Verified facts
Associated British Foods reports annual adjusted operating profit of £1.508bn, down 13% at actual exchange rates. Statutory operating profit was £1.327bn, down 11%.
The group expects adjusted operating profit and adjusted earnings per share to fall again in 2027, mainly because of Sugar. It says Primark's planned separation remains on track for December 2027; the decision to demerge was announced in April, not today.
Apolifina analysis
The separation and the earnings outlook are different questions. Creating two quoted businesses would not itself repair weak trading. Shareholders will need to judge the costs and financial structure of separation alongside each operation's ability to generate cash.
Uncertainty and risk
The outlook and separation timetable are forward-looking, not completed outcomes. Adjusted profit excludes items captured in statutory accounts. Shares can fall and dividends are not guaranteed. General information, not a recommendation.
Primary sources
Source released 3 November 2026. Published 3 November 2026.
Continue reading: retail sales · Sainsbury's adjusted/statutory comparison