Applied Nutrition (APN) delivered excellent progress in 1H, with growth across all geographies and products. NPD and investment in marketing helped to drive wins with existing and new customers, supported by a structurally growing market. Clearly the Middle East conflict may weigh on short-term sentiment and is a potential headwind for FY26E given it is APN’s second largest geography by revenue, but the extent of the impact will obviously depend on the scale and length of the conflict. We believ ....
