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Bunzl plc (BZLFY) Q2 2026 Earnings Call Transcript

Bunzl PLC (LSE:BNZL)'s stronger first-half margin performance and new £500 million share buyback prompted a positive read-through from brokers, though both Jefferies and Panmure Liberum remain cautious on the shares. Panmure Liberum noted that adjusted operating profit of £440.6 million, up 8.9%, was ahead of its £431 million forecast, while Jefferies similarly highlighted a better-than-expected margin performance.

Bunzl PLC (LSE:BNZL) has launched a £500 million share buyback programme to return excess cash to shareholders while retaining capacity for further bolt-on acquisitions. The distribution and services group said the programme will run over the next 12 months and is consistent with its capital allocation policy, which balances shareholder returns with investment in high-return acquisitions.

Bunzl (BZLFY) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).

Here is how Bunzl PLC (BZLFY) and Ryohin Keikaku Co. Ltd. (RYKKY) have performed compared to their sector so far this year.