CRANSWICK (=) : FY 26, good results, margins beat

研报英文原文证据摘录

CRANSWICK (=) : FY 26, good results, margins beat

EQUITIES

FOOD & HPC

CRANSWICK NEUTRALPRICE* GBP52.2  TARGET PRICE GBP56.4 (UPSIDE 8%)

FLASH NOTE

FY 26, good results, margins beat

19 MAY 2026 Securities Research Report Production time: 07:57* (London time)

Research Analyst & Publishing Entities

Matthew Lloyd BNP Paribas London Branch (+44) 7584 606 239 matthew.lloyd@uk.bnpparibas.com

BNPP View: More margins, more cashflow more dividend

Cranswick’s latest results confirm what its admirers like about it: strategic capex fuels volume and premium‑product

growth, vertical integration squeezes extra margin out of the supply chain, and prudent working‑capital management

translates that profit‑engine into higher payouts for investors. The company is, therefore, living up to the “invest, surprise

on margins and grow” narrative. Forecast estimates tend to capture the capex but not the margin improvements that

result. This is another such set of results. 120% FCF conversion, a higher dividend than consensus and EBITA margins

35bps ahead. Looking forward issues are likely to be modest pork price deflation, and potentially higher food price

inflation later in the year. Switching to cheaper proteins such as pork and chicken seem likely.

We have recently initiated on Cranswick, CRANSWICK: Well beloved like the Empress of Blandings, our view is that

Cranswick’s investment and innovation programmes can drive higher profit growth for longer than consensus is

prepared to capture and multiples suggest the market agrees.

What happened?

Cranswick has published its FY26 results (March year-end):

- Revenue in line: Cranswick reported GBP2,983m of revenue (9.5% YoY, 6.8% LFL) which is in line with our

expectations and Bloomberg consensus of GBP2,987m.