in response to movements in the underlying interest rates. The main source of hedge ineffectiveness in these hedge relationships is the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the interest rate swap contracts, which is not reflected in the fair value of the hedged item attributable to the change in interest rates. No other sources of ineffectiveness emerged from these hedging relationships. Net investment hedges Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the foreign currency forward contracts relating to the effective portion of the hedge is recognised in Other Comprehensive Income and accumulated in the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement, and is included in the \u2018other gains and losses\u2019 line item. Gains and losses on the hedging instrument accumulated in the foreign currency translation reserve are reclassified to the Income Statement on the disposal or partial disposal of the foreign operation. We only apply net investment hedge accounting in the Group Financial Statements. The hedge ratio will be less than 100% if the net assets of the hedged item fall below the hedging instrument. No hedge ineffectiveness emerged from these hedging relationships as the currency and principal amount of both the hedged item and hedging instrument exactly match. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-621": { "value": "Derivative financial instruments Derivatives are recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Income Statement immediately, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Income Statement depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements, unless the Group has both a legally enforceable right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The fair value of interest rate swaps is the estimated amount that we would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates and the creditworthiness of the swap counterparties. The fair values of forward exchange contracts and forward commodity contracts are their quoted market prices at the balance sheet date, which is the present value of the quoted forward price. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-622": { "value": "Hedging activities The Group designates certain derivatives as hedging instruments in respect of foreign exchange risk, interest rate risk and commodity risk in fair value hedges, cash flow hedges, or hedges of net investments in foreign operations. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts. The Group designates only the intrinsic value of option contracts as a hedged item, i.e. excluding the time value of the option. The changes in the fair value of the aligned time value of the option are recognised in Other Comprehensive Income and accumulated in the cost of hedging reserve. If the hedged item is transaction-related, the time value is reclassified to the Income Statement when the hedged item affects the Income Statement. If the hedged item is time-period-related, then the amount accumulated in the cost of hedging reserve is reclassified to the Income Statement on a rational basis, applying straight-line amortisation. Those reclassified amounts are recognised in the Income Statement in the same line as the hedged item. If the hedged item is a non-financial item, then the amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. Furthermore, if the Group expects that some or all of the loss accumulated in the cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. Cash flow hedges The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognised in Other Comprehensive Income and accumulated under the heading of cash flow hedging reserve, and limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement and is included in the \u2018other gains and losses\u2019 line item. Amounts previously recognised in Other Comprehensive Income and accumulated in equity are reclassified to the Income Statement in the periods when the hedged item affects the Income Statement, in the same line as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in Other Comprehensive Income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the non-financial asset or non- financial liability. This transfer does not affect Other Comprehensive Income. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to the Income Statement. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in Other Comprehensive Income and accumulated in the cash flow hedging reserve at that time remains in equity and is reclassified to the Income Statement when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedging reserve is reclassified immediately to the Income Statement. Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates on the fair value of issued fixed-rate debt held and the cash flow exposures on the issued variable-rate debt held. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract. The average interest rate is based on the outstanding balances at the end of the financial year. If the critical terms of the interest rate swap contracts and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the interest rate swap contracts and the value of the corresponding hedged items will systematically change in opposite directions, in response to movements in the underlying interest rates. The main source of hedge ineffectiveness in these hedge relationships is the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the interest rate swap contracts, which is not reflected in the fair value of the hedged item attributable to the change in interest rates. No other sources of ineffectiveness emerged from these hedging relationships. Net investment hedges Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the foreign currency forward contracts relating to the effective portion of the hedge is recognised in Other Comprehensive Income and accumulated in the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement, and is included in the \u2018other gains and losses\u2019 line item. Gains and losses on the hedging instrument accumulated in the foreign currency translation reserve are reclassified to the Income Statement on the disposal or partial disposal of the foreign operation. We only apply net investment hedge accounting in the Group Financial Statements. The hedge ratio will be less than 100% if the net assets of the hedged item fall below the hedging instrument. No hedge ineffectiveness emerged from these hedging relationships as the currency and principal amount of both the hedged item and hedging instrument exactly match. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-569": { "value": "
Capital risk management
The Group manages its capital to ensure that Group entities can continue as going concerns, while
maximising the return to shareholders by optimising our debt and equity balance. The Group\u2019s capital
structure consists of debt, which includes the borrowings disclosed in note 27, cash and cash
equivalents, and equity attributable to equity holders of the Parent, comprising issued capital,
reserves and retained earnings, as disclosed in note 31.
Following receipt of the \u00a397.7m net proceeds after taxation from the part disposal of PIC China (see
Note 42), the Group has conducted a review of its resulting capital structure and has decided in
accordance with its capital allocation framework to launch a \u00a360m share buy-back programme
with immediate effect to rebalance its debt-equity ratio.
Gearing ratio The Group keeps its capital structure under review and monitors it monthly to ensure the gearing ratio remains below 60%. The Group is not subject to externally imposed capital requirements. The gearing ratio at the year end was as follows:
2026 2025
\u00a3m \u00a3m
Debt (see note 27)
107.5
265.9
Interest bearing deferred consideration (see note 38)
8.0
10.3
Cash and cash equivalents (see note 22)
(43.7)
(48.0)
Net debt (see note 32)
71.8
228.2
Equity
766.7
476.1
Net debt to equity ratio
9.4%
48%
Debt is defined as long-term and short-term borrowings, including lease obligations as detailed in note 27. Equity includes all capital and reserves of the Group attributable to equity holders of the Parent. Categories of financial instruments We have categorised financial instruments held at fair value into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique in accordance with IFRS 13. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, we base the category level on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety. We have estimated the fair values of the Group\u2019s outstanding interest rate swaps by calculating the present value of future cash flows, using appropriate market discount rates, representing Level 2 fair value measurements as defined by IFRS 13.
2026
Carrying value
2025
Carrying value
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Other investments
0.1
\u2013
3.2
3.3
0.1
\u2013
3.1
3.2
Trade receivables and
other debtors,
excluding prepayments
\u2013
119.9
\u2013
119.9
\u2013
123.1
\u2013
123.1
Cash and cash
equivalents
\u2013
43.7
\u2013
43.7
\u2013
48.0
\u2013
48.0
Derivative instruments
in non-designated
hedge relationships
\u2013
0.2
\u2013
0.2
\u2013
0.1
\u2013
0.1
Derivative instruments
in designated hedge
accounting
relationships
\u2013
0.1
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
0.1
163.9
3.2
167.2
0.1
171.2
3.1
174.4
Financial liabilities
Trade and other
payables, excluding
other taxes and social
security (see note 23)
\u2013
(86.5)
\u2013
(86.5)
\u2013
(98.8)
\u2013
(98.8)
Loans and overdrafts
(see note 27)
\u2013
(81.4)
\u2013
(81.4)
\u2013
(218.8)
\u2013
(218.8)
Leasing obligations (see
note 28)
\u2013
(25.7)
\u2013
(25.7)
\u2013
(47.1)
\u2013
(47.1)
Derivative instruments
in non-designated
hedge relationships
\u2013
(0.1)
\u2013
(0.1)
\u2013
(1.7)
\u2013
(1.7)
Derivative instruments
in designated hedge
accounting
relationships
\u2013
\u2013
\u2013
\u2013
\u2013
(0.6)
\u2013
(0.6)
Put option over
non-controlling interest
\u2013
(0.9)
\u2013
(0.9)
\u2013
(0.9)
\u2013
(0.9)
Deferred consideration
(see note 38)
\u2013
\u2013
(8.2)
(8.2)
\u2013
\u2013
(10.5)
(10.5)
\u2013
(194.6)
(8.2)
(202.8)
\u2013
(367.9)
(10.5)
(378.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-587": { "value": "Foreign currency risk management We undertake transactions denominated in foreign currencies. The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities (excluding short-term amounts related to our ongoing trade, recognised as trade receivables and trade payables) at the reporting date were as follows:
Liabilities
Assets
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
US Dollar
(33.3)
(80.4)
3.1
2.3
Euro
(34.1)
(40.9)
2.0
2.8
Canadian Dollar
\u2013
(0.1)
\u2013
\u2013
New Zealand Dollar
\u2013
\u2013
\u2013
0.1
Chilean Peso
\u2013
\u2013
0.4
0.7
Foreign currency Income Statement sensitivity analysis The Group is mainly exposed to movements in the US Dollar, Euro, Brazilian Real, Mexican Peso, Chinese Yuan and Russian Rouble exchange rates. The following table details the Group\u2019s profit sensitivity to a 10% and 20% increase and decrease in Sterling against these currencies. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management and represents our assessment of a significant change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% or 20% change in foreign currency rates. It includes external loans, as well as loans to foreign operations within the Group where the loan is denominated in a currency other than the lender or borrower\u2019s currency. A positive number below indicates an increase in profit when Sterling weakens against the relevant currency. A strengthening of Sterling against the relevant currency would produce an equal but opposite reduction in profit, and the balances below would be negative.
20% currency movement
10% currency movement
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Euro
4.8
3.9
2.4
2.0
US Dollar
7.6
6.9
3.8
3.5
Brazilian Real
4.8
2.6
2.4
1.3
Mexican Peso
3.8
3.4
1.9
1.7
Chinese Yuan
2.3
1.9
1.2
1.0
Russian Rouble
0.9
1.0
0.5
0.5
Forward foreign exchange contracts The Group\u2019s policy is to enter into forward foreign exchange contracts to cover specific foreign currency payments and receipts. The following table details the forward foreign currency contracts outstanding as at the year end:
Average exchange rate
Contract value
Fair value
Foreign 2026 2025 2026 2025
2026
2025
currency \u00a3m \u00a3m \u00a3m \u00a3m
Outstanding
contracts
Buy CHF
\u2013
0.91
CHF
\u2013
0.4
\u2013
\u2013
Buy CNY
\u2013
9.75
CNY
\u2013
\u2013
\u2013
\u2013
Buy COP
4,526.45
\u2013
COP
0.8
\u2013
\u2013
\u2013
Buy AUD
\u2013
2.09
AUD
\u2013
2.6
\u2013
\u2013
Sell AUD
1.88
\u2013
AUD
(0.1)
\u2013
\u2013
\u2013
Buy PHP
81.33
\u2013
PHP
3.7
\u2013
\u2013
\u2013
Sell PHP
\u2013
76.82
PHP
\u2013
0.4
\u2013
\u2013
Buy EUR
1.15
1.17
EUR
12.0
14.3
\u2013
0.1
Buy MXN
23.04
26.39
MXN
10.7
8.6
(0.1)
\u2013
Buy USD
\u2013
1.36
USD
\u2013
9.7
\u2013
(0.1)
Sell USD
1.32
\u2013
USD
(5.5)
\u2013
\u2013
\u2013
Sell INR
127.85
117.59
INR
(0.1)
0.1
\u2013
\u2013
Sell CAD
1.87
1.86
CAD
(0.6)
0.6
\u2013
\u2013
Sell RUB
\u2013
110.45
RUB
\u2013
0.1
\u2013
\u2013
Buy USD/Sell BRL
5.09
5.60
BRL
(0.2)
4.0
\u2013
\u2013
Buy USD/Sell CNY
6.79
\u2013
CNY
(0.2)
\u2013
\u2013
\u2013
Buy CLP/Sell USD
894.17
927.98
CLP
0.5
0.2
\u2013
\u2013
Buy PHP/Sell USD
61.34
55.92
PHP
4.1
2.7
\u2013
\u2013
Buy CAD/Sell USD
1.40
1.36
CAD
4.4
2.7
(0.1)
\u2013
Buy USD/Sell EUR
1.15
1.17
EUR
(1.5)
2.2
\u2013
\u2013
Buy USD/Sell RUB
75.60
\u2013
RUB
(0.6)
\u2013
\u2013
\u2013
Buy USD/Sell INR
95.46
85.61
INR
(0.7)
0.6
\u2013
\u2013
Buy USD/Sell ZAR
\u2013
17.81
ZAR
\u2013
0.1
\u2013
\u2013
Buy USD/Sell ARS
1,451.30
1,212.30
ARS
(0.8)
0.5
\u2013
\u2013
Buy USD/Sell MXN
17.44
19.04
MXN
(3.5)
0.3
\u2013
\u2013
Buy COP/Sell USD
\u2013
4,108.7
COP
\u2013
0.7
\u2013
\u2013
(0.2)
\u2013
Interest rate risk management The objective of our interest rate risk management is to minimise the Group\u2019s net finance cost whilst at the same time limiting exposure to interest rate fluctuations in the Group profit and loss account. In order to achieve this, the target is to maintain a level of fixed rate cover between 60% and 90% of external borrowings. The Group has floating rate loan payments under the Facilities Agreement dated 10 June 2025 as amended on 3 June 2026 that bear USD, EUR, and GBP interest at floating rates. In order to fix the interest rate on this debt, the Group has entered into interest rate swaps, where the Group pays interest at a fixed interest rate and the Counterparty pays interest to the Group at a floating rate. As a result, the Group is protected from increased interest costs arising from any future increases in USD, EUR, and GBP interest rates. We regularly review our hedging activities, to align with our interest rate views and defined risk appetite, thereby ensuring we apply optimal hedging strategies to minimise the adverse impact of fluctuations in interest expense through different interest rate cycles. The Group\u2019s exposures to interest rates on financial assets and financial liabilities are detailed in the liquidity risk management section of this note. Interest rate sensitivity analysis We have determined the sensitivity analyses below, based on the Group\u2019s exposure to interest rates for both derivatives and non-derivative instruments, at the balance sheet date. For floating rate liabilities, we prepared the analysis assuming the liability outstanding at the balance sheet date was outstanding for the whole year. A 1.0 percentage point increase or decrease is used when reporting interest rate risk internally to key management and is our assessment of a significant change in interest rates. If interest rates had been 1.0 percentage point higher or lower and all other variables were held constant, the Group\u2019s profit would have decreased or increased by \u00a30.9m (2025: decrease/increase by \u00a30.9m). This impact is smaller than would otherwise be the case, due to our fixed-rate hedging. Interest rate swap contracts Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts, calculated on agreed notional principal amounts. These contracts enable us to mitigate the risk of changing interest rates on the cash flow exposures on the variable- rate debt we hold. We determine the fair value of interest rate swaps at the reporting date by discounting the future cash flows, using the yield curves at the reporting date and the credit risk inherent in the contract. This fair value is disclosed on the following pages. The average interest rate is based on the outstanding balances at the end of the financial year. Liquidity and interest risk tables For non-derivative financial liabilities, see notes 27, 28 and 38. The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities, excluding trade payables and other creditors which are short term and, as disclosed in note 23, have an average credit period of 26 days (2025: 24 days). We have drawn up the table based on the undiscounted cash flows of financial liabilities, using the earliest date on which we can be required to pay. The table includes both interest and principal cash flows.
Weighted
average
effective Less than 3 months\u2013
interest rate 1 month 1\u20133 months 1 year 1\u20135 years 5+ years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
Loans and
borrowings
4.50
5.4
0.7
2.7
89.3
\u2013
98.1
Lease liabilities
5.28
2.3
3.4
5.6
17.8
0.6
29.7
Deferred
consideration
6.19
2.7
\u2013
\u2013
5.3
\u2013
8.0
Variable interest
rate instruments
5.32
10.4
4.1
8.3
112.4
0.6
135.8
2025
Loans and
borrowings
4.54
9.5
1.7
9.4
260.5
\u2013
281.1
Lease liabilities
4.76
2.4
3.3
9.8
31.1
7.5
54.1
Deferred
consideration
\u2013
\u2013
\u2013
2.6
7.9
\u2013
10.5
Variable interest
rate instruments
4.65
11.9
5.0
21.8
299.5
7.5
345.7
The following table details the Group\u2019s expected maturity for other non-derivative financial assets, excluding trade receivables and other debtors. We have drawn up this table based on the undiscounted contractual maturities of the assets, including interest we will earn on them, except where we expect the cash flow to occur in a different period.
Weighted
average
effective Less than 3 months\u2013
interest rate 1 month 1\u20133 months 1 year 1\u20135 years 5+ years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
Variable interest
rate instruments
1.88
43.7
\u2013
\u2013
\u2013
\u2013
43.7
2025
Variable interest
rate instruments
2.11
48.0
\u2013
\u2013
\u2013
\u2013
48.0
The Group has financing facilities with a total unused amount of \u00a3263.8m (2025: \u00a3119.4m) at the balance sheet date. We expect to meet our other obligations from operating cash flows and the proceeds of maturing financial assets. We expect to reduce the debt to equity ratio, as borrowings decrease through repayment from operating cash flows. The following table details the Group\u2019s liquidity analysis for its derivative financial instruments. We have drawn up the table based on the undiscounted net cash outflows on derivative instruments that settle on a net basis and the undiscounted gross outflows on derivatives that require gross settlement. When the amount payable or receivable is not fixed, we have determined the amount disclosed by reference to the projected interest and foreign currency rates, as illustrated by the yield curves at the reporting date.
Less than 3 months\u2013
1 month 1\u20133 months 1 year 1\u20135 years 5+ years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
Foreign exchange contracts
(0.2)
\u2013
\u2013
\u2013
\u2013
(0.2)
Commodity swaps
\u2013
0.1
0.1
\u2013
\u2013
0.2
Interest rate swaps
\u2013
\u2013
\u2013
0.1
\u2013
0.1
2025
Foreign exchange contracts
(0.1)
0.1
\u2013
\u2013
\u2013
\u2013
Commodity swaps
(0.5)
(0.4)
(0.8)
\u2013
\u2013
(1.7)
Interest rate swaps
0.2
0.2
(0.7)
(0.2)
\u2013
(0.5)
Commodity swaps and interest rate swaps are always settled on a net basis. Foreign exchange contracts can be settled on a net or gross basis; the net cash flows presented in the table above reflect an inflow of \u00a361.5m and outflow of \u00a361.7m (2025: inflow of \u00a363.4m and outflow of \u00a363.4m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-583": { "value": "Foreign currency Income Statement sensitivity analysis The Group is mainly exposed to movements in the US Dollar, Euro, Brazilian Real, Mexican Peso, Chinese Yuan and Russian Rouble exchange rates. The following table details the Group\u2019s profit sensitivity to a 10% and 20% increase and decrease in Sterling against these currencies. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management and represents our assessment of a significant change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% or 20% change in foreign currency rates. It includes external loans, as well as loans to foreign operations within the Group where the loan is denominated in a currency other than the lender or borrower\u2019s currency. A positive number below indicates an increase in profit when Sterling weakens against the relevant currency. A strengthening of Sterling against the relevant currency would produce an equal but opposite reduction in profit, and the balances below would be negative.
20% currency movement
10% currency movement
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Euro
4.8
3.9
2.4
2.0
US Dollar
7.6
6.9
3.8
3.5
Brazilian Real
4.8
2.6
2.4
1.3
Mexican Peso
3.8
3.4
1.9
1.7
Chinese Yuan
2.3
1.9
1.2
1.0
Russian Rouble
0.9
1.0
0.5
0.5
Interest rate sensitivity analysis We have determined the sensitivity analyses below, based on the Group\u2019s exposure to interest rates for both derivatives and non-derivative instruments, at the balance sheet date. For floating rate liabilities, we prepared the analysis assuming the liability outstanding at the balance sheet date was outstanding for the whole year. A 1.0 percentage point increase or decrease is used when reporting interest rate risk internally to key management and is our assessment of a significant change in interest rates. If interest rates had been 1.0 percentage point higher or lower and all other variables were held constant, the Group\u2019s profit would have decreased or increased by \u00a30.9m (2025: decrease/increase by \u00a30.9m). This impact is smaller than would otherwise be the case, due to our fixed-rate hedging. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-570": { "value": "Cash flow hedges The following table details the notional principal amounts and remaining terms of interest rate swap contracts outstanding, as at the reporting date:
Average contract
fixed interest rate
Notional principal amount
Fair value
Outstanding receive-floating, 2026 2025 2026 2025 2026 2025
pay-fixed interest rate swaps % % \u00a3m \u00a3m \u00a3m \u00a3m
USD interest rate swaps
One to five years
3.94
4.49
10.6
72.1
\u2013
(0.3)
EUR interest rate swaps
One to five years
2.15
2.15
10.8
10.7
0.1
(0.1)
GBP interest rate swaps
One to five years
\u2013
3.45
\u2013
60.0
\u2013
(0.1)
The interest rate swaps settle on a quarterly basis. The corresponding floating rate on the interest rate swaps is three months. For USD the floating rate is SOFR daily compounded with a five-day lookback, for EUR the floating rate is three-month Euribor, and for GBP the floating rate is SONIA daily compounded with a five-day lookback. We settle the difference between the fixed and floating interest rate on a net basis. Interest rate swap contracts that exchange floating-rate interest amounts for fixed-rate interest amounts are designated as cash flow hedges, to reduce our cash flow exposure resulting from variable interest rates on borrowings. The interest rate swaps and the interest payments on the loan occur simultaneously and we recognise the amount deferred in equity in the Income Statement, over the period that the floating rate interest payments on debt affect the Income Statement. The table below shows a reconciliation of the gains or losses in hedging reserves:
2026 2025
\u00a3m \u00a3m
(Loss)/gain at the start of the year
(0.4)
0.8
Effective gains/(losses) recognised in equity in period
0.5
(1.2)
Balance carried forward in equity as effective gains/(losses)
0.1
(0.4)
Commodity hedges The Group hedges both feed and slaughter exposures using Chicago Mercantile Exchange lean hog, corn and soybean meal commodity futures contracts.
Average price
Notional principal amount
Fair value
2026 2025 2026 2025 2026 2025
Commodity hedge US$ US$ \u00a3m \u00a3m \u00a3m \u00a3m
Open commodity contracts
as at June
Lean hog
0.90
0.92
13.8
12.2
0.8
(1.1)
Corn
4.74
4.58
(7.2)
(6.0)
(0.5)
(0.3)
Soybean meal
312.83
315.48
(4.5)
(4.1)
(0.1)
(0.3)
2.1
2.1
0.2
(1.7)
Net investment hedges At 30 June 2025, the Group had net investment hedges designating the first EUR 15.5m of the net assets of Pig Improvement Company Espa\u00f1a S.A. and the first EUR 32m of the net assets for Fyfield Holland B.V. as a hedged item, using EUR 47.5m of borrowings. On 17 November 2025 the Group de-designated EUR 3m of the net assets of Pig Improvement Company Espa\u00f1a S.A. and EUR 7m of the net assets of Fyfield Holland B.V. Therefore, as at 30 June 2026 the Group has designated EUR 12.5m (GBP 10.8m) of the net assets of its subsidiary Pig Improvement Company Espa\u00f1a S.A. and EUR 25m (GBP 21.5m) of the net assets of its subsidiary Fyfield Holland B.V. as net investment hedges. These net investment hedges represent 49% of the Group\u2019s Euro net assets as at this date. The table below shows a reconciliation of the gains or losses deferred in equity:
2026 2025
\u00a3m \u00a3m
Loss at the start of the year
(0.5)
\u2013
Effective losses recognised in equity in period
(0.3)
(0.5)
Balance carried forward in equity as effective losses
(0.8)
(0.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-571": { "value": "Credit risk management Credit risk is the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the Group. We have a policy of only dealing with creditworthy counterparties. We regularly monitor our exposure and the credit ratings of our counterparties, and the aggregate value of transactions concluded is spread amongst approved counterparties. Credit exposure on financial instruments is controlled by counterparty limits that the Board reviews and approves annually. Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. We carry out ongoing credit evaluation of the financial condition of accounts receivable. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies and is deemed immaterial. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-572": { "value": "Liquidity risk management The Board of Directors has ultimate responsibility for managing liquidity risk. We manage this risk by maintaining adequate reserves and banking facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Liquidity and interest risk tables For non-derivative financial liabilities, see notes 27, 28 and 38. The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities, excluding trade payables and other creditors which are short term and, as disclosed in note 23, have an average credit period of 26 days (2025: 24 days). We have drawn up the table based on the undiscounted cash flows of financial liabilities, using the earliest date on which we can be required to pay. The table includes both interest and principal cash flows.
Weighted
average
effective Less than 3 months\u2013
interest rate 1 month 1\u20133 months 1 year 1\u20135 years 5+ years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
Loans and
borrowings
4.50
5.4
0.7
2.7
89.3
\u2013
98.1
Lease liabilities
5.28
2.3
3.4
5.6
17.8
0.6
29.7
Deferred
consideration
6.19
2.7
\u2013
\u2013
5.3
\u2013
8.0
Variable interest
rate instruments
5.32
10.4
4.1
8.3
112.4
0.6
135.8
2025
Loans and
borrowings
4.54
9.5
1.7
9.4
260.5
\u2013
281.1
Lease liabilities
4.76
2.4
3.3
9.8
31.1
7.5
54.1
Deferred
consideration
\u2013
\u2013
\u2013
2.6
7.9
\u2013
10.5
Variable interest
rate instruments
4.65
11.9
5.0
21.8
299.5
7.5
345.7
The following table details the Group\u2019s expected maturity for other non-derivative financial assets, excluding trade receivables and other debtors. We have drawn up this table based on the undiscounted contractual maturities of the assets, including interest we will earn on them, except where we expect the cash flow to occur in a different period.
Weighted
average
effective Less than 3 months\u2013
interest rate 1 month 1\u20133 months 1 year 1\u20135 years 5+ years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
Variable interest
rate instruments
1.88
43.7
\u2013
\u2013
\u2013
\u2013
43.7
2025
Variable interest
rate instruments
2.11
48.0
\u2013
\u2013
\u2013
\u2013
48.0
The Group has financing facilities with a total unused amount of \u00a3263.8m (2025: \u00a3119.4m) at the balance sheet date. We expect to meet our other obligations from operating cash flows and the proceeds of maturing financial assets. We expect to reduce the debt to equity ratio, as borrowings decrease through repayment from operating cash flows. The following table details the Group\u2019s liquidity analysis for its derivative financial instruments. We have drawn up the table based on the undiscounted net cash outflows on derivative instruments that settle on a net basis and the undiscounted gross outflows on derivatives that require gross settlement. When the amount payable or receivable is not fixed, we have determined the amount disclosed by reference to the projected interest and foreign currency rates, as illustrated by the yield curves at the reporting date.
Less than 3 months\u2013
1 month 1\u20133 months 1 year 1\u20135 years 5+ years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
Foreign exchange contracts
(0.2)
\u2013
\u2013
\u2013
\u2013
(0.2)
Commodity swaps
\u2013
0.1
0.1
\u2013
\u2013
0.2
Interest rate swaps
\u2013
\u2013
\u2013
0.1
\u2013
0.1
2025
Foreign exchange contracts
(0.1)
0.1
\u2013
\u2013
\u2013
\u2013
Commodity swaps
(0.5)
(0.4)
(0.8)
\u2013
\u2013
(1.7)
Interest rate swaps
0.2
0.2
(0.7)
(0.2)
\u2013
(0.5)
Commodity swaps and interest rate swaps are always settled on a net basis. Foreign exchange contracts can be settled on a net or gross basis; the net cash flows presented in the table above reflect an inflow of \u00a361.5m and outflow of \u00a361.7m (2025: inflow of \u00a363.4m and outflow of \u00a363.4m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-573": { "value": "27. LOANS AND BORROWINGS The Group\u2019s borrowing for funding and liquidity purposes comes from a range of committed bank facilities. Interest-bearing loans and borrowings We initially recognise interest-bearing loans and borrowings at their fair value, less attributable transaction costs. After this initial recognition, we state them at amortised cost and recognise any difference between the cost and redemption value in the Income Statement over the borrowings\u2019 expected life, on an effective interest rate basis. The carrying values of these liabilities are a reasonable approximation of their fair values.
2026 2025
\u00a3m \u00a3m
Non-current liabilities
Unsecured bank loans
77.0
215.9
Obligations under leases
16.4
33.8
93.4
249.7
Current liabilities
Unsecured bank loans and overdrafts
4.3
2.9
Obligations under leases
9.8
13.3
14.1
16.2
Total interest-bearing liabilities
107.5
265.9
Terms and debt repayment schedule Terms and conditions of outstanding loans and overdrafts were as follows:
2025 2026 2025
Currency Interest rate \u00a3m \u00a3m
Revolving credit facility and overdraft
GBP
5.2%
14.6
105.1
Revolving credit facility, term loan and overdraft
USD
5.0%
33.2
72.1
Revolving credit facility and overdraft
EUR
3.6%
32.8
41.0
Obligations under leases
USD
5.3%
26.2
47.1
Other unsecured bank borrowings
Other
4.5%
0.7
0.6
Total interest-bearing liabilities
107.5
265.9
The above revolving credit facilities are unsecured. Information about the Group\u2019s exposure to interest rate and foreign currency risks is shown in note 26.
2026 2025
Loans and borrowings (excluding leases) comprise amounts falling due: \u00a3m \u00a3m
In one year or less or on demand
5.2
3.8
In more than one year but not more than two years
\u2013
\u2013
In more than two years but not more than five years
78.4
217.6
83.6
221.4
Less: unamortised issue costs
(2.3)
(2.6)
81.3
218.8
Current liabilities
(4.3)
(2.9)
Non-current liabilities
77.0
215.9
On 10 June 2025, the Company renewed its Facilities Agreement with a group of eight banks and at the balance sheet date, the Company\u2019s credit facilities under this agreement comprised a \u00a3220m multi- currency revolving credit facility (\u2018RCF\u2019) and a USD 150m RCF. The term of the new facility is for four years maturing on 9 June 2029. The facility includes two one-year extension options, exercisable not more than 60 days, nor less than 30 days, prior to the first and second anniversaries of the signing date of 10 June 2025. The first of these extensions was exercised on 3 June 2026, extending the maturity of the Facility agreement to 9 June 2030. The facility also includes an uncommitted \u00a3100m accordion feature for future business development opportunities. In addition to the RCF facilities, the Company has approximately \u00a313m of bilateral facilities supporting its GBP, EUR, and USD pooling arrangements. The Company had headroom of \u00a3263.8m in its combined facilities at 30 June 2026. As part of its interest rate hedging strategy, the Company has entered into interest rate swaps to hedge variable interest rates. During the year to 30 June 2026, bank loan and overdrafts included borrowings of USD 89.7m fixed at 4.12%, borrowings of \u00a347.8m fixed at 3.45% and borrowings of EUR 12.5m fixed at 2.15% excluding applicable bank margins. Approximately 27% of total facility borrowings are covered by these interest rate swaps as at 30 June 2026 with an average maturity of 16 months. Additional fixed interest rate cover was added in July 2026, at an average fixed rate of 3.32% to increase the rate of fixed coverage to 69%.", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-552": { "value": "27. LOANS AND BORROWINGS The Group\u2019s borrowing for funding and liquidity purposes comes from a range of committed bank facilities. Interest-bearing loans and borrowings We initially recognise interest-bearing loans and borrowings at their fair value, less attributable transaction costs. After this initial recognition, we state them at amortised cost and recognise any difference between the cost and redemption value in the Income Statement over the borrowings\u2019 expected life, on an effective interest rate basis. The carrying values of these liabilities are a reasonable approximation of their fair values.
2026 2025
\u00a3m \u00a3m
Non-current liabilities
Unsecured bank loans
77.0
215.9
Obligations under leases
16.4
33.8
93.4
249.7
Current liabilities
Unsecured bank loans and overdrafts
4.3
2.9
Obligations under leases
9.8
13.3
14.1
16.2
Total interest-bearing liabilities
107.5
265.9
Terms and debt repayment schedule Terms and conditions of outstanding loans and overdrafts were as follows:
2025 2026 2025
Currency Interest rate \u00a3m \u00a3m
Revolving credit facility and overdraft
GBP
5.2%
14.6
105.1
Revolving credit facility, term loan and overdraft
USD
5.0%
33.2
72.1
Revolving credit facility and overdraft
EUR
3.6%
32.8
41.0
Obligations under leases
USD
5.3%
26.2
47.1
Other unsecured bank borrowings
Other
4.5%
0.7
0.6
Total interest-bearing liabilities
107.5
265.9
The above revolving credit facilities are unsecured. Information about the Group\u2019s exposure to interest rate and foreign currency risks is shown in note 26.
2026 2025
Loans and borrowings (excluding leases) comprise amounts falling due: \u00a3m \u00a3m
In one year or less or on demand
5.2
3.8
In more than one year but not more than two years
\u2013
\u2013
In more than two years but not more than five years
78.4
217.6
83.6
221.4
Less: unamortised issue costs
(2.3)
(2.6)
81.3
218.8
Current liabilities
(4.3)
(2.9)
Non-current liabilities
77.0
215.9
On 10 June 2025, the Company renewed its Facilities Agreement with a group of eight banks and at the balance sheet date, the Company\u2019s credit facilities under this agreement comprised a \u00a3220m multi- currency revolving credit facility (\u2018RCF\u2019) and a USD 150m RCF. The term of the new facility is for four years maturing on 9 June 2029. The facility includes two one-year extension options, exercisable not more than 60 days, nor less than 30 days, prior to the first and second anniversaries of the signing date of 10 June 2025. The first of these extensions was exercised on 3 June 2026, extending the maturity of the Facility agreement to 9 June 2030. The facility also includes an uncommitted \u00a3100m accordion feature for future business development opportunities. In addition to the RCF facilities, the Company has approximately \u00a313m of bilateral facilities supporting its GBP, EUR, and USD pooling arrangements. The Company had headroom of \u00a3263.8m in its combined facilities at 30 June 2026. As part of its interest rate hedging strategy, the Company has entered into interest rate swaps to hedge variable interest rates. During the year to 30 June 2026, bank loan and overdrafts included borrowings of USD 89.7m fixed at 4.12%, borrowings of \u00a347.8m fixed at 3.45% and borrowings of EUR 12.5m fixed at 2.15% excluding applicable bank margins. Approximately 27% of total facility borrowings are covered by these interest rate swaps as at 30 June 2026 with an average maturity of 16 months. Additional fixed interest rate cover was added in July 2026, at an average fixed rate of 3.32% to increase the rate of fixed coverage to 69%.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-519": { "value": "28. OBLIGATIONS UNDER LEASES A lease is a commitment to make a payment in the future, primarily in relation to property, plant and machinery and motor vehicles. Accounting policies In accordance with IFRS 16, we recognise as an expense any payments made in respect of short-term leases (those with a term of less than 12 months) and leases for low-value items, on a straight-line basis over the life of the lease. For all other leases we recognise a liability at the date at which the leased asset is made available for use, and a corresponding right-of-use asset is recognised and depreciated over the term of the lease (see note 17). Lease liabilities are measured at the present value of the future lease payments, excluding any payments relating to non-lease components. Future lease payments include fixed payments, in- substance fixed payments, and variable lease payments that are based on an index or a rate, less any lease incentives receivable. Lease liabilities also take into account amounts payable under residual value guarantees and payments to exercise options, to the extent that it is reasonably certain that such payments will be made. The payments are discounted at the rate implicit in the lease or, where that cannot be measured, at an incremental borrowing rate. We remeasure the lease liability (and make a corresponding adjustment to the related right-of-use asset) whenever: \u2022 The lease term has changed or there is a change in the assessment of the exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). \u2022 A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.
The changes in the lease liabilities are as follows:
2026 2025
\u00a3m \u00a3m
Balance at the start of the year
47.1
58.1
Leases entered into during the year
8.7
14.7
Loss of control (note 42)
(16.4)
(6.4)
Leases terminated early
(2.1)
(2.5)
Payments made
(14.4)
(16.5)
Interest
1.8
2.4
Effect of movements in exchange rates
1.5
(2.7)
Balance at the end of the year
26.2
47.1
Current
9.8
13.3
Non-current
16.4
33.8
26.2
47.1
We have drawn up the following table based on the undiscounted cash flows of the obligations under
leases, using the earliest date on which we can be required to pay.
2026 2025
\u00a3m \u00a3m
FY26
\u2013
15.5
FY27
11.3
12.0
FY28
7.8
8.6
FY29
5.2
6.1
FY30
3.3
4.4
FY31
1.5
3.5
FY32
0.3
2.0
After FY33
0.3
2.0
29.7
54.1
Presented as:
Current
11.3
15.5
Non-current
18.4
38.6
29.7
54.1
The decrease in lease obligations during the year primarily reflects the loss of control of PIC China on
31 January 2026, resulting in the derecognition of lease liabilities previously recognised by the Group.
Further details are provided in note 42.
Lease obligations denominated in currencies other than Sterling comprise \u00a314.1m denominated in US
Dollars (2025: \u00a314.3m), \u00a36.7m denominated in Euros (2025: \u00a37.6m), \u00a30.1m denominated in CNY (2025:
\u00a320.2m) and \u00a32.3m denominated in other currencies (2025: \u00a32.5m).
33. OPERATING LEASES Accounting policies For short-term leases (those with a term of less than 12 months) and low-value items, we charge the rentals payable to the Income Statement on a straight-line basis over the lease term. The Company has elected not to apply IFRS 16 to contracts where the right-of-use asset would be recognised as an intangible asset (e.g. software licences). Total of future minimum lease payments under non-cancellable operating leases which expire:
2026 2025
\u00a3m \u00a3m
In less than one year
1.3
1.3
Between one and five years
1.3
2.6
2.6
3.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-608": { "value": "Accounting policies In accordance with IFRS 16, we recognise as an expense any payments made in respect of short-term leases (those with a term of less than 12 months) and leases for low-value items, on a straight-line basis over the life of the lease. For all other leases we recognise a liability at the date at which the leased asset is made available for use, and a corresponding right-of-use asset is recognised and depreciated over the term of the lease (see note 17). Lease liabilities are measured at the present value of the future lease payments, excluding any payments relating to non-lease components. Future lease payments include fixed payments, in- substance fixed payments, and variable lease payments that are based on an index or a rate, less any lease incentives receivable. Lease liabilities also take into account amounts payable under residual value guarantees and payments to exercise options, to the extent that it is reasonably certain that such payments will be made. The payments are discounted at the rate implicit in the lease or, where that cannot be measured, at an incremental borrowing rate. We remeasure the lease liability (and make a corresponding adjustment to the related right-of-use asset) whenever: \u2022 The lease term has changed or there is a change in the assessment of the exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). \u2022 A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. Accounting policies For short-term leases (those with a term of less than 12 months) and low-value items, we charge the rentals payable to the Income Statement on a straight-line basis over the lease term. The Company has elected not to apply IFRS 16 to contracts where the right-of-use asset would be recognised as an intangible asset (e.g. software licences). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-520": { "value": "29. RETIREMENT BENEFIT OBLIGATIONS The Group operates a number of defined contribution and defined benefit pension schemes, covering many of its employees. The principal funds are the Milk Pension Fund (\u2018MPF\u2019) and the Dalgety Pension Fund (\u2018DPF\u2019) in the UK, which are defined benefit schemes. The assets of these funds are held separately from the Group\u2019s assets, and are administered by trustees and managed professionally. Accounting policies Defined contribution pension schemes A number of our employees are members of defined contribution pension schemes. We charge contributions to the Income Statement as they become payable under the scheme rules. We show differences between the contributions payable and the amount we have paid as either accruals or prepayments in the Balance Sheet. The schemes\u2019 assets are held separately from the Group\u2019s assets. Defined benefit pension schemes The Group operates defined benefit pension schemes for some of its employees. These schemes are closed to new members and to further accrual. We calculate our net obligation separately for each scheme, by estimating the amount of future benefit that employees have earned, in return for their service to date. We discount that benefit to determine its present value and deduct the fair value of the plan\u2019s assets (at bid price). The liability discount rate we use is the market yield at the balance sheet date on high-quality corporate bonds, with terms to maturity approximating our pension liabilities. Qualified actuaries perform the calculations, using the projected unit method. We recognise actuarial gains and losses in equity in the period in which they occur, through the Group Statement of Comprehensive Income. Actuarial gains and losses include the difference between the expected and actual return on scheme assets and experience gains and losses on scheme liabilities. Genus and the other participating employers are jointly and severally liable for the MPF\u2019s obligations. We account for our section of the scheme and our share of any orphan assets and liabilities, and provide for any amounts we believe we will have to pay under our joint and several liability. The joint and several liability also means we have a contingent liability for the scheme\u2019s obligations that we have not accounted for. Under the joint and several liability, we initially recognise any changes in our share of orphan assets and liabilities in the Income Statement. After this initial recognition, any actuarial gains and losses on the orphan assets and liabilities are recognised directly in equity through the Group Statement of Changes in Equity, in the period in which they occur. We measure the fair value of our qualifying insurance policy assets to be the deemed present value of the related obligation.
Retirement benefit obligations
The financial positions of the defined benefit schemes, as recorded in accordance with IAS 19 and IFRIC
14, are aggregated for disclosure purposes. The liability/(asset) split by principal scheme is set out below.
2026 2025
\u00a3m \u00a3m
The Milk Pension Fund \u2013 Genus\u2019s share
\u2013
\u2013
The Dalgety Pension Fund
(2.7)
\u2013
National Pig Development Pension Fund
\u2013
\u2013
Post-retirement healthcare
0.5
0.5
Other funded and unfunded schemes
6.6
6.4
Overall net pension liability
4.4
6.9
The MPF and NPD pension schemes are in IAS 19 surplus positions but these surpluses are restricted to
nil under IFRIC 14.
Overall, we expect to pay \u00a30.6m (2025: \u00a30.4m) in contributions to defined benefit plans in the 2027
financial year.
The defined benefit plans are administered by trustee boards that are legally separated from the
Group. The trustee board of each pension fund consists of representatives who are employees, former
employees or are independent from the Company. The boards of the pension funds are required by
law to act in the best interest of the plan participants and are responsible for setting certain policies,
such as investment and contribution policies, and for the governance of the fund.
The defined benefit pension schemes expose the Group to actuarial risks such as greater than
expected longevity of members, lower than expected return on investments and higher than expected
inflation, which may increase the plans\u2019 liabilities or reduce the value of their assets.
UK pensions are regulated by The Pensions Regulator, a non-departmental public body established
under the Pensions Act 2004 and sponsored by the Department for Work and Pensions, operating
within a legal regulatory framework set by the UK Parliament. The Pensions Regulator has statutory
objectives set out in legislation, which include promoting and improving understanding of the good
administration of work-based pensions, protecting member benefits and regulating occupational
defined benefit and contribution schemes. The Pensions Regulator\u2019s statutory objectives and
regulatory powers are described on its website.
All defined benefit schemes are registered as an occupational pension plan with HMRC and are
subject to UK legislation and oversight from The Pensions Regulator. UK legislation requires that
pension schemes are funded prudently and valued at least every three years. Separate valuations are
required for each scheme. Within 15 months of each valuation date, the plan trustees and the Group
must agree any contributions required to ensure that the plan is fully funded over time, on a suitably
prudent measure.
Funding plans are individually agreed with the respective trustees for each of the Group\u2019s defined benefit pension schemes, taking into account local regulatory requirements. The Pension Schemes Act 2026, which received Royal Assent on 29 April 2026, introduced a statutory mechanism intended to address issues arising from the Virgin Media judgment, including provisions allowing retrospective actuarial confirmation in certain circumstances. Taking account of the legislation enacted and the work performed to date, the Directors do not consider that any additional liability is required and, accordingly, no provision has been recognised in the financial statements The Milk Pension Fund (\u2018MPF\u2019) The MPF was previously operated by the Milk Marketing Board and was also open to staff working for Milk Marque Ltd (the principal employer, now known as Community Foods Group Limited), National Milk Records plc, First Milk Ltd, hauliers associated to First Milk Ltd, Dairy Farmers of Britain Ltd (which went into receivership in June 2009) and Milk Link Ltd. Genus Breeding Limited is currently the principal employer. We have accounted for our section of the scheme and our share of any orphan assets and liabilities, which together represent approximately 86% of the MPF (2025: 86%). Although the MPF is managed on a sectionalised basis, it is a \u2018last man standing\u2019 scheme, which means that all participating employers are jointly and severally liable for all of the fund\u2019s liabilities. With effect from 30 June 2013, Genus\u2019s remaining active members ceased accruing benefits in the fund and became deferred pensioners. The most recent actuarial triennial valuation of the MPF was at 31 March 2024 and was carried out by qualified actuaries. The valuation has been agreed by the trustees. The principal actuarial assumptions adopted in the 2024 valuation were that: \u2022 investment returns on existing assets would exceed fixed-interest gilt yields by 1.0% per annum until 31 March 2030, then by 0.5% per annum thereafter; \u2022 Consumer Price Index (\u2018CPI\u2019) price inflation is expected to be 0.7% per annum lower than Retail Price Index (\u2018RPI\u2019) price inflation until 31 March 2030, then less 0.1% per annum thereafter; and \u2022 pensions in payment and pensions in deferment would increase in future in line with CPI price inflation, subject to various minimum and maximum increases. At 31 March 2024, the market value of the fund\u2019s assets was \u00a3341m. This represented approximately 104% of the value of the uninsured liabilities, which were \u00a3329m at that date. The surplus in the fund as a whole, by reference to the 31 March 2024 valuation, was \u00a312m (of which Genus\u2019s notional share was \u00a310m). Reflecting the improvement in the funding position, no deficit repair contributions and no contributions in respect of the scheme\u2019s operating expenses are payable until 30 June 2028. The disclosures required under IAS 19 have been calculated by an independent actuary, based on accurate calculations carried out as at 31 March 2024 and updated to 30 June 2026. At 30 June 2026, the MPF was in an overall net pension asset position of \u00a325.0m (2025: \u00a316.2m). However, the Company does not have the unilateral right to this surplus and therefore in line with IFRIC 14, the recognition of this asset is restricted. Dalgety Pension Fund (\u2018DPF\u2019) The most recent actuarial valuation of the DPF was at 31 March 2021 and was carried out by qualified actuaries. The principal actuarial assumptions adopted in the 2021 valuation were that: \u2022 investment returns on existing assets are gilt yields less 0.35% per annum; \u2022 CPI price inflation is expected to be 0.7% per annum lower than RPI price inflation until 2030, then utilising the RPI curve from 2030 onwards; and \u2022 pensions in payment and pensions in deferment would increase in future in line with CPI price inflation, subject to various minimum and maximum increases. The market value of the available assets at 31 March 2021 was \u00a3938m. The value of those assets represented approximately 100% of the value of the uninsured liabilities, which were \u00a3937m at 31 March 2021. Under the funding agreement, the Company will not have to make deficit repair contributions. The disclosures required under IAS 19 have been calculated by an independent actuary, based on accurate calculations carried out as at 31 March 2021 and updated to 30 June 2026. Formal notice to wind-up the DPF was given by the scheme\u2019s sponsoring employers on 13 February 2025, as all member benefits have now been secured with insurance companies, following the completion of the GMP equalisation exercise. Wind-up is expected to complete in the last quarter of 2026. As a result a almost all members have now received their individual pension policies, with these liabilities now passed to insurers. Only a small number of individual pension policies are yet to be issued to members and these are expected to complete during the second half of 2026. At 30 June 2026, the DPF, has now, in relation to any scheme surplus, completed certain statutory requirements with the pension regulator and scheme members as part of the wind-up process. The trustees have also written to the company and indicated any scheme surplus will be returned. In the judgement of the Company it is now highly probable that the surplus will be returned in the next year and accordingly a surplus of \u00a32.7m has been recognised in line with IFRIC 14, which reflects the overall net pension asset position at 30 June 2026 less expected future liabilities. National Pig Development Company Pension Fund (\u2018NPD\u2019) The Group operates a closed defined benefit scheme for a small number of former employees of the National Pig Development Company Limited. The total market value of scheme assets and liabilities at 30 June 2026, under the provisions of IAS 19, were \u00a34.7m (2025: \u00a34.7m) and \u00a34.6m (2025: \u00a34.7m), respectively. The most recent actuarial triennial valuation of the NPD was at 30 June 2023 and was carried out by qualified actuaries. The valuation has been agreed by the trustees. The principal actuarial assumptions adopted in the 2023 valuation were that: \u2022 investment returns on existing assets are gilt yields less 0.35% per annum; \u2022 CPI price inflation is expected to be 0.6% per annum lower than RPI price inflation; and \u2022 pensions in payment and pensions in deferment would increase in future in line with CPI price inflation, subject to various minimum and maximum increases. The market value of the available assets at 30 June 2023 was \u00a35.0m. The value of those assets represented approximately 92% of the value of the uninsured liabilities, which were \u00a35.4m at 30 June 2023. In May 2024, it was agreed under the trustee-prepared schedule of contributions that no deficit repair contributions will be payable from 1 June 2024. On 2 August 2024, the Trustees purchased a bulk annuity (\u2018Buy-in Policy\u2019) with Just Retirement Limited (\u2018Just\u2019). In exchange for a combined premium of \u00a35.5m, all future benefit obligations for both deferred and pensioner members of the Scheme were insured with Just from 2 August 2024. The disclosures required under IAS 19 have been calculated by an independent actuary, based on accurate calculations carried out as at 30 June 2023 and updated to 30 June 2026. Other unfunded schemes When the Group acquired Sygen International plc in 2005, it also acquired unfunded defined benefit schemes and an unfunded retirement health benefit plan, which it now operates for the benefit of the previous Group\u2019s senior employees and executives. Unfunded defined benefit schemes The scheme liabilities for two unfunded defined benefit schemes amounted to \u00a34.1m (2025: \u00a34.0m), based on IAS 19\u2019s methods and assumptions. This amount is included within pension liabilities in the Group Balance Sheet. It also includes several other unfunded defined benefits liabilities which amounted to \u00a32.0m (2025: \u00a32.4m). Interest on pension scheme liabilities amounted to \u00a30.3m (2025: \u00a30.3m). The disclosures required under IAS 19 have been calculated by an independent actuary, using the principal assumptions used to calculate the scheme liabilities for the defined benefit schemes. Post-retirement healthcare The scheme liabilities for the unfunded retirement health benefit plan amounted to \u00a30.5m (2025: \u00a30.5m), based on IAS 19\u2019s methods and assumptions. This amount is included within retirement benefit obligations in the Group Balance Sheet. Interest on plan liabilities amounted to \u00a3nil (2025: \u00a3nil). The principal assumptions used to calculate the plan liabilities were that the discount rate would be 5.95% (2025: 5.50%) and that the long-term rate of medical expense inflation would be 6.95% (2025: 6.90%). Aggregated position of defined benefit schemes
2026 2025
\u00a3m \u00a3m
Present value of funded obligations (includes Genus\u2019s 86% share of MPF
(2025: 86%))
238.6
266.7
Present value of unfunded obligations
6.6
6.9
Total present value of obligations
245.2
273.6
Fair value of plan assets (includes Genus\u2019s 86% share of MPF (2025: 86%))
(266.6)
(286.7)
Restricted recognition of asset (MPF, NPD and DPF)
25.8
20.0
Recognised net liability for defined benefit obligations
4.4
6.9
Each of the defined benefit schemes manages risks through a variety of methods and strategies, including equity protection, to limit the downside risk of falls in equity markets, as well as inflation and interest rate hedging. By funding its defined benefits schemes, the Group is exposed to the risk that the cost of meeting its obligations is higher than anticipated. This could occur for several reasons, for example: \u2022 Investment returns on the schemes\u2019 assets may be lower than anticipated, especially if falls in asset values are not matched by similar falls in the value of the schemes\u2019 liabilities. \u2022 The level of price inflation may be higher than that assumed, resulting in higher payments from the schemes. \u2022 Scheme members may live longer than assumed, for example due to advances in healthcare. Members may also exercise (or not exercise) options in a way that leads to increases in the schemes\u2019 liabilities, for example through early retirement or commutation of pension for cash. \u2022 Legislative changes could also lead to an increase in the schemes\u2019 liabilities. Aggregated position of defined benefit schemes The fair value of the total plan assets at the end of the reporting period for each category is as follows:
Level 1 Level 2 Level 3 2026 Level 1 Level 2 Level 3 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Diversified growth funds
\u2013
26.5
\u2013
26.5
\u2013
68.7
\u2013
68.7
Liability-driven investments
\u2013
151.1
\u2013
151.1
\u2013
123.5
\u2013
123.5
Gilts and corporate bonds
\u2013
29.8
\u2013
29.8
\u2013
29.8
\u2013
29.8
Cash and cash equivalent
26.1
4.9
\u2013
31.0
2.1
5.1
\u2013
7.2
Property
\u2013
\u2013
9.6
9.6
\u2013
\u2013
19.7
19.7
Direct lending
\u2013
\u2013
14.0
14.0
\u2013
0.2
19.0
19.2
Bulk annuity policy
\u2013
\u2013
4.6
4.6
\u2013
\u2013
18.6
18.6
26.1
212.3
28.2
266.6
2.1
227.3
57.3
286.7
Note: Level 1: valued using unadjusted quoted prices in active markets for identical financial instruments. Level 2: valued using techniques based on information that can be obtained from observable market data. Level 3: valued using techniques incorporating information other than observable market data. All of the above assets with the exception of cash and the annuity policy are held through pooled investment vehicles which are unquoted. Movement in the liability for defined benefit obligations
2026 2025
\u00a3m \u00a3m
Liability for defined benefit obligations at the start of the year
273.6
730.2
Benefits paid by the plans
(19.9)
(56.0)
Current service costs and interest
14.0
36.1
Actuarial losses recognised on fund liabilities arising from changes in
demographic assumptions
2.5
2.3
Actuarial gains recognised on fund liabilities arising from changes in financial
assumptions
(9.0)
(20.9)
Actuarial (gains)/losses recognised on fund liabilities arising from
experience other
(2.2)
3.1
Settlement of annuity contracts in DPF
(13.9)
(421.3)
Exchange rate adjustment
0.1
0.1
Liability for defined benefit obligations at the end of year
245.2
273.6
Movement in plan assets
2026 2025
\u00a3m \u00a3m
Fair value of plan assets at the start of the year
286.7
760.0
Administration expenses
(0.5)
(0.3)
Contributions paid into the plans
0.6
0.7
Benefits paid by the plans
(19.9)
(56.0)
Interest income on plan assets
14.5
37.6
Settlement of annuity contracts in DPF
(13.9)
(421.3)
Actuarial losses recognised in equity
(0.9)
(34.0)
Fair value of plan assets at the end of the year
266.6
286.7
Aggregated position of defined benefit schemes Summary of movements in Group deficit during the year
2026 2025
\u00a3m \u00a3m
Deficit in schemes at the start of the year
(6.9)
(6.6)
Current service costs and administration expenses
(0.8)
(0.3)
Contributions paid into the plans
0.6
0.7
Net pension finance cost
(0.3)
(0.3)
Exceptional credit \u2013 recognition of DPF surplus
2.7
\u2013
Actuarial losses recognised during the year
7.8
(18.5)
Movement in restriction of assets
(8.5)
16.4
Interest restriction on IFRIC 14
1.1
1.8
Exchange rate adjustment
(0.1)
(0.1)
Deficit in schemes at the end of the year
(4.4)
(6.9)
Amounts recognised in the Group Income Statement
2026 2025
\u00a3m \u00a3m
Current service costs and administrative expenses
0.8
0.3
Interest obligation
13.7
36.1
Interest income on plan assets
(14.5)
(37.4)
Interest on additional liability
1.1
1.6
Exceptional credit \u2013 recognition of DPF surplus
(2.7)
\u2013
(1.6)
0.6
The (credit)/expense is recognised in the following line items in the Group Income Statement
2026 2025
\u00a3m \u00a3m
Current service costs and administrative expenses
0.8
0.3
Net finance charge
0.3
0.3
Exceptional credit \u2013 recognition of DPF surplus
(2.7)
\u2013
(1.6)
0.6
Actuarial losses/(gains) recognised in the Group Statement of Comprehensive Income
2026 2025
\u00a3m \u00a3m
Cumulative loss at the start of the year
59.5
59.1
Actuarial (gains)/losses recognised during the year
(7.8)
18.5
Movement in restriction of assets
8.5
(16.4)
Interest restriction on IFRIC 14
(1.1)
(1.8)
Exchange rate adjustment
0.1
0.1
Cumulative loss at the end of the year
59.2
59.5
Actuarial assumptions and sensitivity analysis Principal actuarial assumptions (expressed as weighted averages) are:
2026
2025
Discount rate
5.95%
5.50%
Consumer Price Index
2.60%
2.55%
Retail Price Index
2.95%
2.90%
The mortality assumptions used are consistent with those recommended by the schemes\u2019 actuaries and reflect the latest available tables, adjusted for the experience of the scheme where appropriate. For 2026, the mortality tables used are 96% of the S4PMA (males)/S4PFA_M (females) all lives tables, with birth year and CMI 2025 projections with parameters of H=1.0 and A=0.5% and subject to a long-term rate of improvement of 1.25% per annum for males and females. For 2025, the mortality tables used are 100% of the S3PMA (males)/S3PFA_M (females) all lives tables, with birth year and CMI 2023 projections with parameters of Sk=7.0 and A=0.5% and weighting parameters of w2020=0%, w2021=0%, w2022=15% and w2023=15%, subject to a long-term rate of improvement of 1.50% per annum for males and females. Aggregated position of defined benefit schemes The following table shows the assumptions used for all schemes and illustrates the life expectancy of an average member retiring at age 65 at the balance sheet date and a member reaching age 65 in 20 years\u2019 time.
2026 2025
Years Years
Retiring at balance sheet date at age 65
Male
22.6
22.1
Female
24.4
24.2
Retiring at age 65 in 20 years\u2019 time
Male
23.8
23.8
Female
25.8
26.0
Duration of benefit obligations
2026 2025
Years Years
Weighted average duration of the defined benefit obligations
10.0
9.9
Sensitivity analysis Measurement of the Group\u2019s defined benefit obligation is sensitive to changes in certain key assumptions. The sensitivity analysis below shows how a reasonably possible increase or decrease in a particular assumption would, in isolation, result in an increase or decrease in the present value of the defined benefit obligation as at 30 June 2026.
Discount rate
Rate of inflation
Life expectancy
Decrease Increase Decrease Increase Decrease Increase
by 0.5% by 0.5% by 0.5% by 0.5% by 1 year by 1 year
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Increase/(decrease) in
present value of defined
obligation
10.9
(10.7)
(7.6)
8.0
(9.1)
9.1
The sensitivity analysis may not be representative of an actual change in the defined benefit obligation, as it is unlikely that changes in assumptions would occur in isolation from one another. The sensitivities assume the funds\u2019 assets remain unchanged. However, in practice changes in interest rates and inflation will also affect the value of the funds\u2019 assets. The funds\u2019 investment strategy is to hold matching assets with values that move in line with the liabilities of the fund, to protect against changes in interest rates and inflation. This sensitivity analysis has been prepared using the same method adopted when adjusting results of the latest funding valuation to the balance sheet date. This is the same approach as adopted in previous periods. The history of experience adjustment is as follows:
2026 2025 2024 2023 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of the defined
benefit obligation
245.2
273.6
730.2
754.2
866.0
1,106.6
Fair value of plan assets
(266.6)
(286.7)
(760.0)
(787.6)
(936.3)
(1,147.2)
Restrict recognition of asset
and recognition of additional
liability
25.8
20.0
36.4
40.3
78.6
51.7
Deficit in the plans
4.4
6.9
6.6
6.9
8.3
11.1
Experience adjustments
arising on plan liabilities (%)
3.5
12.3
1.0
17.2
21.0
2.1
Experience adjustments
arising on plan assets (%)
0.4
11.8
0.9
16.3
19.3
2.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-609": { "value": "Accounting policies Defined contribution pension schemes A number of our employees are members of defined contribution pension schemes. We charge contributions to the Income Statement as they become payable under the scheme rules. We show differences between the contributions payable and the amount we have paid as either accruals or prepayments in the Balance Sheet. The schemes\u2019 assets are held separately from the Group\u2019s assets. Defined benefit pension schemes The Group operates defined benefit pension schemes for some of its employees. These schemes are closed to new members and to further accrual. We calculate our net obligation separately for each scheme, by estimating the amount of future benefit that employees have earned, in return for their service to date. We discount that benefit to determine its present value and deduct the fair value of the plan\u2019s assets (at bid price). The liability discount rate we use is the market yield at the balance sheet date on high-quality corporate bonds, with terms to maturity approximating our pension liabilities. Qualified actuaries perform the calculations, using the projected unit method. We recognise actuarial gains and losses in equity in the period in which they occur, through the Group Statement of Comprehensive Income. Actuarial gains and losses include the difference between the expected and actual return on scheme assets and experience gains and losses on scheme liabilities. Genus and the other participating employers are jointly and severally liable for the MPF\u2019s obligations. We account for our section of the scheme and our share of any orphan assets and liabilities, and provide for any amounts we believe we will have to pay under our joint and several liability. The joint and several liability also means we have a contingent liability for the scheme\u2019s obligations that we have not accounted for. Under the joint and several liability, we initially recognise any changes in our share of orphan assets and liabilities in the Income Statement. After this initial recognition, any actuarial gains and losses on the orphan assets and liabilities are recognised directly in equity through the Group Statement of Changes in Equity, in the period in which they occur. We measure the fair value of our qualifying insurance policy assets to be the deemed present value of the related obligation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-553": { "value": "Under the joint and several liability, we initially recognise any changes in our share of orphan assets and liabilities in the Income Statement. After this initial recognition, any actuarial gains and losses on the orphan assets and liabilities are recognised directly in equity through the Group Statement of Changes in Equity, in the period in which they occur. We measure the fair value of our qualifying insurance policy assets to be the deemed present value of the related obligation. Retirement benefit obligations The financial positions of the defined benefit schemes, as recorded in accordance with IAS 19 and IFRIC 14, are aggregated for disclosure purposes. The liability/(asset) split by principal scheme is set out below.
2026 2025
\u00a3m \u00a3m
The Milk Pension Fund \u2013 Genus\u2019s share
\u2013
\u2013
The Dalgety Pension Fund
(2.7)
\u2013
National Pig Development Pension Fund
\u2013
\u2013
Post-retirement healthcare
0.5
0.5
Other funded and unfunded schemes
6.6
6.4
Overall net pension liability
4.4
6.9
The MPF and NPD pension schemes are in IAS 19 surplus positions but these surpluses are restricted to nil under IFRIC 14. Overall, we expect to pay \u00a30.6m (2025: \u00a30.4m) in contributions to defined benefit plans in the 2027 financial year. The defined benefit plans are administered by trustee boards that are legally separated from the Group. The trustee board of each pension fund consists of representatives who are employees, former employees or are independent from the Company. The boards of the pension funds are required by law to act in the best interest of the plan participants and are responsible for setting certain policies, such as investment and contribution policies, and for the governance of the fund. The defined benefit pension schemes expose the Group to actuarial risks such as greater than expected longevity of members, lower than expected return on investments and higher than expected inflation, which may increase the plans\u2019 liabilities or reduce the value of their assets. UK pensions are regulated by The Pensions Regulator, a non-departmental public body established under the Pensions Act 2004 and sponsored by the Department for Work and Pensions, operating within a legal regulatory framework set by the UK Parliament. The Pensions Regulator has statutory objectives set out in legislation, which include promoting and improving understanding of the good administration of work-based pensions, protecting member benefits and regulating occupational defined benefit and contribution schemes. The Pensions Regulator\u2019s statutory objectives and regulatory powers are described on its website. All defined benefit schemes are registered as an occupational pension plan with HMRC and are subject to UK legislation and oversight from The Pensions Regulator. UK legislation requires that pension schemes are funded prudently and valued at least every three years. Separate valuations are required for each scheme. Within 15 months of each valuation date, the plan trustees and the Group must agree any contributions required to ensure that the plan is fully funded over time, on a suitably prudent measure.
Funding plans are individually agreed with the respective trustees for each of the Group\u2019s defined
benefit pension schemes, taking into account local regulatory requirements.
The Pension Schemes Act 2026, which received Royal Assent on 29 April 2026, introduced a statutory
mechanism intended to address issues arising from the Virgin Media judgment, including provisions
allowing retrospective actuarial confirmation in certain circumstances. Taking account of the
legislation enacted and the work performed to date, the Directors do not consider that any additional
liability is required and, accordingly, no provision has been recognised in the financial statements
The Milk Pension Fund (\u2018MPF\u2019)
The MPF was previously operated by the Milk Marketing Board and was also open to staff working for
Milk Marque Ltd (the principal employer, now known as Community Foods Group Limited), National Milk
Records plc, First Milk Ltd, hauliers associated to First Milk Ltd, Dairy Farmers of Britain Ltd (which went
into receivership in June 2009) and Milk Link Ltd. Genus Breeding Limited is currently the
principal employer.
We have accounted for our section of the scheme and our share of any orphan assets and liabilities,
which together represent approximately 86% of the MPF (2025: 86%). Although the MPF is managed on a
sectionalised basis, it is a \u2018last man standing\u2019 scheme, which means that all participating employers
are jointly and severally liable for all of the fund\u2019s liabilities. With effect from 30 June 2013, Genus\u2019s
remaining active members ceased accruing benefits in the fund and became deferred pensioners.
The most recent actuarial triennial valuation of the MPF was at 31 March 2024 and was carried out by
qualified actuaries. The valuation has been agreed by the trustees.
The principal actuarial assumptions adopted in the 2024 valuation were that:
\u2022 investment returns on existing assets would exceed fixed-interest gilt yields by 1.0% per annum until
31 March 2030, then by 0.5% per annum thereafter;
\u2022 Consumer Price Index (\u2018CPI\u2019) price inflation is expected to be 0.7% per annum lower than Retail Price
Index (\u2018RPI\u2019) price inflation until 31 March 2030, then less 0.1% per annum thereafter; and
\u2022 pensions in payment and pensions in deferment would increase in future in line with CPI price
inflation, subject to various minimum and maximum increases.
At 31 March 2024, the market value of the fund\u2019s assets was \u00a3341m. This represented approximately
104% of the value of the uninsured liabilities, which were \u00a3329m at that date.
The surplus in the fund as a whole, by reference to the 31 March 2024 valuation, was \u00a312m (of which
Genus\u2019s notional share was \u00a310m). Reflecting the improvement in the funding position, no deficit repair
contributions and no contributions in respect of the scheme\u2019s operating expenses are payable until
30 June 2028. The disclosures required under IAS 19 have been calculated by an independent actuary,
based on accurate calculations carried out as at 31 March 2024 and updated to 30 June 2026.
At 30 June 2026, the MPF was in an overall net pension asset position of \u00a325.0m (2025: \u00a316.2m).
However, the Company does not have the unilateral right to this surplus and therefore in line with IFRIC
14, the recognition of this asset is restricted.
Dalgety Pension Fund (\u2018DPF\u2019)
The most recent actuarial valuation of the DPF was at 31 March 2021 and was carried out by qualified
actuaries.
The principal actuarial assumptions adopted in the 2021 valuation were that:
\u2022 investment returns on existing assets are gilt yields less 0.35% per annum;
\u2022 CPI price inflation is expected to be 0.7% per annum lower than RPI price inflation until 2030, then
utilising the RPI curve from 2030 onwards; and
\u2022 pensions in payment and pensions in deferment would increase in future in line with CPI price
inflation, subject to various minimum and maximum increases.
The market value of the available assets at 31 March 2021 was \u00a3938m. The value of those assets
represented approximately 100% of the value of the uninsured liabilities, which were \u00a3937m at 31 March
2021. Under the funding agreement, the Company will not have to make deficit repair contributions.
The disclosures required under IAS 19 have been calculated by an independent actuary, based on
accurate calculations carried out as at 31 March 2021 and updated to 30 June 2026.
Formal notice to wind-up the DPF was given by the scheme\u2019s sponsoring employers on 13 February 2025,
as all member benefits have now been secured with insurance companies, following the completion of
the GMP equalisation exercise. Wind-up is expected to complete in the last quarter of 2026. As a result a
almost all members have now received their individual pension policies, with these liabilities now passed
to insurers. Only a small number of individual pension policies are yet to be issued to members and these
are expected to complete during the second half of 2026.
At 30 June 2026, the DPF, has now, in relation to any scheme surplus, completed certain statutory
requirements with the pension regulator and scheme members as part of the wind-up process. The
trustees have also written to the company and indicated any scheme surplus will be returned. In the
judgement of the Company it is now highly probable that the surplus will be returned in the next year
and accordingly a surplus of \u00a32.7m has been recognised in line with IFRIC 14, which reflects the overall
net pension asset position at 30 June 2026 less expected future liabilities.
National Pig Development Company Pension Fund (\u2018NPD\u2019)
The Group operates a closed defined benefit scheme for a small number of former employees of the
National Pig Development Company Limited. The total market value of scheme assets and liabilities at
30 June 2026, under the provisions of IAS 19, were \u00a34.7m (2025: \u00a34.7m) and \u00a34.6m (2025: \u00a34.7m), respectively.
The most recent actuarial triennial valuation of the NPD was at 30 June 2023 and was carried out by
qualified actuaries. The valuation has been agreed by the trustees.
The principal actuarial assumptions adopted in the 2023 valuation were that:
\u2022 investment returns on existing assets are gilt yields less 0.35% per annum;
\u2022 CPI price inflation is expected to be 0.6% per annum lower than RPI price inflation; and
\u2022 pensions in payment and pensions in deferment would increase in future in line with CPI price
inflation, subject to various minimum and maximum increases.
The market value of the available assets at 30 June 2023 was \u00a35.0m. The value of those assets
represented approximately 92% of the value of the uninsured liabilities, which were \u00a35.4m at 30 June
2023. In May 2024, it was agreed under the trustee-prepared schedule of contributions that no deficit
repair contributions will be payable from 1 June 2024.
On 2 August 2024, the Trustees purchased a bulk annuity (\u2018Buy-in Policy\u2019) with Just Retirement Limited
(\u2018Just\u2019). In exchange for a combined premium of \u00a35.5m, all future benefit obligations for both deferred
and pensioner members of the Scheme were insured with Just from 2 August 2024.
The disclosures required under IAS 19 have been calculated by an independent actuary, based on
accurate calculations carried out as at 30 June 2023 and updated to 30 June 2026.
Other unfunded schemes
When the Group acquired Sygen International plc in 2005, it also acquired unfunded defined benefit
schemes and an unfunded retirement health benefit plan, which it now operates for the benefit of the
previous Group\u2019s senior employees and executives.
Unfunded defined benefit schemes
The scheme liabilities for two unfunded defined benefit schemes amounted to \u00a34.1m (2025: \u00a34.0m), based
on IAS 19\u2019s methods and assumptions. This amount is included within pension liabilities in the Group
Balance Sheet. It also includes several other unfunded defined benefits liabilities which amounted to
\u00a32.0m (2025: \u00a32.4m). Interest on pension scheme liabilities amounted to \u00a30.3m (2025: \u00a30.3m). The
disclosures required under IAS 19 have been calculated by an independent actuary, using the principal
assumptions used to calculate the scheme liabilities for the defined benefit schemes.
Post-retirement healthcare
The scheme liabilities for the unfunded retirement health benefit plan amounted to \u00a30.5m (2025:
\u00a30.5m), based on IAS 19\u2019s methods and assumptions. This amount is included within retirement benefit
obligations in the Group Balance Sheet. Interest on plan liabilities amounted to \u00a3nil (2025: \u00a3nil).
The principal assumptions used to calculate the plan liabilities were that the discount rate would
be 5.95% (2025: 5.50%) and that the long-term rate of medical expense inflation would be 6.95%
(2025: 6.90%).
Aggregated position of defined benefit schemes
2026 2025
\u00a3m \u00a3m
Present value of funded obligations (includes Genus\u2019s 86% share of MPF
(2025: 86%))
238.6
266.7
Present value of unfunded obligations
6.6
6.9
Total present value of obligations
245.2
273.6
Fair value of plan assets (includes Genus\u2019s 86% share of MPF (2025: 86%))
(266.6)
(286.7)
Restricted recognition of asset (MPF, NPD and DPF)
25.8
20.0
Recognised net liability for defined benefit obligations
4.4
6.9
Each of the defined benefit schemes manages risks through a variety of methods and strategies,
including equity protection, to limit the downside risk of falls in equity markets, as well as inflation and
interest rate hedging. By funding its defined benefits schemes, the Group is exposed to the risk that
the cost of meeting its obligations is higher than anticipated. This could occur for several reasons,
for example:
\u2022 Investment returns on the schemes\u2019 assets may be lower than anticipated, especially if falls in asset
values are not matched by similar falls in the value of the schemes\u2019 liabilities.
\u2022 The level of price inflation may be higher than that assumed, resulting in higher payments from the
schemes.
\u2022 Scheme members may live longer than assumed, for example due to advances in healthcare. Members
may also exercise (or not exercise) options in a way that leads to increases in the schemes\u2019 liabilities, for
example through early retirement or commutation of pension for cash.
\u2022 Legislative changes could also lead to an increase in the schemes\u2019 liabilities.
Aggregated position of defined benefit schemes
The fair value of the total plan assets at the end of the reporting period for each category is as follows:
Level 1 Level 2 Level 3 2026 Level 1 Level 2 Level 3 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Diversified growth funds
\u2013
26.5
\u2013
26.5
\u2013
68.7
\u2013
68.7
Liability-driven investments
\u2013
151.1
\u2013
151.1
\u2013
123.5
\u2013
123.5
Gilts and corporate bonds
\u2013
29.8
\u2013
29.8
\u2013
29.8
\u2013
29.8
Cash and cash equivalent
26.1
4.9
\u2013
31.0
2.1
5.1
\u2013
7.2
Property
\u2013
\u2013
9.6
9.6
\u2013
\u2013
19.7
19.7
Direct lending
\u2013
\u2013
14.0
14.0
\u2013
0.2
19.0
19.2
Bulk annuity policy
\u2013
\u2013
4.6
4.6
\u2013
\u2013
18.6
18.6
26.1
212.3
28.2
266.6
2.1
227.3
57.3
286.7
Note:
Level 1: valued using unadjusted quoted prices in active markets for identical financial instruments.
Level 2: valued using techniques based on information that can be obtained from observable
market data.
Level 3: valued using techniques incorporating information other than observable market data.
All of the above assets with the exception of cash and the annuity policy are held through pooled
investment vehicles which are unquoted.
Movement in the liability for defined benefit obligations
2026 2025
\u00a3m \u00a3m
Liability for defined benefit obligations at the start of the year
273.6
730.2
Benefits paid by the plans
(19.9)
(56.0)
Current service costs and interest
14.0
36.1
Actuarial losses recognised on fund liabilities arising from changes in
demographic assumptions
2.5
2.3
Actuarial gains recognised on fund liabilities arising from changes in financial
assumptions
(9.0)
(20.9)
Actuarial (gains)/losses recognised on fund liabilities arising from
experience other
(2.2)
3.1
Settlement of annuity contracts in DPF
(13.9)
(421.3)
Exchange rate adjustment
0.1
0.1
Liability for defined benefit obligations at the end of year
245.2
273.6
Movement in plan assets
2026 2025
\u00a3m \u00a3m
Fair value of plan assets at the start of the year
286.7
760.0
Administration expenses
(0.5)
(0.3)
Contributions paid into the plans
0.6
0.7
Benefits paid by the plans
(19.9)
(56.0)
Interest income on plan assets
14.5
37.6
Settlement of annuity contracts in DPF
(13.9)
(421.3)
Actuarial losses recognised in equity
(0.9)
(34.0)
Fair value of plan assets at the end of the year
266.6
286.7
Aggregated position of defined benefit schemes
Summary of movements in Group deficit during the year
2026 2025
\u00a3m \u00a3m
Deficit in schemes at the start of the year
(6.9)
(6.6)
Current service costs and administration expenses
(0.8)
(0.3)
Contributions paid into the plans
0.6
0.7
Net pension finance cost
(0.3)
(0.3)
Exceptional credit \u2013 recognition of DPF surplus
2.7
\u2013
Actuarial losses recognised during the year
7.8
(18.5)
Movement in restriction of assets
(8.5)
16.4
Interest restriction on IFRIC 14
1.1
1.8
Exchange rate adjustment
(0.1)
(0.1)
Deficit in schemes at the end of the year
(4.4)
(6.9)
Amounts recognised in the Group Income Statement
2026 2025
\u00a3m \u00a3m
Current service costs and administrative expenses
0.8
0.3
Interest obligation
13.7
36.1
Interest income on plan assets
(14.5)
(37.4)
Interest on additional liability
1.1
1.6
Exceptional credit \u2013 recognition of DPF surplus
(2.7)
\u2013
(1.6)
0.6
The (credit)/expense is recognised in the following line items in the Group Income Statement
2026 2025
\u00a3m \u00a3m
Current service costs and administrative expenses
0.8
0.3
Net finance charge
0.3
0.3
Exceptional credit \u2013 recognition of DPF surplus
(2.7)
\u2013
(1.6)
0.6
Actuarial losses/(gains) recognised in the Group Statement of Comprehensive Income
2026 2025
\u00a3m \u00a3m
Cumulative loss at the start of the year
59.5
59.1
Actuarial (gains)/losses recognised during the year
(7.8)
18.5
Movement in restriction of assets
8.5
(16.4)
Interest restriction on IFRIC 14
(1.1)
(1.8)
Exchange rate adjustment
0.1
0.1
Cumulative loss at the end of the year
59.2
59.5
Actuarial assumptions and sensitivity analysis
Principal actuarial assumptions (expressed as weighted averages) are:
2026
2025
Discount rate
5.95%
5.50%
Consumer Price Index
2.60%
2.55%
Retail Price Index
2.95%
2.90%
The mortality assumptions used are consistent with those recommended by the schemes\u2019 actuaries
and reflect the latest available tables, adjusted for the experience of the scheme where appropriate.
For 2026, the mortality tables used are 96% of the S4PMA (males)/S4PFA_M (females) all lives tables,
with birth year and CMI 2025 projections with parameters of H=1.0 and A=0.5% and subject to a
long-term rate of improvement of 1.25% per annum for males and females. For 2025, the mortality
tables used are 100% of the S3PMA (males)/S3PFA_M (females) all lives tables, with birth year and CMI
2023 projections with parameters of Sk=7.0 and A=0.5% and weighting parameters of w2020=0%,
w2021=0%, w2022=15% and w2023=15%, subject to a long-term rate of improvement of 1.50% per annum
for males and females.
Aggregated position of defined benefit schemes
The following table shows the assumptions used for all schemes and illustrates the life expectancy of
an average member retiring at age 65 at the balance sheet date and a member reaching age 65 in
20 years\u2019 time.
2026 2025
Years Years
Retiring at balance sheet date at age 65
Male
22.6
22.1
Female
24.4
24.2
Retiring at age 65 in 20 years\u2019 time
Male
23.8
23.8
Female
25.8
26.0
Duration of benefit obligations
2026 2025
Years Years
Weighted average duration of the defined benefit obligations
10.0
9.9
Sensitivity analysis
Measurement of the Group\u2019s defined benefit obligation is sensitive to changes in certain key
assumptions. The sensitivity analysis below shows how a reasonably possible increase or decrease in
a particular assumption would, in isolation, result in an increase or decrease in the present value of
the defined benefit obligation as at 30 June 2026.
Discount rate
Rate of inflation
Life expectancy
Decrease Increase Decrease Increase Decrease Increase
by 0.5% by 0.5% by 0.5% by 0.5% by 1 year by 1 year
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Increase/(decrease) in
present value of defined
obligation
10.9
(10.7)
(7.6)
8.0
(9.1)
9.1
The sensitivity analysis may not be representative of an actual change in the defined benefit
obligation, as it is unlikely that changes in assumptions would occur in isolation from one another.
The sensitivities assume the funds\u2019 assets remain unchanged. However, in practice changes in interest
rates and inflation will also affect the value of the funds\u2019 assets. The funds\u2019 investment strategy is to
hold matching assets with values that move in line with the liabilities of the fund, to protect against
changes in interest rates and inflation.
This sensitivity analysis has been prepared using the same method adopted when adjusting results of
the latest funding valuation to the balance sheet date. This is the same approach as adopted in
previous periods.
The history of experience adjustment is as follows:
2026 2025 2024 2023 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of the defined
benefit obligation
245.2
273.6
730.2
754.2
866.0
1,106.6
Fair value of plan assets
(266.6)
(286.7)
(760.0)
(787.6)
(936.3)
(1,147.2)
Restrict recognition of asset
and recognition of additional
liability
25.8
20.0
36.4
40.3
78.6
51.7
Deficit in the plans
4.4
6.9
6.6
6.9
8.3
11.1
Experience adjustments
arising on plan liabilities (%)
3.5
12.3
1.0
17.2
21.0
2.1
Experience adjustments
arising on plan assets (%)
0.4
11.8
0.9
16.3
19.3
2.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-521": { "value": "30. SHARE-BASED PAYMENTS We have a number of share plans used to award shares to Directors and senior management as part of their remuneration. To record the cost of these, a charge is recognised over the vesting period in the Group Income Statement, based on the fair value of the award on the date of grant. Accounting policies We recognise the fair value of share awards and options granted as an employee expense, with a corresponding increase in equity. We measure the fair value at the grant date and spread it over the vesting period of each option. For the most part we use a binomial valuation model to measure the fair value of share awards. We adjust the amount we recognise as an expense, to reflect the estimated performance against non-market-related conditions and the number of share awards and options that actually vest at the end of the vesting period. Since 2025, performance share plan (\u2018PSP\u2019) awards are subject to a Total Shareholder Return (\u2018TSR\u2019) performance measure. The fair value of the relative TSR component is calculated using a Monte Carlo simulation model, to assess the probability of meeting the measure over a three-year performance period. No dividend equivalents accrue for unvested PSP awards and options and the fair value takes this into account. The Group recognised a total share-based payment expense of \u00a310.4m (2025: \u00a36.9m), including National Insurance contributions expense of \u00a31.5m (2025: \u00a30.2m). Share awards and nil-cost options There were 984,632 conditional share awards and nil-cost options outstanding at 30 June 2026. These conditional share awards and nil-cost options were awarded to Executive Directors and senior management under the 2014 and 2019 Performance Share Plans. In accordance with the plan\u2019s terms, participants have received a conditional annual award of shares or nil-cost option awards, which will normally vest after three years, with the proportion of the award vesting depending on growth in the Group\u2019s adjusted earnings per share and return on adjusted invested capital. Share awards for non-GELT members are service based only. Further details of the plan\u2019s performance conditions are given in the Directors\u2019 Remuneration Report. During the year ended 30 June 2026: \u2022 243,126 awards or nil-cost options were granted on 10 September 2025 and 20 November 2025 with an aggregate fair value of \u00a36,278,965. The fair value of services received in return for share awards granted is based on the fair value of share awards or nil-cost options granted, measured using a binomial valuation model. At the date of grants, the average fair value of a share awarded or nil-cost options was \u00a325.83, based on an average expected dividend yield of 1.28%.
Number of Number of
awards awards
2026 2025
Outstanding at the start of year
1,189,698
1,014,981
Exercised during the year
(192,585)
(207,544)
Forfeited during the year
(255,607)
(92,940)
Granted during the year
243,126
475,201
Outstanding at 30 June
984,632
1,189,698
Exercisable at 30 June
\u2013
15,882
The nil-cost options at 30 June 2026 had a weighted average remaining contractual life of 2.7 years
(2025: 4.1 years). No nil-cost options were granted during the year (2025: 285,897). The weighted average
share price at the date of exercise of the nil-cost options during the year was \u00a325.22 (2025: \u00a318.82).
Bonus and restricted stock share awards
In addition to the outstanding share awards above, there were 199,106 bonus and restricted stock share
awards outstanding at 30 June 2026. The bonus shares were awarded to Executive Directors and senior
management as part of the compulsory deferred bonus, and restricted stock share awards were granted
to senior management in connection with various matters such as recruitment and retention.
In accordance with the awards\u2019 terms, participants have received a conditional annual bonus award of
shares or nil-cost option awards, which will normally vest between one and three years after award,
providing the participant is employed by the Group at that time.
In the year ended 30 June 2026, 150,324 bonus and restricted share awards were granted on
10 September 2025, 26 November 2025 and 4 March 2026, with an aggregate fair value of \u00a33,783,951.
Number of Number of
awards awards
2026 2025
Outstanding at the start of year
73,383
45,962
Exercised during the year
(24,195)
(29,336)
Forfeited during the year
(406)
(210)
Granted during the year
150,324
56,967
Outstanding at 30 June
199,106
73,383
Exercisable at 30 June
\u2013
7,744
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-610": { "value": "Accounting policies We recognise the fair value of share awards and options granted as an employee expense, with a corresponding increase in equity. We measure the fair value at the grant date and spread it over the vesting period of each option. For the most part we use a binomial valuation model to measure the fair value of share awards. We adjust the amount we recognise as an expense, to reflect the estimated performance against non-market-related conditions and the number of share awards and options that actually vest at the end of the vesting period. Since 2025, performance share plan (\u2018PSP\u2019) awards are subject to a Total Shareholder Return (\u2018TSR\u2019) performance measure. The fair value of the relative TSR component is calculated using a Monte Carlo simulation model, to assess the probability of meeting the measure over a three-year performance period. No dividend equivalents accrue for unvested PSP awards and options and the fair value takes this into account. The Group recognised a total share-based payment expense of \u00a310.4m (2025: \u00a36.9m), including National Insurance contributions expense of \u00a31.5m (2025: \u00a30.2m). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-522": { "value": "31. CAPITAL AND RESERVES Called-up share capital is the number of shares in issue at their par value. A number of shares were issued in the year, in relation to the employee share schemes. Accounting policies Equity instruments issued by the Group are recorded at the amounts of the proceeds received, net of direct issuance costs. Own shares We include the transactions, assets and liabilities of the Group-sponsored Qualifying Employee Share Ownership Trust (\u2018QUEST\u2019) in the Group Financial Statements. In particular, the trust\u2019s purchases of the Company\u2019s shares are deducted from shareholders\u2019 funds until they vest unconditionally with employees. Share capital
2026 2025 2026 2025
Number Number \u00a3m \u00a3m
Issued and fully paid
Ordinary shares of 10 pence
66,539,439
66,036,776
6.7
6.6
There is no authorised share capital limit. The holders of ordinary shares are entitled to receive dividends, as declared from time to time.
The movement in share capital for the period was as follows:
2026 2025 2026 2025
Number Number \u00a3m \u00a3m
Issued to Employee Benefit Trust
500,000
\u2013
0.1
\u2013
Issued to Genus plc Share Incentive Plan
2,663
3,994
\u2013
\u2013
502,663
3,994
0.1
\u2013
Reserve for own shares
The Company\u2019s shares are held by a QUEST, which is an employee benefit trust established to facilitate
the operation of our long-term incentive scheme for senior management. The reserve amount
represents the deduction in arriving at shareholders\u2019 funds for the consideration the trust paid for the
Company\u2019s shares, which had not vested unconditionally at the balance sheet date. The number and
market value of the ordinary shares held by the Employee Benefit Trust and the QUEST were:
2026 2025 2026 2025
Number Number \u00a3m \u00a3m
Shares allocated but not vested
341,506
32,732
7.3
0.7
Unallocated shares
92,334
92,334
2.0
1.9
433,840
125,066
9.3
2.6
The shares have a nominal value of \u00a343,384 (2025: \u00a312,506). The trustees of the Employee Benefit Trust
and the Quest have waived their entitlement to dividends on shares held at the balance sheet date
and in respect of future dividends.
Translation reserve
The translation reserve comprises all foreign currency differences arising from translating the financial
statements of our foreign operations.
The Group uses foreign currency denominated borrowings of \u00a332.3m (2025: \u00a340.7m) as a hedge against
the translation exposure on the Group\u2019s net investment in overseas companies. Where the hedge is
fully effective at hedging the variability in the net assets of such companies caused by changes in
exchange rates, the changes in value of the borrowings are recognised in the Consolidated Statement
of Comprehensive Income and accumulated in the hedging and translation reserves. The ineffective
part of any change in value caused by changes in exchange rates is recognised in the Consolidated
Income Statement.
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of
cash flow hedging instruments, net of taxation.
Hedging and translation reserves
Hedging Translation
reserve reserve
\u00a3m \u00a3m
Balance at 30 June 2024
0.9
10.5
Exchange differences on translation of overseas operations
\u2013
(35.7)
Gain recognised on net investment hedges
\u2013
(0.5)
Loss recognised on cash flow hedges \u2013 interest rate swaps and
cross-currency swaps
(1.4)
\u2013
Income tax related to components of other comprehensive income
0.2
(5.1)
Balance at 30 June 2025
(0.3)
(30.8)
Exchange differences on translation of overseas operations
\u2013
17.3
Gain recognised on net investment hedges
\u2013
(0.3)
Loss recognised on cash flow hedges \u2013 interest rate swaps and
cross-currency swaps
0.5
\u2013
Income tax related to components of other comprehensive income
(0.1)
0.8
Balance at 30 June 2026
0.1
(13.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-554": { "value": "31. CAPITAL AND RESERVES Called-up share capital is the number of shares in issue at their par value. A number of shares were issued in the year, in relation to the employee share schemes. Accounting policies Equity instruments issued by the Group are recorded at the amounts of the proceeds received, net of direct issuance costs. Own shares We include the transactions, assets and liabilities of the Group-sponsored Qualifying Employee Share Ownership Trust (\u2018QUEST\u2019) in the Group Financial Statements. In particular, the trust\u2019s purchases of the Company\u2019s shares are deducted from shareholders\u2019 funds until they vest unconditionally with employees. Share capital
2026 2025 2026 2025
Number Number \u00a3m \u00a3m
Issued and fully paid
Ordinary shares of 10 pence
66,539,439
66,036,776
6.7
6.6
There is no authorised share capital limit. The holders of ordinary shares are entitled to receive dividends, as declared from time to time. The movement in share capital for the period was as follows:
2026 2025 2026 2025
Number Number \u00a3m \u00a3m
Issued to Employee Benefit Trust
500,000
\u2013
0.1
\u2013
Issued to Genus plc Share Incentive Plan
2,663
3,994
\u2013
\u2013
502,663
3,994
0.1
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-623": { "value": "Accounting policies Equity instruments issued by the Group are recorded at the amounts of the proceeds received, net of direct issuance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-611": { "value": "Accounting policies Equity instruments issued by the Group are recorded at the amounts of the proceeds received, net of direct issuance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-574": { "value": "
Own shares
We include the transactions, assets and liabilities of the Group-sponsored Qualifying Employee Share
Ownership Trust (\u2018QUEST\u2019) in the Group Financial Statements. In particular, the trust\u2019s purchases of the
Company\u2019s shares are deducted from shareholders\u2019 funds until they vest unconditionally with employees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-555": { "value": "Reserve for own shares The Company\u2019s shares are held by a QUEST, which is an employee benefit trust established to facilitate the operation of our long-term incentive scheme for senior management. The reserve amount represents the deduction in arriving at shareholders\u2019 funds for the consideration the trust paid for the Company\u2019s shares, which had not vested unconditionally at the balance sheet date. The number and market value of the ordinary shares held by the Employee Benefit Trust and the QUEST were:
2026 2025 2026 2025
Number Number \u00a3m \u00a3m
Shares allocated but not vested
341,506
32,732
7.3
0.7
Unallocated shares
92,334
92,334
2.0
1.9
433,840
125,066
9.3
2.6
The shares have a nominal value of \u00a343,384 (2025: \u00a312,506). The trustees of the Employee Benefit Trust and the Quest have waived their entitlement to dividends on shares held at the balance sheet date and in respect of future dividends. Translation reserve The translation reserve comprises all foreign currency differences arising from translating the financial statements of our foreign operations. The Group uses foreign currency denominated borrowings of \u00a332.3m (2025: \u00a340.7m) as a hedge against the translation exposure on the Group\u2019s net investment in overseas companies. Where the hedge is fully effective at hedging the variability in the net assets of such companies caused by changes in exchange rates, the changes in value of the borrowings are recognised in the Consolidated Statement of Comprehensive Income and accumulated in the hedging and translation reserves. The ineffective part of any change in value caused by changes in exchange rates is recognised in the Consolidated Income Statement. Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments, net of taxation. Hedging and translation reserves
Hedging Translation
reserve reserve
\u00a3m \u00a3m
Balance at 30 June 2024
0.9
10.5
Exchange differences on translation of overseas operations
\u2013
(35.7)
Gain recognised on net investment hedges
\u2013
(0.5)
Loss recognised on cash flow hedges \u2013 interest rate swaps and
cross-currency swaps
(1.4)
\u2013
Income tax related to components of other comprehensive income
0.2
(5.1)
Balance at 30 June 2025
(0.3)
(30.8)
Exchange differences on translation of overseas operations
\u2013
17.3
Gain recognised on net investment hedges
\u2013
(0.3)
Loss recognised on cash flow hedges \u2013 interest rate swaps and
cross-currency swaps
0.5
\u2013
Income tax related to components of other comprehensive income
(0.1)
0.8
Balance at 30 June 2026
0.1
(13.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-523": { "value": "
32. NOTES TO THE CASH FLOW STATEMENT
2026 2025
\u00a3m \u00a3m
Profit for the year
285.5
19.3
Adjustment for:
Net IAS 41 valuation movement on biological assets
(12.8)
13.3
Amortisation of acquired intangible assets
4.1
5.6
Impairment of goodwill
\u2013
1.5
Share-based payment expense
10.4
6.9
Share of profit of joint ventures and associates
(34.7)
(9.1)
Other gains and losses
(204.3)
4.2
Finance costs (net)
15.8
18.8
Income tax expense
25.0
9.2
Exceptional items (net)
5.8
11.4
Adjusted operating profit from continuing operations
94.8
81.1
Depreciation of property, plant and equipment
28.9
31.8
Profit on disposal of plant and equipment
(0.9)
(0.5)
Loss on disposal of intangible asset
0.2
0.1
Amortisation and impairment of intangible assets
7.9
7.3
Adjusted earnings before interest, tax, depreciation and amortisation
130.9
119.8
Cash impact of exceptional items relating to operating activities
(12.5)
(24.2)
Other movements in biological assets and harvested produce
1.9
1.3
Increase/(decrease) in provisions
0.2
(0.7)
Difference in pension contributions to pension cost
0.3
(0.4)
Other
(1.2)
(0.4)
Operating cash flows before movement in working capital
119.6
95.4
(Increase)/decrease in inventories
(1.7)
2.0
(Increase)/decrease in receivables
(4.2)
11.4
Decrease in payables
(4.9)
(2.1)
Cash generated by operations
108.8
106.7
Interest received
0.9
0.6
Interest and other finance costs paid
(13.1)
(15.7)
Interest on leased assets
(1.8)
(2.4)
Cash flow from derivative financial instruments
(1.3)
(1.3)
Income taxes paid
(19.1)
(20.7)
Net cash from operating activities
74.4
67.2
Analysis of net debt
Total changes in liabilities due to financing activities are as follows:
Other
At 1 July Net Foreign non-cash At 30 June
2025 cash flows exchange movements 2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents (see note 22)
48.0
(5.8)
1.5
\u2013
43.7
Interest-bearing loans \u2013 current
(2.9)
(0.5)
\u2013
(0.9)
(4.3)
(see note 27)
Interest-bearing deferred consideration
(2.6)
2.7
(0.1)
(2.7)
(2.7)
\u2013 current (see note 38)
Lease liabilities \u2013 current (see note 28)
(13.3)
12.6
(0.2)
(8.9)
(9.8)
(18.8)
14.8
(0.3)
(12.5)
(16.8)
Interest-bearing loans \u2013 non-current
(215.9)
141.6
(2.8)
0.1
(77.0)
(see note 27)
Interest-bearing deferred consideration
(7.7)
\u2013
(0.2)
2.6
(5.3)
\u2013 non-current (see note 38)
Lease liabilities \u2013 non-current
(33.8)
\u2013
(1.3)
18.7
(16.4)
(see note 28)
(257.4)
141.6
(4.3)
21.4
(98.7)
Total debt financing
(276.2)
156.4
(4.6)
8.9
(115.5)
Net debt
(228.2)
150.6
(3.1)
8.9
(71.8)
Included within non-cash movements is \u00a316.4m in relation to the loss of control of PIC China in respect
of lease liabilities (see note 42), \u00a36.6m in relation to net new leases (including disposals) and \u00a30.9m in
the unwinding of debt issue cost.
Other
At 1 July Net Foreign non-cash At 30 June
2024 cash flows exchange movements 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents (see note 22)
42.5
6.8
(1.3)
\u2013
48.0
Interest-bearing loans \u2013 current
(4.9)
2.8
0.1
(0.9)
(2.9)
(see note 27)
Interest-bearing deferred consideration
\u2013
2.6
\u2013
(5.2)
(2.6)
\u2013 current (see note 38)
Lease liabilities \u2013 current (see note 28)
(14.0)
14.1
0.7
(14.1)
(13.3)
(18.9)
19.5
0.8
(20.2)
(18.8)
Interest-bearing loans \u2013 non-current
(228.2)
5.9
6.4
\u2013
(215.9)
(see note 27)
Interest-bearing deferred consideration
\u2013
\u2013
0.3
(8.0)
(7.7)
\u2013 non-current (see note 38)
Lease liabilities \u2013 non-current
(44.1)
\u2013
2.0
8.3
(33.8)
(see note 28)
(272.3)
5.9
8.7
0.3
(257.4)
Total debt financing
(291.2)
25.4
9.5
(19.9)
(276.2)
Net debt
(248.7)
32.2
8.2
(19.9)
(228.2)
Included within non-cash movements is \u00a313.2m in relation to the acquisition of De Novo Genetics LLC
non-controlling interest, of which \u00a32.6m of the consideration was paid on signing, \u00a35.7m in relation to
net new leases (including disposals) and \u00a30.9m in the unwinding of debt issue cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-556": { "value": "Analysis of net debt Total changes in liabilities due to financing activities are as follows:
Other
At 1 July Net Foreign non-cash At 30 June
2025 cash flows exchange movements 2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents (see note 22)
48.0
(5.8)
1.5
\u2013
43.7
Interest-bearing loans \u2013 current
(2.9)
(0.5)
\u2013
(0.9)
(4.3)
(see note 27)
Interest-bearing deferred consideration
(2.6)
2.7
(0.1)
(2.7)
(2.7)
\u2013 current (see note 38)
Lease liabilities \u2013 current (see note 28)
(13.3)
12.6
(0.2)
(8.9)
(9.8)
(18.8)
14.8
(0.3)
(12.5)
(16.8)
Interest-bearing loans \u2013 non-current
(215.9)
141.6
(2.8)
0.1
(77.0)
(see note 27)
Interest-bearing deferred consideration
(7.7)
\u2013
(0.2)
2.6
(5.3)
\u2013 non-current (see note 38)
Lease liabilities \u2013 non-current
(33.8)
\u2013
(1.3)
18.7
(16.4)
(see note 28)
(257.4)
141.6
(4.3)
21.4
(98.7)
Total debt financing
(276.2)
156.4
(4.6)
8.9
(115.5)
Net debt
(228.2)
150.6
(3.1)
8.9
(71.8)
Included within non-cash movements is \u00a316.4m in relation to the loss of control of PIC China in respect of lease liabilities (see note 42), \u00a36.6m in relation to net new leases (including disposals) and \u00a30.9m in the unwinding of debt issue cost.
Other
At 1 July Net Foreign non-cash At 30 June
2024 cash flows exchange movements 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents (see note 22)
42.5
6.8
(1.3)
\u2013
48.0
Interest-bearing loans \u2013 current
(4.9)
2.8
0.1
(0.9)
(2.9)
(see note 27)
Interest-bearing deferred consideration
\u2013
2.6
\u2013
(5.2)
(2.6)
\u2013 current (see note 38)
Lease liabilities \u2013 current (see note 28)
(14.0)
14.1
0.7
(14.1)
(13.3)
(18.9)
19.5
0.8
(20.2)
(18.8)
Interest-bearing loans \u2013 non-current
(228.2)
5.9
6.4
\u2013
(215.9)
(see note 27)
Interest-bearing deferred consideration
\u2013
\u2013
0.3
(8.0)
(7.7)
\u2013 non-current (see note 38)
Lease liabilities \u2013 non-current
(44.1)
\u2013
2.0
8.3
(33.8)
(see note 28)
(272.3)
5.9
8.7
0.3
(257.4)
Total debt financing
(291.2)
25.4
9.5
(19.9)
(276.2)
Net debt
(248.7)
32.2
8.2
(19.9)
(228.2)
Included within non-cash movements is \u00a313.2m in relation to the acquisition of De Novo Genetics LLC non-controlling interest, of which \u00a32.6m of the consideration was paid on signing, \u00a35.7m in relation to net new leases (including disposals) and \u00a30.9m in the unwinding of debt issue cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-557": { "value": "
34. CAPITAL AND OTHER COMMITMENTS
At 30 June 2026, outstanding contracted capital expenditure amounted to \u00a3nil (2025: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-524": { "value": "34. CAPITAL AND OTHER COMMITMENTS At 30 June 2026, outstanding contracted capital expenditure amounted to \u00a3nil (2025: \u00a3nil). 35. CONTINGENCIES AND BANK GUARANTEES Contingent liabilities are potential future cash outflows, where the likelihood of payments is considered more than remote but is not considered probable or cannot be measured reliably. Assessing the amount of liabilities that are not probable is highly judgemental. The retirement benefit obligations referred to in note 29 include obligations relating to the MPF defined benefit scheme. Genus, together with other participating employers, is joint and severally liable for the scheme\u2019s obligations. Genus has accounted for its section and its share of any orphan assets and liabilities, collectively representing approximately 86% (2025: 86%) of the MPF. As a result of the joint and several liability, Genus has a contingent liability for the scheme\u2019s obligations that it has not accounted for. The total deficit of the MPF from the most recent triennial valuation can be found in note 29. The Group makes a provision for amounts to the extent that an outflow of economic benefit is probable and can be reliably estimated. However, there are specific claims identified in the litigation where the Group considers the outcome of the claim is not probable and will not result in the outflow of economic benefit. The Group\u2019s future tax charge and effective tax rate could be affected by factors such as countries reforming their tax legislation to implement the OECD\u2019s BEPS recommendations and by European Commission initiatives including state aid investigations. Further information can be found in note 11. At 30 June 2026, the Group had entered into bank guarantees totalling \u00a32.4m (2025: \u00a30.8m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-575": { "value": "35. CONTINGENCIES AND BANK GUARANTEES Contingent liabilities are potential future cash outflows, where the likelihood of payments is considered more than remote but is not considered probable or cannot be measured reliably. Assessing the amount of liabilities that are not probable is highly judgemental. The retirement benefit obligations referred to in note 29 include obligations relating to the MPF defined benefit scheme. Genus, together with other participating employers, is joint and severally liable for the scheme\u2019s obligations. Genus has accounted for its section and its share of any orphan assets and liabilities, collectively representing approximately 86% (2025: 86%) of the MPF. As a result of the joint and several liability, Genus has a contingent liability for the scheme\u2019s obligations that it has not accounted for. The total deficit of the MPF from the most recent triennial valuation can be found in note 29. The Group makes a provision for amounts to the extent that an outflow of economic benefit is probable and can be reliably estimated. However, there are specific claims identified in the litigation where the Group considers the outcome of the claim is not probable and will not result in the outflow of economic benefit. The Group\u2019s future tax charge and effective tax rate could be affected by factors such as countries reforming their tax legislation to implement the OECD\u2019s BEPS recommendations and by European Commission initiatives including state aid investigations. Further information can be found in note 11. At 30 June 2026, the Group had entered into bank guarantees totalling \u00a32.4m (2025: \u00a30.8m).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-525": { "value": "
36. DIRECTORS AND KEY MANAGEMENT COMPENSATION
In accordance with IAS 24 \u2018Related Party Disclosures\u2019, key management personnel are those having
authority and responsibility for planning, directing and controlling the activities of the Group, directly
or indirectly. Key management personnel comprise the Directors and the other members of GELT.
2026 2025
\u00a3m \u00a3m
Salaries and short-term employee benefits
5.1
7.9
Post-employment benefits
0.1
0.2
Share-based payment expense
6.1
3.8
11.3
11.9
Directors
Further details of Directors\u2019 compensation are included in the Directors\u2019 Remuneration Report.
Other transactions with key management personnel
Other than remuneration, there were no transactions with key management personnel.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-576": { "value": "
37. GROUP ENTITIES
In accordance with section 409 of the Companies Act 2006, a list of subsidiaries and joint ventures and
associates as at 30 June 2026 is set out below. All subsidiary undertakings are subsidiary undertakings
of their immediate parent undertaking(s), unless otherwise indicated.
Nature of business
Bovine
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
ABS (Beijing)
B160
8, Lucky Tower, No. 3, East
China
Indirect
No Par Value
100%
International 3rd Ring North Road, Common
Trade Co., Ltd. Chaoyang District, Beijing, Stock
100027,
China
ABS Argentina S.A.
A. Castellanos 1169, (3080)
Argentina
Direct
ARS1
100%
Esperanza, Ordinary
Sante Fe, Argentina
ABS Chile Limitada
Avenida del Parque #4161
Chile
Direct
CLP0.10
100%
office #601, Huechuraba, Common
Santiago, Chile Stock
ABS Genetics South Prestige Park Block B,
South Africa
Indirect
ZAR1
100%
Africa (Pty) Ltd Unit No. 5B, Pastorale Street, Ordinary
Durbanville Industrial Park,
Durbanville, 7550,
South Africa
ABS Global
1525
Floradale Road, Elmira ON
Canada
Indirect
CAD1
100%
(Canada) Inc. N3B 2Z1, Canada Common
ABS Global, Inc.
1525
River Road, De Forest WI
United
Indirect
USD0.01
100%
53
532, United States
States Common
ABS Italia S.r.l.
Cavatigozzi, 26100,
Via Bastida nr. 6, loc.
Italy
Indirect
\u20ac1 Quota
100%
Cremona, Italy
ABS M\u00e9xico,
Independencia,
6, 746
Mexico
Direct
MXN10 Class 1
100%
S.A. de C.V. New Los Angeles, Torreon, MXN10 Class
Mexico
27140,
2
ABS Polska Sp. z o.o.
Szafirowa 22A, 82-300
Poland
Indirect
PLN1,000
100%
Gronowo G\u00f3rne, Poland Ordinary
Bovec SASU
69 Chemin des Moli\u00e8res, PA du
France
Indirect
\u20ac10 Ordinary
100%
Charpenay, 69210, Lentilly,
France
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
Chitale Genus ABS Gat No 29, Bramha Facility,
India
Indirect
INR100
50%
1
(India) Private Limited Burungwadi Near Bhilawadi Ordinary
Railway Station, Taluka Palus,
Maharashtra, Sangli, 416303,
India
De Novo Genetics LLC
1525
River Road, De Forest, WI,
United
Indirect
No Par Value
100%
535
32, United States
States LLC Units
Genus ABS (NZ) Limited
Generate Accounting Group
New
Indirect
NZD1
100%
Limited, Level 1, Zealand Ordinary
317
New North Road,
Kingsland, Auckland, 1021,
New Zealand
Genus ABS Carrera 68A # 24B - 10, Torre 2,
Colombia
Indirect
COP10,000
100%
Colombia SAS Piso 8, Oficina 806, Bogot\u00e1, Ordinary
Colombia
Genus ABS Hoogoorddreef 15, Amsterdam,
Netherlands
Indirect
EUR1
100%
Netherlands B.V.
1101B
A, Netherlands
Ordinary
Genus Australia 15 Scholar Drive, Bundoora VIC
Australia
Indirect
AUD1.388
100%
Pty Ltd
3083,
Australia
Ordinary
Genus Breeding India 5th FLOOR, C WING, ETERNIA
India
Indirect
INR10
100%
Private Limited PREMISES CO-OP SOC, NEAR Ordinary
DA UNIT NO 505, 506, DAGDI
BUNGLOW, WAKDEWADI,
MAHARASHTRA, PUNE, 411005,
INDIA
Genus Breeding Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
Limited Basingstoke, Hampshire,
(01192037)
2
RG21 4FF, United Kingdom
\u2018Genus Ukraine\u2019 LLC
Pidlisna str., 1, KYIV 03164,
Ukraine
Indirect
No Par Value
100%
Ukraine Common
Stock
Inner Mongolia Genus 337, E2, 3rd Floor West,
China
Indirect
CNY1
100%
Biotechnology Co., Ltd Intelligent Manufacturing Ordinary
Industrial Park, Helinger New
Area, Inner Mongolia, China
LLC Genus ABS Rus
Zheleznodorozhnaya Street,
Russian
Indirect
RUB1
100%
House 51, Letter Zh, Premises 2, Federation Ordinary
Tula, 300062
Russian
Federation
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
Millwood Products Ltd Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
(08662101)
2
Basingstoke, Hampshire, RG21
4FF, United Kingdom
Pecplan ABS Imp. e Rod. BR 050 Km 196 +
Brazil
Indirect
BRL1 Ordinary
100%
Exp. Ltda. 150metros, Zona Rural, Delta,
MG \u2013 38108-000, Brazil
St Jacobs Animal
1525
River Road, De Forest WI
United
Indirect
No Par Value
100%
Breeding Corp.
53
532, United States
States Common
Zitery S.A.
Maximo Tajes 7286, Uruguay
Uruguay
Indirect
No Par Value
100%
Common
Nature of business
Porcine
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
Agroceres PIC Rua 1 JN, n\u02da 1411, Sala 16 \u2013
Brazil
Indirect
BRL1 Ordinary
49%
1
Gen\u00e9tica de Su\u00ednos Jardim Novo, Rio Claro/SP \u2013
Ltda CEP, 13.502-741, Brazil
Agroceres PIC Rua 1 JN, n\u02da 1411, Sala 17 \u2013
Brazil
Indirect
BRL1 Ordinary
49%
1
Su\u00ednos Ltda Jardim Novo, Rio Claro/SP \u2013
CEP, 13.502-741, Brazil
GENEETIC Service S.R.L. Viale Europa 71, Belluno, 32100,
Italy
Indirect
\u20ac1 Ordinary
33%
1
Italy
PIC (Shanghai) Office 803A-305, Building 1,
China
Indirect
CNY1
49%
1
Agriculture Science Hongqiao Pingan Fortune Ordinary
and Technology Center, Lane 1588, Shenchang
Company Limited Road, Minhang District,
Shanghai, 201100,
China
PIC Andina SpA
Avenida del Parque #4161
Chile
Indirect
CLP1
100%
office #601, Huechuraba, Ordinary
Santiago, Chile
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
PIC Canada Ltd.
Borden Ladner Gervais LLP,
Canada
Indirect
CAD1
100%
Centennial Place, East Tower, Ordinary
190
0, 520 \u2013 3rd Ave SW,
Calgary, AB, T2P 0R3, Canada
PIC France SA
69 Chemin des Moli\u00e8res, PA du
France
Indirect
\u20ac17 Ordinary
100%
Charpenay, Lentilly, 69210,
France
PIC Genetics Riverside One, Sir John
Ireland
Indirect
\u20ac1.27
100%
Unlimited Company Rogerson\u2019s Quay, Dublin 2, Ordinary
D02 X576, Ireland, Europe \u20ac1.27
Redeemable
preference
shares
PIC Genetics LLC
79 Narodniy Boulevard,
Russian
Indirect
RUB1
100%
308000
, Belgorod, Russian
Federation Ordinary
Federation
Pig Improvement Wenceslao de la Barquera
Mexico
Indirect
No Par Value
100%
Company de M\u00e9xico, No.7, Col. Villas del Sur, Common
S. de R.L. de C.V.
76040
Queretaro, Queretaro,
Stock
Mexico
Pig Improvement Lorbeerrosenweg 10,
Germany
Indirect
No Par Value
100%
Company Deutschland Isernhagen, 30916, Germany Common
GmbH Stock
Pig Improvement
C/Pau Vila, 22 2
0
puerta 6,
Spain
Indirect
\u20ac25 Ordinary
100%
Company
08174
Sant Cugat del Valles,
Espa\u00f1a, S.A. Barcelona, Spain
Pig Improvement Matrix House, Basing View,
UK
Indirect
\u00a30.10
100%
Company UK Limited Basingstoke, Hampshire, Ordinary
(00716304)
2
RG21 4FF, United Kingdom
PIC Italia S.r.l.
Strada dei Loggi 22, 06135,
Italy
Indirect
\u20ac1 Ordinary
85%
Ponte San Giovanni, Perugia,
Italy
PIC Philippines, Inc.
Unit 2101-2103 and 2203,
Philippines
Indirect
PHP100
100%
Jollibee Plaza, F. Ortigas, Jr. Rd., Ortigas Center, Pasig Ordinary
City,
1605
, Philippines
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
PIC USA, Inc.
100
BlueGrass Commons Blvd,
United
Indirect
USD1
100%
Suite
220
0, Hendersonville, TN
States Ordinary
37075,
United States
RenOVAte
6874
Caravan Ct, Columbia
United
Direct
USD0.001
33%
1
Biosciences, Inc.
MD
210
44,
States Series Seed
United States Preferred
Societ\u00e0 Agricola Via Marche n. 2, Reggio Emilia,
Italy
Indirect
\u20ac1 Ordinary
33%
1
GENEETIC
421
22, Italy
S.R.L.
Nature of business Other
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
Accounting & Kansas No. 2028, Quintas
Mexico
Indirect
MXN1 Class
100%
Managerial Services S. Campestre, 31214, Chihuahua, 1
de R.L. de C.V. Chih., Mexico
ABS International, Inc.
1525
River Road, De Forest WI
United
Indirect
USD1
100%
53532, States Ordinary
United States
Brazilian Holdings Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
Limited (00479048)
2
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Brazilian Properties Matrix House, Basing View,
UK
Direct
\u00a31 Ordinary
100%
Limited Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Busby Participa\u00e7\u00f5es Av. Leopoldino de Oliveira, 4.113,
Brazil
Indirect
BRL1
100%
Ltda. Sala 303, Centro, Ordinary
CEP: 38010-000, UBERABA-MG,
Brazil
Cannavarro Av. Leopoldino de Oliveira, 4.113,
Brazil
Indirect
BRL1
100%
Participa\u00e7\u00f5es Ltda. Sala 303, Centro, Ordinary
CEP: 38010-000, UBERABA-MG,
Brazil
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
Dalco Exportadora Av. Leopoldino de Oliveira, 4113
Brazil
Indirect
BRL1
100%
Ltda. \u2013 Sala 303, Uberaba, Ordinary
Minas Gerais, CEP 38010-000,
Brazil
Dalgety Pension Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
Trust Limited Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Fyfield (SM) Limited Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
(01026475)
2
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Fyfield Dormant
Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Fyfield Holland B.V.
Matrix House, Basing View,
Netherlands
Indirect
\u20ac1 Ordinary
100%
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Fyfield Ireland Riverside One, Sir John
Ireland
Indirect
\u20ac0.001 \u2018A\u2019
100%
Unlimited Company Rogerson\u2019s Quay, Ordinary
Dublin 2, DO2 X576, Ireland \u20ac0.001 \u2018B\u2019
Ordinary
Genus Investments Matrix House, Basing View,
UK
Direct
\u00a31 Ordinary
100%
Limited (02028517)
2
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Genus Quest Trustees Matrix House, Basing View,
UK
Direct
\u00a31 Ordinary
100%
Limited Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Genus R&D, Inc.
1525
River Road, De Forest WI
United
Indirect
US$0.01
100%
535
32, United States
States Common
Genus Trustees Limited
Matrix House, Basing View,
UK
Direct
\u00a31 Ordinary
100%
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
GIL Finance S.\u00e0.r.l.
31, rue de Hollerich, L-1741,
Luxembourg
Indirect
USD1
100%
Luxembourg Ordinary
PIC Do Brasil Rua 1 JN, no. 1411, Sala 13,
Brazil
Indirect
BRL0.01
100%
Empreendimentos e Jardim Novo, Rio Claro, Ordinary
Participa\u00e7\u00f5es Ltda. Estado De S\u00e3o Paulo, CEP
13.502.741, Brazil
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
PIC Fyfield Limited Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
(00019739)
2
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Pig Improvement Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
Company Overseas Basingstoke, Hampshire,
Limited (01583814)
2
RG21 4FF, United Kingdom
Pigtales Limited Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
(00723762)
2
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Promar International Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
Limited (03004562)
2
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Skogluno Av. Leopoldino de Oliveira, 4.113,
Brazil
Indirect
BRL1
100%
Participa\u00e7\u00f5es Ltda. Sala 303, Centro, Ordinary
CEP: 38010-000, UBERABA-MG,
Brazil
Spillers Limited
Matrix House, Basing View,
UK
Indirect
\u00a30.25
100%
Basingstoke, Hampshire, Ordinary
RG21 4FF, United Kingdom
Spillers Overseas Matrix House, Basing View,
UK
Indirect
\u00a30.25
100%
Limited (00069723)
2
Basingstoke, Hampshire, Ordinary
RG21 4FF, United Kingdom
Sygen, Inc.
100
BlueGrass Commons Blvd,
United
Indirect
USD1
100%
Suite
220
0, Hendersonville, TN
States Common
37075
United States
Sygen International Matrix House, Basing View,
UK
Direct
\u00a30.10
100%
Limited (03215874)
2
Basingstoke, Hampshire, Ordinary
RG21 4FF, United Kingdom
Sygen Investimentos Av. Leopoldino de Oliveira, 4113
Brazil
Indirect
BRL0.63
100%
Ltda. \u2013 Sala 303, Uberaba, Minas Gerais, CEP 38010-000, Ordinary
Brazil
Usicaf\u00e9 SA
c/o Cabinet Mayor, avocats,
Switzerland
Indirect
CHF1,000
100%
Rue Jean-Gabriel Eynard 6, Ordinary
1205
Gen\u00e8ve, Switzerland
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
Xelect Limited Horizon House, Abbey Walk, St
UK
Indirect
\u00a30.001
100%
(SC438223)
2
Andrews, Fife, KY16 9LB, Ordinary
Scotland
1 Associated undertakings including joint venture interests. 2 UK subsidiaries taking advantage of the audit exemption within section 479A of the Companies Act 2006.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-558": { "value": "37. GROUP ENTITIES In accordance with section 409 of the Companies Act 2006, a list of subsidiaries and joint ventures and associates as at 30 June 2026 is set out below. All subsidiary undertakings are subsidiary undertakings of their immediate parent undertaking(s), unless otherwise indicated. Nature of business Bovine
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
ABS (Beijing)
B160
8, Lucky Tower, No. 3, East
China
Indirect
No Par Value
100%
International 3rd Ring North Road, Common
Trade Co., Ltd. Chaoyang District, Beijing, Stock
100027,
China
ABS Argentina S.A.
A. Castellanos 1169, (3080)
Argentina
Direct
ARS1
100%
Esperanza, Ordinary
Sante Fe, Argentina
ABS Chile Limitada
Avenida del Parque #4161
Chile
Direct
CLP0.10
100%
office #601, Huechuraba, Common
Santiago, Chile Stock
ABS Genetics South Prestige Park Block B,
South Africa
Indirect
ZAR1
100%
Africa (Pty) Ltd Unit No. 5B, Pastorale Street, Ordinary
Durbanville Industrial Park,
Durbanville, 7550,
South Africa
ABS Global
1525
Floradale Road, Elmira ON
Canada
Indirect
CAD1
100%
(Canada) Inc. N3B 2Z1, Canada Common
ABS Global, Inc.
1525
River Road, De Forest WI
United
Indirect
USD0.01
100%
53
532, United States
States Common
ABS Italia S.r.l.
Cavatigozzi, 26100,
Via Bastida nr. 6, loc.
Italy
Indirect
\u20ac1 Quota
100%
Cremona, Italy
ABS M\u00e9xico,
Independencia,
6, 746
Mexico
Direct
MXN10 Class 1
100%
S.A. de C.V. New Los Angeles, Torreon, MXN10 Class
Mexico
27140,
2
ABS Polska Sp. z o.o.
Szafirowa 22A, 82-300
Poland
Indirect
PLN1,000
100%
Gronowo G\u00f3rne, Poland Ordinary
Bovec SASU
69 Chemin des Moli\u00e8res, PA du
France
Indirect
\u20ac10 Ordinary
100%
Charpenay, 69210, Lentilly,
France
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
Chitale Genus ABS Gat No 29, Bramha Facility,
India
Indirect
INR100
50%
1
(India) Private Limited Burungwadi Near Bhilawadi Ordinary
Railway Station, Taluka Palus,
Maharashtra, Sangli, 416303,
India
De Novo Genetics LLC
1525
River Road, De Forest, WI,
United
Indirect
No Par Value
100%
535
32, United States
States LLC Units
Genus ABS (NZ) Limited
Generate Accounting Group
New
Indirect
NZD1
100%
Limited, Level 1, Zealand Ordinary
317
New North Road,
Kingsland, Auckland, 1021,
New Zealand
Genus ABS Carrera 68A # 24B - 10, Torre 2,
Colombia
Indirect
COP10,000
100%
Colombia SAS Piso 8, Oficina 806, Bogot\u00e1, Ordinary
Colombia
Genus ABS Hoogoorddreef 15, Amsterdam,
Netherlands
Indirect
EUR1
100%
Netherlands B.V.
1101B
A, Netherlands
Ordinary
Genus Australia 15 Scholar Drive, Bundoora VIC
Australia
Indirect
AUD1.388
100%
Pty Ltd
3083,
Australia
Ordinary
Genus Breeding India 5th FLOOR, C WING, ETERNIA
India
Indirect
INR10
100%
Private Limited PREMISES CO-OP SOC, NEAR Ordinary
DA UNIT NO 505, 506, DAGDI
BUNGLOW, WAKDEWADI,
MAHARASHTRA, PUNE, 411005,
INDIA
Genus Breeding Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
Limited Basingstoke, Hampshire,
(01192037)
2
RG21 4FF, United Kingdom
\u2018Genus Ukraine\u2019 LLC
Pidlisna str., 1, KYIV 03164,
Ukraine
Indirect
No Par Value
100%
Ukraine Common
Stock
Inner Mongolia Genus 337, E2, 3rd Floor West,
China
Indirect
CNY1
100%
Biotechnology Co., Ltd Intelligent Manufacturing Ordinary
Industrial Park, Helinger New
Area, Inner Mongolia, China
LLC Genus ABS Rus
Zheleznodorozhnaya Street,
Russian
Indirect
RUB1
100%
House 51, Letter Zh, Premises 2, Federation Ordinary
Tula, 300062
Russian
Federation
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
Millwood Products Ltd Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
(08662101)
2
Basingstoke, Hampshire, RG21
4FF, United Kingdom
Pecplan ABS Imp. e Rod. BR 050 Km 196 +
Brazil
Indirect
BRL1 Ordinary
100%
Exp. Ltda. 150metros, Zona Rural, Delta,
MG \u2013 38108-000, Brazil
St Jacobs Animal
1525
River Road, De Forest WI
United
Indirect
No Par Value
100%
Breeding Corp.
53
532, United States
States Common
Zitery S.A.
Maximo Tajes 7286, Uruguay
Uruguay
Indirect
No Par Value
100%
Common
Nature of business Porcine
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
Agroceres PIC Rua 1 JN, n\u02da 1411, Sala 16 \u2013
Brazil
Indirect
BRL1 Ordinary
49%
1
Gen\u00e9tica de Su\u00ednos Jardim Novo, Rio Claro/SP \u2013
Ltda CEP, 13.502-741, Brazil
Agroceres PIC Rua 1 JN, n\u02da 1411, Sala 17 \u2013
Brazil
Indirect
BRL1 Ordinary
49%
1
Su\u00ednos Ltda Jardim Novo, Rio Claro/SP \u2013
CEP, 13.502-741, Brazil
GENEETIC Service S.R.L. Viale Europa 71, Belluno, 32100,
Italy
Indirect
\u20ac1 Ordinary
33%
1
Italy
PIC (Shanghai) Office 803A-305, Building 1,
China
Indirect
CNY1
49%
1
Agriculture Science Hongqiao Pingan Fortune Ordinary
and Technology Center, Lane 1588, Shenchang
Company Limited Road, Minhang District,
Shanghai, 201100,
China
PIC Andina SpA
Avenida del Parque #4161
Chile
Indirect
CLP1
100%
office #601, Huechuraba, Ordinary
Santiago, Chile
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
PIC Canada Ltd.
Borden Ladner Gervais LLP,
Canada
Indirect
CAD1
100%
Centennial Place, East Tower, Ordinary
190
0, 520 \u2013 3rd Ave SW,
Calgary, AB, T2P 0R3, Canada
PIC France SA
69 Chemin des Moli\u00e8res, PA du
France
Indirect
\u20ac17 Ordinary
100%
Charpenay, Lentilly, 69210,
France
PIC Genetics Riverside One, Sir John
Ireland
Indirect
\u20ac1.27
100%
Unlimited Company Rogerson\u2019s Quay, Dublin 2, Ordinary
D02 X576, Ireland, Europe \u20ac1.27
Redeemable
preference
shares
PIC Genetics LLC
79 Narodniy Boulevard,
Russian
Indirect
RUB1
100%
308000
, Belgorod, Russian
Federation Ordinary
Federation
Pig Improvement Wenceslao de la Barquera
Mexico
Indirect
No Par Value
100%
Company de M\u00e9xico, No.7, Col. Villas del Sur, Common
S. de R.L. de C.V.
76040
Queretaro, Queretaro,
Stock
Mexico
Pig Improvement Lorbeerrosenweg 10,
Germany
Indirect
No Par Value
100%
Company Deutschland Isernhagen, 30916, Germany Common
GmbH Stock
Pig Improvement
C/Pau Vila, 22 2
0
puerta 6,
Spain
Indirect
\u20ac25 Ordinary
100%
Company
08174
Sant Cugat del Valles,
Espa\u00f1a, S.A. Barcelona, Spain
Pig Improvement Matrix House, Basing View,
UK
Indirect
\u00a30.10
100%
Company UK Limited Basingstoke, Hampshire, Ordinary
(00716304)
2
RG21 4FF, United Kingdom
PIC Italia S.r.l.
Strada dei Loggi 22, 06135,
Italy
Indirect
\u20ac1 Ordinary
85%
Ponte San Giovanni, Perugia,
Italy
PIC Philippines, Inc.
Unit 2101-2103 and 2203,
Philippines
Indirect
PHP100
100%
Jollibee Plaza, F. Ortigas, Jr. Rd., Ortigas Center, Pasig Ordinary
City,
1605
, Philippines
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
PIC USA, Inc.
100
BlueGrass Commons Blvd,
United
Indirect
USD1
100%
Suite
220
0, Hendersonville, TN
States Ordinary
37075,
United States
RenOVAte
6874
Caravan Ct, Columbia
United
Direct
USD0.001
33%
1
Biosciences, Inc.
MD
210
44,
States Series Seed
United States Preferred
Societ\u00e0 Agricola Via Marche n. 2, Reggio Emilia,
Italy
Indirect
\u20ac1 Ordinary
33%
1
GENEETIC
421
22, Italy
S.R.L.
Nature of business Other
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
Accounting & Kansas No. 2028, Quintas
Mexico
Indirect
MXN1 Class
100%
Managerial Services S. Campestre, 31214, Chihuahua, 1
de R.L. de C.V. Chih., Mexico
ABS International, Inc.
1525
River Road, De Forest WI
United
Indirect
USD1
100%
53532, States Ordinary
United States
Brazilian Holdings Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
Limited (00479048)
2
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Brazilian Properties Matrix House, Basing View,
UK
Direct
\u00a31 Ordinary
100%
Limited Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Busby Participa\u00e7\u00f5es Av. Leopoldino de Oliveira, 4.113,
Brazil
Indirect
BRL1
100%
Ltda. Sala 303, Centro, Ordinary
CEP: 38010-000, UBERABA-MG,
Brazil
Cannavarro Av. Leopoldino de Oliveira, 4.113,
Brazil
Indirect
BRL1
100%
Participa\u00e7\u00f5es Ltda. Sala 303, Centro, Ordinary
CEP: 38010-000, UBERABA-MG,
Brazil
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
Dalco Exportadora Av. Leopoldino de Oliveira, 4113
Brazil
Indirect
BRL1
100%
Ltda. \u2013 Sala 303, Uberaba, Ordinary
Minas Gerais, CEP 38010-000,
Brazil
Dalgety Pension Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
Trust Limited Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Fyfield (SM) Limited Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
(01026475)
2
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Fyfield Dormant
Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Fyfield Holland B.V.
Matrix House, Basing View,
Netherlands
Indirect
\u20ac1 Ordinary
100%
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Fyfield Ireland Riverside One, Sir John
Ireland
Indirect
\u20ac0.001 \u2018A\u2019
100%
Unlimited Company Rogerson\u2019s Quay, Ordinary
Dublin 2, DO2 X576, Ireland \u20ac0.001 \u2018B\u2019
Ordinary
Genus Investments Matrix House, Basing View,
UK
Direct
\u00a31 Ordinary
100%
Limited (02028517)
2
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Genus Quest Trustees Matrix House, Basing View,
UK
Direct
\u00a31 Ordinary
100%
Limited Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Genus R&D, Inc.
1525
River Road, De Forest WI
United
Indirect
US$0.01
100%
535
32, United States
States Common
Genus Trustees Limited
Matrix House, Basing View,
UK
Direct
\u00a31 Ordinary
100%
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
GIL Finance S.\u00e0.r.l.
31, rue de Hollerich, L-1741,
Luxembourg
Indirect
USD1
100%
Luxembourg Ordinary
PIC Do Brasil Rua 1 JN, no. 1411, Sala 13,
Brazil
Indirect
BRL0.01
100%
Empreendimentos e Jardim Novo, Rio Claro, Ordinary
Participa\u00e7\u00f5es Ltda. Estado De S\u00e3o Paulo, CEP
13.502.741, Brazil
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
PIC Fyfield Limited Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
(00019739)
2
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Pig Improvement Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
Company Overseas Basingstoke, Hampshire,
Limited (01583814)
2
RG21 4FF, United Kingdom
Pigtales Limited Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
(00723762)
2
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Promar International Matrix House, Basing View,
UK
Indirect
\u00a31 Ordinary
100%
Limited (03004562)
2
Basingstoke, Hampshire,
RG21 4FF, United Kingdom
Skogluno Av. Leopoldino de Oliveira, 4.113,
Brazil
Indirect
BRL1
100%
Participa\u00e7\u00f5es Ltda. Sala 303, Centro, Ordinary
CEP: 38010-000, UBERABA-MG,
Brazil
Spillers Limited
Matrix House, Basing View,
UK
Indirect
\u00a30.25
100%
Basingstoke, Hampshire, Ordinary
RG21 4FF, United Kingdom
Spillers Overseas Matrix House, Basing View,
UK
Indirect
\u00a30.25
100%
Limited (00069723)
2
Basingstoke, Hampshire, Ordinary
RG21 4FF, United Kingdom
Sygen, Inc.
100
BlueGrass Commons Blvd,
United
Indirect
USD1
100%
Suite
220
0, Hendersonville, TN
States Common
37075
United States
Sygen International Matrix House, Basing View,
UK
Direct
\u00a30.10
100%
Limited (03215874)
2
Basingstoke, Hampshire, Ordinary
RG21 4FF, United Kingdom
Sygen Investimentos Av. Leopoldino de Oliveira, 4113
Brazil
Indirect
BRL0.63
100%
Ltda. \u2013 Sala 303, Uberaba, Minas Gerais, CEP 38010-000, Ordinary
Brazil
Usicaf\u00e9 SA
c/o Cabinet Mayor, avocats,
Switzerland
Indirect
CHF1,000
100%
Rue Jean-Gabriel Eynard 6, Ordinary
1205
Gen\u00e8ve, Switzerland
% of share
capital/
Direct/ voting rights
indirect held by
Country of Group Group
Name of undertaking
Registered address
incorporation
interest
Share class
companies
Xelect Limited Horizon House, Abbey Walk, St
UK
Indirect
\u00a30.001
100%
(SC438223)
2
Andrews, Fife, KY16 9LB, Ordinary
Scotland
1 Associated undertakings including joint venture interests. 2 UK subsidiaries taking advantage of the audit exemption within section 479A of the Companies Act 2006.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-526": { "value": "38. DEFERRED CONSIDERATION Accounting policies We recognise deferred consideration on the Balance Sheet when a business combination contains a contractual clause that defers a portion of the purchase price. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Subsequent contingent consideration fair value remeasurements that do not qualify as measurement period adjustments are recognised in the Income Statement. Contingent deferred consideration is measured at fair value and the valuation basis is Level 3 classification, where fair value techniques use inputs which have a significant effect on the recorded fair value that are not based on observable market data.
Interest-
Contingent bearing
deferred Deferred deferred
consideration consideration consideration Total
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 July 2024
\u2013
0.8
\u2013
0.8
Acquisition of non-controlling interest (see note 39)
13.2
13.2
Payment of consideration
\u2013
(0.6)
(2.6)
(3.2)
Effect of movement in exchange rates
\u2013
\u2013
(0.3)
(0.3)
Balance at 30 June 2025
\u2013
0.2
10.3
10.5
Payment of consideration
\u2013
\u2013
(2.7)
(2.7)
Effect of movement in exchange rates
\u2013
\u2013
0.4
0.4
Balance at 30 June 2026
\u2013
0.2
8.0
8.2
Current
\u2013
\u2013
2.7
2.7
Non-current
\u2013
0.2
5.3
5.5
Balance at 30 June 2026
\u2013
0.2
8.0
8.2
Current
\u2013
\u2013
2.6
2.6
Non-current
\u2013
0.2
7.7
7.9
Balance at 30 June 2025
\u2013
0.2
10.3
10.5
The balance at 30 June 2026 relates to the following transactions:
Interest-
Contingent bearing
deferred Deferred deferred
Fiscal year of consideration consideration consideration Total
transaction \u00a3m \u00a3m \u00a3m \u00a3m
T.A.C. \u2013 Laborat\u00f3rio de Reprodu\u00e7\u00e3o
2022
\u2013
0.2
\u2013
0.2
Animal Ltda.
De Novo Genetics LLC
2025
\u2013
\u2013
8.0
8.0
Balance at 30 June 2026
\u2013
0.2
8.0
8.2
Included within trade and other payables (see note 23) is \u00a30.5m (2025: \u00a30.6) of interest that has
accrued on the interest-bearing deferred consideration and will be settled in the next 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-624": { "value": "Accounting policies We recognise deferred consideration on the Balance Sheet when a business combination contains a contractual clause that defers a portion of the purchase price. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Subsequent contingent consideration fair value remeasurements that do not qualify as measurement period adjustments are recognised in the Income Statement. Contingent deferred consideration is measured at fair value and the valuation basis is Level 3 classification, where fair value techniques use inputs which have a significant effect on the recorded fair value that are not based on observable market data. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-612": { "value": "Accounting policies We recognise deferred consideration on the Balance Sheet when a business combination contains a contractual clause that defers a portion of the purchase price. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Subsequent contingent consideration fair value remeasurements that do not qualify as measurement period adjustments are recognised in the Income Statement. Contingent deferred consideration is measured at fair value and the valuation basis is Level 3 classification, where fair value techniques use inputs which have a significant effect on the recorded fair value that are not based on observable market data. ", "dimensions": { "concept": "genusplc:DescriptionOfAccountingPolicyForDeferredConsideration", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-527": { "value": "
39. NON-CONTROLLING INTEREST
2026 2025
\u00a3m \u00a3m
Non-controlling interest
0.5
0.4
Put option over non-controlling interest at inception
(0.5)
(0.5)
Total non-controlling interest
\u2013
(0.1)
Summarised financial information in respect of each of the Group\u2019s subsidiaries that has a material
non-controlling interest is set out below before intra-Group eliminations.
2026 2025
\u00a3m \u00a3m
Balance at 1 July
(0.1)
(4.3)
Total comprehensive income attributable to the non-controlling interest
0.2
\u2013
Acquisition of De Novo Genetics LLC non-controlling interest
\u2013
4.5
Dividends paid by PIC Italia S.r.l
\u2013
(0.1)
Effect of exchange rates
(0.1)
(0.2)
Balance at 30 June
\u2013
(0.1)
On 19 September 2024, the Group purchased the remaining 49% share of De Novo Genetics LLC for a
consideration of \u00a313.2m. \u00a32.6m of the consideration was paid on signing, the remaining consideration
(see note 38) will be settled in four equal payments ending on 1 July 2029. The outstanding balance
attracts interest at 180-day SOFR + 2%. On acquisition, the previous put option was derecognised, and
a loss of \u00a33.6m has been recognised in Other Gains & Losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-528": { "value": "
40. RELATED PARTY TRANSACTIONS
Transactions between the Company and its subsidiaries, which are related parties, have been
eliminated on consolidation and are not disclosed in this note.
During the year, Genus agreed to fund \u00a30.2m on behalf of the Chief Executive in respect of an
international personal taxation expense. A tax refund will be claimed in the United States, with
the proceeds used to settle the outstanding amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-559": { "value": "40. RELATED PARTY TRANSACTIONS Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. During the year, Genus agreed to fund \u00a30.2m on behalf of the Chief Executive in respect of an international personal taxation expense. A tax refund will be claimed in the United States, with the proceeds used to settle the outstanding amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-529": { "value": "
41. OTHER GAINS AND LOSSES
2026 2025
Note \u00a3m \u00a3m
Loss on purchase of non-controlling interest in De Novo
39
\u2013
(3.6)
Genetics LLC
Gain on loss of control of subsidiary (PIC Qiannan)
\u2013
0.3
Gain on loss of control of subsidiary (PIC China)
42
204.1
\u2013
Gain/(loss) on derivative
26
0.2
(0.9)
Other gains and losses
204.3
(4.2)
Included with other gains and losses is a \u00a30.2m gain (2025: \u00a30.9m loss) on the mark-to-market valuation
(\u2018MTM\u2019) in relation to \u00a360m of SONIA interest rate swaps executed in April 2023. Whilst the interest rate
swaps are a perfect commercial hedge of a similar amount of our GBP borrowings for at least a
three-year period, as the executing banks have a written option at the three-year point to unilaterally
terminate the swaps at no cost, the transaction does not qualify for hedge accounting treatment.
Accordingly, the MTM gain on the valuation of these swaps as at 30 June 2026 is recognised in the
Group Income Statement.
", "dimensions": { "concept": "genusplc:DisclosureOfOtherGainsAndLosses", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-530": { "value": "
42. SALE OF 51% OF PIC CHINA
On the 31 January 2026 the Group formed a Chinese porcine joint venture. As a result, the Group lost
control of PIC (Shanghai) Agriculture Science and Technology Company Limited and its subsidiaries
(\u2018PIC China\u2019). The Group sold 51% of its shareholding in PIC China for a consideration of \u00a3123.1m.
Following completion of the transaction on 31 January 2026, the Group lost control of PIC China and
derecognised the related assets and liabilities from the consolidated financial statements. The
retained 49% interest is recognised within interests in joint ventures and associates and accounted
for using the equity method, see note 18.
On the date of the sale the retained 49% shareholding had a fair value of \u00a3118.2m. The fair value of the
retained 49% share exceeds the carrying value of the assets due to the expected commercialisation of
PRP in the Chinese market.
PIC China remained integrated with the Group\u2019s genetics operations and was not monitored as a
separate cash-generating unit. Following the loss of control, PIC China continues to receive technical
services from the Group and is expected to source future genetic breeding stock from the Group.
Accordingly, the disposal has been presented within continuing operations.
On the date of the sale the net assets of PIC China were as follows:
Note
\u00a3m
Goodwill
14
2.7
Biological assets
16
14.3
Owned PP&E
17
1.7
Right-of-use asset
17
16.1
Interests in joint ventures
18
0.5
Deferred tax assets
11
0.7
Trade and other receivables
11.2
Inventories
0.4
Cash and cash equivalents
8.9
Total assets
56.5
Trade and other payables
(7.3)
Provisions
25
(0.1)
Obligations under leases
28
(16.4)
Current tax liabilities
(0.2)
Deferred tax liability
11
(1.9)
Total liabilities
(25.9)
Net assets
30.6
The Group recognised a gain of \u00a3204.1m in other gains and losses (see Note 41).
Note
\u00a3m
Fair value of cash consideration
123.1
Fair value of retained interest
42
118.2
Total disposal consideration
241.3
Carrying amount of net assets disposed
(30.6)
Gain on loss of control before tax and associated costs
210.7
Associated costs of the transaction
(6.6)
Gain on loss of control before tax
41
204.1
Withholding taxes
(12.1)
Gain on loss of control after tax
192.0
The Group incurred withholding taxes of \u00a312.1m associated with the repatriation of the consideration to
the UK. Stamp duty of \u00a30.1m was incurred on the sale of the shareholding.
PIC China continues to receive porcine technical services from the Group. Following the loss of control,
the Group recognised revenue of \u00a31.3m in respect of these services. The Group also continues to provide
other ancillary administrative services to PIC China under a transitional services agreement. Following
the loss of control, the Group recognised revenue of \u00a30.2m in respect of these transitional services.
A deferred tax liability of \u00a30.2m has been recognised for the unremitted earnings of PIC China as
Withholding tax will be payable on the future payment of dividends to the Group.
Under the terms of the agreement the Group will reimburse PIC China for retention bonuses of key
personnel, at the 30 June 2026 a liability of \u00a32.2m is recognised within Provisions (Note 25). These are
payable on the 1st and 2nd anniversary of the transaction.
The impact to the Group cash flow and net debt are as follows:
Note
\u00a3m
Cash consideration
123.1
Withholding taxes paid
(12.1)
Cash disposed of within net assets disposed
(8.9)
Associated costs of the transaction
(4.4)
Net cash flow from the sale of 51% of PIC China after taxation
97.7
Obligation under leases within net assets disposed
16.4
Impact on Net debt
114.1
", "dimensions": { "concept": "genusplc:DisclosureOfSaleOf51PercentOfPICChina", "language": "en", "entity": "scheme:54930022EOITNKSIGH56", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } } } }