DAVY VIEW

Genus’ FY26 adjusted PBT came in at c.£100.2m, modestly ahead of prior guidance and increasing c.34% year-on-year (yoy) excluding milestone payments. The company has also announced a £60m share buyback programme, reflecting the Board’s confidence in the future growth prospects and cash generation of the business. For FY27, the group expects adjusted PBT to be in line with consensus expectations (c.£93m) and moderately ahead of normalised FY26 adjusted PBT (c.£90.3m). At first look, we expect minimal changes to our forecasts.