Annual Results - Full Year 2025
27 April 2026
- Continued turnover up 8.5% to £2.38bn.
- Profit before tax of £108.3m, up £72.8m vs. FY24, boosted by £53.2m profit on the disposal of the European operations.
- Continued PBT £52.3m, up £23.0m vs. FY24.
- Net debt of £276.4m, reduced by £210.7m vs. FY24 supported by the disposal of the European operations.
- Free cash flow increased by £27.6m to £75.5m in the year.
- Leverage at 1.7x is the lowest since the acquisition of Northern Foods in 2011.
Ranjit Singh, President of 2 Sisters Food Group:
“These results demonstrate how our Next Generation strategy has continued to gain momentum during the past 12 months as we transform our business. We remain committed to investing in our factories and utilising advanced technologies, helping to grow our core business while supporting our sustainability ambitions.
“Our clear vision for the future and strategic priorities - operating responsibly and leaving a legacy of a better business and a better world for the next generation – is underpinned by relentless focus on doing the basics brilliantly and being consistent in the way we operate while maintaining discipline in delivering for our customers and stakeholders.”
Paul Friston, Chief Financial Officer, 2 Sisters Food Group:
“This latest set of results shows consistent performances across all our key metrics, demonstrating our continued progress in delivering for our customers and executing our strategic priorities. Our strengthened financial position, with the Group’s leverage ratio dropping to a new historic low and increasing cash generation, means that we are well-placed to push on with our NextGen ambitions, continue investing in UK food security and developing our business whilst further reducing leverage in FY26 and beyond.”
Business Performance
Turnover in our continued businesses increased by 8.5% on last year. This growth was driven by strong demand for our products, alongside volume and mix benefits and the increasing proportion of higher welfare sales in UK Poultry.
A strong performance in the UK Poultry business, together with a £53.2m gain on the disposal of European operations, has resulted in profit before tax of £108.3m, up £72.8m.
With the exception of labour costs, inflation in the Group’s main cost components had slowed prior to the Middle East conflict
Net debt has reduced by 43% since FY24 and stands at £276.4m for FY25, driven by strong free cash flow generation during the year coupled with proceeds from the disposal of the European business.
Leverage at 1.7x, has reached an historic low for the second consecutive year, down from 3.0x, ahead of expectations and close to our 2030 target of 1.5x or below.
NextGen Transforms 2 Sisters Food Group
Our NextGen strategy is a bold plan to transform the food system for the next generation, we are committed to using our scale, our ability to disrupt, and our passion for food to make a genuine difference for people, products and the planet over the next ten years.
Launched in October 2024, we are making progress on our NextGen plan and remain committed to investing more than £1.7bn in the future of food by 2035. This year’s key achievements include:
- 80% of poultry sales reared to higher welfare standards.
- £2m raised through the Boparan Charitable Trust in support of Supporting Brighter Futures for young people with disabilities, life-limiting conditions or in extreme poverty.
- 1.9million servings of food donated through our partnership with the FareShare food redistribution charity.
- More than £150,000 in donations and contributions to the grocery industry’s leading welfare charity, GroceryAid.
Outlook
The solid results in FY25 demonstrate that the Group’s priorities and ambitions are the right ones, driving efficiencies in our operations and demand from our customers. Our business remains resilient and ready to respond to economic challenges and evolving consumer preferences. The robust base we have consolidated in the past two years positions the Group well to invest in the NextGen ambition for sustainable, long-term growth, leading the way in driving UK food supply chain resilience, and we have a clear plan to continue to deliver for our customers.
Looking ahead, the Group remains cautiously optimistic while recognising continued uncertainty in the uncontrollable external environment including ongoing geopolitical tensions, such as the conflict in the Middle East and Ukraine, in addition to changes in Government policy and regulation. Challenges with limited farm space and food security in the UK highlights the need for close collaboration with Government and local authorities to address planning issues. Cost-of-living pressures will remain a significant factor for many households and are likely to see increased preference for meals prepared at home. Encouragingly, longer-term consumer trends towards healthier diets and higher-protein food choices persist, with chicken well-positioned to benefit.