FY26 Trading Update
FY26 adjusted EBITDA £43.3m and revenue £160m ahead of expectations; FY27 guidance £49m EBITDA and £205m revenue
vs expectations: ahead
- FY26 adjusted EBITDA £43.3m (prior £30.9m)
- FY26 revenue £160m (prior £107m)
- FY26 net cash £15.9m
- FY27 adjusted EBITDA guidance £49m
- FY27 revenue guidance £205m
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Applied Nutrition plc, a leading sports nutrition, health and wellness brand, today announces an update on trading for the financial year ended 31 July 2026 ("FY26") and outlook for the financial year ending 31 July 2027 ("FY27").
FY261 Trading Update
Further to the announcement on 1 June 2026, trading continued to be strong with sustained demand across the Group's markets and channels. Excluding any amounts from the acquired trade and assets of Nutrablend in June, the Board now expects FY26 adjusted EBITDA to be ahead of consensus market expectations2, increasing by 40% year-on-year to approximately £43.3m (FY25: £30.9m). Additionally, revenue is ahead of market expectations2 having increased 50% year-on-year to £160m (FY25: £107m). Net cash (excluding IFRS 16 liabilities) at the close of FY26 was £15.9m, following the acquisition of the trade and assets of Nutrablend, capital expenditure on the production extension and increased working capital to support growth.
FY27 Outlook3
Building on the strong momentum achieved in FY26, the Group now expects total adjusted EBITDA for FY27 to grow year-on-year to approximately £49m (+13% year-on-year) and revenue to increase to approximately £205m, both ahead of current consensus market expectations2.
While the Board expects continued strong revenue and EBITDA growth across the Group, FY27 EBITDA margin is expected to decrease slightly from FY26 levels. This reflects an increased revenue contribution from the US, together with significantly higher whey protein costs and a greater proportion of sales from whey-based products, partly following the very successful relaunch of Critical Whey in FY26.
Notice of Results
The Group expects to release its results for FY26 on, or around, 16 November 2026.
Notes:
1 All figures used in this announcement relating to FY26 remain subject to audit.
2 Consensus market expectations as calculated by the Group immediately before this announcement are:
| Measure | FY26 | FY27 |
| Revenue | £148.4 million | £186.2 million |
| Adjusted EBITDA | £42.0 million | £47.7 million |
The Group periodically updates these calculations and publishes them at: https://www.appliednutritionplc.com/consensus-earnings-estimates
3 Please see cautionary note regarding forward-looking statements below.
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