Hilton Food Group PLC

Latest Results (23.01.2026):

Hilton Food Group PLC — interim results for the 26 weeks to 29 June 2025 (H1 2025, covering Q2 2025): the group delivered volume growth and revenue expansion despite cost pressures and operational disruption in seafood. Revenue rose to £2,092.4m (reported +7.6%; +10.4% constant currency) with volumes +2.5%; adjusted profit before tax was £33.6m (broadly flat on a reported basis, +3.0% constant currency) while statutory profit before tax fell to £24.3m due to non‑underlying costs and ongoing investments.

Top-line and volumes

Revenue £2,092.4m (H1 2024: £1,943.8m). Group volumes +2.5%; retail meat and convenience outperformed markets (retail meat volumes +1.8; retail meat & convenience headline +3.1% in the report), supported by new ranges and strong customer partnerships.

Profitability

Adjusted operating profit £46.6m (2024: £46.8m, -0.4% reported; +1.9% constant currency). Adjusted PBT £33.6m (+0.3% reported; +3.0% constant currency). Statutory PBT £24.3m (down 4.7%) reflecting £3.3m of non‑underlying costs related to seafood disruption and restructuring.

Cash flow and balance sheet

Adjusted free cash outflow of £30.8m (vs £30.0m inflow in H1 2024) driven by higher inventory and capital spend. Net bank debt increased to £202.4m (30 June 2024: £137.0m), with period-end net bank debt/annualised adjusted EBITDA 1.3x (2024 year-end: 0.9x). Undrawn committed facilities £47.0m and covenant headroom maintained.

Capital investment and expansion

H1 capex £41.2m (2024: £26.2m), including £15.1m on the Canada build. Canada project total 2025 capex forecast c. £40m (on schedule for early 2027 launch with Walmart) and Saudi JV with NADEC remains on track for H2 2026.

Regional performance and operational issues

UK & Ireland revenue £797.3m (+12.4%) with seafood softening due to white fish inflation. Europe revenue £544.9m; Foppen smoked salmon faced regulatory shipping restrictions to the US, production temporarily shifted to the Netherlands incurring extra costs. APAC revenue £750.2m (+5.0% reported; +11.9% constant currency) with stable margins.

Dividends and shareholder returns

Interim dividend increased to 10.1p (H1 2024: 9.6p), reflecting a progressive dividend policy. Final/interim timing and amounts noted in the report (interim payable 28 Nov 2025 to shareholders on register at 31 Oct 2025).

Outlook and guidance

Management expects retail meat to remain resilient and is addressing seafood inflation and Foppen disruption; full‑year results are expected to be within the company‑compiled range of expectations (£76.8m–£81.0m adjusted operating profit range referenced in the report).

Risks and governance

Report reiterates principal risks (macroeconomic/consumer demand, supply chain, regulatory and cyber risks) and confirms the Board’s going concern conclusion after downside stress testing and that covenants are expected to be met over the next 12 months.