1H26 pre-close better on price and vols; Small upgrade to FY26.

Research evidence excerpt

1H26 pre-close better on price and vols; Small upgrade to FY26.

Update

June 23, 2026 06:42 AM GMT

Morgan Stanley & Co. International plc+MBunzl PLC | Europe Annelies Vermeulen

Equity Analyst

1H26 pre-close better on price Annelies.Vermeulen@morganstanley.comZachariah Al-Qaryooti +44 20 7425-4367

Zach.Al-Qaryooti@morganstanley.com +44 20 7425-2400

and vols; Small upgrade to Remi Grenu

Remi.Grenu@morganstanley.com +44 20 7425-0552

FY26.

Bunzl PLC (BNZL.L, BNZL LN)

Business Services | United Kingdom

Reaction to earnings

Stock Rating Equal-weight

Unchanged Modest upside Modest revision higher Industry View Attractive

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target 2,550p

consensus EPS Shr price, close (Jun 22, 2026) 2,464p

52-Week Range 2,634-1,981p

Source: Company data, Morgan Stanley Research Mkt cap, curr (mn) £8,018

Net debt (12/26e) (mn)* £2,041

EV, curr (mn)* £10,373

Key Takeaways

* = GAAP or approximated based on GAAP

1H26 ahead driven by pricing in 2Q and better volumes, with c. 4% underlying

revenue growth in 2Q, or c. 3% for 1H26.

1H26 margins up slightly yoy, driven by temporary inflation boost. Expect 1H26

cons operating profit to tick up c. 2%, part driven by FX.

FY26 guidance lifted with now expecting "modest" underlying growth. Margin

guide unchanged, expect consensus operating profit up LSD%.

Small bolt on announced, continue to expect more active acquisition year vs

2025.

Overall a good print on both price and vols, which should be taken well today.

Conf call at 8am.

2Q26 trading ahead on pricing and volumes: Bunzl expects to deliver 1H26

revenue growth at FX of 4%, driven by underlying revenue growth of ~3% and

acquisitions expected to contribute ~1%. FX is expected to be broadly neutral for 1H.