Bunzl H1’26 pre-close; Better vs. expectations with growth supported by inflation; FY revenue guidance upgraded with margins unchanged

Research evidence excerpt

Bunzl H1’26 pre-close; Better vs. expectations with growth supported by inflation; FY revenue guidance upgraded with margins unchanged

C A Z E N O V E Europe Equity Research

23 June 2026

Bunzl

H1’26 pre-close; Better vs. expectations with growth Overweight

supported by inflation; FY revenue guidance upgraded BNZL.L, BNZL LN

with margins unchanged Price (22 Jun 26):2,464p

▲Price Target (Dec-27):2,610p

Prior (Dec-27):2,580p

Our Take: Bunzl’s pre-close statement (1H results 1st Sep) reports trading slightly

ahead of previous guidance. 1H underlying revenue growth is reported at c3% (vs. European Business Services

BBG cons. of c.1.5%) with operating margin "modestly up" yoy, driven by the Jane L Sparrow AC

impact of inflation in 2Q and the annualisation of Nisbet synergies. Reflecting the (44-20) 3493-7101

better 1H, FY26 revenue guidance is upgraded to “modest underlying growth” jane.sparrow@jpmorgan.com

J.P. Morgan Securities plc

(previously “some underlying revenue growth”). Margin guidance is unchanged

Victoria K Chang("slightly down yoy") with the positive 1H margin impact of inflation temporary

(44-20) 7134-5439

(as the pricing up of existing stock unwinds). We increase our FY26 Adj EBITA victoria.kx.chang@jpmorgan.com

estimate by +2% to £924mn, with organic growth increasing to 3% for the year J.P. Morgan Securities plc

(previously 0.9%), and margin expectations unchanged (-20bps yoy). Our Dec-27 Ankit Khandelwal

price target increases slightly as a result to 2,610p, from 2,580p previously. (91-22) 6157-5167

ankit.khandelwal@jpmchase.com

• Noteworthy Areas: 1) Revenue. Bunzl expects H1 revenue to grow by around J.P. Morgan India Private Limited

4% y/y at CER with around 3% underlying revenue growth (after Q1 +2.0%)