Genus plc / Annual Report 2026
Sustainably
nourishing
the world
Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
STRATEGIC REPORT
2026 Highlights
Genus at a Glance
Our Markets and Business Model
Chairman’s Statement
Chief Executive’s Review
Strategic Framework
Key Performance Indicators
Operating Reviews
Chief Financial Officer’s Review
People and Culture
Sustainability Report
TCFD Report
Stakeholder Engagement
Non-Financial and Sustainability
Information Statement
Section 172 Statement
Principal Risks and Uncertainties
Going Concern and
Viability Statement
CORPORATE GOVERNANCE
Chairman’s Letter
Board of Directors and
Company Secretary
Genus Executive Leadership Team
The Board at a Glance
Nomination Committee Report
Audit & Risk Committee Report
Remuneration Committee Report
Directors’ Report
Directors’ Responsibilities
FINANCIAL STATEMENTS
See pages 101 to 182
ADDITIONAL INFORMATION
See pages 183 to 192
We pioneer advances
in animal genetics to
help build a more
sustainable global
food system.
By applying cutting-edge science and innovation,
we enable farmers to produce high-quality meat and
milk more efficiently, using fewer natural resources
and reducing their environmental impact. Our work
supports a future where growing populations can be
nourished responsibly, balancing productivity with
long-term sustainability.
Links to a page in this report
Links to online content
Quick reads
NAVIGATING THIS REPORT
1Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Group revenue
£658.1m
2025: £672.8m Change: -2%
Adjusted profit before tax
£100.2m
2025: £74.3m Change: 35%
Dividend per share
35.2p
2025: 32.0p Change: 10%
Statutory profit before tax
£310.5m
2025: £28.5m Change: 989%
Free cash flow
£62.0m
2025: £40.9m Change: 52%
Adjusted basic earnings per share
110.3p
2025: 81.8p Change: 35%
1 Adjusted results are the Alternative Performance Measures (‘APMs’) used by the Board
to monitor underlying performance at a Group and operating segment level, which
are applied consistently throughout. These APMs should be considered in addition to,
and not as a substitute for or as superior to statutory measures. For more information
on APMs, see APM Glossary.
For more information, visit our website
genusplc.com
2026
highlights
2Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Pioneering
animal genetic
improvement
WHAT WE DO
HOW WE DO IT
We own elite animal herds that contain our
proprietary genetics. Our goal is to drive continuous
genetic improvement in these herds, by breeding
together the individuals with the highest genetic
potential to produce the next generation.
To identify the highest-potential animals, we score
each one on its observable (or phenotypic) traits
and its genetic (or genomic) traits. This includes
analysing its DNA to identify the presence or
absence of genetic markers linked to specific
characteristics. We then calculate the individual’s
Estimated Breeding Value (‘EBV’) based on these
scores and select the individuals with the highest
EBVs for breeding.
We also develop proprietary technologies
that accelerate genetic gain or deliver other
value-added services or products to farmers.
Our sexing technology is a good example,
enabling bull semen to be sorted into female
sex (valued by the dairy industry) and male sex
(valued by the beef industry). We can either
apply our technological solutions to our genetics
before selling them to customers or license
the solutions to customers for their own use.
OUR COMPETITIVE
ADVANTAGES
We have significant strengths, which differentiate
us in our markets and create a substantial
barrier for new entrants. These include our:
• world-class proprietary genetics, intellectual
property and technical know-how;
• well-invested global supply chain, enabling
customers to trust us to supply large volumes
of elite genetics with high health status;
• scale, which means we can accelerate genetic
gain by leveraging our phenotypic and genotypic
data collection to improve the precision of our
genomic selection; and
• our customer and research partner relationships,
many of which we have nurtured over decades
of mutual collaboration.
Genus at a Glance
Our animals exhibit valuable traits, such as
increased feed conversion, growth rates and
resistance to disease. This helps our customers
to raise healthier animals and produce more
high-quality protein for the same volume of
resources, such as feed, water and land.
Our genetics make up a small proportion of a
farmer’s cost base. We therefore improve farmers’
profitability, while reducing the environmental
impact of animal protein production and
making the food supply more resilient.
See pages 5 to 7
3Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Genus at a Glance continued
OUR COMMERCIAL DIVISIONS
Our Porcine and Bovine divisions operate
under the brand names PIC and ABS,
respectively. As their market structures
are different, PIC and ABS employ
different business models and have
different financial profiles.
1 Average number of employees (excluding agency staff and contractors).
2 Revenue Includes Joint Ventures.
3 Adjusted operating profit includes product development.
4 Excluding Joint Ventures.
PIC ABS
Number of employees
800+ 2,000+
Adjusted revenue
£355.8m £299.8m
Adjusted operating profit
£130.8m £22.9m
Adjusted operating margin
30.9% 7.5%
See pages 16 to 17 for
our PIC divisional review
See pages 18 to 19 for
our ABS divisional review
4Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Global footprint
Genus at a Glance continued
Our business is global
and we have a supply
chain and commercial
operations to match.
Key to regions
EMEA
North America
Asia
Latin America
Key to operations
PIC
PIC Joint ventures
ABS
R&D
5Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Long-term
growth drivers
in our markets
Our Markets and Business Model
02
Increasing demand
for healthier and
higher-welfare foods
Consumers increasingly want healthier and more
sustainable products that are produced with a
focus on animal welfare, provenance and reduced
drug usage. This increases farmers’ demand for
genetically superior animals that are naturally
more disease resistant and productive.
See pages 6 to 7
CONSUMERS
01
Increasing demand for
animal protein
The Food and Agriculture Organization of the
United Nations estimates that total global
consumption of pork, milk and beef will increase
by approximately 1-2% per annum over the next
decade. This is being driven by continued global
population growth and urbanisation, creating
increased demand for third-party produced food,
and consumers seeking a more varied and
nutritious diet.
See pages 6 to 7
PRODUCERS
03
Increasing consolidation
and technification
Animal protein production tends to consolidate
over time to a smaller number of larger farmers.
These larger farmers, or farming groups, are
typically more data-driven and progressive in
their use of elite genetics and other technologies
to drive operational efficiency. Our addressable
market therefore tends to grow as market
consolidation occurs.
See pages 6 to 7
SUSTAINABILITY
05
Animal protein production
needs to be more efficient
Animal protein production is increasingly subject
to sustainability demands from regulators and
consumers. Increased use of elite genetics is a key
component of increasing productivity and animal
welfare within the industry.
See pages 28 to 40
1 Achieving SDG2 without breaching the 1.5˚C threshold:
A Global Roadmap (10 December 2023).
The livestock sector
requires intensified
productivity via
improved genetics and
feeding practices, to
reduce resource usage.
UN Food and Agriculture Organization
04
Increasing vertical
integration
The animal protein supply chain tends to
vertically integrate over time with increasingly
deep relationships between farmers, processors
and retailers. This makes farmers more likely to
value elite genetics, as vertical integration means
they can share in the benefit of traits such as
carcass quality that accrue downstream in the
supply chain.
See pages 6 to 7
6Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Multiplication
Objectives vary at each
level of the pyramid
Genetic improvement
Pure line expansion
Cross breeding for
parent (F1) production
F1 hybrid females
to terminal sires
Slaughter pigs
Boars
Boar
1yr
4yrs
studs
Grandparent
(GP)
Great
Grandparent
(GGP)
Sows in inventory
1
10
Parent (P) 100
2,500
produced
Semen
Commercial production
Nucleus
Figure 1 - PIC presence in the pig breeding pyramid
PIC owned/leased
Contracted
Customer owned
Porcine
What we sell
We sell male and female pigs,
as well as semen. We also have
teams of technical specialists,
such as veterinarians and
nutritionists, who advise our
customers on how to improve
the efficiency and robustness
of their farming systems.
Route to market
We distribute directly to customers
as well as through distributors
and franchisees in some markets.
Our franchise partners pay us
a variable fee for the use of
PIC’s brand and genetics.
How we sell
We sell under two models:
• The upfront model, through
which PIC receives the full
fair value of the animal or
product immediately.
• The royalty model, through
which PIC sells the animal or
product at cost and then
receives royalties based on
future events, typically a
piglet being weaned from
the original genetics.
The royalty model decreases
our exposure to cyclical
producer profitability and
increases our revenue visibility
and customer retention.
Our opportunity
• Expand our genetic lead by
driving genetic improvement
faster than competitors.
• Grow market share by (1)
partnering with progressive
customers who are winning
production share, (2) increasing
our wallet share with these
customers, (3) winning new
customers and (4) expanding
into new markets.
• Continue to grow our Joint
Venture in China with a local
supply chain and royalty
focused sales team.
• Launch PRP, once we
have built the necessary
regulatory portfolio.
• Explore technology-led
solutions to other diseases
and challenges facing
pork producers.
Top 10 pork production markets
1.
5.
9.
2.
6.
10.
3.
7.
4.
8.
Our Markets and Business Model continued
Porcine production is relatively
consolidated and vertically
integrated, which means greater
demand for elite genetics.
Production system
Pork tends to be produced
in pyramids, as shown in
the diagram (Figure 1).
Genetic improvement is driven
at the top of the pyramid. PIC
has three highly bio-secure elite
farms in North America where we
conduct genomic selection on our
proprietary herds of pure line pigs.
The best animals are retained
in our elite farms whilst other
top-performers are cascaded
down the pyramid, as follows.
High-performing males are
sent from the elite farms to
boar studs. Here, semen is
collected and used throughout
the rest of the pyramid to
artificially inseminate females.
High-performing females
are sent from our elite farms
to nucleus farms. Here, their
numbers are expanded
so we have sufficient pure
line animals to supply our
multiplication partners.
Pure line females from
nucleus farms are sent to
multiplication farms where
they are cross-bred with semen
from males of a different line.
Cross-bred female offspring
from the multiplication farms are
then sent to commercial farms
where they are inseminated
with terminal boar semen
to produce offspring that
are sent to slaughter.
PIC only owns proprietary assets
at the top of the pyramid. This
delivers high return on invested
capital (‘ROIC’) and reduces
our exposure to the financial
risks of pork production,
such as feed costs, disease
and pork price volatility.
Our proprietary footprint,
coupled with long-standing
nucleus and multiplication
relationships, means we have
a highly responsive global
supply chain that can supply
high-volume elite genetics
with high health status.
We estimate that PIC has
~16% share of the global
porcine genetics market.
7Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Our Markets and Business Model continued
Bovine
Our dairy opportunity
• Drive genetic improvement
faster than competitors.
• Continue executing actions to
structurally improve margins,
ROIC and cash generation.
• Drive increased adoption of
sexed, beef-on-dairy and
Y-skew by dairy farmers.
• Grow the market share of
our IntelliGen third-party
sexing solutions.
Top 10 dairy production markets
1.
5.
9.
2.
6.
10.
3.
7.
4.
8.
Beef production system
Beef production is less
homogeneous than dairy
systems and utilises many
breeds. The supply chain is
also less vertically integrated
than either dairy or pork. Use of
advanced genetics and artificial
insemination in the beef industry
is lower because producers are
in aggregate less consolidated
and technified than dairy.
Beef production is mainly from
pure-bred beef animals, although
an increasing portion is coming
from beef-on-dairy usage.
Our beef opportunity
• Drive genetic improvement
faster than competitors.
• Drive increased adoption of
sexed, beef-on-dairy and
Y-skew by dairy farmers by
demonstrating the superiority
of our proprietary beef genetics
across the value chain, through
trials and partnerships.
• Develop more ‘pull-through’
partnerships with downstream
partners in the value chain (see
How we sell below).
Top 10 beef production markets
1.
5.
9.
2.
6.
10.
3.
7.
4.
8.
What we sell
We predominantly sell straws of
semen (conventional and sexed)
for artificial insemination use in
the dairy and beef industries.
We also sell embryos, which
contain elite male and female
genetics, to highly progressive
farmers who are focused on
maximising the rate of genetic
improvement in their herds. We
monetise our proprietary sexing
technology in three ways:
1 sexing semen from our
own bulls;
2 sexing semen for third-party
bulls; and
3 licensing our technology to
third parties.
We also offer adjacent
services and products to
farmers through our artificial
insemination technicians,
who visit customer farms.
Route to market
We distribute directly to customers
and through distributors.
How we sell
The majority of our bovine sales
are transactional, although
there is a growing share under
multi-year contracts. In beef
we also employ ‘pull-through’
contracts. The beef industry is
less vertically integrated and the
value of beef genetics (e.g. a
premium for marbling) tends to
accrue to downstream entities
such as processors, packers and
retailers. If we can demonstrate
this increased economic
value, as well as sustainability
benefits, to these downstream
entities, they can incentivise
their upstream suppliers to
use ABS genetics. By winning
downstream we can therefore
‘pull-through’ our genetics.
We estimate that ABS has
~8% share of the global
bovine genetics market.
Dairy production is typically
more consolidated than beef
production but both are
significantly more fragmented
than pork production. The
bovine genetics landscape is
also different to porcine, with
many more breeds in regular
use and large genetic co-ops
having significant market share.
Dairy production system
Dairy farmers typically use
artificial insemination to create
pregnancies in their cows. Cows
then produce milk for about
ten months after giving birth.
This milk is generally marketed
to a third-party processor,
who collects, processes,
stores and sells the milk or
milk products (such as cheese
and butter) to subsequent
parts of the value chain.
Farmers either retain the female
calves from dairy cows, to grow
or maintain their dairy herd, or
sell them to the beef industry
alongside the male calves.
Over the last decade, progressive
dairy farmers have increasingly
utilised sexed semen to actively
manage the sex of their dairy
cow offspring. They inseminate
their high-performing cows with
X-skew sexed semen, which has
a significantly greater proportion
of sperm carrying a female
chromosome, to increase the
probability that the resultant
offspring are females. These
female calves are likely to be
high performing and the farmers
retain them for their dairy herd.
Lower-performing cows, whose
offspring are less desirable
for the dairy herd, are instead
inseminated with conventional
semen or, increasingly, with
beef-on-dairy semen. Beef-
on-dairy semen contains
genetics with traits optimised
for the beef industry, such as
growth rate, feed efficiency and
carcass value. These calves are
therefore more valuable when
sold to the beef industry, which
creates more economic value
for the dairy farmer. A nascent
but exciting new market is sexed
beef-on-dairy genetics. Here,
Y-skew genetics are attractive
to the beef industry because
males tend to grow faster and
produce heavier carcasses.
How Fazenda
Petrópolis Is
Growing the
Future of Dairy
in Brazil
Discover how ABS customer
Fazenda Petrópolis is using
sexed genetics and data-
driven genetic selection to
support sustainable dairy
growth in Brazil.
Scan QR code
to read full
testimonial
8Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Chairman’s Statement
Performance and dividend
Both divisions delivered
operating profit growth.
PIC performed particularly
strongly, while ABS benefitted
from Phase 3 of the Value
Acceleration Programme (‘VAP’).
This contributed to adjusted
basic earnings per share (‘EPS’)
increasing by 34.8% in constant
currency to 110.3p (2025:
81.8p). This included £5.6m of
milestone payments received
from BCA in relation to the
formation of our Chinese joint
venture, without which adjusted
EPS increased by 24.5%.
Management’s focus on cash
generation and the receipt of
net cash proceeds of £98m
from BCA has further reduced
the Group’s debt, putting us in
a strong position to invest for
growth and to return surplus
funds to shareholders.
As part of our capital allocation
framework, we have reaffirmed
our commitment to a progressive
dividend policy funded by
organic free cash generation.
Our aim is to pay out 30-40%
of adjusted EPS, with an interim
dividend set at 35% of the full-
year dividend for the previous
year. In line with this policy,
the Board is recommending
a final dividend of 24.0p per
share (2025: 21.7p). Including
the interim dividend of 11.2p per
share, this gives a total for the
year of 35.2p per share (2025:
32.0p), up 10%. The total dividend
equates to 32% of adjusted EPS.
collaborating with a domestic
partner provides the best-
possible route to obtaining
the necessary approvals for
PRP in China. Genus has a
track record of successful joint
ventures, notably with Agroceres
in Brazil, so we understand
how to make them thrive.
These were significant advances
for PIC but it is also hugely
important that the business
has maintained its lead in
conventional genetics. Its
superior offer allows it to push
for market share across the
world, including laying the
foundations for expansion in
Southeast Asia. Increasing PIC’s
presence in that region is part
of our longer-term strategy
and the indications are good,
given PIC’s genetics perform
well in those countries. A
broader geographical presence
will also mean a greater
potential market for PRP.
Strategic priorities
As Jorgen Kokke explains in
more detail in his statement,
we continued to successfully
implement our strategic
priorities in FY26. The highlights
included regulatory approval
in Canada to use the gene
edit in our EverThrive
®
PRRS-
Resistant Pig (‘PRP’). While
we are getting closer to our
goal of commercialisation in
North America, we still require
approvals in other critical
countries and continued work
on consumer acceptance.
This means the benefits of
PRP will not be reflected in our
results for two to three years.
The formation of our Chinese
joint venture with BCA was a
major development. BCA is an
excellent partner, as a state-
backed and vertically integrated
food business, spanning farming
through to superstores. The joint
venture is committed to using
our genetics and management
support, and we believe that
• Strong financial performance and balance sheet
• Continued successful strategic implementation
• Ongoing succession planning for the Board,
with three new Directors appointed
• Culture and values support our success
QUICK READ
This was another positive
year. Our focus on
consistent execution is
reflected in the results and
our significant strategic
achievements in FY26.
Iain Ferguson CBE
Chairman
Dividend (pence per share)
35.2p
2025: 32.0p +10%
Iain Ferguson CBE
Chairman
9Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Chairman’s Statement continued
ABS has largely concluded the
VAP and is now a fitter business,
with a structure better aligned to
its markets. We will continue to
streamline its operations, while
focusing on revenue growth
through commercial excellence.
ABS has had real success with
IntelliGen, including a major
new contract in India in FY26,
as well as with beef-on-dairy
genetics. These help to insulate
dairy farmers from fluctuating
commodity prices, by giving
them another income stream.
Our R&D function has done
a fantastic job of aligning its
programmes with the needs
of our businesses. The Board
attended an Innovation Day
with the R&D teams in June 2026
and saw a fascinating blend of
longer-term work, for example
in disease resistance, as well as
nearer-term focus areas such
as speeding up the cycle for
genetic improvements in ABS.
The Board
There were three changes to
the Board in FY26. As I noted in
last year’s report, Andy Russell
joined us as CFO in August 2025.
He has settled in well and is
making a strong contribution.
We also recruited two Non-
Executive Directors, Dr Celia
Baxter and Dr Bob Reiter, as
part of our ongoing succession
planning. Celia has deep
experience in human resources,
which we had identified as a
necessary skill for the Board.
Bob’s scientific expertise is
essential for the Board and
highly valuable to our R&D
leadership. Importantly, he is
based in the US, where our
two divisions and R&D are
headquartered. We are in the
process of recruiting a further
Non-Executive Director, who
will take on Lysanne Gray’s role
as Chair of the Audit & Risk
Committee in due course. See
the Corporate Governance
and Nomination Committee
reports for more information.
People and culture
Management has continued to
embed the Group’s values, led
by Jorgen’s consistent focus on
our values and events such as
our ValuesFest and Values World
Cup. The Board regularly sees
the values in place during our
visits to the Group’s sites, and we
gained further evidence of the
strength of our culture through
the biannual employee survey.
More information can be found
in Jorgen’s statement and the
People section of this report.
We invest in all our people
and value their contribution
to the Group’s success. On
the Board’s behalf, I thank
everyone in Genus for their
continued hard work in FY26.
Looking forward
The Board keeps a close
watch on geopolitical issues
and how they might affect
Genus. While uncertainty has
increased in the last 12 months,
the Group has demonstrated
over many years that it can
navigate difficult issues.
The fundamentals of our
markets remain strong and
new trends, such as the
rapid take-up of weight loss
medication, are encouraging
people towards higher-
protein diets. Our continued
successful implementation of
our strategy and our leadership
in elite genetics mean we are
confident of making further
progress in the coming year.
Iain Ferguson CBE
Chairman
We invest in all our
people and value their
contribution to the
Group’s success.
10Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Chief Executive's Review
Group performance
Group revenue was £658.1m
(FY25: £672.8m). The reduction
in revenue was primarily caused
by deconsolidation of PIC China
from 31 January 2026, following
its transfer to our new joint
venture with BCA. Excluding
PIC China, Group revenue was
flat in constant currency and
down 1% in actual currency.
Adjusted PBT increased by
30% in constant currency (+35%
in actual currency), including
a £5.6m milestone payment
from BCA. Statutory PBT was
£282m higher at £310.5m
primarily reflecting the gain
recognised on the formation
of the PIC China joint venture
together with continued
strong operating performance
across ABS and PIC.
PIC performed well in every
region, with volumes up 12%.
Royalty revenue grew 1% with
adjusted royalty revenue,
comprising PIC royalty revenue
and PIC's share of joint venture
royalty revenue, as if the
China joint venture had been
established before 1 July 2024,
rose 5% to £196.9m. Adjusted
operating profit (including
joint ventures and milestone
payments) increased by
16% in constant currency.
PIC grew strongly in Asia, driven
by higher royalty revenues and
increased volumes in China, as
well as good progress in Vietnam
and the Philippines. We see
excellent long-term prospects
in Southeast Asia, where we
currently have low market shares
and an opportunity to grow our
footprints. Latin America also
grew rapidly, particularly in Brazil
where we have a successful
joint venture with Agroceres
and are benefiting from our
excluding the BCA milestone,
equating to 11% of revenue.
Research expenditure was 2% of
revenue as we have refocused
our activities and increased
alignment with the business
units. Product development
investment was 8% of revenue,
underlining our commitment
to growth, improving our value
proposition for customers and
enhancing the sustainability
of animal protein production.
We generated strong free
cash flow of £62.0m, up from
£40.9m in FY25. We also
received net cash proceeds of
£98m following the formation
of our porcine joint venture in
China. As a result, year-end
leverage stood at 0.4 times
compared to our unchanged
target leverage range of one
to two times EBITDA. Our
focus on cash generation
has driven a significantly
strengthened balance sheet
and in accordance with our
capital allocation framework
we will be commencing a £60m
share buyback programme to
be completed during FY27.
Our people and culture
Our people are fundamental to
our performance and strategic
progress, and I want to thank
everyone for their contribution
and dedication. This year’s
employee survey scored strongly
on values and showed we
had made good progress with
strengthening our culture since
the previous survey in FY24.
Other highlights included our
people’s understanding of our
strategy and our commitment
to health and safety.
investment in prior years. Growth
in Brazil was driven by domestic
demand, market share gains
and strong performance in
export markets. North America
performed well but volumes
were affected by customers
having to manage outbreaks
of PRRS. Growth in EMEA was
also positive despite African
Swine Fever cases in Spain’s
wild boar population and other
reported cases across Europe.
ABS Revenue was 2% lower
in constant currency. Milk
prices declined in many
regions resulting in decreased
demand for sexed semen from
dairy customers. Against this
backdrop, ABS volume grew 1%
with sexed volume growing 2%.
Results in Asia were weaker, as
China’s restrictions on bovine
genetic imports from the US
effectively closed this market
during the year. We were
pleased to sign a significant
contract in India for IntelliGen,
enabling millions of small
dairy farmers to produce more
female calves by choice. The
new contract signed with the
state of Uttar Pradesh runs for
five years, thereby improving
the socio-economic status of
countless rural households.
Operating profit including
JVs in ABS increased by 11%
in constant currency, with
VAP initiatives contributing
£9m in the year. Phase 3 was
executed well and generated
£7m of benefit in FY26 and an
annualised benefit of £9m.
We continue to invest
substantially in R&D, with
total investment in the year,
• PIC performed strongly in every region
• ABS benefited from VAP and is now focused on
revenue growth
• Formed Chinese JV with BCA and received further
approvals for PRP gene edit
• Profit growth expected in both businesses in FY27
QUICK READ
This was a year of strong
operational and financial
performance, coupled with
excellent progress on our
strategic priorities.
Jorgen Kokke
Chief Executive
Further reading
on our website
genusplc.com
Key insights overview
Scan the QR code
to watch the video
genusplc.com/investors/annual-report/
Jorgen Kokke
Chief Executive
11Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Chief Executive's Review continued
DELIVERING OUR STRATEGIC PRIORITIES
We made further significant progress with our strategic priorities during the year.
We have continued to reinforce
the values we launched in
FY25, including through our
award-winning ValuesFest
culture campaign. This initiative
aimed to drive employee
engagement and further
strengthen our culture by inviting
employees to celebrate our
values and submit creative
works that reflected their
unique interpretation of them.
We also launched our new
intranet called InGenus, to
make communication with
our employees seamless and
create a better way to work
together. It gives our people a
single place to find information
on business developments, our
polices and employee resources,
and includes AI-powered
search, dynamic translation to
support our global workforce
and mobile access. We are
seeing strong adoption and
receiving excellent feedback.
Sustainability
Driving continuous genetic
improvement is directly
linked to better sustainability
performance for beef, dairy and
pork producers. Our genetics
enable farmers to produce more
high-quality animal protein using
fewer scarce resources, such as
feed, water and land. Scientific
advances including PRP deliver
improved environmental
outcomes and higher
standards of animal welfare.
We continue to demonstrate
the sustainability benefits of
our genetics through life cycle
assessment (‘LCA’). In FY26,
ABS obtained ISO certification
for its LCA of proprietary beef
lines, confirming that that ABS
NuEra Genetics reduce the
overall environmental footprint
of commercial beef on dairy
programmes in the U.S. and
U.K. by 4.5% to 8.8%. PIC also
completed an LCA in relation
to PRP which found that
eliminating PRRS could reduce
green-house gas emissions by
approximately 5% in the U.S..
Responsible adoption of
Artificial Intelligence
We have done significant work
on AI readiness and are well
placed to take advantage of
this technology throughout our
business. Historically, we have
written our own algorithms and
deployed data scientists across
our product development group,
making us optimistic about AI
as a tool to help us become
even more effective. Our IT
environment is also conducive
to leveraging AI. At the same
time, we are mindful of the risks,
especially around cyber security,
legal and compliance issues, so
our objective is to empower our
teams to use AI responsibly.
Outlook
Despite cyclical weakness in key
agricultural markets, we expect
to deliver resilient underlying
profit growth in the year ahead.
Jorgen Kokke
Chief Executive
9 September 2026
Phase 3 of VAP has been executed well and delivered £7m of benefit in the year and annualised benefits
of £9m. We expect to complete a number of smaller additional VAP workstreams through FY27 H1.
ABS is a leaner business, with a strong product portfolio, great customer relationships, an excellent
reputation and a deep pool of talent. To drive the business forward, we have hired experienced leaders
with a remit to deliver commercial and operational excellence. Commercial excellence encompasses
salesforce effectiveness, customer segmentation, pricing and customer profitability. In our operations,
we are implementing LEAN principles and driving efficiencies throughout the supply chain.
Our ambition for ABS remains unchanged as we continue to target double-digit operating margins
in the medium term.
03
Drive greater
value from bovine
Link to strategic framework:
Deliver a differentiated proprietary genetic offering
Focus on progressive protein producers globally
Sustainability at the heart of our business
Share in the value delivered
On 31 January 2026, we formed a joint venture with BCA, transferring PIC China to the new venture
in exchange for a 49% holding and net cash proceeds of £98m. This is a major achievement, which
localises our business, accelerates the long-term growth opportunity in China and cements both
parties’ commitment to achieving PRP commercialisation. The joint venture has a five-member
Board and we have the right to appoint two Board members and the CEO.
Genus was already one of the leading players in Chinese porcine genetics but our market penetration
was low. We expect to achieve further market share gains as our genetics demonstrate their value.
01
Continued growth in
porcine, with more stable
growth in China
Link to strategic framework:
During the year we received approvals and/or favourable determinations for the EverThrive
®
PRP from
Argentina, Canada, Uruguay and Peru. We continue to work towards securing approval in Mexico and
Japan, which are major export markets for US pork producers and China. Commercialisation of PRP is
now beginning in certain Latin American countries.
We are also undertaking significant research into consumer acceptance. The results show that 94%
of consumers are open to purchasing pork from gene-edited pigs, with the responsible reduction of
antibiotic use being the greatest motivator. These findings closely align to independent research from
the U.S. Center for Food Integrity and The Food Industry Association.
In our wider R&D programme, key research areas include sexing, reproductive biology and disease-resistant
animals. Our development expenditure is focused on driving ongoing genetic improvement in our elite herds.
02
Successfully commercialise
our PRP gene edit and
deliver attractive returns
from R&D
Link to strategic framework:
12Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Strategic Framework
Delivering
and sharing
in the value
Deliver a differentiated
proprietary genetic offering
Focus on progressive
protein producers globally
Our strategic framework defines our focus
areas to deliver success. We determine the
framework at Group level and implement
it through our business units.
Elite animals
Technology and capabilities
Data
Success drivers
What does success look like?
Genetic gain
Creating superior breeding animals
for farmers, measured against indices
comprising traits that help to drive
farmers’ productivity and sustainability.
Priorities
Deliver successful commercialisation
of PRP, continue to generate returns
from R&D.
Link to KPIs
$4.08
Porcine Genetic
Improvement Index
$863
Genomic Bull Net Merit
Index (NM$)
Global position
Global supply chain
Customer experience
Success drivers
What does success look like?
Volume growth
Growing volumes, particularly with
progressive livestock farmers.
Priorities
Continued growth in porcine,
with more stable growth in China.
Link to KPIs
1%
Dairy & Beef Volume Growth
12%
Porcine Volume Growth
13Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Strategic Framework continued
Our overarching strategy, success drivers (which feed
into the focus areas of our business model), and
associated KPIs are determined at Group level. The
strategy is then implemented at business unit level.
Our overarching business unit priorities and strategic
progress in FY25 can be found on pages 16 to 27
Sustainability lies at the heart of our business. KPIs
marked with the icon on the right are considered by
the Board to be indicative of our progress in this area.
For more information see pages 28 to 48
Share in the
value delivered
Sustainability at the heart
of our business
Value-based pricing
Product validation
Leverage scale
Success drivers
What does success look like?
Profitability
Generating profit resulting from the
performance of our products in
customers’ systems, and growing margin
as we leverage scale and R&D
investment across species.
Priorities
Deliver successful commercialisation of
PRP, continue to generate returns from
R&D investments.
Link to KPIs
£0.60
Adjusted Operating Profit
per Market Pig Equivalent
£0.87
Adjusted Bovine Operating
Profit per Dose
Sustainability analytics
Informed sustainability investments
Success drivers
What does success look like?
Volume growth
Our strategy is underpinned by our approach
to sustainable business and the strength of our
people. The Board measures the performance
of these key areas using the KPIs opposite.
Priorities
Develop Life Cycle Assessments across our
proteins, to demonstrate the environmental
and welfare benefits of our products.
Link to KPIs
5.25
Primary Intensity Ratio
1
Life Cycle Assessment
Completed
14Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
4.08
4.15
4.39
2026
2025
2024
Competitors 766
ABS 788Competitors 687
ABS 863
ABS 716Competitors 614
2026
2025
2024
1%
5%
-6%
2026
2025
2024
12%
10%
3%
2026
2025
2024
Key Performance Indicators
PIC volume growth (%)
Link to strategic priorities:
Dairy and beef
volume growth (%)
Link to strategic priorities:
Genomic bull net
merit index (NM$)
Link to strategic priorities:
Porcine genetic
improvement index (US$)
Link to strategic priorities:
Tracks the growth in the number of commercial
pigs with PIC genetics globally.
Definition: The change in volume of both
direct and royalty animal sales, using a
standardised MPEs measure of commercial
slaughter animals that contain our genetics.
Performance: Market conditions for pork
producers were generally positive. Against this
backdrop, porcine volumes grew by 12%, to
249.6 million MPEs. Strategically important
royalty volumes grew by 6% with growth in
every trading region excluding North America.
Tracks our global unit sales growth in dairy
and beef.
Definition: The change in dairy, beef and
sorted units of semen and embryos delivered
or produced for customers in the year.
Performance: Excluding China, global markets
performed steadily, with modest growth in
both sexed and conventional volumes. Strong
double-digit growth in LATAM offset lower
volumes in China, where bovine genetic import
restrictions from the US impacted performance,
resulting in overall bovine volume growth of 1%
to 26.2 million units.
Measures the genetic quality of our bulls
released to market, based on economically
relevant traits for farmers.
Definition: The average Net Merit Dollar (NM$)
index score of generally available Holstein
commercial bulls launched to the market
compared with the average of the four largest
competitors. Performance is reported on a
two-year rolling basis, reflecting the typical
commercial sales life of a bull. As the NM$
index is periodically updated to incorporate
changes in economic assumptions, trait
weightings and genetic base adjustments,
historical KPI values are recalculated where
appropriate to maintain consistency and
comparability over time.
Performance: Genus continues to improve the
quality of its commercially available bulls to
maintain a leading genetic position in the
dairy industry.
Measures the genetic improvement we achieve
in our porcine nucleus herds, which ultimately
filters down to our customers’ farms.
Definition: The index measures the marginal
improvement in customers’ US$ profitability,
per commercial pig per year, on a rolling
three-year average.
Performance: Genus continues to deliver
strong rates of genetic improvement through
expanding and maintaining a large nucleus
population for high selection intensity, improving
technical processes for genomic evaluation,
implementing precision data collection from
birth to consumer and continuing to add new
traits and data streams.
Deliver a differentiated
proprietary genetic offering
Focus on progressive
protein producers globally
Sustainability at the
heart of our business
Share in the value delivered
Measuring
our success
15Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
0.60
0.55
0.56
2026
2025
2024
0.87
0.75
0.56
2026
2025
2024
5.25
6.23
2026
2025
2024
6.46
82%
70%
76%
2026
2024
2022
Key Performance Indicators continued
Engagement
survey results
Link to strategic priorities:
Primary intensity ratio
Link to strategic priorities:
Bovine adjusted
operating profit
per dose (£)
Link to strategic priorities:
Adjusted operating
profit per market pig
equivalent (£)
Link to strategic priorities:
Measures levels of employee engagement
over time.
Definition: Employees’ response to the
statement “I would recommend a friend
to work at Genus”.
Performance: Our employee engagement
survey, Your Voice, is conducted every two
years. Our FY25 edition took place amid
extensive transformation across the company,
which inevitably impacted people and
engagement. Despite this, global engagement
remains high and we are strengthening it
further by pursuing opportunities for
improvement identified through the survey.
Measures the emissions intensity of the
Group’s operations, which are largely
driven by animal weight.
Definition: The primary intensity ratio is
a measure of the Group’s Scope 1 and 2
emissions per tonne of animal weight.
Performance: The primary intensity ratio
decreased from 6.23 in FY25 (restated) to
5.25 in FY26, a 15.7% reduction compared
with the prior year.
Monitors bovine profitability per unit.
Definition: Bovine adjusted operating profit
globally, expressed per unit of semen or
embryo delivered or produced for customers. .
Performance: Operating profit per dose
was £0.87, £0.12 higher (£0.07 higher in constant
currency). The primary driver of performance
growth was operational efficiency
improvements from Genus ABS’s Value
Acceleration Programme (“VAP”) initiatives.
Monitors porcine profitability per unit.
Definition: Net porcine adjusted operating
profit globally, expressed per MPE including
our share of Agroceres PIC, our Brazilian joint
venture and PIC China. Results include 100% of
PIC China for the first seven months of FY26,
prior to the formation of the joint venture, and
our share of earnings and MPES for the
remaining five months of FY26.
Performance: Operating profit per MPE was
£0.60, £0.05 higher year-on-year (up £0.04 in
constant currency), reflecting strong
underlying operating growth and operational
leverage benefiting from lower production
costs. Performance was further supported by
the additional BCA milestone receipt of £5.6m;
excluding this operating profit per MPE would
have been £0.58, £0.03 higher than FY25.
Deliver a differentiated
proprietary genetic offering
Focus on progressive
protein producers globally
Sustainability at the
heart of our business
Share in the value delivered
Measuring
our success
16Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
BUSINESS PRIORITIES
Short term
Grow our core business by accelerating genetic
gain and deepening customer relationships,
while preparing to launch the EverThrive
®
PRP,
our PRRS-resistant pig.
Medium term
Increase customer resilience and efficiency by
offering the EverThrive
®
PRP in target markets
around the world.
Long term
Extend industry leadership by continuing
to increase genetic gain, improve product
performance and enhance resilience of supply.
STRATEGIC PROGRESS IN FY26
Create differentiated
proprietary genetic solutions
• Continued to strengthen genetic leadership of
the industry by driving $4.08 of genetic gain
and introducing 8 new selection traits.
• Accelerated preparations for commercialising
the EverThrive
®
PRP by expanding animal
populations, strengthening supply chains
and enhancing market acceptance work.
• Made further progress in evolving and
embedding the use of visual and behavioural
phenotyping, to strengthen animal
selection processes.
Serve progressive protein
producers effectively
• Formed a joint venture with Beijing Capital
Agribusiness (‘BCA’) to strengthen our positioning
in China and provide the best long-term
positioning for value growth.
• Further strengthened existing key accounts in
China, leading to significant increases in
volumes, revenue and profitability.
• Continued to increase market share across Latin
America, driving particularly strong growth in
Brazil and Mexico.
• Maintained productive relationships with large
and integrated producers across North America
• Made further progress in Asia by expanding
business with customers in Vietnam, the
Philippines and South Korea.
Share in the
value delivered
• Signed more agreements for strategically
important royalty revenue, meaning that 76%
of our global business is now conducted
under these contracts.
• Demonstrated the superior performance of PIC
genetics compared to competitors through 29
product validation trials in 6 countries.
Driving global
growth
Operating Review / PIC
We continue to lead
the industry while
intensifying preparations
for introducing the
EverThrive
®
PRP.
Dr Matt Culbertson
Chief Operating Officer / Genus PIC
17Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Operating Review / PIC continued
Transforming
Swine Genetic
Analysis with
Digital
Phenotyping
Find out how PIC is using
digital phenotyping,
computer vision and artificial
intelligence to transform the
way swine genetic potential
is measured.
Market conditions for pork
producers were mixed during the
year. In North America, producers
generated positive profits
although disease outbreaks,
predominantly caused by PRRS,
were particularly challenging
in the second half. Producers in
Latin America enjoyed a strong
year for profitability with pork
prices supported by strong
export volume. In Europe, pork
prices declined in the second
half as the industry grappled
with disease challenges
but supply continued to be
constrained by ongoing political
and regulatory headwinds to
production. Finally in China, the
market environment was very
challenging for producers with
pork prices being significantly
below break-even levels for
the majority of the year.
Amidst this mixed backdrop for
customers, PIC royalty revenue
increased 1% in constant
currency. Adjusted royalty
revenue, comprising PIC royalty
revenue and PIC’s share of joint
venture royalty revenue, as if
the China joint venture had
been established before 1 July
2024, rose 5% to £196.9m. North
American royalty revenue was
relatively muted at +1% due to
customer disease challenges,
however growth was stronger
elsewhere: LATAM (+3%), EMEA
(+7%), Asia ex-China (+10%) and
Joint Ventures (19%). Within
joint ventures, our equity
share of royalty revenue within
Agroceres PIC and PIC China
grew 7% and 52%, respectively.
Total revenue decreased
2%; excluding the impact of
PIC China deconsolidation,
total revenue increased 1%.
Adjusted operating profit
including JVs increased 16% in
constant currency due to strong
royalty revenue growth in the
trading regions, receipt of a
£5.6m milestone payment from
the Group’s Chinese partner
BCA, non-recurring lower input
costs of £2.8m and the sale of a
farm for £1.9m. Excluding the BCA
milestone payments in FY25 and
FY26, adjusted operating profit
including JVs also increased 16%.
Sterling depreciation, particularly
against the Mexican Peso and
Brazilian Real, resulted in a
£1.3m translation tailwind during
the year. As a result, adjusted
operating profit including JVs
increased 17% in actual currency.
Product development is critical
to further strengthening PIC’s
genetic leadership. During
the year, PIC achieved a
further $4.08 of genetic profit
gain. Investment in product
development decreased 18%
in constant currency, primarily
due to the £5.6m milestone
receipt from BCA. Excluding
milestones received in FY25 and
FY26, product development
cost decreased 11%. Within PIC’s
underlying product development
cost was expenditure of £11.6m
in relation to PRP, an increase
of 15% compared to the prior
year as PIC increased its pre-
commercialisation activities.
12 months ended 30 June
Actual currency
Constant
currency
2026
£m
2025
£m
Change
%
Change
%
Revenue 355.8 362.9 (2) (1.6)
Adj. operating profit pre-product development 137.4 134.9 2 2
Porcine product development expense (27.6) (34.6) (20) (18)
Adj. operating profit exc JV 109.8 100.3 9 9
Adj. operating profit inc JV 130.8 111.9 17 16
Adj. operating margin exc JV 30.9% 27. 6 % 3.3pts 3.0pts
Volumes (MPEs)
249m
2025: 223m +12%
Revenue
£355.8m
2025: £362.9m -2%
Adjusted operating profit
£130.8m
2025: £111.9m +17%
Royalty revenue growth
(constant currency)
+1%
Adjusted operating profit growth
(constant currency)
+16%
Scan QR code
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testimonial
18Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Operating Review / ABS
BUSINESS PRIORITIES
Short term
Consolidate the foundation established by the
ABS Value Acceleration Programme (‘VAP’) to
enable scalable growth.
Medium term
Accelerate growth and value creation across
the global business through consistent
commercial excellence.
Long term
Drive continuous improvement and
embed operational excellence to
strengthen relationships with current
and potential customers.
STRATEGIC PROGRESS IN FY26
Create differentiated
proprietary genetic solutions
• Strengthened our genetic line-up by
embedding genetics from De Novo Genetics
into dairy product development.
• Increased income from sexed genetics, including
double-digit growth in Sexcel Male Beef and
a further rise in processing for third parties
through IntelliGen.
• Obtained ISO certification for our life cycle
assessment of proprietary beef lines, confirming
lower environmental impact than average
beef-on-dairy genetics.
Serve progressive protein
producers effectively
• Implemented the third phase of VAP, delivering
approximately £7m of in-year benefit and
approximately £9m of annualised benefit.
• Reviewed and adjusted our commercial model
in key markets (including the UK, US, and Brazil),
helping us enhance our service to customers
and improve efficiency.
• Delivered strong trading across EMEA and Latin
America as a result of growing relationships with
progressive producers.
• Strengthened customer relationships in India,
including signing a new five-year contract with
the state of Uttar Pradesh (‘UP’) for production of
sexed genetics at ten times previous levels.
• Launched “The ABS Way”, a set of new methods
and working practices designed to embed LEAN
principles and enhance value for customers.
Share in the
value delivered
• Expanded our GENEadvance programme, in
which we are sole partners for large producers,
to cover over 1,000 herds around the world,
generating a 9.5% increase in revenue.
• Continued to ensure strong pricing governance
and established a Pricing function to help
us capture appropriate value across our
product lines.
Building sustainable
success
Our ongoing
transformation work
is positioning us well
for future growth.
Jim Low
Chief Operating Officer / Genus ABS
19Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Operating Review / ABS continued
12 months ended 30 June
Actual currency
Constant
currency
2026
£m
2025
£m
Change
%
Change
%
Revenue 299.8 307.7 (3) (2)
Adj. operating profit pre-product development 47. 7 42.1 13 12
Bovine product development expense (25.1) (23.1) 9 12
Adj. operating profit exc JV 22.6 19.1 18 13
Adj. operating profit inc JV 22.9 19.5 17 11
Adj. operating margin exc JV 7. 5% 6.3% 1.3pts 0.9pts
In aggregate, dairy producers
enjoyed a reasonably positive
first half but saw margins
fall in the second half due to
declining global milk prices.
Beef producers, meanwhile,
enjoyed another very strong
year with beef prices at or
close to record highs due to
continued tight supply dynamics.
Amidst this backdrop, ABS
volume grew 1%. Sexed volume
grew 2% modestly, beef volume
increased 9% and conventional
dairy volume decreased -5%.
Due to the near-term profit
differential between dairy and
beef production, dairy farmers in
some markets substituted sexed
genetics for beef-on-dairy
genetics to prioritise near-term
beef production. This change
in customer demand drove
adverse product mix for ABS but
is expected to stabilise once
the relative profitability of dairy
to beef production normalises.
ABS revenue decreased by 2% in
constant currency but adjusted
operating profit including JVs
increased by 11%, a margin
improvement of 0.9pts. Value
Acceleration Programme (‘VAP’)
initiatives were the primary
driver of ABS’s strong adjusted
operating profit growth and
contributed £9m of benefit in
the year comprising £2m of
annualised Phase 2 benefits
and £7m of in-year Phase 3
benefits. Phase 3 initiatives are
now expected to achieve £9m
of total annualised benefit.
Exceptional restructuring costs
recognised in FY26 in relation
to VAP activities were £8.2m.
The three phases of VAP have
significantly strengthened ABS.
The business is leaner, with
a strong product portfolio,
great customer relationships,
an excellent reputation and
a deep pool of talent. We
now we expect to complete a
number of smaller additional
VAP workstreams through FY27
H1 as our focus increasingly
shifts towards implementing
commercial and operational
excellence to accelerate
growth and achieve our target
of double-digit margins in the
medium term. Commercial
excellence encompasses
salesforce effectiveness,
customer segmentation, pricing
and customer profitability. In our
operations, we are implementing
LEAN principles and will
continue to drive efficiencies
throughout the supply chain.
Spend on bovine product
development increased 12% in
constant currency predominantly
due to higher bull depreciation
and the impact of acquiring the
minority interest in De Novo.
Volumes (m straws)
26.2m
2025: 25.9m +1%
Revenue
£299.8m
2025: £307.7m -3%
Adjusted operating profit
£22.9m
2025: £19.5.m +17%
Sexed volume growth
+2%
Adjusted operating profit growth
(constant currency)
+11%
Helping India’s
Dairy Farmers
Build a More
Productive
Future
Learn how ABS and the
Government of Uttar
Pradesh (UP) in India are
working together to expand
access to Sexcel
®
sexed
semen genetics for dairy
farmers in UP.
Scan QR code
to read full
testimonial
20Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Operating Review / R&D
BUSINESS PRIORITIES
Short term
Obtain further regulatory approvals for
the EverThrive
®
PRP in target markets
around the world.
Medium term
Maximise use of our pioneering technologies,
including our stem-cell-based gene-editing
platform, bovine sexing instrumentation and
reproductive technology.
Long term
Develop or license further technologies that
could accelerate genetic gain, combat livestock
disease or support a more sustainable global
food system.
STRATEGIC PROGRESS IN FY26
Gene
editing
• Achieved regulatory approval for the
EverThrive
®
PRP in Canada, an important
step towards commercialising the product
in North America.
• Maintained positive engagement regarding
the EverThrive
®
PRP with regulators in Mexico,
Japan, China and other international
jurisdictions.
• Harnessed our stem-cell-based gene-editing
platform to accelerate progress on projects to
combat additional diseases, including African
Swine Fever.
Innovative
technology
• Made further progress with evolving our sexing
technology, offering prospective advances in
areas such as skew, throughput and automation.
• Continued to enhance the development and
application of insights from genomic data, to
help our businesses drive genetic gain.
Data
strategy
• Introduced centralised instrument monitoring –
which enables remote interaction with sexing
instruments and rapid intervention if needed –
to our sexing lab in Leeds (US), as a precursor
to deploying the software to support other sites
around the world.
• Continued to strengthen our scientific data
platform, enabling us to integrate more diverse
data sources, improve scalability and accelerate
the deployment of robust insights.
Innovation
in action
We continue to pursue
pioneering solutions
that drive genetic
improvement for
customers.
Dr Elena Rice
Chief Scientific Officer and Head of R&D
21Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Operating Review / R&D continued
The Science and Economic
Promise of PRRS-Resistant Pigs
PRRS has affected pig producers for nearly 40 years.
In this video, leading experts discuss the impact of the
disease and how gene editing could help address one of
the swine industry’s most significant challenges.
Scan QR code
to read full
testimonial
Twelve months ended 30 June
Actual currency
Constant
currency
2026
£m
2025
£m
Change
%
Change
%
Gene editing (3.5) (4.3) (19) (16)
Other research and development (11.2) (12.2) (8) (5)
Net expenditure in R&D (14.7) (16.5) (11) (8)
Net expenditure on R&D
decreased 11% in constant
currency in FY26 and
represented 2.2% of Group
revenue. Net expenditure on
R&D is expected to increase
in FY27 but remain below 3%
of Group revenue. R&D’s key
near-term focus is achieving
PRP regulatory approvals
and in the medium term we
remain excited by opportunities
in disease resistance and
reproductive technology.
22Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
I am pleased to address
shareholders for the first time
in the Annual Report as Chief
Financial Officer. Jorgen has
clearly set out Genus’s strategic
priorities, and we continue to
make good progress against
them. I look forward to playing a
meaningful role in sustaining this
momentum while supporting the
delivery of long-term growth.
FY26 performance
In the year ended 30 June
2026, Group revenue fell 2% in
actual currency (a 2% decrease
in constant currency). Adjusted
operating profit including joint
ventures increased by 25% (21%
in constant currency), reflecting
broad-based growth from PIC, a
£5.6m milestone receipt from BCA
and significant adjusted operating
profit improvement at ABS driven
mainly by VAP initiatives. R&D
investment decreased by 11% (8%
in constant currency) as planned,
reflecting continued focus on the
alignment of R&D workstreams
with Genus’s strategic priorities.
Adjusted profit before tax of
£100.2m increased 35% in actual
currency (30% in constant
currency), with interest expense
decreasing from £18.8m to
£15.8m (a 15%
decrease in
constant currency) primarily
from lower average borrowings.
On a statutory basis, profit
before tax was £310.5m (FY25:
£28.5m). The adjusting items
between the statutory and
adjusted profit before tax had
a significant impact this year
predominantly due to a £204.1m
gain recognised on the sale
of our PIC China business and
£12.8m increase (FY25: £13.3m
decrease) in the non-cash
IAS41 fair value of the Group’s
biological assets and net
exceptional expenses of £5.8m
(FY25: £11.4m net expense). The
full reconciliation can be found
further below. Basic earnings
per share on a statutory basis
were 431.6p (FY25: 29.3p) and
adjusted earnings per share
was 110.3p (FY25: 81.8p).
Exchange rate movements were
a tailwind during the year with
a translation benefit on Group
profit of £3.5m compared with
FY25 primarily driven by the
Mexican Peso and Brazilian Real.
Revenue
Revenue decreased 2% in
actual currency (a 2%
decrease
in constant currency) at
£658.1m (FY25: £672.8m). PIC’s
revenue decreased by 2% (a 2%
decrease in constant currency),
with strategically important
royalty revenue increasing by
1%
in constant currency. In ABS,
revenue decreased by 3% (a 2%
decrease in constant currency)
and sexed revenue increased 1%
in constant currency. The primary
driver of sexed performance in
the second half was dairy farmer
volume substitution from sexed
to beef-on-dairy as a result of
low global milk prices relative
to high global beef prices.
• Record adjusted operating profit, up 17%
• Adjusted earnings per share up 35%
• Very strong free cash generation of £62.0m
(FY25: £40.9m)
• Significant reduction in leverage, to 0.4x
(30 June 2025: 1.5x)
• £60m return of capital announced
• Full-year dividend of 35.2 pence per ordinary
share represents growth of 10%
QUICK READ
Group revenue
£658.1m
2025: £672.8m -2%
Adjusted profit before tax
£100.2m
2025: £74.3m +35%
Adjusted earnings per share
110.3p
2025: 81.8p +35%
Chief Financial Officer’s Review
Further reading
on our website
genusplc.com/investors
Our successful
strategy and robust
cash flow have further
strengthened our
balance sheet, allowing
us to return £60m to
shareholders.
Andy Russell
Chief Financial Officer
Andy Russell
Chief Financial Officer
23Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Chief Financial Officer’s Review continued
Adjusted results
1
Statutory results
Actual currency
Constant
currency
change
%
2
Actual currency
Year ended 30 June
2026
£m
2025
£m
Change
%
2026
£m
2025
£m
Change
%
Revenue 658.1 672.8 (2) (2) 658.1 672.8 (2)
Operating profit 94.8 81.1 17 14 8 7. 3 42.4 106
Operating profit inc JVs 116.0 93.1 25 21
Profit before tax 100.2 74.3 35 30 310.5 28.5 989
Net cash flows from operating
activities
109.5 106.2 3 n/m
3
108.8 106.7 2
Free cash flow
1,
62.0 40.9 52 n/m
3
Basic earnings per share (pence)
110.3 81.8 35 30 431.6 29.3 1373
Dividend per share (pence) 35.2 32.0 10
1 Includes share of adjusted pre-tax profits of joint ventures and removes share of adjusted profits of non-controlling interests.
2 Prior year period restated. Please see note 1 of the notes to the condensed set of Financial Statements changes of reportable segments.
3 n/m = not meaningful.
Adjusted operating profit including JVs
1
Actual currency
Constant
currency
change
%
Year ended 30 June
Adjusted profit before tax
1
2026
£m
2025
2
£m
Change
%
Genus PIC 130.8 111.9 17 16
Genus ABS 22.9 19.5 17 11
R&D (14.7) (16.5) 11 8
Central costs (23.0) (21.8) (5) (7)
Adjusted operating profit inc JVs 116.0 93.1 25 21
Net finance costs (15.8) (18.8) 15 15
Adjusted profit before tax 100.2 74.3 35 30
1 Includes share of adjusted pre-tax profits of joint ventures and removes share of adjusted profits of non-controlling interests.
Adjusted operating profit including joint ventures was £116.0m (FY25: £93.1m), a 21% increase in constant
currency. PIC’s adjusted operating profit including joint ventures increased by 16%
in constant currency with
growth in LATAM, Europe and Asia partially offset by modestly lower profit in NAM due to customer and
multiplier health challenges. Underlying PRP spend increased in the year due to increased pre-
commercialisation activity but this was more than offset by the receipt of a £5.6m milestone payment
from the Group’s Chinese partner, BCA. ABS’s adjusted operating profit increased by 11% in constant
currency driven by VAP initiatives that delivered £9.0m of benefit in the year. Investment in R&D decreased
by 8% in constant currency, as planned, reflecting continued focus on the alignment of R&D workstreams
with Genus’s strategic priorities, and central costs increased £1.2m. The Group’s share of adjusted joint
venture operating profit, primarily from our Brazilian joint venture with Agroceres, was significantly higher
than the prior year at £21.2m (FY25: £12.0m).
Net finance costs
Net finance costs decreased to £15.8m (FY25: £18.3m), due to a favourable interest rate variance of £0.9m,
resulting from a reduction in average interest rates to 5.86% (2025: 6.26%) and a favourable average borrowings
variance of £1.3m due to a decrease in average borrowings during the year to £221.1m (FY25: £243.6m). IFRS 16
finance lease interest decreased by £0.6m to £1.8m (2025: £2.4m), primarily due to the reduction in group lease
liabilities, arising from the disposal of a majority interest in PIC China in January 2026.
Amortisation costs in the year were £0.9m (2025: £0.9m) and within other interest there discount interest unwind
on the Group’s pension liabilities and put options totalling £0.4m (2025: £0.4m). Net foreign interest in the year
was an income of £0.3m (2025: income of £0.1m).
Statutory profit before tax
Statutory profit before tax was £310.5m (2025: £28.5m), increased significantly year on year with a gain of
£204.1m from the 51% disposal of PIC China to form a strategic joint venture, higher adjusted profit
performance, increase in biological asset value and lower net exceptional expenses.
The Group’s net IAS 41 valuation of biological assets comprised a £14.5m increase (FY25: £1.7m reduction) in
porcine biological assets, with percentagean increase in retained interest benefitting from large customer
restocking’s after health breaks being partially offset by an increase in risk adjusted discount rate, and a £1.3m
reduction (FY25: £11.6m reduction) in bovine biological assets, reflecting an increase in the risk adjusted
discount rate and lower estimates, based on market data, of the semen sales price attributable to the
biological asset value sales estimates being partially offset by lower production costs. Share-based payment
expense was £10.4m (FY25: £6.9m).
These reconciling items are primarily non-cash, can be volatile and do not correlate to the underlying trading
performance in the year.
The table below reconciles adjusted profit before tax to statutory profit before tax:
2026
£m
2025
£m
Adjusted profit before tax 100.2 74.3
Operating loss attributable to non-controlling interest 0.2 –
Net IAS 41 valuation movement on biological assets in JVs and associates 24.3 (0.9)
Tax on JVs and associates (11.0) (2.0)
Adjusting items:
Net IAS 41 valuation movement on biological assets 12.8 (13.3)
Amortisation of acquired intangible assets (4.1) (5.6)
Impairment of goodwill – (1.5)
Share-based payment expense (10.4) (6.9)
Other gains and losses 204.3 (4.2)
Exceptional items (5.8) (11.4)
Statutory profit before tax 310.5 28.5
24Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Chief Financial Officer’s Review continued
Exceptional items
There was a £5.8m net exceptional expense in FY26 (FY25: £11.4m net expense). As part of ABS’s VAP,
significant one-off expenses of £8.2m were recognised in relation to staff redundancies and consultancy
fees. Outside of VAP, a pension credit of £2.7m was recognised during the year as well £0.3m of
exceptional cost in relation to litigation expenses.
Taxation
The statutory profit tax charge for the year was £36.0m (FY25: £11.2m) including the Group’s share of
income tax of equity accounted investees. This represented an effective tax rate (ETR) of 11.2% (2025:
36.7%). The decrease in the statutory ETR of 25.5 points was principally driven by the non-taxable gain
recognised on the formation of the PIC China joint venture, which qualifies for exemption under the UK’s
Substantial Shareholding Exemption regime. The rate was also favourably impacted by the recognition of
a deferred tax asset in respect of corporate interest restriction amounts following the reduction in Group
debt and the resulting improvement in forecast interest capacity utilisation.
The adjusted profit tax charge for the year of £27.3m (2025: £20.4m) represents an ETR on adjusted
profits of 27.2% (2025: 27.5%). The Group adjusted ETR of 27.2% is higher than the UK statutory rate of 25%,
primarily due to the jurisdictional mix of profits, with a greater share of taxable income arising in territories
with tax rates above the Group average. The expected adjusted profit for the Group in FY27 is in the
range of 26–28%.
Earnings per share
Adjusted basic earnings per share increased by 35% (30% in constant currency) to 110.3 pence (FY25:
81.8 pence). Basic earnings per share on a statutory basis was 431.6 pence (FY25: 29.3 pence), taking
into account the factors noted in the reconciliation between adjusted and statutory profit before tax.
Biological assets
A feature of the Group’s net assets is its substantial investment in biological assets, which under IAS 41 are
stated at fair value. At 30 June 2026, the carrying value of biological assets was £270.6m (2025: £268.3m),
as set out in the table above.
The movement in the overall balance sheet carrying value of biological assets of £2.3m includes the effect
of an exchange rate translation increase of £5.7m. Excluding the translation effect there was a net fair
value impact of:
• a £0.3m decrease in the carrying value of porcine biological assets, with the deconsolidation of the
biological assets held in PIC China business and an increase in the risk adjusted discount rate being
partially offset by an increase in a retained interest benefitting from large customer restocking’s after
health breaks; and
• a £3.1m decrease in the bovine biological assets carrying value, primarily reflecting an increase in the risk
adjusted discount rate and lower estimates, based on market data, of the semen sales price attributable
to the biological asset value sales estimates being partially offset by lower production costs.
The historical cost of these assets, less depreciation, was £81.8m at 30 June 2026 (2025: £82.8m), which is
the basis used for the adjusted results. The historical cost depreciation of these assets included in
adjusted results was £19.0m (FY25: £16.4m).
As at 30 June
2026
£m
2025
£m
Non-current assets 218.7 219.0
Current assets 35.9 34.7
Inventory 16.0 14.6
270.6 268.3
Represented by: 209.3
Porcine 212.8 59.0
Dairy and beef 5 7. 8 268.3
Retirement benefit obligations
The Group’s net retirement benefit obligations at 30 June 2026 were £4.4m (2025: £6.9m) before tax and
£3.3m (2025: £5.7m) net of related deferred tax. The largest element of this liability now relates to some
legacy unfunded pension commitments dating prior to Genus’s acquisition of PIC. Pension liabilities are
stated net of a £2.7m surplus (2025: Nil) in the Dalgety Pension Fund which was recognised during the year,
following a decision by the Trustee of the fund to return any surplus assets to the Principal employer during
the course of winding-up the scheme. Receipt of this surplus from the Trustee, net of any applicable tax
withholding, is expected in the third quarter of 2026.
Robust investment strategies mean our two main defined benefit obligation schemes have remained in
sound financial positions. Prior to any IFRIC 14 amendments, both the Dalgety Pension Fund (“DPF”) and
our share of the Milk Pension Fund reported IAS 19 surpluses. Formal notice to wind-up the DPF was given
by the scheme’s 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.
25Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Chief Financial Officer’s Review continued
Cash flow
Adjusted cash from operating activities of £109.5 (FY25: £106.2m), was driven by strong growth in adjusted
EBITDA, which reached £130.9m (FY25: £119.8m). This was partially offset by a working capital outflow of
£10.8m (FY25: £11.3m inflow) primarily due to phasing of receivables and performance-related pay
accruals, with FY25 also benefitting from implementation of enhanced inventory management within
the ABS business.
Biological assets and net capital expenditures were stable during the year supporting a strong cash
conversion of 94% (FY25: 114%). This metric remains well in excess of our annual target for cash flow
conversion of at least 70%, which we also expect to exceed in this coming year.
Free cash flow, including lease repayments, totalled £62.0 (FY25: £40.9m) and was a new record for
the company.
Year ended 30 June
2026
£m
2025
£m
Adjusted EBITDA 130.9 119.8
Cash received from joint ventures 16.1 6.1
Working capital (10.8) 11.3
Biological assets 1.9 1.3
Net capital expenditure (16.0) (18.2)
Lease repayments (12.6) (14.1)
Adjusted cash from operating activities 109.5 106.2
Cash conversion % 94% 114%
Exceptional items (12.5) (24.2)
Pension contributions, provisions & other (0.6) (1.6)
Interest and tax paid (34.4) (39.5)
Free cash flow inc. lease repayments 62.0 40.9
PIC China 51% disposal net of
withholding tax 9 7. 7 –
Acquisitions, investments & net JV loans – (4.3)
Dividends (21.7) (21.1)
Net cash flow before non-lease
debt repayments 138.0 15.5
Credit facilities and net debt
At 30 June 2026, Genus had headroom of £263.8m in its combined facilities (2025: £119.4m).
The Group’s Facilities Agreement comprises a £220m multi-currency revolving credit facility (‘RCF’) and a
USD 150 million RCF. On 3 June 2026 the Company exercised an option to extend the facility maturation
date by one year to 9 June 2030. A second option, with an exercise date of one month prior to 10 June
2027, exists to extend the maturity date by a further year. The facility also includes an uncommitted £100m
accordion feature for future business development opportunities. In addition, the Company has c. £13m of
bilateral facilities in support of its GBP, EUR, and USD pooling arrangements.
Net debt decreased substantially to £71.8m at 30 June 2026 (2025: £228.2m), supported by strong free
cash flow of £62.0m, net cash proceeds of £97.7m from the 51% sale of PIC China into a strategic porcine
joint venture with BCA, after withholding taxes, deal costs and cash retained within the joint venture. Net
debt also benefited from the disposal of £16.4m of PIC China leases to the joint venture. This was partly
offset by dividend payments of £21.7m.
The ratio of Group net debt to adjusted EBITDA, as calculated under our financing facilities, also
decreased substantially to 0.4 times at 30 June 2026 (2025: 1.5 times) with interest cover at 12 times
(2025: 8 times).
Return on adjusted invested capital
In FY26, Group return on adjusted invested capital (‘ROIC’), as defined in the alternative performance
measures glossary, increased to 18.4% (FY25: 15.0% restated). This was predominantly driven by the
strong profit performance, with adjusted operating profit including joint ventures after tax increasing
to £84.4m (FY25: £67.5m), while adjusted invested capital was stable at £458.13m (FY25: £448.6m
restated). FY25 ROIC has been restated to remove biological asset fair value uplifts in Joint Ventures.
Dividend and additional return of capital
The Board is recommending a final dividend of 24.0 pence per ordinary share representing growth of 11%
on the prior year. When combined with the interim dividend, the total full-year dividend of 35.2 pence per
ordinary share represents growth of 10% (FY25: 32.0 pence per share). The full-year dividend of 35.2 pence
per share corresponds to a 32% payout of adjusted earnings per share which is consistent with the Group’s
targeted payout range of 30% to 40% as described in the Group’s interim results statement published in
February 2026.
It is proposed that the final dividend will be paid on 4 December 2026 to the shareholders on the register
at the close of business on 13 November 2026.
In addition to the Group’s ordinary dividend, and in accordance with the Group’s capital allocation
framework, the Board has announced the return of an additional £60m to shareholders. The Group
intends to return this additional capital via a share buyback programme to be executed through FY27.
26Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
People and Culture
QUICK READ
Our success depends on the
contribution of our talented
and committed colleagues
around the world. We share
information on the gender
diversity of our team in the
Governance section on page 49.
Embedding our values
During the year, we continued
to embed the company-wide
values we refreshed in 2024 by
integrating them into a range
of processes, including talent
attraction, onboarding and
performance management.
These values – Collaborate
as One Team, Create Value
for Customers, Innovate with
Purpose, and Never Stop
Improving – also form part of
our global employee handbook,
which sets out expectations
of all Genus employees. For
more information on how the
Board monitors our Company
culture, please see page 57.
We also launched ValuesFest,
a global contest inviting
colleagues to explain what
the values mean to them
though works in four creative
categories: art, photography,
videography and writing. We
received over 100 entries and
over 1,000 employee votes, with
winning submissions coming from
employees across four regions
and seven countries. We shared
all entries with colleagues across
the Company and have used
winning submissions to showcase
our culture to prospective
recruits through LinkedIn. The
initiative recently received
an award from The Academy
of Interactive & Visual Arts.
Recruiting and
developing colleagues
We continue to seek and
attract talented new colleagues
at different career stages.
For example, this year we
brought in 77 people through
our early-stage career
programmes around the
world, including intern, trainee
and graduate schemes.
We also strengthened our range
of development opportunities
to help colleagues learn, grow
and thrive throughout their
time with Genus. This included
adding further content to
our online learning platform,
Genus University, and providing
targeted development
programmes. Examples include
change management training
for nearly 300 colleagues, plus
the piloting of new behavioural-
based interview techniques,
to strengthen the quality and
consistency of hiring decisions.
Our commitment to employee
development supports effective
succession planning. This
enables us to make internal
promotions wherever possible,
facilitating continuity when
vacancies arise and reducing
reliance on external searches.
Inspiring, developing
and empowering our
people to thrive.
Angelle Rosata
Chief Human Resources Officer
77
people brought in through our
early-stage career programmes
36
senior roles filled internally
across our businesses
• Continued to embed our values into core
HR processes
• Ongoing focus on attracting, retaining and
developing talent
• High levels of employee engagement, with
activities underway to respond to feedback
• Continued to encourage ‘near miss’ reporting,
to help strengthen safety practices
This year we filled 36 senior roles
internally, across our businesses
and central functions.
Further information regarding the
diversity of our workforce is set
out in the Nomination Committee
report on pages 65 to 68.
During the year, we ran
mandatory annual training
for employees on our Code of
Conduct, Animal Well-Being,
Workplace Harassment and
Health & Safety. In addition,
many employees undertake
role-specific training.
Angelle Rosata
Chief Human Resources Officer
27Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
People and Culture continued
Improving communication
We continued to strengthen
internal communication
practices by embracing new
technology. This included
introducing a new global
intranet, named InGenus by our
colleagues, to help them better
connect and collaborate.
Our other channels for employee
dialogue included regular Town
Hall meetings, listening sessions
and Q&As with executive
leaders during site visits. Non-
Executive Directors Lesley Knox
and Lysanne Gray, who are the
Board’s Workforce Engagement
Directors, held discussion
sessions with employees at our
sites in DeForest and Stapeley.
They were joined by fellow NED
Celia Baxter and shared the
feedback with Board members
and executive leaders.
We also continued to support
our employee resource group,
AWAKE (Advancing Women’s
Advocacy, Knowledge and
Empowerment), which held
several in-person and online
discussion and learning events
during the year. This included
a panel event to celebrate
International Women’s Day,
featuring representatives
from the Genus Executive
Leadership Team.
Evaluating engagement
In November 2025, we ran the
latest edition of Your Voice, our
global employee engagement
survey, to seek feedback on
what is working well at Genus
and what could be improved.
Nearly 2,500 colleagues took
part, equivalent to 78% of our
global workforce. They gave
us very positive feedback on
areas such as alignment with
our values, understanding of
strategy and our approach to
health and safety. The survey
also highlighted progress made
on priorities identified in 2023,
including steps to strengthen
our culture and enhance
management effectiveness.
We subsequently held a
series of listening sessions
and cross-functional focus
groups to explore themes
from the survey. Teams then
developed local action plans
to build on the strengths and
address opportunities for
improvement. We consolidated
and prioritised plans at global
business and functional levels,
to identify common themes and
the highest-impact actions.
These include continuing to
improve communication and
knowledge sharing, clarifying
paths for progression and
building skills and capabilities.
These plans are now being
put into practice, while across
the Company we continue
to focus on three enduring
global priorities: culture and
values, continuing to enhance
management effectiveness
and further emphasis on talent
development. The Genus
Executive Leadership Team
is monitoring the impact of
initiatives introduced, whether
these are Company-wide or
within business units or functions.
Health and safety
Our global recordable incident
rate (based on number of
incidents per 100 employees)
closed FY26 at 2.49, above
our target of 1.91. This was
due to some localized issues
and low-severity incidents,
including slips and trips partly
influenced by severe weather
conditions. It also reflected
a 5% increase in proactive
reporting of near-misses and
observations following further
communication and training to
encourage more reporting and
greater employee engagement.
Routes for raising concerns
Colleagues in any part of our
company can raise any concerns
or suspicions about illegal or
unethical behaviour through
several channels. These include
their manager, HR Business
Partner, Legal contact or the
Compliance team. Alternatively,
we offer an independent,
confidential and anonymous
hotline (Speak Up), supporting
our whistleblowing policy, which
is accessible by both telephone
and web portal, and is available
in multiple languages.
Any reports are reviewed by
the Chief Counsel Compliance,
who then notifies the Group
General Counsel and Company
Secretary. Depending on the
nature of the report, the issues
raised may be investigated
and discussed with the Chief
Human Resources Officer, Head
of Risk Management, Internal
Audit and the Company’s
Audit & Risk Committee. This
process is regularly reviewed
as part of our annual Audit &
Risk Committee activity. You
can read more about this
Committee on pages 69 to 73.
Human rights
Genus is committed to
respecting the human rights of
workers throughout our value
chain and the communities in
which we operate and which
are affected by our activities.
We are also committed to
ensuring that anyone who
might be affected by Genus
can enjoy the human rights
described in the International
Bill of Human Rights and the ILO
Declaration on Fundamental
Principles and Rights at Work.
We monitor this through our
established risk management
and internal audit processes,
including periodic risk
assessments. No material issues
were identified during the year.
78%
of our workforce took part in our
employee engagement survey
5%
increase in proactive reporting
of health and safety near-
misses and observations
ValuesFest:
How Employees
Brought Our
Values to Life
See how employees
around the world brought
our Genus Values to life
through creativity,
storytelling and personal
expression. View winning
entries on our website.
Scan QR code
to watch the
full video
28Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Advancing
sustainable
nutrition
IN THIS SECTION
Greenhouse Gas Emissions
TCFD Report
GLOSSARY
Animal Weight Intensity Ratio: The sum of scope
1 and scope 2 emissions (measured in tonnes of
CO
2
equivalent) divided by animal weight
(measured in tonnes)
Revenue Intensity Ratio: The sum of scope 1
and scope 2 emissions (measured in tonnes of
CO
2
equivalent) divided by Group revenue
(measured in £m)
Primary Intensity Ratio: The Animal Weight
Intensity Ratio
Scope 1 emissions: Direct greenhouse gas
(‘GHG’) emissions from sources owned
or controlled by Genus, such as livestock
emissions and emissions from fuel used for
fleet and facilities
Scope 2 emissions: Indirect GHG emissions from
the generation of purchased electricity, steam,
heat or cooling that Genus uses in its facilities or
fleet vehicles
Scope 3 emissions: All other indirect GHG
emissions that occur across Genus’s value chain
that are not owned or controlled by Genus, such
as outsourced transportation of animals
Location-based scope 2 emissions: Emissions
from the use of imported electricity calculated
using the average emissions intensity of the local
power grid providing the electricity
Market-based scope 2 emissions: Rather than
using average emission intensities, this method
calculates scope 2 emissions using contracts,
supplier-specific data, and Energy Attribute
Certificates (EACs)
tCO
2
e: Tonnes of carbon dioxide equivalent,
a standard measure of GHG emissions,
representing the global warming impact of
various greenhouse gases
TCFD: Task Force on Climate-related Financial
Disclosures; a framework for corporate disclosure
of climate-related risks and opportunities
Sustainability Report
29Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Our products and services help farmers
raise more productive and efficient
animals that produce more high-quality
protein per unit of input, such as feed or
water. Our elite pigs, for instance, grow
faster and convert feed to protein more
efficiently than non-elite pigs. Daughters
of our elite bulls produce greater volume
of high-quality milk than non-elite cows.
Driving continuous genetic improvement in our elite herds is therefore
intrinsically linked to improved sustainability outcomes for bovine and
porcine protein producers. This is supported by analysis from the
United Nations Food and Agriculture Organisation
1
which notes that
“The livestock sector requires intensified productivity via improved
genetics and feeding practices…to reduce resource usage.”
Our focus areas
We take a holistic approach to sustainability, focusing on identifying
and reducing GHG emissions in our own operations whilst recognising
the productivity and other gains resulting from use our elite genetics.
Furthermore, we consider our wider environmental impacts and
ensure our operations are underpinned by policies and practices
which reflect our core principles, such as protecting animal well-
being, fostering a dynamic, inclusive and safe working environment,
adhering to ethical business practices and supporting community
causes. Our core policies are supported by mandatory employee
training, delivered and monitored through our online training portal.
GREENHOUSE GAS EMISSIONS
SY26 scope 1 and scope 2 emissions
We have identified GHG emissions as a key environmental impact for Genus. Managing our scope 1 and scope 2 emissions is our primary
focus, as we have more control over them than scope 3 emissions.
Three activity areas produce ~75% of Group scope 1 and 2 (location-based) emissions:
1. Porcine manure management
2. Group imported electricity (facilities)
3. Group fleet
Location-based Market-based
tCO
2
e
% of total scope
1 and 2 tCO
2
e
% of total scope
1 and 2
Total scope 1 and 2 78,829 71,739
PIC manure management 32,780 41.6% 32,780 45.7%
Group electricity (facilities)
2
13,652 17.3% 6,561 9.1%
Group fleet 12,565 15.9% 12,565 17.5%
Total 74.8% 72.4%
In SY26 Genus purchased and retired 10,900 MWh of Energy Attribute Certificates (EACs). This included 8,500 MWh of Green Energy Certificates
(GECs) in China from wind and solar generated electricity, and 2,400 MWh of Renewable Energy Certificates (RECs) in the USA from
hydroelectricity. This contributed a 7,171 tCO
2
e reduction to our market-based scope 2 imported electricity emissions compared to the
location-based equivalent.
Although this does reduce the contribution of imported electricity to overall scope 1 and 2 emissions (market-based), we recognise that this is
a non-persistent intervention and must be repeated annually to retain the emissions benefit. As a result, exploring options to persistently
reduce imported electricity emissions remains a key area of focus.
Genus has two emissions targets:
1. A 25% reduction in our primary intensity ratio against our 2019 baseline, by 2030
2. Becoming a net zero greenhouse gas emissions business for scope 1 and scope 2 by 2050
1 Achieving SDG2 without breached the 1.5°C threshold:
A Global Roadmap (10 December 2023).
1 SY26 relates to Genus’s Sustainability Year 2026: April 2025 to March 2026. This is to ensure the required resources are available for sustainability reporting.
2 Market-based scope 2 emissions include a reduction in emissions through use of EACs and a slight increase in emissions due to the UK supplier-based emission factor applied.
Sustainability Report continued
30Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
tCOe
80,000
100,000
60,000
40,000
20,000
0
SY19
Genus’s scope 1 and 2 emissions
Scope 1 Scope 2
(market based)
Scope 1 - Livestock
Scope 1 - Fleet
Scope 1 - Fuel (Energy & Heat)
89,390
87,321
81,765
81,051
77,366
78,968
83,668
SY20 SY21 SY22 SY23 SY24 SY25
71,739
SY26
tCOe
80,000
100,000
60,000
40,000
20,000
0
SY19
Genus’s scope 1 and 2 emissions
Scope 1
Scope 2
(market based)
Scope 1 - Livestock
Scope 1 - Fleet
Scope 1 - Fuel (Energy & Heat)
89,390
87,321
81,765
81,051
77,366
78,968
83,668
SY20 SY21 SY22 SY23 SY24 SY25
71,739
SY26
tCOe
80,000
100,000
60,000
40,000
20,000
0
SY19
Genus’s scope 1 and 2 emissions
Scope 1 Scope 2
(market based)
Scope 1 - Livestock
Scope 1 - Fleet
Scope 1 - Fuel (Energy & Heat)
89,390
87,321
81,765
81,051
77,366
78,968
83,668
SY20 SY21 SY22 SY23 SY24 SY25
71,739
SY26
tCOe
80,000
100,000
60,000
40,000
20,000
0
SY19
Genus’s scope 1 and 2 emissions
Scope 1
Scope 2
(market based)
Scope 1 - Livestock
Scope 1 - Fleet
Scope 1 - Fuel (Energy & Heat)
89,390
87,321
81,765
81,051
77,366
78,968
83,668
SY20 SY21 SY22 SY23 SY24 SY25
71,739
SY26
100
120
60
80
40
20
0
SY19
—
PIR relative to 2019 baseline — 2030 target
SY20 SY21 SY22 SY23 SY24 SY26SY25
a
b
d
f
c
e
In SY26, we produced 71,739 tCO
2
e of scope 1 and scope 2 (market-
based) emissions. This was a 14% decrease on the 83,688 tCO
2
e of
scope 1 and scope 2 emissions that we generated in SY25. The three
key drivers of the decrease were:
1. Reduced emissions from imported electricity across global facilities
by 1,786 tCO
2
e (-12%) combined with the use of EACs, resulting in a
net total reduction of 8,957 tCO
2
e (-58%) scope 2 (market-based)
2. Reduced emissions from the use of fuel for energy and heat in
facilities by 1,250 tCO
2
e (-13%), primarily attributed to lower
consumption in the USA
3. Reduced Fleet emissions by 1,247 tCO
2
e (-9%) largely due to
reduced mileage in the UK and China
SY26 Primary Intensity Ratio
Genus’s Primary Intensity Ratio (‘PIR’) is the Animal Weight Intensity Ratio (‘AWIR’). In SY26, our AWIR declined to 5.25. This was a 15.8% decrease
compared to our restated AWIR of 6.23 in SY25.
Restatement of SY25 AWIR:
During SY26 we identified and corrected an error in the way some animal weight was being reported. This resulted in an overstatement of
porcine weight in SY25 in three sites in North America, totalling 2,286 tonnes. Due to the significant impact on the AWIR, the SY25 Primary
Intensity Ratio was restated from 5.32 to 6.23. Following identification of this error, Genus has worked with the applicable business unit to
implement further controls to ensure accuracy and consistency in animal weight reporting going forward.
Our medium-term emissions target is a 25% reduction in our AWIR against our 2019 baseline by 2030. The SY26 AWIR outcome of 5.25
represents a 44% reduction compared to our 2019 baseline AWIR of 9.37.
a. PIC Manure - 45.7%
b. Group Fleet -17.5%
c. Group Electricity - 9.1%
d. Fuel - 11.6%
e. ABS Livestock - 8.8%
f. PIC Enteric Fermentation - 7.3%
SY26 scope 1 & 2 market-based emissions
Sustainability Report continued
31Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
From animal weight intensity to revenue intensity
Since 2019, Genus has reported against an Animal Weight Intensity
Ratio (AWIR), calculated as scope 1 and scope 2 greenhouse gas
emissions relative to animal weight. A target was established to
reduce this metric by 25% by 2030 from the 2019 baseline. Since 2022,
Genus has consistently beaten this target and has maintained
performance beyond the required reduction level for four consecutive
reporting years.
As a result, Genus undertook a review of the metric’s ongoing
suitability and considered alternative approaches for measuring
and tracking emissions performance. Through this review, it was
determined that AWIR is not a widely used sustainability metric
and can be difficult for investors and other external stakeholders
to interpret or benchmark. In addition, animal weight is not a
direct measure of business value creation, as Genus generates
value primarily through its research, development, and genetic
improvement activities rather than through animal weight itself.
Instead, Genus has concluded that a revenue intensity ratio,
measured as tonnes of CO
2
e per £m of revenue, provides a better
measure of emissions performance. Revenue intensity offers a clearer
link between business growth and carbon efficiency, enabling
shareholders and other stakeholders, including employees, to assess
whether the company is creating greater economic value whilst
reducing the emissions associated with that value creation. Revenue
intensity is also a more widely used metric amongst public companies
and is, therefore, more familiar to investors and other stakeholders
and facilitates comparison with peers and other companies.
Furthermore, revenue is a consistently available and rigorously
audited measure, providing a robust and reliable basis for
performance tracking and external reporting.
Preparing for future reporting –
aligning reporting periods and target setting
Since 2019, Genus has reported its non-financial sustainability
metrics for the period 1 April to 31 March, while its fiscal year runs from
1 July to 30 June. Effective FY27, Genus will align its sustainability
reporting period with its fiscal year. This change will enhance the
connectivity between sustainability and financial reporting, improve
the comparability and transparency of disclosed information, and
support preparation for emerging UK Sustainability Reporting
Standards (UK SRS) requirements. A single reporting period will
also simplify reporting processes, strengthen assurance activities,
improve the relevance of sustainability metrics that incorporate
financial data, and enable stakeholders to assess sustainability
and financial performance over a consistent timeframe.
In addition, 2026 marked a significant change in Genus’s business
structure following the deconsolidation of PIC China and the
formation of a porcine joint venture. The completion of this
transaction, together with the associated financial and sustainability
reporting changes, provides a more stable and representative
basis from which to establish future sustainability targets. As a
result, Genus believes FY27 is an appropriate point at which to
review and refresh its climate performance targets. During the year,
we will develop a new emissions intensity target to replace the
existing AWIR target. The new target will seek to provide a more
meaningful measure of environmental performance, better align
with the evolving structure of the business, and support effective
communication of progress to shareholders and other stakeholders.
Sustainability Report continued
U P S TRE A M A C T IVIT IES REPORTING COMPANY D OW N S T R E AM A C T IVIT I E S
Capital goods
3,079
Purchased
electricity
6,561
Heating & cooling
5
Electric vehicles
13
Livestock emissions
44,282
Company facilities
8,317
Company vehicles
12,565
Transport and
distribution
No data*
Processing of
sold product
No data*
Use of sold
products
No data*
Downstream
leased assets
No data*
Investments
Not applicable
Franchises
No data*
End-of-life
treatment
No data*
Purchased
goods/services
171,231
Business travel
4,844
Waste
3,582
Fuel & energy-
related activities
7,054
Transport and
distribution
9,718
Upstream
leased assets
647
Employee
commuting
No data*
S C O P E 3
(tCO
2
e)
S C O P E 2
( L O C A TION - B A S E D )
(tCO
2
e)
S C OPE 1
(tCO
2
e)
S C OPE 3
(tCO
2
e)
CO
2
N
2
O
CH
4
32Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
SY25 Scope 3 emissions
Our scope 3 emissions include all indirect GHG emissions that occur in the parts of our value chain that
we do not own or control.
Currently we report partial scope 3 emissions and our ambition is to continuously extend the perimeter of
activities that we can effectively measure, record and manage. To date we have focused on upstream
scope 3 emissions.
• In SY26 the total expenditure used to calculate scope 3 emissions from purchased goods and services
decreased. Emissions increased, however, due to changes in the spend-based factors being applied.
The most significant change was as a result of improvements in our financial data collection, which meant
that spend previously allocated to general ‘animal production’ could be disaggregated into bovine and
porcine specific farming activities. These specific farming activities have higher emission factors
compared to general ‘animal production’.
• Scope 3 emissions from capital goods increased as a result of greater spend allocated to fixed assets
and other capital goods procurement categories.
• Scope 3 fuel and energy related activities emissions are the upstream emissions from electricity and fuel
consumed by Genus. As we have imported less electricity this year, and used less fuel, this reduction
tracks with the related scope 1 and 2 reductions.
• In SY26 there was considerably less 3rd party transportation by air of live animals undertaken within PIC
North America operations, driving a reduction in emissions.
• Spend on waste disposal was higher in SY26 compared to SY25. However, in the EPA NAICS emission factor
update (to v1.3) solid waste categories were revised, resulting in a lower emission factor applied.
• Business air travel (passenger-miles) was reduced in SY26, resulting in less emissions.
• In SY26 we have introduced upstream leased assets in our scope 3 footprint.
Scope Activity SY25 (tCO
2
e) SY26 (tCO
2
e)
SY26 vs SY25
(tCO
2
e)
3.1 Purchased goods and services 148,591 171,231 +15%
3.2 Capital goods 2,168 3,079 +42%
3.3 Fuel and energy related activities 8,231 7,054 -14%
3.4 Upstream transport and distribution 12,298 9,718 -21%
3.5 Waste generated in operations 12,448 3,582 -71%
3.6 Business travel 6,622 4,844 -27%
3.8 Upstream leased assets 648 n/a
Total in current perimeter 190,358 200,157 +5%
Sustainability Report continued
33Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
SY26 Streamlined Energy and
Carbon Reporting compliance
In line with the UK Government’s reporting requirements, information
on Genus’s GHG emissions and energy consumption is set out in the
SY26 emissions data table and SY26 energy data table on page 33.
We measure our GHG emissions and energy usage across all global
operations. Energy use includes standard electricity imported from
the grid, and renewable energy generated on-site from solar and
biogas. We also measure the underlying energy use from fuels used in
our facilities and fleet. We calculate our greenhouse gas emissions
each quarter, to give the business timely information to identify
trends, take action and monitor the effectiveness of interventions.
In SY26 Genus reported a significant reduction in methane emissions
produced in porcine sites across Brazil as a result of effective
anaerobic digestion infrastructure. Furthermore, at two Brazil sites
there is an increase in the use of biogas generated from porcine
manure as an energy source. This is demonstrated in the reduction of
grid imported electricity at both sites, despite an overall increase in
production levels.
Further energy efficiency actions in the year include localised efforts
to reduce electricity consumption, resulting in 10% reduction in global
grid imported electricity (kWh) and UK fleet efficiency resulting in
fewer miles.
SY26 emissions data table
All values presented are tCO
2
e, unless otherwise specified
SY26 SY25 SY19 (base-year)
Total UK ROW Total UK ROW Total UK ROW
Scope 65,163 2,642 62,521 68,101 3,460 64,641 81,951 3,178 78,773
– Livestock 44,282 809 43,473 44,723 878 43,845
– Fleet 12,565 1,615 10,950 13,811 2,408 11,403
– Fuel (facilities) 8,317 218 8,099 9,567 174 9,3 93
Scope 2 (market-based) 6,575 183 6,392 15,567 196 15,371 7,439 171 7,268
Scope 2 (location-based) 13,666 103 13,563 15,567 196 15,371 7,439 171 7,268
Total Scope 1 & 2
(market-based)
1
71,739 2,825 68,913 83,668 3,656 80,012 89,390 3,349 86,041
Animal weight (tonnes) 13,670 13,430 9,543
AWIR (tCO
2
e/Animal weight
tonnes) 5.25 6.23 9.37
Group revenue (£m)
4
717.4
Revenue Intensity Ratio
(tCO
2
e/£m) 100.0
Partial scope 3
2
200,157 190,358
1 Total scope 1 and 2 emissions include market-based scope 2. In SY26 market-based scope 2 emissions include reductions from use of Energy Attribute Certificates as well as the use
of supplier-based emission factors for UK. In prior years, market-based emissions utilised grid average electricity factors and therefore are the same as
location-based emissions.
2 Scope 3 category 8 (upstream leased assets) emissions not included in SY26 limited assurance.
3 The sustainability year of April to March varies from the financial year of July to June. This is to ensure the required resources are available for sustainability reporting.
4 The revenue presented here is for the period of April 2025 to March 2026 to align to the sustainability reporting year of total scope 1 and 2 emissions. Revenue includes
Group revenue and revenue from PIC Joint Ventures in China and Brazil.
Sustainability Report continued
Electricity data is collected from metered use. Fuel use is reported
based on financial or other records of fuel purchased. We have used
fuel properties provided by the UK Government’s Department for
Energy Security and Net Zero (‘DESNZ’) to determine the typical
calorific values or densities of fuel, to obtain a common energy
metric (kWh).
Our greenhouse gas emissions are calculated and assured in line with
‘Greenhouse Protocol – A Corporate Accounting and Reporting
Standard’ (revised 2015). We apply an equity-based approach to
greenhouse emissions and energy reporting, incorporating operations
across all business units, subsidiaries and joint ventures, and in all
countries in which we operate. Greenhouse gas emissions and energy
which derive from joint ventures are reported at a proportion
equivalent to Genus’s investment in the venture. Further information
on the methodology can be found at genusplc.com in our Basis of
Reporting document.
FY26 Sustainability Data Independent Assurance
We retained DNV Business Assurance Services UK Limited (‘DNV’) to
provide limited assurance over selected information presented in this
2026 Sustainability Report. The scope of the assurance was designed
to focus on assuring the following sustainability KPIs:
• Total Scope 1 greenhouse gas emissions
• Total Scope 2 (location-based) greenhouse gas emissions
• Total Scope 2 (market-based) greenhouse gas emissions
• Partial Scope 3 (categories 1 to 6) greenhouse gas emissions
• Total energy used
• Proportion of female employees in senior professional, scientific and
management bands
• Recordable injury frequency rate
The data period for greenhouse gas emission and energy metrics
is 1 April 2025 to 31 March 2026. The data period for diversity
and health and safety metrics is 1 July 2025 to 30 June 2026
1
.
The SY26 DNV Assurance Statement can be found at
genusplc.com/sustainability/policies-and-reports/.
1 The sustainability year of April to March varies from the financial year of July to June.
34Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
SY26 energy table
All values presented are kWh.
SY26 SY25 SY19
Total UK ROW Total UK ROW Total UK ROW
Electricity import
(facilities and fleet) 27,659,501 629,117 27,030,385 31,244,201 1,438,656 29,805,545 17,599,380
Electricity generated onsite
from renewable sources
and used on site 1,914,537 67,770 1,846,768 1,826,772 170,878 1,655,894 303,800
District heating 13,245 – 13,245 19,000 – 19,000 –
Liquid and gaseous fuels
used stationary combustion 54,915,935 1,263,323 53,652,612 45,511,816 794,571 44,717,244 22,495,340
Liquid and gaseous fuels
used for mobile combustion 53,581,874 6,683,765 46,898,109 57,387,281 9,623,958 47,763,324
Total energy used 138,085,093 8,643,975 129,441,118 135,989,070 12,028,063 123,961,007 40,398,520 965,524 39,432,996
Electricity generated onsite
from renewable sources
and exported 157,461 – 157,461 176,270 – 176,270 –
Sustainability Report continued
Net zero
Genus is committed to becoming a net zero greenhouse gas emissions
business by 2050. This commitment is currently limited to our scope 1
and scope 2 emissions, where we have the greatest control.
We are exploring numerous initiatives to reduce our emissions across
our entire operations and especially in the three key areas of porcine
manure management, Group electricity consumption and Group
fleet. We may contract with third-party experts to help us scope and
assess these initiatives, considering technical feasibility, deliverability
and both financial and non-financial returns.
Key potential initiatives that we have identified include:
1. Continued genetic improvement, to drive greater efficiency within
our own herds
2. Anaerobic digesters, which convert organic matter to methane and
carbon dioxide. Methane produced can be burnt to produce heat,
or flared. This is demonstrated in two Brazilian farms, where the use
of biogas as a source of energy has reduced the volume of
imported electricity
3. Further improved slurry management. This is improving our livestock
emission calculations to enable more robust assessment of
potential mitigation interventions
4. Renewable energy investments, such as purchasing renewable
electricity direct to our sites, or external initiatives such as
community solar projects
5. Accelerating our fleet transition towards higher mileage, hybrid
and/or electric vehicles, where possible and practical
6. Purchasing Renewable Energy Certificates to offset emissions from
Genus’s non-renewable grid electricity consumption
We will continue to assess these initiatives as well as other future
opportunities and innovations that may present themselves.
35Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
TCFD Report
TCFD COMPLIANCE STATEMENT
In accordance with the UK Climate-related Financial Disclosure Regulations
(CFD) and Listing Rule 6.6.6R(8) we confirm that pages 35 to 40 of this Strategic
Report contain climate-related financial disclosures consistent with the
TCFD recommendations and recommended disclosures. In producing this TCFD
statement, we have considered the framework structure provided in TCFD-
aligned disclosure application guidance (figure A.1) and as a result have
considered the industry-specific guidance for the Agriculture, Food and Forest
Products Group. We believe our disclosures are fully consistent with all TCFD
recommendations.
TCFD CONTENTS
1.1 Board oversight 36
1.2 Management’s role in assessing and managing
climate-related risks and opportunities 36
2.1 Climate-related risks and opportunities:
time horizon and materiality threshold 36
2.2 Genus climate-related risks and opportunities 37
2.2.1 Transitional risk: Carbon pricing 37
2.2.2 Other climate-related issues 37
2.3 Impact of climate-related risks and opportunities on the
organisation’s businesses, strategy and financial planning 38
2.4 Strategy resilience 39
3.1 Identifying, assessing and managing
climate-related risks and opportunities 39
3.1.1 Internal risk identification and assessment process 39
3.1.2 Climate scenario analysis 39
3.1.3 Determining materiality 40
3.2 Managing climate-related risks and opportunities 40
3.3 Integration of climate-related risk and opportunities
process with Genus’s overall risk management 40
4.1 Metrics 40
4.2 Targets 40
TCFD recommended disclosure consistency & section reference
Pillar Recommendations Recommended disclosure Consistency
TCFD
Report
section
Governance Disclose the
organisation’s
governance around
climate-related risks
and opportunities
a. Describe the board’s oversight of climate-
related risks and opportunities
Full 1
b. Describe management’s role in assessing
and managing climate-related risks and
opportunities
Full 1
Strategy Disclose the actual
and potential impacts
of climate-related
risks and opportunities
on the organisation’s
businesses, strategy
and financial planning
where such information
is material
a. Describe the climate-related risks and
opportunities the organisation has identified
in the short, medium and long term
Full 2.1, 2.2, 3.3
b. Describe the impact of climate-related
risks and opportunities on the organisation’s
businesses, strategy and financial planning
Full 2.3
c. Describe the resilience of the organisation’s
strategy, taking into consideration different
climate-related scenarios, including a 2°C or
lower scenario
Full 2.4
Risk
Management
Disclose how the
organisation identifies,
assesses, and
manages climate-
related risks
a. Describe the organisation’s processes for
identifying and assessing climate-related risks
Full 3.1, 2.2
b. Describe the organisation’s processes for
managing climate-related risks
Full 3.2
c. Describe how processes for identifying,
assessing and managing climate-related risks
are integrated into the organisation’s overall
risk management
Full 3.3
Metrics and
Targets
Disclose the metrics
and targets used to
assess and manage
relevant climate-
related risks and
opportunities where
such information
is material
a. Disclose the metrics used by the
organisation to assess climate-related risks
and opportunities in line with its strategy and
risk management process
Full
4.1, 4.2, 4.3
b. Disclose Scope 1, Scope 2 and, if
appropriate, Scope 3 greenhouse gas
emissions, and the related risks
Full 4.2
c. Describe the targets used by the
organisation to manage climate-related
risks and opportunities and performance
against targets
Full 4.3
36Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
TCFD Report continued
Operational Leaders and
Subject Matter Experts
Accountability for delivering
against Group sustainability
objectives
Audit and Risk Committee
Evaluates risk management
and internal control system,
including reporting
requirements of TCFD
Genus plc Board
Receives updates from the
Sustainability Committee
discussions outlining the Group’s
progress against goals
informs
informs
informs
A&R Committee
Chair appointed
to Sustainability
Committee
Remuneration Committee
Determines remuneration for
Executive Directors and senior
management, to support
growth strategy and deliver
value for Stakeholders
Genus Executive
Leadership Team (‘GELT’)
Leads our strategic delivery
and ensures organisational
alignment, engagement
and efficient execution
GELT members
are appointed
to Sustainability
Committee
Reports to Genus Plc Board
Sustainability Committee
Provides direction and oversight
for continuous improvement in
our environmental sustainability,
health and safety, animal
wellbeing and community
engagement
1. Governance
1.1 Board oversight
The Board has overall responsibility and accountability for our TCFD
reporting. Our Chief Executive Officer has formal responsibility for
implementing and monitoring the strategy to manage climate-
related risks and realise the opportunities, and the Board reviews the
business’s annual budgets, strategic plans and capital investments
to ensure that our climate change action plans are implemented
and integrated into our wider financial planning and strategy.
The Board receives regular reports (at least quarterly) on our
progress with our sustainability strategy. This includes performance
against KPIs, absolute emission values and our Primary Intensity Ratio.
See pages 57 to 62
The Audit and Risk Committee evaluates the Group’s risk
management and internal control system, including TCFD reporting
requirements, on the Board’s behalf. The Audit and Risk Committee
Chair is also a member of the Sustainability Committee.
1.2 Management’s role in assessing and
managing climate-related risks and opportunities
All members of the Genus Executive Leadership Team, as well
as the Chair of the Board’s Audit & Risk Committee, have been
appointed to the Group’s Sustainability Committee, which also
comprises operational leaders and subject matter experts with
accountability for delivering our sustainability objectives.
The Sustainability Committee oversees performance against our
emissions reduction targets and makes recommendations to the
Board in relation to our business strategy and risk management
processes. The Committee meets three times a year and is chaired
by the CEO.
All material sustainability risks and opportunities, including those
that are climate related, are assigned a risk owner at executive
director level to ensure leadership oversight and an associated
risk manager, who is responsible for day-to-day monitoring of
the risk or opportunity, and any mitigation controls or actions.
2. Strategy
2.1 Climate-related risks and opportunities:
time horizon and materiality threshold
The table below shows our typical business planning time horizons,
which apply across the business. Recognising that climate issues
often manifest over the medium and long term, our scenario analysis
considers the potential effects of different temperature pathways
over a longer term (usually 2050). To identify climate-related risks
and opportunities, we assessed the potential climate-related
financial impacts for Genus for the following time horizons:
Scenario analysis
time horizon Genus time horizon description
Short term Up to 2030 Linked to annual business planning
and risk management cycle.
Corresponds to Genus’s strategic
planning cycle, including later
stage Research and Development
(‘R&D’) activity
Medium term 2031–2040 Considers long-term R&D
projects, long-lived assets and
emerging risks and opportunities
(such as climate change and
changing consumer trends)
that Genus monitors
Long term 2041–2050
We have determined the financial impact materiality threshold of
climate-related risks to be £3m, which is broadly consistent with the
materiality threshold set by our external auditor. The threshold is in
line with our Group-wide risk management financial impact criteria
for a medium risk.
The process for identifying, assessing and managing climate-related
risks and opportunities is described in the risk management section
on pages 44 to 47.
37Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Key to tables
TCFD Report continued
2.2 Genus climate-related risks and opportunities
Genus undertook its previous climate scenario analysis in 2023. Due
to the accelerating transition to lower-carbon economies, and the
increasing impact of climate change, Genus has qualitatively
updated transitional and physical risks and recognises that the
existing quantification may no longer reflect the transitional and
physical risks posed by climate change.
Genus does recognise the high importance of quantifying these risks,
and in SY27 we aim to undertake a comprehensive and up-to-date
climate scenario analysis, to identify and assess the current and
emerging risks and opportunities. This work will be expanded beyond
the previously identified material regions and will quantify the
financial risk to Genus in the short-, medium- and long-term horizon.
In the meantime, Genus has reviewed and updated its qualitative
assessment of risks and opportunities (below). Genus continues to
insure its buildings, machinery fixtures and fitting, and stock
(biological and non-biological), with consideration of the existing
controls and protection in place.
Transitional risks and opportunities
In assessing the shortlisted climate-related transitional issues and
the impacts that may arise within each time horizon, in 2023 we
identified carbon pricing as having a potentially material impact in
the short, medium and long term, although the potential impact
varies geographically.
Since undertaking the climate scenario analysis in 2023, transition risks
associated with climate change have increased due to the increase
of climate-related regulations, mandatory disclosure requirements,
and stakeholder expectations. Governments have accelerated the
adoption of climate policies and reporting requirements, while investors
and other stakeholders increasingly expect climate-related risks and
opportunities to be integrated into business strategy and financial
planning. At the same time, market dynamics are evolving as supply
chains, energy systems and customer expectations adapt to the
transition to a lower-carbon economy.
Carbon pricing
Carbon pricing continues to represent an emerging transition
risk for Genus as governments implement policies to support
decarbonisation. Whilst direct exposure is currently limited to more
emissions-intensive industries, Genus may experience indirect
impacts through increased costs of energy, transport and animal
feed. Over the medium and long term, expanded carbon pricing
mechanisms and broader climate policies could increase costs across
livestock value chains and influence production economics, customer
behaviour and market competitiveness.
Transitional risk Region
Potential Financial Impact NPV-1.5°C scenario Aggregated
potential impact
NPV (2050)
1
Short term Medium term Long term
Carbon pricing North America £10.2m £32.7m £50.1m £53.3m
UK £0.4m £1.3m £2.0m
Brazil £0.2m £0.8m £1.3m
Energy transition North America £0.6m £1.5m £1.9m £2.0m
UK <£0.1m £0.1m £0.1m
Brazil <£0.1m <£0.1m <£0.1m
Raw materials – Corn North America <£0.1m £0.1m £0.1m £0.1m
Raw materials – Soya North America £0.3m £0.6m £0.9m £0.9m
UK <£0.1m £0.1m <£0.1m
Brazil <£0.1m <£0.1m <£0.1m
1 Our analysis considers the potential remaining exposure between a ‘business-as-usual’ 4°C scenario and the transition to a 1.5°C scenario.
Energy transition
The transition to a lower-carbon economy presents both risks
and opportunities. As governments and markets accelerate the
deployment of renewable energy and reduce dependence on
fossil fuels, Genus may experience in the short- and medium-term
increased energy and fuel costs, capital investment requirements,
and indirect cost increases across supply chains. However, Genus
may also benefit from improved energy efficiency, renewable energy
adoption and reduced exposure to future fossil fuel price volatility
during the medium- to longer-term. For Genus, the most significant
impacts are likely to arise indirectly through feed production,
transportation and broader value-chain activities rather than
through direct energy consumption.
Raw materials
Climate change presents a growing risk to animal feed supply chains
through its impacts on crop production, water availability and supply
chain resilience. Increasing temperatures, changing precipitation
patterns, droughts, floods and other extreme weather events can
reduce the availability and quality of key feed ingredients such as
corn, soya and wheat. These impacts may lead to feed shortages,
increased commodity price volatility and higher feed costs.
Climate-related disruptions can also affect the transportation,
processing and storage of feed materials, creating additional supply
chain risks. As feed represents one of the largest operational costs in
livestock production, sustained increases in feed costs or reductions in
feed availability may adversely affect profitability, animal productivity
and food security. Enhancing feed efficiency, diversifying feed sources
and improving supply chain resilience will therefore be important
adaptation measures as climate-related risks continue to evolve.
Regulatory compliance
Compliance-related transition risks have increased over the past two
years as climate-related disclosure requirements have evolved from
largely voluntary frameworks towards mandatory and increasingly
detailed reporting obligations. Companies are facing greater scrutiny
from regulators, investors and customers regarding climate-related
disclosures, emissions reporting and risk management processes.
While the direct financial impact of compliance requirements remains
relatively low, organisations are increasingly required to invest in
governance structures, data systems, reporting processes and
assurance activities to meet regulatory expectations.
High risk >£3m Medium risk £1-3m Low risk <£1m Opportunity
38Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
TCFD Report continued
Physical risks
Potential Financial Impact NPV
Physical risk Region
1.5°C scenario 4.0°C scenario
Aggregated
potential impact
NPV (2050)Short term Medium term Long term Short term Medium term Long term
Extreme heat North America £0.4m £0.6m £0.8m £0.4m £0.8m £1.0m £1.2m
UK <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m
Brazil £0.1m £0.1m £0.1m £0.1m £0.1m £0.2m
Forest fires North America £0.1m £0.2m £0.2m £0.1m £0.2m £0.2m £0.2m
UK <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m
Brazil <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m
Extreme wind North America <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m £0.1m
North America <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m
North America <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m
Severe storms
North America faces increasing risks from severe storms and high-
wind events, representing a significant physical climate risk. During
2026, Saskatchewan (Canada) in particular experienced an unusually
active severe weather season, including multiple tornadoes, severe
thunderstorms, damaging winds, large hail and intense rainfall events.
For Genus, these events resulted in damage to farm infrastructure.
Climate-related opportunities from livestock genetics
Genus believes that the transition to a lower-carbon economy
presents significant opportunities. As customers seek to strengthen
their resilience to climate-related challenges, demand for genetics
that support livestock productivity and adaptation may increase.
An increasing focus on supply chain decarbonisation, including
agricultural emissions reduction, may create demand for genetics
that support lower-emission livestock production systems. By
improving feed efficiency, productivity and resource utilisation,
livestock genetics have the potential to reduce emissions intensity
per unit of meat or milk produced while also lowering input
requirements and production costs.
Climate change may increase disease pressures within livestock
production systems through changing pathogen dynamics, heat
stress and environmental conditions. Genetics that improve resilience
to disease and environmental stressors can provide both adaptation
benefits to customers and support more sustainable livestock
production systems
Innovation in low-emissions livestock traits, feed efficiency, health
and other sustainability-related genetic improvements therefore
represents a strategic growth opportunity for Genus.
2.3 Impact of climate-related risks and opportunities on the
organisation’s businesses, strategy and financial planning
Climate-related issues are intrinsic to Genus’s business, strategy
and financial planning. Animal protein production is a significant
contributor to global greenhouse gas emissions and is increasingly
subjected to sustainability demands from regulators and consumers.
Increased use of elite genetics is likely to be a key component of
increasing productivity and animal welfare in the industry, as well
as reducing its environmental impact.
We continue to demonstrate the role that genetic improvement plays
in reducing emissions. PIC and ABS have made considerable progress
in developing, certifying and publishing region- or country-specific
lifecycle assessments that quantify the reduction in emissions
resulting from the use of our genetics. Our strategic priorities are
therefore well placed to support our customers with carbon reduction
in their value chains.
Since undertaking the 2023 climate scenario analysis, climate change
is increasing the frequency and severity of extreme weather events
globally, including heatwaves, droughts, flooding and wildfires. Rising
temperatures currently experienced in many regions are creating
conditions that increase wildfire risk and events, particularly where
prolonged drought and extreme heat occur simultaneously. These
risks are thought to be further amplified as a result of current El Niño
events, which can alter rainfall patterns and increase temperatures in
several regions, leading to heightened drought conditions and
greater wildfire activity.
The level of exposure varies significantly by geography, with North
America, southern Europe, Australia and parts of South America
experiencing some of the most pronounced increases in wildfire risk.
Consequently, climate-related physical risks are highly location-
specific and are expected to evolve differently across global
operations and value chains as warming continues.
Extreme heat
Extreme heat risk remains elevated globally, with the highest current
exposure observed across Europe, North America and Asia. During
2026, multiple regions experienced record-breaking temperatures,
prolonged heatwaves and associated impacts including drought,
wildfire activity, pressure on electricity networks and risks to human
health. Europe recorded its hottest June on record, North America
experienced widespread heat dome conditions and Asia continued
to experience severe and prolonged heatwaves affecting hundreds
of millions of people. South America also faces increasing exposure to
extreme heat, particularly where elevated temperatures coincide
with drought and wildfire risk in the Amazon and southern parts of the
continent. The development of El Niño conditions may continue to
further increase the likelihood and severity of extreme heat events in
several regions.
Flooding and extreme rainfall
Rising global temperatures are increasing the capacity of the
atmosphere to hold moisture, leading to more intense precipitation
events when storms occur. As a result, many regions are experiencing
an increase in both the frequency and severity of flooding, including
river flooding, flash flooding and surface water flooding. The highest
current exposure is observed across Asia and South America, where
monsoon systems, tropical cyclones, major river basins and climate
variability contribute to recurring flood impacts. North America and
Europe are also experiencing increasing risks from extreme rainfall
events, particularly where urbanisation, ageing infrastructure and
changing weather patterns increase vulnerability to flood-related
disruption. In addition, El Niño conditions may further influence
regional rainfall patterns, increasing the likelihood of flooding in some
regions while contributing to drought in others. Consequently,
flooding and extreme rainfall remain highly location-specific risks
requiring ongoing monitoring and adaptation planning.
39Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
TCFD Report continued
The most effective way to mitigate our own future carbon costs is to
reduce our emissions as much as possible. As part of our sustainability
strategy, we measure and monitor our scope 1, scope 2 and upstream
scope 3 (categories 1-6) emissions. We have identified three global
activities (see section 4: Metrics and Targets) that contribute
significantly to our scope 1 and 2 carbon footprint and therefore
inform our carbon reduction plan. Genus has assigned responsibilities
in the organisation for developing and implementing mitigation
projects within those key three areas that will ultimately inform
scope 1 and 2 aspects of Genus’ net zero plan.
To inform strategic and financial planning, Genus developed and
piloted a carbon capital expenditure assessment tool in SY26 as part
of business unit budget setting process. This is intended to support
identification and assessment of the sustainability impact of project
capital expenditure, and to enable full consideration of the project
lifecycle costs, including carbon pricing.
Mitigating electricity emissions and costs are one of our three priority
areas. We have a good understanding of the volume of electricity
grid imports in all global operations and the main sources of energy
used to generate grid electricity. We are also aware of our high
electricity consumption in North America and the probable higher
financial impact compared to other regions, due to lower sources of
renewable energy. This includes our significant Canadian operations
in Saskatchewan, where the energy mix is ~85% fossil fuel. We have
made progress with establishing our ability to mitigate partial scope
2 emissions in the three countries with the highest electricity
consumption, as well as the associated costs.
Sustainability capital expenditure, such as in relation to projects to
mitigate electricity cost and carbon impact, is included as part of the
budget setting process for business units. This has resulted in installing
solar infrastructure now operating in the USA, Canada and UK, and
anaerobic digester infrastructure for biogas capture in Brazil and
China. The carbon capital expenditure assessment piloted in SY26
enables the cost of any mitigation project to be assessed in line with
the probable future increase of electricity costs, as well as the
associated carbon emissions and cost of carbon. Furthermore, any
future investments, such as acquiring a new site, will include
consideration of current and future electricity demand and costs.
PIC has greater animal feed requirements than ABS, due to the
significantly higher herd numbers and feed type. We have assigned
responsibility for this risk to the Global Supply Chain, through our
sustainability risk register. This includes responsibility for monitoring
costs and availability, and for researching and considering whether
we can substitute scarce or expensive materials with better and more
sustainable options.
2.4 Strategy resilience
Under a 1.5°C scenario, although Genus may initially face increased
pressures from energy transition and raw material price volatility, the
global and rapid decarbonisation in a 1.5°C scenario is expected to
reduce the severity of physical climate impacts, such as rising
temperatures and extreme weather events, on agricultural
production and supply chain stability.
Under a 1.5°C scenario, agricultural output is somewhat constrained by
the impact of climate policies. The strength of resilience in this scenario
is through providing our customers with the opportunity to reduce their
climate-related impacts by using elite genetics, contributing to
transitioning livestock agriculture to a low-carbon economy.
Under a 4.0°C scenario, Genus’s resilience to transition risks may appear
to be strong as climate policies, carbon pricing mechanisms and
decarbonisation requirements develop more slowly. However, overall
resilience is reduced by increased exposure to physical climate impacts
affecting direct agricultural systems, supply chains and customers.
In a 4.0°C scenario, there are likely to be fewer regulatory drivers for
carbon reduction in agricultural activity and therefore less demand
for the environmental benefits of elite genetics. Whilst customers may
not be driven primarily by environmental benefits, we believe the
economic benefits of elite genetics will remain in demand.
Consequently, while transition risk resilience may appear stronger under
a 4°C pathway than under a 1.5°C pathway, overall strategic resilience
is enhanced in a 1.5°C pathway through continued adaptation to
emerging regulatory and market expectations, decarbonisation of
Genus’s own operations and innovation in genetics.
3. Risk Management
3.1 Identifying, assessing and managing climate-related risks
and opportunities
3.1.1 Internal risk identification and assessment process
Genus maintains a global sustainability risk register, with climate
change as a key risk category serving as a continual input into our
risk assessment. We identify climate-related risks and opportunities
through workshops with key stakeholders throughout the business.
The potential financial impact is assessed and quantified using a
scoring criterion. We also assess the likelihood of the risk or
opportunity arising and assign a score.
The criteria for financial impact and likelihood are consistent with
those applied to other organisational risks. This enables us to
determine the materiality of climate-related risks in relation to our
other risk categories. Furthermore, the Audit and Risk Committee
oversee the Group’s risk management and internal control system,
including sustainability risks, resulting in holistic oversight of our risk
and opportunity landscape.
3.1.2 Climate scenario analysis
Recognising that climate change analysis requires a longer-term view
than many traditional business risks, due to (for example) uncertainty
about government and consumer decisions, economic trends and
physical climate impacts, in 2023 we engaged an external party to
conduct scenario analysis to understand the financial impact of key
physical and transition risks and opportunities. We review this
scenario analysis and its outcomes at least annually and include it
as an input to the sustainability risk register. We will also repeat the
exercise in FY27.
To determine the value chain of the assets in scope, the scenario
analysis considered input from our consultants along with existing
Genus data and documents. These included our horizon scanning
register and previous analysis of risks, to understand key themes and
impacts on our business. From this, we established a long-list of
potential climate-related risks and opportunities.
We assessed the financial impact, likelihood and specificity of
transition risks through workshops and by using a climate analysis
tool. This produced a shortlist of risks and opportunities for quantified
scenario analysis.
To determine the most-material Genus sites for detailed physical risk
analysis, we assessed each site’s replacement value, strategic
importance and existing physical hazard analysis, to produce a shortlist.
Through this process, we identified and agreed three key transition
risks and opportunities, and 11 Genus sites for a deep-dive physical
risk assessment.
The physical risk hazards assessed include coastal inundation, soil
subsidence, riverine flooding, surface water flooding, extreme wind,
forest fire, extreme heat and freeze thaw. To determine the potential
financial impact, we assessed both potential site damage and
business interruption. This identified four physical risks as relevant
to our sites.
In line with TCFD recommendations, we have considered our climate
risks and opportunities against two temperature pathways, 1.5°C
(Paris-aligned) and 4.0°C (business-as-usual). The scenarios were
selected to represent two potential outcomes of global emission
trajectories and their potential financial impact for Genus.
40Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
TCFD Report continued
Scenario details 1.5°C warming 4°C warming
Economic
Constraints
Moderate global population growth which levels off
in the second half of the century. GDP growth in line
with historical trends.
Policy
Expectations
Global climate policies
align emissions to 1.5°C
pathway.
No further climate policy
intervention.
Physical
Impacts
Reduced likelihood of
severe climate-related
weather events.
Likely increased severity
of climate-related
weather events.
We quantified our key risks by integrating Genus-specific scope and
data with a third-party integrated assessment model’s economic
and climate science impact projections, to calculate the cost of
decarbonising the economy. The carbon price used is calculated as
the cost to the economy of meeting a 1.5°C scenario.
3.1.3 Determining materiality
We have determined the financial material impact threshold of
climate-related risks as £3m, as described in section 2.1 on page 36.
To determine whether risks and opportunities could have a material
financial impact on Genus, we have applied different approaches,
depending on the type of risk or opportunity.
For climate-related risks identified through the Group risk
management process, we determined materiality by quantifying
the financial impact of the risk and its likelihood.
For transitional risk and opportunities identified through scenario
analysis, we applied an economic model that considers climate
science, macroeconomics and financial information to assess
the impact. The economic projection calculates the cost of
decarbonising the economy in each scenario (1.5°C or 4°C). Multiple
variables are applied such as demand and supply of labour and
capital, carbon emissions, economic production and output volumes,
and price changes. The model then generates projections of changes
in emissions, costs, output and productivity, which are converted to
financial impacts aligned with our financials.
To determine whether physical risks could have a material financial
impact on Genus, we combined two quantification methodologies.
These were:
• Maximum value at risk, which represents the proportion of asset
value at risk in any given year because of climate hazards. It is
calculated using damage probability due to an extreme event,
based on the asset’s characteristics and applied on the asset
replacement cost.
• Business interruption represents the revenue at risk for each site,
based on a given climate scenario. It is calculated using a site’s
failure probability and a hazard’s disruption coefficient, which
represent the probability of site failure due to a climatic event
(hazard) based on a site’s geography and typology, and the number
of days disruption caused by a given hazard, respectively.
3.2 Managing climate-related risks and opportunities
Climate-related risks are assigned to the CEO or CFO as risk owner,
to monitor the risk and oversee mitigation, as well as a risk manager
who is responsible for implementing mitigative measures.
To manage climate-related risks, we have a global sustainability
strategy that the Board regularly reviews. Our Sustainability
Committee oversees the implementation of the strategy and the
annual objective-setting process, and monitors progress using key
performance indicators and the sustainability risk register.
We have a carbon reduction plan that identifies the activities that
contribute significantly to our carbon footprint and are therefore
targeted for mitigation measures, with responsibilities assigned within
the business to drive forward reductions.
Genus maintains a business continuity management process that
includes identifying and implementing mitigative controls for
locations where physical risks may arise. These measures include the
positioning of utilities and equipment, resilience improvements to
infrastructure and installing back-up generators. Our sites also have
business continuity plans to facilitate the recovery of the business
following a hazard or crisis as quickly and efficiently as possible, with
minimal disruption.
3.3 Integration of climate-related risk and opportunities process
with Genus’s overall risk management
The process for identifying, assessing and managing climate-related
risks is aligned to the wider risk management process, such as
application of consistent scoring criteria and periodic review cycles.
Furthermore, there is holistic risk oversight by the Audit and Risk
Committee, which reviews and monitors the Group’s risk management
and internal control framework on behalf of the Board.
Climate change is one of the Group’s 11 principal risks, which are
described on pages 44 to 47. The Board sets our risk appetite,
monitors the Group’s exposure to our principal risks and ensures
appropriate executive ownership.
The Board performs an annual risk review, which considers new and
emerging risks and assesses the level of risk facing Genus as it
executes its strategy. The Audit and Risk Committee considers
whether the risk register covers all relevant risks.
4. Metrics and targets
4.1 Metrics
The key metrics we focus on are:
• Scope 1, 2 and 3 (categories 1-6) greenhouse gas emissions; and
• Genetic improvement within Porcine, Bovine Beef and Bovine Dairy
In consideration of these metrics we aim to:
1. reduce our operational carbon footprint through better manure
management;
2. reduce fleet emissions by transitioning to higher efficiency vehicles;
3. reduce electricity consumption and apply onsite renewable
electricity solutions; and
4. drive genetic improvement to support productivity gains and
improved health, thereby enabling a reduction in emissions per unit
of milk or meat produced.
Genus has incorporated incentives for the management of climate-
related issues into executive remuneration. Further information can be
found in the Remuneration Committee Report on page 74.
4.2 Genus’s scope 1, 2 and 3 emissions
The Group’s greenhouse gas emissions and energy use, along with
information on assurance and the calculation methodology, can be
found on pages 29 to 34.
4.3 Targets
We have committed to climate-related carbon reduction targets that
aim to manage our own risk while enabling others to manage their
risks and meet their targets.
Our primary intensity ratio and net zero targets are set out on pages
30 and 34 respectively.
We also have genetic targets for porcine, bovine beef and bovine
dairy. Performance in FY26 against each target can be found on
page 83 of this Annual Report.
Business Targets
Porcine Continue increasing porcine genetic improvement
index by 0.75 standard deviation per generation.
Bovine Beef Continue increasing beef genetic improvement
index by one standard deviation per generation.
Bovine Dairy Continue increasing dairy genetic improvement
index by one standard deviation per generation.
41Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Stakeholder Engagement
The Group actively engages with its stakeholders,
to keep them updated and ensure we understand
their priorities.
We look to understand our customers’ and
consumers’ priorities, support our employees in
pursuing our strategic goals and maintain strong
relationships with shareholders while being a
responsible and environmentally conscious citizen
within our communities.
The Board carries out some engagement directly,
while other engagement occurs during the running
of the business, with the Board being kept informed
through reports from management. On this page
we describe our key stakeholders and examples
of engagement during the year and actions
which arose.
SHAREHOLDERS
Board Representatives:
Iain Ferguson
How we engage
• Investor roadshows, led by the Chief Executive
and Chief Financial Officer.
• Results announcements, presentations
and webcasts.
• Trading updates in November 2025 and
February 2026.
• Meetings with investors regarding strategy.
• Annual Report.
• Regular news flow on key developments.
• Shareholder consultation on governance matters.
Key issues identified
• Progress of the PRP regulatory approval process
• Implementation of the ABS Value Acceleration
Programme.
Actions arising
• The Board reviewed its capital allocation
framework (see page 59).
CUSTOMERS AND CONSUMERS
Board Representatives:
All Directors
How we engage
• The Board visits key customers and operators at
different levels of the supply chain, including
meeting with farmers, meat packers and
processors, to understand what they look for
in genetics to meet consumer demands.
• Regular Board updates on targeted customers
and customer wins.
• Regular customer visits as part of our service
offering, enabling our teams to work closely with
customers to better understand their needs.
• Keeping under review growth of alternative
non-animal proteins, in light of consumer preference.
Key issues identified
• Need for a high-quality customer experience
at an appropriate cost to serve.
Actions arising
• The Board scrutinised PIC management’s plans
to bring PRP to market.
• The Board scrutinised ABS management’s
Value Acceleration Programme.
EMPLOYEES
Board Representatives:
Lesley Knox, Lysanne Gray
How we engage
• Direct engagement by Workforce
Engagement Directors.
• Regular CEO calls with the Company’s
senior leaders.
• Planned cadence of internal communications
across the Company.
• Multi-channel communication following
results announcements.
• CEO-led global town hall meetings.
• Employee-led resource group focused
on diversity.
• Health and safety training programme and
regular updates/briefings.
• Bi-annual Employee Your Voice survey and
periodic pulse surveys.
• Company Intranet and SharePoint sites.
Key issues identified
• Continued focus on communication of
strategic priorities.
• Supporting change management in
the organisation.
• Adoption and standardisation of
technology platforms.
• Collaboration and networking across teams
and functions.
Actions arising
• The Board reviewed feedback and resulting
action plans from employees received directly.
• The Board reviewed management’s succession
plans, diversity and inclusion and talent
development strategies.
• The Board reviewed management’s action plans
in response to the Your Voice survey.
• Ensuring safe working environments with a
continued focus on health and safety strategy
and culture.
COMMUNITIES AND
ENVIRONMENT
Board Representatives:
Lysanne Gray
How we engage
• A range of placement and employment
opportunities offered for students
and apprentices.
• Support for charities close to local businesses.
• Providing educational support for agriculture
and animal science programmes.
• Investing in activities designed to reduce
GHG emissions.
Key issues identified
• Potential impact of climate change on the
business and our communities.
Actions arising
• The Board continued to scrutinise management’s
strategy, plans and actions to achieve climate
change targets.
• The Board reviewed and approved the Company’s
TCFD disclosures (see pages 35 to 40).
42Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Non-financial and Sustainability Information Statement
The table below, and the information it refers to, is intended to help stakeholders understand our position on key non-financial and sustainability matters
in line with the requirements contained in sections 414CA and 414CB of the Companies Act 2006.
Reporting requirement Policies and standards which govern our approach Risk management and additional information
Environmental matters Sustainability Framework See pages 25 to 41
Climate-related financial disclosures TCFD Report See pages 35 to 40
Employees Global Employee Handbook See pages 26 to 27
Speak Up Policy See pages 26 to 27
Human rights Global Employee Handbook See pages 26 to 27
Speak Up Policy See pages 26 to 27
Social matters Charitable Donations Policy See page 29
Anti-corruption and anti-bribery Anti-Bribery and Corruption Policy See pages 26 to 27
Policy embedding, due diligence and outcomes Global Employee Handbook See Strategic Report on pages 1 to 25
Description of principal risks and impact of business activity n/a See Principal Risks and Uncertainties on pages 44 to 47
Description of the business model n/a See Business Model on pages 5 to 7
Non-financial key performance indicators Sustainability Framework See page 28 to 41
43Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Section 172 Statement
Section 172(1) of the Companies Act 2006 imposes
a general duty on every company director to act, in
good faith, in the way they consider would be most
likely to promote the success of the company for
the benefit of its shareholders. In doing so, directors
must take into account a list of factors that include:
• the likely long-term consequences of
board decisions;
• how the company’s actions and behaviours
affect customers, employees, suppliers, the
community and the environment;
• the desirability of maintaining a reputation for
high standards of business conduct; and
• the need to act fairly between shareholders.
This statement explains how the Board has
complied with its obligations under section 172.
Long-term consequences of Board decisions
Genus has a business model and strategy that
deliver results on a multi-year basis. For example,
we target customers where we can build long-term
and mutually beneficial relationships, rather than
seeking one-off transactions. Our investment in
R&D can also take several years to result in
revenue-generating products, meaning our
success in the short term depends on long-term
decisions taken in previous years. As a
consequence, long-term decision-making is
a natural part of the Board’s approach.
Managing our stakeholder relationships
To effectively consider the impact of decisions on
our stakeholders, we must have a good
understanding of their needs and issues. We
therefore actively listen to our stakeholders at all
levels of the organisation, to ensure we take
account of and respond to their interests.
Information on how we engage with our
stakeholders, including the Board’s direct and
indirect engagement with them, can be found
on pages 57 to 61.
The agenda for each Board meeting indicates the
relevant stakeholder groups against each item,
ensuring the Directors are aware of the stakeholder
interests they need to consider in their decisions.
Standards of business conduct
The Board is aware of the need to maintain high
standards of business conduct. The Group has a
strong ethical culture, underpinned by our values
and policies, which are endorsed by the Board.
The Group also has specific policies and
procedures to prevent bribery and corruption, as
described on pages 26 to 27 and as made
available on our website www.genusplc.com.
Maintaining high standards of business conduct
also relies on having the right culture within the
Group. Page 60 describes how the Board maintains
oversight of culture.
Environmental impact
Information on the Group’s environmental impact
can be found on pages 29 to 40.
Lysanne Gray is the Board’s Sustainability Sponsor.
She is a member of the Sustainability Committee,
which monitors progress against the Group’s
sustainability framework.
Treating shareholders fairly
The Company’s shares are owned by a wide range
of institutional and individual shareholders, with no
shareholder having a majority holding or significant
influence over the Group. As a result, no situations
arise in which any shareholders can be treated
differently, ensuring fair treatment for all.
44Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Genus is exposed to a wide range of risks
and uncertainties as it fulfils its purpose of
helping farmers produce high-quality meat
and milk more efficiently and sustainably,
which increases the availability of safe and
affordable animal protein for consumers.
Principal Risks and Uncertainties
Risk Management
These risks arise both from our
day-to-day operations and from
the future commercialisation of
our leading R&D programmes,
including our PRP (PRRS-
Resistant) Pig, which has
received regulatory approval
in several key markets and
continues to progress through
approval processes in others.
We are also exposed to global
economic and geopolitical
risks, including trade restrictions
arising from the conflicts
in Russia-Ukraine and the
Middle East, US trade tariffs,
and disease outbreaks such
as African Swine Fever, which
can restrict the movement
of animals and semen.
As part of our continuous risk
management process we
monitor current and emerging
internal and external risks and
where appropriate we reflect
the changes in our principal
risks or Group risk register.
Emerging risks
This year our reviews of
emerging risks focused on:
• the impact of the Middle East
conflict on the global economy;
• the continued advancement of
artificial intelligence, both
in enabling cyber security
attacks and in reshaping our
ways of working and future
skills requirements; and
• disease outbreaks in various
countries.
Changes to principal risks
We reviewed and amended the
risk profile of the following risks:
• Ensuring biosecurity and
continuity of supply – we have
increased the risk profile driven
by the increase in global
diseases across both bovine
and porcine markets that may
affect the movement of
animals and semen.
• Cyber security – we increased
the risk profile to reflect
advances in artificial intelligence
that may increase both the
frequency and potential impact
of cyber-attacks.
• Agricultural market and
commodity prices volatility
– we increased the risk profile
to reflect the potential
disruption to global trade flows
through the Strait of Hormuz
arising from heightened
US-Iran tensions.
Link to strategy
For more information on our strategic priorities, see page 11
Link to risk change
From our broad risk universe,
we have identified 11 principal
risks. We regularly assess these
risks based on their likelihood
and potential impact, together
with the effectiveness of our
mitigating controls. With the
exception of the changes
noted, the risk profile of
our principal risks remains
unchanged from the prior year.
The Directors confirm that
they have undertaken a robust
assessment of the principal
and emerging risks and
uncertainties facing the Group.
Further information on our risk
management framework can
be found in the Corporate
Governance Statement on
pages 69 to 73.
Focus on progressive protein
producers globally
Considered for Viability Assessment
Risk item focused on sustainability
and TCFD reporting
Share in the value delivered
No change
Increased
Reduced
Deliver a differentiated
proprietary genetic offering
45Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Principal Risks and Uncertainties continued
Risk Risk description How we manage risk Risk change in FY26 and developments
Strategic Risks
Developing products with
competitive advantage
Strategic link
Development programmes fail to produce
best genetics for customers.
Increased competition to secure
elite genetics.
Dedicated teams align our product development to customer requirements.
We use large-scale data and advanced genomic analysis to make sure
we meet our breeding goals. We frequently measure our performance
against competitors in customers’ systems, to ensure the value added by our
genetics remains competitive. We also partner with universities and other
bodies to further our developments. This includes the life cycle assessments
undertaken for our porcine and bovine genetics to demonstrate the value
of our products.
We continue to gain market share in China
by increasing the number of porcine
royalty customers.
We continue to demonstrate the benefits of
our bovine and porcine genetics through our
Life Cycle Assessments.
Continue to successfully develop
IntelliGen and other sexing and
reproductive technologies
Strategic link
Failure to manage the technical,
production and financial risks associated
with the continued advancement
of the IntelliGen business.
Failure to explore, identify or advance other
sexing and reproductive opportunities.
Our continued advancement of the technology and its deployment to new
markets and customers is supported by dedicated internal resources and
agreements with suppliers. We work with key customers on technological
and performance improvements, and to ensure optimum performance
we provide maintenance and specialist training to our customers and
continuously monitor productivity.
We have our own internal development programmes, work with universities
and innovative research and development companies to identify and
explore sexing and reproductive technologies.
We continue to gain new customers and
expand operations with existing customers
demonstrating the value of our technology.
We continue to invest in developing our
technology further improve performance.
Commercialising PRP
Strategic link
Failure to obtain regulatory approval in key
markets and commercialise our PRP gene
edited pigs.
Failure to gain consumer acceptance
of gene-edited proteins.
We work collaboratively with regulators, customers, and consumers to
ensure we provide products that meet the highest standards and drive
improved animal welfare.
We have obtained regulatory approval in
several of our key markets and are shifting our
focus to the commercial aspects of bringing
our PRP pigs to market.
We continue to engage with customers
and consumers on the animal welfare and
environmental benefits of PRP pigs.
Capturing value through
corporate transactions
Strategic link
Failure to identify appropriate investment,
merger, and divestment opportunities or
to perform sound due diligence.
Failure to successfully integrate
an acquired business.
We have a rigorous process to evaluate market opportunities aligned
with our strategic plans, Values, and our aim to accelerate growth and
create value for our shareholders, with all material projects being reviewed
and approved by the Board. We also have a structured post-acquisition
integration process focused on maximising value.
During the year we have completed the
formation of our China Joint Venture with
our local partner.
We continue to explore and evaluate
opportunities that align to our
strategic objectives.
46Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Principal Risks and Uncertainties continued
Risk Risk description How we manage risk Risk change in FY26 and developments
Strategic Risks continued
Succeeding in growth markets
Strategic link
Failure to appropriately develop our business
in China and other growth markets.
Our organisation blends local and expatriate executives, supported by
the global species teams, to allow us to grow our business in key markets,
while managing risks and ensuring we comply with our global standards
and comply with sanctions. We also establish local partnerships where
appropriate, to increase market access.
During the year we completed the formation
of our China Joint Venture with our local
partner. This will facilitate the continued
growth in royalty revenue and future regulatory
approval of our PRP pig.
We continue to explore growth opportunities
for our porcine business in Southeast Asia.
The risks to our business in Russia are
described in note 4.
Climate change
Strategic link
Failure to lead the market in efficient and
sustainable animal protein production and
help our customers to meet the challenge
of producing meat and milk the same way,
as climate change increases demand to
reduce carbon emissions.
Failure to fulfill our commitment to reduce
the environmental impact of our own
operations and implement our Climate
Change Policy and TCFD reporting.
We have a global sustainability strategy and Climate Change Policy that
are approved, and regularly reviewed, at Board level. Our Sustainability
Committee oversees the implementation of the strategy and the annual
objective-setting process as well as monitoring progress using key
performance indicators and our sustainability risk register. We have
developed our 2030 emissions reduction plan (and 2050 net zero plan) and
developed quantifiable, robust performance indicators in relation to life cycle
carbon reduction (per generation) of pigs and dairy cows. See our TCFD
reporting on pages 35 to 40.
Operational Risks
Protecting IP
Strategic link
Failure to protect our IP could mean Genus-
developed genetic material, methods,
systems and technology become freely
available to third parties.
We have a global, cross-functional process to identify and protect our IP.
Our customer contracts and our selection of multipliers and joint venture
partners include appropriate measures to protect our IP. We maintain
IP-appropriate landscape monitoring and where necessary conduct robust
‘freedom to operate’ searches, to identify third-party rights to technology.
Ensuring biosecurity and
continuity of supply
Strategic link
Loss of key livestock, owing to disease
outbreak.
Loss of ability to move animals or semen
freely (including across borders) due to
disease outbreak, environmental incident or
international trade sanctions and disputes.
Lower demand for our products, due to
industry-wide disease outbreaks.
We have stringent biosecurity standards, with independent reviews
throughout the year to ensure compliance. We investigate biosecurity
incidents, to ensure learning across the organisation.
We regularly review and make investments in facilities and biological assets
to enable us to have geographical diversity of our production facilities and
multiple sources of genetics globally.
We have seen an increase in disease
outbreaks across both bovine and porcine
markets, which may affect the movement of
animals and semen.
47Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Principal Risks and Uncertainties continued
Risk Risk description How we manage risk Risk change in FY26 and developments
Operational Risks continued
Hiring and retaining
talented people
Strategic link
Failure to recruit, develop and retain the
global talent needed to deliver our growth
plans and R&D programmes.
We have a robust talent and succession planning process, including annual
assessments of our global talent pool and active leadership development
programmes. The Group’s reward and remuneration policies are reviewed
regularly, to ensure their market competitiveness, and we have a long-
term retention incentive scheme. We work closely with several specialist
recruitment agencies, to identify candidates with the skills we need.
Cyber security
Strategic link
Failure to adequately detect and mitigate
a malicious cyber-attack by internal
or external activists and the ability to
quickly recover.
Failure to properly protect our data and
systems from an attack.
We utilise a flexible multi-layered approach that focuses on employee
awareness and training, policies, software, and have a third-party 24/7
monitoring Security Operations Centre. We follow ISO 27001 standards
and have cyber security insurance. We continue to improve our systems
and data backup procedures and harden our servers to further strengthen
our resilience and have a programme focused on continuous cyber
security improvements.
The advances in Artificial Intelligence may
increase both the frequency and potential
impact of attacks.
Financial Risks
Agricultural market and
commodity prices volatility
Strategic link
Fluctuations in agricultural markets affect
customer profitability and therefore
demand for our products and services.
Increase in our operating costs due to
commodity pricing volatility.
Longer-term influence of climate factors
on the cost and availability of agricultural
inputs (animal feed).
US trade tariff policies and ongoing
conflicts in Russia-Ukraine and the
Middle East impacts agricultural and
commodity markets.
We continuously monitor markets and seek to balance our costs and
resources in response to market demand. We actively monitor and update
our hedging strategy to manage our exposure. Our porcine royalty model
and extensive use of third-party multipliers mitigates the impact of cyclical
price and/or cost changes in pig production. A tariff taskforce is in place to
understand and mitigate the impacts of tariff changes across the globe.
Heightened US-Iran tensions may disrupt
global trade flows through the Strait of
Hormuz, contributing to higher agricultural
and commodity prices, particularly for oil-
derived products.
48Strategic ReportGenus plc / Annual Report 2026 Corporate Governance Financial Statements Additional Information
Going Concern and Viability Statement
In assessing the Group’s going concern and
viability, the Directors follow a three-step approach
focusing on a base case, modelling a ‘severe yet
plausible downside’ scenario and utilising reverse
stress test modelling.
Base case
The Board considered the budget and strategic
plan alongside the Group’s available finances,
strategy, business model, and market outlook.
The annually prepared budget and strategic plan
are compiled using a bottom-up process,
aggregating those prepared by PIC, ABS and
Xelect. The consolidated Group budget and
forecasts are then reviewed by the Board and
used to monitor business performance.
The Strategic Plan forms management’s best
estimate of the Group’s future performance
and position.
The Board has considered the Group’s access to
available financing facilities, comprising a £220m
multi-currency revolving credit facility and a
US$150m revolving credit facility.
The facility also includes an uncommitted £100m
accordion option which may be requested on up
to three occasions during the life of the facility.
Following the exercise of the first extension option
in June 2026, the facility matures in June 2030.
In their assessment of the Group’s viability, the
Directors have determined that a three-year time
horizon, to June 2029, is an appropriate period. This
was based on the Group’s visibility of its product
development pipeline, for example, because of the
genetic lag of approximately three years between
the porcine nucleus herds and customers’
production systems and the pipeline of young bulls.
The Group’s base case modelling shows headroom
on all bank covenant thresholds across the going
concern and viability periods.
Downside modelling
Our downside modelling has incorporated the
Directors’ assessment of events that could occur in
a ‘severe yet plausible downside’ scenario. The risks
modelled are linked to the ‘Principal Risks and
Uncertainties’ described on pages 44 to 47.
The most significant material risks modelled are
shown below and these are consistent with the
previous year:
Ensuring biosecurity and continuity of supply
• Disease outbreaks in our genetic nucleus and bull
stud farms, modelled as a one-off cash cost to
clean and restock the farms.
• The impact of severe weather events on our
global supply chain and the wider agricultural
industry, modelled as a one-off cash cost.
• Loss of ability to move animals or semen freely
(including across borders) due to disease
outbreak, environmental incident or international
trade sanctions and disputes, modelled as a
multi-year cash impact resulting from increased
supply costs and lost trading that cannot be
replaced in the short term.
Managing agricultural market and commodity
prices volatility
• Increase in our operating costs due to commodity
pricing volatility, modelled as a multi-year
cash reduction.
• Geopolitical tensions, trade restrictions, US trade
tariff policies and ongoing conflicts in Russia &
Ukraine and the Middle East impact agricultural
and commodity markets, modelled as a multi-
year cash impact resulting from reduced trading
and increased operating costs.
Succeeding in growth markets
• Failure to appropriately develop our business in
China and other growth markets, together with
the impact of changes in global trade policies
and tariffs, modelled as a multi-year cash impact
resulting from a reduction in the forecast growth
rate in those markets.
Individually, these scenarios do not result in the
elimination of our facility headroom or breach of
covenants. If multiple severe but plausible scenarios
were to occur in combination the Board would be
able to take mitigation measures to protect the
Group in the short term. These would be realised
through reductions in dividends and postponing
capital spend and strategic investments.
We have considered the position if each of the
identified risks materialised individually and if
multiple risks occurred in parallel. We have overlaid
this downside scenario, net of mitigations, on our
facility headroom and banking covenants.
Under this assessment our headroom remains
adequate under these sensitivities including our
ability to take mitigating actions and expectation
of renewing appropriate facilities.
Reverse stress testing
To assess the headroom within our going concern
and viability assessment, we performed a reverse
stress test looking at the level of performance
deterioration against the base case while applying
the mitigations outlined previously.
Over the going concern and viability period the
smallest required reduction in forecast adjusted
operating profit to exceed the permissible ratio of
net debt to EBITDA (as calculated under our
financing facilities) would be 51% (2025: 24%).
Similarly, a one-off cash cost of an equivalent
size would increase net debt and result in the
same outcome.
In all reverse stress scenarios, the covenant would
be breached before the facility is exceeded.
Going concern assessment and
viability conclusion
Based on this assessment, the Directors have a
reasonable expectation that the Group has
adequate resources to continue its operational
existence for the foreseeable future and for a
period of at least 12 months from the date of this
report. Accordingly, the Directors continue to adopt
and consider appropriate the going concern basis
in preparing the Annual Report.
Also, based on this assessment, the Directors have
a reasonable expectation that the Group will
be able to continue in operation and meet its
liabilities as they fall due over the viability period
to 30 June 2029.
There are no indications from this assessment
that change this expectation when looking
beyond 30 June 2029 at the Group’s longer-
term prospects.
The Strategic Report was approved by the Board
of Directors on 9 September 2026 and signed on
its behalf by:
Jorgen Kokke
Chief Executive
9 September 2026
Andy Russell
Chief Financial Officer
9 September 2026
49Genus plc / Annual Report 2026 Corporate Governance Financial Statements Additional InformationStrategic Report
Responsible
decisions,
sustainable
impact
IN THIS SECTION
Chairman’s Letter
Board of Directors and Company Secretary
Genus Executive Leadership Team (‘GELT’)
The Board at a Glance
Board Leadership and Company Purpose
Division of Responsibilities
Composition, Succession and Evaluation
Nomination Committee Report
Audit, Risk and Internal Control
Audit & Risk Committee Report
Remuneration Committee Report
Directors’ Report
Directors’ Responsibilities
Corporate Governance
50Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
QUICK READ
Overseeing Group strategy
One of the Board’s priorities
for FY26 was to support
management with implementing
the strategic priorities. We had
also identified through the
FY25 Board evaluation that
we wanted to devote more of
our time to strategic matters.
To achieve both these aims, we
redesigned the Board calendar
to include two meetings in the
US each year, with a further four
held in the UK and two virtual
meetings. PIC, ABS and R&D
are all run from the US, so the
new calendar allows us to meet
divisional leadership, discuss how
their strategies are progressing,
and understand their priorities
for the future. In FY26, we visited
Hendersonville in Tennessee,
which is home to PIC, and
Madison in Wisconsin, where our
primary research facilities are
located and which is close to
ABS’s DeForest headquarters.
We also held our annual Board
strategy day in January 2026.
On the PIC side, this focused
on the formation of our joint
venture with BCA, which was
a key decision for the Board in
the year. In ABS, we reviewed
progress with the VAP and
the division’s plans to instil
commercial and operational
excellence. More information
on this can be found on page
19 of the Strategic Report.
One of Jorgen Kokke’s first
actions when he joined us as
Chief Executive was to begin to
focus our R&D portfolio, so our
programmes are closely aligned
to the businesses. Our Scientific
Advisory Board (‘SAB’), which was
established in 2022, played an
important part in helping us to
restructure R&D. With this work
complete and Bob Reiter having
joined the Board as a Non-
Executive Director (‘NED’) and
our Scientific Adviser, we have
considered the best structure
for obtaining the additional
scientific expertise and advice
we need. We concluded that
we would benefit from a more
flexible approach and we have
therefore created a panel of
scientific advisers, who we can
call on for specific projects. I
want to thank the SAB members
for their contribution to Genus
and look forward to continuing
to work with those who have
joined our new panel.
Capital allocation is an integral
part of our strategic framework
and an important focus area for
the Board this year. The Group’s
debt reduced significantly
following the receipt of net
cash proceeds of £98m from
BCA in relation to our Chinese
joint venture (see page 17), as
well as continued strong cash
generation. Organic investment
and progressive dividends are
our priority, followed by M&A and
distributing surplus capital. Since
the year end, the Board has
approved a £60m share buyback
to be completed during FY27.
See page 10 for more details.
Continuing to
refresh the Board
We had two priorities in relation
to Board membership in FY26.
These were to ensure a smooth
transition to Andy Russell as
our new Chief Financial Officer,
and consider the Board’s
size and composition.
Andy has made an excellent
contribution in his first year with
us. His onboarding was assisted
by Lysanne Gray agreeing to
remain in post as Audit & Risk
Committee Chair until the
2027 AGM, at which point she
will have been on the Board
Further reading
on our website
genusplc.com/investors/corporate-governance/
Robust governance
provides the framework
for management to
focus on delivery, with
Board oversight, support
and appropriate
challenge.
Iain Ferguson CBE
Chairman
• Increased Board focus on strategy, enabled by
redesigning the Board calendar
• Panel of scientific advisors created, to replace
the previous Scientific Advisory Board
• Continued refresh of the Board, with recruitment
of a new CFO and two Non-Executive Directors
• Board work on culture confirms it remains strong
and aligns to purpose and strategy
Chairman’s Letter
for more than 11 years. We are
grateful to Lysanne for her
support and to shareholders for
overwhelmingly approving her
continued appointment. More
information on Andy’s induction
and on Lysanne’s Board tenure
can be found in the Nomination
Committee report on page 65.
The appointments of Dr Celia
Baxter and Dr Bob Reiter as
NEDs have expanded the Board
by one Director, with Bob having
filled an existing vacancy. Our
intention is for Celia to become
Remuneration Committee
Chair when Lesley Knox retires
after the 2027 AGM. We are
also recruiting a further NED to
become Audit & Risk Committee
Chair on Lysanne’s retirement.
We intend to assess the benefit
of having a temporarily larger
Board, which may lead to further
recruitment in due course.
We are committed to diversity
throughout the Group, including
at Board level, and aim to
comply with the Listing Rules’
requirements for gender and
ethnic diversity. The current
Board composition meets one
of the three diversity targets
in the Listing Rules and we
will aim to rectify this in future
Board appointments. See
page 65 for further details.
Iain Ferguson CBE
Chairman
51Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Chairman’s Letter continued
People and culture
The Board has three key
mechanisms for understanding
employee views and the culture
in the business. These are:
• the Workforce Engagement
Directors’ meetings with
employee groups;
• direct contact with employees
during our Board visits; and
• formal and informal feedback
processes, such as our biannual
employee survey and the
questions from employees at
management’s regular town
hall events.
Our work this year has confirmed
our view that the culture
is strong and aligns to our
purpose and strategy. Page
60 provides further details
of our oversight of culture.
Stakeholder engagement
The Board is well informed
of shareholder sentiment.
The Executive Directors
have continued their regular
programme of meetings
with current and potential
shareholders, and I also met
a number of shareholders in
the year. In addition, Lesley
Knox engaged with many of
our largest investors on the
new remuneration policy,
which was approved at the
AGM in November 2025.
The Board also invited two
institutions to have formal
sessions with us, as part of our
strategy day. This is valuable
for both the Board and the
shareholders concerned and we
intend to continue this practice.
We are always keen to meet
other stakeholders and our
visits to the US included tours
of two ABS customer farms.
However, visiting pig farms is
very difficult due to the strict
biosecurity requirements and we
will need to consider how best
to engage with PIC’s customers.
Internal controls
The Group is making good
progress with the requirements
of Provision 29 of the UK
Corporate Governance Code,
which will apply to Genus
from FY27. The Audit & Risk
Committee Report on page 69
explains our work in this area.
Iain Ferguson CBE
Chairman
Compliance statement
During the year ended 30 June 2026, Genus applied all the principles of the UK Corporate
Governance Code 2024 (the ‘Code’) and complied with all of the Code’s provisions.
The Code is available at www.frc.org.uk.
The table below shows where information on our application of the Code’s principles can be found.
Code principles
1 Board leadership and Company purpose
A Leadership which promotes the Company’s long-term sustainable success,
benefiting shareholders and society.
57
B Board to establish purpose, values and strategy, and ensure alignment with culture. 57
C Board to ensure Company has resources to meet its objectives, measure performance
against them, and ensure effective controls support risk management.
59
D Engagement with shareholders and other stakeholders. 61
E Ensure workforce policies and practices are consistent with values and support long-term
sustainable success, and that the workforce can raise concerns.
60
2 Division of responsibilities
F Chair’s leadership of the Board. 63
G Appropriate balance of executive and non-executive directors, and clear division
of responsibilities.
63
H Non-executive directors’ time commitment and contribution. 64
I Ensure policies, processes, information, time and resources enable the Board to
function effectively.
62
3 Composition, succession and evaluation
J Board appointments, succession planning and promoting diversity. 65 to 67
K Balance of Board skills and experience, length of directors’ service and refreshing
Board membership.
56
L Annual evaluation of Board and individual directors. 68
4 Audit, risk and internal control
M Independence of internal and external audit, and integrity of financial and
narrative reporting.
69 to 73
N Fair, balanced and understandable assessment of the Company’s position and prospects. 99
O Procedures to manage risk, oversee internal controls and determine nature and extent of
principal risks the Company is willing to take.
72
5 Remuneration
P Remuneration that supports strategy, promotes long-term sustainable success, is aligned
to purpose and values, and is linked to strategic delivery.
79
Q Formal and transparent procedure for developing remuneration policy and determining
director and senior management remuneration.
79
R Director judgement and discretion when authorising remuneration outcomes. 80 to 93
Priorities for FY27
The Board has identified the
following priorities for FY27:
• continuing to support
management with
implementing the strategy;
• monitoring the progress of the
new Chinese joint venture and
ensuring it is well supported;
• recruiting an additional NED to
succeed Lysanne Gray as Audit
& Risk Committee Chair; and
• managing the transition of
Committee chair roles, as
Lysanne Gray and Lesley Knox
approach retirement.
52Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Board of Directors and Company Secretary
Iain
Ferguson CBE
Non-Executive Chairman
Board appointment
July 2020
Skills and experience
• Extensive Board, governance and
leadership experience.
• Strong commercial, science and
agribusiness expertise across a range
of industries, with a particular focus on
consumer goods and food.
• Deep appreciation of capital markets
and investor sentiment.
• BSc (Hons) Chemistry & Psychology
from the University of St Andrews.
Current appointments
Chairman of Crest Nicholson Holdings
plc and Personal Assets Trust plc.
Past appointments
Pro Chancellor of Cranfield University;
Chairman of Berendsen plc and Stobart
Group Ltd; Senior Independent Director
of Sygen International plc and Balfour
Beatty plc; Non-Executive Director of
Greggs plc; Lead Independent Director
at the Department for Environment,
Food and Rural Affairs; Chief Executive
of Tate & Lyle plc; General Manager of
Unilever AgriBusiness; Chair, Unilever
Plantations and Plant Sciences
Group; and Senior Vice President,
Corporate Development at Unilever.
Jorgen
Kokke
Chief Executive
Board appointment
May 2023
Skills and experience
• Deep experience in the international
food and agriculture sectors, including
14 years in global leadership roles at
Ingredion Incorporated, a leading New
York listed food and beverage
ingredient solutions company.
• Led Ingredion’s North and South
American businesses, driving growth
through R&D-led innovation and
commercial and operational
excellence. Masters in Economics from
the University of Amsterdam.
Current appointments
None.
Past appointments
Senior roles at Ingredion, including
Executive Vice President & President
Americas, President, Asia Pacific and
EMEA, and President, North America;
Vice President of Food & Nutrition
and Director of Strategy and Business
Development at Corbion, a producer of
sustainable ingredient solutions;
and leadership positions
at Loders Croklaan.
Andy
Russell
Chief Financial Officer
Board appointment
August 2025
Skills and experience
• Almost 30 years of experience in
finance, with a background in M&A
and commercial finance.
• Strong leadership skills, a global
perspective and highly collaborative
style, with a proven track record of
driving business performance through
organic and inorganic growth.
• Qualified Chartered Accountant.
• Degree in Banking & Finance from
Loughborough University.
Current appointments
None.
Past appointments
Senior Vice President, Group Finance
and M&A at Smith & Nephew; other
senior roles at Smith & Nephew,
including CFO for the Global
Orthopaedics division, Interim President
for EMEA and CFO for EMEA; Director,
Transaction Services at KPMG.
Lesley
Knox
Senior Independent Director
Board appointment
June 2018
Skills and experience
• Broad international, strategic and
financial services experience, through
executive and non-executive roles.
• Has advised numerous companies
including manufacturers and
distributors of food products,
encompassing poultry and poultry
breeding companies.
• One of our designated Workforce
Engagement Directors.
• MA Law from Cambridge University.
Current appointments
Senior Independent Director
of 3i Group plc.
Past appointments
Founder Director of British Linen
Advisers; senior roles at Dresdner
Kleinwort Benson; solicitor at Slaughter
& May; and numerous non-executive
roles, including Legal & General Group,
Centrica, SAB Miller, Alliance Trust, Hays,
Scottish Provident, Bank of Scotland,
Grosvenor Group and Thomas Cook.
Dr Celia
Baxter
Non-Executive Director
Board appointment
November 2025
Skills and experience
• Extensive experience in people-driven,
multisite, manufacturing, services and
distribution businesses across business
sectors in international FTSE 100 and
FTSE 250 companies.
• Widespread global experience in
human resources, strategy, branding,
mergers and acquisitions and change
management.
• PhD in Botany from Reading University.
Current appointments
Non-Executive Director and
Remuneration Committee Chair of
Volution Group plc; Senior Independent
Director and Remuneration Committee
Chair of discoverIE Group plc.
Past appointments
Senior Independent Director and
Remuneration Committee Chair of
Senior plc and Dowlais Group plc; Non-
Executive Director and Remuneration
Committee Chair of RHI Magnesita
NV; Non-Executive Director of Bekaert
SA; Director of Group HR at Bunzl
plc, Hays plc and Tate & Lyle; and
Head of HR at Enterprise Oil plc.
R
N
A
R
N
A
R
N
53Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Board of Directors and Company Secretary continued
Lysanne
Gray
Non-Executive Director
Board appointment
April 2016
Skills and experience
• Significant experience of risk
management, audit, business
operations, acquisitions and disposals,
and corporate governance, gained
within the food sector.
• Qualified Chartered Accountant.
• The Board’s Sustainability Sponsor and
one of our designated Workforce
Engagement Directors.
• BSc in Chemistry from the University of
Southampton.
Current appointments
Non-Executive Director of
Johnson Service Group plc.
Past appointments
Global leadership roles at Unilever
plc, including Executive Vice President
Sustainable Business Performance and
Reporting, Financial Controller, Chief
Auditor of Unilever; Chief Financial
Officer of Unilever’s global food service
business; and a number of other senior
operational and financial positions.
Dr Ralph
Heuser
Non-Executive Chairman
Board appointment
January 2024
Skills and experience
• Extensive experience in animal
healthcare business globally.
• Widespread experience in operations,
commercial excellence and the animal
health industry.
• PhD in Agricultural Economics from
the University of Bonn.
Current appointments
Senior Advisor with Stonehaven
Consulting (SC Group) AG.
Past appointments
Global leadership roles at Elanco Animal
Health, including Vice President for
Asia Pacific, Europe and International
Commercial Operations. Previous
roles at Pfizer; Boehringer Ingelheim,
where he launched a PRRS vaccine in
Germany; and Novartis’s Consumer
and Animal Health divisions.
Dr Bob
Reiter
Non-Executive Director
Board appointment
January 2026
Skills and experience
• A plant geneticist by training.
• Extensive experience delivering
innovative new technologies and
products within crop agriculture.
• MSc and PhD in Plant Breeding and
Plant Genetics from the University
of Wisconsin-Madison and BSc in
Horticulture from Pennsylvania
State University.
Current appointments
Independent Board Member of
Fall Creek Farm and Nursery.
Past appointments
Worked for E.I. DuPont de Nemours,
followed by 20 years in senior scientific
and supply chain leadership roles at
Monsanto, including as R&D Integration
Planning Lead for the Bayer-Monsanto
merger, and latterly as Executive
Vice President leading R&D for the
combined Bayer Crop Science division.
Lucie Grant
Group General Counsel
and Company Secretary
GELT appointment
March 2025
Skills and experience
• A seasoned legal leader, with
significant experience in international
commercial transactions, including
government contracting, M&A, complex
litigation and intellectual property.
• Spent more than 20 years building and
leading global legal teams, managing
complex regulatory environments and
working across diverse jurisdictions.
• Qualified solicitor, who began her
career as an intellectual property
litigator before moving in-house to a
variety of commercial legal roles at
large public companies.
• Law degree from King’s College,
London.
Current appointments
None.
Past appointments
Vice President and General Counsel at
Dura-Line, part of the Orbia group of
companies. UK Legal Director of Thermo
Fisher Scientific, then European General
Counsel of its Life Sciences Solutions
Group. In-house legal roles at United
Utilities and BAE Systems Saudi Arabia.
A
R
N
A
R
N
A
R
N
Key to committee memberships
A
Audit and Risk Committee
N
Nomination
Committee
R
Remuneration Committee
Committee Chair
54Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Genus Executive Leadership Team (‘GELT’)
Jorgen
Kokke
Chief Executive
Skills and experience
See page 52
Career
See page 52
Andy
Russell
Chief Financial Officer
Skills and experience
See page 52
Career
See page 52
Lucie
Grant
Group General Counsel
and Company Secretary
Skills and experience
See page 53
Career
See page 53
Mark
Birri
Chief Corporate Development Officer
Skills and experience
• Over 20 years of experience in
cross-border M&A, corporate strategy
and transformation, operating across
Europe, the Americas and Asia.
• Extensive transaction experience,
including corporate acquisitions and
complex technology access deals,
and public and private M&A as
lead advisor.
• BSc in Economics from the University of
Warwick, and holds both ACA (ICAEW)
and CISI certifications.
Career
• Joined Genus in 2014, following seven
years in UK M&A advisory with PwC
and Alantra Partners, and three years
at Bank Muscat in the Middle East,
where he raised over $800m in
equity transactions.
• Led numerous cross-border
acquisitions at Genus, including In Vitro
Brazil, Hermitage Genetics, and Xelect,
and business transformation projects
in Europe and North America.
Dr Matt
Culbertson
Chief Operating Officer, Genus PIC
Skills and experience
• Spent entire career in porcine industry.
• Has led the development and
implementation of Genus PIC’s genetic
strategy and technical services
capability, as well as leading the
commercial engagement with many
of PIC’s most significant customers.
• Doctorate in Animal Breeding and
Genetics from the University of
Georgia.
Career
• Joined Genus in 2011 as PIC’s Director
of Genetic Services and Sales and
became Global Product Development
and Technical Services Director in 2012,
before becoming Chief Operating
Officer in July 2023.
• Previously spent nine years working for
Murphy-Brown (now Smithfield Foods),
where he managed the internal
genetics programme and technical
operations for its Eastern operations.
55Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Genus Executive Leadership Team (‘GELT’) continued
Jim
Low
Chief Operating Officer, Genus ABS
Skills and experience
• Very experienced and highly
effective leader of complex global
organisations.
• Spent more than 25 years in the
nutrition and food industry.
• BA in Economics and Managerial
Studies from Rice University and MBA
from the University of Texas at Austin.
Career
• Previously Chief Commercial Officer for
Glanbia’s $1 billion global nutritional
solutions business, delivering double-
digit profit growth.
• More than 20 years with Ingredion
Incorporated in increasingly senior
leadership roles, including General
Manager for the Systems and
Ingredients Solutions business and
General Manager for Greater China
and Japan, based in Shanghai.
Dr Elena
Rice
Chief Scientific Officer and
Head of R&D
Skills and experience
• Deep expertise in running R&D
programmes, regulatory science and
portfolio management.
• Has led the development and
introduction of genetic improvement
technologies and nurtured a portfolio
of gene-editing projects.
• BSc and MSc in Biology from Moscow
State University, and PhD in Plant
Physiology and Biochemistry from the
Timiryazev Institute of Plant Physiology
in Moscow.
Career
• Joined Genus as Chief Scientific
Officer in July 2019.
• Spent 18 years in increasingly senior
roles at Bayer, leading teams using
pioneering science and cutting-edge
technology to help farmers grow food
more sustainably.
Angelle
Rosata
Chief Human Resources Officer
Skills and experience
• Combines commercial acumen with
broad expertise in resourcing, talent
and succession, leadership
development, and health and safety.
• Extensive strategic planning skills help
align the Group’s people agenda and
its business needs.
• Masters in Human Resource
Development from Vanderbilt
University.
Career
• Joined Genus PIC in September 2013,
following more than 20 years in the
healthcare sector.
• Developed and delivered PIC’s people
strategy, before becoming HR Director
for ABS and then Group HR Director in
July 2017.
56Genus plc / Annual Report 2026 Corporate Governance Financial Statements Additional InformationStrategic Report
1
5
2
Chair 1
NED 5
Executive Director 2
5
3
Male 5
Female 3
8
White 8
3
2
2
1
0–2 years 3
2–4 years 2
4–6 years 1
6–7 years 0
8+ years 2
At 30 June 2026 the Board
was made up as follows:
Board composition Board gender diversity
Board tenureBoard ethnic diversity
Board skills
Low/Medium Good/High
Competence
Board and corporate governance
12% 88%
Strategy
100%
Finance, banking and capital markets
37% 63%
Risk, culture change and change management
25% 75%
Politics and public affairs
25% 75%
Stakeholder and customer communications
37% 63%
Sustainability implementation and communications
25% 75%
Human resources
50% 50%
IT systems, transformation and data/cyber security
50% 50%
Science and biotechnology
25% 75%
Food sector
50% 50%
Review, launch and marketing of FDA-regulated products
75% 25%
International business
100%
North America market
100%
EMEA market
12% 88%
Asia market
50% 50%
LATAM market
62% 38%
The Board at a Glance
57Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
The Board’s role: leading the Group
The Board’s primary responsibilities are set out
below, along with the actions the Directors
have taken in FY26 to promote our long-
term success. For more information on the
division of responsibilities between the Board
and our leadership team, see page 63.
Board responsibility:
Determining our
purpose, strategy
and corporate goals
Stakeholders considered:
C, SC, S, EN
s172 considerations:
a, c, d, f
Board responsibility:
Monitoring
performance
against strategy
and objectives
Stakeholders considered:
C, SC, S, EN
s172 considerations:
a, c, d, f
Topic Activities and discussions in FY26 Outcomes and decisions made
Our purpose The Group’s purpose is set out in our vision of ‘pioneering animal
genetic improvement to sustainably nourish the world’.
The Board reaffirmed the Group’s purpose, in parallel with the Group’s
strategic plan.
The Board further considered the alignment of the Group with its culture
and values through the Your Voice survey (see page 27).
Our strategy
and objectives
The Board held its annual strategy meeting in January 2026, as
discussed in the Chairman’s Letter on page 50. See the Chief
Executive’s Review (page 10) for more on our strategic priorities.
The Board reaffirmed the strategy.
The Board and subsequently approved the Group’s updated strategic
plan, which is refreshed annually and covers a rolling five-year period.
Annual budget The combination of the strategic planning and budgeting processes
allow the Directors to ensure the opportunities facing the business
have been effectively captured.
The Board held a meeting in June 2026 specifically to review the
annual budget. The Directors were provided with a comprehensive
budget pack, enabling them to understand and discuss the underlying
assumptions and determine that they were robust.
The Board approved the annual budget for FY27, having confirmed that it
aligned to the five-year strategic plan and that it appropriately allocated
the resources required to achieve the Group’s strategic objectives.
Topic Activities and discussions in FY26 Outcomes and decisions made
Strategic
developments
The Board continued to pay close attention to the implementation of the
strategic priorities and received regular updates throughout the year.
In addition, the Board received updates on strategic matters, including:
• multi-species opportunities;
• PRP regulatory progress; and
• M&A opportunities.
The revised Board calendar, as described in the Chairman’s Letter
on page 50, also gave the Board more opportunities to discuss
strategic progress.
On 4 September 2025, the Board announced the acceleration of the
joint venture formation with the Company’s Chinese partner, BCA. See
page 17 for further information.
On 23 January 2026, the Group achieved a significant milestone for
the commercialisation of PRP, with Canadian regulatory authorities
approving the use of the PRP gene edit.
In Bovine, VAP Phase 3 initiatives delivered approximately £7m of in-year
benefit and approximately £9m of annualised benefit.
Key to stakeholders
E Employees
SC Supply Chain
S Shareholders
EN Environment
C Customers
Key to s172 considerations
a Consequence of decisions in the long term
d Impact of the Company’s operations on the community and environment
b Interests of the Company’s employees
e Desirability of the Company maintaining a reputation for high standards of business conduct
f Need to act fairly between members of the Company
c Need to foster the Company’s business relationships with suppliers, customers and others
Board Leadership and Company Purpose
58Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Board Leadership and Company Purpose continued
Board responsibility:
Monitoring
performance
against strategy
and objectives
Stakeholders considered:
C, SC, S, EN
s172 considerations:
a, c, d, f
Topic Activities and discussions in FY26 Outcomes and decisions made
Performance
against plan
At each scheduled meeting, the Board received updates from:
• the Chief Executive on business performance, business
development, talent development, the competitive landscape
and sustainability issues;
• the Chief Financial Officer on the Group’s financial performance
and forecasts; and
• the Group General Counsel and Company Secretary, and the Group’s
external advisers, on corporate governance and material legal and
compliance matters.
The updates include the business units’ operational and financial
performance. The Board also receives updates on major customers and
other important data points, such as market shares and bull rankings.
In FY26, the Board regularly discussed the evolving geopolitical
environment and the potential impact on the Group’s operations and
financial performance, and continued to review market conditions for
each division, such as trends in profitability of the Group’s customers.
The Board concluded that performance was moderately ahead of
expectations and confirmed this through the July 2026 trading update.
R&D progress The Board received regular updates on progress with obtaining
regulatory approval for PRP.
In January 2026, Bob Reiter joined the Board as its Scientific Adviser.
In June 2026, the Board attended the Genus R&D Innovation Day,
including an overview of the R&D portfolio and deep-dives into key
strategic projects.
Following the strategic shift in the Group’s R&D focus in FY25 and Bob
Reiter’s appointment to the Board, the Board undertook an evaluation
of the role of the Scientific Advisory Board, and agreed to move towards
a more flexible, on-demand Scientific Advisory Panel, focused on
addressing near-term needs (see page 50).
Sustainability
performance
The Board received updates from the Sustainability Committee’s
discussions, outlining the Group’s progress against its goals.
Board responsibility:
Ensuring we have
the resources,
systems and controls
to achieve our
objectives
Stakeholders considered:
E, S
s172 considerations:
a, c, e
Topic Activities and discussions in FY26 Outcomes and decisions made
People The Board continued to:
• review the recruitment pipeline and receive updates on key vacancies
and hires;
• monitor the pipeline of senior talent within the Group, including diversity
characteristics;
• receive updates on talent development in our leadership below GELT
level; and
• consider the output from employee engagement, such as the Your
Voice survey and the Workforce Engagement Directors’ meetings with
employees (see the Culture section below).
The Board approved the appointments of Celia Baxter and Bob Reiter
as Non-Executive Directors. See the Nomination Committee report on
page 65 for further information.
The Board noted the outcomes of the Your Voice survey and
management’s action plans to address the feedback received
(see page 60).
59Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Board Leadership and Company Purpose continued
Board responsibility:
Ensuring we have
the resources,
systems and controls
to achieve our
objectives
Stakeholders considered:
E, S
s172 considerations:
a, c, e
Topic Activities and discussions in FY26 Outcomes and decisions made
Systems Following the rollout of its GenusOne ERP system in FY25, the Board
continued to review the Group’s progress with optimising cost-efficient
business processes to leverage the new system.
During FY26 the Directors continued to monitor the Group’s progress
towards optimisation and standardisation of cost-efficient finance,
HR and IT business processes, including updates on Group finance
organisation changes.
Key financial
issues (see
pages 70 to 71)
During the year, the Board received regular updates on the Group’s
tax position, treasury activities and pension funds, as well as financial
control updates.
The Directors reviewed the going concern and viability statements and
reports from the external auditor.
The Directors also reviewed the Company’s capital allocation framework,
including the target leverage range, ordinary dividend policy and
framework for investing in growth opportunities.
The Board approved the going concern and viability statements set
out on page 48.
The Board approved the Company’s capital allocation framework,
maintaining a target leverage range of 1.0x to 2.0x while investing in
compelling organic growth opportunities that can deliver strong returns
and funding a progressive dividend policy from organic free cash
generation (see page 25).
Risk
management
and control
The Board monitored the Group’s risk register with the support of the
Audit & Risk Committee, and discussed the Group’s principal risks with
management and with the internal and external auditors. In addition,
the Audit & Risk Committee received detailed updates on key risk topics,
which are set out on pages 70 to 71.
During FY26 the Directors continued to monitor the Group’s progress
towards compliance with the internal control requirements of the 2024
UK Corporate Governance Code, including updates on improvements to
the Group’s control environment being implemented.
60Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Board Leadership and Company Purpose continued
Board responsibility:
Setting our culture
and standards of
behaviour
Stakeholders considered:
E
s172 considerations:
b, e
Topic Activities and discussions in FY26 Outcomes and decisions made
Values The Board was kept informed of progress and activities designed to
further embed the Group’s values throughout the organisation, including
the Company’s first ValuesFest. See page 26.
The Board reviewed management’s action plans to further embed the
Group’s values throughout the organisation.
Culture The Board has several ways of understanding and monitoring our
culture, including:
• the Your Voice employee survey;
• the Workforce Engagement Directors’ interactions with employees;
• visits to the Group’s operations; and
• key operational metrics that provide insight into the Group’s culture,
such as health and safety performance (see below) and employee
churn rates.
The Board has designated two Workforce Engagement Directors, Lesley
Knox and Lysanne Gray. During FY26, they met employees from ABS USA
and ABS UK.
The Directors also meet numerous people from around the Group, including
members of management who present at Board meetings, and through
site visits. These events help the Directors to assess the culture across the
business. During FY26, the Board visited the Group’s operations in Wisconsin
and Tennessee, USA, as well as Stapeley in the UK.
The Group has a Whistleblowing Policy and an independent hotline
to allow employees to raise any concerns anonymously. This process is
overseen by the Audit & Risk Committee on the Board’s behalf, with the
Board kept updated on reports and any investigations. More information
can be found on page 27.
The operational metrics the Board reviews did not highlight any
significant issues with the culture across the business in FY26, and no
material concerns were raised through the whistleblowing hotline.
The results of the Your Voice survey were positive, particularly in the
areas of culture and values. See page 27.
The Board is therefore satisfied that the Group’s culture remains aligned
with its purpose, and supports its strategy and business model.
Health and
safety
The Board reviewed the Group’s health and safety strategy and FY26
targets, received updates from the Head of Health and Safety and
monitored performance throughout the year.
The trends in health and safety performance declined slightly during the
year. See the People section (page 27) for more information.
The Board reviewed management’s action plans to strengthen practices
and reduce risks in the Group’s operations.
61Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Board responsibility:
Approving material
contracts,
acquisitions,
licences and
investments
Stakeholders considered:
C, S
s172 considerations:
a
Topic Activities and discussions in FY26 Outcomes and decisions made
Joint venture The Board announced the acceleration of the joint venture formation
with the Company’s Chinese partner, BCA, and spent considerable
time discussing the terms and structure of a joint venture in China
with BCA, which the Directors considered key to PIC’s prospects in
the critical Chinese market.
The Board approved the formation of the joint venture and the
Company entered into updated agreements with BCA to accelerate
its formation. (See page 17).
PIC received an accelerated milestone payment of US$7.5m and net
cash proceeds of £98m. BCA acquired 51% of PIC China through a share
purchase and additional subscription for shares.
Board responsibility:
Reporting to
shareholders
Stakeholders considered:
S
s172 considerations:
f
Topic Activities and discussions in FY26 Outcomes and decisions made
Reporting and
dividends
The Board:
• reviewed the annual and interim results, and the January and July 2026
trading updates; and
• reviewed the Audit & Risk Committee’s assessment that the Annual
Report was fair, balanced and understandable, and contained the
necessary information (see page 99).
The Board:
• approved the annual and interim results, and the January and July 2026
trading updates;
• recommended a final dividend for FY25 and declared the interim
dividend for FY26; and
• concluded that the Annual Report was fair, balanced and
understandable, and contained the necessary information
(see page 99).
Investor
attitudes
Information on the Board’s engagement with shareholders can be found
in the Chairman’s Letter on page 50 and the Stakeholder Engagement
section on page 41.
In addition, the Investor Relations & Sustainability Director provides the
Board with regular updates on meetings with shareholders, potential
investors and analysts.
The Board had regard for shareholder sentiment while assessing the
Group’s updated strategic plan and priorities.
Board Leadership and Company Purpose continued
62Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Keeping the Board informed
The diagram below sets out our process for providing information
to the Directors, ahead of scheduled Board meetings. To
assist the Directors with discharging their duties under Section
172 of the Companies Act, each item included in the Board
papers indicates the relevant considerations. More information
can be found in the Section 172 statement on page 43.
The Directors all have access to the advice of the
Group General Counsel and Company Secretary.
01
The Chairman sets the agenda for the meeting, with input
from the Chief Executive and Group General Counsel and
Company Secretary.
03
Board meetings take place at least eight times per year.
02
A week before the meeting, the agenda and Board papers
are sent to the Directors using a secure electronic system.
04
The Group General Counsel and Company Secretary monitors
decisions and actions agreed at each meeting.
05
The updated list of actions becomes part of the agenda
for the next Board meeting.
Attendance at meetings
The table below shows how many scheduled Board and Committee meetings each Director attended during the year.
Director Board Nomination Audit & Risk Remuneration
Non-Executive Chairman
Iain Ferguson CBE 8/8 4/4 5/5 4/4
Executive Directors
Jorgen Kokke 8/8 4/4
1
5/5
1
4/4
1
Andy Russell
2
7/7 4/4
1
5/5
1
4/4
1
Alison Henriksen
3
1/1 –/– –/– 1/1
Non-Executive Directors
Celia Baxter
4
4/4 –/– 2/2 1/1
Lysanne Gray 8/8 4/4 5/5 4/4
Ralph Heuser 8/8 4/4 5/5 4/4
Lesley Knox 8/8 3/4 5/5 4/4
Bob Reiter
5
4/4 –/– 2/2 1/1
1 By invitation.
2 Andy Russell joined the Board on 1 August 2025.
3 Alison Henriksen retired from the Board on 31 July 2025.
4 Celia Baxter joined the Board on 20 November 2025.
5 Bob Reiter joined the Board on 1 January 2026.
Board Leadership and Company Purpose continued
63Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Division of Responsibilities
Sustainability Committee
Provides direction and
oversight for continuous
improvement in our
environmental sustainability,
health and safety, animal
well-being and community
engagement.
GELT
Leads our strategic delivery
and ensures organisational
alignment, engagement
and efficient execution.
Genus Portfolio
Steering Committee
Gives us a comprehensive
view of our R&D programme
and involves our business
units in prioritising our R&D
initiatives.
Remuneration Committee
Determines remuneration
for our Executive Directors
and senior management, to
support our growth strategy
and deliver value
for stakeholders.
Audit & Risk Committee
Ensures the integrity of our
financial reporting,
evaluates our risk
management and internal
control system, and
oversees the internal and
external auditors.
See pages 69 to 73 for
the Committee’s report
See pages 74 to 96 for
the Committee’s report
Our Board, Committee and management structure
The diagram below shows the Board and the Committees that report to it:
The roles and responsibilities of the Board and its
Committees are set out in the Matters Reserved for
the Board and the Committees’ Terms of Reference,
which can be found in the Corporate Governance
section of our website.
The Board sets formal authorisation levels and
other controls that allow it to delegate authority
to run our businesses to the Chief Executive, GELT
and their management teams.
The Directors’ roles and responsibilities
To ensure we have clear responsibilities at the
top of the Company, the Board has set out well-
defined roles for the Chairman and Chief Executive.
These, along with the responsibilities of our other
Directors, are summarised in the table below.
Title Responsibilities
Chairman
Iain Ferguson CBE
Iain’s primary responsibility is to lead the Board and ensure it operates
effectively. He achieves this in part through promoting an open culture,
which allows people to challenge the status quo, and by holding meetings
with the NEDs without the executives present. Iain also communicates
directly with shareholders.
Chief Executive Officer
Jorgen Kokke
Jorgen is responsible for devising and implementing our strategy and for
managing our day-to-day operations. He is accountable to the Board for
the Group’s development, in line with its strategy, taking into account the
risks, objectives and policies set out by the Board and its Committees.
Chief Financial Officer
Andy Russell
Andy is responsible for helping the Chief Executive Officer to devise and
implement the strategy, and for managing the Group’s financial and
operational performance.
Senior Independent NED
Lesley Knox
Lesley provides a sounding board for the Chairman and is an alternative
line of communication between the Chairman and other Directors. She
leads meetings of the NEDs, without the Chairman present, to appraise the
Chair’s performance, and consults with shareholders in the absence of the
Chairman and Chief Executive.
NEDs
Celia Baxter, Lysanne Gray
1, 2
Ralph Heuser, Bob Reiter
The NEDs constructively challenge, oversee and help to progress the
execution of our strategy, the management of the Group and the
management of our governance structures, within the risk and control
framework set by the Board.
1 Also a Workforce Engagement Director.
2 Also the Board’s Sustainability Sponsor.
Genus plc Board
Other teams reporting to the Board
Board Committees
Nomination Committee
Reviews the Board’s
structure, size and
composition and proposes
candidates for
appointment to the Board.
See pages 65 to 68 for
the Committee’s report
64Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Division of Responsibilities continued
Non-Executive Director independence
The Board believes that all of the NEDs are
independent in character and judgement, and
that there are no relationships or circumstances
that are likely to affect (or could appear to affect)
their judgement. As required by the Code, the
Chairman was independent on appointment.
The Board recognises that Lysanne Gray was
appointed as a Director in April 2016 and has
served more than ten years on the Board. The
Board considered Lysanne’s tenure, objectivity and
independence as part of its annual evaluation
of the Board and ongoing succession planning,
taking into consideration her pivotal role as Chair
of the Audit & Risk Committee at a time when the
Company has been onboarding a new auditor
and overseeing the transition to a new Chief
Financial Officer. As discussed on page 65, the
Board has appointed Spencer Stuart to undertake
a comprehensive search to identify a successor
to Lysanne and she has agreed to remain on
the Board to support the further transition to
a new Chair of the Audit & Risk Committee in
due course. In the meantime, the Board has
concluded that she continues to demonstrate
independence in character and judgement.
Directors’ time commitments
The Board effectiveness review (see page 66)
considered each Director’s other commitments and
concluded that all of the Directors have sufficient
time to discharge their duties to Genus.
The Board recognises shareholders’ guidelines
regarding the number of roles held by Directors
and has noted that at the 2025 AGM, 12.9% of the
votes cast were against Iain Ferguson’s re-election
as a Director. In addition to chairing Genus, Iain
chairs Crest Nicholson plc and Personal Assets
Trust plc. The Board considered Iain’s capacity
as part of the Board effectiveness review and
remains satisfied that he has sufficient time to
dedicate to Genus. This took into account that
Personal Assets Trust plc is externally managed
and requires less time than a regular FTSE 250
appointment. The Board also remains satisfied
that Iain has consistently demonstrated his ability
to dedicate a significant and appropriate portion
of his time to the Company. The Board therefore
concluded that Iain’s external appointments do
not result in overboarding or a conflict of interest.
65Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Dear Shareholder
This was another busy year
for the Committee, as we
focused on succession planning
and strengthened the Board
with the appointment of two
Non-Executive Directors.
We were also pleased to
welcome Andy Russell as Chief
Financial Officer, following
the recruitment process we
conducted during FY25. Full
details of his recruitment
can be found on page 72 of
the FY25 Annual Report.
Iain Ferguson CBE
Nomination Committee Chair
9 September 2026
Non-Executive Director
recruitment
In my report to you last year,
I noted that we were working to
recruit a successor to Professor
Jason Chin, who was the
Board’s scientific expert and
supported the Group’s R&D
initiatives as Chair of our Scientific
Advisory Board. Our aim was
to identify a candidate who
offered intellectual, scientific
and commercial excellence,
with a preference for someone
who had worked with major
research-based companies.
Following a thorough search
process, we appointed Dr Bob
Reiter as a Non-Executive Director
with effect from 1 January 2026.
Bob has substantial experience
in genetics and gene-editing
technologies, as well as
translating scientific projects into
commercial opportunities. He
QUICK READ
• Increased Board focus on strategy, enabled by
redesigning the Board calendar
• Panel of scientific advisors created, to replace
the previous Scientific Advisory Board
• Continued refresh of the Board, with recruitment
of a new CFO and two Non-Executive Directors
• Board work on culture confirms it remains strong
and aligns to purpose and strategy
• Nomination Committee Report
• Welcomed Andy Russell as the Group’s new
Chief Financial Officer
• Recruited Dr Celia Baxter and Dr Bob Reiter as
Non-Executive Directors, adding highly valuable
skillsets to the Board
• Continued to focus on succession planning for
the Board and senior management
Composition, Succession and Evaluation
Nomination Committee Report
management and their teams,
as well as tours of our facilities
and meetings with customers
of both PIC and ABS.
The Board’s composition,
skills and succession
planning
At the year end, the Board
comprised five independent
NEDs, two Executive Directors
and me as Non-Executive
Chairman. We therefore
continue to comply with the
Code requirement that at least
half the Board, excluding the
Chair, should be independent
NEDs. The Board’s collective
skills and experience can be
found in the table on page 56.
Succession planning for Board
positions was a particular focus
in the year, as we carefully
manage the succession to two
long-standing NEDs, Lysanne
Gray and Lesley Knox.
Lysanne chairs the Audit &
Risk Committee and is one
of our designated Workforce
Engagement Directors. She joined
the Board in April 2016 and while
our succession planning typically
reflects a nine-year tenure limit
for NEDs, we recognised the
importance of extending her term
beyond this. This has enabled
Lysanne to play a key role in the
effective transition from Deloitte
to PwC as the Group’s external
auditor, as well as supporting
Andy Russell’s onboarding as
CFO (see below). We were
pleased that shareholders
strongly supported our decision
to extend her term at the 2025
AGM, with 98% of votes in favour
of her reappointment. Subject
to re-election at the AGM in
November 2026, Lysanne will
retire as an NED following the
2027 AGM, to enable a smooth
handover to the next Chair of
the Audit & Risk Committee.
Lesley is our Senior Independent
Director, Chair of the
Remuneration Committee and
our other designated Workforce
Engagement Director. She
joined the Board in June 2018
and intends to retire following
the 2027 AGM, subject to her
reappointment at the AGM this
year. Celia Baxter will become
Chair of the Remuneration
Committee at that date,
again allowing for a managed
handover of responsibilities.
Another of our priorities for the
year was to consider an increase
in the Board’s size, to ensure
we have the capacity and
expertise to oversee a growing
and increasingly complex Group.
Celia and Bob’s appointments
expanded the Board by one
role overall, with Bob filling the
vacancy created by Jason
Chin’s retirement. The planned
recruitment of Lysanne’s successor
will further increase NED numbers
in the short term. This will allow
us to assess the balance and
effectiveness of a larger Board
and whether we will benefit
from additional recruitment
once Lysanne and Lesley retire,
which will otherwise reduce
the Board to its previous size.
The Committee also reviewed
succession planning for GELT
members, with input from the
Chief Human Resources Officer.
The geographical breadth of
our businesses means that our
succession pipeline features
people from a diverse range of
nationalities and backgrounds.
also has significant experience
of leading R&D in major science-
led companies. Importantly, Bob
is based in the US and can visit
our research facilities in Madison,
Wisconsin, on a regular basis.
As part of our succession planning
(see below), Dr Celia Baxter joined
us as a Non-Executive Director
with effect from 19 November
2025. Our review of the Board
skills matrix had identified
human resources as an under-
represented area and Celia
has had a successful executive
career in HR roles at multinational
businesses. She also has global
experience in strategy, branding,
mergers and acquisitions, and
change management, giving
her a highly valuable skillset.
We used Russell Reynolds to
conduct both searches. It has
no other connection to the
Group or to individual Directors.
As noted on page 9, we require
new NEDs to devote up to ten
days to a thorough induction,
which typically includes
international travel to see our
operations. Bob and Celia’s
programmes included:
• meetings with the Executive
Directors, GELT members and
other members of the senior
management team;
• visiting the ABS site in Ruthin,
UK, and PIC, ABS and IntelliGen
locations in the US; and
• attending the R&D Innovation
Day (see page 9) to give them
insight into our scientific work.
These programmes included
numerous opportunities
to meet and engage with
senior and local operational
Iain Ferguson CBE
Nomination Committee Chair
66Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
01
Assessment
The Committee reviews the Board’s current skills and
experiences across a range of relevant areas.
This results in a skills matrix (see page 56), which identifies
the skills coverage across all Board members.
Potential skills gaps are identified, so they can be incorporated
into future succession planning at Board and Executive level.
Areas for ongoing Board upskilling are identified and discussed.
03
Execution
The Committee identifies the desired skills for any new NED,
for use in filling any future vacancies on the Board.
Potential internal candidates for promotion to Executive
Director are identified.
02
Approach
The Committee applies engagement rules for succession
planning, including:
• ensuring succession planning is in line with the Committee’s
terms of reference;
• considering the need to replace the skills of any departing
NED; and
• filling any missing skills required for the Company’s
strategic direction.
Job specifications for the non-executives and executives
are kept up to date.
Our three-stage succession planning process
Composition, Succession and Evaluation continued
Nomination Committee Report
Onboarding our Chief
Financial Officer
Andy Russell joined the Board
in August 2025 and one of
the Committee’s priorities for
the year was to assist him
with settling into his role.
Andy’s induction programme
followed a similar structure to
the Non-Executive Directors’
induction and included:
• meetings with the Directors,
GELT members and other
members of the senior
management team;
• meetings with the Company’s
advisers and auditors;
• meetings with the Company’s
key investors;
• visiting corporate offices in the
UK and the US, the ABS site in
Ruthin, UK, and PIC, ABS and
IntelliGen locations in the US;
and
• attending the R&D
Innovation Day.
This comprehensive programme
included numerous opportunities
to meet and engage with
senior and local operational
management and their teams,
as well as tours of our facilities
and meetings with customers
of both PIC and ABS.
In addition, in July 2026 we
commissioned Deloitte to
interview Andy, other Board
members and a number of his
direct reports, to gain two-
way feedback on his first nine
months as CFO and identify any
further support he might need.
Board training and
development
All Board members are required
to complete annual training in
areas such as anti-bribery and
corruption, cyber security and
avoiding bias, which we provide
online through Genus University.
The Board has also had sessions
with experts on key topics,
such as consumer acceptance
for PRP, and received updates
on Provision 29 of the Code.
Diversity
Our Board diversity policy
requires us to consider diversity
in its broadest sense. In addition
to the competences that
any board requires, we need
Directors who between them
have a strong grasp of the
food production value chain,
science and biotechnology,
regulated products and how
to successfully operate in our
core markets in North and Latin
America, Asia and EMEA. We
can only obtain this breadth
of capability and successfully
develop and execute our
strategy by recruiting a diverse
Board with different skills,
backgrounds, regional and
industry experiences, races,
genders and other qualities.
As a result the Board,
with the support of the
Nomination Committee:
• considers all aspects of
diversity when reviewing the
composition and requirements
of the Board as well as the
individual composition and
requirements of each of its
Committees and when
conducting the annual Board
effectiveness evaluation;
• encourages development of
internal high-calibre people,
to help develop a pipeline of
potential Executive Directors;
• considers a wide pool of
candidates for appointment
as Non-Executive Directors,
including those with little
or no listed company
board experience;
• ensures a significant portion of
the long-list for Non-Executive
Director positions are women
and candidates from a minority
ethnic background;
• considers candidates against
objective criteria and with
regard to the benefits of
Board diversity; and
• only engages executive search
firms who have signed up to
the voluntary Code of Conduct
on gender and ethnic diversity
and best practice.
A copy of the policy can
be found on our website:
www.genusplc.com. The
Committee reviewed the policy
in FY26 and concluded that
it remained appropriate. We
followed the policy throughout
the year, notably when
considering the Non-Executive
Director recruitment, Board
composition and succession
planning, as described above.
The Board Diversity Policy
commits us to meeting the
Listing Rules targets for Board
diversity. However, at the year
end we met only one of the three
targets, which is for at least one
senior Board role to be held by a
female Director. Our SID, Lesley
Knox, satisfies this requirement.
The number of female Directors
was unchanged overall during
FY26, with Alison Henriksen
retiring as CFO and Celia Baxter
joining the Board. As a result,
we had three female Directors
(37.5%) at the year end, just
below the target of 40%. We
also had no Directors from a
minority ethnic background
(target: at least one), following
Jason Chin’s retirement in the
previous financial year. During
the recruitments of both Celia
Baxter and Bob Reiter, we
requested lists of candidates
from diverse backgrounds
and made appointments
based on individual merit, in
line with our Diversity Policy.
We will look to address both
aspects of the Board’s diversity
through future recruitment.
Among our senior team, three
of the eight GELT members
at the year end were female,
comprising 37.5% of the total. As
of 30 June 2026, GELT’s direct
reports (excluding support staff
such as PAs) included 14 females
(27.5%) and 37 males (72.5%).
67Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Composition, Succession and Evaluation continued
Nomination Committee Report
Service contracts and letters
of appointment
Copies of the Directors’
service contracts and letters
of appointment will be
available for inspection at the
Company’s registered office
during normal business hours
until the conclusion of the AGM
on Wednesday 18 November
2026, and at the AGM from at
least 15 minutes prior to the
meeting until its conclusion.
Committee effectiveness
The Board considered the
Committee’s effectiveness
as part of the overall
Board evaluation process
described on page 68. This
showed the Committee
continues to perform well
and there were no significant
suggestions for change.
The tables below show the diversity of the Board and our executive management at 30 June 2026:
Board and executive management gender breakdown
Number of
Board members
Percentage of
the Board
Number of
senior positions
on the Board
Number in
executive
management
Percentage
of executive
management
Men 5 62.5% 3 5 62.5%
Women 3 37.5% 1 3 37.5%
Not specified/prefer not to say – – – – –
Board and executive management ethnicity
Number of
Board members
Percentage of
the Board
Number of
senior positions
on the Board
Number in
executive
management
Percentage
of executive
management
White British or other White (including minority white groups) 8 100% 4 8 100%
Mixed/multiple ethnic groups – – – – –
Asian/Asian British – – – – –
Black/African/Caribbean/Black British – – – – –
Other ethnic group, including Arab – – – – –
Not specified/prefer not to say – – – – –
1 Chair, Chief Executive, Chief Financial Officer and Senior Independent Director.
2 Executive management is the Genus Executive Leadership Team (see pages 62 to 63), which includes the Chief Executive and CFO.
Workforce gender breakdown
30 June 2026 30 June 2025
Male 1,739 60.9% 1,997 62.4%
Female 1,117 39.1% 1,193 37.4%
Focus areas for FY27
Our priorities for the
year ahead are to:
• recruit a successor for Lysanne
Gray and ensure a smooth
transition to new Chairs of the
Audit & Risk and Remuneration
Committees; and
• continue to focus on
succession planning, including
at GELT level.
68Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Year 1
An external Board effectiveness
review produces an action plan
for the areas of focus identified
by the review.
Year 2
A follow-up questionnaire by the
same external consultant enables
us to monitor our progress with
the focus areas.
Current year
Year 3
An internal review using
questionnaires and interviews
with the Chair of the Board.
This was year two of our Board
evaluation cycle, following the
external review facilitated by
Gould Consulting in FY25. We
conducted a hybrid evaluation
this time. Gould interviewed Andy
Russell, Celia Baxter, Bob Reiter
and Lucie Grant, our Group
General Counsel & Company
Secretary, all of whom joined
after the FY25 evaluation, with
the other Directors completing
an online questionnaire. The
questions were based on those
used in the FY25 evaluation,
focusing on the areas that
had generated pertinent
responses during that process.
The evaluation showed that the
Board continued to function well
and highlighted the following
areas for consideration:
• continued focus on succession
planning for GELT roles and
their direct reports; and
• capturing feedback from the
new Non-Executive Directors.
We have already addressed the
request to capture feedback
from the new NEDs, with
Jorgen Kokke and I meeting
them in June 2026 to discuss
their thoughts. This was a
valuable exercise and did not
identify any material issues
for the Board to consider.
Directors’ evaluation,
election and re-election
The Chairman meets all the
Directors individually to discuss
their performance and the
Committee Chairs also receive
feedback on their roles through
the Committee evaluations.
The Executive Directors have
stretching financial and
strategic targets each year,
which determine their annual
bonus payments (see the
remuneration report on page 74).
As noted above, the evaluation
process gathers feedback from
the Directors on the Chairman’s
performance. The SID also
leads meetings of the NEDs to
appraise the Chairman and
discusses the output with him.
Following these reviews, the
Board confirms that all the
Directors continue to be effective
and demonstrate commitment
to their roles. All the Directors are
therefore offering themselves
for re-election, as required by
the Code. More information
can be found in the Notice of
AGM, which is available on
the Company’s website.
Iain Ferguson CBE
Nomination Committee Chair
9 September 2026
Progress with FY26 focus areas
The FY25 review identified the following topics for the Board to consider during FY26:
Focus area Progress
Allocate more time to strategic matters, in
particular the strategic imperatives identified
during the Board strategy day. As part of this, the
Board meeting cadence will change to allow two
interim strategy updates per year.
We have addressed this through the changes to
the Board calendar, as discussed in the Chairman’s
Letter on page 50.
Heighten the Board’s focus on the longer-term
investment choices in R&D.
The Board took part in an Innovation Day with the
R&D teams in Madison in June 2026. See page 9
for further information.
Review the Board’s composition and size, to ensure
orderly NED succession planning, address any skills
gaps and further improve Board effectiveness.
This was a key focus for the Nomination Committee
during the year, as set out on page 65.
Enhance focus on succession for GELT. The Nomination Committee continued to focus
on GELT succession and conducted its annual
review with the support of the Chief Human
Resources Officer.
Improve Board papers, to provide greater clarity
on the purpose of each paper and what the Board
is being asked to consider.
Board papers have been enhanced, including the
introduction of quarterly balanced scorecards.
Composition, Succession and Evaluation continued
Nomination Committee Report
Board evaluation cycle
69Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Dear Shareholder
On behalf of the Audit & Risk
Committee, I am pleased to
present the Committee’s report
for the year ended 30 June 2026.
Our Committee acts on
behalf of the Board and
shareholders to ensure the
integrity of the Group’s
financial reporting, evaluate
its system of risk management
and internal control, and
oversee the performance
of the internal and external
auditors. We have an annual
work programme to deliver
these commitments, which
we followed during the year.
All Audit & Risk Committee
members are independent Non-
Executive Directors who bring a
range of financial, commercial
and scientific expertise. Dr Celia
Baxter was appointed to the
Board and the Committee
with effect from 19 November
2025, and Dr Robert Reiter with
effect from 1 January 2026.
The Committee’s membership
continues to comply with the
UK Corporate Governance
Code and related guidance.
All members received regular
updates from the external
auditor to maintain current
knowledge of the accounting
and financial reporting
standards relevant to the
Group, as well as regulatory
developments and changes
in auditing standards.
QUICK READ
• Regular reviews of the Group’s Principal and
emerging risks together with mitigation activities
• Reviewed regular updates on the programme of
activity undertaken to ensure compliance with
Provision 29 of the revised UK Corporate Governance
Code 2024 which applies to the group from FY27
• Oversight of the work of both the internal and
external auditors, plus the outcome of specialist
independent third party reviews of processes and
controls in relation to cybersecurity and treasury
Audit, Risk and Internal Control
Audit & Risk Committee Report
Our focus on risk management
continued throughout the
year, with regular reviews and
assessment of the Group’s
principal and emerging risks
and the associated mitigation
plans. In particular, we focused
on the risks associated with
cyber security, biosecurity, sexing
technology, climate change,
and geopolitical developments,
shifts in global trade policies
and regional conflicts, and their
impact on global trade, supply
chains and the wider economy.
The Committee continued to
monitor the Group’s operations
in Russia, including compliance
with international sanctions
and licensing requirements.
Management has continued
to strengthen the Group’s
cyber security framework
during the year. The focus
has been on enhancing
capability, developing a cyber
controls dashboard to improve
monitoring and oversight, and
a project to enhance IT general
controls, working closely with the
external auditor. The Committee
has received regular updates
on progress and continues to
monitor this area closely.
Lysanne Gray
Chair of the Audit
& Risk Committee
9 September 2026
The Committee has focused
during the year on preparing
for the requirements of Provision
29 of the revised UK Corporate
Governance Code 2024, which
will apply to the Group from
FY27. A structured programme
has been undertaken to identify
the Group’s material controls
across financial, operational,
reporting and compliance
areas, and to conduct a dry-run
assessment to support a future
declaration of effectiveness.
The Committee continues to
oversee progress and is satisfied
that the Group is advancing
appropriately ahead of the first
formal declaration in 2027.
We have carefully considered the
critical accounting policies and
judgements, assessed the quality
of disclosures and compliance
with financial reporting
standards, and reviewed both
the interim report and the
Annual Report, together with
the related management and
external audit reports. We also
supported the Board in reviewing
the going concern and viability
statements and supporting
analysis and disclosure, as well
as the Company’s Task Force
on Climate-related Financial
Disclosures (‘TCFD’) disclosures.
We assessed the effectiveness
of internal and external audit
during the year through review
of the work performed and
discussions with both functions,
and concluded that both
continued to operate effectively.
Lysanne Gray
Chair of the Audit & Risk Committee
70Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Audit, Risk and Internal Control continued
Audit & Risk Committee Report
Committee composition
The Committee members’
biographies, along with
information on Genus’s other
Board members, can be
found on pages 52 to 53.
The Board has confirmed that
it is satisfied that Committee
members possess an appropriate
level of independence
and relevant financial and
commercial experience
across various industries
relevant to the Company.
The Committee has formal
terms of reference, approved
by the Board, that comply with
the UK Corporate Governance
Code. These are available from
the Company’s website, www.
genusplc.com. The Committee
reviewed these terms of
reference during the year.
Committee role and
responsibilities
The Committee reports its
findings to the Board, identifies
any matters that require
action or improvement, and
makes recommendations
about the steps to be taken
Committee effectiveness
Every three years the Board
appoints an external consultant
to independently evaluate
its performance, and that of
its Committees. An externally
facilitated review was
undertaken in FY25 by Gould
Consulting. During FY26, the
Committee’s effectiveness
was assessed as part of
the Board’s annual internal
effectiveness review and it was
concluded that the Committee
continued to operate effectively,
independently and with a strong
focus on risk identification
and management. The next
externally facilitated evaluation
will be undertaken in FY27.
The committee’s main
activities during the year
During the year, the Committee
held five meetings. The
Committee invited the Group’s
Chairman, Chief Executive,
Chief Financial Officer,
Group Financial Controller,
Head of Risk Management
and Internal Audit, Head of
Financial Reporting, Group
Head of Control and Insurance,
and senior representatives
of the external auditor to
attend these meetings.
The Committee also held
separate private sessions
during the year with the
Head of Risk Management
and Internal Audit and the
external audit lead partner.
Financial reporting
The main areas of focus and matters where the Committee specifically considered and challenged
management’s judgements are set out below:
Financial reporting area Judgements and assumptions considered
Impact of Russian
Sanctions on
Financial Reporting
The Committee has reviewed the Group’s assessment of the impact of
Russian sanctions on the year-end financial reporting. The assessment
considered whether:
• the Group still has control over the assets and operations of the
Russian entities;
• it is still appropriate to consolidate the entities in the Group’s
financial statements;
• any impairment of assets held in those entities is required; and
• the Russian entities have sufficient cash resources to allow day-to-day
operations to continue.
The Committee discussed management’s assumptions on whether it has
control over the operations and assets given the international sanctions
currently in place, reviewed management’s impairment analysis and
discussed future plans and cash flow projections.
The assessment was performed with reference to IFRS 10 ‘Consolidated
Financial Statements’ and the Committee was satisfied with management’s
conclusion that it is still appropriate to consolidate the Russian entities,
that there is no impairment of assets required at the year end and that the
entities have sufficient cash flow to enable the businesses to operate on a
day-to-day basis and be able to meet their liabilities as they fall due.
The Committee also reviewed the disclosures in note 4 – Critical
Accounting Judgements relating to restricted cash balances held in Russia,
management’s judgements in applying the accounting policies, and the key
assumptions and sources of estimation that have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities within
the next financial year.
The Committee also reviewed management’s assessment of ongoing
licensing requirements and regulatory developments affecting the Group’s
Russian operations.
Following this detailed review and discussion with management, the
Committee has concluded that the presentation of the financial statements
and the associated disclosures is appropriate.
71Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Audit, Risk and Internal Control continued
Audit & Risk Committee Report
Financial reporting area Judgements and assumptions considered
Biological assets
valuation
In compliance with IAS 41, Genus records its biological assets at fair value
in the Group Balance Sheet, totalling £270.6m, with the net valuation
movement shown in the Income Statement.
The Committee reviewed the methodology and outcomes of the biological
assets valuation and considered management’s key assumptions and
estimates supporting the valuation of bovine and porcine biological assets.
The Committee also reviewed the external auditor’s work in this area and
considered the sensitivity of the valuation to changes in key assumptions.
The Committee received updates on enhancements to the valuation models
and the related control environment supporting the valuation process. This
included improvements designed to strengthen the operation of the models
and the review of their outputs.
The Committee was satisfied that the methodology remained appropriate,
that the assumptions applied were reasonable and that the resulting
valuation and disclosures were appropriate.
The net valuation movement recognised in the Income Statement was a net
expense of £1.3m for bovine biological assets and a net gain of £14.1m for
porcine biological assets.
The Committee also considered the valuation of PRRS-resistant pigs
(‘PRP’) and reviewed management’s methodology and assumptions. The
Committee was satisfied that the fair value of PRP inventory and the related
accounting treatment remained appropriate.
Going concern and
viability statement
In assessing the Group’s going concern and viability, the Committee reviewed
the Group’s budget and strategic plan, its credit facility agreement, principal
risks and uncertainties, liquidity and capital projections, and a range of
downside scenarios, including severe but plausible stress cases.
For the going concern assessment, the Committee considered a period of 12
months from the date of approval of the financial statements and concluded
that the Group had adequate resources to continue in operational existence
for the foreseeable future.
Separately, for the viability assessment, the Committee advised the Board
that the three-year period was appropriate, reflecting the Group’s strategic
planning cycle and the nature of its principal risks. The Committee was
satisfied that the assumptions underpinning the viability analysis were
reasonable and that the disclosures relating to the assessment periods,
assumptions and methodology were appropriate.
Financial reporting area Judgements and assumptions considered
Presentation and
disclosure of
exceptional and
adjusting items
Genus had £196.8m of adjusting items, including £5.8m of net exceptional
items recognised in the Group Income Statement. Other gains and losses
totalled £204.3m and principally related to the formation of the PIC China
joint venture. The Committee considered the presentation of these items in
the financial statements, due to the nature of these items and the guidelines
on the use of alternative performance measures issued by the European
Securities and Markets Authority.
The Committee received detailed reports from management outlining the
judgements applied in relation to the disclosure of adjusting items, which
include net IAS 41 valuation movement on biological assets, amortisation of
acquired intangible assets, share-based payment expense, other gains and
losses and exceptional items. For adjusting items, the Committee took into
consideration their volatility and lack of correlation with core operational
progress and performance of the business. Specifically, for exceptional
items, the Committee took into consideration the materiality, frequency and
nature of the items. Following this detailed review and active discussion with
management, the Committee has concluded that the presentation of the
financial statements is appropriate.
Impairment review Goodwill and other intangibles are tested annually for impairment in
accordance with IAS 36 Impairment of Assets. The Committee considered
management’s goodwill and intangible asset impairment review and,
particularly in respect of the ABS and Xelect cash-generating units (‘CGUs’),
considered the assumptions, associated disclosures, and management’s
models underpinning the estimates and judgements. The Committee also
considered the external auditor’s report on this area. After due challenge
and discussion the Committee was satisfied with these assumptions and
judgements, including the sensitivity analysis.
72Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Audit, Risk and Internal Control continued
Audit & Risk Committee Report
Oversight of internal audit
and external audit
Internal audit
The Committee reviewed
and approved the internal
audit function’s scope, terms
of reference, resources and
activities. The Committee was
satisfied that the coverage
and quality of the internal
audit process remained
appropriate. The Head of Risk
Management and Internal
Audit provided regular reports
to the Committee on the work
undertaken and management’s
responses to proposals made
in the internal audit reports
issued during the year. The
Committee continued to meet
the Head of Risk Management
and Internal Audit without
management being present.
The Committee reviewed and
was satisfied with the internal
audit function’s performance.
External audit
The Company has complied
with the Statutory Audit
Services Order for the
financial year under review.
The Committee reviewed
and agreed the external
auditor’s scope of work and
fees, held detailed discussions
on the results of the audit
and continued to meet the
external auditor without
management being present.
The Committee reviewed the
external auditor’s objectivity
and independence, monitored
compliance with the Group’s
policy governing the provision
of non-audit services and
reviewed the non-audit services
provided during the year.
The Committee conducted an
audit quality and effectiveness
review through a questionnaire
completed by management
and members of the finance
team, which provided focused
insight into PwC’s performance.
The Committee also considered
relevant audit quality inspection
findings relating to the firm
and sought confirmation
that any recommendations
applicable to the Group’s
audit engagements had been
appropriately addressed.
During the year, the Committee
reviewed the Group’s policy
on the provision of non-audit
services and was satisfied
that the non-audit services
provided remained consistent
with that policy and did not
impair auditor independence.
External auditor independence
Maintaining the objectivity
and independence of the
external auditors is essential.
The Committee has taken
appropriate steps to ensure
that the Company’s external
auditors are independent of
the Company and obtained
written confirmation from them
that they comply with guidelines
on independence issued by
the relevant accountancy
and auditing bodies.
Additional non-audit services
provided by the auditors may
impair, or appear to impair, their
independence. The Group’s
policy on the provision of
non-audit services is aligned
with the FRC’s Revised Ethical
Standard 2024 to provide
clarity over the type of work
that is acceptable for the
external auditors to carry out.
Risk management and
internal control framework
The Audit & Risk Committee
has responsibility for reviewing
and monitoring the Group’s
risk management and
internal control framework
on behalf of the Board.
Risk management
The risk management system
is designed to identify,
evaluate and prioritise the
risks and uncertainties Genus
faces. The Board sets the
risk appetite, monitors the
Group’s risk exposure and
ensures appropriate executive
ownership for all principal risks.
This ongoing risk management
process for the Group’s principal
risks was in place for the
year under review and up to
the date of approval of the
Annual Report and Accounts.
During FY26, the Audit & Risk
Committee prepared for the
requirements of Provision 29 of
the UK Corporate Governance
Code. As part of this work,
the Group’s principal risks and
key business processes were
used to inform the scope of
material controls identified.
The Committee considered
whether those controls
appropriately addressed the
principal risks and supported
the operation of the wider risk
management framework.
The Board performed its
annual risk review in May 2026,
identifying and evaluating
new and emerging risks and
reassessing the levels of risk
facing Genus as it executes
its strategy. The Committee
considered whether the Group’s
principal risks and risk register
continued to appropriately
reflect the current risk landscape
and emerging risk profile.
During the review, the Board
considered emerging risks,
including developments
in global trade policy, the
continued advancement
of artificial intelligence and
disease outbreaks affecting
key markets and supply chains
The Board continued to monitor
macroeconomic and geopolitical
developments, including
shifts in global trade policies,
sanctions regimes, regional
conflicts, disease-related trade
restrictions and economic
conditions in key growth markets,
and their potential impact on
global trade, supply chains
and the Group’s operations.
Control environment
The control environment
encompasses the culture,
standards, processes and
governance structures that
define how the Company
operates and supports
the effective execution of
control across the Group.
At Genus the tone from the top
drives the control environment.
The Board and Genus Executive
Leadership Team (‘GELT’)
establish a clear commitment to
integrity and ethical values, the
importance of internal control
and the expected standards
of conduct, supported by the
Group’s Code of Conduct,
Values and whistleblowing
arrangements. The Board
provides the authority for
management to determine
appropriate structures, reporting
lines and delegated authorities,
so that responsibilities
are carried out with clear
accountability and by people
with the right skills and expertise.
Group policies, including
financial, operational,
compliance and reporting
policies, were in place
throughout the year and are
reviewed and updated to reflect
regulatory developments and
evolving business needs. During
the year, the Group continued to
strengthen its control framework
through the identification and
assessment of material controls
across financial, operational,
reporting and compliance
activities. Documentation,
testing and monitoring processes
were enhanced to support
the ongoing evaluation of
control effectiveness and
future reporting under the UK
Corporate Governance Code.
Strategic plans supported
by detailed operational and
capital expenditure budgets
are prepared annually and
approved by the Board. GELT
regularly reviews business
performance against strategy,
budget and key performance
indicators. Monthly business
unit reviews with the Chief
Executive, Chief Financial Officer,
Group General Counsel and
Company Secretary, and Group
Financial Controller consider
financial results, forecasts and
emerging business risks.
Controls supporting financial
reporting include segregation
of duties, system access
management, management
review, reconciliation processes
and the consolidation and
reporting system. Similar
governance and control
principles apply to non-financial
reporting areas. The Board
oversees the development
and performance of internal
controls and receives assurance
reports from management,
Internal Audit, Risk and the
external auditor to inform its
view on the effectiveness of
the risk management and
internal control frameworks.
The control environment
depends on the integrity and
competence of employees,
which is maintained through
robust recruitment processes,
mandatory training courses
and a consistent approach to
performance management.
73Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Audit, Risk and Internal Control continued
Audit & Risk Committee Report
Internal audit and external
assurance
The internal audit programme
is delivered by an in-house
team, led by the Head of Risk
Management and Internal
Audit, supplemented by
external specialist resources
where needed. The Committee
approves the annual risk-
based internal audit plan and
monitors delivery against it
throughout the year. During
FY26, Internal Audit completed a
risk-based programme covering
a broad range of financial,
operational, compliance
and reporting controls.
The Group’s minimum financial
control standards are
assessed through periodic
entity-level self-assessments,
which are independently
reviewed by Internal Audit.
During FY26, the Group
progressed the documentation
and testing of material
controls across financial,
operational, reporting
and compliance activities.
This included walkthrough
activity to confirm control
design and implementation,
together with testing of
operating effectiveness. The
Head of Risk Management
and Internal Audit was
consulted on the design of the
approach, and the Committee
received regular updates on
progress and outcomes.
An annual Fraud Risk Assessment
is conducted across the Group’s
business units, supporting the
development of the Group’s
response to the UK failure
to prevent fraud offence,
enhancements to related
training and the ongoing
evolution of the Group’s fraud
prevention framework.
The external auditor provides
additional observations on
the control environment
arising from its audit work.
The outcomes of the above
assurance activities, together
with actions designed to address
any matters identified, are
reported to the Committee,
senior management and the
external auditor throughout
the year, with Internal Audit
tracking actions to completion.
Effectiveness of risk
management and internal
control framework
On behalf of the Board, the
Committee reviewed the
effectiveness of the Group’s
risk management and internal
control framework during the
year. The review considered
the outputs of the internal
audit programme, entity-
level self-assessments, the
outputs of the Provision 29
readiness programme, reports
prepared by management
in support of the interim and
annual results, and updates on
emerging and evolving risks.
In carrying out its review, the
Committee considered how
significant risks had been
identified, evaluated, managed
and controlled, whether any
material control weaknesses
had arisen and how these
were being addressed. The
Committee also considered
the ongoing enhancements
to control documentation,
evidencing and testing being
progressed through the Provision
29 readiness programme.
No significant internal control
failures were identified during
the year. Where opportunities to
strengthen the risk management
and internal control framework
were identified, these were being
appropriately addressed through
management remediation plans,
monitored by the Committee.
The Board is therefore satisfied
that the risk management
and internal control systems
continued to operate effectively
throughout the year.
74Genus plc / Annual Report 2026 Corporate Governance Financial Statements Additional InformationStrategic Report
Remuneration Committee Report
Section A – Annual Statement
Lesley Knox
Senior Independent Non-Executive Director
and Chair of the Remuneration Committee
KEY MESSAGES
• Strong shareholder support (99%) for our new Directors’
Remuneration Policy at the 2025 AGM. The Policy is
designed to incentivise the sustained growth of Genus,
support value delivery to investors and retain (and
attract) global executive talent, especially in the US
• Near maximum FY26 annual bonus payouts reflecting
strong positive in-year financial and strategic
performance
• Partial vesting of the 2023 Performance Share Plan
awards, reflecting improving performance over
recent years
• In FY26, the Porcine joint venture in China was
established. The Committee assessed performance
on a consistent basis with how the original targets
were set. This ensured that bonus and PSP outcomes
were fair, appropriate, and reflective of underlying
business performance
• Modest salary/fee increases for CEO and CFO
consistent with relevant employee country budgets
for salary increases
REMUNERATION COMMITTEE REPORT CONTENTS
A. Annual Statement 74–76
New Directors’ Remuneration Policy
Board changes
Executive Directors’ remuneration
for year ending June 2026
Looking forward to financial year ending
June 2027
Other remuneration matters
B. At a Glance 2026 & 2027 77–78
What Executive Directors were paid in 2026
What Executive Directors can earn in 2027
Our performance measures and their
alignment to our strategy
C. Remuneration and Performance Statement 79
Genus’ strategy and its link to variable
remuneration
Executive Directors’ alignment to share price
D. Annual Report on Remuneration 80–93
1. 2026 remuneration outcomes for
Executive Directors
2. How we will implement and operate the
Policy in 2027
3. The Remuneration Committee membership,
advisers and its operation
4. Comparison of the CEO’s remuneration
to historical shareholder returns and to
employees’ remuneration
5. The Chairman and Non-Executive
Directors’ fees
6. Directors’ shareholdings and rights to shares
7. Executive Directors’ contracts and Non-
Executive Directors’ letters of appointment
E. Wider Workforce Remuneration 94–96
All-employee approach to remuneration
CEO pay ratios
Gender pay gap reporting
Terms of reference
The terms of reference for the Committee are in line with the
2024 UK Corporate Governance Code and available to view
at www.genusplc.com.
Committee attendance
A consolidated table of Director attendance at all Board Committee
meetings is set out earlier in the corporate governance section. The
CEO and CFO (as well as other senior management) also attended
the Committee’s meetings by invitation.
75Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Remuneration Committee Report continued
Section A – Annual Statement
On behalf of the Board, I am
pleased to present the Directors’
Remuneration Report for 2026.
New Directors’
Remuneration Policy
At the outset I would like to
thank you, our shareholders,
for the support you showed
at our 2025 Annual General
Meeting. Our Directors’
Remuneration Policy (‘Policy’),
which applies for three years
from the date of that meeting,
was approved with nearly 99%
of shareholder votes in favour,
and the implementation during
2025 of our previous Policy was
approved with over 99% of
shareholder votes in favour.
In my statement last year, I
described how we engaged
with shareholders representing
more than 55% of our register,
as we developed our Policy.
We remain grateful for the time
our shareholders invested, and
the feedback they provided,
which was invaluable to the
Committee as we reflected upon
our formulation of the new Policy.
The new Policy ensures the
interests of Genus, executives
and shareholders continue to
be fully aligned, and focuses
on delivery of the Group’s
strategic objectives.
Board changes
A number of Board changes are
mentioned elsewhere in the
Annual Report and Accounts;
I will summarise them here in
the context of reporting on the
implications for remuneration
and in terms of the membership
of the Committee.
During the year our Committee’s
membership was strengthened
when Celia Baxter and Bob
Reiter joined the Board. We look
forward to benefiting from their
respective perspectives on
Committee matters.
Alison Henriksen stepped
down as an Executive Director
on 31 July 2025. Details of
her retirement arrangements
were outlined in last year’s
remuneration report but
a summary is included for
information in this year’s
remuneration report. Alison
was succeeded as Chief
Financial Officer by Andy Russell,
who joined the Board as an
Executive Director on 1 August
2025. The CFO’s remuneration
arrangements, which were
disclosed in last year’s
remuneration report, have been
set in accordance with the Policy.
Executive Directors’
remuneration for year
ending June 2026
The Executive Directors’
remuneration comprises a salary,
market-appropriate benefits,
pension provisions and variable
remuneration which, in 2026, was
delivered through an annual
bonus with deferral and an
award under our long-term
incentive plans.
A significant proportion of
Executive Directors’ remuneration
is linked to the delivery of
stretching targets linked to
Genus’ short- and long-term
strategy. In approving
remuneration outcomes for
Executive Directors and other
senior executives, the Committee
is mindful of the experience of a
range of stakeholders, including
investors, employees and
customers to provide a balanced
assessment of performance.
2026 annual bonus
Adjusted Group profit excluding
PIC China (accounting for up
to 50% of the annual bonus
of Executive Directors) was
at the maximum for the year,
and improved performance
in the China porcine market
meant that the stretch for
the PIC China element of
the bonus (10% weighting)
was also met. In respect
of the 15% of bonus based
on cash conversion, further
strong in-year performance
resulted in a maximum
payout under this element.
Following the announcement
of the creation of the joint
venture in September 2025,
H1 Group adjusted operating
profit included a net milestone
payment of £5.6m ($7.5m) from
our Chinese partner, Beijing
Capital Agribusiness (‘BCA’).
This accelerated payment
milestone was in lieu of remaining
milestone payments under the
original agreements with BCA.
Consistent with the treatment
of previous milestone payments,
the receipt, alongside the cost
of PRP, is treated as part of
adjusted operating profit. As
such the Committee considered
such elements should have an
impact on FY26 bonus outcomes.
Group profit, PIC China
profit and cash conversion
performance was measured
on a consistent basis with how
the original targets were set
(the original targets assumed
a year of full ownership of PIC
China). See further details
on page 80. The Committee
is satisfied that the resulting
bonus outcome is reflective of
underlying business performance
and therefore no discretion was
applied to the final outcome.
The remaining 25% of Executive
Directors’ bonuses is based on a
number of key strategic
objectives. In assessing this
element, the Committee
discussed the broader strategic
progress made during the year
as well as performance against
the objectives set.
The CEO had another strong
year, making great progress in
key areas linked to the long-term
strategy for the business. The
Board noted his involvement
in the creation of the Chinese
porcine joint venture, designed
to provide a better platform for
growth. The CFO had performed
well in his first year and delivered
strongly, overseeing an excellent
financial performance. Both the
CEO and CFO had partnered
with ABS on the VAP, with
operating profit up 17% in
FY26. The CEO and CFO were
awarded an outcome of 85% and
80% of maximum respectively
for the personal element.
Overall bonuses for the CEO and
CFO were respectively 96.25%
and 95.00% of the maximum. In
line with the Policy, one-third of
the CFO’s bonus will be delivered
in Genus shares that will vest
after three years. As the CEO
has met his shareholding
requirement, the bonus deferral
reduces to 20%.
More information on the
scorecard outcomes and
assessment of individual
performance against strategic
priorities is set out on page 81.
Performance Share Plan
(‘PSP’) vesting
We assessed the performance
conditions for the PSP awards
granted in September 2023.
80% of the awards were
subject to adjusted earnings
per share (‘EPS’) performance
over the three financial
years ending 30 June 2026,
with the balance subject to
ESG-related measures.
The EPS target was partially met
and the targets relating to
greenhouse gas emissions and
genetic improvement were
achieved in full, resulting in an
overall vesting level of 89.8%.
The EPS targets did not envisage
a transfer of PIC China to the
joint venture for the final five
months of the year. Consistent
with the approach applied
for the bonus and to ensure a
fair and appropriate outcome,
the Committee assessed
performance on a like-for-like
basis with how the targets were
originally set. See page 83 for
further details. The Committee
determined that the resulting
PSP outcomes were reflective of
underlying business performance
and no discretion was applied
to the final vesting outcome.
Further, the EPS targets
for the 2024 and 2025 PSP
awards did not envisage the
establishment of the joint
venture. The Committee intends
to review the implications on
these awards in due course
and will provide update in next
year’s remuneration report.
76Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Remuneration Committee Report continued
Section A – Annual Statement
Review of 2026 variable
remuneration outcomes
The Committee determined
that, notwithstanding the
challenging external context,
PIC continued to perform
robustly. As a result of the
actions taken by management
following the R&D strategic
review in February 2024 and VAP,
Company and in particular ABS
profitability had improved. As
such, the Committee felt that
the overall outcomes were a fair
reflection of the performance
of the business and actions
taken by the management
team during the year.
When considering the bonus and
PSP outcomes, the Committee
also noted that:
• Executive Directors had
exposure to share price
movement through their
holdings.
• Recent variable remuneration
for Executive Directors had
been modest. The 2021 PSP
lapsed in full in September
2024 and 80% of the 2022
PSP vesting in September 2025
had lapsed.
• Bonus awards in the previous
four years had averaged 56%
of the maximum payout.
The Committee was comfortable
that the Policy had operated as
expected during the past year.
Looking forward to financial
year ending 30 June 2027
Salary adjustments
The Committee approved
increases to CEO’s and CFO’s
salaries of 3.3% and 3.5%
respectively, effective 1 September
2026. These are in line with the
respective 2026-27 salary
increase budgets for US and
UK-based employees.
Structure of variable
remuneration
Our approach to variable
remuneration focuses on growth
and the long-term sustainable
success of the business.
2027 Annual bonus
The maximum bonus opportunity
remains 200% and 175% of salary
for the CEO and CFO respectively.
The financial scorecard will
continue to determine 75% of the
bonus (split as in 2025 between
adjusted profit measures (60%)
and cash conversion (15%)), with
the remaining 25% being based
on individual strategic objectives.
As a result of the transfer of our
Porcine business in China, we
will no longer have a profit
measure linked to PIC China
performance. There will be a
single profit measure covering
the entire Group.
Due to commercial sensitivity, full
retrospective disclosure of the
targets and performance
against them will be set out in
the Annual Report next year.
2026 long-term incentives
granted in FY27
Executive Directors will be
granted PSP and RSU awards in
September 2026. The award
levels and PSP measures remain
unchanged from last year being,
35% EPS, 35% ROIC, 15% relative
TSR and 15% on genetic
improvement.
Details on the performance
targets to apply to the 2026 PSP
awards are set out on page 86.
In setting our EPS and ROIC
targets, the Committee
considered several factors
including internal and external
reference points.
The Committee will continue to
keep targets for future PSP
grants under review.
Other remuneration matters
Company Chairman fee and
Non-Executive Director fees
The Committee approved a 3.5%
increase to the Company Chair’s
annual fee from £247,550 to
£256,200, effective 1 September
2026. The Committee noted that
the budget for UK employee
salary increases in 2026–27
was 3.5%.
Non-Executive Director fees were
also reviewed by the Board and a
3.5% increase to the base fee from
£60,000 to £62,100 was agreed,
effective 1 September 2026.
Wider workforce and employee
engagement
As in previous years, we have
provided insights on our
people and culture elsewhere
within the Annual Report,
including the role played by
our designated Non-Executive
Workforce Engagement Directors
(Lysanne Gray and myself)
in understanding the overall
employee experience and
satisfaction with remuneration.
We met with employee groups
during the year and, as a Board,
received updates on employee
engagement survey results
and associated action plans.
As a Committee, we again
discussed efforts to improve
female gender representation
across the Group and we receive
regular updates on progress
against internal diversity targets.
We also review the progress
on our gender pay position
within Genus Breeding Limited,
our largest UK subsidiary.
We also received periodic
updates on the approach to
remuneration across the Group
including the competitiveness
of our remuneration in our
markets and our proposed
budgets for salary increases
for the forthcoming year.
Closing remarks
At the 2026 AGM, shareholders
will have an opportunity to vote
on this year’s remuneration
report. On behalf of the
Committee, I hope you will
be able to support the
resolution. If you have any
feedback, I can be contacted
at remunerationchair@
genusplc.com.
We look forward to engaging
with investors in the coming
months in the run-up to this
year’s AGM.
Lesley Knox
Chair of the Remuneration
Committee
9 September 2026
77Genus plc / Annual Report 2026 Corporate Governance Financial Statements Additional InformationStrategic Report
Remuneration Committee Report continued
Section B – At a Glance 2026 & 2027
Chief Executive
Jorgen Kokke
Chief Financial Officer
Andy Russell
1
Salary and core benefits
• Benefits included a car allowance
• Pension allowance of 6% of salary
Salary
$885,421
Pension and benefits
$96,865
Salary £394,167
Pension and benefits
£38,295
2
Annual bonus 2026
• Metrics used: Group (excl. PIC China) adjusted operating profit, PIC China
adjusted operating profit, cash conversion and strategic measures
• One-third is deferred in shares for three years. However, the CEO’s deferral
reduces to 20% as he has met his shareholding requirement
96.25%
Maximum Opportunity 200% of salary
Final outcome = 96.25% of maximum $1,706,031
Maximum $1,772,500
95.00%
Maximum Opportunity 175% of salary
Final outcome = 95.00% of maximum £714,875
Maximum £752,500
WeightingPerformance measures - outcome (as % of max)
0% 100%
% of maximum award
100%Operating profit (excl China PIC)
100%Cash conversion
100%Operating profit (China PIC)
85%Strategic objectives (CEO)
80%Strategic objectives (CFO)
50%
10%
15%
25%
25%
3
PSP (granted in 2023)
The performance measures attached to the awards granted in 2023
were partially met. 89.8% of the award will vest and the balance will
lapse on 13 September 2026.
89.8%
Indicative value
1
Total $3,509,337
1 Calculated based on the average share price
for the three months ending 30 June 2026 (2,352p).
N/A
4
Buyout
As disclosed last year, the CFO was eligible to receive an aggregate
buyout of £433,987 to compensate for deferred variable remuneration
forfeited when the CFO decided to leave his previous employer and join
Genus. The buyout has been delivered in a combination of restricted
shares and cash. Further details were set out on page 81 of the 2025
Annual Report. The buyout is reflected in the single figure of total
remuneration table for 2026.
N/A £433,987
5
Remuneration breakdown
Total $6,197,654
PSP vesting $3,509,337
Annual bonus
Pension and benefits
$96,865
Salary
$885,421
$1,706,031
Total
£1,581,324
Recruitment buyout
Annual bonus
Pension and benefits
£38,295
Salary
£394,167
£714,875
£433,987
WHAT EXECUTIVE DIRECTORS WERE PAID IN YEAR ENDING JUNE 2026
For more detail please see pages 80 to 84
78Genus plc / Annual Report 2026 Corporate Governance Financial Statements Additional InformationStrategic Report
Remuneration Committee Report continued
Section B – At a Glance 2026 & 2027
Chief Executive
Jorgen Kokke
Chief Financial Officer
Andy Russell
1
Salary and benefits
• Increase in salary for Jorgen Kokke and Andy Russell effective 1 September 2026 in line with the budgets for all-employee salary
increases in the US and UK (3.3% and 3.5% respectively)
• Benefits include a car allowance ($20,000 for Jorgen Kokke and £12,000 for Andy Russell)
• The pension allowance is 6% of salary
Salary
$915,500
(3.3% increase from $886,250)
Salary
£445,050
(3.5% increase from £430,000)
2
Annual bonus for FY27
• Metrics used and weighting: Group adjusted Operating Profit (60%), Cash Conversion (15%), Strategic measures (25%)
• One-third is deferred in shares for three years. However, deferral to be reduced to 20% if the Executive Director has met their
shareholding requirement
• As Jorgen Kokke’s salary is denominated in US dollars, a currency conversion is completed ahead of making any share awards
(e.g. deferred shares, performance shares) to convert any US Dollar-denominated value into GB pounds to determine the number
of Genus shares to be awarded. A prevailing exchange rate prior to grant is used
Maximum bonus opportunity
200% of salary
Maximum bonus opportunity
175% of salary
3
PSP (to be awarded in September 2026)
• Awards vest after three years subject to performance against identified measures.
• 35% linked to adjusted EPS
• 35% linked to return on adjusted invested capital
• 15% linked to Genus TSR relative to FTSE 250 (excluding investment trusts)
• 15% linked to core strategic metric (genetic improvement)
• Two-year post-vesting holding period
133.33% of salary 133.33% of salary
4
RSU (to be awarded in September 2026)
• Awards vest subject to continued employment and Committee assessment of a discretionary underpin
• Two-year post-vesting holding period
66.67% of salary 66.67% of salary
WHAT EXECUTIVE DIRECTORS CAN EARN IN YEAR ENDING JUNE 2027 (AND HOW)
For more detail please see pages 85 to 87
Element
FY27
annual bonus
2026
PSP Alignment to strategy/rationale for selection
Profit growth • A key performance indicator of Group performance
• Sharing in value created to deliver returns for shareholders
Cash conversion
• Generation of cash for reinvestment and dividends
Delivery of strategic objectives
• A focus on specific factors aligned with Genus’ short- and medium-term priorities that provide the foundation for future growth
Adjusted earnings per share growth
• A key performance indicator of underlying performance
• Alignment to our stated medium-term growth aspirations
Genetic improvement within porcine,
bovine and dairy
• At the heart of our business: ‘Pioneering animal genetic improvement to sustainably nourish the world’. Helping farmers produce
more output with fewer inputs
Return on adjusted invested capital
• Measures our ability to efficiently invest our capital and gives us a sense of how well we are using our resources to generate returns
Relative total shareholder return
• A key measure of Genus’ return to shareholders through the cycle
Our performance measures and their alignment to strategy
79Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Remuneration Committee Report continued
Section C – Remuneration and Performance Statement
Genus’s strategy and its link to performance-related pay
Our strategy and the way this is linked to variable
remuneration is shown below.
Performance components and their impact on remuneration
Director 2025 2026 Movement % Director
Adjusted results
Revenue £672.8m £658.1m (2)% Input to Annual Bonus profit and earnings per share in PSP
Adjusted operating profit incl. JVs £93.1m £116.0m 24.6% Adjusted profit is an Annual Bonus measure
Cash conversion incl. JVs 114% 94% (17)%pts Cash conversion is an Annual Bonus measure
Adjusted earnings per share 81.8p 109.8p 34.2% PSP performance condition
Dividend per share 32.0p 35.2p 10% Executives rewarded via dividends on vested shares
post exercise
Share price at year end 2,045p 2,148p 5% Influences the vested value of deferred bonuses and
long-term incentive awards. Total shareholder return
is a PSP performance condition
Values in the table are in actual currency as shown in the Annual Report. Adjustments can be made to these for the purposes of calculating
awards under the variable remuneration plans as described in this report and/or in line with the Remuneration Policy.
Executive Directors’ alignment to share price
The table below shows the value of shares currently held by Executive Directors as well as certain unexercised share awards (on a post-tax
basis). It does not include unvested Performance Share Plan (‘PSP’) and Restricted Share Unit (‘RSU’) awards, which have the potential to
significantly increase the alignment of the individuals, subject to the resulting level of vesting.
Shares
owned
Shares
awarded
(post-tax)
1,2
Total
share
exposure
Indicative
value on
30 June 2026
(£)
3
Impact of a
+/- 10% share
price change
(£) Commentary
Jorgen Kokke , , , ,, , Significant alignment to Genus through his ordinary
shareholding, in-flight awards and his future variable
remuneration opportunity
Andy Russell – , , , , Aligned to share price movement through in-flight share
awards including those awards made on appointment
(as part of this buyout) and through his future variable
remuneration opportunity
1 Includes unexercised Deferred Share Bonus Plan (‘DSBP’) awards and vested but unexercised PSP awards and, in the case of Andy Russell, 9,014 unvested shares granted in
September 2025 on joining the Company as part of his buyout arrangements.
2 For the purposes of this disclosure, the effective tax rates for Jorgen Kokke and Andy Russell are 40% and 47% respectively.
3 Value calculated using the average share price for the final quarter of the financial year ended 30 June 2026 (2,352p).
Strategic measures in the annual bonus: these focus on key
activities in pursuit of our defined longer-term strategy
Strategic objectives recognise wider progress than financial
measures alone
Measured through the profit element in the Annual Bonus
Over the longer term will flow into EPS, ROIC and Genetic
Improvement, all PSP measures
Measured through the cash element of the Annual Bonus
Increase genetic control and product differentiation
Targeting key markets and segments
Sharing in the value delivered
Success measured by
Link to remuneration policy
R&D and business innovation
Proprietary genetic improvement and dissemination positions
Volume growth
Operating profit
Cash conversion
80Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Remuneration Committee Report continued
Section D – Annual Report on Remuneration
Introduction
This section of the Directors’ Remuneration Report is subject to an advisory vote at the November 2026
AGM. Remuneration in respect of the year ending June 2026 was determined in line with our Remuneration
Policy agreed by nearly 99% of shareholders at the AGM in 2025. The detailed Policy can be found in our
2025 Annual Report (pages 94 to 102) which is available from our website at www.genusplc.com.
This section contains the following chapters:
1. Remuneration outcomes for Executive Directors for 2026.
2. How we will implement and operate the Remuneration Policy in 2027.
3. The Remuneration Committee membership, advisers and its operation.
4. Shareholder voting and how investor views are considered
5. Comparison of the Chief Executive’s remuneration to historical shareholder returns and to
employees’ remuneration.
6. The Chairman and Non-Executive Directors’ fees.
7. Directors’ shareholdings and rights to shares.
8. Executive Directors’ contracts and Non-Executive Directors’ letters of appointment.
Remuneration outcomes for Executive Directors for year ending June 2026
Executive Directors’ single total remuneration figure (audited)
The following table shows a single total figure of remuneration for the 2026 financial year for each of the
Executive Directors and compares this figure to the prior year.
Year Salary Benefits
1
Pension
2
Annual
bonus
3
PSP
4
Buyout Total
Executive Directors with remuneration denominated in USD (figures in $000s)
Jorgen
Kokke
2026 885 44 53 1,706 3,509 – 6,197
2025 856 39 51 1,686 – – 2,632
Executive Directors with remuneration denominated in GBP (figures in £000s)
Andy
Russell
2026 394 14 24 715 - 434 1,581
2025 – – – – – – –
Former Executive Director with remuneration denominated in GBP (figures in £000s)
Alison
Henriks en
2026 40 1 2 - 609 – 652
2025 481 16 29 827 144 – 1,497
1 Jorgen’s benefits include an annual car allowance of $20,000 plus the value of standard country executive benefits
such as private medical and dental insurance and life assurance cover. Andy receives and Alison received an annual car allowance
of £12,000 and non-cash taxable benefits such as private medical insurance, as well as life assurance cover.
2 Executive Directors may receive a cash allowance in lieu of pension, which is also shown in the pension column.
3 Annual bonus includes the part of the award which is deferred into Company shares. Deferred share bonus awards
are not subject to any further performance conditions.
4 The value of the PSP is determined by the number of awards vesting in relation to performance ending in the relevant
financial year. Dividend equivalents are not added to unvested awards made under the PSP.
5 As part of his hiring agreement, Andy was eligible to receive an aggregate buyout of £433,987 to compensate for deferred
variable remuneration forfeited when Andy decided to leave his previous employer and join Genus. The buyout was delivered
in a combination of restricted shares and cash. Further details were set out in the 2025 Annual Report on page 81.
How the Executive Directors’ bonuses for year ending June 2026 were calculated
Overview
Jorgen Kokke and Andy Russell were eligible to participate in the Annual Bonus for 2026. Awards were
calculated by reference to performance against a challenging sliding scale of profit, cash conversion and
strategic measures. The following results were achieved for each element of the annual bonus incentive.
Bonus measure
1
Weighting
Actual 2026
performance
2
Threshold
(20% award)
Target
(50% award)
Stretch
(full award)
Extent to which
targets were met (%)
Adjusted operating
profit (excluding
PIC China)
50% £98.8m
(see below)
£80.2m £85.5m £90.7m 100%
Adjusted operating
profit (PIC China)
10% £17.7m
(see below)
£9.4m £11.1m £14.0m 100%
Cash conversion
including JVs
15% 94.4% 82.8% 88.2% 93.6% 100%
Strategic measures 25% See next page Jorgen Kokke 85%
Andy Russell 80%
1 The financial elements of the bonus are payable on a straight-line basis between each threshold, target and stretch level.
2 Profit for bonus purposes is calculated in constant currency, and include an approach as to how any budgeted contingency
is attributed across individual businesses for bonus purposes. This may explain any difference between the figures shown
above and any adjusted operating profit figures shown elsewhere in the Report and Accounts. The profit figures shows include
the adjustments outlines in note 4 below.
3 Group adjusted operating profit includes a milestone payment of £5.6m ($7.5m) which was recognised in the Group’s fiscal
first half. This income is part of operating profit (consistent with the receipt of previous milestone payments).
4 PIC China was successfully transferred to a joint venture with Beijing Capital Agribusiness on 31 January 2026. The targets for the
bonus, set at the start of the financial year, had assumed full ownership of PIC China. To ensure performance was assessed on a
like-for-like basis with how the targets were originally set, Group adjusted operating profit and PIC China adjusted operating profit
were calculated assuming full ownership of PIC China for the remaining five months of the year. This required an adjustment to the
Group adjusted operating profit of -£1.7m and PIC China adjusted operating profit of +£5.4m. This ensured consistency, transparency
and fairness for both executive directors and shareholders. Even though the transaction resulted in a negative impact on cash
conversion, no adjustment was made as there was no consequence on the formulaic bonus outcome. The above-updated outcomes
will also apply to participants below the Board who are subject to similar bonus measures.
81Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Remuneration Committee Report continued
Section D – Annual Report on Remuneration
Assessment of strategic measures under the 2026 annual bonus
The Committee reviewed and discussed achievements against targets set for strategic measures for each
Executive Director in determining overall award levels. Performance against these targets is disclosed
retrospectively, as follows:
Theme Objective Key achievements in year
Jorgen
Kokke
Commercial
and operational
excellence
More stable growth from
PIC China
Chinese porcine joint venture established on
31 January, providing the best platform to
accelerate growth of PIC China further
Put ABS business on track
to earn cost of capital
(>10%) by FY29
ABS operating profit (incl JVs) beat target,
a record £22.9m (actual currency). VAP
initiatives were again the primary driver of
ABS’s strong adjusted operating profit growth
Leadership,
Talent and
culture
Reinforce Genus values
refreshed in FY25
Values integrated into core internal processes
such as recruitment and performance
management. Internal competition,
ValuesFest, resulted in over 1,000 entries
showcasing what values meant to our
colleagues
Build leadership talent
for future
Further year-on-year increase in proportion
of female employees in senior professional,
scientific and management bands now
at 38%
Innovation and
sustainability
PRP Commercialisation Canadian, Uruguayan and Peruvian approval
obtained for the Group’s PRP gene edit to be
used, with continuing progress in other Latin
American markets
Ensure our genetics are
leading edge / advance
bovine sexing roadmap
Seeing benefits of strategic review of R&D
activities, resulting in a stronger alignment
with business divisions. For example, lower
sow mortality in North America and higher
NM$ than leading ABS competitors for
North America bulls
Climate Smart Genetics;
achieve annual corporate
sustainability goals
Genetic improvement targets for porcine,
bovine and dairy achieved
Never stop
improving
Strong financial performance
in line with budget
Record adjusted operating profit (incl. JVs)
of £116.0m, exceeding target. Record cash
conversion in FY26
Support Function Excellence.
Design and implement
processes that improve
Employee Experience and
are cost effective
Changes implemented with multi-million
savings obtained (notably through
procurement). More work in FY27
Theme Objective Key achievements in year
Andy
Russell
Commercial
and operational
excellence
More stable growth from
PIC China
H1 royalty revenue increased by 51% (constant
currency growth rate versus H1 2025)
Chinese porcine joint venture established on
31 January, providing the best platform to
accelerate growth of PIC China further
Put ABS business on track to
earn cost of capital (>10%) by
FY29
ABS operating profit beat target, a record
£22.9m (actual currency). VAP initiatives were
again the primary driver of ABS’s strong
adjusted operating profit growth
Leadership
and culture
Reinforce Genus values
refreshed in FY25
Values integrated into core internal processes
such as recruitment and performance
management. Internal competition,
ValuesFest, resulted in over 1,000 entries
showcasing what values meant to
our colleagues
Improve gender diversity
at manager level
Year-on-year increase in proportion of
female employees in senior professional,
scientific and management bands now
at 38%
Reduce employee turnover Reduction in Group voluntary turnover year-
on-year exceeded target
Innovation and
sustainability
PRP Commercialisation Canadian, Uruguayan and Peruvian approval
obtained for the Group’s PRP gene edit to be
used, with continuing progress in other Latin
American markets
Climate Smart Genetics;
achieve annual corporate
sustainability goals
Genetic improvement targets for porcine,
bovine and dairy achieved.
Primary Intensity Ratio improved, falling
from 6.23 to 5.25
Never stop
improving
Strong financial performance
in line with budget
Record adjusted operating profit (incl. JVs)
of £116.0m, exceeding target. Record cash
conversion in FY26
Support Function Excellence.
Design and implement
processes that improve
employee experience and
are cost effective
Changes implemented with multi-million
savings obtained (notably through
procurement). More work in FY27
Strengthen cyber security
resilience
Updated cyber strategy and executive
dashboard developed, with further work to
be undertaken in FY27
82Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Remuneration Committee Report continued
Section D – Annual Report on Remuneration
Finalisation of individual annual bonus outcomes
Jorgen Kokke Andy Russell
Maximum award (% of salary) % %
Salary eligible for FY26 bonus , ,
Maximum ,, ,
Formulaic assessment of performance under
the scorecard (financial and strategic)
.% .%
Discretion applied (+/- % pts) – –
Final outcome for FY26 bonus
– as a % of maximum .% .%
– as a % of salary .% .%
– total value ,, ,
Deferral percentage
1
.% .%
Amount in cash ,, ,
Amount to be deferred in shares
1
, ,
1 One-third of Andy Russell’s bonus is deferred into Genus shares for three years. As Jorgen Kokke has met his shareholding
requirement, his deferral reduces to 20%. The number of shares awarded will be calculated in September 2026. For Jorgen
his US Dollar-denominated bonus value is converted into Sterling using a prevailing rate before determining the number
of Genus shares to be awarded.
2 As outlined on page 81 in last year Annual Report, Andy Russell was eligible for a full year FY26 annual bonus, rather than pro rata for
11 months service. This limited the amount of ‘bonus buyout’ we needed to offer when he joined Genus from his previous employer.
83Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Remuneration Committee Report continued
Section D – Annual Report on Remuneration
How the PSP figure was calculated in the single figure of total remuneration table (audited)
2026 single figure of total remuneration
In September 2023, Jorgen Kokke and Alison Henriksen were granted PSP awards, with vesting subject to three performance conditions. The Committee has assessed the performance outcome under each
of these conditions as follows:
Measure Description Weighting Threshold Maximum Outcome
% vesting of each
element
Earnings per share (‘EPS’) Adjusted EPS growth over calculated on a simple average
annual growth rate after the cost of share-based payments
80% 4% 12% 10.73%
(note 2)
8 7. 3%
Genetic Improvement Improvement (expressed in standard deviations of
improvement per generation) of genetics in Porcine,
Beef and Dairy
10% Target of one standard deviation of genetic improvement
per generation across Dairy and Beef, and 0.75 standard
deviations of improvement per generation in Porcine
Vesting determined by Committee having reviewed
progress in each of the respective species against
assessment guidelines
Assessed as
strong
(note 3)
100%
Greenhouse gas reduction Reduction in overall primary intensity ratio of our operations
for the three-year period commencing 1 July 2023 and ending
30 June 2026
10% 3% 10% >10%
0.79 reduction
vs 6.04
baseline
100%
Total 89.8%
Notes
1 For both EPS and Greenhouse Gas Reduction measure straight-line vesting between threshold and maximum points shown above.
2 The adjusted 2026 EPS after the cost of share-based payments was determined as 102.75p. This represents an average annual growth in adjusted earnings per share of 10.73% compared to the baseline. In making this determination, the Committee considered the
impact of the establishment of the Porcine joint venture in 2026. The EPS target range assumed full ownership of PIC China for the duration of the performance period. To enable performance to be assessed on a like-for-like basis, EPS (for PSP purposes) was calculated
including profits from PIC China for the remaining five months of the performance period and excluding the interest benefit from the transaction proceeds. This ensured consistency, transparency and fairness to both executive directors and shareholders.
3 The Committee assessed that there had been at or above target performance across all species. Therefore, in line with the genetic improvement guidelines (see 2022 Annual Report (page 92), this translated into a vesting of 80-100% of this portion of the award. The
Committee noted the following:
a In FY24 (see page 56 of the 2024 Annual Report), the Porcine, Dairy and Beef targets had all been exceeded.
b In FY25 (see page 106 of the 2023 Annual Report), the Porcine, Dairy and Beef targets had been exceeded.
c In FY26, the position was as follows:
2026 Genetic Improvement progress
Target FY26 outcome Status
Continue increasing porcine genetic
improvement index by 0.75 standard
deviation per generation
Achieved 0.87 standard deviation of
genetic gain in the PIC porcine genetic
improvement index
Exceeded
FY26 target
Continue increasing dairy genetic
improvement index by one standard
deviation per generation
Achieved 1.2 standard deviation of
genetic gain
Exceeded
FY26 target
Continue increasing beef genetic
improvement index by one standard
deviation per generation
Achieved 1.07 standard deviation of
genetic gain
Exceeded
FY26 target
Cumulative Primary Intensity Ratio Reduction 2024–2026
Year Prior year Outcome (Fall) / Increase
2024 6.04 6.46 0.42
2025 6.46 6.23 (0.23)
2026 6.23 5.25 (0.98)
Cumulative (0.79)
84Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
£2,642,095 £269,494 £247,285
£2,619,886
£2,372,601
Value at
award (after
any pro
rata leaver
adjustment)
Original
value of
shares
lapsing
Indicative
value at
June 2026
Original
value of
shares
vesting
Appreciation
in value
of shares
vesting
Value at
award (after
any pro
rata leaver
adjustment)
Original
value of
shares
lapsing
Indicative
value at
June 2026
Original
value of
shares
vesting
Appreciation
in value
of shares
vesting
Jorgen Kokke Alison Henriksen
£614,505 £62,680 £57,515
£609,340
£551,825
£0m
£0.5m
£1.0m
£1.5m
£2.0m
£2.5m
£3.0m
£0
£100k
£200k
£300k
£400k
£500k
£600k
£700k
Remuneration Committee Report continued
Section D – Annual Report on Remuneration
Value of 2023 PSP vesting
Based on an average share price of 2,352p for three months to 30 June 2026, the indicative vested value
of Jorgen Kokke and Alison Henriksen’s 2023 PSP awards are £2,619,886 (or $3,509,337) and £609,340
respectively. These been used in the single figure of total remuneration.
Jorgen Kokke Alison Henriksen
Value at award (£) 2,642,095 961,844
Leaver adjustment N/A -36.11%
Revised value at award (£) 2,642,095 614,505
Percentage of award lapsing 10.2% 10.2%
Value of award lapsing (£) 269,494 62,680
Adjusted value of award (£) 2,372,601 551,825
Current indicative value (£) 2,619,886 609,340
Share price at grant £21.30 £21.30
Average share price three months to 30 June 2026 £23.52 £23.52
Share price change over the period 10.4% 10.4%
PSP vesting
The Committee confirmed that the 89.8% vesting level was consistent with the business performance over
the three-year period. The values in next year’s Annual Report will be restated to reflect the actual share
price at the point of vesting.
2025 single figure of total remuneration
Alison Henriksen’s 2025 PSP value has been restated based on the actual share price on vesting
(14 September 2025). Last year’s disclosure was based on the Company’s average share price for the
period from 1 April 2025 to 30 June 2025 (the final three months of the financial year) which was 1,901p.
Shares vesting in
September 2025
(without leaver
adjustment)
Shares vesting
(post pro
rata leaver
adjustment)
Share price on
vesting date
Restated 2025
PSP value
Alison Henriksen 29,492 28,672 2,515p £144,220
Material contracts
There were no other contracts or arrangements during the financial year in which a Director of the
Company was materially interested and/or which were significant in relation to the Group’s business.
Payments for loss of office and payments to former Directors (audited)
Payments for loss of office
As outlined in last year’s Directors’ Remuneration Report, Alison Henriksen stepped down from the Board
on 31 July 2025 and remained employed until 31 August 2025 to assist with an orderly handover to her
successor. Details of the remuneration arrangements relating to Alison’s retirement were published on our
website in November 2024. Her remuneration for July 2025 is shown in the single figure table of total
remuneration. Between 1 August and 31 August 2025, Alison received her normal monthly salary, pension
and other benefits. The value of salary, pension and car allowance were £40,078, £2,405 and £1,000
respectively, with the value of other benefits (such as private medical cover) less than £500.
The Committee noted that Alison was retiring following a successful time with the Company. Therefore, the
Committee determined that Alison would be treated as a good leaver for the purposes of any unvested
deferred share and Performance Share Plan awards. These awards continue to vest over the original
vesting period, i.e. there is no acceleration of vesting, and in the case of the PSP awards subject to the
outcome of performance conditions, a pro rata adjustment for time served and a two-year holding
period. The awards remain subject to malus and clawback.
Under Alison’s leaving arrangements, a post-cessation shareholding requirement continues to apply. This
means Alison must hold on to shares for 24 months following her cessation of employment in line with the
Remuneration Policy.
There were no other payments for loss of office in the year.
Payments to former Directors
Other than Alison Henriksen, there were no payments to other former Directors of the Company in FY26.
Discretion
No discretion was applied by the Committee during the year.
85Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Remuneration Committee Report continued
Section D – Annual Report on Remuneration
How we will implement and operate the Remuneration Policy in 2027
Remuneration for the Executive Directors and Non-Executive Directors in 2027 will be in line with the Directors’ Remuneration Policy as detailed in our 2025 Annual Report (pages 94 to 102).
Policy implementation – Executive Directors
Element of remuneration Commentary Application in 2027
Salary Salaries for Executive Directors are reviewed annually by the Committee with any increase usually
taking effect from 1 September.
Following a review by the Committee the following salaries will apply from
September 2026
CEO (Jorgen Kokke) $915,500, a 3.3% increase
CFO (Andy Russell) £445,050, a 3.5% increase
Benefits Executive Directors receive benefits including a car allowance, life assurance, an annual medical
screen and private medical insurance. The Company will also provide tax support assistance for
preparation of foreign tax returns for the CEO as required, as well as tax equalisation /protection
provision as required for any employment income taxable outside of the US.
Car allowances remain $20,000 and £12,000 for CEO and CFO respectively
Eligibility to other benefits unchanged
Pension Executive Directors receive a pension allowance worth 6% of salary, to align rates for the
wider workforce.
Paid as a cash allowance and/or contribution to a defined contribution plan.
Unchanged at 6%
Annual bonus Determined by an assessment of the balanced scorecard outcome and personal performance.
Delivered mainly in cash with a maximum of one-third deferred in shares vesting after three years.
Maximum opportunity remains 200% and 175% of salary for CEO and
CFO respectively
Proposed measures and targets are set below in the subsequent sections
Bonus deferral maintained at one-third for three years but reduced to
20% if Executive Director has met their shareholding requirement by the end of FY27
PSP Awards will be in the form of nil/nominal cost options or conditional awards of shares.
Awards will usually have performance assessed on the third anniversary of grant or, if later, when
the Committee determines that the performance conditions have been satisfied. Performance
measures and weighting will be aligned to the Company’s strategy.
Vesting after three years, subject to a two-year post-vesting holding period.
Clawback and malus provisions will apply to these awards.
Maximum opportunity 133.33% of prevailing salary as at date of grant
Proposed measures and targets are set below in the subsequent sections
Performance measures will be assessed independently of each other
RSU Awards will be in the form of nil/nominal cost options or conditional awards of shares.
Vesting after three years, subject to a two-year post-vesting holding period.
Clawback and malus provisions will apply to these awards as outlined within our
Remuneration Policy.
Maximum opportunity 66.67% of prevailing salary as at date of grant
Vesting is subject to a discretionary underpin which may result in a downward
adjustment to the number of shares vesting based on the Committee’s assessment
of underlying financial and non-financial performance over the vesting period
86Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
USD or GBP ’000
5,000
4,000
2,000
3,000
1,000
0
Fixed
$1,014
100% 32%
29%
19%
19%
22%
39%
13%
26%
19%
35%
12%
35%
$4,676
$5,287
Target
Chief Executive (USD ’000s)
Maximum MaximumFixed
£486
100% 33%
27%
20%
20%
22%
36%
14%
28%
20%
32%
12%
36%
£1,469
£2,155
Target
Chief Financial Officer (GBP ’000s)
Maximum +
50% share
price growth
Maximum +
50% share
price growth
Fixed pay Annual bonus Restricted share units
$3,150
£2,452
Performance Share Plan
Remuneration Committee Report continued
Section D – Annual Report on Remuneration
FY27 annual bonus measures and weightings
The FY27 scorecard reflects our strategic priorities. The targets are set annually by the Committee,
considering Genus’ annual financial plan, strategy and its priorities for the next few years within the
context of the economic environment. The Committee considers financial and operational targets to
be commercially sensitive and that it would be detrimental to the Company’s interests to disclose
them before the end of the financial year.
Measure Weighting Measure type Target
Group adjusted operating profit 60% Financial Disclosed retrospectively
Cash conversion 15% Financial Disclosed retrospectively
Sub-total (financial) 75%
Strategic personal measures 25% Strategic Disclosed retrospectively
Total 100%
PSP measures and targets for awards to be granted in September 2026
Executive Directors may be granted an award under the PSP. Any awards made will be subject to the
satisfaction of the below performance conditions over a three-year performance period.
2026 PSP measure Weighting
Threshold (20%
payout)
Maximum (100%
payout)
Adjusted earnings per share growth calculated on a simple
average annual growth rate
35% 4.0% 12.0%
Return on adjusted invested capital calculated as a
simple average of the rate for three financial years in
the performance period
35% 14.8% 16.8%
Total shareholder return relative to the FTSE 250 (excluding
investment trusts)
15% Median
against
peers
Upper
quartile
or above
Improvement (expressed in standard deviations of genetic
improvement per generation) of genetics in Porcine, Beef
and Dairy
15% Target of one standard
deviation of improvement
per generation in Dairy and
Beef, and 0.75 standard
deviation of improvement
per generation in Porcine
Overall Genetic Improvement assessment guidelines
The Committee will consider actual progress in each of the three species and then
use their judgement to determine the vesting outcome. The Committee may look
at progress holistically and, when reaching its determination, the three species
may not necessarily be equally weighted as part of the assessment process.
Indicative vesting
(% of max)
Performance at or exceeding target over period across all species or significant
outperformance in one or more species with no ‘weak’ progress
80–100%
Progress overall in line with stated target 50–70%
Robust performance in one or two species, slower progress elsewhere 20–40%
Progress below target each year in all species No award
1 The Committee retains discretion to adjust overall vesting if it does not consider the vesting result to be consistent with the progress
achieved against the Company’s strategy during the performance period. This is considered appropriate to broaden the Executive
team’s focus beyond financial performance.
2 The Committee also recognises that changes in the Company share price can materially change the number of shares that are
awarded through PSP grants. The Committee will grant these awards in the usual way and will review the ultimate level of vesting
and associated business performance. In the event that the share price used to determine awards was not felt to be representative
then the Committee has the ability to adjust ultimate vesting levels to prevent windfall gains on vesting.
3 Inevitably there are several factors which cannot be known at the time targets are originally set and could impact the 2026 PSP.
These factors might include the impact of corporate activity, material regulatory or tax changes, joint ventures and accounting
changes. In each case the Committee retains discretion whether and, if so, how a) to adjust targets post grant and/or b) to take
impact into account when determining performance outcome.
Projected total remuneration scenarios
The following charts set out the remuneration scenarios under the Policy for the Executive Directors.
The charts show potential remuneration outcomes for each Executive Director under four performance
scenarios: minimum, on-target, maximum and maximum with 50% share price appreciation, in line with
reporting requirements.
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Remuneration Committee Report continued
Section D – Annual Report on Remuneration
These charts reflect projected remuneration for the financial year ending 30 June 2027 (on an annualised basis).
The percentages shown in each bar represent the amount of remuneration provided by each pay element.
In illustrating potential reward opportunities, the following assumptions have been made:
• Fixed – Shows the value of fixed pay using a salary value of $915,500 for the Chief Executive and £445,050
for the Chief Financial Officer. Benefits per the 2026 single figure value (on an annualised basis). Pension
contributions are shown based on 6% of salary for illustration. Assumes no awards under variable plans.
• Target – Calculation as per fixed with awards of 50% of maximum under the Annual Bonus (assuming
200% and 175% of salary opportunity for CEO and CFO respectively), 100% vesting under the RSU
(assuming a 66.67% opportunity) and 50% vesting under the PSP (assuming a 133.33% opportunity).
• Maximum – Calculation as per fixed with full awards under the Annual Bonus and maximum vesting under
the RSU and PSP.
• Maximum plus share price growth – Same as maximum but assumes a 50% share price increase between
grant and vesting of PSP awards. The impact of share price changes on the value of the RSUs and
mandatory bonus deferrals into the DBP has been excluded from all scenarios.
Policy implementation – Non-Executive Directors
Commentary Application in 2027
The Board may review fee levels during the year
in line with the Policy
It is necessary to provide compensation that
attracts high-calibre individuals and reflects
their experience and knowledge. Fees are based
on the time commitments involved in each role
and set with reference to the fees paid in other
similarly sized UK-listed companies
Effective 1 September 2026
• Company Chairman’s fee increased by 3.5% from
£247,550 to £256,200
• NED base fee increased from £60,000 to £62,100,
an increase of 3.5%
Other fees increased as follows:
• Chairs of the Audit & Risk Committee and
Remuneration Committee from £12,000
to £14,000
• Senior Independent Director from £12,000
to £12,400
• Sustainability Committee member from £5,000
to £5,175
• Scientific adviser to Board from £10,000
to £10,350
Remuneration Committee membership, advisers and its operation
The Committee complies with the UK Corporate Governance Code. It makes recommendations to
the Board, within agreed terms of reference, on remuneration for the Executive Directors and other
members of GELT. The Committee’s full terms of reference are available on the Company’s website at
www.genusplc.com.
Committee membership
During the year ending 30 June 2026, the Committee comprised Lesley Knox (as Chair), Iain Ferguson,
Lysanne Gray and Ralph Heuser. Celia Baxter and Bob Reiter became Committee members on their
respective appointments to the Board. A consolidated table of Director attendance at all Board
Committee meetings is set out earlier in the corporate governance section.
None of the Committee members has any personal financial interest (other than as shareholders), conflicts
of interests arising from cross-directorships or day-to-day involvement in running the business.
Advice to the Committee
The Committee seeks advice from independent external advisers as appropriate. As reported last year,
the Committee appointed Ellason LLP, effective 1 July 2024, as its adviser. Ellason were appointed by the
Committee after a competitive tender process was undertaken. The Committee is satisfied that there are
no conflicts of interest resulting from Ellason’s appointment, from inside and outside the Group.
The Chief Executive and the Chief Financial Officer attend meetings at the Committee’s invitation. Internal
support was provided by the Group HR Director, the Company’s executive reward consultant and other
senior leadership from the Finance and Company Secretariat teams as appropriate. No individual was
present when their own remuneration was discussed.
During its meeting in July 2026 (as part of the annual review of its advisers performance and
independence), the Committee considered Ellason’s advice of value, objective and independent.
Ellason’s fees for the year ending June 2025 were £31,170 for its remuneration advice to the Committee,
based on a fixed retainer.
Ellason’s performance and independence as advisers is regularly reviewed. Ellason are members of the
Remuneration Consultants Group and comply with its Code of Conduct.
88Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Remuneration Committee Report continued
Section D – Annual Report on Remuneration
What the Committee discussed at its meetings
During the year to 30 June 2026, the Committee met four times and discussion at the scheduled meetings
included the following matters:
Committee activities July 2025 September 2025 November 2025 April 2026
A: Directors’ remuneration
Review of the Directors’ Remuneration
Policy and implementation
Review of individual performance,
fixed and variable remuneration
B: Senior management remuneration
Contractual terms, joiners and leavers
Review of individual performance,
fixed and variable remuneration
C: Group-wide remuneration
Annual salary review approach for all colleagues
Incentive measures, targets and outcomes.
Scorecard review
Share awards, pension and benefits
Broader people activity e.g. diversity targets
D: Reward governance
Review investor and market developments
Policies and rules
Remuneration disclosures (such as
DRR and gender pay gap)
Review investor feedback
Review of executive shareholdings
and dilution limits
Terms of reference, Committee evaluation,
advisers
Shareholder voting and how their views are considered
At the Annual General Meeting in November 2025, shareholders approved both the new Directors’
Remuneration Policy and the Directors’ Remuneration Report published in the Company’s Annual Report
and Financial Statements, receiving strong votes in favour for both.
Details of recent shareholder votes on remuneration are shown below.
Item For no. For % Against no. Against % Votes withheld
Directors’ Remuneration Report –
November 2025 46,213,689 99.1 434,225 0.9 179,685
Directors’ Remuneration Policy –
November 2025 46,162,544 98.7 602,266 1.3 62,789
Adoption of the Genus 2025 Long-
Term Incentive Plan 45,424,681 9 7. 1 1,338,673 2.9 64,245
Adoption of the Genus 2025
Deferred Bonus Plan 46,579,546 99.5 241,156 0.5 6,897
The Committee greatly values the continued dialogue with our shareholders and engages with
shareholders and representative bodies to take their views into account when setting and implementing
our remuneration policies. The Directors have regular open discussions with investors and are available for
feedback on remuneration matters.
We undertook considerable engagement with shareholders as part of the development of the
Remuneration Policy in 2025. We contacted many of the Company’s largest shareholders (covering more
than 55% of the shareholder register as at 30 June 2025) to consult on the proposed changes to the
Remuneration Policy and solicit feedback. We are grateful for the feedback and input received during this
time and the Committee looks forward to engaging with shareholders in the run-up to the forthcoming AGM.
89Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Remuneration Committee Report continued
Section D – Annual Report on Remuneration
Comparison of Chief Executive’s remuneration to historical
shareholder returns and to employees’ remuneration
Total shareholder return
The following graph shows the Company’s performance measured by total shareholder return (‘TSR’),
compared with the TSR performance of the FTSE 250 Index. The FTSE 250 Index was selected as it
represents a broad equity market of which the Company is a member.
TSR (rebased) (£)
FTSE 250
June 16 June 17 June 18 June 19 June 20 June 24 June 25 June 26June 21 June 22 June 23
500
100
50
200
250
150
300
350
400
450
0
Genus
As required under the reporting regulations, the table below shows the ‘single figure’ pay for the Chief
Executive over the same period, to allow comparison between variability in remuneration and the
shareholder experience over the same period.
Karim Bitar (2017-2020) Stephen Wilson (2020-2023) Jorgen Kokke (2024 onwards)
2017 2018 2019 2020 2020 2021 2022 2023 2024 2025 2026
Total remuneration
(000s) £2,856 £2,549 £815 £183 £2,161 £2,948 £1,380 £1,166 $1,757 $2,632 $6,197
Annual Bonus
(% of max) 59%
1
64%
1
Nil
2
Nil
2
91% 95% 18% 23% 51% 98% 96%
PSP vesting
(% of max) 79% 56% Nil
3
Nil
3
44.9% 81.2% 41.4% 36% N/A
4
N/A
4
89.8%
1 Includes the award under the Company Milestone element of the Annual Bonus under a previous remuneration policy.
2 No awards were payable following the decision of Karim Bitar to resign from the business.
3 Vesting was nil as Karim’s employment cessation date was before scheduled vesting of PSP awards.
4 Jorgen Kokke was not in role at the time the 2021 and 2022 PSP awards were granted (which would, when vested, be reflected in the
2024 and 2025 columns above).
Distribution statement
2025 2026 % change
Employee costs £229m £230m –
Distributions to shareholders (including dividends
and share buybacks) £21m £22m 5%
The Chairman and Non-Executive Directors’ fees
Fees payable to the Non-Executive Directors per annum effective from 1 September 2026 are as follows:
Position 2026 fees 2027 fees
Chairman £247,550 £256,200
Base Non-Executive Director fee £60,000 £62,100
Additional fee for Senior Independent Director £12,000 £12,400
Additional fee for Chair of Audit & Risk Committee/Remuneration Committee £12,000 £14,000
Additional fee for Chair of Scientific Advisory Board
1
£10,000 £10,350
Additional fee for membership of Sustainability Committee
2
£5,000 £5,175
1 Role held by Bob Reiter.
2 Role held by Lysanne Gray.
Total single figure of remuneration (audited) for 2025 and 2026
Fees
(£000s)
Total
(£000s)
Iain Ferguson 2026 246 246
2025 238 238
Celia Baxter
1
2026 37 37
2025 – –
Lysanne Gray 2026 76 76
2025 73 73
Ralph Heuser 2026 60 60
2025 57 57
Lesley Knox 2026 81 81
2025 68 68
Bob Reiter
1
2026 35 35
2025 – –
Total 2026 454 454
2025 368 368
1 Celia Baxter and Bob Reiter were appointed to the Board on 19 November 2025 and 1 January 2026 respectively.
2 There were no benefits in 2026.
90Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Remuneration Committee Report continued
Section D – Annual Report on Remuneration
Directors’ shareholdings and rights to shares
Directors’ shareholdings (audited)
At the year end, the Directors had the following interests in the Company’s shares:
Ordinary
shares as at
30 June 2026
1
% of salary
held
2
Shareholding
requirement
3
Shareholding
requirement
met
Unvested
awards (no
performance
conditions)
as at 30 June
2026
1,4
Unvested
Performance
Share awards
held at 30 June
2026
1,5
Ordinary shares
as at 30 June
2025
Number
Jorgen Kokke 91,456 383% 250% Yes 27,347 248,193 83,058
Andy Russell 0 26% 250% No 9,0 14 33,070 –
Alison Henriksen
6
5,375 n/a n/a n/a 20,519 45,261 5,375
Iain Ferguson 20,000 n/a n/a n/a n/a n/a 20,000
Celia Baxter 1,728 n/a n/a n/a n/a n/a –
Lysanne Gray 0 n/a n/a n/a n/a n/a 0
Ralph Heuser 0 n/a n/a n/a n/a n/a 0
Lesley Knox 4,800 n/a n/a n/a n/a n/a 4,800
Bob Reiter 0 n/a n/a n/a n/a n/a –
Total 123,359 56,880 326,524 113,233
1 Or date of retirement from the Board if earlier.
2 Based on the combined number of beneficially held shares, the net of tax DSBP awards (or nil-cost options and buyout awards) held and the net of tax vested PSP or RSU awards held. An average closing share price over the three months to
30 June 2026 of 2,352p has been used.
3 Executive Directors are expected to work towards achieving a shareholding of 250% of salary as set out in the Remuneration Policy.
4 Includes DSBP and RSU awards and any other awards / nil-cost options which do not have performance conditions attached to them.
5 Performance Shares or PSP awards have performance conditions attached to them.
6 Alison Henriksen held at the time of her retirement from the Board vested DSBP and PSP awards over 8,884 and 21,796 shares respectively (as set out on the subsequent pages).
There were no changes in the Directors’ interests between 30 June 2026 and the date of this report.
Exchange rates and share prices used in the remuneration report
The market price of the Company’s shares on 30 June 2026 was 2,148p and the lowest and highest share prices during the financial year were 3,170p and 1,978p respectively.
The average share price for the three months to 30 June 2026 was 2,352p.
The GBP:USD rate as at 30 June 2026 was 1.3250 and the average rate throughout the financial year was 1.3395.
91Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Remuneration Committee Report continued
Section D – Annual Report on Remuneration
Share awards granted in financial year ending 30 June 2026 (audited)
Executive Director
Nature of
award
1,2
Date of grant
Number
of shares
comprising
award
Face/maximum value
of awards at grant date
(% salary)
3
% of award
vesting at
threshold Performance period
Jorgen Kokke PSP 10–09–25 32,573 £873,949 (133.33%) 20 01.07.26–30.06.29
Jorgen Kokke DSBP 10–09–25 15,491 £415,624 N/A N/A
Jorgen Kokke RSU 26–11–25 18,327 £449,012 (67.67% N/A N/A
Andy Russell PSP 10–09–25 21,369 £573,330 (133.33%) 20 01.07.26–30.06.29
Andy Russell Buyout 10–09–25 9,01 4 £224,904 N/A N/A
Andy Russell RSU 26–11–25 11,701 £286,675 (67.67%) N/A N/A
Former Executive Director
Alison
Henriksen DSBP 10–09–25 10,273 £275,625 N/A N/A
1 PSP awards granted as conditional shares and vesting will be subject to achievement against Company performance targets as set
out below.
2 DSBP awards are not subject to any further performance conditions (as they represent FY25 annual bonus deferral). They will normally
vest after three years subject to continued service.
3 RSU awards granted as conditional shares and will vest in September 2028 subject to continued employment and the Committee’s
assessment of an underpin.
4 In accordance with the joining terms and as outlined in last year’s remuneration report (page 81), Andy Russell was granted a
conditional right over ordinary shares under an individual award agreement with a normal vesting date of 10 September 2027.
An average share price prior to his start date was used to determine the number of shares under award (2,495p). This award is not
subject to performance conditions other than continued employment.
5 Unless otherwise stated, a closing average share price over the three days prior to the grant date was used to determine the number
of shares under award. 2,683p and 2,450p for awards granted on 10 September 2025 and 26 November 2025 respectively.
Performance conditions on PSP awards granted in September 2025 (audited)
Awards are subject to the satisfaction of the below performance conditions over a three-year
performance period.
2025 PSP Weighting Threshold (20% payout) Maximum (100% payout)
Adjusted earnings per share growth
calculated on a simple average annual
growth rate
35% 4% 12%
Return on adjusted invested capital
calculated as a simple average of the
rate for three financial years in the
performance period
35% 14.5% 16.5%
Total shareholder return relative to the
FTSE 250 (excluding investment trusts)
15% Median against
peers
Upper quartile
or above
Improvement (expressed in standard
deviations of genetic improvement per
generation) of genetics in Porcine, Beef
and Dairy
15% Target of one standard deviation of
improvement per generation in Dairy
and Beef, and 0.75 standard deviation
of improvement per generation in
Porcine
Overall Genetic Improvement assessment guidelines
(Final award will be determined having reviewed progress in each of the respective species)
Indicative
vesting
(% of max)
Performance at or exceeding target over period across all species or significant
outperformance in one or more species with no ‘weak’ progress 80–100%
Progress overall in line with stated target 50–70%
Robust performance in one or two species, slower progress elsewhere 20–40%
Progress below target each year in all species No award
1 The Committee retains discretion to adjust overall vesting if it does not consider the vesting result to be consistent with the progress
achieved against the Company’s strategy during the performance period. This is considered appropriate to broaden the Executive
team’s focus beyond financial performance.
2 The Committee also recognises that changes in the Company share price can materially change the number of shares that are
awarded through PSP grants. The Committee will grant these awards in the usual way and will review the ultimate level of vesting
and associated business performance. In the event that the share price used to determine awards was not felt to be representative
then the Committee has the ability to adjust ultimate vesting levels to prevent windfall gains on vesting.
3 Inevitably there are several factors which cannot be known at the time targets are originally set and could impact the 2025 PSP.
These factors might include the impact of corporate activity, material regulatory or tax changes, joint ventures and accounting
changes. In each case the Committee retains discretion whether and, if so, how a) to adjust targets post grant and/or b) to take
impact into account when determining performance outcome.
4 The EPS targets for the 2025 PSP awards did not envisage when the Chinese porcine joint venture would be established. The
Committee intends to review any implications of the PIC China transfer in due course and will provide an update in next year’s
remuneration report.
92Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Remuneration Committee Report continued
Section D – Annual Report on Remuneration
Summary of scheme interests (audited)
As at 30 June 2026, the Executive Directors had the following beneficial interests in share awards and share options:
Grant date Award
Vesting
period
Share price at
grant
At
30 June 2025
Granted in year
(number)
Lapsed in year
(number)
Exercised in year
(number)
At
30 June 2026
1
Jorgen Kokke
02.05.23 Nil-cost options
2
02.05.23 to 02.05.25 2,878p 7, 6 4 9 – – 7, 6 4 9
3
–
02.05.23 Nil-cost options 02.05.23 to 04.05.26 2,878p 7, 6 49 – – 7, 6 49
4
–
13.09.23 PSP 13.09.23 to 13.09.26 2,130p 124,042 – – – 124,042
11.09.24 PSP 11.09.24 to 11.09.27 1,791p 73,251 – – 73,251
11.09.24 DSBP 11.09.24 to 11.09.27 1,791p 11,856 – – 11,856
10.09.25 PSP
5,6
10.09.25 to 10.09.28 2,683p 32,573 – – 32,573
10.09.25 DSBP
6
10.09.25 to 10.09.28 2,683p 15,491 – – 15,491
26.11.25 RSU
6
26.11.25 to 26.09.28 2,450p 18,327 – – 18,327
Total 224,447 66,391 – 15,298 275,540
Andy Russell
10.09.25 Conditional right
6
10.09.25 to 10.09.27 2,495p 9,01 4 – – 9,0 14
10.09.25 PSP
5, 6
10.09.25 to 10.09.28 2,683p 21,369 – – 21,369
26.11.25 RSU
6
26.11.25 to 26.09.28 2,450p 11,701 – – 11,701
Total – 42,084 – – 42,084
Alison Henriksen (former Executive Director)
07.04.20 PSP 07.04.20 to 11.09.22 3,120p 9,288 – – – 9,288
14.09.20 PSP 14.09.20 to 14.09.23 3,898p 6,594 – – – 6,594
14.09.20 DSBP 14.09.20 to 14.09.23 3,898p 2,536 – – – 2,536
15.09.21 DSBP 15.09.21 to 15.09.24 5,613p 4,091 – – – 4,091
14.09.22 PSP 14.09.22 to 14.09.25 2,836p 29,492 – -23,758 – 5,734
14.09.22 DSBP 14.09.22 to 14.09.25 2,836p 2,257 – – – 2,257
13.09.23 PSP 13.09.23 to 13.09.26 2,130p 45,157 – - – 28,851
13.09.23 DSBP 13.09.23 to 13.09.26 2,130p 2,336 – – 16,30 – 2,336
11.09.24 PSP 11.09.24 to 11.09.27 1,791p 53,705 – -37,295 – 16,410
11.09.24 DSBP 11.09.24 to 11.09.27 1,791p 7,910 – – – 7,910
10.09.25 DSBP
6
10.09.25 to 10.09.28 2,683p – 10,273 – – 10,273
Total 163,366 10,273 -77,179 – 96,460
1 Or date of retirement from the Board, if earlier.
2 As disclosed in last year’s Directors’ Remuneration Report, awards were granted to Jorgen Kokke in May 2023 as nil-cost options over ordinary shares on substantially similar terms to the Genus 2019 Performance Share Plan, albeit not subject to
Company performance conditions. The awards were determined to be a fair value for awards that were forfeited at Ingredion, with vesting dates designed to mirror the operation of those awards where applicable. The share price was based
on the average Genus share price for the 60 days prior to appointment.
3 The price on the date of exercise (25 September 2025) was 2,332p.
4 The price on the date of exercise (13 May 2026) was 2,268p.
5 Description of the performance measures and targets applying to the PSP awards made during the year are as described above.
6 Unless otherwise stated, a closing average share price over the three days prior to grant was used to determine the number of shares under award. 2,683p and 2,450p for awards granted on 10 September 2025 and 26 November 2025 respectively.
Andy Russell was granted in September 2025 a conditional right over ordinary shares under an individual award agreement with a normal vesting date of 10 September 2027. An average share price prior to his appointment was used to determine
the number of shares under award (2,495p).
93Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Remuneration Committee Report continued
Section D – Annual Report on Remuneration
Dilution
The aggregate dilution of all relevant share incentives is 3.79% as at 30 June 2026, which is less than the
permissible 10% in ten years dilution limit.
Malus and clawback provisions
There was an increased focus on malus and clawback in the updated UK Corporate Governance Code,
which for Genus was effective for FY26. We believe that this is an area in which the Company is already
aligned with market expectations.
Malus and clawback were not utilised in the last reporting period.
Malus and clawback provisions exist under our variable remuneration plans and are also referenced in
offer letters. The provisions give the ability for the Company to adjust or reduce the number of shares
under relevant awards. The circumstances where malus and clawback may apply on share awards are
summarised in the table below. Malus and clawback may be applied to all or part of an award at the
Committee’s discretion. Malus is applied during the vesting period of the relevant share award. Clawback
can be applied prior to the third set of audited accounts being published following the date on which a
share award vests.
In addition, the Committee may also i. apply clawback to cash bonus payments and ii. prior to the
payment of a cash bonus and/or grant of the relevant share award make an adjustment (known as an
‘in-year adjustment’).
Malus and clawback criteria under the PSP, RSU and DSBP
Individual level • Found to have committed an act or omission which i. would have
justified summary dismissal or notice of termination of employment
on the grounds of misconduct or ii. caused or contributed to a
material extent to either the censure of any Group Company by any
regulatory authority or a significant detrimental impact to the
reputation of any Group Company.
• Calculation error leading to inaccurate award or vesting level.
Business unit and/or Group level • Restatement of the relevant accounts used in making i. the initial
calculation of the award or ii. the basis on which any performance
condition was satisfied.
• Material failure in risk management.
• Entering involuntary administration or insolvency process.
The clawback period of three years is considered appropriate as it allows enough time for matters to
come to light and be considered by the Committee. The Committee also can reduce future awards such
that the full value of any identified overpayment is recouped from the individual.
Executive Directors’ contracts and Non-Executive Directors’ letters of appointment
Director Appointment date Current contract date Expiry date Notice period (months)
Executive Directors
Jorgen Kokke 2 May 2023 2 April 2023 n/a
12 from employer
and 6 from employee
Andy Russell 1 August 2025 12 March 2025 n/a
12 from employer
and 6 from employee
Non-Executive Directors
Iain Ferguson 1 July 2020 1 July 2023 1 July 2029 1 month
Celia Baxter 19 November 2025 19 November 2025 19 November 2028 1 month
Lysanne Gray 1 April 2016 1 April 2025 1 April 2028 1 month
Ralph Heuser 1 January 2024 1 January 2024 1 January 2027 1 month
Lesley Knox 1 June 2018 1 June 2024 1 June 2027 1 month
Bob Reiter 1 January 2026 1 January 2026 1 January 2029 1 month
Executive Directors’ service contracts are available for inspection at the AGM or at the Company’s
registered office.
Executive Directors are entitled to receive fees from external appointments. Jorgen Kokke and Andy Russell
did not hold any external appointments at other listed companies for the last reported financial year.
94Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Remuneration Committee Report continued
Section E – Wider Workforce Remuneration
Introduction
The Committee is directly responsible for the remuneration of the Executive Directors and the executives
on the Genus Executive Leadership Team. The Committee is also given regular updates and, as required,
takes key decisions on Group-wide remuneration plans. It takes changes in workforce remuneration into
account when making decisions on executive remuneration.
All-employee approach to remuneration
The Committee developed the current Remuneration Policy having reviewed the wider remuneration
framework across the organisation and the way that this drives alignment of individuals towards
organisational goals. The Committee receives updates annually on any material changes to wider
workforce arrangements. The Board considers employee feedback on remuneration matters. This is from
Group-wide mechanisms (such as our Your Voice survey) but additionally from direct interaction between
designated Non-Executive Directors and employees.
Our remuneration principles apply to all employees and are designed to ensure we can attract, motivate
and retain people fundamental to achieving our vision, and be part of a global organisation. We want
employees engaged and delivering because they are excited by our vision, the part they can play in this,
and the difference they can make.
These principles are applied as consistently as we can, such that remuneration is standardised wherever
possible, and delivered in line with our values. While the quantum may vary between roles, the principle of
aligning reward outcomes with performance is fundamental to the way we operate.
Remuneration element Our approach
Base salary Pay rates are determined with reference to the skill set and experience
of the individual. Pay rates are reviewed annually across the Group, with
adjustments with reference to individual performance levels, market pay
competitiveness and overall business affordability.
Benefits The countries we operate in display different practices in terms of
benefit provision. Typical benefits include access to life insurance,
pension or retirement provision and may include medical cover. Our
approach is typically driven by local market factors (which may include
legislative requirements) rather than a single common benefit offering
globally. On some people policies we have established global minimum
levels of benefit provision that should apply (e.g. our Family Leave Policy)
to Genus employees.
Variable remuneration We operate a range of annual variable remuneration plans and most of
our employees participate in one of the following three arrangements.
Annual Bonus
• Based on a combination of financial performance and non-financial
metrics assessed through our performance management processes (in
which all employees participate).
• Financial metrics based around profitability and cash performance.
• Where metrics are consistent with those used for Executive Directors or
GELT members, then the same target/performance scale is used for
everyone to drive alignment.
Production facilities – KPI plans
• Linked to the balanced scorecard of local KPIs for facility, covering
metrics such as production output levels and health and safety.
Commissions
• Derived from individual sales performance of the individual.
In addition, we make discretionary share awards across the business to
eligible employees, reflecting the contribution of the individual and to
drive future alignment with our performance.
95Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Remuneration Committee Report continued
Section E – Wider Workforce Remuneration
Our CEO pay ratio for year ending June 2026
Our CEO pay ratio is shown in the table below. In addition, the graph shows the relationship between movement in the CEO pay ratio and share price over the last nine years.
Total pay and benefits
Year ended
25th percentile Median 75th percentile
Calculation
methodology
CEO single
figure (£’000s)
1, 2
FTE reward Ratio FTE reward Ratio FTE reward Ratio
Median ratio
vs target CEO
single figure
30 June 2026 A 4,626 32,647 142:1 40,331 115:1 62,031 75:1 56:1
30 June 2025 A £2,026 £32,742 62:1 £39,482 51:1 £54,125 37:1 57:1
30 June 2024 A £1,396 £30,561 46:1 £35,648 39:1 £49,476 28:1 57:1
30 June 2023 A £1,166 £30,345 38:1 £35,924 32:1 £50,199 23:1 51:1
30 June 2022 A £1,380 £27,774 50:1 £33,999 41:1 £44,818 31:1 54:1
30 June 2021 A £2,948 £27,374 108:1 £32,464 91:1 £43,796 67:1 54:1
30 June 2020
3
A £2,161 £25,230 86:1 £31,748 68:1 £42,426 51:1 56:1
30 June 2019 A £815 £24,638 33:1 £31,867 26:1 £41,792 20:1 57:1
30 June 2018 A £2,549 £24,204 105:1 £30,759 83:1 £40,203 63:1 59:1
1 Where appropriate, the CEO single figure has been restated to reflect the actual value of PSP awards at the point they vested.
2 For the purposes of calculating the 2026 pay ratio, the CEO’s single figure of total remuneration has been converted into Sterling using an average exchange rate for FY26.
3 CEO single figure of remuneration in 2020 reflects the change in CEO during the year and includes salary and benefits for Karim Bitar through to his resignation and all applicable remuneration elements for Stephen Wilson from the date of his appointment as CEO
(13 September 2019) to 30 June 2020.
96Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
83
26
68
91
41
51
115
39
32
2018 2019 2020 2021 2022 2025 20262023 2024
Share price £ (three-month closing average)CEO to median pay ratio (to 1)
15
25
35
45
55
65
75
85
95
105
115
Remuneration Committee Report continued
Section E – Wider Workforce Remuneration
The respective quartiles were calculated using the Option A methodology which the Committee considers
the most straightforward approach.
Three colleagues were identified whose total remuneration places them at the 25th, 50th and 75th
percentiles. We are confident that the colleagues identified at the lower, median and upper quartiles are
remunerated in line with our wider policies on colleague pay, reward and progression.
25th percentile Median 75th percentile
Salary 30,568 37,350 55,000
Total pay and benefits 32,647 40,331 62,031
Understanding our CEO pay ratio
There has been an increase in the pay ratio between 2025 and 2026. The primary reason for this increase
is that Jorgen’s first PSP award, that was granted in 2023 after he was appointed to the Board, has now
vested. This was an exceptional award at 400% of salary (rather than the normal 200% of salary) and was
part of the buyout and incentive structure offered to attract Jorgen. His 2025 total remuneration did not
include the value of any PSP.
In the pay ratio table above, we detail the potential ratio based on the CEO’s target remuneration, as set
out under the remuneration policy. It is important to note that a high proportion of the CEO remuneration
is based on performance against the short- and long-term incentive plans, and that payouts can
significantly change year-on-year, significantly affecting the ratio going forward. This is the primary
reason why the pay ratio has varied since 2018, both above and below the potential ratio based on the
CEO’s target remuneration. However, in the previous three years, the actual median pay ratio has been in
a range of 32:1 to 51:1, in each case below the notional ratio based on the CEO’s target remuneration.
The Committee is satisfied that the individuals identified within each relevant percentile appropriately
reflect the employee pay profiles at those quartiles and that the overall picture presented by the ratios is
consistent with our approach to colleague remuneration. Pay relativities are just one of the factors that
are taken into consideration in developing an appropriate remuneration framework within Genus.
Method of calculation
Under the pay ratio regulations, companies are required to identify the individuals with remuneration at
the 25th, 50th and 75th percentiles of all UK employees for the relevant financial year and compare with
total remuneration for the CEO as set out in the single figure of total remuneration.
The Company has chosen to use Option A to identify the employees at the 25th, 50th and 75th
percentiles and their respective remuneration, as it is recognised that this is the most appropriate and
accurate approach.
UK employees as at the year end have been included in the reporting with employees ranked based on their
2025-26 remuneration. The following data assumptions for the year end 30 June 2026 have been used:
Element Description
Salary Annual salary as at the year end
Allowances Includes any functional, role-based, shift and car allowances
Benefits Value of cash benefits
Incentives Incentive payouts for the relevant financial year are included. In some cases, the
decision on the level of bonuses is not made until after the publication of this
report so a provisional figure may be used
Analysis excludes the value of any PSP or other discretionary share awards
vesting in the year
Gender pay gap reporting
Genus Breeding Limited, our largest subsidiary in the UK, published its latest Gender Pay Gap Report
in April 2026. This report shows that, on a median basis, the 2025 gender pay gap was 11.6%, a fall of 2.3%
points from the previous year (2024: 13.9%). Over the medium term (three years) the pay gap has fallen
by 4.8% points.
Our pay gap compares with a national average gender pay gap of 12.8% across all industries, calculated
by the Office of National Statistics in November 2025.
Small changes in the total pay gap are expected each year due to changes in the composition of the
workforce and hiring patterns, which can vary between men and women year-on-year.
Approved by the Board and signed on its behalf by:
Lesley Knox
Chair of the Remuneration Committee
9 September 2026
97Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Directors’ Report
Lucie Grant
General Counsel and Company Secretary
DIRECTORS’ REPORT CONTENTS
Business model 5 to 7
Key performance indicators 14 to 15
Directors 52 to 53
Dividends 25
Principal risks 44 to 47
Financial results 22 to 25
Audit & Risk Committee 69 to 73
Greenhouse gas emissions
and energy consumption 28 to 40
Research and development activities 20 to 21
Financial risk management 22 to 25
Future developments in the business 16 to 21
Going concern and viability statement 48
Directors’ interests 90 to 93
Engagement with employees,
customers, suppliers and others 41
Long-term incentive schemes 159 to 160
Interest capitalised N/A
Provision of services by a controlling shareholder N/A
Agreements with controlling shareholder N/A
Shareholder waiver of dividends 160
Equal opportunities and
employees with disabilities
Genus values diversity and aims
to make best use of everyone’s
skills and abilities. We are
therefore committed to equal
opportunities at every stage
of our employees’ careers.
Our policy on employees
with disabilities is to fully and
fairly consider people with
disabilities for all vacancies.
We interview and recruit people
with disabilities and endeavour
to retain employees if they
become disabled while they
work for us. Where possible,
we will retrain employees who
become disabled and adjust
their working environment,
so they can maximise
their potential.
Political contributions
The Group does not make
political contributions.
Share capital
Note 31 gives details of the
Company’s issued share capital
and any movements in the
issued share capital during
the year.
The Directors may only issue
shares to the extent authorised
by the shareholders in general
meeting. The current power to
allot shares was granted by
shareholder resolution at the
2025 AGM and a new authority
is being sought at the 2026
AGM, within the limits set out
in the notice of meeting, that
is up to a nominal value of
£4,436,050.27 (representing
two-thirds of the Company’s
current issued share capital).
The Company has one class of
ordinary share, with the rights set
out in the Articles of Association.
All issued shares are fully paid
and each share has the right to
one vote at the Company’s
general meetings.
There are no specific restrictions
either on the size of a holding or
on the transfer of shares, which
are both governed by our Articles
of Association and prevailing
legislation. No person has any
special rights of control over
the Company’s share capital.
Details of the Company’s
employee share schemes are set
out in note 30. In connection with
these schemes, the Genus plc
Employee Benefit Trust holds
shares in the Company from time
to time and abstains from voting
in respect of any such shares.
For additional information on
capital risk management
including financial instruments,
see note 26.
Information incorporated by reference
The following information, required to be included in an Annual
Financial Report in accordance with the UK Financial Conduct
Authority’s Listing Rule 6.6.1R and in a Directors’ Report, is provided
elsewhere in the Annual Report and is incorporated into the Directors’
Report by cross-reference as appropriate.
98Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Directors’ Report continued
Authority to acquire the
Company’s own shares
The Directors may only buy back
shares to the extent authorised
by the shareholders in general
meeting. The current power to
buy back shares was granted
by shareholder resolution at
the 2025 AGM and a new
authority is being sought at the
2026 AGM within the limits set
out in the notice of meeting,
that is up to a nominal value
of £665,407.54 (representing
10% of the Company’s current
issued share capital).
The Company did not buy back
any shares under the authority
granted at the 2025 AGM, from
the date of that AGM up to the
date of this report.
Substantial shareholdings
As at 4 September 2026, we
were aware of the following
material interests in the
Company’s ordinary shares:
There have been no material
changes in shareholdings since
30 June 2026.
No other person has notified an
interest in the Company’s
ordinary shares which is required
to be disclosed to us.
Provision of information to
the Company’s auditor
Each of the Directors at the date
of approval of this Annual Report
confirms that:
• so far as the Director is aware,
there is no relevant audit
information of which the
Company’s auditor is unaware;
and
• the Director has taken all the
steps that he or she ought to
have taken as a Director in
order to make himself or herself
aware of any relevant audit
information and to establish
that the Company’s auditor is
aware of that information.
This confirmation is given
and should be interpreted in
accordance with the provisions of
section 418 Companies Act 2006.
Appointment of auditor
The Board is recommending the
reappointment of PwC as
external auditor for the year
ending 30 June 2027. A resolution
to appoint PwC will be proposed
at the forthcoming AGM.
Directors’ indemnities
The Company has made
qualifying third-party indemnity
provisions for the benefit of its
Directors, which were made
during the year and remain in
force at the date of this report.
Conflicts of interest and
related party transactions
The Company has procedures
for managing conflicts of interest.
If a Director becomes aware that
they or any of their connected
parties have an interest in
an existing or proposed
transaction with Genus, they
should notify the Chairman
and the Company Secretary
in writing or at the next Board
meeting. Controls are in place
to ensure that any related-party
transactions involving Directors,
or their connected parties, are
conducted on an arm’s length
basis. Directors have an ongoing
duty to update the Board on
any changes to these conflicts.
During the year, Genus agreed
to fund £0.2m 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.
Approved by the Board and
signed on its behalf by:
Lucie Grant
Group General Counsel and
Company Secretary
9 September 2026
Fund manager Shareholding %
Wellington Management Company 6,962,517 10.46
BlackRock 5,013,525 7. 53
Vanguard Group 3,625,992 5.45
JNE Partners 3,328,330 5.00
Baillie Gifford 2,426,628 3.65
Capital Research & Management 2,335,204 3.51
99Genus plc / Annual Report 2026 Financial Statements Additional InformationCorporate GovernanceStrategic Report
Directors’ Responsibilities
The Directors are responsible for
preparing the Annual Report and
the Financial Statements in
accordance with applicable law
and regulations.
Company law requires the
Directors to prepare financial
statements for each financial
year. Under that law the
Directors are required to prepare
the Group Financial Statements
in accordance with international
accounting standards in
conformity with the requirements
of the Companies Act 2006.
The Directors have chosen to
prepare the Parent Company
Financial Statements in
accordance with Financial
Reporting Standard 101 ‘Reduced
Disclosure Framework’. Under
company law, the Directors must
not approve the financial
statements unless they are
satisfied that they give a true
and fair view of the state of
affairs of the Company and of
the profit or loss of the Company
for that period.
In preparing the Parent
Company Financial Statements,
the Directors are required to:
• select suitable accounting
policies and then apply them
consistently;
• make judgements and
accounting estimates that are
reasonable and prudent;
• state whether Financial
Reporting Standard 101
‘Reduced Disclosure
Framework’ has been followed,
subject to any material
departures disclosed and
explained in the Financial
Statements; and
• prepare the Financial
Statements on the going
concern basis, unless it is
inappropriate to presume that
the Company will continue
in business.
In preparing the Group Financial
Statements, International
Accounting Standard 1 requires
that Directors:
• properly select and apply
accounting policies;
• present information, including
accounting policies, in a
manner that provides relevant,
reliable, comparable and
understandable information;
• provide additional disclosures
when compliance with the
specific requirements in IFRSs
are insufficient to enable users
to understand the impact of
particular transactions, other
events and conditions on the
entity’s financial position and
financial performance; and
• make an assessment of the
Company’s ability to continue
as a going concern.
The Directors are responsible for
keeping adequate accounting
records that are sufficient to
show and explain the Company’s
transactions and disclose with
reasonable accuracy at any
time the financial position of
the Company and enable
them to ensure that the
Financial Statements comply
with the Companies Act 2006.
They are also responsible for
safeguarding the assets of
the Company and hence for
taking reasonable steps for the
prevention and detection of
fraud and other irregularities.
The Directors are responsible
for the maintenance and
integrity of the corporate
and financial information
included on the Company’s
website. Legislation in the UK
governing the preparation
and dissemination of Financial
Statements may differ from
legislation in other jurisdictions.
Directors’ responsibility
statement
We confirm that to the best of
our knowledge:
• the Financial Statements,
prepared in accordance with
the relevant financial reporting
framework, give a true and fair
view of the assets, liabilities,
financial position and profit
or loss of the Company and
the undertakings included in
the consolidation taken as
a whole;
• the Strategic Report includes a
fair review of the development
and performance of the
business and the position of
the Company and the
undertakings included in the
consolidation taken as a whole,
together with a description of
the principal risks and
uncertainties that they face;
and
• the Annual Report and
Financial Statements, taken
as a whole, are fair, balanced
and understandable, and
provide the information
necessary for shareholders to
assess the Company’s position,
performance, business model
and strategy.
Approved by the Board and
signed on its behalf by:
Jorgen Kokke
Chief Executive
9 September 2026
Andy Russell
Chief Financial Officer
9 September 2026
100Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
IN THIS SECTION
Independent Auditor’s Report
Group Income Statement
Group Statement of
Comprehensive Income
Group Statement of
Changes in Equity
Group Balance Sheet
Group Statement of Cash Flows
Notes to the Group
Financial Statements
Parent Company Balance Sheet
Parent Company Statement of
Changes in Equity
Notes to the Parent Company
Financial Statements
Five-Year Record –
Consolidated Results
Alternative Performance
Measures Glossary
Glossary
Advisers IBC
Financial
Statements
101Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Our audit approach
Context
2026 is our second year as auditors of the Group. On 31 January 2026, there was a significant
transaction through the disposal of 51% of the China business and the formation of a new Joint Venture
with Beijing Capital Agribusiness (‘BCA’). A component team in China performed audit procedures over
the completion balance sheet supporting the net assets derecognised on disposal. Full scope audit
work for the seven-month period to 31 January 2026 was performed as detailed in the ‘Overview’
section below. The newly formed Joint Venture is not in scope this year as their contribution towards
share of post-tax profits of joint ventures and associates is immaterial.
Overview
Audit scope
• We conducted full scope audit work in the United Kingdom over Genus plc, Pig Improvement
Company UK Limited and Genus Breeding Limited, in the United States over PIC USA Inc. and ABS
Global Inc., in Mexico over Pig Improvement Company de Mexico, S. de R.L. de C.V, and in Spain over
Pig Improvement Company España, S.A.
• We performed full scope financial statement line-item audits over revenue, trade and other
receivables and inventories at Pecplan ABS Imp. e. Exp, Ltda (Brazil), over revenue, inventories,
property plant and equipment and other intangible assets at PIC Canada Limited (Canada) and
over cash and cash equivalents at Genus Breeding India Private Limited (India), PIC Genetics LLC
and LLC Genus ABS Rus (Russia).
• We conducted full scope audit work for the seven-month period to 31 January 2026 in China over PIC
Ankang Agriculture Science and Technology Co., Ltd., Liao Ning PIC Agriculture Science and Technology
Company Limited and PIC (Shanghai) Agriculture Science and Technology Company Limited.
• A component team in Brazil performed a full scope audit over the Agroceres PIC Genética de Suinos
Ltda Joint Venture.
• The Group engagement team audited the Company and other centralised functions and balances
including those covering the cash and cash equivalents, taxation, retirement benefit obligations,
share-based payments, obligations under leases, borrowings, consolidation and certain intangible
asset and goodwill impairment assessments.
• The components on which we performed full scope and financial statement line-item audit
procedures, together with the work performed by the Group engagement team as identified above,
accounted for 74% of revenue and 75% of adjusted profit before taxation.
Key audit matters
• Valuation of Biological Assets under IAS 41 ‘Agriculture’ (group)
• Impairment of investments in subsidiary undertakings (parent)
Materiality
• Overall Group materiality: £4,700,000 (2025: £2,660,000) based on approximately 5% of adjusted
profit before tax.
• Overall Company materiality: £4,720,000 (2025: £5,100,000) based on 1% of total assets.
• Performance materiality: £3,525,000 (2025: £1,995,000) (Group) and £3,540,000 (2025: £1,812,375)
(Company).
The scope of our audit
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the financial statements.
Independent Auditor’s Report
To the members of Genus plc
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
OPINION
In our opinion:
• Genus plc’s Group financial statements and Company financial statements (the “financial
statements”) give a true and fair view of the state of the Group’s and of the Company’s affairs as
at 30 June 2026 and of the Group’s profit and the Group’s cash flows for the year then ended;
• the Group financial statements have been properly prepared in accordance with UK-adopted
international accounting standards as applied in accordance with the provisions of the Companies
Act 2006;
• the Company financial statements have been properly prepared in accordance with United
Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards,
including FRS 101 “Reduced Disclosure Framework”, and applicable law); and
• the financial statements have been prepared in accordance with the requirements of the
Companies Act 2006.
We have audited the financial statements, included within the Annual Report, which comprise:
• the Group Balance Sheet as at 30 June 2026;
• the Parent Company Balance Sheet as at 30 June 2026;
• the Group Income Statement for the year then ended;
• the Group Statement of Comprehensive Income for the year then ended;
• the Group Statement of Changes in Equity for the year then ended;
• the Group Statement of Cash Flows for the year then ended;
• the Parent Company Statement of Changes in Equity for the year then ended; and
• the notes to the financial statements, comprising material accounting policy information and
other explanatory information.
Our opinion is consistent with our reporting to the Audit & Risk Committee.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and
applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities
for the audit of the financial statements section of our report. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the Group in accordance with the ethical requirements that are relevant
to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, as
applicable to listed public interest entities, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
To the best of our knowledge and belief, we declare that non-audit services prohibited by the FRC’s
Ethical Standard were not provided.
Other than those disclosed in Note 8, we have provided no non-audit services to the Company or its
controlled undertakings in the period under audit.
102Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Key audit matter How our audit addressed the key audit matter
Impairment of investments in subsidiary undertakings (Parent)
Note C5 (Investments in subsidiaries) gives an
explanation of movements in the carrying value
of investments in subsidiary undertakings. The
Company has investments of £328.8m (FY25:
£307.6m) in its subsidiary undertakings. Annually,
the Directors consider whether any events or
circumstances have occurred that could indicate
that the carrying amount of the investment in
subsidiaries may not be recoverable. If such
circumstances are identified, an impairment
review is undertaken to establish whether the
carrying amount of the investments exceeds its
recoverable amount, being the higher of fair
value less costs to sell or value in use. Impairment
assessments of this nature require significant
judgement and there is a risk that a potential
impairment trigger may not be identified by
management and in the event that there is an
impairment trigger identified, there is a risk that
the calculation of the recoverable amount of the
investment is incorrect and therefore the value of
the investment may be misstated. During the year
ended 30 June 2026, the Company recognised
£0.9m of impairment against ABS Chile Limitada
(FY25: a £11.6m impairment against the
investment previously held in Pecplan ABS Imp. e.
Exp, Ltda (Brazil)).
We have evaluated management’s consideration
of impairment triggers through performing our own
independent assessment, which has included;
• Compared the carrying value of the investment
to the carrying value of the underlying net assets;
• Assessed the overall financial performance of
the Group to identify any indicators of
impairment; and
• Considered other information gathered during
the course of our audits of the Group and
components and assessing whether there are
any other indicators of impairment. We found
management’s impairment assessment to have
been conducted in accordance with IAS 36.
Based on the procedures performed, we concluded
that the recognition of an impairment in respect of
ABS Chile Limitada was appropriate. We concluded
that no further impairment was required in relation
to the remaining investments held and that
disclosures in respect of the impairment
assessment performed was appropriate.
Independent Auditor’s Report continued
To the members of Genus plc
Key audit matters
Key audit matters are those matters that, in the auditors’ professional judgement, were of most
significance in the audit of the financial statements of the current period and include the most
significant assessed risks of material misstatement (whether or not due to fraud) identified by the
auditors, including those which had the greatest effect on: the overall audit strategy; the allocation of
resources in the audit; and directing the efforts of the engagement team. These matters, and any
comments we make on the results of our procedures thereon, were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
This is not a complete list of all risks identified by our audit.
The key audit matters below are consistent with last year.
Key audit matter How our audit addressed the key audit matter
Valuation of Biological Assets under IAS 41 ‘Agriculture’ (Group)
Note 4 (Critical accounting judgements and key
sources of estimation uncertainty), note 16
(Biological assets) and the Audit & Risk
Committee report explains how management
have considered key judgements in the Group,
including that of the IAS 41 valuation. Genus plc
carries biological assets at fair value in
accordance with IAS 41 ‘Agriculture’. As at 30 June
2026, the Group held total biological assets
(excluding those recognised in Inventory) of
£254.6m (FY25: £253.7m). The movement in the IAS
41 valuation has a material impact on statutory
results each year. Certain assumptions included
within the valuation models are subject to
estimation uncertainty, and accordingly, require
the exercise of judgement. In planning our audit,
we identified the following assumptions as being
the most significant in the determination of the
valuation of each species:
• Bovine: the growth in unit prices, the discount
rate applied to the forecast cash flows and the
Biological Asset Value (BAV) factor used.
• Porcine: the portion of animals held for
breeding sales and the discount rate applied
to the model.
We developed a granular understanding of
Genus’ business model and in testing the IAS 41
valuation, we have:
• Obtained an understanding of the processes and
controls relevant to the preparation, review and
approval of the valuation of biological assets;
• Assessed the appropriateness of the logic and
mechanical accuracy of the valuation models
prepared and the methodology applied by the
Group for compliance with the requirements of
IAS 41 ‘Agriculture’;
• Made inquiries of management to understand
the rationale applied in the determination of key
assumptions and any changes year on year;
• Challenged the appropriateness of key
assumptions applied within the underlying
forecasts, with consideration given to historical
forecasting accuracy and third-party
benchmarking data (where available), historical
transactional data and other comparable sources;
• Tested inputs in the valuation model back to
supporting evidence;
• Involved our valuation experts in our consideration
as to the appropriateness of the discount rates
applied by the Directors in determining the fair
value of biological assets; and
• Assessed the completeness and accuracy of
disclosures made within the financial statements
in accordance with applicable standards.
Based on the procedures performed, we did not
identify any material misstatements within the
valuation of biological assets. We also assessed
the related disclosures and considered these to be
in line with the requirements of IAS 41 ‘Agriculture’.
103Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
The Group engagement leader discussed and agreed the audit plan with our component audit teams,
in addition to agreeing the format and content of communications. We determined that the level of
involvement we were able to have in the audit work at our reporting entities was sufficient, and
appropriate audit evidence had been obtained, to enable us to form our opinion on the financial
statements as a whole. Senior members of the Group engagement team visited our local component
team and the local management team in the United States and Spain. We maintained regular
dialogue throughout the audit process with our component audit teams through the use of video
conferencing. We also supervised the work performed by all component teams through the review of
component team working papers and we concluded that sufficient and appropriate procedures have
been performed.
The Company audit was performed by the Group audit team. The parent Company is incorporated in
England, United Kingdom and there are no branches or other locations to be considered when scoping
the audit. The Company is audited on a stand-alone basis, and hence, testing has been performed on
all material financial statement line items.
The impact of climate risk on our audit
As part of our audit we made enquiries of management to understand the extent of the potential
impact of climate risk on the Group’s and Company’s financial statements, and we remained alert
when performing our audit procedures for any indicators of the impact of climate risk. In particular, we
challenged management over the impact of climate change (e.g. flooding at exposed areas) as well
as any potential risks arising from physical and environmental issues.
As set out in the other information to the Annual Report, the Group is committed to being net zero
by 2050, with a particular focus on exploring initiatives to reduce our emissions across operations
especially within the key areas of porcine manure management, Group electricity consumption and
Group fleet.
We challenged management regarding the extent of disclosures made within the financial statements
in respect of climate change, obtaining comfort over the consistency of information included within the
disclosures made in the other information to the Annual Report and that included within the financial
statements and the knowledge we obtained from our audit.
Based on the procedures performed, we did not identify any material inconsistency between the
climate-related disclosures and the assumptions applied in the financial statements.
Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative
thresholds for materiality. These, together with qualitative considerations, helped us to determine the
scope of our audit and the nature, timing and extent of our audit procedures on the individual financial
statement line items and disclosures and in evaluating the effect of misstatements, both individually
and in aggregate on the financial statements as a whole.
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an
opinion on the financial statements as a whole, taking into account the structure of the Group and
the Company, the accounting processes and controls, and the industry in which they operate.
We conducted full scope audit work over Genus plc, Genus Breeding Limited, Pig Improvement
Company UK Limited, ABS Global Inc., PIC USA Inc., Pig Improvement Company de Mexico, S. de. R.L.
de C.V, Pig Improvement Company España S.A. The only components considered significant to the
Group are Genus plc, Genus Breeding Limited, Pig Improvement Company UK Limited, ABS Global Inc.
and PIC USA Inc.
In addition to the above we performed full scope audit work over PIC Ankang Agriculture Science and
Technology Co Ltd, PIC (Shanghai) Agriculture Science and Technology Co Ltd, Liao Ning PIC
Agriculture Science and Technology for the period to 31 January 2026 when the Group sold a
controlling share of these subsidiary undertakings.
The audit of Genus plc is performed by the Group team, the audit of Genus Breeding Limited and Pig
Improvement Company UK Limited are performed by a component team in the United Kingdom; the
audit of ABS Global Inc and PIC USA Inc. are performed by a component team based in the United
States; the audit of PIC Ankang Agriculture Science and Technology Co Ltd, PIC (Shanghai) Agriculture
Science and Technology Co Ltd, and Liao Ning PIC Agriculture Science and Technology are performed
by a component team in China; the audit of Pig Improvement Company de Mexico, S. de R.L. de C.V is
performed by a component team in Mexico and the audit of Pig Improvement Company España S.A.
is performed by a component team in Spain.
We performed additional procedures over revenue, trade and other receivables and inventories
balances at Pecplan ABS Imp. e Exp. Ltda and revenue, inventories, other intangibles and property,
plant and equipment at PIC Canada Limited to ensure sufficient coverage over these financial
statement line items. Pecplan ABS Imp. e Exp. Ltda is located in Brazil and work was performed by
our local component team. PIC Canada Limited is located in Canada and work was performed by
a component team in the United States.
A separate component team in Brazil has performed a full scope audit over the Agroceres PIC
Genética de Suinos Ltda Joint Venture.
We performed analytical procedures on the remaining entities to understand key balances and
transactions in the year and performed additional procedures on any unusual balances identified.
We assessed coverage for each financial statement line item based on the final scoping. Our scope
gives coverage of 74% of revenue, 75% of adjusted profit before tax on an absolute basis and 91% of
total assets based on the consolidated results.
The combination of the work referred to above, together with additional procedures performed at
a Group level, including testing of significant journals posted within the consolidation, significant
adjustments made to the financial statements, goodwill, intangible assets, share-based payments,
pensions, IFRS 16 lease accounting, taxation and borrowings gave us the evidence required for our
opinion on the financial statements as a whole.
Independent Auditor’s Report continued
To the members of Genus plc
104Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Based on our professional judgement, we determined materiality for the financial statements as a
whole as follows:
Financial statements – Group Financial statements – Company
Overall materiality £4,700,000 (2025: £2,660,000). £4,720,000 (2025: £5,100,000).
How we determined it Based on 5% of adjusted profit
before tax
Based on 1% of total assets
Rationale for
benchmark applied
Adjusted profit before tax is one of
the primary measures used by the
shareholders in assessing the
performance of the Group, and is a
generally accepted auditing
benchmark. It is considered
appropriate to exclude specific
adjusting items due to the nature of
these balances as disclosed in Note 7
(Exceptional items) of the financial
statements, the Net IAS 41 valuation
movement on biological assets and
those associated with the sale of 51%
of PIC Ankang Agriculture Science
and Technology Co Ltd, PIC
(Shanghai) Agriculture Science and
Technology Co Ltd and Liao Ning PIC
Agriculture Science and Technology.
Total assets is one of the primary
measures used by the shareholders
in assessing the performance of the
Company, and is a generally
accepted auditing benchmark.
For each component in the scope of our Group audit, we allocated a materiality that is less than our
overall Group materiality. The range of materiality allocated across components was between
£500,000 and £4,230,000. Certain components were audited to a local statutory audit materiality
that was also less than our overall Group materiality.
We use performance materiality to reduce to an appropriately low level the probability that the
aggregate of uncorrected and undetected misstatements exceeds overall materiality. Specifically,
we use performance materiality in determining the scope of our audit and the nature and extent of
our testing of account balances, classes of transactions and disclosures, for example in determining
sample sizes. Our performance materiality was 75% (2025: 75%) of overall materiality, amounting to
£3,525,000 (2025: £1,995,000) for the Group financial statements and £3,540,000 (2025: £1,812,375)
for the Company financial statements.
In determining the performance materiality, we considered a number of factors - the history of
misstatements, risk assessment and aggregation risk and the effectiveness of controls – and
concluded that an amount in the middle of our normal range was appropriate.
We agreed with the Audit & Risk Committee that we would report to them misstatements identified
during our audit above £235,000 (Group audit) (2025: £134,250) and £230,000 (Company audit) (2025:
£134,250) as well as misstatements below those amounts that, in our view, warranted reporting for
qualitative reasons.
Conclusions relating to going concern
Our evaluation of the Directors’ assessment of the Group’s and the Company’s ability to continue to
adopt the going concern basis of accounting included:
• We obtained management’s FY27 budget and forecast beyond that date. We have held discussions
with management to understand the budgeting process and the key assumptions made in the
forecasting process;
• Using our own knowledge from the audit and assessment of previous forecasting accuracy, we
calculated sensitivities to apply to management’s cash flow forecasts. These procedures confirmed
headroom in management’s forecasts;
• Evaluated the reasonableness of the inputs and underlying assumptions within the base case going
concern forecast prepared by management;
• Agreeing the committed facilities to the underlying agreements and ensuring that these were
appropriately reflected within the liquidity and covenant analysis;
• Comparing prior year forecasts against current year actual performance to assess management’s
ability to prepare accurate forecasts, evaluating any differences identified;
• Assessing the appropriateness of management’s base case going concern forecast by performing
trend analysis against the actual results for past periods;
• Assessing the severe but plausible downside scenarios which has been used to sensitise the base
case going concern forecast, including the consideration of the underlying assumptions within the
forecast and the mitigating actions available were such scenarios to arise;
• We assessed the adequacy of disclosures in the Annual Report and found these appropriately
reflect our understanding of the conclusions reached.
Based on the work we have performed, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast significant doubt on the Group’s and the
Company’s ability to continue as a going concern for a period of at least twelve months from when the
financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the Directors’ use of the going concern
basis of accounting in the preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a
guarantee as to the Group’s and the Company’s ability to continue as a going concern.
In relation to the Directors’ reporting on how they have applied the UK Corporate Governance Code,
we have nothing material to add or draw attention to in relation to the Directors’ statement in the
financial statements about whether the Directors considered it appropriate to adopt the going
concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are
described in the relevant sections of this report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial
statements and our auditors’ report thereon. The Directors are responsible for the other information.
Our opinion on the financial statements does not cover the other information and, accordingly, we do
not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form
of assurance thereon.
Independent Auditor’s Report continued
To the members of Genus plc
105Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
• The Directors’ statement as to whether they have a reasonable expectation that the Company will
be able to continue in operation and meet its liabilities as they fall due over the period of its
assessment, including any related disclosures drawing attention to any necessary qualifications or
assumptions.
Our review of the Directors’ statement regarding the longer-term viability of the Group and Company
was substantially less in scope than an audit and only consisted of making inquiries and considering
the Directors’ process supporting their statement; checking that the statement is in alignment with the
relevant provisions of the UK Corporate Governance Code; and considering whether the statement is
consistent with the financial statements and our knowledge and understanding of the Group and
Company and their environment obtained in the course of the audit.
In addition, based on the work undertaken as part of our audit, we have concluded that each of the
following elements of the corporate governance statement is materially consistent with the financial
statements and our knowledge obtained during the audit:
• The Directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced
and understandable, and provides the information necessary for the members to assess the Group’s
and Company’s position, performance, business model and strategy;
• The section of the Annual Report that describes the review of effectiveness of risk management and
internal control systems; and
• The section of the Annual Report describing the work of the Audit & Risk Committee.
We have nothing to report in respect of our responsibility to report when the Directors’ statement
relating to the Company’s compliance with the Code does not properly disclose a departure from a
relevant provision of the Code specified under the Listing Rules for review by the auditors.
Responsibilities for the financial statements and the audit
Responsibilities of the Directors for the financial statements
As explained more fully in the Directors’ Responsibilities, the Directors are responsible for the
preparation of the financial statements in accordance with the applicable framework and for being
satisfied that they give a true and fair view. The Directors are also responsible for such internal control
as they determine is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s and the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Directors either intend to liquidate
the Group or the Company or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated. If we identify an apparent material inconsistency or material misstatement, we are required
to perform procedures to conclude whether there is a material misstatement of the financial
statements or a material misstatement of the other information. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report based on these responsibilities.
With respect to the Strategic Report and Directors’ Report, we also considered whether the disclosures
required by the UK Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to
report certain opinions and matters as described below.
Strategic report and Directors’ report
In our opinion, based on the work undertaken in the course of the audit, the information given in the
Strategic Report and Directors’ Report for the year ended 30 June 2026 is consistent with the financial
statements and has been prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the Group and Company and their environment
obtained in the course of the audit, we did not identify any material misstatements in the Strategic
Report and Directors’ Report.
Directors’ Remuneration
In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly
prepared in accordance with the Companies Act 2006.
Corporate governance statement
The Listing Rules require us to review the Directors’ statements in relation to going concern, longer-
term viability and that part of the corporate governance statement relating to the Company’s
compliance with the provisions of the UK Corporate Governance Code specified for our review. Our
additional responsibilities with respect to the corporate governance statement as other information
are described in the ‘Reporting on other information’ section of this report.
Based on the work undertaken as part of our audit, we have concluded that each of the following
elements of the corporate governance statement is materially consistent with the financial statements
and our knowledge obtained during the audit, and we have nothing material to add or draw attention
to in relation to:
• The Directors’ confirmation that they have carried out a robust assessment of the emerging and
principal risks;
• The disclosures in the Annual Report that describe those principal risks, what procedures are in place
to identify emerging risks and an explanation of how these are being managed or mitigated;
• The Directors’ statement in the financial statements about whether they considered it appropriate
to adopt the going concern basis of accounting in preparing them, and their identification of any
material uncertainties to the Group’s and Company’s ability to continue to do so over a period of at
least twelve months from the date of approval of the financial statements;
• The Directors’ explanation as to their assessment of the Group’s and Company’s prospects, the
period this assessment covers and why the period is appropriate; and
Independent Auditor’s Report continued
To the members of Genus plc
106Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect
of irregularities, including fraud. The extent to which our procedures are capable of detecting
irregularities, including fraud, is detailed below.
Based on our understanding of the Group and industry, we identified that the principal risks of
non-compliance with laws and regulations related to environmental regulations and sanctions in
relation to Russia, and we considered the extent to which non-compliance might have a material
effect on the financial statements. We also considered those laws and regulations that have a direct
impact on the financial statements such as UK Listing rules, tax legislation and the Companies Act
2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the
financial statements (including the risk of override of controls), and determined that the principal risks
were related to posting of inappropriate journal entries to manipulate revenue and/or EBITDA and
management bias in significant accounting estimates and judgements. The Group engagement team
shared this risk assessment with the component auditors so that they could include appropriate audit
procedures in response to such risks in their work. Audit procedures performed by the Group
engagement team and/or component auditors included:
• Discussions with management, internal legal counsel, and the Audit Committee throughout the
year and since the year end, including consideration of known or suspected instances of non-
compliance with laws and regulation or fraud;
• Reviewing minutes of meetings of those charged with governance to identify any instances of
non-compliance that have been discussed;
• Identifying and testing journal entries, in particular any journal entries posted with unusual
account combinations;
• Challenging assumptions and judgements made by management in their significant accounting
estimates and judgements;
• Reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations.
There are inherent limitations in the audit procedures described above. We are less likely to become aware
of instances of non-compliance with laws and regulations that are not closely related to events and
transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement
due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate
concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Our audit testing might include testing complete populations of certain transactions and balances,
possibly using data auditing techniques. However, it typically involves selecting a limited number of items
for testing, rather than testing complete populations. We will often seek to target particular items for
testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to
draw a conclusion about the population from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s
website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the Company’s members as a
body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We
do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other
person to whom this report is shown or into whose hands it may come save where expressly agreed by
our prior consent in writing.
OTHER REQUIRED REPORTING
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• we have not obtained all the information and explanations we require for our audit; or
• adequate accounting records have not been kept by the Company, or returns adequate for our
audit have not been received from branches not visited by us; or
• certain disclosures of Directors’ remuneration specified by law are not made; or
• the Company financial statements and the part of the Directors’ Remuneration Report to be audited
are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Appointment
We were first appointed by the Company for the financial year ended 30 June 2025. Our uninterrupted
engagement covers two financial years.
OTHER MATTER
The Company is required by the Financial Conduct Authority Disclosure Guidance and Transparency
Rules to include these financial statements in an annual financial report prepared under the structured
digital format required by DTR 4.1.15R - 4.1.18R and filed on the National Storage Mechanism of the
Financial Conduct Authority. This auditors’ report provides no assurance over whether the structured
digital format annual financial report has been prepared in accordance with those requirements.
David Beer (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Southampton
9 September 2026
Independent Auditor’s Report continued
To the members of Genus plc
107Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Group Income Statement
For the year ended 30 June 2026
| 2026 | 2025 | ||
| Note | £m | £m | |
REVENUE | 5, 6 | ||
Adjusted operating profit | 5 | ||
| Adjusting items: | |||
– Net IAS 41 valuation movement on biological assets | 16 | ( | |
– Amortisation of acquired intangible assets | 15 | ( | ( |
– Impairment of goodwill | 14 | ( | |
– Share-based payment expense | 30 | ( | ( |
( | ( | ||
Exceptional items (net) | 7 | ( | ( |
Total adjusting items | ( | ( | |
OPERATING PROFIT | 8 | ||
Share of post-tax profit of joint ventures and associates retained | 18 | ||
Other gains and losses | 41 | ( | |
Finance costs | 10 | ( | ( |
Finance income | 10 | ||
PROFIT BEFORE TAX | |||
Taxation | 11 | ( | ( |
PROFIT FOR THE YEAR | |||
| ATTRIBUTABLE TO: | |||
Owners of the Company | |||
Non-controlling interest | |||
| EARNINGS PER SHARE | |||
Basic earnings per share | 12 | ||
Diluted earnings per share | 12 |
| 2026 | 2025 | ||
| Note | £m | £m | |
| Alternative Performance Measures | |||
Adjusted operating profit | |||
Adjusted operating profit attributable to non-controlling interest | ( | ||
| Pre-tax share of profits from joint ventures and associates | |||
excluding net IAS 41 valuation movement | |||
Adjusted operating profit including joint ventures and associates | |||
Net finance costs | 10 | ( | ( |
Adjusted profit before tax | |||
| Adjusted earnings per share | |||
Basic adjusted earnings per share | 12 | ||
Diluted adjusted earnings per share | 12 |
Adjusted results are the Alternative Performance Measures (‘APMs’) used by the Board to monitor
underlying performance at a Group and operating segment level, which are applied consistently
throughout. These APMs should be considered in addition to statutory measures, and not as a
substitute for or as superior to them. For more information on APMs, see APM Glossary.
108Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Group Statement of Comprehensive Income
For the year ended 30 June 2026
| 2026 | 2026 | 2025 | 2025 | ||
| Note | £m | £m | £m | £m | |
PROFIT FOR THE YEAR | |||||
| Items that may be reclassified subsequently to profit or loss | |||||
Foreign exchange translation differences | ( | ||||
Fair value movement on net investment hedges | 26 | ( | ( | ||
Fair value movement on cash flow hedges | ( | ||||
Tax relating to components of other comprehensive income/(expense) | 11 | ( | |||
| Items that may not be reclassified subsequently to profit or loss | ( | ||||
Actuarial gain/(loss) on retirement benefit obligations | 29 | ( | |||
Movement on pension asset recognition restriction | 29 | ( | |||
Interest restriction on IFRIC 14 | 29 | ||||
Tax relating to components of other comprehensive income/(expense) | 11 | ( | |||
( | |||||
OTHER COMPREHENSIVE INCOME/(EXPENSE) FOR THE YEAR | ( | ||||
TOTAL COMPREHENSIVE INCOME/(EXPENSE) FOR THE YEAR | ( | ||||
| ATTRIBUTABLE TO: | |||||
Owners of the Company | ( | ||||
Non-controlling interest | ( | ||||
( |
109Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Group Statement of Changes in Equity
For the year ended 30 June 2026
| Called-up | Share | Trans- | Non- | |||||||
| share | premium | Own | lation | Hedging | Retained | controlling | Total | |||
| capital | account | shares | reserve | reserve | earnings | Total | interest | equity | ||
| Note | £m | £m | £m | £m | £m | £m | £m | £m | £m | |
BALANCE AT 1 July 2024 | ( | ( | ||||||||
Foreign exchange translation differences, net of tax | ( | ( | ( | ( | ||||||
Fair value movement on net investment hedges, net of tax | ( | ( | ( | |||||||
Fair value movement on cash flow hedges, net of tax | ( | ( | ( | |||||||
Actuarial loss on retirement benefit obligations, net of tax | ( | ( | ( | |||||||
Movement on pension asset recognition restriction, net of tax | ||||||||||
Interest restriction on IFRIC 14, net of tax | ||||||||||
Other comprehensive (expense)/income for the year | ( | ( | ( | ( | ( | ( | ||||
Profit for the year | ||||||||||
Total comprehensive (expense)/income for the year | ( | ( | ( | ( | ( | |||||
Recognition of share-based payments, net of tax | ||||||||||
Dividends | 13 | ( | ( | ( | ||||||
Adjustment arising from change in non-controlling interest and written put option | ( | ( | ||||||||
BALANCE AT 30 June 2025 | ( | ( | ( | ( | ||||||
Foreign exchange translation differences, net of tax | ( | |||||||||
Fair value movement on net investment hedges, net of tax | ( | ( | ( | |||||||
Fair value movement on cash flow hedges, net of tax | ||||||||||
Actuarial gain on retirement benefit obligations, net of tax | ||||||||||
Movement on pension asset recognition restriction, net of tax | ( | ( | ( | |||||||
Interest restriction on IFRIC 14, net of tax | ||||||||||
Other comprehensive income/(expense) for the year | ( | |||||||||
Profit for the year | ||||||||||
Total comprehensive income for the year | ||||||||||
Recognition of share-based payments, net of tax | ||||||||||
Dividends | 13 | ( | ( | ( | ||||||
Issue of ordinary shares | ||||||||||
BALANCE AT 30 June 2026 | ( | ( |
110Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Group Balance Sheet
As at 30 June 2026
| 2026 | 2025 | ||
| Note | £m | £m | |
| ASSETS | |||
Goodwill | 14 | ||
Other intangible assets | 15 | ||
Biological assets | 16 | ||
Property, plant and equipment | 17 | ||
Interests in joint ventures and associates | 18 | ||
Other investments | 19 | ||
Derivative financial assets | 26 | ||
Other receivables | 21 | ||
Deferred tax assets | 11 | ||
TOTAL NON-CURRENT ASSETS | |||
Inventories | 20 | ||
Biological assets | 16 | ||
Trade and other receivables | 21 | ||
Cash and cash equivalents | 22 | ||
Income tax receivable | |||
Retirement benefit asset | 29 | ||
Derivative financial assets | 26 | ||
TOTAL CURRENT ASSETS | |||
TOTAL ASSETS | |||
| LIABILITIES | |||
Trade and other payables | 23 | ( | ( |
Interest-bearing loans and borrowings | 27 | ( | ( |
Provisions | 25 | ( | ( |
Deferred consideration | 38 | ( | ( |
Obligations under leases | 28 | ( | ( |
Tax liabilities | ( | ( | |
Derivative financial liabilities | 26 | ( | ( |
TOTAL CURRENT LIABILITIES | ( | ( | |
Trade and other payables | 23 | ( | |
Interest-bearing loans and borrowings | 27 | ( | ( |
Retirement benefit obligations | 29 | ( | ( |
Provisions | 25 | ( | ( |
Deferred consideration | 38 | ( | ( |
Deferred tax liabilities | 11 | ( | ( |
Derivative financial liabilities | 26 | ( | ( |
Obligations under leases | 28 | ( | ( |
TOTAL NON-CURRENT LIABILITIES | ( | ( | |
TOTAL LIABILITIES | ( | ( |
| 2026 | 2025 | ||
| Note | £m | £m | |
NET ASSETS | |||
| EQUITY | |||
Called-up share capital | 31 | ||
Share premium account | |||
Own shares | 31 | ( | ( |
Translation reserve | 31 | ( | ( |
Hedging reserve | 31 | ( | |
Retained earnings | |||
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY | |||
Non-controlling interest | 39 | ||
Put option over non-controlling interest | 39 | ( | ( |
TOTAL NON-CONTROLLING INTEREST | ( | ||
TOTAL EQUITY |
111Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Group Statement of Cash Flows
For the year ended 30 June 2026
| 2026 | 2025 | ||
| Note | £m | £m | |
NET CASH FLOW FROM OPERATING ACTIVITIES | 32 | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
Dividends received from joint ventures and associates | 18 | ||
Disposal of subsidiary investment | |||
Net cash flow from the sale of 51% of PIC China after taxation | 42 | ||
Acquisition of other investments | ( | ||
Payment of deferred consideration | 38 | ( | |
Purchase of property, plant and equipment | ( | ( | |
Purchase of intangible assets | ( | ( | |
Proceeds from sale of property, plant and equipment | |||
NET CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES | ( | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
Drawdown of borrowings | |||
Repayment of borrowings | ( | ( | |
Payment of lease liabilities | ( | ( | |
Equity dividends paid | ( | ( | |
Purchase of non-controlling interest in De Novo Genetics LLC | ( | ( | |
Dividend to non-controlling interest | ( | ||
Issue of share capital | |||
Debt issue costs | ( | ( | |
NET CASH OUTFLOW FROM FINANCING ACTIVITIES | ( | ( | |
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | ( | ||
Cash and cash equivalents at start of the year | |||
Net (decrease)/increase in cash and cash equivalents | ( | ||
Effect of exchange rate fluctuations on cash and cash equivalents | ( | ||
TOTAL CASH AND CASH EQUIVALENTS AT 30 JUNE | 22 |
112Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Group Financial Statements
For the year ended 30 June 2026
1. REPORTING ENTITY
Kingdom under the Companies Act 2006. Its company number is 02972325 and its registered office is
ended 30 June 2026 comprise the Company and its subsidiaries (together referred to as the ‘Group’). We
have used the equity method to account for the Group’s interests in joint ventures and associates. Our
business model on pages 6 to 7 explains the Group’s operations and principal activities.
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.
113Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
3. MATERIAL ACCOUNTING POLICY INFORMATION APPLIED IN THE CURRENT REPORTING PERIOD
THAT RELATES TO THE FINANCIAL STATEMENTS AS A WHOLE CONTINUED
Average | Closing | |||||
2026 | 2025 | 2024 | 2026 | 2025 | 2024 | |
US Dollar/£ | 1.34 | 1.30 | 1.26 | 1.33 | 1.37 | 1.27 |
Euro/£ | 1.15 | 1.19 | 1.17 | 1.16 | 1.17 | 1.18 |
Brazilian Real/£ | 7.07 | 7.46 | 6.35 | 6.85 | 7.46 | 7.07 |
Mexican Peso/£ | 24.06 | 25.83 | 21.69 | 23.18 | 25.75 | 23.12 |
Chinese Yuan/£ | 9.35 | 9.35 | 9.06 | 9.00 | 9.84 | 9.19 |
Russian Rouble/£ | 104.92 | 118.29 | 115.46 | 104.26 | 107.38 | 108.18 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
114Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
3. MATERIAL ACCOUNTING POLICY INFORMATION APPLIED IN THE CURRENT REPORTING PERIOD
THAT RELATES TO THE FINANCIAL STATEMENTS AS A WHOLE CONTINUED
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’ 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’ 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’ 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 | |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
115Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
CONTINUED
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
116Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
CONTINUED
5. SEGMENTAL INFORMATION
IFRS 8 ‘Operating Segments’ 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’s 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:
• Genus PIC – our global porcine sales business;
• Genus ABS – our global bovine sales business; and
• Genus Research and Development – 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’s accounting policies, as described in the Financial Statements.
| 2026 | 2025 | |
| Revenue | £m | £m |
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’s 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 | £m | £m |
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 £5.8m net expense (2025: £11.4m net expense), includes Genus ABS £8.3m net
expense (2025: £8.7m net expense), Genus PIC £nil expense (2025: £0.3m) and our Central segment
£2.5m net income (2025: £2.4m 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 | |
| £m | £m | £m | £m | £m | £m | |
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 | – | 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 | |
| £m | £m | £m | £m | |
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) |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
117Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
5. SEGMENTAL INFORMATION CONTINUED
| 2026 | 2025 | |
| £m | £m | |
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 |
| 2026 | 2025 | |
| £m | £m | |
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 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
118Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
6. REVENUE CONTINUED
| 2026 | 2025 | |
| £m | £m | |
Genus PIC | 176.8 | 185.3 |
Genus ABS | 288.0 | 294.5 |
Central | – | – |
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 | – | – |
Royalties | 180.2 | 178.1 |
Genus PIC | – | – |
Genus ABS | 10.6 | 12.7 |
Central | 2.5 | 2.2 |
Consulting services | 13.1 | 14.9 |
Total revenue | 658.1 | 672.8 |
| 2026 | 2025 | |
| £m | £m | |
Genus PIC | 350.1 | 357.9 |
Genus ABS | 269.0 | 269.0 |
Central | – | – |
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 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
119Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
| 2026 | 2025 | |
| Operating (expense)/credit | £m | £m |
ABS restructuring | (8.2) | (8.8) |
Corporate transactions | – | (1.9) |
Litigation | (0.3) | (0.9) |
| Pension related | 2.7 | – |
Other | – | 0.2 |
Net exceptional items | (5.8) | (11.4) |
| 2026 | 2025 | |
| £m | £m | |
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 | – | (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) |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
120Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
8. OPERATING PROFIT CONTINUED
| 2026 | 2025 | |
| £m | £m | |
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) | – | 1.5 |
Impairment of owned fixed assets (see note 17) | 0.2 | – |
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 |
| 2026 | 2025 | |
| £m | £m | |
Fees payable to the Company’s auditor and its associates for the audit of the Company’s Annual Report and Financial Statements | 1.2 | 0.9 |
Fees payable to the Company’s auditor and its associates for the audit of the Company’s subsidiaries | 0.9 | 0.8 |
Total audit fees | 2.1 | 1.7 |
Total fees to the Group’s auditor | 2.1 | 1.7 |
Fees payable to other auditors of Group companies | – | – |
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’ remuneration, amounted to:
| 2026 | 2025 | |
| £m | £m | |
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 £0.4m (2025: £0.6m) which has been capitalised into intangible
assets as part of the development of GenusOne and other digital projects. Additionally, they include
£3.7m (2025: £3.6m) 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’ Remuneration Report sets out details of the Directors’ remuneration, pensions and
share options.
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
121Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
10. NET FINANCE COSTS CONTINUED
| 2026 | 2025 | |
| £m | £m | |
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 | – | (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) |
| 2026 | 2025 | |
| £m | £m | |
| 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 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
122Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
11. TAXATION AND DEFERRED TAXATION CONTINUED
| 2026 | 2026 | 2025 | 2025 | |
| % | £m | % | £m | |
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 | – | – |
Total income tax expense in the Group Income Statement | 11.2 | 36.0 | 36.7 | 11.2 |
| 2026 | 2025 | |
| £m | £m | |
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) |
| Expiring within | ||||
| 1–10 years | 11–20 years | Unlimited | Total | |
| £m | £m | £m | £m | |
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 | – | 1.9 | 2.1 |
Total tax losses | 1.1 | 0.1 | 24.1 | 25.2 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
123Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
11. TAXATION AND DEFERRED TAXATION CONTINUED
| Expiring within | ||||
| 1–10 years | 11–20 years | Unlimited | Total | |
| £m | £m | £m | £m | |
Losses for which a deferred tax asset is recognised | 0.1 | – | 12.4 | 12.5 |
Losses for which no deferred tax asset is recognised | – | – | 4.7 | 4.7 |
Total tax losses | 0.1 | – | 17.1 | 17.2 |
| 2026 | 2025 | |
| £m | £m | |
Deferred tax assets | (37.7) | (30.9) |
Deferred tax liabilities | 25.7 | 25.8 |
Net deferred tax assets | (12.0) | (5.1) |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
124Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
11. TAXATION AND DEFERRED TAXATION CONTINUED
| 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 | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
Property, plant and equipment | 1.5 | 2.0 | (0.3) | 2.7 | – | – | 0.5 | 6.4 |
Intangible assets | 0.5 | (0.2) | (0.3) | – | – | 0.3 | 0.3 | 0.6 |
Biological assets | 49.2 | 3.1 | (0.4) | – | 0.8 | (4.7) | – | 48.0 |
Retirement benefit obligations | (1.2) | 0.6 | 0.1 | (0.7) | 0.1 | – | – | (1.1) |
Share-based payment expense | (3.6) | (0.9) | – | – | 0.6 | – | – | (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) | – | (4.2) | – | – | (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 | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
Property, plant and equipment | 3.8 | 0.4 | 0.2 | (2.6) | – | 0.5 | (0.8) | 1.5 |
Intangible assets | 4.9 | (0.4) | (0.3) | (0.6) | – | (3.0) | (0.1) | 0.5 |
Biological assets | 55.6 | (2.9) | (0.6) | 0.5 | (4.9) | 1.5 | – | 49.2 |
Retirement benefit obligations | (1.2) | 0.1 | – | – | (0.1) | – | – | (1.2) |
Share-based payment expense | (2.4) | (0.6) | – | 0.1 | (0.7) | – | – | (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) | – | – | 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) |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
125Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
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 £285.3m (2025: £19.3m) 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 | – |
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 £285.3m (2025: £19.3m) 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 £72.9m (2025: £53.9m), which is calculated as follows:
| 2026 | 2025 | |
| £m | £m | |
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) | – | 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) | – |
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% |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
126Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
12. EARNINGS PER SHARE CONTINUED
Reconciliation of effective tax rate
| 2026 | 2026 | ||
| Profit/loss | Tax | 2026 | |
| £m | £m | % | |
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) | – | – |
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’s adjusted effective tax rate would have been 20.2%.
| 2025 | 2025 | ||
| Profit/loss | Tax | 2025 | |
| £m | £m | % | |
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 | – | – |
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 | – | – | – |
Adjusted profit before tax | 74.3 | 20.4 | 27.5 |
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 | |
| £m | £m | |
| Final dividend | ||
Final dividend for the year ended 30 June 2025 of 21.7 pence per share | 14.3 | – |
Final dividend for the year ended 30 June 2024 of 21.7 pence per share | – | 14.3 |
| Interim dividend | ||
Interim dividend for the year ended 30 June 2026 of 11.2 pence per share | 7.4 | – |
Interim dividend for the year ended 30 June 2025 of 10.3 pence per share | – | 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’ 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).
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
127Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
| Genus PIC | Genus ABS | Xelect | Total | |
| £m | £m | £m | £m | |
| Cost | ||||
Balance at 1 July 2024 | 75.5 | 30.8 | 4.0 | 110.3 |
Effect of movements in exchange rates | (4.1) | (1.9) | – | (6.0) |
Balance at 30 June 2025 | 71.4 | 28.9 | 4.0 | 104.3 |
Loss of control (note 42) | (2.7) | – | – | (2.7) |
Effect of movements in exchange rates | 1.9 | 1.4 | – | 3.3 |
Balance at 30 June 2026 | 70.6 | 30.3 | 4.0 | 104.9 |
| Accumulated impairment losses | ||||
Balance at 1 July 2024 | – | – | – | – |
Impairment losses | – | – | (1.5) | (1.5) |
Balance at 30 June 2025 and 30 June 2026 | – | – | (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 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
128Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
14. GOODWILL CONTINUED
| 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–17% | nil–15% | nil–70% | nil–67% | 2.5% | 2.5% |
Genus ABS | nil–17% | nil–15% | nil–19% | nil–16% | 2.5% | 2.5% |
Xelect | nil–9% | nil–11% | nil–40% | nil–71% | 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% |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
129Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
14. GOODWILL CONTINUED
| 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 £29.3m | |||
| 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 £13.8m | |||
| 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 £24.0m |
| 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 £0.5m | |||
| 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 £0.1m | |||
| 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 £0.4m |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
130Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
15. INTANGIBLE ASSETS CONTINUED
| 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 | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
| Cost | ||||||||
Balance at 1 July 2024 | 55.8 | 99.8 | 155.6 | 42.7 | 8.8 | 25.7 | 4.5 | 237.3 |
Additions | – | – | – | – | 4.6 | – | 0.6 | 5.2 |
Transfers | – | – | – | 3.5 | (9.1) | 5.6 | – | – |
Disposals | – | – | – | (0.2) | – | – | – | (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 | – | – | – | – | 5.6 | – | – | 5.6 |
Transfers | – | – | – | 0.4 | (0.4) | – | – | – |
Loss of control (note 42) | – | (1.4) | (1.4) | – | – | – | – | (1.4) |
Disposals | – | – | – | – | (0.2) | – | – | (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 | – | 17.0 | 4.4 | 171.9 |
Amortisation for the year | 3.2 | 2.4 | 5.6 | 4.5 | – | 2.8 | – | 12.9 |
Disposals | – | – | – | (0.1) | – | – | – | (0.1) |
Effect of movements in exchange rates | (0.2) | (5.4) | (5.6) | (0.5) | – | (1.6) | – | (7.7) |
Balance at 30 June 2025 | 48.5 | 80.0 | 128.5 | 25.9 | – | 18.2 | 4.4 | 177.0 |
Amortisation for the year | 1.6 | 2.5 | 4.1 | 4.8 | – | 3.0 | 0.1 | 12.0 |
Loss of control (note 42) | – | (1.4) | (1.4) | – | – | – | – | (1.4) |
Disposals | – | – | – | – | – | – | – | – |
Effect of movements in exchange rates | 0.2 | 2.8 | 3.0 | 0.2 | – | 0.7 | 0.1 | 4.0 |
Balance at 30 June 2026 | 50.3 | 83.9 | 134.2 | 30.9 | – | 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 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
131Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
132Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
16. BIOLOGICAL ASSETS CONTINUED
| Bovine | Porcine | Total | |
| Fair value of biological assets | £m | £m | £m |
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 | – | (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) | – | (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 | – | 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 | – | (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) | – | (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 | – | 35.9 | 35.9 |
Balance at 30 June 2026 | 41.8 | 212.8 | 254.6 |
Bovine
Bovine biological assets include £6.3m (2025: £2.7m) 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 – 28.3% Dairy (2025: 16.0% Beef – 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 £73.7m
(2025: £72.5m).
Decreases attributable to sales during the year of £179.7m (2025: £226.8m) include £74.0m (2025:
£96.3m) 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 £68.2m (2025: £58.6m) 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 £240.4m (2025: £245.3m) in respect of these
contracts, comprising £61.4m (2025: £67.7m) on initial transfer of animals and semen to customers and
£179.0m (2025: £177.6m) 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 | |
| £m | £m | £m | |
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 | – | (62.1) | (62.1) |
(1.3) | 12.4 | 11.1 | |
Fair value movement in related financial derivative | – | 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 | |
| £m | £m | £m | |
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 | – | (16.2) | (16.2) |
(11.6) | 0.2 | (11.4) | |
Fair value movement in related financial derivative | – | (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).
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
133Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
16. BIOLOGICAL ASSETS CONTINUED
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 £0.7m (2025: |
| Beef 19.6% | Beef 16.0% | £0.8m) 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 £3.4m (2025: £4.1m) |
| 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 £0.7m (2025: £0.2m decrease). |
| FY29 67% | FY28 72% | ||
| FY30 and thereafter 67% | FY29 and thereafter 72% | ||
Age profile of Holstein bulls generating future sales | FY27 – avg. age 3.7 yrs | FY26 – 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 – avg. age 3.7 yrs | FY27 – avg. age 3.7 yrs | increase in value of approximately £0.6m (2025: £0.7m increase). | |
| FY29 – avg. age 3.6 yrs | FY28 – avg. age 3.7 yrs | ||
| FY30 and thereafter – | FY29 and thereafter – | ||
| avg. age 3.5 yrs | avg. age 3.7 yrs | ||
| Age profile of US beef-on-dairy bulls generating | FY27 – avg. age 5.8 yrs | FY26 – 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 – avg. age 5.5 yrs | FY27 – avg. age 5.1 yrs | increase in value of approximately £0.7m (2025: £0.9m increase). |
| FY29 – avg. age 5.4 yrs | FY28 – avg. age 5.1 yrs | ||
| FY30 and thereafter – | FY29 and thereafter – | ||
| 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 £0.1m |
| (2025: £0.1m) 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 £0.5m |
| (2025: £0.7m) 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 |
| £2.2m increase in value (2025: £3.1m). | |||
| Porcine | |||
Risk-adjusted discount rate – pure line herd 1 | 24.3% | 21.9% to 22.7% | 1 percentage point increase in the discount rate would result in approximately a £1.9m (2025: £2.1m) |
| 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 – 6.1% to 10.4% | Gilts – 7.4% to 10.3% | 1 percentage point increase in the go to breeding sales would result in approximately a £6.9m |
| (2025: £7.2m) increase in value. | |||
Boars – 7.8% to 11% | Boars – 7.6% to 10.1% | 1 percentage point increase in the go to breeding sales would result in approximately a £7.3m | |
| (2025: £7.5m) increase in value. |
1 Key sources of estimation uncertainty.
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
134Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
16. BIOLOGICAL ASSETS CONTINUED
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 – semen harvested during the period | £5.5m | £9.0m |
| 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 – semen harvested during the period | £26.2m | £26.2m |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
135Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
17. PROPERTY, PLANT AND EQUIPMENT CONTINUED
| 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 | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
| 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) | – | – | – | – | – |
Loss of control | – | (0.1) | – | (0.1) | (8.3) | – | (8.3) | (8.4) |
Disposals | (0.1) | (8.1) | – | (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) | – | – | – | – | – |
Loss of control (note 42) | (1.9) | (1.4) | – | (3.3) | (25.4) | (1.8) | (27.2) | (30.5) |
Disposals | (2.2) | (6.5) | – | (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 | – | 129.3 | 21.2 | 24.1 | 45.3 | 174.6 |
Depreciation for the year | 6.5 | 11.1 | – | 17.6 | 6.1 | 8.1 | 14.2 | 31.8 |
Loss of control | – | – | – | – | (2.2) | – | (2.2) | (2.2) |
Disposals | (0.1) | (7.5) | – | (7.6) | (0.2) | (2.2) | (2.4) | (10.0) |
Effect of movements in exchange rates | (3.9) | (7.0) | – | (10.9) | (1.1) | (1.5) | (2.6) | (13.5) |
Balance at 30 June 2025 | 43.5 | 84.9 | – | 128.4 | 23.8 | 28.5 | 52.3 | 180.7 |
Depreciation for the year | 5.7 | 10.7 | – | 16.4 | 4.6 | 7.9 | 12.5 | 28.9 |
Loss of control (note 42) | (0.7) | (0.9) | – | (1.6) | (10.0) | (1.1) | (11.1) | (12.7) |
Disposals | (1.9) | (5.3) | – | (7.2) | (0.1) | (4.5) | (4.6) | (11.8) |
Effect of movements in exchange rates | 1.4 | 1.9 | – | 3.3 | 0.6 | 0.6 | 1.2 | 4.5 |
Balance at 30 June 2026 | 48.0 | 91.3 | – | 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 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
136Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
| 2026 | 2025 | |
| £m | £m | |
Balance at 1 July | 62.8 | 60.5 |
Share of post-tax retained profits of joint ventures and associates | 34.7 | 9.1 |
Additions | – | 0.9 |
Shareholder loan repayments | – | (0.1) |
Retained 40% interest in PIC (Qiannan) Agriculture Science and Technology Co. Ltd | – | 1.5 |
Retained 49% interest in PIC (Shanghai) Agriculture Science and Technology Company Limited (China) (See Note 42) | 118.2 | – |
Loss of control (see note 42) | (0.5) | – |
Dividends received from Agroceres – PIC Genética de Suínos Ltda (Brazil) | (16.0) | (6.1) |
Dividends received from Società Agricola GENEETIC S.r.l (Italy) | (0.1) | – |
Effect of other movements including exchange rates | 6.2 | (3.0) |
Balance at 30 June | 205.3 | 62.8 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
137Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
18. EQUITY-ACCOUNTED INVESTEES CONTINUED
Transaction value | Balance outstanding | |||
| 2026 | 2025 | 2026 | 2025 | |
| £m | £m | £m | £m | |
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) |
2026 | 2025 | Sensitivity | |
| Risk-adjusted | 26.2% | 27.7% | 1 percentage point increase in the discount rate |
| discount rate – pure | would result in approximately a £0.5m (2025: £0.2m) | ||
line herd 1 | reduction in value. Any additional increase in the | ||
| percentage would lead to a linear impact. | |||
| Proportion of | Gilts – 17.3% | Gilts – 10.3% | 1 percentage point increase in the go to breeding |
| animals that go | sales would result in approximately a £1.2m (2025: | ||
to breeding sales 1 | £0.7m) increase in value. | ||
Boars – 6.7% | Boars – 9.3% | 1 percentage point increase in the go to breeding | |
| sales would result in approximately a £1.5m (2025: | |||
| £0.9m) 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 | – |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
138Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
18. EQUITY-ACCOUNTED INVESTEES CONTINUED
| PIC (Shanghai) | |||||||||
| Agriculture | Inner Mongolia | Yan’an | PIC (Qiannan) | ||||||
| Science and | Agroceres – PIC | Chitale | Società Agricola | Haoxiang | Xinyongxiang | Agriculture | |||
| Technology | Genética | Genus ABS | Società Agricola | GENEETIC | Pig Breeding | Technology | Science and | ||
| Company Limited | de Suínos 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 | £m | £m | £m | £m | £m | £m | £m | £m | £m |
Revenue | 12.5 | 51.1 | 0.6 | 1.1 | – | 2.6 | 1.6 | 1.3 | 70.8 |
Net IAS 41 valuation movement on biological assets | 1.1 | 24.0 | – | – | – | (0.5) | (0.2) | (0.1) | 24.3 |
Expenses | (9.9) | (30.7) | (0.3) | (0.9) | – | (4.2) | (2.1) | (1.3) | (49.4) |
Operating profit/(loss) | 3.7 | 44.4 | 0.3 | 0.2 | – | (2.1) | (0.7) | (0.1) | 45.7 |
Taxation | (0.6) | (10.4) | – | – | – | – | – | – | (11.0) |
Profit/(loss) after tax | 3.1 | 34.0 | 0.3 | 0.2 | – | (2.1) | (0.7) | (0.1) | 34.7 |
| PIC (Shanghai) | PIC (Qiannan) | ||||||||
| Agriculture | Inner Mongolia | Yan’an | Agriculture | ||||||
| Science and | Agroceres – PIC | Chitale | Società Agricola | Haoxiang | Xinyongxiang | Science and | |||
| Technology | Genética | Genus ABS | Società Agricola | GENEETIC | Pig Breeding | Technology | Technology | ||
| Company Limited | de Suínos 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 | £m | £m | £m | £m | £m | £m | £m | £m | £m |
Plant, motor vehicles & equipment | 0.2 | 32.7 | 0.1 | – | – | – | – | – | 33.0 |
Right-of-use asset | 7.9 | – | – | – | – | – | – | – | 7.9 |
Investment in subsidiary company | – | 6.1 | – | – | – | – | – | – | 6.1 |
Biological assets, net of deferred tax | 7.4 | 42.2 | 1.0 | 0.2 | – | – | – | – | 50.8 |
Other non-current assets | 3.2 | 1.0 | 0.8 | 0.3 | – | – | – | – | 5.3 |
Current net trade receivables (gross) | 1.5 | 9.3 | – | 0.1 | 0.1 | – | – | – | 11.0 |
Cash and cash equivalents | 20.7 | 8.3 | 0.4 | – | – | – | – | – | 29.4 |
Other current assets | 3.4 | 4.7 | 0.4 | – | – | – | – | – | 8.5 |
Trade payables (current) | (0.4) | (21.3) | – | (0.1) | – | – | – | – | (21.8) |
Other current liabilities | (4.3) | (1.8) | (0.5) | – | – | – | – | – | (6.6) |
Obligations under leases | (8.5) | – | – | – | – | – | – | – | (8.5) |
Other non-current liabilities | (0.3) | – | (0.1) | – | – | – | – | – | (0.4) |
Net assets | 30.8 | 81.2 | 2.1 | 0.5 | 0.1 | – | – | – | 114.7 |
Inception fair value uplift | 90.6 | – | – | – | – | – | – | – | 90.6 |
Carrying value | 121.4 | 81.2 | 2.1 | 0.5 | 0.1 | – | – | – | 205.3 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
139Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
18. EQUITY-ACCOUNTED INVESTEES CONTINUED
| Inner Mongolia | Yan’an | PIC (Qiannan) | ||||||
| Agroceres – PIC | Chitale | Società Agricola | Haoxiang | Xinyongxiang | Agriculture | |||
| Genética | Genus ABS | Società Agricola | GENEETIC | Pig Breeding | Technology | Science and | ||
| de Suínos 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 | £m | £m | £m | £m | £m | £m | £m | £m |
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 | – | – | – | – | (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 | – | (0.2) | (1.2) | (1.4) | 11.1 |
Taxation | (2.0) | – | – | – | – | – | – | (2.0) |
Profit/(loss) after tax | 11.4 | 0.3 | 0.2 | – | (0.2) | (1.2) | (1.4) | 9.1 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
140Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
18. EQUITY-ACCOUNTED INVESTEES CONTINUED
| PIC (Qiannan) | ||||||||
| Inner Mongolia | Yan’an | Agriculture | ||||||
| Agroceres – PIC | Chitale | Società Agricola | Haoxiang | Xinyongxiang | Science and | |||
| Genética | Genus ABS | Società Agricola | GENEETIC | Pig Breeding | Technology | Technology | ||
| de Suínos 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 | £m | £m | £m | £m | £m | £m | £m | £m |
Plant, motor vehicles & equipment | 30.5 | 0.2 | – | – | 0.2 | 0.3 | 0.1 | 31.3 |
Right-of-use asset | – | – | – | – | 4.0 | – | 1.8 | 5.8 |
Investment in subsidiary company | 4.9 | – | – | – | – | – | – | 4.9 |
Biological assets, net of deferred tax | 20.5 | 0.7 | 0.3 | – | (0.4) | (0.6) | (0.6) | 19.9 |
Other non-current assets | 0.9 | – | 0.4 | – | 0.6 | 0.4 | 0.5 | 2.8 |
Current net trade receivables (gross) | 7.5 | – | 0.2 | 0.1 | – | – | – | 7.8 |
Cash and cash equivalents | 8.0 | 0.1 | – | – | 0.4 | 0.7 | 0.5 | 9.7 |
Other current assets | 4.1 | 1.0 | – | – | 1.4 | 0.9 | 0.7 | 8.1 |
Trade payables (current) | ( 1 7.8 ) | – | (0.4) | – | (0. 2) | (0.1) | – | (18.5) |
Other current liabilities | (1.4) | – | – | – | (0. 2) | (0.7) | ( 0.1) | (2.4) |
Obligations under leases | – | – | – | – | (3 .9) | – | (2.4) | (6.3) |
Other non-current liabilities | – | (0.1) | – | – | (0.5) | – | – | (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 | – | – | – | – | – | – | 0.3 | 0.3 |
Carrying value | 57.2 | 1.9 | 0.5 | 0.1 | 1.4 | 0.9 | 0.8 | 62.8 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
141Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
| 2026 | 2025 | |
| Investments carried at fair value | £m | £m |
Listed equity shares – Caribou Biosciences, Inc. | 0.1 | 0.1 |
Unlisted equity shares – Dairy LLC (‘BoviSync’) | – | – |
Unlisted equity shares – Labby, Inc. | 0.5 | 0.5 |
Unlisted equity shares – SwineTech, Inc. | 2.6 | 2.6 |
Unlisted equity shares – Other | 0.1 | – |
Other investments | 3.3 | 3.2 |
| 2026 | 2025 | |
| £m | £m | |
Biological assets’ 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 |
| 2026 | 2025 | |
| £m | £m | |
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 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
142Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
21. TRADE AND OTHER RECEIVABLES CONTINUED
| North | Latin | ||||
| America | America | EMEA | Asia | ||
2026 | Risk premium (%) | 1.6% | 4.3% | 2.6% | 2.4% |
Trade receivables (£m) | 22.8 | 22.7 | 36.2 | 8.1 | |
2025 | Risk premium (%) | 1.6% | 4.5% | 2.4% | 2.0% |
Trade receivables (£m) | 19.4 | 20.1 | 34.1 | 14.8 |
| 2026 | 2025 | |
| £m | £m | |
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 |
| Trade receivables | ||||
| Trade receivables | net of impairment | |||
| 2026 | 2025 | 2026 | 2025 | |
| Days past due | £m | £m | £m | £m |
Not yet due | 63.3 | 59.4 | 61.5 | 57.7 |
0–30 days | 13.5 | 13.0 | 13.2 | 12.7 |
31–90 days | 7.8 | 9.5 | 7.5 | 9.3 |
91–180 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 |
| 2026 | 2025 | |
| £m | £m | |
Cash at bank and in hand | 43.7 | 48.0 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
143Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
22. CASH AND CASH EQUIVALENTS CONTINUED
| 2026 | 2025 | |
| Counterparties with external credit ratings | £m | £m |
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 £11.5m (2025: £11.2m) in our Russian
entities, this remains available for use within Russia, however £8.6m (2025: £7.1m) 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.
| 2026 | 2025 | |
| £m | £m | |
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 | – | – |
Contract liabilities (see note 24) | – | 0.1 |
Non-current trade and other payables | – | 0.1 |
| 2026 | 2025 | |
| £m | £m | |
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 | – | (0.1) |
Contract liabilities (see note 23) | (4.2) | (6.8) |
| Contract | Contract | |
| assets | liabilities | |
| £m | £m | |
Balance at 1 July 2024 | 31.9 | (8.3) |
Increases as a result of performance in advance of billing | 350.4 | – |
Transfers to receivables during the year | (351.7) | – |
Increases as a result of billing ahead of performance | – | (97.4) |
Decreases as a result of revenue recognised in the year | – | 98.6 |
Decreases as a result of change in loss allowance | (0.2) | – |
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 | – |
Transfers to receivables during the year | (340.9) | – |
Increases as a result of billing ahead of performance | – | (83.2) |
Decreases as a result of revenue recognised in the year | – | 85.9 |
Effect of movements in exchange rates | 0.3 | (0.1) |
Balance at 30 June 2026 | 25.5 | (4.2) |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
144Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
24. CONTRACT BALANCES CONTINUED
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 £14.1m
(2025: £6.5m). It is expected that the Group will recognise this revenue over the following eight years.
Refer to note 21 for the Group’s 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 (£m) | 8.7 | 4.6 | 10.2 | 2.0 | |
2025 | Risk premium (%) | 1.6% | 3.5% | 2.0% | 2.0% |
Contract assets (£m) | 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 | |
| £m | £m | |
Balance at the start of the year | 0.6 | 0.4 |
Change in loss allowance | – | 0.2 |
Effect of movements in exchange rates | – | – |
Balance at the end of the year | 0.6 | 0.6 |
| Share | Other | ||
| forfeiture | provisions | Total | |
| £m | £m | £m | |
Balance at 1 July 2024 | 0.2 | 1.2 | 1.4 |
Additional provision in the year | – | 0.3 | 0.3 |
Utilisation of provision | – | (0.6) | (0.6) |
Release of provision | (0.2) | (0.1) | (0.3) |
Effect of movement in exchange rates | – | (0.1) | (0.1) |
Balance at 30 June 2025 | – | 0.7 | 0.7 |
Additional provision in the year | – | 2.7 | 2.7 |
Utilisation of provision | – | (0.1) | (0.1) |
Loss of control (note 42) | – | (0.5) | (0.5) |
Release of provision | – | (0.1) | (0.1) |
Effect of movement in exchange rates | – | 0.3 | 0.3 |
Balance at 30 June 2026 | – | 3.0 | 3.0 |
| 2026 | 2025 | |
| £m | £m | |
Current | 1.2 | 0.4 |
Non-current | 1.8 | 0.3 |
3.0 | 0.7 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
145Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
146Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
26. FINANCIAL INSTRUMENTS CONTINUED
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
147Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
26. FINANCIAL INSTRUMENTS CONTINUED
| 2026 | 2025 | |
| £m | £m | |
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% |
2026 | Carrying value | 2025 | Carrying value | |||||
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
| Financial assets | ||||||||
Other investments | 0.1 | – | 3.2 | 3.3 | 0.1 | – | 3.1 | 3.2 |
Trade receivables and other debtors, excluding prepayments | – | 119.9 | – | 119.9 | – | 123.1 | – | 123.1 |
| Cash and cash | ||||||||
equivalents | – | 43.7 | – | 43.7 | – | 48.0 | – | 48.0 |
| Derivative instruments | ||||||||
| in non-designated | ||||||||
hedge relationships | – | 0.2 | – | 0.2 | – | 0.1 | – | 0.1 |
| Derivative instruments | ||||||||
| in designated hedge | ||||||||
| accounting | ||||||||
relationships | – | 0.1 | – | 0.1 | – | – | – | – |
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) | – | (86.5) | – | (86.5) | – | (98.8) | – | (98.8) |
| Loans and overdrafts | ||||||||
(see note 27) | – | (81.4) | – | (81.4) | – | (218.8) | – | (218.8) |
| Leasing obligations (see | ||||||||
note 28) | – | (25.7) | – | (25.7) | – | (47.1) | – | (47.1) |
| Derivative instruments | ||||||||
| in non-designated | ||||||||
hedge relationships | – | (0.1) | – | (0.1) | – | (1.7) | – | (1.7) |
| Derivative instruments | ||||||||
| in designated hedge | ||||||||
| accounting | ||||||||
relationships | – | – | – | – | – | (0.6) | – | (0.6) |
Put option over non-controlling interest | – | (0.9) | – | (0.9) | – | (0.9) | – | (0.9) |
| Deferred consideration | ||||||||
(see note 38) | – | – | (8.2) | (8.2) | – | – | (10.5) | (10.5) |
– | (194.6) | (8.2) | (202.8) | – | (367.9) | (10.5) | (378.4) |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
148Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
26. FINANCIAL INSTRUMENTS CONTINUED
Liabilities | Assets | |||
| 2026 | 2025 | 2026 | 2025 | |
| £m | £m | £m | £m | |
US Dollar | (33.3) | (80.4) | 3.1 | 2.3 |
Euro | (34.1) | (40.9) | 2.0 | 2.8 |
Canadian Dollar | – | (0.1) | – | – |
New Zealand Dollar | – | – | – | 0.1 |
Chilean Peso | – | – | 0.4 | 0.7 |
20% currency movement | 10% currency movement | |||
| 2026 | 2025 | 2026 | 2025 | |
| £m | £m | £m | £m | |
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 |
| Average exchange rate | Contract value | Fair value | |||||
| Foreign | 2026 | 2025 | 2026 | 2025 | |||
2026 | 2025 | currency | £m | £m | £m | £m | |
| Outstanding | |||||||
| contracts | |||||||
Buy CHF | – | 0.91 | CHF | – | 0.4 | – | – |
Buy CNY | – | 9.75 | CNY | – | – | – | – |
Buy COP | 4,526.45 | – | COP | 0.8 | – | – | – |
Buy AUD | – | 2.09 | AUD | – | 2.6 | – | – |
Sell AUD | 1.88 | – | AUD | (0.1) | – | – | – |
Buy PHP | 81.33 | – | PHP | 3.7 | – | – | – |
Sell PHP | – | 76.82 | PHP | – | 0.4 | – | – |
Buy EUR | 1.15 | 1.17 | EUR | 12.0 | 14.3 | – | 0.1 |
Buy MXN | 23.04 | 26.39 | MXN | 10.7 | 8.6 | (0.1) | – |
Buy USD | – | 1.36 | USD | – | 9.7 | – | (0.1) |
Sell USD | 1.32 | – | USD | (5.5) | – | – | – |
Sell INR | 127.85 | 117.59 | INR | (0.1) | 0.1 | – | – |
Sell CAD | 1.87 | 1.86 | CAD | (0.6) | 0.6 | – | – |
Sell RUB | – | 110.45 | RUB | – | 0.1 | – | – |
Buy USD/Sell BRL | 5.09 | 5.60 | BRL | (0.2) | 4.0 | – | – |
Buy USD/Sell CNY | 6.79 | – | CNY | (0.2) | – | – | – |
Buy CLP/Sell USD | 894.17 | 927.98 | CLP | 0.5 | 0.2 | – | – |
Buy PHP/Sell USD | 61.34 | 55.92 | PHP | 4.1 | 2.7 | – | – |
Buy CAD/Sell USD | 1.40 | 1.36 | CAD | 4.4 | 2.7 | (0.1) | – |
Buy USD/Sell EUR | 1.15 | 1.17 | EUR | (1.5) | 2.2 | – | – |
Buy USD/Sell RUB | 75.60 | – | RUB | (0.6) | – | – | – |
Buy USD/Sell INR | 95.46 | 85.61 | INR | (0.7) | 0.6 | – | – |
Buy USD/Sell ZAR | – | 17.81 | ZAR | – | 0.1 | – | – |
Buy USD/Sell ARS | 1,451.30 | 1,212.30 | ARS | (0.8) | 0.5 | – | – |
Buy USD/Sell MXN | 17.44 | 19.04 | MXN | (3.5) | 0.3 | – | – |
Buy COP/Sell USD | – | 4,108.7 | COP | – | 0.7 | – | – |
(0.2) | – |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
149Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
26. FINANCIAL INSTRUMENTS CONTINUED
| Average contract | ||||||
fixed interest rate | Notional principal amount | Fair value | ||||
| Outstanding receive-floating, | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| pay-fixed interest rate swaps | % | % | £m | £m | £m | £m |
| USD interest rate swaps | ||||||
One to five years | 3.94 | 4.49 | 10.6 | 72.1 | – | (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 | – | 3.45 | – | 60.0 | – | (0.1) |
| 2026 | 2025 | |
| £m | £m | |
(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) |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
150Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
26. FINANCIAL INSTRUMENTS CONTINUED
Average price | Notional principal amount | Fair value | ||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| Commodity hedge | US$ | US$ | £m | £m | £m | £m |
| 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) |
| 2026 | 2025 | |
| £m | £m | |
Loss at the start of the year | (0.5) | – |
Effective losses recognised in equity in period | (0.3) | (0.5) |
Balance carried forward in equity as effective losses | (0.8) | (0.5) |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
151Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
26. FINANCIAL INSTRUMENTS CONTINUED
| Weighted | |||||||
| average | |||||||
| effective | Less than | 3 months– | |||||
| interest rate | 1 month | 1–3 months | 1 year | 1–5 years | 5+ years | Total | |
| % | £m | £m | £m | £m | £m | £m | |
| 2026 | |||||||
Loans and borrowings | 4.50 | 5.4 | 0.7 | 2.7 | 89.3 | – | 98.1 |
Lease liabilities | 5.28 | 2.3 | 3.4 | 5.6 | 17.8 | 0.6 | 29.7 |
| Deferred | |||||||
consideration | 6.19 | 2.7 | – | – | 5.3 | – | 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 | – | 281.1 |
Lease liabilities | 4.76 | 2.4 | 3.3 | 9.8 | 31.1 | 7.5 | 54.1 |
| Deferred | |||||||
consideration | – | – | – | 2.6 | 7.9 | – | 10.5 |
| Variable interest | |||||||
rate instruments | 4.65 | 11.9 | 5.0 | 21.8 | 299.5 | 7.5 | 345.7 |
| Weighted | |||||||
| average | |||||||
| effective | Less than | 3 months– | |||||
| interest rate | 1 month | 1–3 months | 1 year | 1–5 years | 5+ years | Total | |
| % | £m | £m | £m | £m | £m | £m | |
| 2026 | |||||||
| Variable interest | |||||||
rate instruments | 1.88 | 43.7 | – | – | – | – | 43.7 |
| 2025 | |||||||
| Variable interest | |||||||
rate instruments | 2.11 | 48.0 | – | – | – | – | 48.0 |
| Less than | 3 months– | |||||
| 1 month | 1–3 months | 1 year | 1–5 years | 5+ years | Total | |
| £m | £m | £m | £m | £m | £m | |
| 2026 | ||||||
Foreign exchange contracts | (0.2) | – | – | – | – | (0.2) |
Commodity swaps | – | 0.1 | 0.1 | – | – | 0.2 |
Interest rate swaps | – | – | – | 0.1 | – | 0.1 |
| 2025 | ||||||
Foreign exchange contracts | (0.1) | 0.1 | – | – | – | – |
Commodity swaps | (0.5) | (0.4) | (0.8) | – | – | (1.7) |
Interest rate swaps | 0.2 | 0.2 | (0.7) | (0.2) | – | (0.5) |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
152Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
| 2026 | 2025 | |
| £m | £m | |
| 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 |
| 2025 | 2026 | 2025 | ||
| Currency | Interest rate | £m | £m | |
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 |
| 2026 | 2025 | |
| Loans and borrowings (excluding leases) comprise amounts falling due: | £m | £m |
In one year or less or on demand | 5.2 | 3.8 |
In more than one year but not more than two years | – | – |
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 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
153Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
The changes in the lease liabilities are as follows:
| 2026 | 2025 | |
| £m | £m | |
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 | |
| £m | £m | |
FY26 | – | 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 £14.1m denominated in US
Dollars (2025: £14.3m), £6.7m denominated in Euros (2025: £7.6m), £0.1m denominated in CNY (2025:
£20.2m) and £2.3m denominated in other currencies (2025: £2.5m).
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
154Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
| 2026 | 2025 | |
| £m | £m | |
The Milk Pension Fund – Genus’s share | – | – |
The Dalgety Pension Fund | (2.7) | – |
National Pig Development Pension Fund | – | – |
Post-retirement healthcare | 0.5 | 0.5 |
Other funded and unfunded schemes | 6.6 | 6.4 |
Overall net pension liability | 4.4 | 6.9 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
155Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
29. RETIREMENT BENEFIT OBLIGATIONS CONTINUED
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
156Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
29. RETIREMENT BENEFIT OBLIGATIONS CONTINUED
| 2026 | 2025 | |
| £m | £m | |
| Present value of funded obligations (includes Genus’s 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’s 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 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
157Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
29. RETIREMENT BENEFIT OBLIGATIONS CONTINUED
| Level 1 | Level 2 | Level 3 | 2026 | Level 1 | Level 2 | Level 3 | 2025 | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
Diversified growth funds | – | 26.5 | – | 26.5 | – | 68.7 | – | 68.7 |
Liability-driven investments | – | 151.1 | – | 151.1 | – | 123.5 | – | 123.5 |
Gilts and corporate bonds | – | 29.8 | – | 29.8 | – | 29.8 | – | 29.8 |
Cash and cash equivalent | 26.1 | 4.9 | – | 31.0 | 2.1 | 5.1 | – | 7.2 |
Property | – | – | 9.6 | 9.6 | – | – | 19.7 | 19.7 |
Direct lending | – | – | 14.0 | 14.0 | – | 0.2 | 19.0 | 19.2 |
Bulk annuity policy | – | – | 4.6 | 4.6 | – | – | 18.6 | 18.6 |
26.1 | 212.3 | 28.2 | 266.6 | 2.1 | 227.3 | 57.3 | 286.7 |
| 2026 | 2025 | |
| £m | £m | |
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 |
| 2026 | 2025 | |
| £m | £m | |
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 |
| 2026 | 2025 | |
| £m | £m | |
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 – recognition of DPF surplus | 2.7 | – |
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) |
| 2026 | 2025 | |
| £m | £m | |
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 – recognition of DPF surplus | (2.7) | – |
(1.6) | 0.6 |
| 2026 | 2025 | |
| £m | £m | |
Current service costs and administrative expenses | 0.8 | 0.3 |
Net finance charge | 0.3 | 0.3 |
Exceptional credit – recognition of DPF surplus | (2.7) | – |
(1.6) | 0.6 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
158Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
29. RETIREMENT BENEFIT OBLIGATIONS CONTINUED
| 2026 | 2025 | |
| £m | £m | |
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 |
2026 | 2025 | |
Discount rate | 5.95% | 5.50% |
Consumer Price Index | 2.60% | 2.55% |
Retail Price Index | 2.95% | 2.90% |
| 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’ time | Male | 23.8 | 23.8 |
Female | 25.8 | 26.0 |
| 2026 | 2025 | |
| Years | Years | |
Weighted average duration of the defined benefit obligations | 10.0 | 9.9 |
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 | |
| £m | £m | £m | £m | £m | £m | |
Increase/(decrease) in present value of defined | ||||||
obligation | 10.9 | (10.7) | (7.6) | 8.0 | (9.1) | 9.1 |
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |
| £m | £m | £m | £m | £m | £m | |
| 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 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
159Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
| 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 | – | 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 £25.22 (2025: £18.82).
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’ 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 £3,783,951.
| 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 | – | 7,744 |
| 2026 | 2025 | 2026 | 2025 | |
| Number | Number | £m | £m | |
| Issued and fully paid | ||||
Ordinary shares of 10 pence | 66,539,439 | 66,036,776 | 6.7 | 6.6 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
160Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
31. CAPITAL AND RESERVES CONTINUED
| 2026 | 2025 | 2026 | 2025 | |
| Number | Number | £m | £m | |
Issued to Employee Benefit Trust | 500,000 | – | 0.1 | – |
Issued to Genus plc Share Incentive Plan | 2,663 | 3,994 | – | – |
502,663 | 3,994 | 0.1 | – |
| 2026 | 2025 | 2026 | 2025 | |
| Number | Number | £m | £m | |
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 |
| Hedging | Translation | |
| reserve | reserve | |
| £m | £m | |
Balance at 30 June 2024 | 0.9 | 10.5 |
Exchange differences on translation of overseas operations | – | (35.7) |
Gain recognised on net investment hedges | – | (0.5) |
Loss recognised on cash flow hedges – interest rate swaps and cross-currency swaps | (1.4) | – |
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 | – | 17.3 |
Gain recognised on net investment hedges | – | (0.3) |
Loss recognised on cash flow hedges – interest rate swaps and cross-currency swaps | 0.5 | – |
Income tax related to components of other comprehensive income | (0.1) | 0.8 |
Balance at 30 June 2026 | 0.1 | (13.0) |
161Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
32. NOTES TO THE CASH FLOW STATEMENT
| 2026 | 2025 | |
| £m | £m | |
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 | – | 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 |
| Other | |||||
| At 1 July | Net | Foreign | non-cash | At 30 June | |
| 2025 | cash flows | exchange | movements | 2026 | |
| £m | £m | £m | £m | £m | |
Cash and cash equivalents (see note 22) | 48.0 | (5.8) | 1.5 | – | 43.7 |
| Interest-bearing loans – current | (2.9) | (0.5) | – | (0.9) | (4.3) |
| (see note 27) | |||||
| Interest-bearing deferred consideration | (2.6) | 2.7 | (0.1) | (2.7) | (2.7) |
| – current (see note 38) | |||||
Lease liabilities – 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 – non-current | (215.9) | 141.6 | (2.8) | 0.1 | (77.0) |
| (see note 27) | |||||
| Interest-bearing deferred consideration | (7.7) | – | (0.2) | 2.6 | (5.3) |
| – non-current (see note 38) | |||||
| Lease liabilities – non-current | (33.8) | – | (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) |
162Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
32. NOTES TO THE CASH FLOW STATEMENT CONTINUED
| Other | |||||
| At 1 July | Net | Foreign | non-cash | At 30 June | |
| 2024 | cash flows | exchange | movements | 2025 | |
| £m | £m | £m | £m | £m | |
Cash and cash equivalents (see note 22) | 42.5 | 6.8 | (1.3) | – | 48.0 |
| Interest-bearing loans – current | (4.9) | 2.8 | 0.1 | (0.9) | (2.9) |
| (see note 27) | |||||
| Interest-bearing deferred consideration | – | 2.6 | – | (5.2) | (2.6) |
| – current (see note 38) | |||||
Lease liabilities – 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 – non-current | (228.2) | 5.9 | 6.4 | – | (215.9) |
| (see note 27) | |||||
| Interest-bearing deferred consideration | – | – | 0.3 | (8.0) | (7.7) |
| – non-current (see note 38) | |||||
| Lease liabilities – non-current | (44.1) | – | 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) |
| 2026 | 2025 | |
| £m | £m | |
In less than one year | 1.3 | 1.3 |
Between one and five years | 1.3 | 2.6 |
2.6 | 3.9 |
36. DIRECTORS AND KEY MANAGEMENT COMPENSATION
In accordance with IAS 24 ‘Related Party Disclosures’, 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 | |
| £m | £m | |
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’ compensation are included in the Directors’ Remuneration Report.
Other transactions with key management personnel
Other than remuneration, there were no transactions with key management personnel.
163Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
| % 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 | €1 Quota | 100% |
| Cremona, Italy | ||||||
| ABS México, | 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 Górne, Poland | Ordinary | |||||
Bovec SASU | 69 Chemin des Molières, PA du | France | Indirect | €10 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, Bogotá, | 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 | £1 Ordinary | 100% | |
| Limited | Basingstoke, Hampshire, | |||||
(01192037) 2 | RG21 4FF, United Kingdom | |||||
‘Genus Ukraine’ 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 | ||||||
164Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
| % 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 | £1 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 – 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 |
| % 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˚ 1411, Sala 16 – | Brazil | Indirect | BRL1 Ordinary | 49% 1 | ||
| Genética de Suínos | Jardim Novo, Rio Claro/SP – | ||||||
| Ltda | CEP, 13.502-741, Brazil | ||||||
| Agroceres PIC | Rua 1 JN, n˚ 1411, Sala 17 – | Brazil | Indirect | BRL1 Ordinary | 49% 1 | ||
| Suínos Ltda | Jardim Novo, Rio Claro/SP – | ||||||
| CEP, 13.502-741, Brazil | |||||||
| GENEETIC Service S.R.L. Viale Europa 71, Belluno, 32100, | Italy | Indirect | €1 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 | |||||||
37. GROUP ENTITIES CONTINUED
Nature of business
Bovine continued
| % 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 – 3rd Ave SW, | ||||||
| Calgary, AB, T2P 0R3, Canada | |||||||
PIC France SA | 69 Chemin des Molières, PA du | France | Indirect | €17 Ordinary | 100% | ||
| Charpenay, Lentilly, 69210, | |||||||
| France | |||||||
| PIC Genetics | Riverside One, Sir John | Ireland | Indirect | €1.27 | 100% | ||
| Unlimited Company | Rogerson’s Quay, Dublin 2, | Ordinary | |||||
| D02 X576, Ireland, Europe | €1.27 | ||||||
| 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 México, | 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 | €25 Ordinary | 100% | ||
| Company | 08174 | Sant Cugat del Valles, | |||||
| España, S.A. | Barcelona, Spain | ||||||
| Pig Improvement | Matrix House, Basing View, | UK | Indirect | £0.10 | 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 | €1 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 | |||||
165Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
| % 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 | ||||||
| Società Agricola | Via Marche n. 2, Reggio Emilia, | Italy | Indirect | €1 Ordinary | 33% 1 | ||
| GENEETIC | 421 | 22, Italy | |||||
| S.R.L. | |||||||
| % 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 | £1 Ordinary | 100% | |
Limited (00479048) 2 | Basingstoke, Hampshire, | |||||
| RG21 4FF, United Kingdom | ||||||
| Brazilian Properties | Matrix House, Basing View, | UK | Direct | £1 Ordinary | 100% | |
| Limited | Basingstoke, Hampshire, | |||||
| RG21 4FF, United Kingdom | ||||||
| Busby Participações | 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% | |
| Participações Ltda. | Sala 303, Centro, | Ordinary | ||||
| CEP: 38010-000, UBERABA-MG, | ||||||
| Brazil |
37. GROUP ENTITIES CONTINUED
Nature of business
Porcine continued
| % 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. | – Sala 303, Uberaba, | Ordinary | ||||
| Minas Gerais, CEP 38010-000, | ||||||
| Brazil | ||||||
| Dalgety Pension | Matrix House, Basing View, | UK | Indirect | £1 Ordinary | 100% | |
| Trust Limited | Basingstoke, Hampshire, | |||||
| RG21 4FF, United Kingdom | ||||||
| Fyfield (SM) Limited | Matrix House, Basing View, | UK | Indirect | £1 Ordinary | 100% | |
(01026475) 2 | Basingstoke, Hampshire, | |||||
| RG21 4FF, United Kingdom | ||||||
Fyfield Dormant | Matrix House, Basing View, | UK | Indirect | £1 Ordinary | 100% | |
| Basingstoke, Hampshire, | ||||||
| RG21 4FF, United Kingdom | ||||||
Fyfield Holland B.V. | Matrix House, Basing View, | Netherlands | Indirect | €1 Ordinary | 100% | |
| Basingstoke, Hampshire, | ||||||
| RG21 4FF, United Kingdom | ||||||
| Fyfield Ireland | Riverside One, Sir John | Ireland | Indirect | €0.001 ‘A’ | 100% | |
| Unlimited Company | Rogerson’s Quay, | Ordinary | ||||
| Dublin 2, DO2 X576, Ireland | €0.001 ‘B’ | |||||
| Ordinary | ||||||
| Genus Investments | Matrix House, Basing View, | UK | Direct | £1 Ordinary | 100% | |
Limited (02028517) 2 | Basingstoke, Hampshire, | |||||
| RG21 4FF, United Kingdom | ||||||
| Genus Quest Trustees | Matrix House, Basing View, | UK | Direct | £1 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 | £1 Ordinary | 100% | |
| Basingstoke, Hampshire, | ||||||
| RG21 4FF, United Kingdom | ||||||
GIL Finance S.à.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 | ||||
| Participações Ltda. | Estado De São Paulo, CEP | |||||
| 13.502.741, Brazil |
166Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
| % 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 | £1 Ordinary | 100% | ||
(00019739) 2 | Basingstoke, Hampshire, | ||||||
| RG21 4FF, United Kingdom | |||||||
| Pig Improvement | Matrix House, Basing View, | UK | Indirect | £1 Ordinary | 100% | ||
| Company Overseas | Basingstoke, Hampshire, | ||||||
Limited (01583814) 2 | RG21 4FF, United Kingdom | ||||||
| Pigtales Limited | Matrix House, Basing View, | UK | Indirect | £1 Ordinary | 100% | ||
(00723762) 2 | Basingstoke, Hampshire, | ||||||
| RG21 4FF, United Kingdom | |||||||
| Promar International | Matrix House, Basing View, | UK | Indirect | £1 Ordinary | 100% | ||
Limited (03004562) 2 | Basingstoke, Hampshire, | ||||||
| RG21 4FF, United Kingdom | |||||||
| Skogluno | Av. Leopoldino de Oliveira, 4.113, | Brazil | Indirect | BRL1 | 100% | ||
| Participações Ltda. | Sala 303, Centro, | Ordinary | |||||
| CEP: 38010-000, UBERABA-MG, | |||||||
| Brazil | |||||||
Spillers Limited | Matrix House, Basing View, | UK | Indirect | £0.25 | 100% | ||
| Basingstoke, Hampshire, | Ordinary | ||||||
| RG21 4FF, United Kingdom | |||||||
| Spillers Overseas | Matrix House, Basing View, | UK | Indirect | £0.25 | 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 | £0.10 | 100% | ||
Limited (03215874) 2 | Basingstoke, Hampshire, | Ordinary | |||||
| RG21 4FF, United Kingdom | |||||||
| Sygen Investimentos | Av. Leopoldino de Oliveira, 4113 | Brazil | Indirect | BRL0.63 | 100% | ||
| Ltda. | – Sala 303, Uberaba, | Minas Gerais, CEP 38010-000, | Ordinary | ||||
| Brazil | |||||||
Usicafé SA | c/o Cabinet Mayor, avocats, | Switzerland | Indirect | CHF1,000 | 100% | ||
| Rue Jean-Gabriel Eynard 6, | Ordinary | ||||||
1205 | Genève, Switzerland | ||||||
37. GROUP ENTITIES CONTINUED
Nature of business
Other continued
| % 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 | £0.001 | 100% |
(SC438223) 2 | Andrews, Fife, KY16 9LB, | Ordinary | |||
| Scotland |
167Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
| Interest- | ||||
| Contingent | bearing | |||
| deferred | Deferred | deferred | ||
| consideration | consideration | consideration | Total | |
| £m | £m | £m | £m | |
| Balance at 1 July 2024 | – | 0.8 | – | 0.8 |
| Acquisition of non-controlling interest (see note 39) | 13.2 | 13.2 | ||
Payment of consideration | – | (0.6) | (2.6) | (3.2) |
Effect of movement in exchange rates | – | – | (0.3) | (0.3) |
Balance at 30 June 2025 | – | 0.2 | 10.3 | 10.5 |
Payment of consideration | – | – | (2.7) | (2.7) |
Effect of movement in exchange rates | – | – | 0.4 | 0.4 |
Balance at 30 June 2026 | – | 0.2 | 8.0 | 8.2 |
Current | – | – | 2.7 | 2.7 |
Non-current | – | 0.2 | 5.3 | 5.5 |
Balance at 30 June 2026 | – | 0.2 | 8.0 | 8.2 |
Current | – | – | 2.6 | 2.6 |
Non-current | – | 0.2 | 7.7 | 7.9 |
Balance at 30 June 2025 | – | 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 | £m | £m | £m | £m | |
| T.A.C. – Laboratório de Reprodução | 2022 | – | 0.2 | – | 0.2 |
| Animal Ltda. | |||||
De Novo Genetics LLC | 2025 | – | – | 8.0 | 8.0 |
Balance at 30 June 2026 | – | 0.2 | 8.0 | 8.2 |
Included within trade and other payables (see note 23) is £0.5m (2025: £0.6) of interest that has
accrued on the interest-bearing deferred consideration and will be settled in the next 12 months.
39. NON-CONTROLLING INTEREST
| 2026 | 2025 | |
| £m | £m | |
Non-controlling interest | 0.5 | 0.4 |
Put option over non-controlling interest at inception | (0.5) | (0.5) |
Total non-controlling interest | – | (0.1) |
Summarised financial information in respect of each of the Group’s subsidiaries that has a material
non-controlling interest is set out below before intra-Group eliminations.
| 2026 | 2025 | |
| £m | £m | |
Balance at 1 July | (0.1) | (4.3) |
Total comprehensive income attributable to the non-controlling interest | 0.2 | – |
Acquisition of De Novo Genetics LLC non-controlling interest | – | 4.5 |
Dividends paid by PIC Italia S.r.l | – | (0.1) |
Effect of exchange rates | (0.1) | (0.2) |
Balance at 30 June | – | (0.1) |
On 19 September 2024, the Group purchased the remaining 49% share of De Novo Genetics LLC for a
consideration of £13.2m. £2.6m 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 £3.6m has been recognised in Other Gains & Losses.
168Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
41. OTHER GAINS AND LOSSES
| 2026 | 2025 | ||
| Note | £m | £m | |
| Loss on purchase of non-controlling interest in De Novo | 39 | – | (3.6) |
| Genetics LLC | |||
Gain on loss of control of subsidiary (PIC Qiannan) | – | 0.3 | |
Gain on loss of control of subsidiary (PIC China) | 42 | 204.1 | – |
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 £0.2m gain (2025: £0.9m loss) on the mark-to-market valuation
(‘MTM’) in relation to £60m 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.
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
(‘PIC China’). The Group sold 51% of its shareholding in PIC China for a consideration of £123.1m.
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 £118.2m. 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’s 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 | £m | |
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 £204.1m in other gains and losses (see Note 41).
169Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Group Financial Statements continued
For the year ended 30 June 2026
42. SALE OF 51% OF PIC CHINA CONTINUED
Note | £m | |
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 £12.1m associated with the repatriation of the consideration to
the UK. Stamp duty of £0.1m 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 £1.3m 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 £0.2m in respect of these transitional services.
A deferred tax liability of £0.2m 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 £2.2m 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 | £m | |
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 |
170Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Parent Company Balance Sheet
As at 30 June 2026
Note
2026
£m
2025
£m
Non-current assets
Intangible assets C3 10.3 12.1
Property, plant and equipment C4 0.3 0.5
Investments in subsidiaries C5 328.8 307.6
Other receivables C6 – 65.5
Derivative financial asset C14 0.1 –
Deferred tax asset C7 14.5 13.5
354.0 399.2
Current assets
Other receivables C6 117.7 117.8
Cash and cash equivalents 2.4 1.5
120.1 119.3
Current liabilities
Current payables C8 (44.9) (42.3)
Provisions C10 (0.1) (0.1)
(45.0) (42.4)
Net current assets 75.1 76.9
Total assets less current liabilities 429.1 476.1
Non-current liabilities
Non-current payables C9 (77.1) (214.5)
Provisions C10 (0.2) (0.1)
(77.3) (214.6)
Net assets 351.8 261.5
Note
2026
£m
2025
£m
Equity
Called-up share capital C15 6.7 6.6
Share premium account 179.1 179.1
Own shares (0.1) (0.1)
Retained earnings 165.9 76.2
Hedging reserve 0.2 (0.3)
Total equity 351.8 261.5
The Company recognised profit for the year of £103.1m (2025: £20.7m profit).
The Financial Statements were approved and authorised for issue by the Board of Directors on
9 September 2026.
Signed on behalf of the Board of Directors.
Jorgen Kokke Andy Russell
Chief Executive Chief Financial Officer
Company number: 02972325
171Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Called-up
share capital
£m
Share
premium
account
£m
Own
shares
£m
Retained
earnings
£m
Hedging
reserve
£m
Total
equity
£m
Balance at 1 July 2024 6.6 179.1 (0.1) 70.3 0.6 256.5
Fair value of movement on cash flow hedges, net of tax – – – – (0.9) (0.9)
Loss on equity instruments measured at fair value, net of tax – – – (0.4) – (0.4)
Actuarial loss on retirement benefit obligations, net of tax – – – (1.4) – (1.4)
Movement on pension asset recognition restriction, net of tax – – – 1.4 – 1.4
Other comprehensive (expense)/income for the year – – – (0.4) (0.9) (1.3)
Total profit for the financial year – – – 20.7 – 20.7
Total comprehensive income for the financial year – – – 20.3 (0.9) 19.4
Dividends paid – – – (21.1) – (21.1)
Share-based payment expense, net of tax – – – 6.7 – 6.7
Balance at 30 June 2025 6.6 179.1 (0.1) 76.2 (0.3) 261.5
Fair value of movement on cash flow hedges, net of tax – – – – 0.5 0.5
Loss on equity instruments measured at fair value, net of tax – – – (0.2) – (0.2)
Actuarial gain on retirement benefit obligations, net of tax – – – 0.7 – 0.7
Movement on pension asset recognition restriction, net of tax – – – (0.7) – (0.7)
Other comprehensive (expense)/income for the year – – – (0.2) 0.5 0.3
Total profit for the financial year – – – 103.1 – 103.1
Total comprehensive income for the financial year – – – 102.9 0.5 103.4
Dividends paid – – – (21.7) – (21.7)
Issue of shares 0.1 – – – – 0.1
Share-based payment expense, net of tax – – – 8.5 – 8.5
Balance at 30 June 2026 6.7 179.1 (0.1) 165.9 0.2 351.8
For information on dividends see note 13, on cash flow hedges see note 26 and on share-based payment expense see note 30, in the Group financial statements.
Parent Company Statement of Changes in Equity
For the year ended 30 June 2026
172Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
C1. ACCOUNTING INFORMATION AND POLICIES
Basis of preparation
The Parent Company Financial Statements have been prepared in accordance with Financial
Reporting Standard 101 ‘Reduced Disclosure Framework’ (‘FRS 101’) and the Companies Act 2006 (the
‘Act’). FRS 101 sets out a reduced disclosure framework for a ‘qualifying entity’ as defined in the
standard, which addresses the financial reporting requirements and disclosure exemptions in the
individual financial statements of qualifying entities that otherwise apply the recognition,
measurement and disclosure requirements of the Companies Act 2006. The Group Financial
Statements have also been prepared in accordance with International Financial Reporting Standards
as issued by the IASB.
The Company Financial Statements have been prepared using the historical cost convention, as
modified by the revaluation of certain financial assets and financial liabilities and in accordance with the
Act. The Financial Statements have been prepared on a going concern basis, as set out in note 2 of the
Consolidated Financial Statements of Genus plc. The accounting policies set out below and stated in the
relevant notes have been applied consistently to all periods presented in these Financial Statements.
The Company has taken advantage of the disclosure exemptions available under FRS 101 in relation to
share-based payments, business combinations, financial instruments, presentation of comparative
information in respect of certain assets, presentation of a cash flow statement, standards issued not
yet effective, impairment of assets and related party transactions. Where required, equivalent
disclosures are given in the Consolidated Financial Statements of Genus plc.
As permitted by section 408 of the Act, the Company has not presented its own Income Statement in
this Annual Report.
The functional currency of the Company is Sterling.
Critical accounting judgements and key sources of estimation uncertainty
Preparing company financial statements in conformity with FRS 101 requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of
contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and
expenses during the reporting period. Actual results could differ from those estimates. The estimates
and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised, if the revision affects only that period, or in
the period of the revision and future periods, if the revision affects both current and future periods.
Impairment of investment held in subsidiaries (see note C5)
Determining whether the carrying value of the investment held in subsidiaries is impaired requires us to
consider specific impairment indicators and estimate the value in use of the cash-generating units
(‘CGU’). This estimation involves projecting future cash flows from the CGU, selecting an appropriate
discount rate, and determining growth rates to calculate the present value.
Significant accounting policies applied in the current reporting period that relate to the Financial
Statements as a whole
This section sets out our significant accounting policies that relate 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.
Other income and deferred income
The Company has entered into a strategic collaboration with Beijing Capital Agribusiness (‘BCA’) under
which BCA will establish and fund a collaboration-specific entity (‘BCA Future Bio-Tech’) which will use
Genus’s 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.
Pensions
A number of our employees are members of defined contribution pension schemes. We charge
contributions to profit and loss as they become payable under the schemes’ rules. We show differences
between the contributions payable and the amounts actually paid as either accruals or prepayments in
the Balance Sheet. The schemes’ assets are held separately from those of the Company.
Certain former employees of the Company are members of one of the Group’s defined benefit pension
schemes, details of which are given in note 29 to the Group Financial Statements. The schemes are all
multi-employer defined benefit schemes, whose assets and liabilities are held independently from the
Group but within their sponsored Group company.
Taxation
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.
Deferred tax is tax we expect to pay or recover due to the differences between the carrying amounts
of our assets and liabilities in our Financial Statements and the corresponding tax bases used in
calculating out taxable profit. We account for deferred tax using the balance sheet liability method.
Notes to the Parent Company Financial Statements
For the year ended 30 June 2026
173Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
C1. ACCOUNTING INFORMATION AND POLICIES CONTINUED
Foreign currencies
We record transactions in foreign currencies at the rate ruling at the transaction date. We retranslate
monetary assets and liabilities denominated in foreign currencies at the prevailing rate of exchange at
the balance sheet date. All differences are taken to the Income Statement.
Own shares
The Company has adopted FRS 101, which requires us to recognise the assets and liabilities associated
with the Company’s investment in its own shares in the Company’s Financial Statements, where there is
de facto control of the assets and liabilities.
The Company’s own shares held by a Qualifying Employee Share Ownership Trust remain deducted
from shareholders’ funds until they vest unconditionally with employees.
Employee share schemes
The Company’s Executive Directors and Chief Operating Officers receive part of their remuneration in
the form of share awards, which vest upon meeting performance criteria over a three-year period.
We measure the cost of these awards by reference to the shares’ fair value at the award date. At the
end of each financial reporting period, we estimate the extent to which the performance criteria will be
met at the end of three years and record an appropriate charge in the profit and loss account,
together with a corresponding credit to profit and loss reserves. Changes in estimates of the number of
shares vesting may result in charges or credits to the profit and loss account in subsequent periods.
Share-based payments
We have implemented the generally accepted accounting principle for accounting for share-based
payments with subsidiary undertakings under FRS 101, whereby the Company has granted rights to its
shares to employees of its subsidiary undertakings under an equity-settled arrangement, and the
subsidiaries have not reimbursed the Company for these rights. Under this arrangement, the Company
treats the share-based payment recognised in the subsidiary’s financial statements as a cost of
investment in the subsidiary and credits equity with an equal amount.
Derivative financial instruments and hedging
Our activities expose us primarily to the financial risks of changes in foreign currency exchange rates
and interest rates.
We use interest rate swaps to hedge interest rate risk. We also use forward foreign currency contracts,
implemented through a medium-term US Dollar cross-currency borrowing and related interest rate
swap, to hedge exposure to translation risk associated with US Dollar net assets of subsidiaries.
Forward foreign currency contracts do not qualify for hedge accounting in the Parent Company
Financial Statements, as the hedged item is not in its Balance Sheet.
Our use of financial derivative instruments is governed by the Group’s policies, which are approved by
the Board of Directors. The notes to the Group Financial Statements include information about the
Group’s financial risks and their management, and its use of financial instruments and their impact on
the Group’s risk profile, performance and financial condition.
The fair value of the US Dollar and 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 value of forward exchange contracts is their quoted market price at the balance sheet date,
which is the present value of the quoted forward price.
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 ‘other gains and losses’ 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
Company 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 Company 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 Company agrees to exchange the difference between fixed
and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts
enable the Company 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.
Notes to the Parent Company Financial Statements continued
For the year ended 30 June 2026
174Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Parent Company Financial Statements continued
For the year ended 30 June 2026
C1. ACCOUNTING INFORMATION AND POLICIES CONTINUED
As the critical terms of the interest rate swap contracts and their corresponding hedged items are the
same, the Company 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 Company’s 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.
C2. EMPLOYEES
Staff costs including Directors’ remuneration during the year amounted to:
2026
£m
2025
£m
Wages and salaries 9.9 8.7
Social security costs 1.2 0.8
Pension costs 0.3 0.2
Share-based payment expense 1.3 1.2
12.7 10.9
The Directors’ Remuneration Report sets out details of the Directors’ remuneration, pensions and
share options.
The average monthly number of employees including Directors during the year was as follows:
2026
Number
2025
Number
Administration 51 46
C3. INTANGIBLE ASSETS
Accounting policies
Patents, licences and software are stated at acquisition cost less accumulated amortisation. The
amortisation period is determined by reference to expected useful life, which is reviewed at least
annually. Amortisation is charged to the Income Statement on a straight-line basis over the estimated
useful life. Changes in the expected useful life or the expected pattern of consumption of future
economic benefits embodied in the asset are accounted for by changing the amortisation period or
method, as appropriate, and are treated as changes in accounting estimates.
See note 15 for useful economic life. We do not amortise assets under construction.
Software
£m
Patents and
licences
£m
Assets under
construction
£m
Total
£m
Cost
Balance at 1 July 2024 18.4 3.7 0.2 22.3
Additions – – 0.4 0.4
Transfers 0.6 – (0.6) –
Balance at 30 June 2025 19.0 3.7 – 22.7
Additions – – – –
Balance at 30 June 2026 19.0 3.7 – 22.7
Amortisation
Balance at 1 July 2024 5.1 3.7 – 8.8
Amortisation for the year 1.8 – – 1.8
Balance at 30 June 2025 6.9 3.7 – 10.6
Amortisation for the year 1.8 – – 1.8
Balance at 30 June 2026 8.7 3.7 – 12.4
Carrying amounts
At 30 June 2026 10.3 – – 10.3
At 30 June 2025 12.1 – – 12.1
At 30 June 2024 13.3 – 0.2 13.5
Included within the software class of assets is £10.3m (2025: £12.1m) related to the development costs of
GenusOne, our single global enterprise system.
175Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Parent Company Financial Statements continued
For the year ended 30 June 2026
C4. PROPERTY, PLANT AND EQUIPMENT
Accounting policies
We state property, plant and equipment at cost, together with any incidental acquisition expenses, or
at their latest valuation, less depreciation and any provision for impairment. We calculate depreciation
on a straight-line basis, to write the assets down to their estimated residual values over their estimated
useful lives. The rates of annual depreciation on tangible fixed assets are as follows:
• Leasehold improvements period of lease
• Leased buildings period of lease
• Equipment 3 to 10 years
We review the carrying value of fixed assets for impairment, if events or changes in circumstances
indicate that the carrying value may not be recoverable.
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 (‘UEL’) 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.
Leasehold
improve-
ments
£m
Equip-
ment
£m
Owned
assets
£m
Right-of-
use
leased
buildings
£m
Right-of-
use
leased
vehicles
£m
Total
Right-of-
use assets
£m
Total
£m
Cost
Balance at 1 July 2025 0.5 0.3 0.8 1.2 – 1.2 2.0
Additions – – – – 0.1 0.1 0.1
Balance at 30 June 2026 0.5 0.3 0.8 1.2 0.1 1.3 2.1
Depreciation
Balance at 1 July 2025 0.4 0.2 0.6 0.9 – 0.9 1.5
Depreciation for the year 0.1 – 0.1 0.2 – 0.2 0.3
Balance at 30 June 2026 0.5 0.2 0.7 1.1 – 1.1 1.8
Carrying amounts
At 30 June 2026 – 0.1 0.1 0.1 0.1 0.2 0.3
At 30 June 2025 0.1 0.1 0.2 0.3 – 0.3 0.5
At 30 June 2024 0.1 0.1 0.2 0.5 – 0.5 0.7
C5. INVESTMENTS IN SUBSIDIARIES
Accounting policies
Shares in subsidiary undertakings are stated at cost less any provision for impairment.
The Company assesses investments for impairment whenever events or changes in circumstances
indicate that the carrying value of an investment may not be recoverable. If any such indication of
impairment exists, then we estimate the recoverable amount. If the recoverable amount of the
cash-generating unit is less than the value of the investment, it is considered to be impaired and we
write it down to its recoverable amount. An impairment loss is recognised immediately in the profit and
loss account.
On disposal of an investment in a subsidiary undertaking, the difference between the consideration
received and the carrying value of the investment disposed of is recognised in the profit and loss account.
Where disposals occur as part of an internal group reorganisation, the consideration is measured in
accordance with the legal terms of the transaction. Any resulting gain or loss arising on disposal is
recognised within the profit and loss account for the financial year.
Shares in
subsidiary
undertakings
£m
Cost
Balance at 1 July 2025 540.5
Additions 34.2
Disposals (42.7)
Balance at 30 June 2026 532.0
Provision for impairment
Balance at 1 July 2025 232.9
Provided during the year 0.9
Disposals (30.6)
Balance at 30 June 2026 203.2
Carrying amounts
At 30 June 2026 328.8
At 30 June 2025 307.6
At 30 June 2024 313.6
Additions relate to increasing our investments in Genus Investments Limited (£30.2m), Pecplan ABS Ltd
(£3.9m) and ABS Chile Limitada (£0.1m).
Disposals relate to the transfer of the ABS Brazil group of companies (£39.5m) and Promar International
Limited (£3.2m) to Genus Investments Limited. The associated provisions for impairment (ABS Brazil
Group £29.3m and Promar International Limited £1.3m) were also disposed of in the period.
176Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Parent Company Financial Statements continued
For the year ended 30 June 2026
C5. INVESTMENTS IN SUBSIDIARIES CONTINUED
The Company considers a range of qualitative and quantitative factors when assessing investments
for impairment, including forecast profitability, net asset values, market conditions and the relationship
between carrying values and expected future recoverable amounts. Where indicators of impairment
exist, recoverable amounts are estimated using Board-approved forecasts and other relevant
evidence. Following the annual review, an impairment charge was recognised against one subsidiary
undertaking where forecast future performance no longer supported the carrying value of the
investment. No significant indicators of impairment were identified in respect of the Company’s other
subsidiary undertakings.
The key assumptions for the value in use calculation are those regarding the discount rate, growth rates
and expected trading performance.
Management estimates discount rates that reflect current market assessments of the time value of
money and the risks specific to the Group. The pre-tax discount rates are derived from the Group’s
post-tax weighted average cost of capital (‘WACC’), which has been calculated using the capital asset
pricing model, the inputs of which include a country risk-free rate, equity risk premium, Group size
premium and a risk adjustment (beta). This equates to a pre-tax discount rate of 14.0% (2025: 13.4%). Cash
flows beyond the five-year period are extrapolated using a long-term growth rate of 2.5% (2025: 2.5%).
During the year, an impairment charge of £0.9m was recognised against the investment in ABS Chile
Limitada, reflecting lower forecast profitability and a consequent reduction in the recoverable amount
of the investment.
Principal subsidiary undertakings
The Company’s principal subsidiaries and their main activities are given in note 37 to the Group
Financial Statements.
Sensitivity to changes in assumptions
Management has performed the following sensitivity analysis:
• changing the key assumptions, with other variables held constant;
• simultaneously changing the key assumptions.
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 investments in subsidiaries, except for Chile.
There are reasonably possible changes to key assumptions that could cause the carrying value of the
ABS Chile investment to exceed its recoverable amount based on our value in use calculations.
Management has identified the following assumptions as key sources of estimation uncertainty within
the ABS Chile value in use calculation (see note C1).
2026 2025 Sensitivity
Weighted average risk-adjusted
discount rate
12.5% 11.3% Increase of 1% in the discount rate would
decrease the recoverable amount by £0.1m
Weighted average short-term
growth rate (CAGR)
3.0% 6.4% Decrease of 1% in the CAGR would decrease
the recoverable amount by £0.1m
Long-term growth rate 2.5% 2.5% Decrease of 1% in the long-term growth rate
would decrease the recoverable amount
by £0.2m
C6. OTHER RECEIVABLES
Accounting policies
We state other receivables at their amortised cost less any impairment losses.
Note
2026
£m
2025
£m
Amounts due within one year
Amounts owed by Group undertakings 109.1 111.1
Corporation tax recoverable 4.8 3.9
Prepayments 1.9 1.8
Other receivables 1.6 0.9
Derivative financial asset C14 0.3 0.1
117.7 117.8
Amounts due after one year
Amounts owed by Group undertakings – 65.5
– 65.5
At the balance sheet date, the total amounts owed by Group undertakings were £109.1m (2025:
£176.6m). The carrying amount of these assets approximates their fair value. Of the amounts owed by
Group undertakings, £104.8m (2025: £166.6m) is interest bearing and any interest charged is at current
market rates.
177Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Parent Company Financial Statements continued
For the year ended 30 June 2026
C7. DEFERRED TAXATION
Accounting policies
We recognise deferred taxation in respect of all timing differences that have originated but not
reversed at the balance sheet date, where transactions or events that result in an obligation to pay
more tax in future or a right to pay less tax in future have occurred at the balance sheet date.
We only recognise deferred taxation assets if we consider it more likely than not that we will have
suitable profits from which we can deduct the future reversal of the underlying timing differences. Timing
differences are differences arising between the Company’s taxable profits and its results as stated in the
Financial Statements, and which are capable of reversing in one or more subsequent periods.
We only recognise deferred taxation in respect of the future remittance of retained earnings of overseas
subsidiaries to the extent that, at the balance sheet date, dividends have been accrued as receivable.
We measure deferred taxation on a non-discounted basis, at the tax rates we expect to apply in the
periods in which we expect the timing differences to reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.
At the balance sheet date, the Company had a deferred tax asset of £14.5m (2025: £13.5m) and a
deferred tax liability of £0.1m (2025: £0.1m).
The analysis of deferred tax balances is set out below:
2026
£m
2025
£m
Deferred tax assets 14.5 13.5
Deferred tax liabilities (0.1) (0.1)
Net deferred tax assets 14.4 13.4
The movements in deferred taxation are as follows:
2026
£m
2025
£m
At the start of the year 13.4 16.3
Recognised in the Income Statement 1.4 (3.2)
Recognised in equity (0.4) 0.3
At the end of the year 14.4 13.4
The amounts provided are as follows:
2026
£m
2025
£m
Share-based payment expense 0.6 0.9
Other timing differences 8.3 6.6
Losses 5.5 5.9
14.4 13.4
At the balance sheet date, the Company had unused tax losses available for offset against future
profits, with a potential tax benefit of £5.5m (2025: £5.9m). We have recognised a deferred tax asset in
respect of this benefit, as we expect these losses to be offset against future profits of the UK tax group
in the near term.
The decrease in the deferred tax asset relating to tax losses of £0.4m is primarily attributable to
movements in UK group relief positions. This includes updates arising from the finalisation of the UK
group’s tax returns, together with the utilisation of tax losses through group relief in the current year.
The deferred tax liability of £0.1m relates to the change in fair value of the commodity hedge on IAS 41.
178Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Parent Company Financial Statements continued
For the year ended 30 June 2026
C8. CURRENT PAYABLES
Accounting policies
Trade payables are not interest bearing and are stated at their nominal value.
Note
2026
£m
2025
£m
Bank loans and overdrafts C11 4.2 4.6
Trade payables 1.6 1.8
Other payables 0.6 0.7
Amounts owed to Group undertakings 33.6 28.3
Accruals 4.5 4.2
Deferred tax liability C7 – 0.1
Deferred income – 0.2
Obligations under leases C12 0.3 0.2
Derivative financial liabilities C14 0.1 2.2
44.9 42.3
Included within amounts owed to Group undertakings are amounts of £19.5m (2025: £16.7m) which are
unsecured, repayable on demand and any interest charged is at current market rates.
There are no outstanding contributions due to defined contribution pension schemes for the benefit of
the employees (2025: £nil).
C9. NON-CURRENT PAYABLES
Note
2026
£m
2025
£m
Bank loans and overdrafts C11 77.0 214.2
Obligations under leases C12 – 0.2
Deferred tax liability C7 0.1 –
Derivative financial liabilities C14 – 0.1
77.1 214.5
C10. PROVISIONS
2026
£m
2025
£m
Provisions due within one year 0.1 0.1
Provisions due after more than one year 0.2 0.1
0.3 0.2
Additional disclosure on provisions can be found in note 25 to the Group Financial Statements.
C11. LOANS AND BORROWINGS
Accounting policies
We initially state debt at the amount of the net proceeds, after deducting issue costs. The carrying
amount is increased by the finance cost in respect of the accounting period and reduced by payments
made in the period.
We charge the finance costs of debt to the profit and loss account over the debt term, at a constant
rate on the carrying value of the debt to which they relate.
2026
£m
2025
£m
Loans and borrowings comprise amounts falling due:
In one year or less or on demand 5.0 5.5
In more than one year but not more than two years – –
In more than two years but not more than five years 78.5 215.9
83.5 221.4
Less: unamortised issue costs (2.3) (2.6)
81.2 218.8
Amounts falling due within one year (4.2) (4.6)
Amounts falling due after more than one year 77.0 214.2
179Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Parent Company Financial Statements continued
For the year ended 30 June 2026
C11. LOANS AND BORROWINGS CONTINUED
On 10 June 2025, the Company renewed its Facilities Agreement with a group of eight banks and at the
balance sheet date, the Company’s credit facilities under this agreement comprised a £220m multi-
currency revolving credit facility (‘RCF’) 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 £100m accordion feature for future
business development opportunities. In addition to the RCF facilities, the Company has approximately
£13m of bilateral facilities supporting its GBP, EUR, and USD pooling arrangements. The Company had
headroom of £263.8m 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 £47.8m 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 of 3.32% to increase the rate
of fixed coverage to 69%.
Terms and debt repayment schedule
The terms and conditions of outstanding loans and overdrafts were as follows:
Currency Interest rate
2026
£m
2025
£m
RCF and overdraft GBP 5.2% 14.4 105.0
RCF, term loan and overdraft USD 5.0% 33.3 72.1
RCF and overdraft EUR 3.6% 32.8 41.0
Other unsecured bank borrowings Other 4.5% 0.7 0.7
Total interest-bearing liabilities 81.2 218.8
The above RCFs are unsecured.
C12. 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 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 C4).
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:
• 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.
• 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 case 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).
• 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 Company did not make any such adjustments during the periods presented.
180Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Parent Company Financial Statements continued
For the year ended 30 June 2026
C12. OBLIGATIONS UNDER LEASES CONTINUED
The changes in the lease liabilities are as follows:
2026
£m
2025
£m
Balance at the start of the year 0.4 0.6
Payments made (0.2) (0.2)
Leases entered into during the year 0.1 –
Balance at the end of the year 0.3 0.4
In accordance with the reduced disclosure exemptions included in FRS 101, a maturity analysis has not
been presented. The maturity analysis of the Group’s lease obligations is included in note 28 to the
Group Financial Statements.
C13. 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
£m
2025
£m
In less than one year 1.3 1.3
Between one and five years 1.3 2.6
2.6 3.9
Operating lease rentals charged in the year:
2026
£m
2025
£m
Other 1.3 1.2
C14. DERIVATIVES AND OTHER FINANCIAL INSTRUMENTS
Additional disclosures on financial instruments can be found in note 26 to the Group Financial
Statements.
C15. CAPITAL AND RESERVES
Share capital
2026
Number
2025
Number
2026
£m
2025
£m
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
Number
2025
Number
2026
£m
2025
£m
Issued to Employee Benefit Trust 500,000 – 0.1 –
Issued to Genus plc Share incentive Plan 2,663 3,994 – –
502,663 3,994 0.1 –
181Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Notes to the Parent Company Financial Statements continued
For the year ended 30 June 2026
C15. CAPITAL AND RESERVES CONTINUED
Reserve for own shares
The Company’s 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’ funds for the consideration the trust paid for the
Company’s 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
Number
2025
Number
2026
£m
2025
£m
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 £43,384 (2025: £12,507). 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.
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 – see note 26.
C16. RELATED PARTY TRANSACTIONS
The Company is exempt under FRS 101 from disclosing transactions with other members of the Group.
There are no other related party transactions.
C17. CAPITAL AND OTHER COMMITMENTS
At 30 June 2026, outstanding contracted capital expenditure amounted to £nil (2025: £nil).
C18. PENSIONS, GUARANTEES AND CONTINGENCIES
The NMR pension assigned to Genus plc under the Flexible Apportionment Agreement recorded an
actuarial gain, net of tax, of £0.7m, which has increased the asset restriction made in previous years. As
the Company does not have unilateral right to this surplus, as required in accordance with IFRIC 14 it is
restricted to £nil. For additional information on the MPF pension scheme, of which NMR was one of the
participating employers, please see note 29.
The retirement benefit obligations referred to in note 29 to the Group Financial Statements include
obligations relating to the MPF defined benefit scheme. Genus, together with other participating
employers, is joint and severally liable for the scheme’s 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’s obligations that it has not accounted for. The total deficit of the MPF scheme from the
most recent triennial valuation can be found in note 29.
Certain UK subsidiaries, which are detailed in note 35 to the Group Financial Statements, will take
advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the year
ended 30 June 2026. The Company has given a statutory guarantee over all of the liabilities held by
those UK subsidiaries for the year ended 30 June 2026. The Company has assessed the probability of
loss under the guarantee as remote.
At 30 June 2026, the Company had entered into bank guarantees totalling £nil (2025: £nil).
182Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
The information included in the five-year record below is in accordance with IFRS as adopted for use under the Companies Act 2006.
Financial results
2026
£m
2025
£m
2024
£m
2023
£m
2022
£m
Revenue from continuing operations 658.1 672.8 668.8 689.7 593.4
Adjusted operating profit from continuing operations
1
94.8 81.1 67.0 74.6 68.8
Adjusted operating profit including joint ventures and associates
1
116.0 93.1 78.1 85.8 77.7
Adjusted profit before tax
1
100.2 74.3 59.8 71.5 71.5
Basic adjusted earnings per share
1
110.3p 81.8p 65.5p 84.8p 82.7p
Diluted adjusted earnings per share
1
108.6p 80.6p 65.0p 84.2p 82.3p
Operating profit from continuing operations 87.3 42.4 6.4 40.5 49.4
Profit before tax from continuing operations 310.5 28.5 5.5 39.4 48.4
Profit after tax from continuing operations 285.5 19.3 2.4 31.8 36.7
Net profit attributable to owners of the Company 285.3 19.3 7.9 33.3 40.9
Basic earnings per share 431.6p 29.3p 12.0p 50.8p 62.5p
Diluted earnings per share 425.1p 28.9p 11.9p 50.5p 62.2p
Net assets
1
766.7 476.0 513.5 536.8 572.1
Net debt
1
71.8 228.2 248.7 195.8 185.0
1 Refer to APM Glossary.
Five-Year Record – Consolidated Results
183Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Alternative Performance Measures Glossary
The Group tracks a number of APMs in managing its business, which are not defined or specified under the requirements of IFRS because they exclude amounts that are included in, or include amounts that are
excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using financial measures that are not calculated in accordance with IFRS.
The Group believes that these APMs, which are not considered to be a substitute for or superior to IFRS measures, provide stakeholders with additional helpful information on the performance of the business.
These APMs are consistent with how business performance is planned and reported within the internal management reporting to the Board and GELT. Some of these APMs are also used for the purpose of
setting remuneration targets.
These APMs should be viewed as supplemental to, but not as a substitute for, measures presented in the consolidated financial information relating to the Group, which are prepared in accordance with IFRS.
The Group believes that these APMs are useful indicators of its performance. However, they may not be comparable to similarly titled measures reported by other companies, due to differences in the way they
are calculated.
The key APMs that the Group uses include:
Alternative performance
measures
Calculation methodology and closest equivalent IFRS measure
(where applicable)
Reasons why we believe the
APMs are useful
Income Statement measures
Adjusted operating profit
exc. JVs
Adjusted operating profit is operating profit with the net IAS 41
valuation movement on biological assets, amortisation of acquired
intangible assets, impairment of goodwill, share-based payment
expense and exceptional items added back and excludes JV and
associate results.
Closest equivalent IFRS measure: Operating profit
1
See reconciliation on page 187.
Allows the comparison of underlying financial performance by excluding the impacts of adjusting items
and is a performance indicator against which short-term and long-term incentive outcomes for our
senior executives are measured:
• net IAS 41 valuation movements on biological assets – these movements can be materially volatile
and do not directly correlate to the underlying trading performance in the period. Furthermore, the
movement is non-cash-related and many assumptions used in the valuation model are based on
projections rather than current trading;
• amortisation of acquired intangible assets – excluding this improves the comparability between
acquired and organically grown operations, as the latter cannot recognise internally generated
intangible assets. Adjusting for amortisation provides a more consistent basis for comparison
between the two but it is also a measure excluded from our management’s remuneration assessment,
as well as our debt agreements and banking covenants. It is also one requested and used by our
investor group to evaluate our performance;
• impairment of goodwill – this represents a non-cash accounting adjustment recognised when the
carrying value of goodwill exceeds its recoverable amount. Excluding this item improves comparability
across periods, as impairment charges can be significant and are often driven by long-
term assumptions;
• share-based payments – this expense is considered to be relatively volatile and not fully reflective of
the current period trading, as the performance criteria are based on EPS performance over a
three-year period and include estimates of future performance; and
• exceptional items – these are items which due to either their size or their nature are excluded, to
improve the understanding of the Group’s underlying performance.
Adjusted operating profit
inc. JVs
Including adjusted operating profit from JV and associate results.
See reconciliation on page 187.
Adjusted operating profit
inc. JVs after tax
Adjusted operating profit including JV less adjusted effective tax.
See reconciliation on page 187.
Adjusted profit before tax Adjusted operating profit including JVs less net finance costs.
See reconciliation on page 187.
Adjusted profit after tax Adjusted profit including JVs before tax less adjusted effective tax.
See reconciliation on page 187.
1 Operating profit is not defined per IFRS. It is presented in the Group Income Statement and is shown as profit before tax, finance income/costs and share of post-tax profit of JVs and associates retained.
184Financial Statements Additional InformationCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Alternative Performance Measures Glossary continued
The key APMs that the Group uses include:
Alternative performance
measures
Calculation methodology and closest equivalent IFRS measure
(where applicable)
Reasons why we believe the
APMs are useful
Adjusted effective
tax rate
Total income tax charge for the Group excluding the tax impact of
adjusting items, divided by the adjusted operating profit.
Closest equivalent IFRS measure: Effective tax rate
See reconciliation on page 187.
Provides an underlying tax rate to allow comparability of underlying financial performance, by excluding
the impacts of net IAS 41 valuation movement on biological assets, amortisation of acquired intangible
assets, impairment of goodwill, share-based payment expense and exceptional items.
Adjusted basic earnings
per share
Adjusted profit after tax profit divided by the weighted basic
average number of shares.
Closest equivalent IFRS measure: Earnings per share
See calculation on page 188.
On a per share basis, this allows the comparability of underlying financial performance by excluding the
impacts of adjusting items.
Adjusted diluted
earnings per share
Underlying attributable profit divided by the diluted weighted
basic average number of shares.
Closest equivalent IFRS measure: Diluted earnings per share
See calculation on page 188.
Adjusted Earnings
payout Ratio
The expected dividend for the year divided by Adjusted earnings
per share.
See calculation on page 188.
The Board’s dividend policy targets adjusted earnings payout to be between 30%–40%.
Adjusted PIC royalty
revenue
PIC Royalty revenue, including the proportional share of royalty
revenue from our joint ventures and associates. The APM is calculated
as though PIC China became an associate on 1 July 2024.
See calculation on page 188.
To provide a clearer view of growth in the royalty streams that underpin PIC profitability. As joint venture
royalties are excluded from reported revenue, while 100% inclusion would overstate Genus’ economic
interest, a proportionate approach better reflects the underlying performance of this important
recurring revenue stream.
Adjusted EBITDA –
calculated in accordance
with the definitions used
in our financing facilities
This is adjusted operating profit, adding back cash received from
our JVs, depreciation of property, plant and equipment, depreciation
of the historical cost of biological assets, operational amortisation
(i.e. excluding amortisation of acquired intangibles) and deducting
the amount attributable to minority interest.
Closest equivalent IFRS measure: Operating profit
1
See reconciliation on page 188.
This APM is presented because it is used in calculating our ratio of net debt to EBITDA and our interest
cover, which we report to our banks to ensure compliance with our bank covenants.
Change in alternative performance measures
Following a review of the dividend-related APMs utilised by the Group, adjusted earnings cover was replaced with payout ratio as the primary measure. This change aligns the Group’s external reporting with its
updated capital allocation policy, which targets ordinary dividends of 30-40% of adjusted earnings per share. The Directors believe that payout ratio provides a more transparent and intuitive measure of the
proportion of earnings returned to shareholders and is aligned with the way dividend performance is assessed internally.
185Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Alternative Performance Measures Glossary continued
Alternative performance
measures
Calculation methodology and closest equivalent IFRS measure
(where applicable)
Reasons why we believe the
APMs are useful
Adjusted operating margin Adjusted operating profit (including JVs) divided by revenue. Allows for the comparability of underlying financial performance by excluding the impacts of
exceptional items.
Adjusted operating margin
(exc. JVs)
Adjusted operating profit divided by revenue.
Constant currency basis The Group reports certain financial measures on both a reported
and constant currency basis and retranslates the current year’s
results at the average actual exchange rates used in the
previous financial year.
The Group’s business operates in multiple countries worldwide and its trading results are translated
back into the Group’s functional currency of Sterling. This measure eliminates the effects of exchange
rate fluctuations when comparing year-on-year reported results.
Balance Sheet measures
Net debt Net debt is gross debt, made up of unsecured bank loans and
overdrafts and obligations under finance leases, with a deduction
for cash and cash equivalents.
See reconciliation on page 189.
This allows the Group to monitor its levels of debt.
Net debt – calculated
in accordance with the
definitions used in our
financing facilities
Net debt excluding the impact of adopting IFRS 16 and adding back
guarantees and deferred purchase arrangements.
See reconciliation on page 189.
This is a key metric that we report to our banks to ensure compliance with our bank covenants.
Cash flow measures
Cash conversion Adjusted cash from operating activities as a percentage of
adjusted operating profit including JVs.
See calculation on page 190.
This is used to measure how much operating cash flow we are generating and how efficient we are at
converting our operating profit into cash and is used to set performance targets internally.
Free cash flow Net cash from operating activities after capital expenditure
(including capital payments for leased assets) including cash
received from our joint ventures.
Closest IFRS measure: Net cash from operating activities
See calculation on page 190.
This is used to measure the amount of cash retained in the business before net investing activities,
debt repayments and dividend payments.
186Financial Statements Additional InformationCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Alternative Performance Measures Glossary continued
Alternative performance
measures
Calculation methodology and closest equivalent IFRS measure
(where applicable)
Reasons why we believe the
APMs are useful
Adjusted cash from
operating activities
Net cash from operating activities after capital expenditure (including
leased assets) including cash received from our joint ventures,
excluding net interest paid, exceptional cash, pension charges,
movements in provisions and other cash outflows.
Closest IFRS measure: Net cash from operating activities
See calculation on page 190.
This is used to measure the amount of cash that is generated by our operating activities and is used
to set performance targets internally.
Other measures
Interest cover The ratio of adjusted net finance costs, calculated in accordance with
the definitions used in our financing facilities, is net finance costs with
a deduction for pension interest, interest from adopting IFRS 16,
unwinding of discount on put options and amortisation of refinancing
fees, to adjusted EBITDA.
Closest equivalent IFRS components for the ratio: The equivalent IFRS
components are finance costs, finance income and operating profit
See calculation and reconciliation on page 190.
This APM is used to understand our ability to meet our interest payments and is also a key metric that
we report to our banks to ensure compliance with our bank covenants.
Ratio of net debt to
adjusted EBITDA
The ratio of net debt, calculated in accordance with the definitions
used in our financing facilities, is gross debt, made up of unsecured
bank loans and overdrafts and obligations under finance leases, with
a deduction for cash and cash equivalents and adding back amounts
related to guarantees and deferred purchase arrangements, to
adjusted EBITDA.
Closest equivalent IFRS components for the ratio: The equivalent IFRS
components are gross debt, cash and cash equivalents and operating
profit
See calculation on page 190.
This APM is used as a measurement of our leverage and is also a key metric that we report to our banks
to ensure compliance with our bank covenants.
Return on adjusted invested
capital
The Group’s return on adjusted invested capital is measured on the
basis of adjusted operating profit including JVs after tax, which is
operating profit with the pre-tax share of profits from JVs and
associates, net IAS 41 valuation movement on biological assets,
amortisation of acquired intangible assets, impairment of goodwill,
share-based payment expense and exceptional items added back,
net of amounts attributable to non-controlling interest and tax.
The adjusted operating profit including JVs after tax is divided
by adjusted invested capital, which is the equity attributable to
owners of the Company adding back net debt, pension liability net
of related deferred tax and deducting biological assets (less historical
cost), fair value uplift of joint venture and associates and goodwill,
net of related deferred tax.
Closest equivalent IFRS components for the ratio: Return on invested
capital
See calculation and reconciliation on page 190.
This APM is used to measure our ability to efficiently invest our capital and gives us a sense of how well
we are using our resources to generate returns.
1 Operating profit is not defined per IFRS. It is presented in the Group Income Statement and is shown as profit before tax, finance income/costs and share of post-tax profit of JVs and associates retained.
187Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
THE TABLES BELOW RECONCILE THE CLOSEST EQUIVALENT IFRS MEASURE TO THE APM OR OUTLINE
THE CALCULATION OF THE APM
INCOME STATEMENT MEASURES
Adjusted operating profit exc. JVs
Adjusted operating profit inc. JVs
2026 2025
£m £m £m £m Reference
Operating profit 87.3 42.4 Group Income Statement
Add back:
Net IAS 41 valuation movement on
biological assets (12.8) 13.3 Group Income Statement
Amortisation of acquired intangible
assets 4.1 5.6 Group Income Statement
Impairment of goodwill – 1.5 Group Income Statement
Share-based payment expense 10.4 6.9 Group Income Statement
Exceptional items 5.8 11.4 Group Income Statement
Adjusted operating profit exc. JVs 94.8 81.1 Group Income Statement
Amounts attributable to non-controlling
interest (0.2) – Group Income Statement
Operating profit from JVs and
associates 34.7 9.1 Group Income Statement
Tax on JVs and associates 11.0 2.0
Note 11 – Income tax
expense
Net IAS 41 valuation movement in JVs (24.3) 0.9 Note 18 – Equity-
accounted investees
Adjusted operating profit from JVs 21.4 12.0
Adjusted operating profit inc. JVs 116.0 93.1
Adjusted operating profit inc. JVs after tax
2026 2025
£m £m Reference
Adjusted operating profit inc. JVs 116.0 93.1 See APM
Effective tax rate 27.2% 27.5%
Note 12 –
Earnings per share
Adjusted tax (31.6) (25.6) No direct reference
Adjusted operating profit inc. JVs
after tax 84.4 67.5
Adjusted profit before tax
Adjusted profit after tax
2026 2025
£m £m Reference
Adjusted operating profit inc. JVs 116.0 93.1 See APM
Less net finance costs (15.8) (18.8)
Note 10 –
Net finance costs
Adjusted profit before tax 100.2 74.3
Adjusted tax (27.3) (20.4)
Note 12 –
Earnings per share
Adjusted profit after tax 72.9 53.9
Adjusted effective tax £m/rate
2026 2025
£m % £m % Reference
Adjusted effective tax £m/rate 27.3 27.2 20.4 27.5
Note 12 –
Earnings per share
Exceptional items (1.3) (22.1) (2.7) (23.7)
Note 12 –
Earnings per share
Share-based payment expense (2.4) (23.1) (1.5) (21.7)
Note 12 –
Earnings per share
Other gains and losses 5.8 2.9 (0.2) (4.8)
Note 12 –
Earnings per share
Amortisation of acquired intangible
assets (1.0) (25.0) 0.3 5.4
Note 12 –
Earnings per share
Net IAS 41 valuation movement on
biological assets 2.7 21.1 (4.2) (31.6)
Note 12 –
Earnings per share
Net IAS 41 valuation movement on
biological assets in joint ventures 4.9 20.0 (0.9) (100.0)
Note 12 –
Earnings per share
Effective tax £m/rate 36.0 11.2 11.2 36.7 Note 11 – Taxation and
deferred taxation
Alternative Performance Measures Glossary continued
188Financial Statements Additional InformationCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Adjusted basic earnings per share
2026 2025 Reference
Adjusted profit after tax (£m) 72.9 53.9 See APM
Weighted average number of ordinary
shares (000s) 66,105 65,910 Note 12 – Earnings per share
Adjusted basic earnings per share (pence) 110.3 81.8
Adjusted diluted earnings per share
2026 2025 Reference
Adjusted profit after tax (£m) 72.9 53.9 See APM
Weighted average number of diluted ordinary
shares (000s) 67,113 66,839 Note 12 – Earnings per share
Adjusted diluted earnings per share (pence) 108.6 80.6
Adjusted earnings payout ratio
2026 2025
pence % pence % Reference
Dividend for the year 35.2 32.0 Note 13 - Dividends
Adjusted earnings per share 110.3 81.8 See APM
Adjusted earnings payout ratio 32 39
Adjusted PIC royalty revenue
2026 2025
£m £m £m £m Reference
PIC royalty revenue 179.0 177.6 Note 6 - Revenue
Less: PIC China royalties (100%) (11.5) (13.4) No direct reference
167.5 164.2
PIC China (49%) 10.0 6.6 No direct reference
PIC Agroceres (49%) 19.4 17.2 No direct reference
Add: Proportionate share of joint
venture royalties 29.4 23.8
Adjusted PIC royalty revenue 196.9 188.0
Adjusted EBITDA – as calculated under our financing facilities
2026 2025
£m £m £m £m Reference
Operating profit 87.3 42.4 Group Income Statement
Add back:
Net IAS 41 valuation movement on
biological assets (12.8) 13.3 Group Income Statement
Amortisation of acquired
intangible assets 4.1 5.6 Group Income Statement
Impairment of goodwill – 1.5 Group Income Statement
Share-based payment expense 10.4 6.9 Group Income Statement
Exceptional items 5.8 11.4 Group Income Statement
Adjusted operating profit exc. JVs 94.8 81.1 Group Income Statement
Adjust for:
Cash received from JVs 16.1 6.1 Group Statement of Cash
Flows
Less share of JVs losses (2.2) (0.7) No direct reference
Depreciation: property, plant
and equipment
28.9 31.8 Note 17 – Property, plant
and equipment
Operational lease payments (14.4) (16.5) Note 28 – Obligations
under leases
Depreciation: historical cost of
biological assets 19.0 16.4 See Financial Review
Amortisation and impairment (excluding
separately identifiable acquired
intangible assets) 7.9 7.3
Note 14 - Goodwill & Note
15 – Intangible assets
Amounts attributable to non-controlling
interest (0.2) – Group Income Statement
Adjusted EBITDA – as calculated under
our financing facilities 149.9 125.5
Alternative Performance Measures Glossary continued
189Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
BALANCE SHEET MEASURES
Net debt
Net debt as calculated under our financing facilities
2026 2025
£m £m £m £m Reference
Current unsecured bank loans and
overdrafts 4.3 2.9 Group Balance Sheet
Non-current unsecured bank loans
and overdrafts 77.0 215.9 Group Balance Sheet
Unsecured bank loans and overdrafts 81.3 218.8 Group Balance Sheet
Current interest-bearing deferred
consideration
2.7 2.6 Note 38 – Deferred
Consideration
Non-current interest-bearing deferred
consideration
5.3 7.7 Note 38 – Deferred
Consideration
Total interest-bearing deferred
consideration 8.0 10.3 Group Balance Sheet
Current obligations under
finance leases 9.8 13.3 Group Balance Sheet
Non-current obligations under
finance leases 16.4 33.8 Group Balance Sheet
Obligations under finance leases 26.2 47.1 Group Balance Sheet
Total debt financing 115.5 276.2 Note 32 – Notes to the
cash flow statement
Deduct:
Cash and cash equivalents (43.7) (48.0) Group Balance Sheet
Net debt 71.8 228.2
Deduct:
Lower of obligations under finance
leases or £60m
(26.2) (47.1) Note 28 – Obligations
under leases
Add back:
Guarantees 2.4 0.8 Note 35 – Contingencies
and bank guarantees
Cash not available 8.6 7.1 Note 22 – Cash and cash
equivalents
Cash subject to exchange controls – – No direct reference
Net debt – as calculated under our
financing facilities 56.6 189.0
CASH FLOW MEASURES
Free cash flow & Adjusted cash from operating activities
2026 2025
£m £m £m £m Reference
Net cash from operating activities 74.4 67.2 Group Statement of
Cash Flows
Purchase of property, plant
and equipment
(12.5) (13.4) Group Statement of
Cash Flows
Purchase of intangible assets (5.6) (5.2) Group Statement of
Cash Flows
Proceeds from sale of property, plant
and equipment
2.1 0.4 Group Statement of
Cash Flows
Dividends received from joint ventures
and associates
16.1 6.1 Group Statement of
Cash Flows
Dividend to non-controlling interest – (0.1) Group Statement of
Cash Flows
Issue of share capital 0.1 – Group Statement of
Cash Flows
Payment of lease liabilities (12.6) (14.1) Group Statement of
Cash Flows
Free cash flow 62.0 40.9
Add back:
Interest received (0.9) (0.6) Note 32 – Notes to the
cash flow statement
Interest and other finance costs paid 13.1 15.7 Note 32 – Notes to the
cash flow statement
Interest on leased assets 1.8 2.4 Note 32 – Notes to the
cash flow statement
Cash flow from derivative financial
instruments
1.3 1.3 Note 32 – Notes to the
cash flow statement
Income taxes paid 19.1 20.7 Note 32 – Notes to the
cash flow statement
Cash impact of exceptional items
relating to operating activities
12.5 24.2 Note 32 – Notes to the
cash flow statement
Difference in pension contributions to
pension cost
(0.3) 0.4 Note 32 – Notes to the
cash flow statement
Decrease in provisions (0.2) 0.7 Note 32 – Notes to the
cash flow statement
Other 1.1 0.5 No direct reference
Adjusted cash from operating
activities
109.5 106.2
Alternative Performance Measures Glossary continued
190Financial Statements Additional InformationCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Cash conversion
2026 2025
£m % £m % Reference
Adjusted operating profit inc. JVs 116.0 93.1 Group Income Statement
Adjusted cash from operating
activities 109.5 106.2 See APM
Cash conversion 94% 114%
OTHER MEASURES
Interest cover
2026 2025
£m Times £m Times Reference
Finance costs 16.7 21.4 Group Income Statement
Finance income (0.9) (2.6) Group Income Statement
Net finance costs 15.8 18.8
Note 10 –
Net finance costs
Deduct:
Pension interest (0.4) (0.3)
Note 10 –
Net finance costs
Interest on lease liabilities (1.8) (2.4)
Note 10 –
Net finance costs
Unwinding discount on put options – (0.1)
Note 10 –
Net finance costs
Amortisation of debt issue costs (0.9) (0.9)
Note 10 –
Net finance costs
Adjusted net finance costs 12.7 15.1
Adjusted EBITDA – as calculated under
our financing facilities 149.9 125.5 See APM
Interest cover 11.8 8.3
Ratio of net debt to adjusted EBITDA
2026 2025
£m Times £m Times Reference
Net debt – as calculated under our
financing facilities 56.6 189.0 See APM
Adjusted EBITDA – as calculated
under our financing facilities 149.9 125.5 See APM
Ratio of net debt to adjusted EBITDA 0.4 1.5
Return on adjusted invested capital
2026 2025
£m % £m % Reference
Adjusted operating profit inc. JVs
after tax 84.4 67.5 See APM
Equity attributable to owners of
the Company 766.7 476.1 Group Balance Sheet
Add back:
Net debt 71.8 228.2 Note 32 – Notes to the
cash flow statement
Pension liability 4.4 6.9 Group Balance Sheet
Related deferred tax (1.1) (1.2) Note 11 – Taxation and
deferred taxation
Adjust for:
Biological assets – carrying value (254.6) (253.7)
Note 16 – Biological
assets
Biological asset – net IAS 41 uplift in
JV including deferred tax (48.9) (22.3) No Direct reference
Biological assets’ harvest classed
as inventories (16.0) (14.6) Note 20 – Inventories
Biological assets – historic cost 81.8 82.8 See Financial Review
FV uplift at inception (90.6) – See note 18
Goodwill (103.4) (102.8) Group Balance Sheet
Related deferred tax 48.0 49.2 Note 11 – Taxation and
deferred taxation
Adjusted invested capital 458.1 448.6
Return on adjusted invested capital 18.4% 15.0%
Alternative Performance Measures Glossary continued
191Additional InformationFinancial StatementsCorporate GovernanceGenus plc / Annual Report 2026 Strategic Report
Return on invested capital
2026 2025
£m % £m % Reference
Return on adjusted invested capital 18.4% 15.0% See APM
Adjusted operating profit inc. JVs
after tax
84.4 67.5 See APM
Tax rate 31.6 27.2% 25.6 27.5%
Note 12 –
Earnings per share
Adjusted operating profit inc. JVs 116.0 93.1 Group Income Statement
Adjusted operating profit attributable
to non-controlling interest 0.2 – Group Income Statement
Pre-tax share of profits from JVs exc.
net IAS 41 valuation movement (21.4) (12.0) Group Income Statement
Adjusted operating profit exc. JVs 94.8 81.1 Group Income Statement
Fair value movement on biological
assets 12.8 (13.3) Group Income Statement
Amortisation of acquired intangibles (4.1) (5.6) Group Income Statement
Impairment of goodwill – (1.5) Group Income Statement
Share-based payment expense (10.4) (6.9) Group Income Statement
Exceptional items (5.8) (11.4) Group Income Statement
Share of post-tax profit of JVs 34.7 9.1 Group Income Statement
Other gains and losses 204.3 (4.2) Group Income Statement
Net finance costs (15.8) (18.8) Group Income Statement
Profit before tax 310.5 28.5 Group Income Statement
Tax (25.0) (9.2) Group Income Statement
Profit 285.5 19.3 Group Income Statement
Equity attributable to owners of
the Company 766.7 476.1 Group Balance Sheet
Return on invested capital 37.2% 4.1%
Alternative Performance Measures Glossary continued
192Genus plc / Annual Report 2026 Corporate Governance Financial Statements Additional InformationStrategic Report
AGM – Annual General Meeting.
Artificial insemination (‘AI’) – Using semen
collected from a bull or boar to impregnate a cow
or sow when in oestrus. Artificial insemination allows
a genetically superior male to be used to mate
with many more females than would be possible
with natural mating.
ASF – African Swine Fever.
Biosecurity – The precautions taken to reduce the
chance of transmitting disease agents from one
livestock operation to another.
Boar – A male pig.
BRD – Bovine Respiratory Disease, a complex
bacterial and viral infection that causes lung
disease in cattle (particularly calves) and is often
fatal.
CBV Max – Crossbred Breeding Value (‘CBV’) Max is
a value-added programme available to PIC
customers that pay an additional fee to have
access to the very best terminal sire genetics
available. The additional fee is calculated based
on the genetic index value delivered, which results
in increased profit potential per market pig and
positive return on investment for CBV Max
customers.
CPI – Consumer Price Index.
CRISPR-Cas 9 – Technology which accurately
targets and cuts DNA to produce precise and
controllable changes to the genome.
DSBP – Deferred Share Bonus Plan.
EPS – Earnings per share.
Farrow – When a sow gives birth to piglets.
GELT – Genus Executive Leadership Team.
Gender skew – The ability to influence
the proportion of offspring being of a
particular sex.
Genetic gain – The change of the genetic
make-up of a particular animal population in
response to having selected parents that
excelled genetically for important traits.
Genetic lag – The amount of time required to
disseminate genetic gain from a nucleus herd
to the commercial customer.
Genetic nucleus – A specialised pig herd, where
Genus PIC keeps its pure lines. Pigs are genetically
tested at the nucleus to select the best animals to
produce the next generation.
Genomic bull – A bull which has been assessed
through genomic testing. This typically refers to
bulls which have not been progeny-tested.
Genomically tested – An animal that has been
DNA profiled.
Genomics – The study of the genome, which is
the DNA sequence of an animal’s chromosomes.
Gilt – A young female pig, which has not yet
given birth.
GMS – ABS’s Genetic Management System,
which creates a genetic solution tailored to
each individual dairy producer to obtain
improved herd genetics.
Grandparent – The relationship of a breeding
pig to the generation of terminal market pigs.
A grandparent produces parents, who in turn
produce the commercial generation of
terminal pigs.
Group – Genus plc and its subsidiary companies.
In vitro fertilisation (‘IVF’) – The fertilisation of
an oocyte with semen (outside an animal) in
a laboratory for transfer into a surrogate.
Index/Indices – A formula incorporating
economically important traits for ranking the
genetic potential of animals as parents of the
next generation.
Integrated pork producer – Producers of pork
typically involved in raising animals to slaughter
weight all the way through to packaged and/or
branded pork products.
IntelliGen – The technology platform used to
process sexed bovine semen for ABS and third-
party customers and commercialised by ABS
globally as Sexcel.
IP – Intellectual property.
IPR – Inter Partes Review before the US Patent
and Trademark Office.
JV – Joint venture.
LCA – Life cycle assessments (LCA), also known
as life cycle analysis, assess the potential impacts
throughout a product’s life cycle (i.e. cradle-to-
grave) from raw materials acquisition and through
production, use and disposal. They generally
categorise the environmental impacts in terms
of resource use, human health, and ecological
consequence.
Line – Multiple animals that have been mated
together in a closed breeding population. Pure
lines can have their origins in one founding breed
or in several breeds.
Market pig equivalents (‘MPE’) – Refers to a
standardised measure of our customers’ production
of slaughter animals that contain our genetics with
genes from each of the sow and boar counting for
half of the animal.
Multiplier – A producer whose farm contains
grandparent sows. The farm crosses together two
lines of grandparents, multiplying the number of
genetically improved parents that are available
for sale.
Net Present Value (‘NPV’) – a financial tool that
helps to assess future value in today’s terms. NPV
is calculated with an assumed discount rate over
a given amount of time and the calculation
considers the amount and timing of the free
cash flows.
NuEra – The ABS beef breeding programme and
index designed to drive the customer’s genetic
improvement and deliver total system profitability
for the beef supply chain.
PQA – Pork Quality Assurance.
Progeny-tested – Elite animals whose genetic
value as a parent has been tested and validated
through the performance of their offspring.
PRP – PRRS-resistant pig.
PRRS – Porcine Reproductive and Respiratory
Syndrome Virus.
PSP – Performance Share Plan.
PTAB – Patent Trial and Appeal Board before the
US Patent and Trademark Office.
R&D – Research and development.
RMS – ABS’s Reproductive Management System,
which is a systematic approach to maximising
pregnancy production and its contribution to
herd profitability.
RPI – Retail Price Index.
RWD – ABS’s Real World Data system of observed
performance data from many dairy herds.
Russian sanctions – legislation introduced by the
UK, EU or US (as appropriate) which imposes
financial, trade, transport, immigration or other
sanctions for the purposes of encouraging Russia
to cease actions which destabilise Ukraine, or
undermine or threaten the territorial integrity,
sovereignty or independence of Ukraine.
Sexcel – The ABS brand of sexed bovine genetics
produced using IntelliGen.
Sire – The male parent of an animal.
Sire line – The male line selected for traits desirable
for the market.
Sow – A female pig which has given birth at
least once.
Straw – A narrow tube used to package frozen
bull semen.
Stud – Locations where bulls or boars are housed
and their semen collected, evaluated, diluted into
multiple doses/straws and packaged, ready for
shipping to farms.
Terminal boars – The male pig that is used to mate
with a parent female to produce a terminal pig.
Trait – A measurable characteristic that may be
a target for genetic selection.
TransitionRight – Genus ABS’s patent-pending
genetic selection tool to help prevent multiple
post-calving metabolic disorders that occur
during the transition period.
Unit – A straw of frozen bull semen or tube/bag
of fresh boar semen sold to a customer.
Glossary
CBP037638
Secretary and registered office
Lucie Grant
Matrix House
Basing View
Basingstoke
Hampshire RG21 4FF
Registered Number 02972325
Financial adviser
J.P. Morgan Securities plc
25 Bank Street
Canary Wharf
London E14 5JP
Auditor
PricewaterhouseCoopers LLP
40 Clarendon Road
Watford
Hertfordshire WD17 1JJ
Stockbrokers
Peel Hunt
100 Liverpool Street
London EC2M 2AT
Panmure Liberum Limited
Ropemaker Place Level 12
25 Ropemaker Street
London EC2Y 9LY
J.P. Morgan Securities plc
25 Bank Street
Canary Wharf
London E14 5JP
Solicitor
Herbert Smith Freehills Kramer LLP
Exchange House
Primrose Street
London EC2A 2EG
Banker
Barclays Bank PLC
2nd Floor
90–92 High Street
Crawley
West Sussex RH10 1BP
Company Registrar
Equiniti Limited
Highdown House
Yeoman Way
Worthing
West Sussex BN99 6DA
Telephone: +44 (0) 371 384 2290
Please use the country code when calling from
outside the UK
Lines open 8:30am to 5:30pm (UK time), Monday
to Friday (excluding public holidays in England
and Wales).
You can also contact Equiniti by using the Relay UK
website at www.relayuk.bt.com
Please see www.help.shareview.co.uk for additional
information
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GENUS PLC
Matrix House, Basing View, Basingstoke, Hampshire RG21 4FF
T: +44 (0)1256 347100 F: +44 (0)1256 477385
www.genusplc.com