Highlights

  • Bunzl expects 2025 adjusted operating profit to remain in line with prior guidance.
  • Group revenue is projected to grow 2–3% at constant exchange rates in 2025.
  • Operating margin pressure is expected to ease in the second half of the year.

Bunzl plc (LSE:BNZL) has issued a pre-close trading statement ahead of its closed period for the year ending 31 December 2025, reaffirming its previously communicated financial guidance. Despite continued macroeconomic challenges across key end markets, the company expects adjusted operating profit for the year to remain in line with expectations outlined in its first-quarter trading update.

Group revenue for 2025 is forecast to increase between 2% and 3% at constant exchange rates, while revenue at actual exchange rates is expected to be broadly flat. The growth at constant exchange rates is largely attributed to acquisitions completed during the year, with underlying revenue anticipated to remain broadly stable overall.

Revenue Mix and Regional Performance
Bunzl indicated that tougher year-on-year comparatives have affected performance during parts of 2025. However, the company expects improved momentum in the final quarter, supported by actions taken to enhance operational performance. These include improvements across North America and contributions from new business wins in the region.

In Continental Europe, the company expects easier comparatives in the second half to support performance trends. In addition, synergy benefits from the integration of the Nisbets acquisition are expected to contribute to operating efficiency as the year progresses.

Margin Trends and Profitability
Adjusted operating margin for 2025 is expected to be around 7.6%. While margins have faced year-on-year pressure, Bunzl expects the rate of decline to moderate in the second half compared to the first half. This moderation is linked to operational measures implemented in North America and Continental Europe, as well as benefits from integration activities.

Outlook for 2026 Remains Cautious
Looking ahead to 2026, Bunzl expects moderate revenue growth at constant exchange rates, supported by some underlying revenue growth and a limited contribution from announced acquisitions. The operating margin for 2026 is expected to be slightly lower on a year-on-year basis, reflecting ongoing economic and geopolitical uncertainties.

Acquisitions and Capital Allocation
In October 2025, Bunzl completed the acquisition of Damito s.r.o., a distributor of cleaning and hygiene products, personal protective equipment, and packaging in Slovakia. The acquisition marks Bunzl’s entry into the Slovakian market. Damito generated revenue of EUR 14 million (approximately GBP 12 million) in 2024.

Share Price Snapshot
BNZL was trading 3.42% lower at GBX 2144.0 per share as of 17 December 2025.