Focused on delivering
We believe the fundamentals of Bunzl's business model are robust and are confident in our ability to generate resilient, compounding growth over the medium-term, leveraging our scale advantage, entrepreneurial culture and ability to deploy strong cash generation to further consolidate our fragmented global markets.
2025 was a challenging year for Bunzl, with execution issues in our largest business related to a new organisational model, amplified by challenging market. Against this backdrop, we have strengthened our focus on organic revenue growth and incremental operating cost opportunities. We saw a better performance in the second half of the year, with underlying revenue growth and a moderated decline in operating margin. While markets remain uncertain, we expect to see a more stable profit outlook in 2026, with this expected to be a foundation for future profit growth. Furthermore, we continue to see a significant consolidation opportunity which provides strong growth upside.
– Frank Van Zanten, CEO
The Group ended the year with adjusted net debt to EBITDA of 2.0 times, the lower end of our target range of 2.0 to 2.5 times. The Group remains very cash generative, and our capital allocation priorities are unchanged. We favour value accretive bolt-on acquisitions, after investment in the business and our progressive dividend, supported by the attractive valuations and subsequent returns we can achieve. Since 2004, Bunzl has committed £6.2 billion in acquisitions to support a growth strategy that has delivered an annual adjusted earnings per share CAGR of c.9%, and has also returned £3.1 billion to shareholders through dividends and share buybacks.
– Richard Howes, CFO
Financial performance highlights
Revenue
£11,845m
(2024: £11,776m)
Adjusted operating profit*
£910.3m
(2024: £976.1m) (4.3)%†
Adjusted earnings per share*
179.3p
(2024: 194.3p) (5.2)%†
Dividend per share
74.1p
(2024: 73.9p)
+3.0%
Growth at constant exchange rates (Actual exchange rates (0.6)%)
(4.3)%
Growth at constant exchange rates (Actual exchange rates (6.7)%)
(5.2)%
Growth at constant exchange rates (Actual exchange rates (7.7)%)
33
years of consecutive annual growth
Cash conversion*
95%
(2024: 93%)
Committed acquisition spend
£132m
Adjusted net debt: EBITDA
2.0x
(2024: 1.8x)
Operating profit
£735.3m
(2024: £799.3m)
Basic earnings per share
141.5p
(2024: 149.6p)
Return on invested capital*
13.0%
Revenue from own brands
30%
(2024: 28%)
Operating margin
7.7%
(2024: 8.3%)
* Alternative performance measure (see Note 3 to the consolidated financial statements on pages 147 to 149 of the Annual Report).
† At constant exchange rate
Sustainability performance highlights
18%
reduction in absolute emissions since 2019 (2024: 18%)
28%
more carbon efficient since 2019
93%
of our spend in high risk regions from assessed and compliant suppliers (2024: 89%)
25%
senior leadership roles filled by women
1,430
suppliers assessed (2024: 1,175)
87%
of Group revenue* attributable to non-packaging products and packaging products made from alternative materials that are well suited to a circular economy (2024: 86%)
* Excluding revenue from 2025 acquisitions.
Further information
Annual Report 2025
Read our full report, as we set out our achievements from 2025 and most importantly why we are well set for the years ahead.
Go digital-first
Bunzl is reducing environmental impact and shareholder value by reducing annual report printing and mailing. To switch to digital copies, register here.
Register for digital
