Realising
our potential
GENUS PLC / Annual Report 2025
Genus achieved a
strong performance
in FY25, executing
its strategic priorities
as planned.
Jorgen Kokke
Chief Executive
STRATEGIC REPORT
2025 Highlights
Genus at a Glance
Our Markets and Business Model
Chairman’s Statement
Chief Executive’s Review
Strategic Framework
Key Performance Indicators
Operating Reviews
Financial Review
People and Culture
Sustainability Report
TCFD Report
Stakeholder Engagement
Non-Financial and Sustainability
Information Statement
Section 172 Statement
Principal Risks and Uncertainties
Going Concern and
Viability Statement
CORPORATE GOVERNANCE
Chairman’s Statement
Board of Directors and
Company Secretary
Genus Executive Leadership Team
The Board At a Glance
Nomination Committee Report
Audit & Risk Committee Report
Directors’ Remuneration Report
Directors’ Report
Directors’ Responsibilities
FINANCIAL STATEMENTS
See pages 132 to 206
ADDITIONAL INFORMATION
See pages 207 to 216
GENUS PLC / Annual Report 2025
01
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
2025 Highlights
Group revenue
£672.8m
2024: £668.8m Change: 1%
Adjusted profit before tax
1
£74.3m
2024: £59.8m Change: 24%
Dividend per share
32.0p
2024: 32.0p Change: 0%
Statutory profit before tax
£28.5m
2024: £5.5m Change: 418%
Free cash flow
1
£40.9m
2024: -£3.2m
Adjusted basic earnings per share
1
81.8p
2024: 65.5p Change: 25%
1 Adjusted results are the Alternative Performance Measures (‘APMs’) used by the
Board to monitor underlying performance at a Group and operating segment level,
which are applied consistently throughout. These APMs should be considered in
addition to, and not as a substitute for or as superior to statutory measures. For
more information on APMs, see APM Glossary
For more information, visit our website
genusplc.com
02
GENUS PLC / Annual Report 2025
Pioneering
animal genetic
improvement
WHAT WE DO
See pages 6 to 9
HOW WE DO IT
We use a process called genomic
selection to drive continuous genetic
improvement in our elite animal herds. We
analyse each animal’s DNA to identify the
presence (or absence) of specific genetic
markers that we know are linked to certain
characteristics. By aggregating the
presence (or absence) of these markers
in an animal’s genome, we can calculate
each animal’s Estimated Breeding Value
(‘EBV’). The higher the EBV, the greater the
animal’s genetic potential. We then
iteratively improve our herds by breeding
together the individuals with the
highest EBVs.
OUR COMPETITIVE
ADVANTAGE
Our proprietary herds, intellectual property
and technical know-how create significant
barriers to entry. Our global supply chain is
also a key differentiator because
customers trust us to supply large volumes
of elite genetics with high health status. The
scale of our business means we have a
larger genetic pool to select from and can
increasingly leverage our data collection
to improve our selection accuracy. These
advantages accelerate our genetic gain.
Many of our customer and research partner
relationships have been nurtured over
decades of collaboration.
In addition to genomic selection, we
develop proprietary technologies that
accelerate genetic gain and deliver other
value-added services or products to
farmers. A good example is our sexing
technology, which enables bull semen to
be sorted into female sex (valued by the
dairy industry) and male sex (valued by
the beef industry).
We give customers access to our genetics
by providing them with live animals, semen
or embryos. We apply our technological
solutions prior to sale or license them to
customers for their own use.
Genus at a Glance
03
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
The livestock sector
requires intensified
productivity via improved
genetics and feeding
practices to reduce
resource usage.
UN Food and Agriculture Organization
*
OUR COMMERCIAL
DIVISIONS
Our porcine and bovine
divisions operate under
the brand names PIC
and ABS, respectively.
Porcine and bovine
markets are different,
and PIC and ABS
therefore employ
different business models
and have different
financial profiles.
* Achieving SDG2 without breaching the 1.5C threshold: A Global Roadmap (10 December 2023)
1 Average number of employees (excluding agency staff and contractors)
2 Revenue Includes Joint Ventures
3 Adjusted Operating Profit includes product development
4 Excluding Joint Ventures
PIC ABS
Number of employees
1
900+ 2,200+
Adjusted revenue
2
£362.9m £307.7m
Adjusted operating profit
3
£111.9m £19.5m
Adjusted operating margin
4
27.6% 6.3%
See pages 22 to 25 for our
PIC divisional review
See pages 18 to 21 for our
ABS divisional review
04
GENUS PLC / Annual Report 2025
Genus at a Glance continued
Our global footprint
05
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
Key to regions
EMEA
North America
Asia
Latin America
Key to operations
PIC
ABS
R&D
Our business is global
and we have a supply
chain and commercial
operations to match.
06
GENUS PLC / Annual Report 2025
Long-term
growth
drivers in
our markets
CONSUMERS
01
Increasing demand for
animal protein
Growth and urbanisation of the global
population is driving increased demand
for third-party produced food. Consumers
are also increasingly looking for a more
varied and nutritious diet. The Food and
Agriculture Organization of the United
Nations estimates that this will drive an
increase in consumption of pork, dairy
products and beef of approximately
1-2% per annum over the next decade.
See pages 8 to 9
02
Increasing demand
for healthier and
higher-welfare foods
Consumers increasingly want healthier
and more sustainable products that
are produced with a focus on animal
welfare, provenance and reduced drug
usage. This increases animal protein
producers’ demand for genetically
superior animals that are naturally
more disease resistant and productive.
See pages 8 to 9
Our Markets and Business Model
Estimated increase in consumption
of pork, dairy and beef
1-2% p.a.
07
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
PRODUCERS
03
Increasing
consolidation
and technification
Animal protein production is consolidating
over time, resulting in a smaller number
of larger farming operations. To drive
operational efficiency, these larger
farmers are typically more data-
driven and progressive in their use of
elite genetics and other technologies.
Demand for our elite genetics therefore
grows as the market consolidates.
See pages 8 to 9
SUSTAINABILITY
05
Animal protein
production will
need to become
more efficient
Animal protein production is increasingly
subject to sustainability demands from
regulators and consumers. Increased
use of elite genetics is likely to be a key
component of increasing productivity
and animal welfare within the industry.
See pages 34 to 48
04
Increasing vertical
integration
The animal protein supply chain tends
to vertically integrate over time, with
increasingly deep relationships developing
between farmers, processors and retailers.
This leads many farmers to value elite
genetics more highly as the benefit of
some traits, such as carcass quality,
accrue downstream in the supply chain.
See pages 8 to 9
In FY25, we estimate that
our genetics helped protein
producers avoid over
8,000,000 tCOe through
improved productivity.
1 These reductions in greenhouse gas emissions are estimates. See page 35 for more information
Multiplication
Objectives vary at each
level of the pyramid
Genetic improvement
Pure line expansion
Cross breeding for
parent (F1) production
F1 hybrid females
to terminal sires
Slaughter pigs
Boars
Boar
1yr
4yrs
studs
Grand Parent
(GP)
Great Grand
Parent (GGP)
Sows in inventory
1
10
Parent (P) 100
2,500
produced
Semen
Commercial production
Nucleus
PIC presence in the pig breeding pyramid
PIC owned/leased
Contracted
Customer owned
1
2
3
4
5
6
7
8
9
11
10
08
GENUS PLC / Annual Report 2025
Our Markets and Business Model continued
Porcine
Production system
Pork tends to be produced in pyramids,
as shown in the diagram below.
Genetic improvement is driven at the
top of the pyramid. PIC has three highly
bio-secure elite farms in North America,
where we conduct genomic selection on
our proprietary herds of pure line pigs. We
retain the best animals in our elite farms
whilst other top-performers are cascaded
down the pyramid.
High-performing males are sent from
the elite farms to boar studs. Here,
semen is collected and used throughout
the rest of the pyramid to artificially
inseminate females.
High-performing females are sent from our
elite farms to nucleus farms. Here, their
numbers are expanded so that we have
sufficient pure line animals to supply our
multiplication partners.
Pure line females from nucleus farms are
sent to multiplication farms, where they
are cross-bred with semen from males
of a different line.
Cross-bred female offspring from the
multiplication farms are then sent to
commercial farms where they are
inseminated with terminal boar semen,
to produce offspring that are sent
to slaughter.
PIC only owns proprietary assets at the
top of the pyramid. This delivers high
returns on invested capital (ROIC) and
reduces our exposure to the financial risks
of pork production, such as feed costs,
disease and pork price volatility. Our
proprietary footprint, coupled with
long-standing nucleus and multiplication
relationships, means we have a highly
responsive global supply chain that can
supply high-volume elite genetics with
high health status.
What we sell
We sell male and female pigs, as well as
semen. We also have teams of technical
specialists, such as veterinarians and
nutritionists, who advise our customers
on how to improve the efficiency and
robustness of their farming systems.
Route to market
We distribute directly to customers, as well
as through distributors and franchisees in
some markets. Our franchise partners pay
us a variable fee for the use of PIC’s brand
and genetics.
How we sell
We sell under two models, upfront and
royalty. Under the upfront model, PIC
receives the full fair value of the animal or
product immediately. Under the royalty
model, PIC initially sells the animal or
product at cost but then receives royalties
based on a series of future identifiable
events that align with value creation for
our customers. In most cases this future
event is a piglet being weaned from the
original genetics. The royalty model
decreases our exposure to cyclical
producer profitability and increases our
revenue visibility and customer retention.
Our opportunity
• Expand our genetic lead by driving
genetic improvement faster than
competitors
• Grow market share by (1) partnering with
progressive customers who are winning
production share, (2) increasing our
wallet share with these customers,
(3) winning new customers and
(4) expanding into new markets
• Commence commercialisation of our
PRP once we have built the necessary
regulatory portfolio
• Explore technology-led solutions to
other diseases and challenges facing
pork producers
Top 10 pork production markets
1.
6.
2.
7.
3.
8.
4.
9.
5.
10.
MARKETPLACE
We estimate that PIC has ~18% share
of the global porcine genetics market.
Porcine production is relatively
consolidated and vertically integrated.
c18%
of the porcine genetics market
Porcine Market Share
1 PIC 17.7%
2 Competitor 1 7.7%
3 Competitor 2 5.3%
4 Competitor 3 4.5%
5 Competitor 4 2.1%
6 Competitor 5 1.7%
7 Competitor 6 1.2%
8 Competitor 7 0.6%
9 Competitor 8 0.6%
10 Internal programmes 19.8%
11 Other 38.9%
1
2
3
4
5
6
7
09
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
Bovine
Dairy production system
Dairy farmers typically use artificial
insemination to create pregnancies in
their dairy cows. Cows produce milk for
approximately 10 months after giving birth.
This milk is usually marketed to a third-
party processor, who collects, processes,
stores and sells the milk or milk products
(such as cheese and butter) to subsequent
parts of the value chain.
Farmers either retain the female calves
from dairy cows, to grow or maintain their
dairy herd, or sell them to the beef industry
alongside the male calves.
Over the last decade, progressive dairy
farmers have increasingly utilised sexed
semen to actively manage the sex of their
dairy cow offspring. They inseminate their
high-performing cows with X-skew sexed
semen, which has a significantly greater
proportion of sperm carrying a female
chromosome, to increase the probability
that the resultant offspring are females.
These female calves are likely to be
high-performing and the farmers retain
them for their dairy herd.
Lower-performing cows, whose offspring
are less desirable for the dairy herd, are
instead inseminated with conventional
semen or, increasingly, with beef-on-dairy
semen. Beef-on-dairy semen contains
genetics with traits optimised for the beef
industry, such as growth rate, feed
efficiency and carcass value. These calves
are therefore more valuable when sold
to the beef industry, which creates more
economic value for the dairy farmer.
A nascent but emerging market is sexed
beef-on-dairy genetics. Here, Y-skew
genetics are attractive to the beef
industry because males tend to grow
faster and hence dairy farmers are able to
capture more value from these offspring.
Our dairy opportunity
• Drive genetic improvement faster
than competitors
• Execute our Value Acceleration
Programme (see page 19) to structurally
improve margins, ROIC and cash
generation
• Drive increased adoption by dairy
farmers of X- or Y-skew sexed semen
and beef-on-dairy
• Grow the market share of our IntelliGen
third-party sexing solutions
Top 10 dairy production markets
1.
6.
2.
7.
3.
8.
4.
9.
5.
10.
Beef production system
Beef production is less homogeneous than
dairy systems and utilises many breeds.
The supply chain is also less vertically
integrated than either dairy or pork.
Use of advanced genetics and artificial
insemination in the beef industry is lower
because producers are, in aggregate, less
consolidated and technified than dairy.
Beef production is mainly from
pure-bred beef animals, although
an increasing portion is coming from
beef-on-dairy usage.
Our beef opportunity
• Drive genetic improvement faster
than competitors
• Drive increased adoption by dairy
farmers of sexed, beef-on-dairy
and Y-skew, by demonstrating the
superiority of our proprietary beef
genetics across the value chain,
through trials and partnerships
• Develop more ‘pull-through’
partnerships with downstream
partners in the value chain
(see How we sell below)
Top 10 beef production markets
1.
6.
2.
7.
3.
8.
4.
9.
5.
10.
What we sell
We predominantly sell straws of semen
(conventional and sexed) for artificial
insemination use in the dairy and beef
industries. We also sell embryos, which
contain elite male and female genetics,
to highly progressive farmers who are
focused on maximising the rate of genetic
improvement in their herds. In addition, we
offer adjacent services and products to
farmers through our artificial insemination
technicians, who visit customer farms.
Route to market
We distribute directly to customers and
through distributors.
How we sell
The majority of our bovine sales are
transactional, although there is a growing
share under multi-year contracts. In beef
we also employ ‘pull-through’ contracts.
The beef industry is less vertically
integrated and the value of beef genetics
(e.g. a premium for marbling) tends to
accrue to downstream entities such as
processors, packers and retailers. If we
can demonstrate this increased economic
value, as well as sustainability benefits,
to these downstream entities, they can
incentivise their upstream suppliers to use
ABS genetics. By winning downstream we
can therefore ‘pull-through’ our genetics.
MARKETPLACE
We estimate that ABS has ~9% share
of the global bovine genetics market.
Dairy production is typically more
consolidated than beef production, but
both are significantly more fragmented
than pork production. The bovine
genetics landscape is also different
to porcine, with many more breeds in
regular usage and large genetic co-ops
having significant market share.
Bovine Market Share
1 Competitor 1 10.8%
2 ABS 8.6%
3 Competitor 2 7.9%
4 Competitor 3 5.5%
5 Competitor 4 3.6%
6 Competitor 5 2.9%
7 Other 60.6%
10
GENUS PLC / Annual Report 2025
Chairman’s Statement
Strong execution delivering results
This was a positive year for the Group,
with strong operational and financial
performance against a backdrop of
continued geopolitical and economic
challenges. Our results show the benefits
of having a rigorous focus on near-term
delivery, while continuing to invest to
ensure the business remains successful
well into the future.
This was Jorgen Kokke’s second year as
our Chief Executive and I am pleased to
report that he has settled in very well and
is firmly driving the implementation of our
strategic priorities, resulting in excellent
progress over the last 12 months.
Performance and dividend
Both divisions performed well and despite
the currency headwinds we faced, the
Group’s adjusted operating profit
excluding JVs rose 21% to £81.1m (2024:
£67.0m), contributing to adjusted profit
before tax (‘PBT’) of £74.3m (2024: £59.8m).
Statutory PBT was £28.5m (2024: £5.5m).
The quality of the Group’s profit has
further improved, with PIC generating
further increases in royalty revenue and
ABS reaping the rewards of the Value
Acceleration Programme (‘VAP’). This
supported excellent cash generation and
a reduction in the Group’s net debt.
Our dividend policy reflects the Board’s
desire to balance ongoing investment in
the Group with appropriate returns for
shareholders. Following an unchanged
interim dividend of 10.3p, the Board is
recommending a final dividend of 21.7p
per share, to give a total for FY25 of 32.0p
(2024: 32.0p). The full year dividend is
covered 2.6 times by adjusted earnings
(2024: 2.0 times), in line with our target
range of 2.5-3.0 times.
Strategic priorities
We continued to successfully implement
all of our strategic priorities, which Jorgen
describes in more detail in his review
on the following pages. Receiving US
regulatory approval for the PRP gene
edit was a particular highlight. I have
commented before that Genus is a
long-cycle business and our success
with the PRP, which has come after ten
years of intensive effort, shows both the
value and necessity of that long-term
approach. The PRP is still some years
from contributing to our results and the
Group’s focus has now shifted from the
science to its commercialisation, including
working with our customers to support
consumer acceptance.
The PRP will undoubtedly be an important
part of PIC’s future. In the meantime,
the division continues to maintain and
increase its genetic leadership, while
improving its performance in the key
Chinese market, where we are working
closely with our partner, BCA.
In ABS, VAP is really starting to bear
fruit. Management has simplified the
organisation and refocused on the
customers who can really benefit from
our genetics and are prepared to pay
for them. This has the virtue of freeing
our teams to concentrate on their
most-important customers, which
means we are starting to pick up
additional volumes.
In addition to our strategic priorities,
the business is increasingly working to
leverage our multi-year investment in the
Genus One ERP system. With the rollout
completed in FY25, we are now focused
on standardising processes, making
our support functions more effective
and efficient, and improving the
employee experience.
The
Company
has made
substantial
strategic
progress
over the last
12 months.
Iain Ferguson CBE
Chairman
11
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
The Board
There were several important changes to
the Board during the year. Our CFO Alison
Henriksen retired after the year end,
having made a significant contribution
to the Group during more than five years
in the role. We were delighted to appoint
a high-calibre successor in Andy Russell,
who joined on 1 August 2025. More
information on his appointment can be
found in the Nomination Committee report
on page 72.
Professor Jason Chin stepped down as a
Non-Executive Director at the end of May
2025, as he has taken on a significant role
at a leading scientific institution. We have
benefited greatly from his expertise
and are pleased that he remains on our
Scientific Advisory Board. We are currently
recruiting a replacement for Jason and
seeking an additional Non-Executive
Director, to modestly expand the Board to
match the increased scale and complexity
of the Group.
Our people and culture
We value and invest in all our people,
reflecting the critical role they play in the
Group’s success. On the Board’s behalf, I
thank everyone in Genus for their hard work
and contribution to this year’s performance.
There was one change to the Genus
Executive Leadership Team in the year,
with our Group General Counsel and
Company Secretary, Dan Hartley, retiring
after more than a decade in the role.
Dan made a significant contribution to the
Group, enhancing the Company’s culture
of governance and compliance. We were
pleased to welcome Lucie Grant as his
successor. Since the year end we have
also said goodbye to Jerry Thompson,
who retired after 33 years with the Group.
Jerry made a substantial impact in
numerous roles around the world, most
recently as Regional Director of ABS EMEA.
The Board takes a keen interest in the
Group’s culture and the values that
underpin it. Having refreshed the values
in FY24, the focus this year has been on
communicating and embedding them,
to ensure they are reflected in everyone’s
day-to-day behaviours.
Looking forward
While the geopolitical situation and the
global economic outlook both remain
uncertain, the long-term trends in our
markets remain very positive for Genus.
Management’s actions continue to
strengthen the business and its platform
for growth, giving us confidence of making
further progress in the year ahead.
Iain Ferguson CBE
Chairman
Dividend (pence per share)
32.0
Growth in adjusted operating profit
21%
Our results show the
benefits of having a
rigorous focus on
near-term delivery,
while continuing to
invest to ensure the
business remains
successful well into
the future.
Colleagues in PIC Philippines celebrating the launch of the Genus Values
12
GENUS PLC / Annual Report 2025
Chief Executive’s Review
PIC performed well with every region
except Europe achieving higher volume,
royalty revenue and adjusted operating
profit. Latin America was the stand-out
region with adjusted operating profit
growth of 14% in constant currency. In Asia,
a more stable market environment in
China led to adjusted operating profit
increasing 70% to £17.2m (FY24: £10.1m) in
constant currency driven predominantly
by higher by-product revenue. PIC’s
success in winning new Chinese royalty
customers over the last two years has yet
to materially impact its profitability in the
region since it takes approximately two
years for royalty income to begin ramping
up. In Europe, industry disease challenges
resulted in adjusted operating profit
being 4% lower than last year’s strong
performance. Overall, PIC’s volume
increased 9%, revenue increased 8% and
royalty revenue increased 5%, in constant
currency. Adjusted operating profit
(including joint ventures) increased
by 16% in constant currency.
ABS adjusted operating profit improved
significantly in FY25, driven predominantly
by VAP initiatives. These VAP benefits,
including Phase 1 (actioned in FY24) and
Phase 2 (actioned in FY25), totalled £11.8m
in the year and were primarily actioned
in North America and Europe, where
adjusted operating profit increased 26%
and 21%, respectively. In Asia and Latin
America, the demand for China dairy and
Brazil beef continued to be challenging.
For the year, total ABS volume grew 5%,
revenue grew 2% and adjusted operating
profit increased 53%.
Exchange rate movements were a
significant headwind during the year
with Mexican Peso and Brazilian Real
depreciation against sterling being
particularly impactful. The total translation
impact on Group profit before tax
was £8.5m.
Our people and culture
Our progress during the year was made
possible by the commitment of our people
to the company, our customers and each
other. I would like to express my gratitude
to them all.
We supported our people by continuing to
nurture a high-performing and inclusive
culture in which they can learn, grow and
thrive. This included taking further steps to
embed our refreshed values by sharing
and celebrating stories of colleagues who
are demonstrating them every day. We
also strengthened core processes that
underpin our culture, including onboarding
and performance management,
while expanding the range of learning
opportunities and resources we offer.
In parallel, we enhanced talent
management by implementing retention
strategies for key roles and strengthening
succession planning. We also enhanced
our ability to attract new talent to
the company through proactive
communication and engagement
across different platforms.
Underpinning this work, we continued to
improve the way we communicate and
engage with colleagues in all areas of the
company. This included bringing together
our top 50 senior leaders to ensure
alignment with our priorities and their
role in strengthening our culture.
As previously announced, Alison Henriksen
retired from her position as Genus’s Chief
Financial Officer (‘CFO’) on 31 July 2025.
Alison made a significant contribution to
Genus’s development over the last five
years and her financial leadership was
instrumental in building Genus’s strong
growth platform from which we will
continue to grow for many years to come.
Following a comprehensive search
process, the Board appointed Andy
Russell as CFO and Andy joined the
company on 1 August 2025. Andy is an
experienced CFO and joined Genus after
nearly 12 years with global medical device
manufacturer Smith & Nephew plc, was
most recently as Senior Vice President,
Group Finance and M&A, operating as
deputy to the Group CFO. I am delighted
that we were able to secure an executive
of Andy’s calibre and look forward to
working closely with him to continue
delivering Genus’s strategic priorities.
During FY25
we made
significant
progress with
our strategic
priorities.
Jorgen Kokke
Chief Executive
This was a year of strategic delivery and
very strong performance, with broad-
based growth in PIC and VAP actions
benefiting ABS. While many of our markets
remain challenging, our results in FY25
reflect the successful execution of our
strategic priorities, making our businesses
stronger and reducing our exposure to
volatilities in our markets.
Group performance
Group revenue was up 5% in constant
currency and 1% in actual currency.
This contributed to constant currency
growth of 38% in Adjusted PBT (+24% in
actual currency), with statutory PBT rising
by £23.0m.
13
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
DELIVERING OUR STRATEGIC PRIORITIES
During FY25 we made significant progress with the strategic priorities.
01
Continued growth
in porcine, with
more stable
growth in China
Link to strategic priorities:
02
Deliver successful
commercialisation
of our PRP gene
edit and deliver
attractive returns
from R&D
Link to strategic priorities:
03
Drive greater value
from bovine
Link to strategic priorities:
PIC continued to demonstrate that it has
industry-leading genetics, underpinned by a
strong supply chain and customer care. Notable
achievements in the year included winning 12 new
royalty customers in China and continued strong
growth in the Americas.
On 4 September we announced the acceleration
of our joint venture formation with our Chinese
partner, BCA. This localises our business and
accelerates the long-term growth opportunity
for PIC China as well as cementing both parties’
commitment to achieving PRP commercialisation
in China.
We made excellent progress with our PRP
programme, after many years of effort achieving
a key objective as we received regulatory
approval from the US FDA in April 2025. Achieving
this significant milestone speaks to Genus’s
strengths in innovation and the quality of our
people. Successful commercialisation in the US
will require us to obtain approvals in its key export
markets, namely Mexico, Canada and Japan. We
continue to make progress with these and other
international regulators, including in China. Brazil,
Colombia, the Dominican Republic and Argentina
have already issued positive determinations,
which means they will regulate the PRP in the
same way as other pigs. In the medium-term,
we remain excited by the opportunities in disease
resistance and reproductive technology.
Successful R&D is at the core of our business
and we continue to refine our portfolio, as we
align R&D with our businesses and ensure that
we invest in the most-attractive opportunities.
We initiated VAP in FY24, to accelerate value
creation in ABS. In FY25 we continued with Phase
2, focusing on selectively centralising aspects of
ABS’s operations, realising further benefits from
supply chain integration, and optimising our
product allocation. Overall, VAP benefited ABS’s
adjusted operating profit by £11.8m in FY25, of
which Phase 2 contributed £8m, equivalent to
£10m on an annualised basis. The first two phases
have already delivered a total annualised benefit
to operating profit of £21m. We have now
commenced implementing Phase 3 and we
expect this phase to contribute £6m to profit in
FY26, with an annualised benefit of £9m.
In addition, we strengthened our genetic supply
chain in ABS, through the acquisition of the
remaining shares in De Novo.
Share in the value delivered
Deliver a differentiated
proprietary genetic offering
Focus on progressive
protein producers globally
Sustainability at the
heart of our business
Helping customers achieve their
sustainability goals
Genus’s core commercial proposition is
helping farmers rear healthier animals that
produce more high-quality animal protein
with fewer resources. Our elite pigs, for
instance, grow faster and convert feed to
protein more efficiently than non-elite
pigs. Daughters of our elite bulls produce
greater volume of more nutritious milk per
unit of input (for example, feed or water)
than non-elite cows. Driving continuous
genetic improvement in our elite herds is
therefore intrinsically linked with improved
sustainability outcomes for bovine and
porcine protein producers.
In FY25, PIC completed a life cycle
assessment (‘LCA’) in Europe which
showed that its conventional genetics
reduce emissions by more than 7% against
the industry average. This result goes
hand-in-hand with PIC’s North American
LCA, conducted in FY24, which showed a
similar level of emissions reduction through
the use of PIC’s conventional genetics
compared with industry average genetics.
Our LCAs are industry leading and have
been completed to the highest standard
of scientific rigour and methodological
integrity. The North American base model
has completed a full academic peer
review and the LCAs have been developed
to conform with ISO standards 14040,
14044 and 14046. Looking ahead, we
believe the PRP will further improve these
figures as better animal health leads to
increased production and improved
animal welfare.
ABS also conducted an LCA during the
year to quantify the environmental impact
of NuEra Genetics in beef-on-dairy
production systems in the UK and US.
ABS’s LCA showed that NuEra Genetics
had a 4% to 9% potential reduction in
climate change impact relative to
benchmark genetics (excluding ABS
genetics) without detrimental effects to
other emissions to air, water, and land.
Outlook
FY26 will see further progress with our
strategic priorities, contributing to profit
growth across both businesses, along with
good cash generation.
Jorgen Kokke
Chief Executive
14
GENUS PLC / Annual Report 2025
Strategic Framework
Delivering
and sharing
in the value
Our strategic framework
defines our focus areas
to deliver success. We
determine the framework
at Group level and
implement it through our
business units.
Deliver a differentiated
proprietary genetic offering
Focus on progressive
protein producers globally
Success drivers
Elite animals
Technology and capabilities
Data
Success drivers
Global position
Global supply chain
Customer experience
What does success
look like?
Volume growth
Growing volumes,
particularly with
progressive livestock
farmers
What does success
look like?
Genetic gain
Creating superior breeding
animals for farmers,
measured against indices
comprising traits that help
to drive farmers’
productivity and
sustainability
Priorities
Continued growth in porcine,
with more stable growth
in China
Priorities
Deliver successful
commercialisation of PRP
and attractive returns
from R&D
Link to KPIs Link to KPIs
$4.15
Porcine Genetic
Improvement Index
5%
ABS Volume Growth
$824
Genomic Bull Net Merit
Index (NM$)
9%
Porcine Volume Growth
STRATEGIC REPORT
15
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
Share in the
value delivered
Sustainability at the
heart of our business
Success drivers
Value-based pricing
Product validation
Leverage scale
Success drivers
Sustainability analytics
Informed sustainability investments
What does success
look like?
Our strategy is
underpinned by our
approach to sustainable
business and the strength
of our people. The Board
measures the performance
of these key areas using
the KPIs opposite
What does success
look like?
Profitability
Generating profit results
from the performance of
our products in customers’
systems, and growing
margin as we leverage
scale and R&D investment
across species
Priorities
Develop Life Cycle
Assessments across our
proteins, to demonstrate the
environmental and welfare
benefits of our products
Priorities
Deliver greater value from
bovine, continue to generate
returns from R&D investments
Link to KPIs Link to KPIs
£0.55
Adjusted Operating Profit
per Market Pig Equivalent
5.32
Primary Intensity Ratio
£0.75
Adjusted Bovine Operating
Profit per Dose
5
Life Cycle Assessments
Completed
16
GENUS PLC / Annual Report 2025
Measuring
our success
Key Performance Indicators
Porcine genetic
improvement index (US$)
2
025
202
4
20
23
2022
2021
4.15
3.74
4.39
3.53
3.15
Measures the genetic improvement we achieve in our
porcine nucleus herds, which ultimately filters down to
our customers’ farms.
Definition: The index measures the marginal improvement
in customers’ US$ profitability, per commercial pig per year,
on a rolling three-year average.
Performance: Genus continues to deliver strong rates of genetic
improvement through expanding and maintaining a large nucleus
population for high selection intensity, improving technical
processes for genomic evaluation, implementing precision data
collection from birth to consumer and continuing to add new traits
and data streams.
ABS Volume Growth (%)
2
025
202
4
20
23
2022
2021
5
3
-6
Tracks our global unit sales growth in dairy and beef.
Definition: The change in dairy, beef and sexed units of semen
and embryos delivered or produced for customers in the year.
Performance: Excluding China, global markets were generally
stronger with bovine volumes growing 5% to 25.9m units.
In addition, strategically important Sexed volumes were
up 11%, reflecting good growth in Sexcel and third-party
IntelliGen production.
Genomic bull net
merit index (NM$)
24/25
23/24
22/23
20
21
2020
ABS 824
ABS 664
ABS 743
900
797
Competitors 725
Competitors 651
Competitors 582
Measures the genetic quality of our bulls released to market, based on
economically relevant traits for farmers, compared to key competitors.
Definition: The average Net Merit $ (NM$) index score of generally
available Holstein commercial bulls launched in the market
compared to the average of the 4 largest competitors. This data
is presented on a two-year rolling basis, as bulls are typically sold
over a two-year period.
Performance: Genus continues to improve the quality of its
commercially available bulls to maintain a leading genetic
position in the dairy industry. This is primarily driven by the high
proportion of top-quality bulls sourced from the proprietary
breeding programme, De Novo. During the year, the company
acquired the remaining non-controlling interest in De Novo, further
strengthening its genetic supply chain.
PIC volume growth (%)
2
025
202
4
20
23
2022
2021
6% excluding China
5%
6% excluding China
3%
3% excluding China
9% including China
11% including China5% excluding China
6% excluding China 13% including China
Tracks the growth in the number of commercial pigs with PIC
genetics globally.
Definition: The change in volume of both direct and royalty animal
sales, using a standardised MPEs measure of commercial
slaughter animals that contain our genetics.
Performance: Market conditions for pork producers were generally
positive, supported in particular by lower feed costs. Against
this backdrop, porcine volumes grew by 9%, to 223.3m MPEs.
Strategically important royalty volumes grew by 5% with growth
in every trading region.
17
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
Key to strategic priorities
Deliver a differentiated
proprietary genetic offering
Focus on progressive
protein producers globally
Share in the
value delivered
Sustainability at the
heart of our business
STRATEGIC REPORT
Operating Profit per
Market Pig Equivalent (£)
2
025
202
4
20
23
2022
2021
0.55
0.60
0.56
0.59
0.65
Monitors porcine profitability per unit.
Definition: Net porcine adjusted operating profit globally,
expressed per MPE. Results include our share of Agroceres PIC, our
Brazilian joint venture and also PRP commercialisation costs that
ramped from FY23.
Performance: Operating profit per MPE was £0.55, £0.01 lower
(£0.03 higher in constant currency). Strong underlying operating
growth and leverage was impacted by growth in PRP
commercialisation costs and foreign currency headwinds.
Primary intensity ratio
2
025
202
4
20
23
2022
2021
5.32
6.04
6.46
8.31
8.33
Measures the emissions intensity of the Group’s operations, which
are largely driven by animal weight.
Definition: The primary intensity ratio is a measure of the Group’s
Scope 1 and 2 emissions per tonne of animal weight.
Performance: The primary intensity ratio decreased from 6.46 in
FY24 to 5.32 in FY25, a 17.6% reduction compared with the prior year.
Bovine Operating
Profit per Unit (£)
2
025
202
4
20
23
2022
2021
0.75
0.72
0.56
Monitors bovine profitability per unit.
Definition: Bovine adjusted operating profit globally,
expressed per dose of semen or embryo delivered or produced
for customers.
Performance: Operating profit per dose was £0.75, £0.19 higher
(£0.26 higher in constant currency). The primary driver of
performance growth was operational efficiency improvements
from Genus ABS’s Value Acceleration Programme (‘VAP’) initiatives.
Engagement survey results
Measures levels of employee engagement over time.
Definition: Employees’ response to the statement
“I would recommend a friend to work at Genus”.
Performance: Our employee engagement survey, Your Voice, is
conducted every two years. No survey was carried out in FY25,
although management remains focused on embedding the
actions which arose from the last survey in FY24.
The next survey will be conducted in FY26.
2025
202
4
20
23
2022
82%
76%
75%
18
GENUS PLC / Annual Report 2025
Driving
further
growth
We have enhanced
operating margins
significantly and
established a firm
foundation for
the future.
Jim Low
Chief Operating Officer
Genus ABS
Short term
Continue implementing the ABS Value
Acceleration Programme (‘VAP’) to
position the business for consistent
profitable growth and cash generation
Medium term
Keep strengthening our bovine genetics
and leverage sexing technology to
enhance our competitive position
Long term
Optimise our commercial model,
tools and talent to strengthen
the customer experience
Operating Review / ABS
BUSINESS PRIORITIES
19
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
Bovine markets were varied around the
world but generally stronger than the prior
year, with the exception of China. In dairy,
producers in the major milk producing
regions enjoyed a stronger period of
profitability, supported by lower feed
costs, resulting in milk production growth.
The China dairy herd and production
continued to contract, reversing multiple
years of supply side growth in a weaker
demand environment. Beef prices,
particularly in the Americas, were very
strong throughout the year, driven
predominantly by tight supply. However,
growth in beef production continues to be
limited in Brazil, the beef production cycle
appears to have stabilized albeit demand
for beef genetics remains subdued.
ABS achieved a volume increase of 5%
in the year with sexed volume increasing
11%, beef volume decreasing 3% and
conventional dairy volume increasing 6%.
Volume growth in India was particularly
strong albeit at low price points; excluding
India, ABS volume increased 1% and
sexed volumes increased 14%. ABS
revenue increased by 2%* and adjusted
operating profit increased by 53%*, a
margin improvement of 2.2pts in constant
currency, compared with the prior year.
VAP initiatives were the primary driver of
ABS’s strong adjusted operating profit
growth was. VAP was initiated in FY24
with the goal of accelerating Bovine’s
growth and structurally improving margins,
ROIC and cash generation. During
FY25, VAP Phase 2 actions achieved
£8.0m of benefit. This resulted in a
total VAP-related adjusted operating
profit improvement of £11.8m when
combined with £3.8m of benefit from
the annualisation of Phase 1 actions.
Looking to FY26, the annualisation of
Phase 2 actions is expected to achieve a
further £2m of adjusted operating profit
benefit. In addition, ABS has commenced
a further set of actions in relation to
Phase 3 of VAP and these are targeted
to deliver £6m of benefit in FY26 and an
annualised benefit of £9m. Exceptional
restructuring costs recognised in relation
to VAP activities were £8.8m in FY25,
including £2.4m related to VAP Phase 3.
Spend on bovine product development
decreased 3%* in the year as efficiency
savings were realised from the newly
combined management of the dairy and
beef product development programmes.
ABS also acquired the remaining non-
controlling interest in its De Novo Joint
Venture with £2.6m paid on completion
and £10.6m deferred over four years,
finalising 1 July 2029. This acquisition,
which was made in the first half, gives
ABS full control of its internal Holstein
programme and is already delivering
improved performance indicators in
ABS’s proprietary Holstein herd.
Actual currency
Constant
currency
Twelve months ended 30 June
2025
£m
2024
£m
Change
%
Change
%
Revenue 307.7 314.9 (2) 2
Bovine product development expense 22.6 23.3 (3) (3)
Adjusted operating profit 19.5 14.0 39 53
Adjusted operating margin 6.3% 4.4% 1.9pts 2.2pts
STRATEGIC PROGRESS
IN FY25
Create differentiated
proprietary genetic solutions
• Launched Sexcel Male Beef in
Europe and North America, enabling
customers to produce more male
offspring which offer higher value in
the beef supply chain
• Took full ownership of De Novo
Genetics to support accelerated
genetic progress in our dairy
product development programme
• Maintained our strong position in
polled Holsteins with 21 of the
industry’s top homozygous sires
• Published a pioneering life cycle
assessment, demonstrating that our
NuEra Genetics beef lines have a
lower environmental impact than
average genetics in a beef-on-dairy
system
Serve progressive protein
producers effectively
• Implemented the second phase of
VAP, which included steps to
restructure our global operating
model, improving annualised
operating profit by more than £10m
• Continued to expand IntelliGen’s
footprint, attracting new customers
for our sexing technology in multiple
markets around the world
Share in the value delivered
• Launched pricing optimisation
initiatives and strengthened product
allocation processes to ensure we
maximise value from our products in
highest demand
• Expanded our GENEadvance
programme, through which we
are 100% genetic partners for
progressive producers in 20
countries around the world, growing
the number of herds involved by 20%
* Constant currency growth rate compared with the
same period last year
20
GENUS PLC / Annual Report 2025
Operating Review / ABS continued
North
America
North America volume increased 8%,
comprised of a 25% increase in sexed
volume, flat beef volume and a 13%
decrease in dairy conventional volume.
Producers were profitable during the
year, supported by lower feed costs,
robust milk prices and record beef prices.
Adjusted operating profit increased
26%* driven predominantly by strong
VAP benefits. IntelliGen third-party
business also performed well driven
by volume increases from existing
customers and new customer wins.
Sexed volume (m straws)
+25%
Sexed volume (m straws)
+11%
Sexed volume (m straws)
n/a
Constant currency revenue
+6%
Actual currency revenue
£307.7m
2024: £314.9m -2%
Constant currency revenue
+2%
Volume (m straws)
+8%
Constant currency adjusted
operating profit
+26%
Volumes (m straws)
25.9m
2024: 24.3m +5%
Actual currency adjusted operating profit
+
£19.5m
2024: £14.7m +39%
Volume (m straws)
n/a
Constant currency adjusted
operating profit
+53%
ABS
REGIONAL TRADING COMMENTARY
NB: Growth rates compared to the same period last year
* Constant currency growth rate compared with the
same period last year
21
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
Latin
America
EMEA Asia
Latin America volume decreased 2%,
with strong sexed volume growth of
7%, a 1% increase in dairy conventional
volume and a 6% decrease in beef
volume. Strong pricing initiatives helped
drive a 5%* increase in revenue. Dairy
producers enjoyed a strong year which
helped catalyse greater adoption
of sexed genetics. Demand for beef
genetics remained muted, however,
although there are signs that the
beef cycle has stabilised. Adjusted
operating profit decreased 6%* primarily
to a decline in beef volume and high
contribution margin embryo volume.
EMEA volume increased 2%, comprised
of a 11% increase in sexed volume, a
3% decrease in beef volume and a 5%
decrease in dairy conventional volume.
Dairy producers were generally profitable
over the period but adverse weather
and disease, as well as continued
regulatory challenges in certain
markets, were headwinds to increased
producer confidence. Strong VAP
benefits, as well as a more successful
approach to managing late-life-cycle
inventory, drove a significant 21%*
increase in adjusted operating profit.
Asia volume increased 10%, with a
flat sexed volume, a 2% decrease in
beef volume and 15% increase in dairy
conventional volume. Volume growth in
India was particularly strong albeit at
relatively low price points, with sexed
volume growing 2% and conventional
dairy volume growing 25% on stronger
product availability and phasing of
customer orders. The dairy sector in China,
however, continued to be challenged by
weak demand. This was compounded
by the Chinese authorities halting bovine
genetic imports from the U.S. in February
2025, after Bluetongue virus was found
in a small number of U.S. herds. ABS
China imports its genetics from the
U.S. and whilst the import restriction
resulted in a short-term sales boost in
China in the second half, as customers
secured supply of ABS’s elite genetics
before inventories diminished, it poses a
challenge for ABS China in FY26. Adjusted
operating profit in Asia decreased 4%.
* Constant currency growth rate compared with the
same period last year
Sexed volume (m straws)
+11%
Sexed volume (m straws)
+7%
Constant currency revenue
+2%
Constant currency revenue
+5%
Volumes (m straws)
+2%
Constant currency adjusted
operating profit
+21%
Volumes (m straws)
-2%
Constant currency adjusted
operating profit
-6%
Volumes (m straws)
+10%
Sexed volume (m straws)
0%
Constant currency revenue
-8%
Constant currency adjusted
operating profit
-4%
22
GENUS PLC / Annual Report 2025
Accelerating
progress
We continue to
accelerate genetic
gain across product
lines while preparing
to commercialise our
PRRSv-resistant pig.
Dr Matt Culbertson
Chief Operating Officer
Genus PIC
BUSINESS PRIORITIES
Short term
Accelerate growth across Asia
and continue preparations
for the introduction of our
PRRS-resistant pig (‘PRP’)
Medium term
Begin offering the PRP to
current and prospective
customers in target markets
Long term
Maintain industry leadership by
continuing to enhance our elite
genetics and supporting services
Operating Review / PIC
23
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
Market conditions for pork producers
were generally positive during the
year, supported in particular by lower
feed costs. In North America, pork
producers generated small positive
profits throughout the year. Producers
in Latin America enjoyed a good year
for profitability as pork prices were
supported by strong export volume.
In Europe, pork prices remained high
although the industry grappled with
disease challenges as well as ongoing
political and regulatory headwinds to
production. Finally in China, the market
environment was relatively stable as the
pork price to feed ratio remained above
break-even levels throughout the year.
Against this backdrop, PIC achieved
revenue growth of 8% driven by a
10% increase in volume. Strategically
important royalty revenue increased
5%, with growth in every trading region.
Adjusted operating profit including JVs
increased 16% due to strong growth in
PIC’s Americas and Asia trading regions,
as well as strong cost control. PRP
costs decreased £2.8m year on year as
increased market acceptance spend was
offset by receipt of a net £3.7m milestone
payment from the Group’s Chinese
partner, Beijing Capital Agribusiness.
Sterling appreciation, particularly against
the Mexican Peso and Brazilian Real,
resulted in a significant £7.9m translation
headwind during the year. As a result,
adjusted operating profit including
JVs increased 8% in actual currency.
PIC’s product development teams
continued to strengthen PIC’s genetic
leadership, driving $4.15 of genetic profit
gain in the year. PIC remains at the
forefront of implementing data analytics
and digital phenotyping tools to improve
its selection engine. During the year, PIC
also completed a life cycle assessment
(‘LCA’) in Europe which showed that its
conventional genetics reduce emissions
by more than 7% against the industry
average. This result goes hand-in-hand
with PIC’s North American LCA, conducted
in FY24, which showed a similar level of
emissions reduction through the use of
PIC’s conventional genetics compared
to industry average genetics.
PIC also made significant PRP regulatory
progress during the year. In April
2025, the U.S. FDA issued its landmark
approval for the Group’s PRP gene edit
to be used in the U.S. food supply chain.
This approval followed years of close
collaboration with the FDA and represents
a significant step on the pathway to PRP
commercialisation in the U.S. Progress
with other international regulators,
including Mexico, Canada, Japan and
China, also continued to advance. As
a result of regulatory progress, PIC is
increasingly focused on PRP market
acceptance activity and spend in this
area is expected to increase in FY26.
STRATEGIC PROGRESS
IN FY25
Create differentiated
proprietary genetic solutions
• Advanced preparations for
commercialising the PRP in target
markets, once regulatory approvals
are in place
• Engaged stakeholders in target
markets regarding prospective
benefits of the PRP, including
ISO-confirmed life cycle assessments
quantifying reductions in greenhouse
gas emissions (‘GHGs’) compared to
the industry average
• Continued to accelerate genetic
gain across product lines for
target traits, including robustness
and efficiency
• Accelerated development of new
selection tools, such as visual and
behavioural phenotyping
Serve progressive protein
producers effectively
• Delivered robust performance in
North America by continuing to
strengthen relationships with large
and integrated pork producers
• Increased market share across
Latin America, aided particularly
by growth in Mexico, Brazil and
Andean countries
• Expanded our supply chain in
Brazil, to support our drive for
local growth and the pursuit of
global opportunities
• Continued to focus on key accounts
in China, to help us accelerate
growth and reduce exposure to
market volatility
Share in the value delivered
• Strengthened recurring revenue by
signing 12 new royalty agreements
with producers in China
• Elicited further data on the customer
benefits of PIC genetics, by
conducting 31 product validation
trials with over 58,000 pigs in
five countries
• Continued to embed the CBV Max
programme in target markets, to
ensure we receive a higher price for
our most-elite genes
Actual currency
Constant
currency
Twelve months ended 30 June
2025
£m
2024
£m
Change
%
Change
%
Revenue 362.9 352.5 3 8
Porcine product development expense 34.6 38.0 (8) (12)
Adjusted operating profit exc JV 100.3 93.8 7 13
Adjusted operating profit inc JV 111.9 103.6 8 16
Adjusted operating margin exc JV 27.6% 26.6% 1.0pts 1.3pts
24
GENUS PLC / Annual Report 2025
Operating Review / PIC continued
North
America
North America achieved an adjusted
operating profit increase of 3%*, supported
by a 2%* increase in royalty revenue.
Total revenue increased by 2%* on strong
volume growth of 4%. Limited growth in the
domestic sow herd helped support pork
prices, which proved to be more resilient to
potential tariff risks than expected by the
industry. As a result, pork producers were
consistently profitable through the year.
PIC
REGIONAL TRADING COMMENTARY
NB: Growth rates compared to the same period last year
Constant currency royalty revenue
+2%
Actual Currency royalty revenue
£177.6m
2024: £177.4m +0.2%
Constant currency royalty revenue
+5%
Constant currency revenue
+2%
Actual currency revenue
£362.9m
2024: £352.5m +3%
Constant currency revenue
+8%
Volumes (MPEs)
+4%
Constant currency adjusted
operating profit
+3%
Volumes (MPEs)
223.4m
2024: 202.2m +10%
Actual currency adjusted operating profit
+
£111.9m
2024: £103.6m +8%
Volume (MPEs)
223.4m +10%
Constant currency adjusted
operating profit
+16%
* Constant currency growth rate compared with the
same period last year
25
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
Latin
America
EMEA Asia
Latin America had a very strong year,
achieving adjusted operating profit
growth of 14%* supported by a very strong
11%* increase in royalty revenue. Royalty
growth was broad-based and producers
across the region generated good margins
in the period. Mexico and Colombia were
stand-out performers within PIC LATAM.
Europe had a challenging year, with
adjusted operating profit decreasing
4%* with royalty revenue growth of
1%*. Pork prices remained strong and
producers were generally profitable over
the period, however disease challenges
and political/regulatory headwinds
continued to drive a reduction in the size
of the European sow herd. PIC Europe
was particularly impacted by lower
animal sales and health challenges within
customer herds, offset by continued
progress in Germany and Spain.
Asia adjusted operating profit increased
by 70%* in the year with royalty revenue
growing 12%*. Excluding China, adjusted
operating profit grew 35%* on royalty
revenue growth of 25%*. In China,
adjusted operating profit increased 146%*
driven predominantly by lower supply
chain costs as a result of increased
by-product revenue. Although weakening
in the second half, pork prices in China
remained at levels that supported
aggregate industry profitability. PIC
China’s commercial focus on building
recurring royalty revenue continued
to gain strong traction 12 new royalty
customer wins in the year and 25 new
customers now signed over the last
two years. Revenue contribution from
these new royalty customers is yet to
drive PIC China profits meaningfully due
to the ramp-up profile of new royalty
contracts. Outside China, good progress
was made with customers in Vietnam,
the Philippines and South Korea.
Constant currency royalty revenue
+1%
Constant currency royalty revenue
+11%
Constant currency revenue
-5%
Constant currency revenue
+20%
Volumes (MPEs)
+1%
Constant currency adjusted
operating profit
-4%
Volumes (MPEs)
+15%
Constant currency adjusted
operating profit
+14%
Volumes (MPEs)
+36%
(Asia ex-China: +38%)
Constant currency royalty revenue
+12%
(Asia ex-China: +25%)
Constant currency revenue
+27%
(Asia ex-China: +46%)
Constant currency adjusted
operating profit
+70%
(Asia ex-China: +35%)
* Constant currency growth rate compared with the
same period last year
26
GENUS PLC / Annual Report 2025
Innovating
with
purpose
We are pursuing
a focused and
pioneering R&D
portfolio, closely
aligned with
business needs.
Dr Elena Rice
Chief Scientific Officer and Head of R&D
Short term
Secure further regulatory approvals for
our PRP in target markets worldwide
Medium term
Continue to strengthen our
bovine sexing technology and
progress gene-editing projects
to combat porcine diseases
Long term
Explore further cutting-edge
technologies that could support
our businesses and contribute
to the development of a more
sustainable global food system
Operating Review / R&D
BUSINESS PRIORITIES
27
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
STRATEGIC PROGRESS
IN FY25
Gene editing
• Received approval from the U.S. FDA
for our gene edit to be used in PRP
production and consumption, after
it concluded our technology is safe
and effective
• Achieved positive determinations
for the PRP in two further markets,
including Dominican Republic and
Argentina, confirming our gene-
edited animals can be offered
commercially and will be treated
in the same way as conventionally
bred pigs
• Made additional regulatory
submissions regarding the PRP
in Canada and Japan, while
continuing constructive
engagement in further target
markets such as Mexico
• Established a gene-editing
platform that uses embryonic stem
cells, enabling us to explore multiple
gene targets, accelerate innovation
and reduce costs
• Continued to collaborate with
external partners to advance
further projects focused on
disease resistance
Sexing technology
• Initiated projects to develop the next
generation of our bovine sexing
technology, to advance performance
and improve process automation
Data strategy
• Developed new software enabling
remote interaction with sexing
instruments around the world,
providing a ‘digital twin’ of a
sexing lab and facilitating rapid
intervention where required
• Integrated multiple on-farm data
sources with existing internal
genomics data, to strengthen
insights on sire fertility
• Secured access to further data
sources, to strengthen evaluations
of dairy animals
Actual currency
Constant
currency
Year ended 30 June
2025
£m
2024
£m
Change
%
Change
%
Gene editing 4.3 6.3 (31) (29)
Other research and development 12.2 15.5 (21) (19)
Net expenditure in R&D 16.5 21.8 (24) (22)
Net expenditure on R&D decreased 22%*,
as planned, as efficiency initiatives
actioned in FY24 annualised in FY25.
Net expenditure on R&D fell to 2.5%
of group revenue (FY24: 3.3%) and is
expected to remain below 3% of group
revenue in FY26. R&D’s key near-term focus
is achieving PRP regulatory approvals.
In the medium-term, R&D continues to
explore opportunities in disease resistance
and reproductive technology.
* Constant currency growth rate compared with the
same period last year
28
GENUS PLC / Annual Report 2025
Financial Review
Adjusted results
1
Statutory results
Actual currency Constant
currency
change
%
2
Actual currency
Year ended 30 June
2025
£m
2024
£m
Change
%
2025
£m
2024
£m
Change
%
Revenue 672.8 668.8 1 5 672.8 668.8 1
Operating profit 81.1 67.0 21 30 42.4 6.4 563
Operating profit inc JVs 93.1 78.1 19 30 n/a n/a n/a
Profit before tax 74.3 59.8 24 38 28.5 5.5 418
Net cash flows from operating activities 106.2 55.1 93 n/a 106.7 68.8 55
Free cash flow 40.9 (3.2) n/a n/a n/a
Basic earnings per share (pence) 81.8 65.6 25 39 29.3 12.0 144
Dividend per share (pence) 32.0 32.0 –
1 Includes share of adjusted pre-tax profits of joint ventures and removes share of adjusted profits of non-controlling interests
2 Prior year period restated. Please see Note 1 of the notes to the condensed set of Financial Statements changes of reportable segments
3 n/a = not applicable
Adjusted profit before tax of £74.3m
increased 24% in actual currency (38% in
constant currency), with interest expense
increasing from £18.3m to £18.8m
(a 3%
2
increase in constant currency)
primarily from higher borrowings.
On a statutory basis, profit before tax
was £28.5m (FY24: £5.5m). The adjusting
items between the statutory and adjusted
profit before tax had a lower impact
this year predominantly due to a £13.3m
decrease (2024: £23.2m decrease) in
the non-cash fair value IAS41 valuation
of biological assets of the Group and
net exceptional expenses of £11.4m
(2024: £24.6m net expense). The full
reconciliation can be found further below.
Basic earnings per share on a statutory
basis were 29.3 pence (2024: 12.0 pence).
Exchange rate movements were a
significant headwind during the year
with Mexican Peso and Brazilian Real
depreciation against sterling being
particularly impactful. The total translation
impact on Group profit before tax
was £8.5m compared with FY24.
Revenue
Revenue increased 1% in actual
currency (a 5%
2
increase in constant
currency) at £672.8m (FY24: £668.8m).
PIC’s revenue increased by 3% (a 8%
2
increase in constant currency), however
strategically important royalty revenue
increased by 5%
2
in constant currency.
In ABS, revenue decreased by 2% (a 2%
2
increase in constant currency), sexed
revenue increased 6% in constant
currency, reflecting the continuing
success of Genus’s sexed genetics
and IntelliGen processing capability.
In the year ended 30 June 2025, Group
revenue grew 1% in actual currency
(a 5%
2
increase in constant currency).
Adjusted operating profit including
joint ventures increased by 19%
(30%
2
in constant currency), reflecting
broad-based growth from PIC and
significant adjusted operating profit
improvement at ABS driven mainly by VAP
initiatives. R&D investment decreased
by 24% (22%
2
in constant currency) as
planned, reflecting continued focus
on the alignment of R&D workstreams
with Genus’s strategic priorities.
29
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
Adjusted operating profit including JVs
Actual currency
Constant
currency
change
%
Year ended 30 June
Adjusted profit before tax
1
2025
£m
2024
£m
Change
%
Genus PIC 111.9 103.6 8 16
Genus ABS 19.5 14.0 39 53
R&D (16.5) (21.8) 24 22
Central costs (21.8) (17.7) (23) (29)
Adjusted operating profit inc JVs 93.1 78.1 19 30
Net finance costs (18.8) (18.3) (3) (3)
Adjusted profit before tax 74.3 59.8 24 38
1 Includes share of adjusted pre-tax profits of joint ventures and removes share of adjusted profits of non-controlling interests
Statutory profit before tax
The table below reconciles adjusted profit before tax to statutory profit before tax:
2025
£m
2024
£m
Adjusted profit before tax 74.3 59.8
Operating loss attributable to non-controlling interest - (0.9)
Net IAS 41 valuation movement on biological assets in JVs and associates 0.9 14.6
Tax on JVs and associates (2.0) (5.7)
Adjusting items:
Net IAS 41 valuation movement on biological assets (13.3) (23.2)
Amortisation of acquired intangible assets (5.6) (5.8)
Impairment of goodwill (1.5) -
Share-based payment expense (6.9) (7.0)
Other gains and losses (4.2) (1.7)
Exceptional items (11.4) (24.6)
Statutory Profit Before Tax 28.5 5.5
Adjusted operating profit
including JVs
Adjusted operating profit including joint
ventures was £93.1m (FY24: £78.1m), a 30%
2
increase in constant currency. The Group’s
share of adjusted joint venture operating
profit, primarily from our Brazilian joint
venture with Agroceres, was higher than
prior year at £12.0m (FY24: £10.2m).
PIC’s adjusted operating profit including
joint ventures increased by 16%
2
in
constant currency with growth in the
Americas and Asia partially offset by
Europe. Spend on PRP increased in
the year, as planned, due to increased
marketing activity but this was offset
by the net receipt of a £3.7m milestone
payment from the Group’s Chinese
partner, Beijing Capital Agribusiness
that was paid following FDA approval.
ABS’s adjusted operating profit increased
by 53% in constant currency driven by
VAP initiatives that delivered £11.8m of
benefit in the year. Volume performance
was also robust with growth of 5%, and
sexed growth of 11% with underlying
sexed mix shift continuing. China
(dairy) and Brazil (beef) continued to
be challenging markets but elsewhere
the trading environment improved from
prior year. Following on from Phases
1 & 2, management has initiated a
VAP Phase 3 to be actioned in FY26
to target an annualised adjusted
operating profit benefit of £9m with
£6m expected to be realised in-year.
Statutory profit before tax
Statutory profit before tax was
£28.5m (2024: £5.5m), reflecting the
higher adjusted profit performance,
lower biological asset reduction and
lower net exceptional expenses.
The Group’s net IAS 41 valuation on
biological assets comprised a £1.7m
reduction (2024 restated: £14.8m
increase) in porcine biological assets,
with a marginally lower breeding sales
percentage being partially offset by
an increase in the ratio of boars to gilt
sales and the increase relating to the
restocking of Benxi farm following a
health break earlier in the year, and a
£11.6m reduction (2024 restated: £38.0m
reduction) in bovine biological assets,
reflecting higher production costs, lower
inventory and lower sales estimates.
Share-based payment expense was £6.9m
(2024: £7.0m). These reconciling items
are primarily non-cash, can be volatile
and do not correlate to the underlying
trading performance in the year.
Exceptional items
There was a £11.4m net exceptional
expense in the year (2024: £24.6m net
expense). As part of ABS’s on-going Value
Acceleration Programme, significant
one-off expenses were recognised in
relation to staff redundancies (£4.4m),
fixed asset and inventory write downs
(£0.6m) and consultancy fees (£3.8m).
£1.9m of exceptional cost was professional
fees, primarily incurred in relation to
potential corporate transactions.
30
GENUS PLC / Annual Report 2025
Net finance costs
Net finance costs increased to £18.8m
(2024: £18.3m), primarily due to an increase
in average borrowings during the year.
Average borrowings increased by 4% to
£243.6m (2024: £234.4m) resulting in a
further £0.6m increase in interest costs
in the year. Average interest rates in
the period were broadly comparable
at 6.26% (2024: 6.20%), raising the cost
of like-for-like borrowings by £0.1m.
Amortisation costs in the year were
£0.9m (2024: £0.9m) and within other
interest there was IFRS 16 finance lease
interest of £2.4m (2024: £2.8m) with the
discount interest unwind on the Group’s
pension liabilities and put options
totalling £0.4m (2024: £0.5m). Foreign
interest in the year was an income
of £0.1m (2024: Income of £0.4m).
Taxation
The statutory profit tax charge for the
year, including share of income tax of
equity accounted investees of £11.2m
(2024: £8.8m), represents an effective
tax rate (‘ETR’) of 36.7% (2024: 78.6%).
The decrease in the statutory ETR of 41.9
points results primarily from an increase
in profit before tax to £28.5m (2024:
£5.5m) and a reduction in non-deductible
expenses of £2.2m (2024: £5.8m) from
decreased corporate transaction activity.
The adjusted profit tax charge for the
year of £20.4m (2024: £16.8m) represents
an ETR on adjusted profits of 27.5% (2024:
28.1%). The expected adjusted profit for the
Group in FY26 is in the range of 26-28%.
Earnings per share
Adjusted basic earnings per share
increased by 25% (39% in constant
currency) to 81.8 pence (2024: 65.5 pence)
from the broad-based PIC profit growth
and ABS VAP actions. Basic earnings
per share on a statutory basis were
29.3 pence (2024: 12.0 pence), taking
into account the factors above and
lower impacts from IAS 41 valuation
movements and exceptional items.
Biological assets
A feature of the Group’s net assets is
its substantial investment in biological
assets, which under IAS 41 are stated
at fair value. At 30 June 2025, the
carrying value of biological assets
was £268.3m (2024 restated: £308.6m),
as set out in the table below.
The balance sheet at 30 June 2024
has been restated by a reduction of
£41.1m in biological assets. During FY25
management reviewed its approach in
determining the fair value of bovine and
porcine biological assets and concluded
that there was insufficient recent third-
party market transactions to support
the approach of using a long-term
pre-tax risk adjusted discount rate. As
such management shortened its view
of a long term pre-tax adjusted rate to
10 years consistent with the pre-tax cash
flows and this resulted in an increase in
the risk adjusted discount rate. For the
year ended 2024 there was no material
effect on the Group Income Statement,
Group Statement of Comprehensive
Income and no impact on the Group
Statement of Cash Flows. Therefore,
there has been no restatement of
the Group Income Statement and no
adjustment to earnings per share.
2025
£m
Restated
2024
£m
Non-current assets 219.0 256.3
Current assets 34.7 32.3
Inventory 14.6 20.0
268.3 308.6
Represented by:
Porcine 209.3 235.5
Dairy and beef 59.0 76.1
268.3 308.6
The movement in the overall balance
sheet carrying value of biological assets of
£40.3m includes the effect of an exchange
rate translation decrease of £20.3m.
Excluding the translation effect and the
impact of the disposal of our LuoDian farm
there was a net fair value impact of:
• a £1.7m decrease in the carrying value of
porcine biological assets, with a
marginally lower breeding sales
percentage being partially offset by an
increase in the ratio of boars to gilt
sales, the increase relating to the
restocking of Benxi farm following a
health break earlier in the year; and
• a £11.6m decrease in the bovine
biological assets carrying value,
primarily reflecting higher production
costs, lower inventory and lower
estimates, based on market data, of the
semen sales price attributable to the
biological asset value
The historical cost of these assets, less
depreciation, was £72.0m at 30 June 2025
(2024: £80.9m), which is the basis used for
the adjusted results. The historical cost
depreciation of these assets included in
adjusted results was £16.4.m (2024: £15.3m).
Retirement benefit obligations
The Group’s retirement benefit obligations
at 30 June 2025 were £6.9m (2024: £6.6m)
before tax and £5.7m (2024: £5.4m) net of
related deferred tax. The largest element
of this liability now relates to some legacy
unfunded pension commitments dating
prior to Genus’s acquisition of PIC.
Robust investment strategies mean our
two main defined benefit obligation
schemes have remained in sound
financial positions. Prior to any IFRIC 14
amendments, both the Dalgety Pension
Fund (‘DPF’) and our share of the Milk
Pension Fund reported IAS 19 surpluses.
Formal notice to wind-up the DPF was
given by the scheme’s sponsoring
employers on 13 February 2025, as all
member benefits have now been secured
with insurance companies, following
the completion of the GMP equalisation
exercise. Wind-up is expected to
complete in the first quarter of 2026.
Cash flow
Free cash flow
2025
£m
2024
£m
Adjusted EBITDA 119.8 108.9
Cash received from
joint ventures 6.1 4.7
Working capital 11.3 (11.2)
Biological assets 1.3 (9.6)
Net capital expenditure (18.2) (24.0)
Lease repayments (14.1) (13.7)
Adjusted cash from
operating activities 106.2 55.1
Cash conversion % 114% 71%
Exceptional items (24.2) (17.9)
Pension contributions,
provisions & other (1.6) (1.4)
Interest and tax paid (39.5) (39.0)
Free cash flow inc.
lease payments 40.9 (3.2)
Adjusted cash from operating activities
of £106.2m (2024: £55.1m), was driven
by strong growth in adjusted EBITDA,
which reached £119.8m (2024: £108.9m),
and significant improvements in working
capital compared to FY24 of £22.5m,
primarily due to enhanced inventory
management, particularly within the ABS
business, and improved cash collections.
Genus also recorded lower outflows
related to biological assets compared to
the prior year, which had been impacted
by restocking at PIC’s Aurora production
facility and farm stockings in China. Net
capital expenditure was lower, at £18.2m
Financial Review continued
31
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
(2024: £24.0m), as planned. Cash flow
conversion in FY25 was 115% (FY24: 71%),
benefiting from the strong work capital
management and the reduction in other
capital investment outflows, and is far in
excess of our annual target for cash flow
conversion of at least 70%, which we also
expect to exceed in this coming year.
Free cash flow, including lease
repayments, totalled £40.9m (2024: £3.2m
outflow), and was a record, despite
being impacted by exceptional item
outflows of £24.2m (2024: £17.9m), also as
planned. These included £6.5m related
to FY24 corporate transactions that did
not complete, £7.9m for ST settlement
payments, and £8.8m for ABS VAP
restructuring and consulting costs. The
cash outflow from investments, including
joint venture loans, was £4.3m (2024: nil),
primarily related to a £2.6m cash outflow
for the first payment to acquire the
remaining DeNovo non-controlling interest.
Credit facilities and net debt
On 10 June 2025, the company renewed
its Facilities Agreement with a group of
eight banks and at the balance sheet
date, the Company’s facilities under this
agreement comprised a £220m multi-
currency revolving credit facility (‘RCF’)
and a USD150 million RCF. The term of the
new facility is for four years, maturing on
9 June 2029. The facility includes two one-
year extension options, exercisable not
more than 60 days, nor less than 30 days,
prior to the first and second anniversaries
of the signing date of 10 June 2025. The
facility also includes an uncommitted
£100m accordion feature for future
business development opportunities.
In addition to the RCF facilities, the
Company has c£13m of unilateral facilities
supporting its GBP, EUR, and USD pooling
arrangements. The Company had
headroom of £119.4m (2024: £106.7m) in
its combined facilities at 30 June 2025.
Net debt decreased to £228.2m at
30 June 2025 (2024: £248.7m) supported
by a free cash inflow of £40.9m, and a
£7.5m improvement in net debt through
the LuoDian joint venture agreement,
and after dividend payments of £21.1m
and a £10.6m non-cash increase in net
debt from the deferred consideration
for the acquisition of the remaining De
Novo non-controlling interest. Net debt
also benefited from foreign exchange
translation on the US dollar loan facilities
of £8.2m. The ratio of net debt to adjusted
EBITDA as calculated under our financing
facilities at the year-end decreased to
1.5 times (2024: 2.0 times) which remains
in line with our medium-term objective
of having a ratio of net debt to EBITDA
of between 1.0 – 2.0 times. Net debt
as calculated under our new Facility
Agreement includes bank guarantees
but excludes IFRS 16 lease liabilities up to
a cap of £60m (2024: cap of £30m). The
effect of this change in the treatment of
leases on the net debt ratio at 30 June
2025, was an improvement of 0.14
times. At the end of June 2025, interest
cover was at 8 times (2024: 8 times).
Capital allocation priorities and
return on adjusted invested capital
Subject to managing Group debt within
the stated leverage range, the Group’s
capital allocation framework prioritises
the investment of cash in areas that
will deliver future earnings growth and
strong cash returns on a sustainable
basis. Our first priority is investments in
our existing business to drive organic
growth, including capital expenditure in
infrastructure, innovation in new products
and the development of our people.
Our second priority is to assess the
potential for disciplined value enhancing
investments in current and adjacent
market niches to supplement our core
organic growth. These investments
can bring new technology, intellectual
property and/or talent into the Group
and can expand our market reach.
After assessing potential investment
opportunities, the Board may consider
whether it is appropriate to return
additional value to shareholders over and
above the Group’s progressive ordinary
dividend policy. The quantum and
structure of any additional return of value
to shareholders would be determined
subject to prevailing market conditions.
In FY25, Group return on adjusted invested
capital, as defined in the alternative
performance measures glossary, was
higher at 14.7% (FY24: 11.5%), reflecting
an increase in adjusted operating profit
including joint ventures after tax to £67.5m
(2024: £56.2m), due to the significant
adjusted operating profit improvement
and a 0.6 point reduction in the adjusted
effective tax rate. Adjusted invested
capital decreased by 6% to £460.1m (2024:
£489.5m), predominantly due to lower
working capital and a reduction in leased
farm assets through the LuoDian joint
venture agreement earlier in the year.
Dividend
Recognising the importance of balancing
investment for the future with ensuring
an attractive return for shareholders, the
Board is recommending an unchanged
final dividend of 21.7 pence per ordinary
share, consistent with the prior year
final dividend. When combined with
the interim dividend, this will result in an
unchanged total dividend for the year
of 32.0 pence per ordinary share (FY24:
32.0 pence per share). Dividend cover
from adjusted earnings increased to
2.6 times (FY24: 2.0 times) in line with
our targeted range of 2.5x to 3.0x..
It is proposed that the final dividend
will be paid on 05 December 2025 to
the shareholders on the register at the
close of business on 07 November 2025.
1 Adjusted results are the Alternative Performance
Measures (‘APMs’) used by the Board to monitor
underlying performance at a Group and operating
segment level, which are applied consistently
throughout. These APMs should be considered in
addition to statutory measures, and not as a
substitute for or as superior to them. For more
information on APMs, see the APM Glossary
2 Constant currency percentage movements are
calculated by representing the results for the year
ended 30 June 2025 at the average exchange rates
applied to adjusted operating profit for the year
ended 30 June 2024
32
GENUS PLC / Annual Report 2025
Progress
through
people
People and Culture
During the year, we continued to help our
talented global team to play its part in pursuing
company priorities. We provide information on
the composition of our team in the Governance
section on page 73.
Strengthening our culture
We introduced the refreshed company
values developed the previous year
through more than 50 in-person and
online launch events around the world.
These were hosted by senior leaders and
attended by more than 3,000 colleagues.
In research following these events, 93%
of respondents said the new values
resonated with them and 97% said they
follow the values in their day-to-day work.
Steps to embed the values included
guidance for managers on how to align
their teams and a global communication
programme celebrating colleagues
who exemplify the values. In parallel,
we continued to integrate the values and
associated behaviours within operational
processes such as recruitment,
onboarding, employee development
and performance management. They
are also featured prominently in our
employee handbook, which sets out
expectations of all Genus employees.
Increasing engagement
Non-Executive Directors Lesley Knox
and Lysanne Gray engage directly with
employees on the Board’s behalf. During
FY25, they held discussions with the PIC
team in Spain and colleagues in our Head
Office in Basingstoke, UK. These sessions
elicited valuable feedback and ideas,
which they shared with other Board
members and executive leaders. In line
with our value ‘Never Stop Improving’,
we are working on these suggestions for
enhancing the employee experience.
We continued to communicate with
employees around the world by regularly
sharing information about business plans
and progress, through multiple internal
channels. We also maintained different
mechanisms for dialogue, including
regular Town Hall meetings and Q&As
with executive leaders during site visits.
We also engaged different employee
groups to enhance their connection
with the company. This included further
support for our employee resource group,
AWAKE (Advancing Women’s Advocacy,
Knowledge and Empowerment), and a
campaign to share stories of inspiring
female employees with colleagues across
the company and a campaign to share
stories of inspiring female employees with
colleagues across the company. We track
the proportion of women in professional,
scientific and management bands and
in FY25 this proportion was 35%.
Creating a
compelling employee
experience across
the company.
Angelle Rosata
Chief Human Resources Officer
33
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
We also hosted a wide range of employee
events through local social committees,
to help us continue to foster a positive
and inclusive culture across the company.
More information on the gender
breakdown of our Board, senior leadership
and wider workforce are given on page 73
in the Nominations Committee Report.
Attracting new talent
As two executive leaders prepared to
retire, we mounted global searches to
identify appropriate successors. This
enabled us to recruit Lucie Grant as Group
General Counsel and Company Secretary
(joined in March 2025) and Andy Russell as
Chief Financial Officer (joined as our new
financial year began). We were pleased to
attract colleagues of such high calibre to
the company.
In parallel, we continued to nurture our range
of early-career programmes to bring new
talent into the company. We operate
a range of schemes around the world,
including internships and trainee or graduate
programmes. These schemes brought in
58 new colleagues during the year.
Developing our people
We provide extensive opportunities for
employees to learn and grow throughout
their time with us. This includes a series of
bespoke development programmes for
people at different career stages. The
latest edition of our CEO Scholarship
awarded funding to a colleague in PIC
Philippines for a Master’s degree in
Innovation and Business, through the Asian
Institute of Management.
We also offer learning resources in multiple
languages through our online platform,
Genus University. During the year, we
continued to expand and enhance the
content available. This included launching
In the Know, a new monthly five-minute
podcast providing practical tips on
important topics, such as communication
or collaboration.
Every employee completes mandatory
training each year on our Code of Conduct,
Animal Well-Being, Workplace Harassment
and Health & Safety. In addition, many
employees undertake role-specific training
and we train all newly-hired or promoted
people managers on management
effectiveness, to help us continue
strengthening our culture and enhancing
the employee experience.
Supporting colleagues
and communities
As part of our commitment to supporting
the communities in which we live and work,
colleagues around the company volunteer
time to support local charities. They also
organise events to support those causes,
such as food drives for local food banks,
donating equipment to schools and
fundraising for community projects.
We always seek to support colleagues
who need our help. This year, the PIC team
in North America piloted an initiative
inviting colleagues to contact the
company, confidentially, if they and their
families needed any assistance over the
Christmas period. Several colleagues
made contact and the wider team rallied
round to support them, for example by
providing family meals or gifts for children.
Health and safety
We continued to strengthen health and
safety and reduce risks to employees
across the company. Our recordable
injury frequency rate, based on incidents
per 100 employees over 200,000 hours
worked, was 1.91. It was 4.5% lower than the
previous year, in line with our target of a
5% reduction year-on-year. Our vehicle
incident rate remained flat with prior
year, with an increase in animal strikes
contributing to missing our goal of 5%
reduction on prior year. We are currently
exploring options to enhance our driver
training focusing on anticipating and
avoiding potential hazards through
defensive driving techniques.
We continued to strengthen communication
and deliver training around the importance
of reporting observations and any ‘near
misses’. The insights from such reports help
us identify, investigate and address risks
before they cause any incidents. We
increased reports by 38% during the year,
adding to a 50% rise the previous year.
Routes for raising concerns
Colleagues can raise any concerns about
unethical behaviour through several
routes. These include an independent and
anonymous hotline (which supports our
whistleblowing policy), which is offered in
different languages and different
numbers.
Any reports are immediately referred to
the Group General Counsel and Company
Secretary. They are investigated and
discussed with the Group HR Director,
Head of Risk Management, Internal
Audit and the company’s Audit & Risk
Committee. This process is regularly
reviewed as part of our annual Audit & Risk
Committee activity.
Human rights
Genus is committed to respecting the
human rights of workers throughout our
value chain and the local communities in
which we operate. We aim to ensure that
anyone who might be affected by Genus
can enjoy the human rights described in
the International Bill of Human Rights and
the ILO Declaration on Fundamental
Principles and Rights at Work.
We monitor this through the same process
used for the policies outlined earlier and
there were no issues identified during
the year.
34
GENUS PLC / Annual Report 2025
Sustainability Report
Pioneering
animal genetic
improvement
to sustainably
nourish the world
IN THIS SECTION
Greenhouse Gas Emissions 35
TCFD Report 41
GLOSSARY
Primary Intensity Ratio: The sum of
scope 1 and scope 2 emissions
(measured in tonnes of CO
2
equivalent)
divided by Animal Weight (measured
in tonnes)
Revenue Intensity Ratio: The sum
of scope 1 and scope 2 emissions
(measured in tonnes of CO
2
equivalent)
divided by Group Revenue (measured
in £m)
Scope 1 emissions: Direct greenhouse
gas emissions resulting from activity
owned or controlled by Genus – e.g.
livestock emissions, and emissions from
fuel used for fleet and facilities
Scope 2 emissions: Indirect greenhouse
gas emissions resulting from the
generation of purchased electricity,
steam, heat or cooling that Genus uses
in its facilities
Scope 3 emissions: All Indirect
greenhouse gas emissions that occur in
Genus’s value chain that are not owned
or controlled by Genus – e.g. outsourced
transportation of our animals
Scope 4 emissions: Avoided greenhouse
gas emissions through the use of Genus’s
products – e.g. the reduction in a protein
producer’s greenhouse gas emissions
through the use of Genus genetics
1
tCO
2
e: Tonnes of carbon dioxide
equivalent, a standard measure of
greenhouse gas emissions, representing
the global warming impact of various
greenhouse gases
TCFD: Task Force on Climate-related
Financial Disclosures; a framework for
corporate disclosure of climate related
risks and opportunities
35
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
Our products and services help farmers
produce more high-quality animal protein
per unit of resource. Our elite pigs, for
instance, grow faster and convert feed to
protein more efficiently than non-elite
pigs. Daughters of our elite bulls produce
greater volumes of more nutritious milk per
unit of input (for example, feed or water)
than non-elite cows. Driving continuous
genetic improvement in our elite herds is
therefore intrinsically linked with improved
sustainability outcomes for bovine and
porcine protein producers.
In FY25, Genus produced approximately
274,000 tCO
2
e of Scope 1, 2 and Partial
Scope 3 emissions. Our impact on industry
emissions is far greater, however. In FY25,
we estimate that our genetics helped
protein producers avoid over 8,000,000
tCO
2
e through improved productivity. This
demonstrates the significant multiplier
that our genetics can have on the wider
animal protein production industry. This
stance is corroborated by analysis from
the United Nations Food and Agriculture
Organisation
3
: “The livestock sector
requires intensified productivity via
improved genetics and feeding practices…
to reduce resource usage”.
Our focus areas
We take a holistic approach to
Sustainability at Genus. In addition to our
focus on emissions, we consider our wider
environmental impacts, as well as ensuring
our operations around the world are
underpinned by policies and practices
which reflect our core principles, such as
animal well-being, supporting community
causes and ensuring we foster a dynamic,
inclusive and safe working environment.
1 Scope 4 is a voluntary metric devised by the World
Resource Institute, and covers emissions avoided
when a product is used as a substitute for other
goods or services, fulfilling the same functions but
with a lower carbon intensity
2 We believe our products and services help farmers
produce more high-quality animal protein per unit of
resource. We believe estimating Scope 4 avoided
emissions is important because it helps enable our
businesses to focus on, discuss and actively pursue
the carbon benefit that our products and services
offer to our customers. The relevance of Scope 4
avoided emissions in relation to Genus’s Scope 1,
Scope 2 and partial Scope 3 emissions is that we
believe there is a significant positive multiplier effect
from our products and services being used by our
customers relative to the emissions we produce or
procure ourselves
3 FAO. 2023. Achieving SDG 2 without breaching the
1.5°C threshold: A global roadmap
Avoided industry emissions through use of Genus’s products and services in FY25
c.8m tCO
2
e
Scope 4 avoided emissions from the use of PIC’s porcine genetics is calculated only for the regions where PIC has a ISO 14044-conformant, third-party-reviewed Life Cycle
Assessments in place (North America, Europe, Japan and China). To calculate the avoided emissions, we first establish an emission baseline using sales data for the volume
of genetics sold in a region and by applying region specific porcine production emission factors (cradle to farmgate) sourced from GLEAM (the U.N. Food and Agriculture
Organisation’s Global Livestock Environmental Assessment Model). We then apply the regional carbon reduction percentage as identified in the respective regional LCA.
A limitation of this methodology is that it relies on GLEAM emission factors that apply industry-standard regional inputs.
36
GENUS PLC / Annual Report 2025
Sustainability Report continued
Genus has committed to two
emissions targets:
1. A 25% reduction in our primary
intensity ratio against our 2019
baseline by 2030
2. Becoming a net zero greenhouse
gas emissions business by 2050
GREENHOUSE GAS EMISSIONS
FY25 scope 1 and scope 2 emissions
We believe we can exert greater control over our scope 1 and scope 2
emissions and, therefore, managing these emissions is our primary focus.
In FY25, we produced 83,668 tCO
2
e of scope 1 and scope 2 emissions. This was a 6.0%
increase on the 78,968 tCO
2
e of scope 1 and scope 2 emissions that we generated in
FY24. The two key drivers of the increase in year-on-year emissions were:
1. Greater PIC animal inventory, resulting in greater livestock, housing and feed emissions
2. Higher electricity emission factors, predominantly in China and India, resulting in more
emissions per unit of electricity consumption
tCOe
80,000
100,000
60,000
40,000
20,000
0
FY19
Genus’s Scope 1 and 2 emissions
Scope 1 Scope 2
Scope 1 - Livestock
Scope 1 - Fleet
Scope 1 - Fuel (Energy & Heat)
89,390
7,439
7,018
6,825
10,373
9,765
11,991
9,304
15,567
9,567
81,951
80,303
74,940
70,678
67,601
44,640
13,033
44,723
13,811
87,321
81,765
81,051
77,366
78,968
83,668
FY20 FY21 FY22 FY23 FY24 FY25
1
There are three activity areas that produce 76% of total Group scope 1 and 2 emissions:
1. PIC manure management (33,114 tCO
2
e or 40% of FY25 scope 1 and scope 2 emissions)
1
2. Group electricity consumption (15,518 tCO
2
e or 19% of FY25 scope 1 and scope 2
emissions)
3. Group fleet (13,811 tCO
2
e or 17% of FY25 scope 1 and scope 2 emissions)
Given their contribution, these are our key focus areas for identifying, analysing
and implementing actions and interventions to improve our Group emissions profile
going forwards.
k
a
b
c
e
f
g
h
i
j
d
a. PIC Manure methane – 25,123 (30.0%)
b. PIC Manure nitrous oxide – 2,670 (3.2%)
c. PIC Land Application
nitrous oxide – 5,322 (6.4%)
d. PIC Enteric Fermentation – 5,417 (6.5%)
e. PIC Eectricity – 11,716 (14.0%)
f. PIC Fuel – 7,952 (9.5%)
g. PIC Fleet – 3,970 (4.7%)
h. ABS Livestock – 6,192 (7.4%)
i. ABS Electricity – 3,788 (4.5%)
j. ABS Fleet – 9,842 (11.8%)
k. Others – 96.2 (2.0%)
1 During 2025 Genus undertook a review of the porcine manure management systems in place and their
operational status. As a result, inputs into the manure methane calculation have improved in accuracy this
reporting year versus last reporting year
37
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
CHANGE TO PRIMARY
INTENSITY RATIO
Our PIR is currently calculated as the
sum of scope 1 and scope 2 emissions
divided by animal weight. During FY25,
we conducted an analysis to determine
whether this definition was still the most
relevant for our business. In particular,
we considered whether changing the
denominator to ‘Group Revenue’ or
‘Group EBITDA’ would make the PIR
more robust and understandable.
Our analysis suggested that moving to
a ‘Group Revenue’ denominator would
provide a better overall metric and
align Genus more closely with industry
standards. As a result, Genus has
determined that from FY26 its new
Primary Intensity Ratio calculation will
be the sum of scope 1 and scope 2
emissions divided by Group Revenue.
To aid transparency during this
transition, we will continue to show both
calculations under the old and new
definition in our ‘Emissions Data Table’
for the next three years (see page 39 for
our FY25 Emissions Data Table).
FY25 Primary Intensity Ratio
In FY25, our Primary Intensity Ratio (‘PIR’), calculated as the sum of scope 1 and scope 2
emissions divided by animal weight, declined to 5.32. This was a 17.6% decrease
compared to our PIR of 6.46 in FY24.
8
10
6
4
2
0
FY19
Primary Intensity Ratio
9.37
6.98
6.04
6.46
8.33
8.31
5.32
FY20 FY21 FY22 FY23 FY24 FY25
Scope Activity FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
1 Livestock 81,951 80,303 74,940 70,678 67,601 44,640 44,723
1 Fleet 13,033 13,811
1 Fuel (energy
and heat) 9,304 9,567
2 Electricity &
District
heating 7,439 7,018 6,825 10,373 9,765 11,991 15,567
Total Scope 1
and 2 89,390 87,321 81,765 81,051 77,366 78,968 83,668
Animal weight 9,543 10,488 9,839 11,611 12,812 12,227 15,627
Our medium-term emissions target is a 25% reduction in our PIR against our 2019 baseline
by 2030.
The FY25 PIR outcome of 5.32 represents a 43% reduction compared to our 2019 baseline
PIR of 9.37. FY25, therefore, represents the third year where we have beaten our 2030 target.
100
120
60
80
40
20
0
FY19
—
PIR relative to 2019 baseline — 2030 target
FY20 FY21 FY22 FY23 FY24 FY25
U PS TRE A M A C TIVIT IES REPORTING COMPANY D OW N ST R E A M A CT IVIT I E S
Capital goods
2,167
Purchased
electricity
15,518
Heating & cooling
5
Electric vehicles
45
Livestock emissions
44,723
Company facilities
9,567
Company vehicles
13,811
Transport and
distribution
No data*
Processing of
sold product
No data*
Use of sold
products
No data*
Downstream
leased assets
No data*
Investments
Not applicable
Franchises
No data*
End-of-life
treatment
No data*
urchased
goods/services
148,591
Business travel
6,622
Waste
12,448
Fuel & energy-
related activities
8,231
Transport and
distribution
12,298
Upstream
leased assets
0
Employee
commuting
No data*
S CO P E 3
(tCO
2
e)
S CO P E 2
( LO C ATION - B AS E D )
(tCO
2
e)
S COPE 1
(tCO
2
e)
S COPE 3
(tCO
2
e)
CO
2
N
2
O
CH
4
38
GENUS PLC / Annual Report 2025
Sustainability Report continued
* None because Genus currently does not have access to this information and is focusing on upstream Scope 3 emission categories
1 The GHG emissions data presented above is based on data collected between 1 April 2024 and 31 March 2025
2 Scope 2 (Location-based) GHG Emissions
Total emissions
(tCO
2
e)
1
Scope 1: 68,101
Scope 2
2
: 15,567
Partial Scope 3:
190,358.4
39
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
FY25 scope 3 emissions
Genus’s scope 3 emissions include all
indirect greenhouse gas emissions that
occur in Genus’s value chain that are not
owned or controlled by Genus. This is a
wide-ranging definition that, for instance,
includes downstream emissions from
protein processing and cooking.
Given this wide-ranging definition, we do
not believe an estimate of Genus’s total
scope 3 emissions would be useful because
its sensitivity to difficult-to-quantify
assumptions would be too great. Instead,
we report partial scope 3 emissions and our
ambition is to continuously extend the
perimeter of activities that we can
effectively measure, record and manage.
The chart opposite details the scope 3
emissions areas that we are currently
tracking. To date, we have been focused
on upstream scope 3 emissions.
The FY25 Emissions Data Table shows
Genus’s aggregate partial scope 3
emissions. It is worth noting that year-to-
year data are not always comparable as
we are continuously seeking to expand
and improve our activity perimeter for
scope 3 emissions.
FY25 scope 4 emissions
Genus’s scope 4 emissions represent
reductions in greenhouse gas emissions
through the use of Genus’s products and
services. We believe scope 4 emissions are
an important consideration because our
core commercial proposition is to help
farmers produce more high-quality animal
protein with fewer resources. Driving
continuous genetic improvement in our
elite herds should, therefore be intrinsically
linked with lower unit emissions for bovine
and porcine protein producers.
Our estimate of scope 4 emissions
only takes into account the emissions
reductions from products, countries
and regions where we have ISO-certified
Life Cycle Assessments. On this basis,
we estimate that in FY25 the use
of our genetics drove improved
customer productivity that helped
avoid 8,038,765 tCO
2
e
1
.
FY25 SECR compliance
In line with the UK Government’s energy
and carbon reporting requirements,
information on Genus’s greenhouse gas
emissions and energy consumption is set
out in the FY25 emissions data table and
FY25 energy data table below.
Greenhouse gas emissions is identified
as a key environmental impact for Genus.
Our emissions are primarily methane from
biological processes, as well as indirect
emissions from imported electricity and
direct emissions from the use of fuel for
our fleet and facilities.
Electricity data is collected from
metered use. Fuel use is reported
based on our financial or other records
of fuel purchased. We have used fuel
properties provided by the Department for
Environment, Food & Rural Affairs (DEFRA)
to determine the typical calorific values
or densities of fuel to obtain a common
energy metric (kWh).
Genus applies an equity-based approach
to greenhouse gas and energy reporting.
Further information on the methodology
applied to greenhouse gas emissions
and energy reporting can be found
at genusplc.com in our Basis of
Reporting
1
document.
1 https://www.genusplc.com/sustainability/
policies-and-reports/
FY25 emissions data table
All values presented are tCO
2
e, unless otherwise specified
FY25 FY24 FY19
Unit Total
UK and
offshore RoW Total
UK and
offshore RoW Total
UK and
offshore RoW
Scope 1 tCO
2
e 68,101 3,460 64,641 66,977 4,074 62,903 81,951 3,178 78,773
– Livestock tCO
2
e 44,723 878 43,845 44,640
1
1,064 43,576
– Fleet tCO
2
e 13,811 2,408 11,403 13,033 2,922 10,111
– Fuel (facilities) tCO
2
e 9,567 174 9,393 9,304 88 9,216
Scope 2 (location-based)
2
tCO
2
e 15,567 196 15,371 11,991 254 11,736 7,439 171 7,268
Scope 2 (market-based)
3
tCO
2
e 15,465 11,981
Total Scope 1 and 2 tCO
2
e 83,668 3,655 80,013 78,968 4,328 74,639 89,390 3,349 86,041
Animal Weight tonnes 15,716 12,227 11,611
Animal Weight Intensity Ratio tCO
2
e/tonnes 5.32 6.46 9.37
Group Revenue
4
£m 672.8 668.8 488.5
Revenue Intensity Ratio tCO
2
e/£m 124.4 118.1 183.0
Partial Scope 3
5
tCO
2
e 190,358 233,789
2 Location-based approach reflects the average emission intensity of the local grid applicable to where the electricity was consumed
3 Market-based approach reflects the supplier-specific purchase choices made by Genus for renewable electricity
4 Group Revenue is our fiscal year period (12 months to June 30)
5 Year-to-year data are not always comparable as we are continually seeking to improve our Scope 3 emissions perimeter. The reduction in Scope 3 emissions from FY24 to FY25
is primarily driven by reduced expenditure in three significant procurement categories
40
GENUS PLC / Annual Report 2025
FY25 sustainability data independent
assurance
We retained DNV Business Assurance
Services UK Limited (‘DNV’) to provide
limited assurance over selected
information presented in this 2025
Sustainability Report. The scope of the
assurance, which covered the period
ranging from 1 April 2024 to 31 March 2025,
was designed to focus on assuring
the following FY25 sustainability
non-financial metrics:
• Total scope 1 greenhouse gas emissions
• Total scope 2 (location-based)
greenhouse gas emissions
• Total scope 2 (market-based)
greenhouse gas emissions
• Partial scope 3 (categories 1 – 6)
greenhouse gas emissions
• Total energy used
• Proportion of female employees in
senior professional, scientific and
management bands
1
• Recordable injury frequency rate
1
The FY25 DNV Assurance statement can
be found at: https://www.genusplc.com
sustainability/policies-and-reports/
Sustainability Report continued
Net zero
Genus is committed to becoming a net
zero greenhouse gas emissions business
by 2050. This commitment is limited to our
scope 1 and scope 2 emissions. We believe
we can exert greater control over our
scope 1 and scope 2 emissions and,
therefore, managing these emissions is our
primary focus.
As noted earlier, our three most significant
emissions sources are:
1. Porcine Manure Management
(33,114 tCO
2
e or 40% of FY25 scope 1
and scope 2 emissions)
2. Group Electricity consumption
(15,518 tCO
2
e or 19% of FY25 scope 1
and scope 2 emissions)
3. Group fleet (13,811 tCO
2
e or 17% of FY25
scope 1 and scope 2 emissions)
We are exploring numerous initiatives to
reduce our emissions across our entire
operations and especially in these three
key areas
2
. We may contract with third
party experts to help us scope and assess
these initiatives, taking into account
technical feasibility, deliverability, and
both financial and non-financial returns.
Key potential initiatives that we have
identified include:
1. Continued genetic improvement,
to drive greater efficiency within our
own herds
2. Anaerobic digesters, which convert
organic matter to methane and carbon
dioxide. Methane produced can be
burnt to produce heat, or flared
3. Improved slurry management
4. Accelerating our fleet transition
towards higher mileage, hybrid
and/or electric vehicles, where
possible and practical
5. Purchasing Renewable Energy
Certificates to offset emissions
from Genus’s non-renewable
energy consumption
We will continue to assess these initiatives
as well as other future opportunities and
innovations that may present themselves.
FY25 energy table
All values presented are kWh
Energy source and activity Location FY25 FY24 FY19
Electricity import Global 33,089,973 25,604,873 17,599,380
Electricity generated from renewable energy and used on site Global 1,826,772 992,087 303,800
Total electricity Global 34,916,745 26,596,960 17,903,180
District heating (estimated based on share of building occupied) EU only 19,000 18,376 -
Liquid and gaseous fuels used for mobile and stationary combustion sources Global 102,899,097 97,151,632 22,495,340
Total energy used UK 12,028,063 14,189,297 965,524
ROW 123,961,007 109,577,672 39,432,996
Global 135,989,070 123,766,696 40,398,520
Electricity generated from renewable energy and exported renewable energy Global 176,270 120,539 -
1 These metrics are based on Genus’ financial reporting year of 1 July 2024 to 30 June 2025
41
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
TASK FORCE ON CLIMATE-RELATED FINANCIAL
DISCLOSURE (‘TCFD’) REPORT
In accordance with the UK Climate-related Financial Disclosure Regulations (‘CFD’) and
Listing Rule 6.6.6R(8) we confirm that the following pages contain disclosures consistent
with the Task Force on Climate-related Financial Disclosures’ (‘TCFD’) recommendations
and recommended disclosures. In producing this TCFD statement, we have considered
the framework structure provided in Annex A (figure A.1) and as a result have considered
industry-specific guidance for the Agriculture, Food and Forests Products Group.
We believe our disclosures are fully consistent with all TCFD recommendations.
TCFD recommended disclosure consistency & section reference
Pillar Description Recommended disclosure Consistency TCFD Report section
Governance Disclose the
organisation’s
governance around
climate-related risks
and opportunities
a. Describe the board’s oversight of climate-
relate risks and opportunities
Full 1
b. Describe management’s role in assessing and
managing climate-related risks and opportunities
Full 1
Strategy Disclose the actual
and potential impacts
of climate-related risks
and opportunities on
the organisation’s
businesses, strategy
and financial planning
where such information
is material
a. Describe the climate-related risks and
opportunities the organisation has identified
in the short, medium and long term
Full 2.1, 2.2, 3.3
b. Describe the impact of climate-related
risks and opportunities on the organisation’s
businesses, strategy and financial planning
Full 2.3
c. Describe the resilience of the organisation’s
strategy, taking into consideration different
clime-related scenarios, including a 2°C or
lower scenario
Full 2.4
Risk
Management
Disclose how the
organisation identifies,
assesses, and manages
climate-related risks
a. Describe the organisation’s processes for
identifying and assessing climate-related risks
Full 3.1, 2.2
b. Describe the organisation’s processes for
managing climate-related risks
Full 3.2
c. Describe how processes for identifying,
assessing and managing climate-related risks
are integrated into the organisation’s overall
risk management
Full 3.3
Metrics and
Targets
Disclose the metrics
and targets used to
assess and manage
relevant climate-related
risks and opportunities
where such information
is material
a. Disclose the metrics used by the organisation
to assess climate-related risks and opportunities
in line with its strategy and risk management
process
Full
4.1, 4.2, 4.3
b. Disclose Scope 1, Scope 2 and, if appropriate,
Scope 3 greenhouse gas emissions, and the
related risks
Full 4.2
c. Describe the targets used by the organisation
to manage climate-related risks and
opportunities and performance against targets
Full 4.3
42
GENUS PLC / Annual Report 2025
TCFD CONTENTS Page(s)
1 Governance
1.1 Board oversight 43
1.2 Management’s role in assessing and managing climate-related risks and
opportunities
43
2 Strategy
2.1 Climate-related risks and opportunities: time horizon and materiality
threshold
43
2.2 Genus climate-related risks and opportunities 44
2.2.1 Transitional risk: Carbon pricing 45
2.2.2 Other climate-related issues 45
2.3 Impact of climate-related risks and opportunities on the organisation’s
businesses, strategy and financial planning
45
2.4 Strategy resilience 45
3 Risk management
3.1 Identifying, assessing and managing climate-related risks
and opportunities
46
3.1.1 Internal risk identification and assessment process 46
3.1.2 Climate scenario analysis 46
3.1.3 Determining materiality 46
3.2 Managing climate-related risks and opportunities 47
3.3 Integration of climate-related risk and opportunities process with Genus’s
overall risk management
47
4 Metrics and targets
4.1 Metrics 47
4.2 Genus’s scope 1, 2 and 3 emissions 47
4.3 Targets 47
4.3.1 Primary Intensity Ratio 48
4.3.2 Absolute emissions and net zero roadmap 48
4.3.3 Genetic targets 48
5 Appendix A: TCFD Disclosure Requirements compliance and section
reference
TCFD Report continued
43
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
1. Governance
1.1 Board oversight
Genus’s Board has overall responsibility and accountability for
our Climate Change Policy and TCFD reporting. Genus’s Chief
Executive has formal responsibility for implementing and
monitoring the strategy to manage climate-related risks and
realise the opportunities, and the Board reviews the business’s
annual budgets, strategic plans and capital investments to
ensure that the Company’s climate change action plans are
implemented and integrated into the Company’s wider financial
planning and strategy.
The Board is provided with regular reports (at least quarterly) on the
performance of our sustainability strategy in terms of performance
against KPIs, absolute emission values, and performance against
Genus’s defined Primary Intensity Ratio (‘PIR’).
The Audit and Risk Committee evaluates the Group’s risk
management and internal control system, including reporting
requirements of TCFD, on behalf of the Board. The Audit and Risk
Committee Chair is appointed to the Sustainability Committee.
1.2 Management’s role in assessing and managing climate-
related risks and opportunities
All members of the Genus Executive Leadership Team, as well as
the Chairman of the Board’s Audit & Risk Committee, have been
appointed to the Group’s Sustainability Committee, which also
comprises operational leaders and subject matter experts with
accountability for delivering the Group’s sustainability objectives.
The Sustainability Committee oversees the Company’s
performance against its emissions reduction targets and makes
recommendations to the Board in relation to our business strategy
and risk management processes. The Sustainability Committee
meets three times a year and is chaired by Genus’s Chief Executive.
All sustainability risks and opportunities determined as material
to the business, including climate-related risks and opportunities,
are assigned a risk owner at executive director level to ensure
leadership oversight, and as an escalation point for the
associated risk manager who is responsible for day-to-day
monitoring of the risk or opportunity, and any mitigation controls
or actions.
2. Strategy
2.1 Climate-related risks and opportunities: time horizon and
materiality threshold
Genus has defined its typical business planning time horizons as
detailed in the table below and applicable across the business.
Recognising that climate issues often manifest over the medium
and long-term, our scenario analysis considers the potential
effects of different temperature pathways over a longer term
(usually 2050). For the purpose of identifying climate related risks
and opportunities, we assessed the potential climate-related
financial impacts for Genus for the following time horizons:
Scenario analysis
time horizon Genus time horizon description
Short-term >2030 Linked to annual business planning
and risk management cycle.
Corresponds to Genus’s strategic
planning cycle, including later
stage Research and Development
(R&D) activity
Medium-term 2031–2040 Considers long-term R&D
projects, long-lived assets and
emerging risks and opportunities
(such as climate change and
changing consumer trends)
that Genus monitors
Long-term 2041–2050
Genus has determined the financial impact materiality threshold
of climate related risks to be £3m which is broadly consistent with
the materiality threshold set by the Group’s financial auditors and
which is calculated based on the basis of 5% of forecast profit
before tax excluding the impact of exceptional items and the net
IAS 41 valuation movement on biological assets. Genus’s risk
management financial impact criteria for a medium risk.
The process for identifying, assessing and managing climate-
related risks and opportunities is described under the risk
management section of this report.
Operational Leaders and
Subject Matter Experts
Accountability for delivering
against Group sustainability
objectives
Audit and Risk Committee
Evaluates risk management
and internal control system,
including reporting
requirements of TCFD
Genus plc Board
Receives updates from the
Sustainability Committee
discussions outlining the Group’s
progress against goals
informs
A&R Committee
Chair appointed
to Sustainability
Committee
Remuneration Committee
Determines remuneration for
Executive Directors and senior
management, to support
growth strategy and deliver
value for Stakeholders
Genus Executive
Leadership Team (‘GELT’)
Leads our strategic delivery
and ensures organisational
alignment, engagement and
efficient execution
GELT members
are appointed
to Sustainability
Committee
Reports to Genus Plc Board
Sustainability Committee
Provides direction and oversight
for continuous improvement in
our environmental sustainability,
health and safety, animal
wellbeing and community
engagement
44
GENUS PLC / Annual Report 2025
2.2 Genus climate-related risks and opportunities
In assessing the shortlisted climate-related transitional issues and the impacts that may arise within each time horizon, carbon pricing is
identified as having a potentially material impact in the short-, medium- and long-term (although the potential impact does vary
geographically).
Transitional risk Region
Potential Financial Impact NPV-1.5°C scenario Aggregated
potential impact
NPV (2050)
10
Short-term Medium-term Long-term
Carbon pricing North America £10.2m £32.7m £50.1m £53.3m
UK £0.4m £1.3m £2.0m
Brazil £0.2m £0.8m £1.3m
Energy transition North America £0.6m £1.5m £1.9m £2.0m
UK <£0.1m £0.1m £0.1m
Brazil <£0.1m <£0.1m <£0.1m
Raw materials – Corn North America <£0.1m £0.1m £0.1m £0.1m
Raw materials – Soya North America £0.3m £0.6m £0.9m £0.9m
UK <£0.1m £0.1m <£0.1m
Brazil <£0.1m <£0.1m <£0.1m
From a long list of physical risks, four physical risks were identified for further analysis. Of those four physical risks, none were assessed as
material to Genus and therefore will be subject to periodic monitoring for change in future assessments:
Potential Financial Impact NPV
Physical risk Region
1.5°C scenario 4.0°C scenario Aggregated
potential impact
NPV (2050)
10
Short-term Medium-term Long-term Short-term Medium-term Long-term
Extreme heat North America £0.4m £0.6m £0.8m £0.4m £0.8m £1.0m £1.2m
UK <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m
Brazil £0.1m £0.1m £0.1m £0.1m £0.1m £0.2m
Forest fires North America £0.1m £0.2m £0.2m £0.1m £0.2m £0.2m £0.2m
UK <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m
Brazil <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m
Extreme wind North America <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m £0.1m
North America <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m
North America <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m <£0.1m
TCFD Report continued
45
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
2.2.1 Transitional risk: Carbon pricing
Carbon pricing is identified as a material climate-related risk.
In a 1.5°C scenario, countries are projected to introduce extensive
climate policy measures such as carbon pricing. Combined with
increasing emissions, Genus may see a significant increase in
direct carbon cost. In our modelling of the 1.5°C scenario, the four
countries could be exposed to a total cost of approximately £22m
per year in 2050 (£53m on a NPV basis from 2022 to 2050).
For Genus, this is felt particularly in the USA and Canada, where
risk is considered high in the short-, medium- and long-term.
Carbon costs in the USA and Canada are potentially higher than
in other regions owing to the region’s higher share of emissions
assessed. The annual carbon cost exposure for Genus’s scope 1
emissions in the USA could be ~£13m in 2050 and in Canada ~£7m
in 2050 under a 1.5°C scenario.
In the UK and Brazil, carbon pricing risk is low (<£1m) in the
short-term, increasing to medium risk (£1-3m) in the UK in the
medium-term and in Brazil in the long-term.
2.2.2 Other climate-related issues
Other risks and opportunities identified by Genus but not currently
deemed as material are reviewed at least annually to ensure
there is no internal or external change to either the impact of the
risk or the likelihood of it occurring.
Whilst existing and emerging regulatory requirements are
under constant review, the risk of failure to meeting mandatory
reporting requirements is currently low in terms of financial
impact. In addition to ongoing horizon scanning, annually the risk
of reporting requirements is reassessed given the ever-changing
requirements and applicability thresholds.
2.3 Impact of climate-related risks and opportunities on the
organisation’s businesses, strategy and financial planning
Climate-related issues are intrinsic to Genus’s business,
strategy and financial planning. Animal protein production is a
significant contributor to global greenhouse gas emissions and is
increasingly subjected to sustainability demands from regulators
and consumers. Increased use of elite genetics is likely to be
a key component of increasing productivity and animal welfare
in the industry.
Genus produces and sells elite genetics to farmers not only to
increase profitability but to reduce the environmental impact
of animal protein production. The animal protein sector is a
significant producer of greenhouse gases globally, and we
continue to demonstrate the role that genetic improvement plays
in reducing emissions. Our Porcine and Bovine business units have
made significant progress in developing, certifying and publishing
region- or country-specific life cycle assessments that quantify
the reduction in emissions resulting from the use of our porcine or
bovine genetics. Therefore, our existing strategic priority as
communicated by the Chief Executive in the Annual Report is well
placed to support our customers with carbon reduction in their
value chains.
The most effective way to mitigate our own future carbon costs is
to reduce our emissions to the fullest extent possible. As part of
our sustainability strategy, Genus measures and monitor its scope
1, scope 2 and upstream scope 3 (categories 1-6) emissions and
has identified three global activities (see section 4: Metrics and
Targets) contributing significantly to our scope 1 and 2 carbon
footprint and that inform Genus’s carbon reduction plan. In FY25
Genus has assigned responsibilities in the organisation for
developing and implementing mitigation projects within those key
three areas that which will ultimately inform the scope 1 and 2
aspects of Genus’s net zero plan.
To inform strategic and financial planning, Genus has developed
a carbon capital expenditure assessment tool to be piloted in
FY26 as part of business unit budget setting process. This is
intended to support identification and assessment of the
sustainability impact of project capital expenditure, and to
enable full consideration of the project life cycle costs, including
carbon pricing.
Genus has a good understanding of the volume of electricity grid
imports in all global operations and the main sources of energy
used to generate grid electricity. We are also aware of the high
consumption in North America and the probable higher financial
impact comparative to other regions, due to lower sources of
renewable energy (although significant Canadian operations are
in Saskatchewan where the energy mix is approximately 85% fossil
fuel). Mitigation of electricity emissions and costs are addressed
under one of our three priority areas.
Sustainability capital expenditure, such as in relation to projects
to mitigate electricity cost and carbon impact, is included as part
of the budget setting process for business units. This has resulted
in installing solar infrastructure now operating in the USA, Canada
and UK, and anaerobic digestor infrastructure for biogas capture
in Brazil and China. The carbon capital expenditure assessment
piloted in FY26 will enable the cost of any mitigation project to be
assessed in line with the probable future increase of electricity
costs, as well as the associated carbon emissions and cost of
carbon. Furthermore, any future investments, such as acquiring a
new site, will include consideration of current and future electricity
demand and costs.
Genus recognises than animal feed requirements are more
significant in our porcine business unit due to the significantly
higher herd numbers maintained, and feed type. Responsibility for
this risk has been assigned through the sustainability risk register
to the Global Supply Chain, including responsibility for ongoing
monitoring of costs and availability, and research into, and
consideration of, substituting scarce or expensive materials
with better and more sustainable options.
2.4 Strategy resilience
We produce and sell elite genetics to farmers. Our elite animals
exhibit traits that farmers value, such as feed conversion
efficiency, disease resistance and faster growth. Our genetics
therefore enable farmers to raise healthier animals that produce
more high-quality protein per unit of input. This not only increases
farmers profitability but reduces the environmental impact of
animal protein production.
Under a 1.5°C scenario, agriculture output is shown to be
somewhat constrained compared to a 4°C scenario. This
constraint is due to the impact of climate policies, such as carbon
pricing. Genus can ensure resilience in a 1.5°C scenario through
providing our customers with opportunity to reduce their own
climate-related impacts through the use of elite genetics and
therefore contributing to transitioning livestock agriculture to a
low-carbon economy. In a 4.0°C scenario, there are likely to be
fewer regulatory drivers for carbon reduction in agricultural
activity and there is therefore likely to be reduced demand for the
environmental benefits of elite genetics. Whilst customers may
not be driven primarily by reduced environmental benefits, we
believe the associated economic benefits of elite genetics will
remain in demand.
46
GENUS PLC / Annual Report 2025
3. Risk management
3.1 Identifying, assessing and managing climate-related risks
and opportunities
3.1.1 Internal risk identification and assessment process
Genus maintains a global sustainability risk register, with Climate
Change as a key risk category serving as a continual input into
the risk assessment. Climate-related risks and opportunities are
identified through internal workshops held with key stakeholders
throughout the business and are described in the context of our
organisation. Through applying top-down and bottom-up
reviews, the potential financial impact is assessed using a scoring
criterion that quantifies the significance of financial impact or
disruption to Genus. The likelihood of the risk or opportunity
arising is also assessed against a quantified criterion.
The criteria for financial impact and likelihood applied are
consistent with those applied to other organisational risks to
enable Genus to determine the relative materiality of climate-
related risks in relation to other risks applicable to Genus.
Furthermore, the Audit and Risk Committee oversees all the
Group’s risk management and internal control systems, including
sustainability risk, resulting in holistic oversight of Genus’s risk and
opportunity landscape.
3.1.2 Climate scenario analysis
Recognising that climate change analysis requires a longer-term
view than many traditional business risks, due to (for example)
uncertainty about government and consumer decisions,
economic trends, as well as the resulting physical climate
impacts, in 2023 Genus engaged an external party to conduct
scenario analysis to understand the financial impact of key
physical and transition risks and opportunities. This scenario
analysis and its outcomes are reviewed at least annually, and it is
included as an input into the sustainability risk register. Genus also
reviews the ongoing applicability of this scenario analysis and will
look to repeat the exercise in future years upon internal or
external changes.
As part of the scenario analysis, Genus documents and data were
considered in conjunction with input from third-party consultants
to understand the value chain of the assets in scope for analysis.
This included Genus’s horizon scanning register, as well as
previous analysis of risks to understand key themes and impacts
on Genus’s business. From this, a long list of potential climate-
related risks and opportunities were established.
Through collaborative workshops and by using a climate analysis
tool, the financial impact and likelihood as well as specificity
of transition risks were assessed, and a short-list of risks and
opportunities for quantified scenario analysis were identified.
To determine the most material Genus sites for detailed physical
risk analysis, during the workshop we assessed site replacement
value, strategic importance, and existing physical hazard analysis
to down-select a proposed list.
As a result of the above process, we identified and agreed upon
three key transition risks and opportunities, as well as 11 Genus
sites for a deep dive physical risk assessment.
The physical risk hazards assessed include coastal inundation,
soil subsidence, riverine flooding, surface water flooding, extreme
wind, forest fire, extreme heat, and freeze thaw. These risks
to Genus buildings were assessed across both potential site
damage and business interruption to determine potential
financial impact. From this assessment, we four physical risks
were identified as relevant to Genus’s sites.
In line with TCFD recommendations, we have considered
Genus’s climate risks and opportunities against two temperature
pathways, 1.5°C (Paris-aligned) and 4.0°C (business-as-usual).
The scenarios were selected to represent two potential outcomes
of global emission trajectories and their potential financial impact
for Genus.
Scenario details 1.5°C warming 4°C warming
Economic
Constraints
Moderate global population growth which levels
off in the second half of the century. GDP growth
in line with historical trends.
Policy
Expectations
Global climate policies
align emissions to 1.5°C
pathway.
No further climate policy
intervention.
Physical
Impacts
Reduced likelihood of
severe climate-related
weather events.
Likely increased severity
of climate-related
weather events.
Genus’s key risks were quantified by integrating Genus-specific
scope and data with a third-party integrated assessment (IAM)
model’s economic and climate science impact projections, to
calculate the cost of decarbonising the economy. The carbon
price used is calculated as the cost to the economy in order to
meet a 1.5°C scenario.
3.1.3 Determining materiality
Genus has determined the financial material impact threshold of
climate-related risks as £3m which is consistent with internal risk
management financial impact criteria for a medium risk. To
determine whether risks and opportunities could have a material
financial impact on Genus, we have applied an approach
depending on the type of risk or opportunity.
For climate-related risks identified as part of the internal Group
risk management process, materiality is determined through
quantification of the financial impact of the risk and the likelihood
of the risk arising.
With regard to transitional risk and opportunities identified
as a result of scenario analysis, we applied an economic
model that considers climate science, macroeconomics, and
financial information to assess the impacts of climate change.
Within this model, the economic projection calculates the cost
of decarbonising the economy in the scenario (1.5°C or 4°C).
Multiple variables are applied such as demand and supply
of labour and capital, carbon emissions, economic production
and output volumes, and price changes. The economic
projection outputs include changes in emissions, costs, output
and productivity and are converted to financial impacts aligned
with Genus’s financials.
To determine whether physical risks could have a material
financial impact on Genus, two quantification methodologies
were combined. Maximum value at risk (‘MVAR’) represents the
proportion of asset value at risk in any given year because of
climate hazards. It is calculated using damage probability due
to an extreme event based on the asset’s characteristics and
applied to the asset replacement cost. Business Interruption
represents the revenue at risk for each site, based on a given
climate scenario. It is calculated using a site’s failure probability
and a hazard’s disruption coefficient, which represent the
probability of site failure due to a climatic event (hazard) based
on a site’s geography and typology, and the number of days of
disruption caused by a given hazard, respectively.
TCFD Report continued
47
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
3.2 Managing climate-related risks and opportunities
Climate related risks are assigned a risk owner at Board level, to
monitor the risk and oversee mitigation, as well as a risk manager
who is responsible for implementing mitigative measures.
To manage climate-related risks, we have a global sustainability
strategy and a climate change policy that is regularly reviewed
at Board level. Our Sustainability Committee oversees the
implementation of strategy and the annual objective setting
process as well as monitoring progress using key performance
indicators and the sustainability risk register.
We have implemented a carbon reduction plan that identifies the
activities within Genus that contribute significantly to our carbon
footprint and therefore are targeted for mitigative measures
against climate related risks, with responsibilities assigned within
the business to drive forward reductions.
Genus maintains a business continuity management process
that includes identifying and implementing mitigative controls for
specific locations where physical risks may arise. Such mitigation
measures include positioning of utilities and equipment, resilience
improvements to infrastructure and installing back-up generators.
Furthermore, Genus’s sites have business continuity plans to
facilitate the recovery of the business following a hazard or crisis
as quickly and efficiently as possible with minimal disruption.
3.3 Integration of climate-related risk and opportunities
process with Genus’s overall risk management
The process for identifying, assessing, and managing climate-
related risks is aligned to the wider risk management process,
such as application of consistent scoring criteria, and periodic
review cycles. Furthermore, there is holistic risk oversight by the
Audit and Risk Committee, which has responsibility for reviewing
and monitoring the Group’s risk management and internal control
framework on behalf of the Board.
Climate change is included as one of the Group’s 11 principal
risks. The Board sets our risk appetite, monitors the Group’s risk
exposure of our principal risks, and ensures appropriate executive
ownership. The Board performs an annual risk review where new
and emerging risks are identified and reassesses the level of risk
facing Genus as it executes its strategy. The Audit and Risk
Committee considers whether the risk register covers all
relevant risks.
4. Metrics and targets
4.1 Metrics
Genus measures its greenhouse gas emissions and energy
usages across all global operations. Energy use includes standard
electricity imported from the grid, renewable electricity imported
from the grid, and renewable energy generated on-site (solar and
biogas). Genus also measures the underlining energy use from
fuels used in our facilities and fleet.
Greenhouse gas emissions calculated include those arising
from scope 1 and 2 activities, and upstream scope 3 activities
related to categories 1-6. In FY25 Genus has increased its
greenhouse gas emissions internal reporting frequency from
annual to quarterly. Although quarterly results are not published
externally, they are used to inform the business in a timely manner,
to identify and act upon trends, and to implement, and monitor
the effectiveness of, interventions.
Greenhouse gas emissions and energy use is published in the
Annual Report and subjected to limited assurance by an
independent third party.
4.2 Genus’s scope 1, 2 and 3 emissions
Genus measures its scope 1 and 2 emissions, and scope 3
categories 1 – 6. Genus’s greenhouse gas emissions, including
historic values and performance against base-year, can be found
on page 39 in this Annual Report.
Genus’s emissions are calculated (and assured) in line with
‘Greenhouse Protocol – A Corporate Accounting and Reporting
Standard’ (revised 2015). Full methodology of calculations is
available in the Basis of Reporting, available on Genus’s website.
4.3 Targets
Genus has committed to climate-related carbon reduction
targets that aim to manage our own risk whilst enabling others
to manage their risks and meet their targets.
Our targets are:
• A 25% reduction in our primary intensity ratio against our
2019 baseline by 2030; and
• Becoming a net zero greenhouse gas emissions business
by 2050.
The key metrics we focus on are:
• Scope 1, 2 and 3 (categories 1-6) greenhouse gas emissions; and
• Genetic improvement within Porcine, Bovine Beef and
Bovine Dairy.
Focusing on these metrics ensures that we:
• Drive Genetic Improvement – driving porcine and bovine
genetic improvement supports productivity gains and improved
health, thereby enabling a reduction in emissions per unit of
milk or meat produced; and
• Reduce Operational Carbon Footprint – reducing the carbon
footprint of our operations through better manure management,
applying renewable power solutions to our vehicles and facilities
and more efficient power use.
Genus has incorporated incentives for the management of
climate-related issues into executive remuneration. Further
information can be found in the Remuneration Committee Report
in Genus’s Annual Report.
48
GENUS PLC / Annual Report 2025
4.3.1 Primary Intensity Ratio
The PIR represents total scope 1 and 2 emissions per tonne of
animal weight. We aim to reduce the PIR by 25% by 2030
compared to our FY19 baseline.
Genus is consistently meeting this target and therefore will review
its ongoing suitability during FY26.
8
9
10
6
5
7
4
3
2
1
0
FY19
—
Actual performance — Target
Primary Intensity Ratio Performance against target
FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30
Tonne CO2e per tonne animal weight
4.3.2 Absolute emissions and net zero roadmap
Genus aims to be a net zero (scope 1 and 2) greenhouse gas
emissions business by 2050. Our progress can be measured via
the data in our FY25 Emissions Data Table.
As a step towards developing our net zero plan, in FY25 Genus
worked closely with its business units to understand the areas of
the business contributing most significantly to Genus’s scope 1
and 2 emissions. As a result of these efforts, Genus has identified
three key business areas that contribute ~76% to global emissions.
These include:
1. Scope 1 emissions from porcine manure;
2. Scope 1 emissions from fleet; and
3. Scope 2 emissions from importing electricity.
Responsibility has been assigned to appropriate persons in the
business to explore mitigation efforts and make proposals for
sustainability investments. These efforts will inform the basis of
Genus’s net zero roadmap, which can be built upon further as
we expand our efforts to include upstream and downstream
emissions. Refer to the Carbon Reduction Plan available on
Genus’s website.
4.3.3 Genetic targets
Genus has genetic targets in place for porcine, bovine beef and
bovine dairy. Performance in FY25 against each target can be
found on page 106 of this Annual Report.
Target Target Description Target
Porcine 2.22 kg reduction in
the life cycle carbon
emissions required
to produce one
market pig
Continue increasing
porcine genetic
improvement index by
0.75 standard deviation
per generation.
Bovine Beef 0.127 kg reduction in
the life cycle carbon
emissions required to
produce one Kg of beef
Continue increasing beef
genetic improvement
index by one standard
deviation per generation.
Bovine Dairy Yearly improvement
of $66.9 in the $ net
merit index (public US
dairy industry index
measuring commercial
performance traits).
Continue increasing
dairy genetic
improvement index by
one standard deviation
per generation.
TCFD Report continued
49
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
CUSTOMERS AND
CONSUMERS
Board Representatives:
All Directors
How we engage
• The Board visits key customers and
operators at different levels of the
supply chain, including meeting with
farmers, meat packers and processors,
to understand what they look for in
genetics to meet consumer demands
• Regular Board updates on targeted
customers and customer wins
• Regular customer visits as part of our
service offering, enabling our teams to
work closely with customers to better
understand their needs
• Keeping under review growth of
alternative non-animal proteins, in light
of consumer preference
Key issues identified
• Need for a high-quality customer
experience at an appropriate cost
to serve
Actions arising
• Continued to roll out GenusOne
• The Board scrutinised ABS
management’s Value
Acceleration Programme
EMPLOYEES
Board Representatives:
Lesley Knox, Lysanne Gray
How we engage
• Direct engagement by Workforce
Engagement Directors
• Regular CEO calls with the company’s
senior leaders
• Planned cadence of internal
communications across the company
• Multi-channel communication following
results announcements
• CEO-led global town hall meetings
• Employee-led resource group focused
on diversity
• Health and safety training programme
and regular updates/briefings
• Bi-annual Employee Your Voice survey
and periodic pulse surveys
• Company Intranet and SharePoint sites
Key issues identified
• Continued focus on communication
of strategic priorities
• Supporting change management in
the organisation
• Adoption and standardisation of
technology platforms
• Collaboration and networking across
teams and functions
Actions arising
• The Board reviewed feedback and
resulting action plans from employees
received directly
• The Board reviewed management’s
succession plans, diversity and inclusion
and talent development strategies
• The Board assessed the implementation
of the Company’s new values
• Ensuring safe working environments with
a continued focus on health and safety
strategy and culture
SHAREHOLDERS
Board Representatives:
Iain Ferguson
How we engage
• Investor roadshows, led by the Chief
Executive and Chief Financial Officer
• Results announcements, presentations
and webcasts
• Trading updates in November 2024 and
February 2025
• Meetings with investors regarding the
Directors’ Remuneration Policy
• Annual Report
• Regular news flow on key developments
• Shareholder consultation on
governance matters
Key issues identified
• Progress of the PRP regulatory
approval process
• Implementation of the ABS Value
Acceleration Programme
Actions arising
• Proposed new Directors’ Remuneration
Policy (see pages 94 to 102)
COMMUNITIES AND
ENVIRONMENT
Board Representatives:
Lysanne Gray
How we engage
• A range of placement and
employment opportunities offered
for students and apprentices
• Support for charities close to
local businesses
• Providing educational support
for agriculture and animal
science programmes
• Investing in activities designed to
reduce GHG emissions, consistent
with our Climate Change Policy
Key issues identified
• Potential impact of climate change
on the business and our communities
Actions arising
• The Board continued to scrutinise
management’s strategy, plans
and actions to achieve climate
change targets
• The Board reviewed and approved
the Company’s TCFD disclosures,
including an updated assessment
of the Company’s scope 3 emissions
(see pages 41 to 48)
We look to understand our customers’
and consumers’ priorities, support our
employees in pursuing our strategic goals
and maintain strong relationships with
shareholders while being a responsible
and environmentally conscious citizen
within our communities.
The Board carries out some engagement
directly, while other engagement occurs
during the running of the business, with
the Board being kept informed through
reports from management. On this page
we describe our key stakeholders and
examples of engagement during the year
and actions which arose.
Stakeholder Engagement
The Group actively engages
with its stakeholders, to keep
them updated and ensure we
understand their priorities.
50
GENUS PLC / Annual Report 2025
Non-financial and Sustainability Information Statement
The table below, and the information it refers to, is intended to help stakeholders understand our position on key non-financial and
sustainability matters in line with the requirements contained in sections 414CA and 414CB of the Companies Act 2006.
Reporting requirement Policies and standards which govern our approach Risk management and additional information
Environmental matters Sustainability Framework See pages 35 to 49
Climate-related financial disclosures Climate Change Policy See pages 35 to 49
Employees Global Employee Handbook See page 33
Whistleblower Policy See page 33
Human rights Global Employee Handbook See page 33
Whistleblower Policy See page 33
Social matters Charitable Donations Policy See page 41
Anti-corruption and anti-bribery Anti-Bribery and Corruption Policy See page 33
Policy embedding, due diligence
and outcomes
Global Employee Handbook See Strategic Report on pages 1 to 31
Description of principal risks and impact
of business activity
n/a See Principal Risks and Uncertainties on
pages 52 to 55
Description of the business model n/a See Business Model on pages 6 to 9
Non-financial key performance indicators Sustainability Framework See page 39 to 41
51
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
Section 172 Statement
Section 172(1) of the Companies Act 2006
imposes a general duty on every company
director to act, in good faith, in the way
they consider would be most likely to
promote the success of the company for
the benefit of its shareholders. In doing so,
directors must take into account a list of
factors that include:
• the likely long-term consequences
of board decisions;
• how the company’s actions and
behaviours affect customers,
employees, suppliers, the community
and the environment;
• the desirability of maintaining a
reputation for high standards of
business conduct; and
• the need to act fairly between
shareholders.
This statement explains how the Board
has complied with its obligations under
section 172.
Long-term consequences
of Board decisions
Genus has a business model and strategy
that deliver results on a multi-year basis.
For example, we target customers where
we can build long-term and mutually
beneficial relationships, rather than
seeking one-off transactions. Our
investment in R&D can also take several
years to result in revenue-generating
products, meaning our success in the short
term depends on long-term decisions
taken in previous years. As a consequence,
long-term decision-making is a natural
part of the Board’s approach.
Managing our stakeholder
relationships
To effectively consider the impact of
decisions on our stakeholders, we must
have a good understanding of their needs
and issues. We therefore actively listen
to our stakeholders at all levels of the
organisation, to ensure we take account of
and respond to their interests. Information
on how we engage with our stakeholders,
including the Board’s direct and indirect
engagement with them, can be found on
pages 65 to 67.
The agenda for each Board meeting
indicates the relevant stakeholder groups
against each item, ensuring the Directors
are aware of the stakeholder interests they
need to consider in their decisions.
Standards of business conduct
The Board is aware of the need to
maintain high standards of business
conduct. The Group has a strong ethical
culture, underpinned by our values and
policies, which are endorsed by the Board.
The Group also has specific policies
and procedures to prevent bribery
and corruption, as described on page 33
and as made available on our website
www.genusplc.com.
Maintaining high standards of business
conduct also relies on having the right
culture within the Group. Page 67
describes how the Board maintains
oversight of culture.
Environmental impact
Information on the Group’s environmental
impact can be found on pages 34 to 48.
Lysanne Gray is the Board’s Sustainability
Sponsor. She is a member of the
Sustainability Committee, which monitors
progress against the five pillars of the
Group’s sustainability framework including
the actions identified in the Group’s
Climate Change Policy.
Treating shareholders fairly
The Company’s shares are owned by a
wide range of institutional and individual
shareholders, with no shareholder having
a majority holding or significant influence
over the Group. As a result, no situations
arise in which any shareholders can be
treated differently, ensuring fair treatment
for all.
52
GENUS PLC / Annual Report 2025
Principal Risks and Uncertainties
Risk Management
Some of these risks relate to our
business operations, while others relate
to future commercial exploitation of our
leading-edge R&D programmes, such as
our PRRS Resistant Pig, having received
FDA approval in April 2025. We are also
exposed to global economic and political
risks such as trade restrictions attributed
to the ongoing conflicts in Russia-Ukraine,
the Middle East, US trade tariffs, and
trade restrictions attributed to disease
outbreaks like bluetongue disease
resulting in a ban of bovine semen
imports from the US.
As part of our continuous risk
management process we monitor current
and emerging internal and external risks
and where appropriate we reflect the
changes in principal risks on our Group
risk register.
Emerging risks
This year our reviews of emerging risks
focused on:
• the impact of US trade tariff policies on
the global economy;
• the continued advancement of artificial
intelligence in relation to cyber-attacks,
and how it can be leveraged to
facilitate our day to day activities; and
• disease outbreaks in various countries.
Genus is exposed to a wide range of risks
and uncertainties as it fulfils its purpose of
helping farmers produce high-quality meat
and milk more efficiently and sustainably,
which increases the availability of safe and
affordable animal protein for consumers.
Changes to principal risk titles
We have amended the principal risk titles
of the following risks to better reflect the
current risk:
• Continuing to successfully develop
IntelliGen technology was renamed
to Continue to successfully develop
IntelliGen and other sexing and
reproductive technologies to better
reflect the extent of research and
development in this field; and
• Developing and commercialising gene
editing and other new technologies was
amended to Commercialising PRP, now
that landmark US FDA approval has
been obtained to focus on the next
stages of this breakthrough product to
porcine markets.
From our broad risk universe, we have
identified 11 principal risks, which
we regularly evaluate based on an
assessment of the likelihood of occurrence
and the magnitude of potential impact,
together with the effectiveness of our risk
mitigation controls. With the exception of
the name changes noted above we have
not changed the risk profile of our
principal risks from the prior year.
The Directors confirm that they have
undertaken a robust assessment of the
principal and emerging risks and
uncertainties facing the Group. More
information on our risk management
framework can be found in the Corporate
Governance Statement on pages 75 to 79.
Link to strategy
Link to risk change
Deliver a differentiated
proprietary genetic offering
Focus on progressive
protein producers globally
Share in the
value delivered
Considered for
Viability Assessment
Increased
Reduced
No change
Risk item focused on
sustainability and
TCFD reporting
For more information on our strategic
priorities, see page 13
53
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
Risk Risk description How we manage risk Risk change in FY25 and developments
Strategic Risks
Developing
products with
competitive
advantage
STRATEGIC LINK
• Development programmes
fail to produce best genetics
for customers.
• Increased competition to secure
elite genetics.
Dedicated teams align our
product development to customer
requirements. We use large-scale
data and advanced genomic
analysis to make sure we meet our
breeding goals. We frequently
measure our performance against
competitors in customers’ systems,
to ensure the value added by our
genetics remains competitive.
We also partner with universities
and other bodies to further our
developments. This includes the life
cycle assessments undertaken for
our porcine and bovine genetics
to demonstrate the value of
our products.
We obtained full control of
our DeNovo Joint Venture in
the year and we expect this
will accelerate our bovine
genetic progress.
We continue to gain market
share in China by increasing
the number of porcine
royalty customers.
We completed Life Cycle
Assessments for both porcine
and bovine supporting the
benefits of our genetics.
Continue to
successfully
develop IntelliGen
and other sexing
and reproductive
technologies
STRATEGIC LINK
• Failure to manage the technical,
production and financial
risks associated with the
continued advancement
of the IntelliGen business.
• Failure to explore, identify or
advance other sexing and
reproductive opportunities.
Our continued advancement of the
technology and its deployment to
new markets and customers is
supported by dedicated internal
resources and agreements with
suppliers. We work with key
customers on technological and
performance improvements, and to
ensure optimum performance we
provide maintenance and specialist
training to our customers and
continuously monitor productivity.
We have our own internal
development programmes, work with
universities and innovative research
and development companies to
identify and explore sexing and
reproductive technologies.
Commercialising
PRP
STRATEGIC LINK
• Failure to obtain regulatory
approval in key markets and
commercialise our PRP gene
edited pigs.
• Failure to gain consumer
acceptance of gene-edited
proteins.
We work collaboratively with
regulators, customers, and
consumers to ensure we provide
products that meet the highest
standards and drive improved
animal welfare.
We received a landmark US
FDA regulatory approval for
our PRP gene edited pigs,
and continue to work towards
obtaining regulatory approval
from other important countries
and prepare for the future
commercialisation of this
breakthrough product.
Capturing value
through corporate
transactions
STRATEGIC LINK
• Failure to identify appropriate
investment, merger, and
divestment opportunities or to
perform sound due diligence.
• Failure to successfully integrate
an acquired business.
We have a rigorous process to
evaluate market opportunities
aligned with our strategic plans,
values, and our aim to accelerate
growth and create value for our
shareholders, with all material
projects being reviewed and
approved by the Board. We also
have a structured post-acquisition
integration process focused on
maximising value.
This year we acquired full
control of our DeNovo joint
venture and are in the process
of integrating it into our US
ABS operations.
54
GENUS PLC / Annual Report 2025
Risk Risk description How we manage risk Risk change in FY25 and developments
Strategic Risks continued
Succeeding in
growth markets
STRATEGIC LINK
• Failure to appropriately develop
our business in China and other
growth markets.
Our organisation blends local and
expatriate executives, supported
by the global species teams, to
allow us to grow our business in
key markets, while managing risks
and ensuring we comply with our
global standards and comply with
sanctions. We also establish local
partnerships where appropriate,
to increase market access.
The uncertainty around US
tariff and other policy impacts
on global macroeconomic
conditions, and the continued
conflicts in Russia-Ukraine and
Israel-Palestine may limit our
growth. However, we continue
to grow our porcine market
share in China by gaining new
royalty customers and are
actively exploring opportunities
in Southeast Asia.
The risks to our business in
Russia are described in note 4.
Climate change
STRATEGIC LINK
• Failure to lead the market
in efficient and sustainable
animal protein production
and help our customers to
meet the challenge of
producing meat and milk the
same way, as climate change
increases demand to reduce
carbon emissions.
• Failure to fulfil our commitment
to reduce the environmental
impact of our own operations
and implement our
Climate Change Policy
and TCFD reporting.
We have a global sustainability
strategy and Climate Change Policy
that are approved, and regularly
reviewed, at Board level. Our
Sustainability Committee oversees
the implementation of the strategy
and the annual objective-setting
process as well as monitoring
progress using key performance
indicators and our sustainability risk
register. We have developed our
2030 emissions reduction plan (and
2050 net zero plan) and developed
quantifiable, robust performance
indicators in relation to life cycle
carbon reduction (per generation)
of pigs and dairy cows. See our
TCFD reporting on pages 41 to 48.
Operational Risks
Protecting IP
STRATEGIC LINK
• Failure to protect our IP could
mean Genus-developed
genetic material, methods,
systems and technology
become freely available to
third parties.
We have a global, cross-functional
process to identify and protect our
IP. Our customer contracts and our
selection of multipliers and joint
venture partners include appropriate
measures to protect our IP. We
maintain IP-appropriate landscape
monitoring and where necessary
conduct robust ‘freedom to operate’
searches, to identify third-party
rights to technology.
Ensuring biosecurity
and continuity of
supply
STRATEGIC LINK
• Loss of key livestock, owing
to disease outbreak.
• Loss of ability to move animals
or semen freely (including
across borders) due to disease
outbreak, environmental
incident or international
trade sanctions and disputes.
• Lower demand for our
products, due to industry-wide
disease outbreaks.
We have stringent biosecurity
standards, with independent reviews
throughout the year to ensure
compliance. We investigate
biosecurity incidents, to ensure
learning across the organisation.
We regularly review and make
investments in facilities and
biological assets to enable us to
have geographical diversity of our
production facilities and multiple
sources of genetics globally.
Principal Risks and Uncertainties continued
55
GENUS PLC / Annual Report 2025
STRATEGIC REPORT
Risk Risk description How we manage risk Risk change in FY25 and developments
Operational Risks continued
Hiring and retaining
talented people
STRATEGIC LINK
• Failure to recruit, develop and
retain the global talent needed
to deliver our growth plans and
R&D programmes.
We have a robust talent and
succession planning process,
including annual assessments
of our global talent pool and
active leadership development
programmes. The Group’s reward
and remuneration policies are
reviewed regularly, to ensure their
market competitiveness, and we
have a long-term retention incentive
scheme. We work closely with several
specialist recruitment agencies, to
identify candidates with the skills
we need.
Cyber security
STRATEGIC LINK
• Failure to adequately detect
and mitigate a malicious
cyber-attack by internal or
external activists and the ability
to quickly recover.
• Failure to properly protect
our data and systems from
an attack.
We utilise a flexible multi-layered
approach that focuses on employee
awareness and training, policies,
software, and have a third-party
24/7 monitoring Security Operations
Centre. We follow ISO 27001
standards and have cyber security
insurance. We continue to improve
our systems and data backup
procedures and harden our servers
to further strengthen our resilience
and have a programme focused
on continuous cyber security
improvements.
This year we completed a
review of our Cyber Security
operations and completed
a maturity assessment.
Financial Risks
Managing
agricultural market
and commodity
prices volatility
STRATEGIC LINK
• Fluctuations in agricultural
markets affect customer
profitability and therefore
demand for our products
and services.
• Increase in our operating
costs due to commodity
pricing volatility.
• Longer-term influence of climate
factors on the cost and
availability of agricultural inputs
(animal feed).
• US trade tariff policies and
ongoing conflicts in Russia-
Ukraine and the Middle East
impacts agricultural markets.
We continuously monitor markets
and seek to balance our costs and
resources in response to market
demand. We actively monitor and
update our hedging strategy to
manage our exposure. Our porcine
royalty model and extensive use of
third-party multipliers mitigates the
impact of cyclical price and/or cost
changes in pig production. A Tariff
taskforce was created to understand
and mitigate the impacts of tariff
changes across the globe.
56
GENUS PLC / Annual Report 2025
Going Concern and Viability Statement
In assessing the Group’s going concern
and viability, the Directors follow a
three-step approach focusing on a base
case, modelling a ‘severe yet plausible
downside’ scenario and utilising reverse
stress test modelling.
Base case
The Board considered the budget and
strategic plan alongside the Group’s
available finances, strategy, business
model, and market outlook.
The annually prepared budget and
strategic plan are compiled using a
bottom-up process, aggregating those
prepared by PIC, ABS and Xelect. The
consolidated Group budget and forecasts
are then reviewed by the Board and used
to monitor business performance.
The Strategic Plan forms management’s
best estimate of the Group’s future
performance and position.
The Board has considered the Group’s
access to available financing, which
consists of the following over the term
of the agreement:
From June
2025
Rolling Credit Facilities 220m GBP
150m USD
Bond guarantee None
Additionally, the RCF agreement contains
an uncommitted £100m accordion option
which Genus can request a maximum
of three occasions over the lifetime
of the facility.
The current facility expires in June 2029.
In their assessment of the Group’s viability,
the Directors have determined that a
three-year time horizon, to June 2028,
is an appropriate period. This was based
on the Group’s visibility of its product
development pipeline, for example,
because of the genetic lag of
approximately three years between the
porcine nucleus herds and customers’
production systems and the pipeline
of young bulls.
The Group’s base case modelling
shows headroom on all bank covenant
thresholds across the going concern
and viability periods.
Downside modelling
Our downside modelling has incorporated
the Directors’ assessment of events that
could occur in a ‘severe yet plausible
downside’ scenario. The risks modelled
are linked to the ‘Principal Risks and
Uncertainties’ described on pages 52 to 55.
The most significant material risks
modelled are shown below and these are
consistent with the previous year:
Ensuring biosecurity and continuity
of supply
• Disease outbreaks in our genetic
nucleus and bull stud farms, modelled
as a one-off cash cost to clean and
restock the farms.
• The impact of severe weather events
on our global supply chain and the
wider agricultural industry, modelled
as a one-off cash cost.
• Loss of ability to move animals or semen
freely (including across borders) due
to disease outbreak, environmental
incident or international trade sanctions
and disputes, modelled as a multi-year
cash impact resulting from increased
supply costs and lost trading that
cannot be replaced in the short term.
Managing agricultural market and
commodity prices volatility
• Increase in our operating costs due to
commodity pricing volatility, modelled
as a multi-year cash reduction.
• Geopolitical tensions and ongoing
conflicts in Russia & Ukraine and the
Middle East impact agricultural markets,
modelled as a multi-year cash impact
resulting from loss of trade.
Succeeding in growth markets
• US trade tariff policies and failure to
appropriately develop our business
in China and other growth markets,
modelled as a multi-year cash impact
resulting from a reduction in the forecast
growth rate in those markets.
Individually these scenarios do not result
in the elimination of our facility headroom
or breach of covenants. If multiple severe
but plausible scenarios were to occur in
combination the Board would be able to
take mitigation measures to protect the
Group in the short term. These would be
realised through reductions in dividends
and postponing capital spend and
strategic investments.
We have considered the position if each of
the identified risks materialised individually
and if multiple risks occurred in parallel.
We have overlaid this downside scenario,
net of mitigations, on our facility
headroom and banking covenants.
Under this assessment our headroom
remains adequate under these sensitivities
including our ability to take mitigating
actions and expectation of renewing
appropriate facilities.
Reverse stress testing
To assess the headroom within our going
concern and viability assessment, we
performed a reverse stress test looking
at the level of performance deterioration
against the base case while applying
the mitigations outlined previously.
Over the going concern and viability
period the smallest required reduction
in forecast Adjusted Operating Profit to
exceed the permissible ratio of net debt to
EBITDA (as calculated under our financing
facilities) would be 24% (2024: 26%).
Similarly, a one-off cash cost of an
equivalent size would increase net debt
and result in the same outcome.
In all reverse stress scenarios, the
covenant would be breached before
the facility is exceeded.
Going concern assessment and
viability conclusion
Based on this assessment, the Directors
have a reasonable expectation that
the Group has adequate resources to
continue its operational existence for
the foreseeable future and for a period
of at least 12 months from the date of this
report. Accordingly, the Directors continue
to adopt and consider appropriate the
going concern basis in preparing the
Annual Report.
Also, based on this assessment, the
Directors have a reasonable expectation
that the Group will be able to continue in
operation and meet its liabilities as they
fall due over the viability period to
30 June 2028.
There are no indications from this
assessment that change this expectation
when looking beyond 30 June 2028 at the
Group’s longer-term prospects.
The Strategic Report was approved by the
Board of Directors on 3 September 2025
and signed on its behalf by:
Jorgen Kokke
Chief Executive
3 September 2025
Andrew Russell
Chief Financial Officer
3 September 2025
57
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
A robust
governance
framework
IN THIS SECTION
Chairman’s Letter 58
Board of Directors and Company
Secretary
60
Genus Executive Leadership Team
(‘GELT’)
62
The Board at a Glance 64
Board Leadership and Company
Purpose
65
Division of Responsibilities 69
Composition, Succession and
Evaluation
71
Nomination Committee Report 71
Audit, Risk and Internal Control 75
Audit & Risk Committee Report 75
Remuneration Committee Report 80
58
GENUS PLC / Annual Report 2025
Chairman’s Statement
Governance underpins
our strategic delivery
In my previous reports to you, I have
commented on Genus being a long-cycle
business. This means we must invest every
year to maintain our genetic leadership,
since animal breeding cycles cannot be
accelerated and it is not possible to regain
lost ground. Strong corporate governance
provides the framework for this consistent
execution, which leads to success in a
long-term business.
The Board’s priority for FY25 was to
support and oversee management’s
implementation of their strategic priorities.
I am pleased to say that the Executive
team has made good progress on all
fronts, as you can read in the Strategic
Report (see pages 1 to 56). We received
regular updates on the priorities
throughout the year and reviewed them
in detail at the Board’s strategy day in
January, which confirmed that they remain
the right focus areas for the Group.
The strategy day also considered the
Group’s ‘imperatives’ – the things we
absolutely must get right over the coming
years to ensure continued success. These
are closely connected to our current
priorities but also look beyond them.
Our imperatives include maintaining
our genetic leadership in PIC, effectively
commercialising the PRRS Resistant Pig
(‘PRP’), and our approach to the porcine
market in China, including continuing
to develop our relationship with our
partner BCA.
Receiving FDA approval for the PRP gene
edit was an important milestone in the
year and the Board has paid close
attention to this programme throughout.
This will be Genus’s first-ever regulated
product, and the business has been
working to put the necessary processes
and controls in place to manage this. We
are also cognisant that Genus may need
to provide advice and information to the
downstream value chain, to help create
public acceptance for this new product.
As well as monitoring progress with the
Value Acceleration Programme in ABS,
the Board has been providing direct
support to the business through our
Non-Executive Director, Ralph Heuser.
Ralph’s background is in commercial
excellence and he has worked with the
ABS team on the VAP transformation, as
well as running a session for the senior
leadership team.
The rapidly evolving geopolitical situation
was also a focus for us during FY25, as we
considered how issues such as increased
US tariffs could affect Genus. Most of our
businesses around the world are largely
self-contained, with gilts and semen
produced in-country, which limits the
direct impact of higher tariffs. However,
there could be impacts elsewhere in value
chain, as well as potential higher costs for
equipment and other items.
Continuing to refresh the Board
We announced two changes to Board
membership during the year. Following
Alison Henriksen’s decision to retire as CFO
we were pleased to appoint Andy Russell
as her successor, and he joined us on
1 August 2025. The Nomination Committee
report on page 71 provides more
information on this process.
Professor Jason Chin also stepped down
as a Non-Executive Director at the end of
May 2025, as he took on a significant new
role at the Ellison Institute of Technology.
We have benefited greatly from his
expertise and are pleased that he remains
on our Scientific Advisory Board. We are
currently recruiting a replacement for
Jason and seeking an additional Non-
Executive Director, to modestly expand
the Board to match the increased scale
and complexity of the Group
Over recent years, Genus has become an
increasingly large and complex business,
both geographically and in terms of our
products. Our Board effectiveness review
(see page 74) identified that we could
benefit from a modest increase in the
number of Non-Executive Directors, to
ensure the Board has the capacity to
continue to provide effective oversight.
We will actively consider this in the
year ahead.
FY25 also saw the retirement of Dan
Hartley, who had been Group General
Counsel and Company Secretary for more
than a decade. The Board is immensely
grateful to Dan for his contributions to
the Board’s deliberations and his efforts
to drive a robust governance culture.
The Board was pleased to approve
Lucie Grant’s appointment to this key
role from March 2025.
Considering stakeholder views
The Board is kept well informed of
shareholder views through feedback
from our ongoing investor relations
programme, but it also important that
the Non-Executive Directors engage
directly with shareholders from time to
time. I continued to meet institutions
during the year in my role as Chairman
and we also invited two significant
investors to meet the entire Board ahead
of our strategy day. These interactive
sessions were well received by both the
Board and the shareholders concerned
and we will look to repeat this in future.
The Board has also consulted with
investors on the development of a new
Directors’ Remuneration Policy, as you can
read in the Directors’ Remuneration Report
(see pages 94 to 102). The Board noted at
the Annual General Meeting in November
2024 that Resolution 15, concerning the
disapplication of pre-emption rights,
notwithstanding more than 20% of the
votes cast were not in favour of that
resolution. The resolution reflected and
59
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
was aligned with the most recent edition
of the Pre-Emption Group Guidelines
published in 2022 (the ‘Guidelines’) but
we have engaged with shareholders
who voted against the resolution and
recognise that several had applied their
own voting policies in relation to the
disapplication of pre-emption rights
which differ from the Guidelines. The
views of these investors have been taken
into account, alongside the need for
flexibility offered to the Company by the
Guidelines, in determining the appropriate
disapplication authority being sought
by the Company. You can read more
about this in the Notice of the 2025
Annual General Meeting which is
available on the Company’s website.
Site visits are important for direct
engagement with other key stakeholder
groups, including our people, customers
and partners. During FY25, the Board
visited the Group’s operations in Spain
and the US. These visits included
operational and strategic updates from
the businesses, a detailed review of our
Research & Development pipeline, as well
as opportunities for the Board to meet key
customers and to spend time with many of
our talented and valued employees. I also
attended the Oxford Farming Conference,
which enabled me to meet some of our UK
customers. These activities help to ensure
we can take stakeholder interests into
account in our discussions and decisions.
Remuneration
The Board has consulted extensively with
shareholders regarding the development of
the new Directors’ Remuneration Policy. The
proposed policy is set out on pages 94 to
102 and will be submitted to shareholders
for approval at the Company’s Annual
General Meeting on 19 November 2025.
The Board’s focus for FY26
In the year ahead, the Board intends
to focus on:
• continuing to support management
in delivering the strategic priorities;
• ensuring a smooth transition to Andy
Russell as our new CFO; and
• the size and composition of the Board,
and the need to increase the numbers
of Non-Executive Directors.
We will also continue to monitor the
geopolitical situation and its implications
for Genus.
Iain Ferguson CBE
Non-Executive Chairman
3 September 2025
COMPLYING WITH THE CODE
Compliance statement
During the year ended 30 June 2025, Genus applied all the principles of the UK Corporate
Governance Code 2018 (the ‘Code’) and complied with all of the Code’s provisions with
the exception of Code provision 4, which was not complied with in full. The Code is
available at www.frc.org.uk.
The table below shows where information on our application of the Code’s principles can
be found.
Code principles
1 Board leadership and Company purpose
A Leadership which promotes the Company’s long-term sustainable success,
benefiting shareholders and society.
65
B Board to establish purpose, values and strategy, and ensure alignment
with culture.
65
C Board to ensure Company has resources to meet its objectives,
measure performance against them, and ensure effective controls
support risk management.
66
D Engagement with shareholders and other stakeholders. 67
E Ensure workforce policies and practices are consistent with values and
support long-term sustainable success, and that the workforce can
raise concerns.
67
2 Division of responsibilities
F Chair’s leadership of the Board. 69
G Appropriate balance of executive and non-executive directors, and clear
division of responsibilities.
69
H Non-executive directors’ time commitment and contribution. 70
I Ensure policies, processes, information, time and resources enable the Board
to function effectively.
68
3 Composition, succession and evaluation
J Board appointments, succession planning and promoting diversity. 71 to 73
K Balance of Board skills and experience, length of directors’ service and
refreshing Board membership.
64
L Annual evaluation of Board and individual directors. 74
4 Audit, risk and internal control
M Independence of internal and external audit, and integrity of financial and
narrative reporting.
75 to 79
N Fair, balanced and understandable assessment of the Company’s position
and prospects.
122
O Procedures to manage risk, oversee internal controls and determine nature
and extent of principal risks the Company is willing to take.
78
5 Remuneration
P Remuneration that supports strategy, promotes long-term sustainable
success, is aligned to purpose and values, and is linked to strategic delivery.
92
Q Formal and transparent procedure for developing remuneration policy and
determining director and senior management remuneration.
93
R Director judgement and discretion when authorising remuneration outcomes. 103 to 116
60
GENUS PLC / Annual Report 2025
Board of Directors and Company Secretary
Iain
Ferguson
Non-Executive Chairman
N
R
Jorgen
Kokke
Chief Executive Officer
Andy
Russell
Chief Financial Officer
Lesley
Knox
Senior Independent Director
A
R
N
Lysanne
Gray
Non-Executive Director
A
R
N
Dr Ralph
Heuser
Non-Executive Director
A
R
N
Lucie
Grant
Group General Counsel
and Company Secretary
Board appointment
July 2020
Board appointment
May 2023
Board appointment
1 August 2025
Board appointment
June 2018
Board appointment
April 2016
Board appointment
January 2024
Board appointment
March 2025
Skills and experience
• Extensive Board,
governance and
leadership experience
• Strong commercial, science
and agribusiness expertise
across a range of industries,
with a particular focus on
consumer goods and food
• Deep appreciation of
capital markets and
investor sentiment
Skills and experience
• Deep experience in the
international food and
agriculture sectors, including
14 years in global leadership
roles at Ingredion
Incorporated, a leading
New York listed food and
beverage ingredient
solutions company
• Led Ingredion’s North and
South American businesses,
driving growth through
R&D-led innovation
and commercial and
operational excellence
• Masters in Economics from
the University of Amsterdam
Skills and experience
• Andy has almost 30 years
of experience in finance,
with a background in M&A
and commercial finance.
During this time, he has
developed strong leadership
skills, a global perspective
and highly collaborative
style. He has a proven
track record of driving
business performance
through organic and
inorganic growth
• Andy is a chartered
accountant and holds
a degree in Banking
& Finance from
Loughborough University
Skills and experience
• Broad international,
strategic and financial
services experience,
through executive and
non-executive roles
• Has advised numerous
companies including
manufacturers and
distributors of food
products, encompassing
poultry and poultry
breeding companies
• One of our designated
Workforce Engagement
Directors
Skills and experience
• Significant experience of
risk management, audit,
business operations,
acquisitions and disposals,
and corporate governance,
gained within the food sector
• Qualified Chartered
Accountant
• The Board’s Sustainability
Sponsor and one of our
designated Workforce
Engagement Directors
Skills and experience
• Extensive experience
in animal healthcare
business globally
• Widespread experience
in operations, commercial
excellence and the animal
health industry
• PhD in Agricultural
Economics from the
University of Bonn
Skills and experience
• A seasoned legal leader,
with significant experience
in international commercial
transactions, including
government contracting,
M&A, complex litigation
and intellectual property
• Spent more than 20 years
building and leading global
legal teams, managing
complex regulatory
environments and working
across diverse jurisdictions
• Qualified solicitor, who
began her career as an
intellectual property litigator
before moving in-house
to a variety of commercial
legal roles at large
public companies
• Law degree from King’s
College, London
Current appointments
Chairman of Crest Nicholson
Holdings plc; Chairman of
Personal Assets Trust plc;
Pro Chancellor of
Cranfield University.
Past appointments
Chairman of Berendsen plc
and Stobart Group Ltd; Senior
Independent Director of Sygen
International plc and Balfour
Beatty plc; Non-Executive
Director of Greggs plc; Lead
Independent Director at the
Department for Environment,
Food and Rural Affairs; Chief
Executive of Tate & Lyle plc;
General Manager of Unilever
AgriBusiness; Chair, Unilever
Plantations and Plant Sciences
Group; and Senior Vice
President, Corporate
Development at Unilever.
Current appointments
None.
Past appointments
Senior roles at Ingredion,
including Executive Vice
President & President
Americas, President, Asia
Pacific and EMEA, and
President, North America; Vice
President of Food & Nutrition
and Director of Strategy and
Business Development at
Corbion, a producer of
sustainable ingredient
solutions; and leadership
positions at Loders Croklaan.
Current appointments
None.
Past appointments
Senior Vice President,
Group Finance and M&A at
Smith & Nephew; other senior
roles at Smith & Nephew,
including CFO for the Global
Orthopaedics division, Interim
President for EMEA and CFO
for EMEA; Director, Transaction
Services at KPMG.
Current appointments
Senior Independent Director
of 3i Group plc; and
Non-Executive Director of
Legal & General Investment
Management Limited.
Past appointments
Founder Director of British
Linen Advisers; senior roles at
Dresdner Kleinwort Benson;
solicitor at Slaughter & May;
and numerous non-executive
roles, including T Centrica, SAB
Miller, Alliance Trust, Hays,
Scottish Provident, Bank of
Scotland, Grosvenor Group,
Thomas Cook and Legal &
General Group plc.
Current appointments
None.
Past appointments
Global leadership roles
at Unilever plc, including
Executive Vice President
Sustainable Business
Performance and Reporting,
Financial Controller, Chief
Auditor of Unilever; Chief
Financial Officer of Unilever’s
global food service business;
and a number of other
senior operational and
financial positions.
Current appointments
Senior Advisor with
Stonehaven Consulting
(SC Group) AG.
Past appointments
Global leadership roles at
Elanco Animal Health,
including Vice President for
Asia Pacific, Europe and
International Commercial
Operations. Previous roles at
Pfizer; Boehringer Ingelheim,
where he launched a PRRS
vaccine in Germany; and
Novartis’s Consumer and
Animal Health divisions.
Current appointments
None.
Past appointments
Vice President and General
Counsel at Dura-Line, part of
the Orbia group of companies.
UK Legal Director of Thermo
Fisher Scientific, then European
General Counsel of its Life
Sciences Solutions Group.
In-house legal roles at United
Utilities and BAE Systems
Saudi Arabia.
61
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
Iain
Ferguson
Non-Executive Chairman
N
R
Jorgen
Kokke
Chief Executive Officer
Andy
Russell
Chief Financial Officer
Lesley
Knox
Senior Independent Director
A
R
N
Lysanne
Gray
Non-Executive Director
A
R
N
Dr Ralph
Heuser
Non-Executive Director
A
R
N
Lucie
Grant
Group General Counsel
and Company Secretary
Board appointment
July 2020
Board appointment
May 2023
Board appointment
1 August 2025
Board appointment
June 2018
Board appointment
April 2016
Board appointment
January 2024
Board appointment
March 2025
Skills and experience
• Extensive Board,
governance and
leadership experience
• Strong commercial, science
and agribusiness expertise
across a range of industries,
with a particular focus on
consumer goods and food
• Deep appreciation of
capital markets and
investor sentiment
Skills and experience
• Deep experience in the
international food and
agriculture sectors, including
14 years in global leadership
roles at Ingredion
Incorporated, a leading
New York listed food and
beverage ingredient
solutions company
• Led Ingredion’s North and
South American businesses,
driving growth through
R&D-led innovation
and commercial and
operational excellence
• Masters in Economics from
the University of Amsterdam
Skills and experience
• Andy has almost 30 years
of experience in finance,
with a background in M&A
and commercial finance.
During this time, he has
developed strong leadership
skills, a global perspective
and highly collaborative
style. He has a proven
track record of driving
business performance
through organic and
inorganic growth
• Andy is a chartered
accountant and holds
a degree in Banking
& Finance from
Loughborough University
Skills and experience
• Broad international,
strategic and financial
services experience,
through executive and
non-executive roles
• Has advised numerous
companies including
manufacturers and
distributors of food
products, encompassing
poultry and poultry
breeding companies
• One of our designated
Workforce Engagement
Directors
Skills and experience
• Significant experience of
risk management, audit,
business operations,
acquisitions and disposals,
and corporate governance,
gained within the food sector
• Qualified Chartered
Accountant
• The Board’s Sustainability
Sponsor and one of our
designated Workforce
Engagement Directors
Skills and experience
• Extensive experience
in animal healthcare
business globally
• Widespread experience
in operations, commercial
excellence and the animal
health industry
• PhD in Agricultural
Economics from the
University of Bonn
Skills and experience
• A seasoned legal leader,
with significant experience
in international commercial
transactions, including
government contracting,
M&A, complex litigation
and intellectual property
• Spent more than 20 years
building and leading global
legal teams, managing
complex regulatory
environments and working
across diverse jurisdictions
• Qualified solicitor, who
began her career as an
intellectual property litigator
before moving in-house
to a variety of commercial
legal roles at large
public companies
• Law degree from King’s
College, London
Current appointments
Chairman of Crest Nicholson
Holdings plc; Chairman of
Personal Assets Trust plc;
Pro Chancellor of
Cranfield University.
Past appointments
Chairman of Berendsen plc
and Stobart Group Ltd; Senior
Independent Director of Sygen
International plc and Balfour
Beatty plc; Non-Executive
Director of Greggs plc; Lead
Independent Director at the
Department for Environment,
Food and Rural Affairs; Chief
Executive of Tate & Lyle plc;
General Manager of Unilever
AgriBusiness; Chair, Unilever
Plantations and Plant Sciences
Group; and Senior Vice
President, Corporate
Development at Unilever.
Current appointments
None.
Past appointments
Senior roles at Ingredion,
including Executive Vice
President & President
Americas, President, Asia
Pacific and EMEA, and
President, North America; Vice
President of Food & Nutrition
and Director of Strategy and
Business Development at
Corbion, a producer of
sustainable ingredient
solutions; and leadership
positions at Loders Croklaan.
Current appointments
None.
Past appointments
Senior Vice President,
Group Finance and M&A at
Smith & Nephew; other senior
roles at Smith & Nephew,
including CFO for the Global
Orthopaedics division, Interim
President for EMEA and CFO
for EMEA; Director, Transaction
Services at KPMG.
Current appointments
Senior Independent Director
of 3i Group plc; and
Non-Executive Director of
Legal & General Investment
Management Limited.
Past appointments
Founder Director of British
Linen Advisers; senior roles at
Dresdner Kleinwort Benson;
solicitor at Slaughter & May;
and numerous non-executive
roles, including T Centrica, SAB
Miller, Alliance Trust, Hays,
Scottish Provident, Bank of
Scotland, Grosvenor Group,
Thomas Cook and Legal &
General Group plc.
Current appointments
None.
Past appointments
Global leadership roles
at Unilever plc, including
Executive Vice President
Sustainable Business
Performance and Reporting,
Financial Controller, Chief
Auditor of Unilever; Chief
Financial Officer of Unilever’s
global food service business;
and a number of other
senior operational and
financial positions.
Current appointments
Senior Advisor with
Stonehaven Consulting
(SC Group) AG.
Past appointments
Global leadership roles at
Elanco Animal Health,
including Vice President for
Asia Pacific, Europe and
International Commercial
Operations. Previous roles at
Pfizer; Boehringer Ingelheim,
where he launched a PRRS
vaccine in Germany; and
Novartis’s Consumer and
Animal Health divisions.
Current appointments
None.
Past appointments
Vice President and General
Counsel at Dura-Line, part of
the Orbia group of companies.
UK Legal Director of Thermo
Fisher Scientific, then European
General Counsel of its Life
Sciences Solutions Group.
In-house legal roles at United
Utilities and BAE Systems
Saudi Arabia.
Key to committee
memberships
A
Audit and Risk
Committee
N
Nomination
Committee
R
Remuneration
Committee
Committee Chair
62
GENUS PLC / Annual Report 2025
Genus Executive Leadership Team (‘GELT’)
Jorgen
Kokke
Chief Executive Officer
Andy
Russell
Chief Financial Officer
Mark
Birri
Chief Corporate Development
Officer
Dr Matt
Culbertson
Chief Operating Officer,
Genus PIC
Jim
Low
Chief Operating Officer,
Genus ABS
Dr Elena
Rice
Chief Scientific Officer
and Head of R&D
Angelle
Rosata
Chief Human Resources Officer
Jerry
Thompson
Regional Director, ABS EMEA
Skills and experience
See page 60
Skills and experience
See page 60
Skills and experience
• Over 20 years of experience
in cross-border M&A,
corporate strategy and
transformation, operating
across Europe, the Americas
and Asia
• Extensive transaction
experience, including
corporate acquisitions and
complex technology access
deals, and public and
private M&A as lead advisor
• BSc in Economics from the
University of Warwick, and
holds both ACA (ICAEW) and
CISI certifications
Skills and experience
• Spent entire career
in porcine industry
• Has led the development
and implementation
of Genus PIC’s genetic
strategy and technical
services capability,
as well as leading the
commercial engagement
with many of PIC’s most
significant customers
• Doctorate in Animal
Breeding and Genetics from
the University of Georgia
Skills and experience
• Very experienced and highly
effective leader of complex
global organisations.
• Spent more than 25 years
in the nutrition and
food industry
• BA in Economics and
Managerial Studies from
Rice University and MBA
from the University of Texas
at Austin
Skills and experience
• Deep expertise in running
R&D programmes,
regulatory science and
portfolio management
• Has led the development
and introduction of genetic
improvement technologies
and nurtured a portfolio of
gene editing projects
• BSc and MSc in Biology from
Moscow State University,
and PhD in Plant Physiology
and Biochemistry from the
Timiryazev Institute of Plant
Physiology in Moscow
Skills and experience
• Combines commercial
acumen with broad
expertise in resourcing,
talent and succession,
leadership development,
and health and safety
• Extensive strategic planning
skills help align the Group’s
people agenda and its
business needs
• Masters in Human Resource
Development from
Vanderbilt University
Skills and experience
• Natural entrepreneur with
deep industry knowledge,
commercial skills and
international experience
• Has helped Genus establish
and grow businesses in
countries as diverse as the
UK, Russia, India and China
• Degree in Agriculture from
the University of Plymouth
and a graduate of Harvard
Business School’s Advanced
Management Program
Career
See page 60
Career
See page 60
Career
• Joined Genus in 2014,
following seven years in UK
M&A advisory with PwC and
Alantra Partners, and three
years at Bank Muscat in the
Middle East, where he raised
over $800m in equity
transactions
• Led numerous cross-border
acquisitions at Genus,
including In Vitro Brazil,
Hermitage Genetics, and
Xelect, and business
transformation projects in
Europe and North America
Career
• Joined Genus in 2011 as PIC’s
Director of Genetic Services
and Sales and became
Global Product Development
and Technical Services
Director in 2012, before
becoming Chief Operating
Officer in July 2023
• Previously spent nine years
working for Murphy-Brown
(now Smithfield Foods),
where he managed the
internal genetics programme
and technical operations for
its Eastern operations
Career
• Previously Chief Commercial
Officer for Glanbia’s $1bn
global nutritional solutions
business, delivering
double-digit profit growth
• More than 20 years with
Ingredion Incorporated in
increasingly senior
leadership roles, including
General Manager for the
Systems and Ingredients
Solutions business and
General Manager for
Greater China and Japan,
based in Shanghai
Career
• Joined Genus as Chief
Scientific Officer in July 2019.
• Spent 18 years in increasingly
senior roles at Bayer, leading
teams using pioneering
science and cutting-edge
technology to help farmers
grow food more sustainably
Career
• Joined Genus PIC in
September 2013, following
more than 20 years in the
healthcare sector.
• Developed and delivered
PIC’s people strategy,
before becoming HR
Director for ABS and then
Group HR Director in
July 2017
Career
• Joined PIC in 1992, working
initially in the UK and then
Siberia and Romania, before
leading PIC in Central and
Eastern Europe and then
Europe as a whole
• Led PIC and ABS in Russia
and Asia Pacific, before
becoming COO for Genus
Asia in 2012 and then COO
for Genus ABS Beef in
July 2016. He was appointed
as Global Head of Beef and
Aqua in April 2024. Jerry was
appointed to his current role
in July 2024 and will retire
from Genus at the end of
September 2025
Lucie
Grant
Group General Counsel
and Company Secretary
Skills and experience
See page 61
Career
See page 61
63
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
Jorgen
Kokke
Chief Executive Officer
Andy
Russell
Chief Financial Officer
Mark
Birri
Chief Corporate Development
Officer
Dr Matt
Culbertson
Chief Operating Officer,
Genus PIC
Jim
Low
Chief Operating Officer,
Genus ABS
Dr Elena
Rice
Chief Scientific Officer
and Head of R&D
Angelle
Rosata
Chief Human Resources Officer
Jerry
Thompson
Regional Director, ABS EMEA
Skills and experience
See page 60
Skills and experience
See page 60
Skills and experience
• Over 20 years of experience
in cross-border M&A,
corporate strategy and
transformation, operating
across Europe, the Americas
and Asia
• Extensive transaction
experience, including
corporate acquisitions and
complex technology access
deals, and public and
private M&A as lead advisor
• BSc in Economics from the
University of Warwick, and
holds both ACA (ICAEW) and
CISI certifications
Skills and experience
• Spent entire career
in porcine industry
• Has led the development
and implementation
of Genus PIC’s genetic
strategy and technical
services capability,
as well as leading the
commercial engagement
with many of PIC’s most
significant customers
• Doctorate in Animal
Breeding and Genetics from
the University of Georgia
Skills and experience
• Very experienced and highly
effective leader of complex
global organisations.
• Spent more than 25 years
in the nutrition and
food industry
• BA in Economics and
Managerial Studies from
Rice University and MBA
from the University of Texas
at Austin
Skills and experience
• Deep expertise in running
R&D programmes,
regulatory science and
portfolio management
• Has led the development
and introduction of genetic
improvement technologies
and nurtured a portfolio of
gene editing projects
• BSc and MSc in Biology from
Moscow State University,
and PhD in Plant Physiology
and Biochemistry from the
Timiryazev Institute of Plant
Physiology in Moscow
Skills and experience
• Combines commercial
acumen with broad
expertise in resourcing,
talent and succession,
leadership development,
and health and safety
• Extensive strategic planning
skills help align the Group’s
people agenda and its
business needs
• Masters in Human Resource
Development from
Vanderbilt University
Skills and experience
• Natural entrepreneur with
deep industry knowledge,
commercial skills and
international experience
• Has helped Genus establish
and grow businesses in
countries as diverse as the
UK, Russia, India and China
• Degree in Agriculture from
the University of Plymouth
and a graduate of Harvard
Business School’s Advanced
Management Program
Career
See page 60
Career
See page 60
Career
• Joined Genus in 2014,
following seven years in UK
M&A advisory with PwC and
Alantra Partners, and three
years at Bank Muscat in the
Middle East, where he raised
over $800m in equity
transactions
• Led numerous cross-border
acquisitions at Genus,
including In Vitro Brazil,
Hermitage Genetics, and
Xelect, and business
transformation projects in
Europe and North America
Career
• Joined Genus in 2011 as PIC’s
Director of Genetic Services
and Sales and became
Global Product Development
and Technical Services
Director in 2012, before
becoming Chief Operating
Officer in July 2023
• Previously spent nine years
working for Murphy-Brown
(now Smithfield Foods),
where he managed the
internal genetics programme
and technical operations for
its Eastern operations
Career
• Previously Chief Commercial
Officer for Glanbia’s $1bn
global nutritional solutions
business, delivering
double-digit profit growth
• More than 20 years with
Ingredion Incorporated in
increasingly senior
leadership roles, including
General Manager for the
Systems and Ingredients
Solutions business and
General Manager for
Greater China and Japan,
based in Shanghai
Career
• Joined Genus as Chief
Scientific Officer in July 2019.
• Spent 18 years in increasingly
senior roles at Bayer, leading
teams using pioneering
science and cutting-edge
technology to help farmers
grow food more sustainably
Career
• Joined Genus PIC in
September 2013, following
more than 20 years in the
healthcare sector.
• Developed and delivered
PIC’s people strategy,
before becoming HR
Director for ABS and then
Group HR Director in
July 2017
Career
• Joined PIC in 1992, working
initially in the UK and then
Siberia and Romania, before
leading PIC in Central and
Eastern Europe and then
Europe as a whole
• Led PIC and ABS in Russia
and Asia Pacific, before
becoming COO for Genus
Asia in 2012 and then COO
for Genus ABS Beef in
July 2016. He was appointed
as Global Head of Beef and
Aqua in April 2024. Jerry was
appointed to his current role
in July 2024 and will retire
from Genus at the end of
September 2025
1
3
2
Chair 1
NED 3
Executive Director 2
3
3
Male 3
Female 3
6
White 6
2
2
1
1
0-2 years
0
2-4 years
2
4-6 years 2
6-7 years
1
8-4 years
1
64
GENUS PLC / Annual Report 2025
The Board at a Glance
At 30 June 2025
the Board was
made up as follows:
Board composition Board gender diversity
Board tenureBoard ethnic diversity
Board skills
Low/Medium Good/High
Competence
Board and corporate governance
29% 71%
Strategy
14% 86%
Finance, banking and capital markets
43% 57%
Risk, culture change and change management
14% 86%
Politics and public affairs
14% 86%
Stakeholder and customer communications
57% 43%
Sustainability implementation and communications
14% 86%
Human resources
71% 29%
IT systems, transformation and data/cyber security
43% 57%
Science and biotechnology
29% 71%
Food sector
0 20 40 60 80 100
71% 29%
Review, launch and marketing of FDA-regulated products
14% 86%
International business
14% 86%
North America market
14% 86%
EMEA market
43% 57%
Asia market
0 20 40 60 80 100
57% 43%
LATAM market
14% 86%
65
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
Board Leadership and Company Purpose
The Board’s role: leading the Group
The Board’s primary responsibilities are set out below, along with the actions the Directors have taken in FY25 to promote our long-term
success. For more information on the division of responsibilities between the Board and our leadership team, see page 69.
Board responsibility:
Determining our purpose, strategy and corporate goals
Topic Activities and discussions in FY25
Our purpose The Group’s purpose is set out in our vision of ‘pioneering animal genetic improvement to sustainably nourish the
world’. Following the update to the vision in FY24, the Board remains satisfied that the vision effectively defines
our purpose and aligns with our strategy and business model.
Our strategy
and objectives
The Board held its annual strategy meeting in January 2025, as discussed in the Chairman’s Letter on page 58.
The Board subsequently approved the Group’s updated strategic plan, which is refreshed annually and covers a
rolling five-year period. See the Chairman’s Statement (page 10) and the Chief Executive’s Review (page 12) for
more on our strategic priorities.
Annual budget The Board approved the annual budget for FY26. The budget is aligned to the five-year strategic plan, so the
Board can ensure it reflects where the Group is planning to grow, how it intends to achieve that growth and the
resources needed to meet the Group’s strategic objectives. The combination of the strategic planning and
budgeting processes allow the Directors to make sure the opportunities facing the business have been
effectively captured.
The Board held a meeting in June 2025 specifically to review the budget. The Directors were provided with a
comprehensive budget pack, enabling them to understand and discuss the underlying assumptions and
determine that they were robust.
Key to stakeholders
E Employees
SC Supply Chain
S Shareholders
EN Environment
C Customers
Key to s172 considerations
a Consequence of decisions in the long term
d Impact of the Company’s operations on the community and environment
b Interests of the Company’s employees
e Desirability of the Company maintaining a reputation for high standards of business conduct
f Need to act fairly between members of the Company
c Need to foster the Company’s business relationships with suppliers, customers and others
Stakeholders considered:
C, SC, S, EN
s172 considerations:
a, c, d, f
Stakeholders considered:
C, SC, S, EN
s172 considerations:
a, c, d, f
Board responsibility:
Monitoring performance against strategy and objectives
Topic Activities and discussions in FY25
Strategic
developments
The Board continued to pay close to the implementation of the strategic priorities and received regular updates
throughout the year.
In addition, the Board received updates on strategic matters including multi-species opportunities; PRP
regulatory reviews and commercialisation plans; and M&A opportunities.
The Board also continually reviewed the Group’s business in Russia, in particular to ensure it was operating
under the appropriate regulatory clearances.
66
GENUS PLC / Annual Report 2025
Board Leadership and Company Purpose continued
Board responsibility:
Monitoring performance against strategy and objectives continued
Topic Activities and discussions in FY25
Performance
against plan
At each scheduled meeting, the Board received updates from:
• the Chief Executive on business performance, business development, talent development and the
competitive landscape;
• the Chief Financial Officer on the Group’s financial performance and forecasts; and
• the Group General Counsel and Company Secretary, and the Group’s external advisers, on corporate
governance, material legal matters and sustainability issues.
The updates include the business units’ operational and financial performance. In FY25 the Board regularly
discussed the evolving geopolitical environment and the potential impact on the Group’s operations and
financial performance, and continued to review market conditions for each division, such as trends in
profitability for porcine, dairy and beef producers. The Board also receives updates on major customers
and other important data points, such as market shares and bull rankings.
R&D progress The Board received updates on progress with obtaining regulatory approval for PRP and the strategic review
of the R&D portfolio.
Until his retirement from the Board in May 2025, Jason Chin attended the Genus Portfolio Steering Committee
and chaired the Group’s Scientific Advisory Board, allowing him to keep the other Directors informed of their
activities and the key topics discussed.
In June 2025 the Board attended the Genus R&D Innovation Day, including an overview of the R&D portfolio
and deep dives into key R&D projects, as well as a meeting of the Group’s Scientific Advisory Board.
See pages 26 to 27 of the Strategic Report for more on our R&D activities in FY24.
Sustainability
performance
The Board received updates from the Sustainability Committee’s discussions, outlining the Group’s progress
against its goals.
Stakeholders considered:
C, SC, S, EN
s172 considerations:
a, c, d, f
Stakeholders considered:
E, S
s172 considerations:
a, c, e
Board responsibility:
Ensuring we have the resources, systems and controls to achieve our objectives
Topic Activities and discussions in FY25
People The Board continued to:
• review the recruitment pipeline and receive updates on key vacancies and hires, including the recruitment
of Andy Russell as CFO and Lucie Grant as Group General Counsel and Company Secretary;
• monitor the pipeline of senior talent within the Group, including diversity characteristics; and
• receive updates on talent development in our leadership below GELT level.
The Directors also considered the output from employee engagement, such as the Your Voice survey and the
Workforce Engagement Directors’ meetings with employees (see the Culture section below).
Systems The Group substantially completed the rollout of its GenusOne ERP system during FY25. The Board discussed the
Group’s progress with building cost-efficient business processes that leverage the new system.
Key financial
issues
(see pages 76
to 77)
During the year, the Board received regular updates on the Group’s tax position, treasury activities including the
renewal of the Group’s borrowing facilities and pension funds, as well as financial control updates. The Directors
also reviewed the going concern and viability statements (see page 56), and reports from the outgoing and new
external auditors.
Risk
management
and control
The Board monitored the Group’s risk register with the support of the Audit & Risk Committee, which
discussed the Group’s principal risks with management and with the internal and external auditors. In addition,
the Audit & Risk Committee received detailed updates on key risk topics, which are set out on pages 76 to 77.
During FY25, the Directors monitored the Group’s progress towards compliance with the internal control
requirements of the 2024 UK Corporate Governance Code. More information on this is set out on page 79
in the Audit & Risk Committee’s report. The Board also received updates on the control environment being
implemented as the Group progressed commercialisation of PRP, as the Group’s first regulated product.
The Group has a Whistleblowing Policy and an independent hotline to allow employees to raise any concerns
anonymously. This process is overseen by the Audit & Risk Committee on the Board’s behalf, with the Board kept
updated on reports and any investigations. More information can be found on page 78.
67
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
Board responsibility:
Setting our culture and standards of behaviour
Topic Activities and discussions in FY25
Values Following Board approval of the Group’s updated values in April 2024, the primary focus in FY25 was on
embedding the values throughout the organisation. The Board was kept informed of progress and activities
aligned to this, as part of the routine reporting it received in the year.
Culture The nature of the Group’s business means it is important that our culture supports taking a long-term view and
that our approach to reward and recognition is aligned to that.
The Board has several ways of understanding and monitoring our culture, including:
• the Your Voice employee survey;
• the Workforce Engagement Directors’ interactions with employees;
• visits to the Group’s operations; and
• key operational metrics that provide insight into the Group’s culture, such as health and safety performance
(see below) and employee churn rates.
The Board has designated two Workforce Engagement Directors, Lesley Knox and Lysanne Gray. During FY25,
they met employees from PIC Spain, PIC USA, ABS USA, R&D and the Group’s head office functions.
The Directors also meet numerous people from around the Group, including members of management who
present at Board meetings (see above) and through site visits. These events help the Directors to assess the
culture across the business. During FY25, the Board visited the Group’s operations in Spain and the US. The
Chairman also visited China and the US during the year.
The operational metrics the Board reviews did not highlight any significant issues with the culture across the
business in FY25, and no material concerns were raised through the whistleblowing hotline. The Board is
therefore satisfied that the Group’s culture remains aligned with its purpose, and supports its strategy and
business model.
Health and
safety
The Board reviewed the Group’s health and safety strategy and FY25 targets, received updates from the Head
of Health and Safety and monitored performance throughout the year. The trends in health and safety
performance remained positive. See the People section (page 33) for more information.
Stakeholders considered:
E
s172 considerations:
b, e
Stakeholders considered:
C, S
s172 considerations:
a
Stakeholders considered:
S
s172 considerations:
f
Board responsibility:
Approving material contracts, acquisitions, licences and investments
Board responsibility:
Reporting to shareholders
Topic Activities and discussions in FY25
Acquisition The Board approved the acquisition of the remaining non-controlling interest in the Group’s De Novo joint
venture for £2.6m on completion and £10.6m deferred over four years.
Topic Activities and discussions in FY25
Reporting and
dividends
The Board approved the annual and interim results and dividends, and reviewed the Audit & Risk Committee’s
assessment that the annual report was fair, balanced and understandable, and contained the necessary
information (see page 122).
Investor
attitudes
The Executive Directors met with current and potential shareholders, in particular following the publication
of the FY24 final results and the FY25 interim results. The Chairman also met major shareholders, and two
institutions were invited to meet the full Board ahead of the January strategy day, as discussed in the
Chairman’s Letter. The Chair of the Remuneration Committee met a number of investors during the year
in connection with the proposed Directors’ Remuneration Policy set out on pages 94 to 102.
In addition, the Board receives regular updates on meetings with shareholders, potential investors and analysts,
from the Head of Investor Relations.
See the Stakeholder Engagement section on page 49.
68
GENUS PLC / Annual Report 2025
Board Leadership and Company Purpose continued
Keeping the Board informed
The diagram below sets out our process for providing information to the Directors, ahead of scheduled Board meetings. To assist the
Directors with discharging their duties under Section 172 of the Companies Act, each item included in the Board papers indicates the
relevant considerations. More information can be found in the Section 172 statement on page 51.
The Directors all have access to the advice of the Group General Counsel and Company Secretary.
02
A week before
the meeting, the
agenda and Board
papers are sent
to the Directors
using a secure
electronic system.
01
The Chairman sets
the agenda for
the meeting,
with input from the
Chief Executive
and Group General
Counsel and
Company Secretary.
03
Board meetings take
place at least eight
times per year.
05
The updated
list of actions
becomes part of
the agenda for the
next Board meeting.
04
The Group General
Counsel and
Company Secretary
monitors decisions
and actions agreed
at each meeting.
Attendance at meetings
The table below shows how many scheduled Board and Committee meetings each Director attended during the year.
Director Board Nomination Audit & Risk Remuneration
Non-Executive Chairman
Iain Ferguson 8/8 2/2 5/5 5/5
Executive Directors
Jorgen Kokke 8/8 2/2
1
5/5
1
5/5
1
Alison Henriksen 8/8 2/2
1
5/5
1
5/5
1
Non-Executive Directors
Jason Chin 7/7 2/2 5/5 5/5
Lysanne Gray 8/8 2/2 5/5 5/5
Ralph Heuser 8/8 2/2 5/5 5/5
Lesley Knox 8/8 2/2 5/5 5/5
Note: The maximum number of scheduled meetings that Directors could have attended during the year: Board eight, Nomination Committee two, Audit & Risk Committee five
and Remuneration Committee five.
1 By invitation
2 Jason Chin retired from the Board on 31 May 2025
69
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
Division of Responsibilities
Sustainability Committee
Provides direction and oversight
for continuous improvement in our
environmental sustainability, health
and safety, animal well-being
and community engagement.
GELT
Leads our strategic delivery and
ensures organisational alignment,
engagement and efficient execution.
Genus Portfolio Steering Committee
Gives us a comprehensive view
of our R&D programme and
involves our business units in
prioritising our R&D initiatives.
Remuneration Committee
Determines remuneration for our
Executive Directors and senior
management, to support our
growth strategy and deliver value
for stakeholders.
See pages 80 to 119 for the
Committee’s report
Audit & Risk Committee
Ensures the integrity of our financial
reporting, evaluates our risk
management and internal control
system, and oversees the internal and
external auditors.
See pages 75 to 79 for the
Committee’s report
Our Board, Committee and management structure
The diagram below shows the Board and the Committees that report to it:
The roles and responsibilities of the Board and its Committees are set out in the Matters Reserved for the Board and the
Committees’ Terms of Reference, which can be found in the Corporate Governance section of our website.
The Board sets formal authorisation levels and other controls that allow it to delegate authority to run our businesses to the
Chief Executive, GELT and their management teams.
The Directors’ roles and responsibilities
To ensure we have clear responsibilities at the top of the Company, the Board has set out well-defined roles for the Chairman
and Chief Executive. These, along with the responsibilities of our other Directors, are summarised in the table below.
Title Responsibilities
Chairman
Iain Ferguson
Iain’s primary responsibility is to lead the Board and ensure it operates effectively. He achieves this in part
through promoting an open culture, which allows people to challenge the status quo, and by holding
meetings with the NEDs without the Executives present. Iain also communicates directly with shareholders.
Chief Executive Officer
Jorgen Kokke
Jorgen is responsible for devising and implementing our strategy and for managing our day-to-day
operations. He is accountable to the Board for the Group’s development, in line with its strategy, taking
into account the risks, objectives and policies set out by the Board and its Committees.
Chief Financial Officer
Andy Russell
Andy is responsible for helping the Chief Executive Officer to devise and implement the strategy, and for
managing the Group’s financial and operational performance.
Senior Independent NED
Lesley Knox
1
Lesley provides a sounding board for the Chairman and is an alternative line of communication between
the Chairman and other Directors. She leads meetings of the NEDs, without the Chairman present, to
appraise the Chair’s performance, and consults with shareholders in the absence of the Chairman and
Chief Executive.
NEDs
Lysanne Gray
1,2
and Ralph Heuser
The NEDs constructively challenge, oversee and help to progress the execution of our strategy, the
management of the Group and the management of our governance structures, within the risk and control
framework set by the Board.
1 Also a Workforce Engagement Director
2 Also the Board’s Sustainability Sponsor
Genus plc Board
Other teams reporting to the Board
Board Committees
Nomination Committee
Reviews the Board’s structure, size
and composition and proposes
candidates for appointment to
the Board.
See pages 71 to 73 for the
Committee’s report
70
GENUS PLC / Annual Report 2025
Division of Responsibilities continued
Non-Executive Director
independence
The Board believes that all of the NEDs are
independent in character and judgement,
and that there are no relationships or
circumstances that are likely to affect
(or could appear to affect) their
judgement. As required by the Code,
the Chairman was independent on
appointment. The Board recognises that
Lysanne Gray was appointed as a director
in April 2016, and hence has served more
than nine years on the Board. The Board
considered Lysanne’s tenure, objectivity
and independence as part of its
ongoing succession planning, taking
into consideration her pivotal role
as Chair of the Audit & Risk Committee
at a time when the Company was
onboarding a new auditor and overseeing
the transition to a new Chief Financial
Officer, and concluded that she continues
to demonstrate independence in
character and judgement.
Directors’ time commitments
The Board effectiveness review
(see page 74) considered each Director’s
other commitments and concluded that
all of the Directors have sufficient time
to discharge their duties to Genus.
The Board recognises shareholders’
guidelines regarding the number of roles
held by Directors and has noted that at
the 2024 AGM, approximately 8.5% of the
votes cast were against Iain Ferguson’s
re-election as a Director. In addition to
chairing Genus, Iain chairs Crest Nicholson
plc and Personal Assets Trust plc. The
Board explored Iain’s capacity as part
of the Board effectiveness review and
remains satisfied that he has sufficient
time to dedicate to Genus. This took into
account that Personal Assets Trust plc is
externally managed and requires less time
than a regular FTSE 250 appointment. The
Board also remains satisfied that Iain has
consistently demonstrated his ability to
dedicate a significant and appropriate
portion of his time to the Company.
The Board has concluded that Iain’s
external appointments do not result in
overboarding or a conflict of interest.
71
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
The Board’s composition,
skills and succession planning
At the year end, the Board comprised
three independent NEDs, two Executive
Directors and me as Non-Executive
Chairman. We therefore continue to
comply with the Code requirement that at
least half the Board, excluding the Chair,
should be independent NEDs. The Board’s
collective skills and experience can be
found in the table on page 64.
Succession planning for Board roles
remained a focus in the year, given the
transition of Chief Financial Officer and
Jason Chin’s retirement in May 2025. We
also continued to consider succession for
Lysanne Gray, who reached nine years on
the Board in April 2025. As I noted in my
report last year, Lysanne is Chair of the
Audit & Risk Committee and we see her
having a key role in ensuring a smooth
handover from Deloitte to PwC as the
Group’s external auditor during FY25, as
well as supporting the onboarding of the
new Chief Financial Officer. We were
therefore pleased that Lysanne has agreed
to remain on the Board beyond the usual
nine-year term for a NED and, subject to
continued election by shareholders in the
meantime, she intends to retire following
the AGM in November 2027.
As the Group grows and its business and
markets become increasingly complex,
it is important that the Board has both
the capacity and expertise to provide
effective oversight. We therefore used this
year’s Board evaluation (see page 74) to
dig more deeply into the Directors’ views
on Board composition. This highlighted
that in addition to filling the vacancy
created by Jason Chin’s retirement, the
Board may benefit from a modest increase
in the number of NEDs, which we will
actively consider in FY26.
The Committee also reviews succession
planning for GELT members, with input
from the Group HR Director. The
geographical breadth of our businesses
means that our succession pipeline
features people from a diverse range of
nationalities and backgrounds. The Board
evaluation identified GELT succession
as an area for increased focus in FY26,
to ensure we have a phased approach
as some GELT members get closer to
retirement age in the next few years.
Composition, Succession and Evaluation
Nomination Committee Report
Dear Shareholder
This was a busy year for the Committee.
We led the recruitment process for our
new Chief Financial Officer and continued
to focus on succession planning at both
Board and senior leadership level, which
we had identified as a priority for FY25.
Our other priority for the year was to
support Ralph Heuser as he settled into his
role as a NED. I am pleased to report that
Ralph has already added considerable
value to both the Board and the business,
not least in using his expertise in
commercial excellence to support the
transformation programme in ABS. You
can find more on this in my Chairman’s
Letter on page 58.
Iain Ferguson CBE
Nomination Committee Chair
3 September 2025
72
GENUS PLC / Annual Report 2025
Chief Financial Officer recruitment
In October 2024, we announced that our
Chief Financial Officer Alison Henriksen
had informed the Board of her intention to
retire on 31 July 2025. We therefore began
the process of recruiting her successor,
using Spencer Stuart as the search firm.
Spencer Stuart has no other connection
with either the Company or individual
Directors, other than providing
these services.
We determined that our ideal candidate
would have the following attributes:
• a strong financial background, with
good knowledge of both management
and financial accounting and a track
record across all the key functions the
Chief Financial Officer oversees;
• experience of working in a complex
international business with a divisional
structure, transacting in multiple
currencies; and
• strong business acumen and the ability
to be a strategic partner to the Chief
Executive and the Board.
After conducting a comprehensive
search, we identified Andy Russell as the
outstanding candidate for the role.
For more information on his skills and
experience, see his biography on page 60.
Non-Executive Director recruitment
In February 2025, Professor Jason Chin
informed us that he intended to step down
as a NED, as he was taking on a significant
new role as Founding Director of the
Generative Biology Institute at the Ellison
Institute of Technology. He subsequently
left the Board at the end of May 2025. In
addition to being a NED, Jason advised
our Global Portfolio Steering Committee
and chaired our Scientific Advisory Board.
We are working to recruit a successor
who offers intellectual, scientific and
commercial excellence, with a preference
for a candidate who has worked with
major research-based companies.
Board training and development
All Board members are required to
complete annual training in areas such as
anti-bribery and corruption, cyber security
and avoiding bias, which we provide
online through Genus University.
During year, the Board had regular
exposure to the regulatory clearance
activities for the PRP, which has increased
the Directors’ knowledge of the regulatory
framework surrounding this product. The
Directors intend to continue to develop
their understanding in this area.
We will also consider ways to fully equip
the Board to have longer-term strategic
discussions, which will include developing
the way the Board interacts with the
Scientific Advisory Board, in order to
maximise the value of the insights the
SAB can provide.
Diversity
Our Board diversity policy requires us to
consider diversity in its broadest sense.
In addition to the competences that any
board requires, such as experience in
corporate governance, strategy, finance,
risk and human resources, we need
Directors who between them have, among
other things, a strong grasp of the food
production value chain, science and
biotechnology, regulated products and
how to successfully operate in our core
markets in North and Latin America,
Asia and EMEA. We can only obtain this
breadth of capability and successfully
develop and execute our strategy by
recruiting a diverse Board with different
skills, backgrounds, regional and industry
experiences, races, genders and
other qualities.
As a result the Board, with the support
of the Nomination Committee:
• considers all aspects of diversity
when reviewing the composition and
requirements of the Board and its
Committees and when conducting the
annual Board effectiveness evaluation;
• encourages development of internal
high-calibre people, to help develop a
pipeline of potential Executive Directors;
• considers a wide pool of candidates for
appointment as Non-Executive
Directors, including those with little or
no listed company board experience;
• ensures a significant portion of the
long-list for Non-Executive Director
positions are women and candidates
from a minority ethnic background;
• considers candidates against objective
criteria and with regard to the benefits
of Board diversity; and
• only engages executive search firms
who have signed up to the voluntary
Code of Conduct on gender and ethnic
diversity and best practice.
Composition, Succession and Evaluation continued
Nomination Committee Report
01
Assessment
The Committee reviews the Board’s
current skills and experiences across
a range of relevant areas.
This results in a skills matrix (see
page 64), which identifies the skills
coverage across all Board members.
Potential skills gaps are identified, so
they can be incorporated into future
succession planning at Board and
Executive level.
Areas for ongoing Board upskilling are
identified and discussed.
02
Approach
The Committee applies engagement
rules for succession planning, including:
• ensuring succession planning is
in line with the Committee’s terms
of reference;
• considering the need to replace the
skills of any departing NED; and
• filling any missing skills required for
the Company’s strategic direction.
Job specifications for the
Non- Executives and Executives
are kept up to date.
03
Execution
The Committee identifies the desired
skills for any new NED, for use in filling
any future vacancies on the Board.
Potential internal candidates for
promotion to Executive Director
are identified.
Our three-stage succession planning
process
73
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
A copy of the policy can be found on
our website: www.genusplc.com. The
Committee reviewed the policy in FY25
and concluded that it remained
appropriate. We followed the policy
throughout the year, notably when
considering the Board’s composition
and succession planning, and the Chief
Financial Officer recruitment process.
The Board Diversity Policy commits us to
meeting the Listing Rules targets for Board
diversity. At the year end:
• three (50%) of the Directors were female
(target: at least 40%); and
• female Directors held two of the Board’s
senior roles, with Alison Henriksen as
Chief Financial Officer and Lesley Knox
as SID (target: at least one).
However, we had no Directors from a
minority ethnic background (target: at
least one), after Jason Chin stepped
down. Alison Henriksen’s retirement since
the year end also means that we currently
have two female Directors, making up 33%
of the Board. We will look to address both
aspects through future recruitment.
Among our senior team, four of the nine
GELT members at the year end were
female, comprising 44.4% of the total. We
therefore increased the gender diversity
on GELT during the year, with GELT having
three women out of eight members (37.5%)
at the end of FY24. As of 30 June 2025,
GELT direct reports (excluding support
staff such as PAs) included 18 females
(32.12%) and 38 males (67.86%). This reflects
a notable improvement in female
representation, which increased by nearly
10 percentage points during FY25 – from
22.41% to 32.12%.
The tables below show the diversity of the Board and our executive management at
30 June 2025:
Board and executive management gender breakdown
Number of
Board members
Percentage of
the Board
Number of
senior positions
on the Board
1
Number in
executive
management
2
Percentage of
executive
management
Men 3 50% 2 5 56%
Women 3 50% 2 4 44%
Not specified/
prefer not to say – – – – –
Board and executive management ethnicity
Number of
Board members
Percentage of
the Board
Number of
senior positions
on the Board
1
Number in
executive
management
2
Percentage of
executive
management
White British or other White
(including minority white
groups) 6 100% 4 9 100%
Mixed/multiple ethnic
groups – – – – –
Asian/Asian British – – – – –
Black/African/Caribbean/
Black British – – – – –
Other ethnic group,
including Arab – – – – –
Not specified/
prefer not to say – – – – –
1 Chair, Chief Executive, Chief Financial Officer and Senior Independent Director
2 Executive management is the Genus Executive Leadership Team (see pages 62 to 63), which includes the Chief
Executive and CFO
Workforce gender breakdown
30 June 2025 30 June 2024
Male 1,997 62.4% 2,161 64.9%
Female 1,193 37.4% 1,168 35.1%
Service contracts and letters of appointment
Copies of the Directors’ service contracts and letters of appointment will be available for
inspection at the Company’s registered office during normal business hours until the
conclusion of the AGM on 19 November 2025, and at the AGM from at least 15 minutes
prior to the meeting until its conclusion.
Committee effectiveness
The Board considered the Committee’s effectiveness as part of the overall Board
evaluation process described on page 74. This showed the Committee continues to
perform well and there were no significant suggestions for change.
Focus areas for FY26
Our priorities for the year ahead are to:
• support Andy Russell as he settles into the role of Chief Financial Officer;
• recruit a successor to Jason Chin as a NED;
• consider the recruitment of further NEDs to increase the size of the Board; and
• progress our succession planning for the Board and GELT.
Iain Ferguson CBE
Nomination Committee Chair
3 September 2025
74
GENUS PLC / Annual Report 2025
Composition, Succession and Evaluation continued
Nomination Committee Report
This was year one of our Board evaluation
cycle, with an externally facilitated
review conducted by Gould Consulting.
Gould also facilitated our previous
external review in FY22. It has no other
connection with the Company or with
individual Directors.
Ahead of this year’s evaluation, Gould
discussed the proposed questions with the
Chair, resulting in increased focus on Board
composition and use of the Board’s time,
for example the split between considering
strategic and operational matters. After
completing the questionnaire, each
Director had a one to one interview with
Gould. Gould also observed Board and
Committee meetings.
The evaluation showed that the Company
has a strong Board, which is well chaired
and has positive dynamics between the
Directors. It also highlighted the following
focus areas for FY26:
• an increase in the time allocated to
strategic matters, in particular the
strategic imperatives identified during
the Board strategy day. As part of this,
the Board meeting cadence will change
to allow two interim strategy updates
per year;
• heightened Board focus on the
longer-term investment choices in R&D;
• a review of the Board’s composition and
size, to ensure orderly NED succession
planning, address any skills gaps and
further improve Board effectiveness;
• enhanced focus on succession for
GELT; and
• improvements to Board papers, to
provide greater clarity on the purpose of
each paper and what the Board is being
asked to consider.
Progress with FY25 focus areas
The FY24 review identified the following topics for the Board to consider during FY25:
Focus area Progress
Oversight of purpose
and culture.
The Board has gained greater insight into the culture in the
business through an increase in the number of site visits.
Ralph Heuser’s work to support ABS, as described in the
Chairman’s Letter on page 58, has also provided
opportunities to understand the culture in that division.
Evolution of the strategy,
together with milestones
or targets and clear
management reporting
against our strategic
priorities.
As discussed in the Chairman’s Letter, the evolution of the
strategy remains a key focus for the Board. The Executive
Directors have continued to evolve our internal reporting
to demonstrate progress with the strategic priorities,
introducing new scorecards containing both operational
and financial metrics.
Stakeholder
communications and
engagement.
The site visits in FY25, along with other events such as
the sessions with major shareholder ahead of the Board
strategy day (see page 58), have given the Directors
more opportunities for direct engagement with the
Group’s stakeholders. See the Chairman’s Letter for
more information.
Talent development and
succession.
This remains a focus for the Board and the Nomination
Committee, particularly considering succession planning
for GELT members (see page 71).
Directors’ evaluation, election and re-election
The Chairman meets all the Directors individually to discuss their performance and
the Committee Chairs also receive feedback on their roles through the Committee
evaluations. The Executive Directors have stretching financial and strategic targets each
year, which determine their annual bonus payments (see the Remuneration Report on
page 82).
As noted above, the evaluation process gathers feedback from the Directors on the
Chairman’s performance. The SID also leads meetings of the NEDs to appraise the
Chairman and discusses the output with him.
Following these reviews, the Board confirms that all the Directors continue to be effective
and demonstrate commitment to their roles. All the Directors are therefore offering
themselves for re-election, as required by the Code. More information can be found in the
Notice of AGM, which is available on the Company’s website.
Year 1
An external Board effectiveness
review produces an action plan
for the areas of focus identified
by the review.
Current year
Year 2
A follow-up questionnaire by
the same external consultant
enables us to monitor our
progress with the focus areas.
Year 3
An internal review using
questionnaires and interviews
with the Chair of the Board.
75
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
Audit, Risk and Internal Control
Audit & Risk Committee Report
Dear Shareholder
On behalf of the Audit & Risk Committee,
I am pleased to present the Committee’s
report for the year ended 30 June 2025.
Our Committee acts on behalf of the
Board and shareholders, to ensure
the integrity of the Group’s financial
reporting, evaluate its system of risk
management and internal control,
and oversee the performance of the
internal and external auditors. We
have an annual work programme to
deliver these commitments, which
we followed during the year.
All Audit & Risk Committee members are
independent non-executive directors who
bring a range of financial, commercial and
scientific expertise. In February 2025
Professor Jason Chin announced his
decision to step down at the end of May
2025 and a search is underway for his
successor. The Committee’s membership
continues to comply with the UK Corporate
Governance Code and related guidance.
During the year, the Audit & Risk
Committee played a key role in the
recruitment process for the new Chief
Financial Officer. The Committee provided
oversight and guidance throughout the
search and selection process, ensuring
that candidates were assessed against
rigorous financial and governance criteria.
This involvement reflects the Committee’s
commitment to maintaining strong
financial leadership and securing the
financial stewardship and strategic insight
needed to support the long-term strategy.
All members received regular updates
from the external auditor to maintain
current knowledge of the accounting and
financial reporting standards relevant to
the Group and the regulatory changes
and revisions to auditing standards
relevant to the provision of external audit
services. The Committee was briefed on
the Financial Reporting Council’s (‘FRC’)
revisions to the UK Corporate Governance
Code and the approach being taken to
ensure there is documentation of the
Group’s material risks and material
controls in readiness for the changes.
There is a programme of activities in place
so that the Company will be compliant
with the new requirements before they
become effective.
Our focus on risk management continued
throughout the year, with regular reviews
and assessment of the Group’s existing
principal and emerging risks and
mitigation plans. In particular we focused
on the risks associated with biosecurity,
sexing technology, climate change, the
ongoing impact of the Russia-Ukraine
conflict, and the impact of US trade tariff
policies on the global economy.
Management has undertaken a cyber
security maturity assessment and
third-party cyber security audit. There has
been a significant upgrade in our controls
in this area but given the ever changing
environment there needs to be continuing
focus on cyber security.
The GenusOne project was completed
during the year, with the final planned
locations transitioned to the new
enterprise management system. The Audit
and Risk Committee closely monitored the
implementation until completion.
We have carefully considered the critical
accounting policies and judgements,
assessed the quality of disclosures and
compliance with financial reporting
standards and reviewed the half-year
report and Annual Report, together with
the related management and external
audit reports. We also supported the
Board in reviewing the going concern and
viability statements and supporting
analysis and disclosure, as well as the
Company’s TCFD disclosures.
We have assessed the effectiveness of
internal and external audit during the year
by reviewing the work done, and through
discussions with internal and external
auditors. The Committee was satisfied
with the performance of both the internal
and external auditors.
As disclosed in last year’s report, the Audit
& Risk Committee recommended to the
Board that PricewaterhouseCoopers LLP
(PwC) be appointed as the Group’s
external auditor for the financial year
ended 30 June 2025, following an audit
tender undertaken in FY24. This proposal
was approved by shareholders at our AGM
on 20 November 2024. Consequently, one
of the key activities of the Committee
during the year was overseeing the
transition to the new external auditor.
Lysanne Gray
Chair of the Audit & Risk Committee
3 September 2025
76
GENUS PLC / Annual Report 2025
Committee composition
The Committee members’ biographies,
along with information on Genus’s other
Board members, can be found on pages
60 to 61.
The Board has confirmed that it is satisfied
that Committee members possess an
appropriate level of independence and
relevant financial and commercial
experience across various industries
relevant to the Company.
The Committee has formal terms of
reference, approved by the Board, that
comply with the UK Corporate Governance
Code. These are available from our
website, www.genusplc.com. The
Committee reviewed these terms of
reference during the year.
Committee role and responsibilities
The Committee reports its findings to the
Board, identifies any matters that require
action or improvement, and makes
recommendations about the steps to
be taken.
Committee effectiveness
Every three years the Board appoints an
external consultant to independently
evaluate its performance, and that of its
Committees. This year the Committee’s
effectiveness was considered as part of
the overall Board effectiveness review
which was externally facilitated by Gould
Consulting (see page 74) and concluded
that the Committee continued to operate
effectively, independently and with a
strong focus on risk identification and
management. The next external
evaluation will be in FY27.
The Committee’s main activities
during the year
During the year, the Committee held five
meetings. Attendance at these meetings
can be found on page 68. The Committee
invited the Group’s Chairman, Chief
Executive, Chief Financial Officer, Group
Financial Controller, Head of Risk
Management and Internal Audit, Head of
Financial Reporting, Head of Financial
Control, and senior representatives of the
external auditor to attend these meetings.
The Committee also held separate private
sessions during the year with the Head of
Risk Management and Internal Audit and
the external audit lead partner. At its
meetings, the Committee focused on the
following topics:
Audit, Risk and Internal Control continued
Audit & Risk Committee Report
Financial reporting
The main areas of focus and matters where the Committee specifically considered and challenged management’s judgements are set
out below:
Financial reporting area Judgements and assumptions considered
Impact of Russian sanctions on financial
reporting
The Committee has reviewed the Group’s assessment of the impact of Russian sanctions
on the year-end financial reporting. The assessment considered whether:
• the Group still has control over the assets and operations of the Russian entities;
• it is still appropriate to consolidate the entities in the Group’s financial statements;
• any impairment of assets held in those entities is required; and
• the Russian entities have sufficient cash resources to allow day-to-day operations to
continue.
The Committee debated and considered management’s assumptions on whether it has
control over the operations and assets given the international sanctions currently in
place, reviewed management’s impairment analysis and discussed future plans and cash
flow projections.
The assessment was performed with reference to IFRS 10 ‘Consolidated financial
statements’ and the Committee was satisfied with management’s conclusion that it is
still appropriate to consolidate the Russian entities, that there is no impairment of assets
required at the year end and that the entities have sufficient cash flow to enable the
businesses to operate on a day-to-day basis and be able to meet their liabilities as they
fall due.
The Committee also reviewed the disclosures in note 4 – Critical Accounting Judgements
relating to restricted cash balances held in Russia, management’s judgements in
applying the accounting policies and the key assumptions and sources of estimation that
have a significant risk of causing a material adjustment to the carrying amounts of assets
and liabilities within the next financial year.
Following this detailed review and discussion with management, the Committee has
concluded that the presentation of the financial statements and the associated
disclosures is appropriate.
77
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
Financial reporting area Judgements and assumptions considered
Biological assets valuation In compliance with IAS 41, Genus records its biological assets at fair value in the Group
Balance Sheet, totalling £296.1m, with the net valuation movement shown in the Income
Statement. The Committee has reviewed the methodology and outcomes of the biological
assets valuation. The Committee reviewed management’s assumptions and estimates
during the current period and discussed management’s revised approach in determining
the fair value of bovine and porcine biological assets. This year, management updated
the estimate to use a 10-year pre-tax risk-adjusted discount rate, consistent with the
pre-tax cash flows. We considered management’s reasoning for this change and
reviewed the external auditor’s report on this area, and agreed with management’s
proposal. The Committee was satisfied with management’s accounting treatment,
including restatements of the balance sheets as at 30 June 2024 and 30 June 2023 in
accordance with IAS 8 and IAS 1 (revised), and the current year valuation. The net valuation
movement shown in the Income Statement is a net expense of £11.6m for bovine and £1.7m
for porcine. Please refer to Note 2 Basis of Preparation for further details.
The Committee also considered the valuation of PRRS resistant pigs (‘PRP’) following the
Group obtaining FDA approval for our gene-edited PRPs on 29 April 2025. The Committee
reviewed and considered management’s methodology and assumptions and was
satisfied with management’s accounting treatment that the PRP held in inventory have a
fair value that does not materially differ from the historical cost of the animal. Please refer
to Note 4 Critical Accounting Judgements for further details.
Going concern and viability statement In assessing the Group’s going concern and viability, the Committee reviewed the
Group’s budget and strategic plan, its credit facility agreement, principal risks and
uncertainties (as detailed on pages 52 to 55), and liquidity and capital projections. For
the going concern assessment, the Committee considered a period of 12 months from the
date of approval of the financial statements and concluded that the Group had
adequate resources to continue in operational existence for the foreseeable future.
Separately, for the viability assessment, the Committee advised the Board that the
three-year period was appropriate, reflecting the Group’s strategic planning cycle and
the nature of its principal risks. The Committee was satisfied that the assumptions
underpinning the viability analysis were reasonable and that the disclosures relating to
the assessment periods, assumptions and methodology were appropriate. The going
concern and viability statement is disclosed on page 56 of this report.
Presentation and disclosure of
exceptional and adjusting items
Genus had £38.7m of adjusting items, including £11.4m of net exceptional items in the
Group Income Statement. The Committee considered the presentation of these items
in the financial statements, due to the nature of these items and the guidelines on the
use of alternative performance measures issued by the European Securities and Markets
Authority. The Committee received detailed reports from management outlining the
judgements applied in relation to the disclosure of adjusting items, which include net
IAS 41 valuation movement on biological assets, amortisation of acquired intangible
assets, share-based payment expense and exceptional items. For adjusting items,
the Committee took into consideration their volatility and lack of correlation with core
operational progress and performance of the business. Specifically, for exceptional
items, the Committee took into consideration the materiality, frequency and nature of the
items. Following this detailed review and active discussion with management, the
Committee has concluded that the presentation of the financial statements is
appropriate.
Impairment review Goodwill and other intangibles are tested annually for impairment in accordance with
IAS 36 Impairment of Assets. The Committee considered management’s goodwill and
intangible asset impairment review and, particularly in respect of the ABS and Xelect
CGUs, considered the assumptions, associated disclosures, and management’s models
underpinning the estimates and judgements. The Committee also considered the
external auditor’s report on this area. After due challenge and discussion the Committee
was satisfied with these assumptions and judgements, including the sensitivity analysis.
Further detail is presented in note 4 and note 14 of the Annual Report.
Monitoring business risks
The Committee discussed the principal
risks identified along with management’s
plans to mitigate them and received
regular detailed updates from the risk
owners and their direct reports. In addition
to reviewing the principal risks, the
Committee received detailed updates
on the following:
• Sustainability matters: the related
current and emerging risks and the
roadmap of actions supporting the
climate change action plan, TCFD
reporting requirements and
improvements in the disclosures.
• Biosecurity and continuity of supply:
the risk of losing key livestock or losing
our ability to move animals and/or
semen freely (including across borders),
due to disease outbreak.
• Cyber security: a maturity assessment
and audit of cyber security controls,
including a roadmap in support of
further improvement in this area.
• Sexing technology: R&D developments
in sexing and other reproductive
technologies.
• Macroeconomic and geopolitical issues,
related to the US trade tariffs, and the
ongoing Russia-Ukraine conflict.
• Regular updates on the final
implementation of GenusOne, an
enterprise management system, which
was concluded in FY25.
Internal control system
Management is responsible for identifying
and managing risks, and for maintaining
a sound system of internal control. The
internal control framework is intended to
effectively manage rather than eliminate
entirely the risks to achieving our business
objectives. Our risk management and
internal control frameworks are described
in more detail on pages 78 to 79.
The key elements of the Group’s internal
control framework are monitored
throughout the year and the Committee
has conducted its annual review of the
effectiveness of the Group’s internal
controls on behalf of the Board.
78
GENUS PLC / Annual Report 2025
The Committee’s review included scrutiny
of reports provided by management, Risk
and Internal Audit, Internal Control and
External Audit. The Committee reviewed
the results of the key financial controls
self-assessment process, which is
performed every six months; internal
audit’s findings, including updates on the
implementation of management’s actions;
and the Group’s Whistleblowing Policy and
bribery prevention procedures.
The review did not identify any significant
control failings. Genus routinely identifies
and implements control improvement
opportunities, with all remediation plans
monitored to completion and regularly
reported to the Committee.
Oversight of internal audit
and external audit
Internal audit
The Committee reviewed and approved
the internal audit function’s scope, terms
of reference, resources and activities.
The Committee was satisfied that the
coverage and quality of the internal audit
process remained appropriate. The Head
of Risk Management and Internal Audit
provided regular reports to the Committee
on the work undertaken and
management’s responses to proposals
made in the internal audit reports issued
during the year. The Committee continued
to meet the Head of Risk Management
and Internal Audit without management
being present. The Committee reviewed
and was satisfied with the internal audit
function’s performance.
External audit
The Company has complied with the
Statutory Audit Services Order for the
financial year under review.
The Committee reviewed and agreed the
external auditor’s scope of work and fees,
held detailed discussions on the results
of its audit and continued to meet the
external auditor without management
being present. The Committee reviewed
the external auditor’s objectivity and
independence and the Group’s policy on
engaging the external auditor to supply
non-audit services.
The Committee assessed the external
auditor’s performance in conducting
the audit for the June 2024 year end.
The Committee considered the quality,
effectiveness, independence and
objectivity of the external auditors through
the review of all reports provided, regular
contact, and dialogue both during
Committee meetings and separately
without management. Continuing from
the process in the previous year, the
Committee conducted an audit quality
and effectiveness review through a
questionnaire to Committee members,
management, and members of the
finance team, which delivered focused
insight into Deloitte’s effectiveness.
The Committee considered the audit
quality reviews on the firm and sought
confirmation that recommendations were
appropriately actioned where relevant to
the audits of our Company.
Transition of new auditor
As disclosed in last year’s report, the
Committee recommended to the Board
that PwC be appointed as the Group’s
external auditor for the financial year
ended 30 June 2025, following an audit
tender undertaken in FY2024. This
proposal was approved by shareholders
at our AGM on 20 November 2024.
As part of the onboarding and first-year
audit process, the following have
been undertaken:
• PwC shadowed Deloitte during the
latter’s audit of the Group’s FY24
financial year, including attending some
Audit and Risk Committee meetings
• Early and regular engagement by
management with PwC
• Review by PwC of all our significant
judgements and estimates, as well as
the Group’s accounting policies. There
were no significant areas where the
Group’s interpretation differed from PwC
• Early testing of material balances
ahead of year end to ensure an
effective and efficient audit approach
had been adopted
The Committee has monitored the
effectiveness of PwC and the quality of
external audit services provided to the
Group since the transition. As this is PwC’s
first year as external auditor this included
oversight of procedures relating to the
interim results, audit planning, and
year-end preparation as the year
progressed. The Committee also
considered the effectiveness of the audit
team, including their expertise, resourcing,
and engagement during Audit & Risk
Committee meetings. The Committee
noted the positive progress being made.
A comprehensive review of PwC’s
effectiveness will be conducted following
completion of the first full-year audit.
External auditor independence
Maintaining the objectivity and
independence of the external auditors
is essential. The Committee has taken
appropriate steps to ensure that the
Company’s external auditors are
independent of the Company and
obtained written confirmation from them
that they comply with guidelines on
independence issued by the relevant
accountancy and auditing bodies.
Additional non-audit services provided
by the auditors may impair, or appear to
impair, their independence. The Group’s
policy on the provision of non-audit
services is aligned with the FRC’s Revised
Ethical Standard 2024 to provide clarity
over the type of work that is acceptable
for the external auditors to carry out.
The policy sets out the process required
for approval and a cap to the total
non-audit fees for permitted services (at
70% of the audit fee). The policy was last
reviewed in the year ended 30 June 2025.
Audit and non-audit fees paid to PwC in
the year were £1.7m and an analysis is
presented in note 8 to the consolidated
financial statements. Non-audit fees
represent 0.4% of the audit fee and were
for audit-related assurance services. The
Committee concluded that the provision
of such services was appropriate, given
that they were closely related to the work
performed in the external audit process
and it was more efficient and effective to
engage the external auditors due to their
knowledge and expertise.
Risk management and
internal control framework
The Audit & Risk Committee has
responsibility for reviewing and monitoring
the Group’s risk management and internal
control framework on behalf of the Board.
Risk management
The risk management system is designed
to identify, evaluate and prioritise the risks
and uncertainties Genus faces. The Board
sets our risk appetite, monitors the Group’s
risk exposure for our principal risks and
ensures appropriate executive ownership
for all risks. This ongoing risk management
process for the Group’s principal risks was
in place for the year under review and up
to the date of approval of the Annual
Report and Accounts. Genus’s principal
risks and how Genus mitigates them are
summarised on pages 52 to 55.
The Board performed its annual risk review
in May 2025, identifying and evaluating
new and emerging risks and reassessing
the levels of risk facing Genus as it
executes its strategy. The Committee
considered whether the risk register
covered all relevant risks. This year, two
principal risk titles were amended to
better reflect the current risk as follows:
• Continuing to successfully develop
IntelliGen technology was renamed
to Continue to successfully develop
IntelliGen and other sexing and
reproductive technologies, to better
reflect the research and development
in this field; and
• Developing and commercialising gene
editing and other new technologies was
amended to Commercialising PRP, now
that landmark US FDA approval has
been obtained to focus on the next
stages of this breakthrough product.
The Board continued to monitor the effect
of macroeconomic and geopolitical risks,
like the US trade tariff policies and the
continued Russia-Ukraine conflict.
Audit, Risk and Internal Control continued
Audit & Risk Committee Report
79
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
Internal control
A sound system of internal control
incorporates a strong control environment
and well-designed and consistently
operated controls that mitigate risks to
acceptable levels. An effective internal
control system minimises surprises,
enhances operational efficiency and
supports both reliable reporting and
compliance with laws and regulations,
enabling the business to focus
on performance.
Control environment
The control environment encompasses
the culture, standards, processes and
governance structures that define how
the Company works and promotes the
effective execution of control across
the Group.
At Genus the tone from the top drives our
control environment, with the Board and
GELT establishing a clear commitment
to integrity and ethical values, the
importance of internal control and
the expected standards of conduct.
The Board provides the authority
for management to determine the
appropriate structures, reporting lines
and delegations, so that responsibilities
are carried out with clear accountability
and by people with the right skills and
expertise to enable Genus to achieve
its objectives.
Strategic plans supported by detailed
operational budgets, including capital
expenditure, are prepared annually and
approved by the Board. GELT regularly
reviews business performance against
strategy, budget and key performance
indicators. Monthly business unit reviews
held with the Chief Executive, Chief
Financial Officer, Group General Counsel
and Company Secretary, and Group
Financial Controller consider financial
results and variances, updated forecasts
and key business risks.
The Board oversees the development
and performance of internal controls,
receiving and scrutinising assurance
reports to inform its view on the
effectiveness of the risk management
and internal control frameworks.
Group policies were in place throughout
the year, including our accounting
policies which govern the preparation
of the Group’s consolidated financial
statements. Controls over segregation
of duties, system access, management
review, reconciliation processes and
the consolidation and reporting
system support the accuracy of
financial reporting.
The control environment depends on the
integrity and competence of employees,
which is maintained through robust
recruitment processes, mandatory training
courses and a consistent approach to
performance management.
Internal audit and assurance
Our internal audit programme is delivered
by an in-house team, led by the Head
of Risk Management and Internal Audit,
supplemented by external specialist
resources where needed. During the year,
Internal Audit completed a risk-based
audit programme approved by the
Audit & Risk Committee, which covered
a broad range of financial, operational,
compliance and reporting controls.
Twice a year, all business units complete
a risk and control self-assessment,
designed to assess compliance with our
minimum control standards. Internal audit
independently reviews these assessments.
An annual Fraud Risk Assessment is
conducted with all the business units.
The external auditor also provides
observations on the control environment
arising from its audit work.
The outcomes of the above activities,
along with actions designed to mitigate
any issues found, are presented to the
Committee, senior management and the
external auditor throughout the year.
Internal Audit tracks actions to completion.
Effectiveness of risk management
and internal control framework
On behalf of the Board, the Committee
reviewed the effectiveness of our risk
management and internal control
framework. The review considered the
results of the internal audit programme,
the internal control self-assessment
process, and reports prepared by
management in support of the interim
and final results and financial statements.
The Committee also considered how
significant risks had been identified,
evaluated, managed and controlled,
whether any significant weaknesses had
arisen, and how these were addressed.
Opportunities to strengthen the risk
management and internal control
frameworks are routinely identified
and acted upon. No significant internal
control failures were brought to the
attention of the Board or Committee’s
attention during the year. The Board
is therefore satisfied that the risk
management and internal control
systems continue to operate effectively.
Lysanne Gray
Chair of the Audit & Risk Committee
3 September 2025
80
GENUS PLC / Annual Report 2025
Remuneration Committee Report
Section A – Annual Statement
REMUNERATION COMMITTEE REPORT CONTENTS
A Annual Statement 81-85
Board changes
Executive Directors’ remuneration for year ending June 2025
New Remuneration Policy
Looking forward to financial year ending June 2026
Other remuneration matters
B Overview of the Proposed Remuneration Policy 86-89
Introduction and our approach to the Policy review
Key feedback from investors on our Policy review
Summary of the key policy changes
Background on benchmarking
Frequently asked questions
C At a Glance 2025 & 2026
90-91
What Executive Directors were paid in 2025
What Executive Directors can earn in 2026
D Remuneration and Performance Statement 92-93
Genus’ strategy and its link to variable remuneration
Executive Directors’ alignment to share price
Alignment to UK Corporate Governance Code
E Proposed Remuneration Policy 94-102
Introduction and overview of key changes
Proposed remuneration policy – Executive Directors
Executive Directors’ remuneration opportunity under the proposed
remuneration policy
Proposed remuneration policy – Non-Executive Directors
F Annual Report on Remuneration
103-116
1. 2025 remuneration outcomes for Executive Directors
2. How we will implement and operate the Policy in 2026
3. The Remuneration Committee membership, advisers and its operation
4. Comparison of the CEO’s remuneration to historical shareholder returns
and to employees’ remuneration
5. The Chairman and Non-Executive Directors’ fees
6. Directors’ shareholdings and rights to shares
7. Executive Directors’ contracts and Non-Executive Directors’ letters of
appointment
G. Wider Workforce Remuneration
117-119
All-employee approach to remuneration
CEO pay ratios
Gender pay gap reporting
Lesley Knox
Senior Independent Non-Executive
Director and Chair of the
Remuneration Committee
KEY MESSAGES
• Continued positive shareholder
support for how we managed
remuneration: 95% vote in favour of
the Directors’ Remuneration Report
(‘DRR’) at 2024 AGM.
• Development of new Directors’
Remuneration Policy (‘Policy’)
designed to incentivise the
continued sustained growth of
Genus, support value delivery
to shareholders and retain
(and as appropriate attract)
global executive talent, especially
in a US market.
• Strong FY25 annual bonus payouts
reflecting strong positive in year
performance. Limited vesting under
2022 Performance Share Plan
awards, reflecting historical
performance during challenging
external market conditions.
• Modest salary/fee increases for
CEO and Company chair consistent
with relevant country salary budgets
for employees.
Terms of reference
The terms of reference for the Committee
are in line with the 2024 UK Corporate
Governance Code and available
to view at www.genusplc.com.
Committee attendance
A consolidated table of Director
attendance at all Board committee
meetings is set out earlier in the
corporate governance section.
Jorgen Kokke and Alison Henriksen
(until her retirement from the Board)
also attended the Committee’s
meetings by invitation.
81
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
On behalf of the Board, I am
pleased to present the Directors’
Remuneration Report for 2025.
We were pleased with the shareholder
response at the 2024 AGM, with
over 95% of shareholders voting
for the remuneration report.
Board changes
A number of Board changes are
mentioned elsewhere in the Annual Report
and Accounts; I will summarise them
here in the context of reporting on the
implications for remuneration and in terms
of the membership of the Committee.
In May 2025, Jason Chin stepped down as
a Non-Executive Director. Jason
contributed to the performance of the
Committee over several years including
the formulation of the proposed
Remuneration Policy (‘Policy’) to be
approved by shareholders in November.
In October 2024 we announced that
Alison Henriksen had decided to retire as
CFO and as an Executive Director. Alison
stepped down as an Executive Director on
31 July 2025 and remained employed until
31 August 2025 to assist with an orderly
handover to her successor. Details of the
termination arrangements were outlined
initially in the remuneration statement
posted on the Company’s website in
November 2024. A summary is also set out
on page 107. The Committee determined
that these termination arrangements were
fair and reasonable, consistent with the
Directors’ Remuneration Policy and in line
with her contractual entitlements.
We subsequently announced in March
2025 that Alison would be succeeded by
Andy Russell. Andy joined the Board as
an Executive Director on 1 August 2025.
Andy’s remuneration arrangements
have been set in accordance with the
existing Policy.
• A salary of £430,000.
• Pension contribution of 6% of salary as
well as other standard core benefits.
• Eligible for a full year FY26 annual bonus
(with a maximum of 175% of salary),
rather than pro rata for 11 months
service. This limits the amount of ‘bonus
buyout’ we needed to offer.
• Eligible to receive long-term incentives
in line with the proposals being
presented to shareholders for approval
at November’s AGM
As part of his hiring agreement, Andy is
eligible to receive an aggregate buyout
of £433,987 to compensate for deferred
variable remuneration forfeited when Andy
decided to leave his previous employer
and join Genus. The buyout has been
delivered in a combination of restricted
shares and cash. Our approach was to
calculate the fair value of Andy’s Smith &
Nephew awards, and replicate expected
vesting timings where possible. The buyout
will be reflected in the single figure of total
remuneration table for 2026 i.e. next year,
as Andy was not an Executive Director
in FY25.
A summary of the buyout elements is set
out below.
Appointment of new Chief Financial Officer: summary of replacement awards being given to Andy Russell
What is being bought out Fair value of the forfeited remuneration How the Genus buyout will be delivered
The deferred element of 2024
bonus forfeited on resignation
Compensation for lost H1 2025
bonus opportunity
Compensation for July 2025
bonus opportunity
£211,542 • Cash payment in September 2025 – £93,572
• Restricted share award (RSA) grant – £117,970
in face value
• Extended eligibility for Genus FY26 from
11 months to 12 months
Unvested share awards
1
• deferred share bonus awards
• performance share plan awards
£86,630
£135,815
• Cash payment in September 2025 – £8,340
• Cash payment in March 2026 – £107,171
• RSA grant – £106,934 in face value
Total £433,987 • Cash payment of £101,912 in September 2025
• Cash payment of £107,171 in March 2026
• RSA grant – £224,904
2 in face value
1 We agreed as part of contractual discussions to base any exchange of value into Genus shares using a 10-day average of Smith & Nephew share price immediately
prior to announcement
2 It is expected that the replacement RSA will be granted in September 2025 and will vest after two years subject to continued employment in September 2027
82
GENUS PLC / Annual Report 2025
Remuneration Committee Report continued
Section A – Annual Statement
Executive Directors’ remuneration
for year ending June 2025
The Executive Directors’ remuneration
comprises a salary, market-appropriate
benefits, pension provisions and variable
remuneration which in 2025 was delivered
through an annual bonus with deferral
and an award under our long-term
incentive plans.
A significant proportion of Executive
Directors’ remuneration is linked to the
delivery of stretching targets linked to
Genus’ short- and long-term strategy.
In approving remuneration outcomes
for Executive Directors and other senior
executives, the Committee is mindful of
the experience of a range of stakeholders,
including investors, employees and
customers to provide a balanced
assessment of performance.
2025 annual bonus
Group profit excluding PIC China
(accounting for up to 50% of the annual
bonus of Executive Directors) was at the
maximum for the year, and improved
performance in the China porcine market
meant that stretch for PIC China element
of the bonus (10% weighting) was also met.
In respect of the 15% of bonus based on
cash conversion, further strong in-year
performance resulted in a maximum
payout under this element.
As outlined in our July 2025 trading
update, Group adjusted operating profit
includes a PRP net milestone payment
of £3.7m from our Chinese partner,
Beijing Capital Agribusiness. This income
and the cost of PRP are part of operating
profit (consistent with the receipt of
previous milestone payments). As such
the Committee considered both
elements should have an impact on
FY25 bonus outcomes.
Overall, Executive Directors recorded an
outcome under the financial elements of
the bonus of 100.0% of the total award: the
weighting for financials is 75% of the total.
The remaining 25% of Executive Directors’
bonuses is based on a number of key
strategic objectives. In assessing this
element, the Committee discussed the
broader strategic progress made during
the year as well as performance against
the original objectives set. The CEO had
an excellent year, making great progress
in key areas linked to the long-term
strategy for the business. The Board
noted his strong focus in key areas like
the FDA approval and Value Acceleration
Programme (‘VAP’) work in ABS. The CFO
had continued to deliver strongly in her
role overseeing an excellent financial
performance and partnering with ABS
on the VAP to ensure it earns its cost of
capital in FY26. The CEO and CFO were
each awarded an outcome of 93% of
maximum for the personal element.
Overall bonuses for the CEO and CFO
were 98.25% of the maximum. In line with
our agreed policy, one-third of these will
be delivered in Genus shares that will vest
after three years.
More information on the scorecard
outcomes and assessment of individual
performance against strategic priorities
is set out on pages 103 to 105.
Performance Share Plan (‘PSP’) vesting
We assessed the performance conditions
for the PSP awards granted in September
2022. 80% of the awards were subject to
our earnings per share (‘EPS’) performance
over the three financial years ending
30 June 2025, with the balance subject
to ESG-related measures. Whilst the
minimum EPS hurdle was not met, the
targets relating to carbon emissions and
genetic improvement were achieved
resulting in an overall vesting level of 20%.
The Committee considered the vesting
outcome appropriate in the context of the
overall performance of the business over
the period and therefore no discretion
was applied.
Review of 2025 variable
remuneration outcomes
The Committee determined that,
notwithstanding the challenging
external context, PIC continued to perform
robustly and as a result of the actions
taken by management following the
R&D strategic review in February 2024
and VAP, Company and in particular ABS
profitability had improved. As such, the
Committee felt that the overall outcomes
were a fair reflection of the performance
of the business and actions taken by the
management team during the year.
When considering the bonus and PSP
outcomes, the Committee also noted that:
• Executive Directors had exposure
to share price movement through
their holdings.
• Recent variable remuneration for
Executive Directors had been modest.
The 2021 PSP lapsed in full in
September 2024.
• Bonus awards in the previous three
years had averaged 31% of the
maximum payout.
• A final dividend of 21.7p per share was
being proposed, to give a total for FY25
of 32.0p.
The Committee was comfortable that the
Policy had operated as expected during
the past year. No discretion was applied
to performance outcomes for Executive
Directors during the year by the Committee.
83
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
New Remuneration Policy
Context
We will table a new Remuneration
Policy (‘Policy’) at our AGM in November.
Our existing Policy was approved by
shareholders in November 2022 with over
93% voting in favour. Following a review,
the Committee concluded that our Policy
needs to more closely reflect competitive
market norms where we operate and our
executives are based, and in which we
compete for talent.
We are confident that the Policy changes
will, firstly, create close, long-term links
between the Company’s executives and
its shareholders, underpinned through
the regular accumulation of shares
and, secondly, support the need to
compete for, attract and retain talent
in international markets, notably the US.
As we highlighted in last year’s
remuneration report, there has been
a growing debate around how global
companies such as Genus, with material
exposure to international markets,
particularly the US, can compete on
pay for talent at a senior level, whilst
operating within the UK corporate
governance framework.
What are the key policy changes
Area Proposed change
Shareholding requirement
(‘SHR’)
Increased from 200% to 250% of salary
Post-cessation SHR also increases: the lower of holding
on exit and 250% of salary
Annual bonus deferral Deferral maintained at one-third for three years but
reduced to 20% the if Executive Director (‘ED’) has met
their SHR by the end of the relevant financial year
Long-term incentive (‘LTI’)
structure
A new Restricted Share Unit (‘RSU’) plan will operate
alongside the existing Performance Share Plan (‘PSP’).
The normal aggregate face value remains 200% of
salary, with annual awards split 2/3rd PSP and
1/3rd RSU
Key observations
We provide more detail on the proposals
on pages 86 to 89.
However, I would like to provide some
additional commentary below.
• The introduction of the restricted share
units alongside the existing PSP is right
for Genus. It provides a balanced suite
of long-term incentives that gives
improved shareholder alignment,
mitigates the challenges associated
with the ability to set long-term targets
given the challenging impact of external
factors and provides internal alignment
with the remuneration framework Genus
has developed below Board level. In
addition, it aligns better with market
practice in the US (albeit not fully). Given
the Company’s FTSE listing we have not
fully embraced US practice on the
structure of the RSU awards e.g. we will
have a three-year cliff vesting instead
of phased vesting and there will be
a post-vesting holding period.
• There is no increase in the aggregate
value of the long-term incentive: the
opportunity remains 200% of salary.
The split between the PSP and RSU is
two-thirds and one-third. This reflects
the ratio typically found in the US.
• The proposed bonus deferral approach
helps better align our remuneration
practices with the US where bonus plans
are typically cash only. Our CEO was
hired in the US and is based there.
The majority of our executive team are
based in the US. The reduction in the
bonus deferral only applies if the new
shareholding requirement has been met
• Our malus and clawback provisions are
appropriate and have recently been
reviewed by the Committee.
• Throughout its review of the Policy,
the Committee has considered the
requirement to be fair and competitive
within the global genetics sector. As a
UK-listed company, we are subject to
and are mindful of UK governance
expectations. Therefore, we have
sought an appropriate balance
between the typical US variable
remuneration structures and quantum
while retaining key remuneration
features found within UK FTSE
organisations. We have not sought to
replicate wholesale US remuneration
practices for our Executive Directors.
• Our proposed changes are primarily
about better alignment with typical
US structures, rather than paying at
competitive US remuneration levels.
The structural changes (outlined above)
result in a modest, 9%, uplift in the
fair value of the CEO and CFO’s
remuneration.
84
GENUS PLC / Annual Report 2025
Remuneration Committee Report continued
Section A – Annual Statement
Looking forward to financial year
ending 30 June 2026
Salary adjustments
The Committee approved an increase
to Jorgen Kokke’s salary of 3.3%,
effective 1 September 2025, which was
in line with the 2025-26 salary budget
for US-based employees.
Structure of variable remuneration
Our approach to variable remuneration
focuses on growth and the long-term
sustainable success of the business.
2026 Annual bonus
We have not made changes to the
measures and design as they relate to
Executive Directors or our Genus Executive
Leadership Team (‘GELT’) members, other
than the proposed policy change relating
to the level of deferral if an executive has
met their shareholding requirement.
The maximum bonus opportunity remains
200% and 175% of salary for the CEO and
CFO respectively.
The financial scorecard will continue to
determine 75% of the bonus (split as in
2025 between profit measures (60%) and
cash conversion (15%)), with the remaining
25% being based on individual strategic
objectives. As in 2025, we will separate out
profit assessment, so that part is linked to
PIC China performance, and the majority
linked to the wider Group performance
excluding PIC China.
Full retrospective disclosure of the targets
and performance against them will be set
out in the Annual Report next year.
2025 long-term incentives in FY26
Executive Directors will be granted PSP
awards in September 2025 and, subject to
shareholder approval of the Policy at the
2025 AGM, RSU awards later in the year.
In terms of the PSP measures we have
made some changes (as shown above)
which provide a more rounded assessment
of Genus’ performance. The new suite of
measure improves alignment to strategic
priorities and key areas of focus. For
example, ROIC helps us measure our
ability to efficiently invest our capital and
there is an increased prominence given
to Genetic Improvement, which is at the
heart of what we do, providing a strong
connection to our business strategy and
value creation.
Relative TSR is still viewed by many
investors as a helpful way to aligning
stakeholder interests, and we have
received investor feedback over the last
18 months encouraging us to adopt such
a measure. Relative TSR is also common
measure in both UK and US PSPs.
We remain committed to our stated
double-digit medium-term growth
aspirations. Going forward, 35% of the PSP
award will be linked to EPS performance,
rewarding sustained long-term growth of
the business. We have agreed to use the
same EPS range as for awards granted in
2024, requiring annual EPS growth over the
three-year performance period of 4% at
threshold through to 12% or above for
maximum vesting.
In setting our EPS and ROIC targets,
the Committee considered a number
of factors including internal and external
reference points. The Committee
noted that:
• The Group strategic plan is ambitious
plan with a number of risks that include
FX and geopolitical factors.
• Targets need to realistic and
motivational. The Committee noted
that the EPS component of the 2021
and 2022 PSP had lapsed in full, and
there remained significant stretch in the
EPS element of the 2023 PSP awards.
The Committee will continue to keep
targets for future PSP grants under review.
A summary of the measures, weightings
and targets is provided on page 109.
Other remuneration matters
Company Chairman fee and
Non–Executive Director fees
The Committee approved an increase
to Iain Ferguson’s annual fee by 3.5%
from £239,200 to £247,550, effective
1 September 2025. This is only the second
increase to the Chairman’s fee since his
appointment in 2020. The Committee
noted that the 2025-26 salary budget for
UK Genus plc employees was 3.5%.
Non-Executive Director fees were also
reviewed by the Board and an increase to
the base fee from £57,200 to £60,000 was
agreed, effective 1 September 2025. This is
also only the second increase to the base
fee since 2017.
Wider workforce and
employee engagement
As in previous years, we have provided
insights on our people and culture
elsewhere within the Annual Report,
including the role played by our
designated Non-Executive Workforce
Engagement Directors (Lysanne Gray
and myself) in understanding the overall
employee experience and satisfaction
with remuneration. We met with employee
groups during the year and, as a Board,
received updates on employee
engagement survey results and
associated action plans.
As a Committee we discussed efforts to
improve female gender representation
across the Group and we receive regular
updates on progress against internal
diversity targets. We also review the
progress on our gender pay position
within Genus Breeding Limited, our
largest UK subsidiary. We also receive
periodic updates on the approach to
remuneration across the Group including
the competitiveness of our remuneration
in our markets and our proposed salary
budgets for the forthcoming year.
Measure PSP grant in September 2024 2025 PSP grant in September 2025
Earnings per share 80% 35%
Return on Invested Capital – 35%
Relative TSR (vs FTSE250) – 15%
ESG related 10% (Genetic improvement)
10% (Greenhouse gases)
15% (Genetic improvement)
85
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
Employee share plans
At the AGM, we are also seeking
shareholder approval for a new
discretionary share plan and a deferred
share bonus plan.
The use of shares is an intrinsic element of
total remuneration for our management
population including Executive Directors.
The Group has taken the opportunity to
review all its discretionary share plan
arrangements at this time, including those
plans used more broadly for delivering
restricted shares and any deferred
element of annual bonuses. Following that
review, a new discretionary share plan is
being proposed as an ‘umbrella’ plan
which is designed to incorporate many of
our discretionary share plan arrangements
into a single plan for the future.
Discretionary share awards remain a key
part of the management population’s
total remuneration and the core principles
of the way we use such awards remain
broadly unchanged.
The new share plan aims gives a plan
that has sufficient flexibility to navigate
these challenges and requirements
over the coming years, including the
ability to deliver restricted share units
(as proposed under the new Policy)
to Executive Directors.
Closing remarks
At the 2025 AGM, shareholders will have
an opportunity to vote on both the new
Remuneration Policy and this year’s
remuneration report. On behalf of the
Committee, I hope you will be able to
support these resolutions and the
separate resolutions for shareholders
to approve the new share plans.
The Policy changes proposed will ensure
the interests of Genus, executives and
shareholders’ continue to be fully aligned,
and focused on delivery of the Group’s
strategic objectives. If you have any
feedback, I can be contacted at
remunerationchair@genusplc.com.
We look forward to continuing our
discussions with investors in the coming
months in the run-up to this year’s AGM.
Lesley Knox
Chair of the Remuneration Committee
3 September 2025
86
GENUS PLC / Annual Report 2025
Introduction and our approach
to the Policy review
Although headquartered in the UK, Genus
companies operate in 24 countries on six
continents, with its research laboratories
based in Madison, Wisconsin. The majority
of our executives are based in the US,
including our Chief Executive, Jorgen
Kokke. North America accounts for twice
as much revenue as the next largest
region and more than three times that
in the UK.
As a global organisation, operating within
the highly competitive global genetics
sector, the Remuneration Committee
recognises the challenges of providing
appropriate executive remuneration (both
in terms of quantum and design) which
reflect the markets in which its executives
are based and from which we hire talent,
while adhering to the expectations of UK
investors and different proxy agencies.
In reviewing current remuneration
approach and developing a new Policy,
our aims have been:
1. To support the delivery of the
Company’s strategy, by rewarding high
levels of sustainable long-term
performance in both an appropriate
and competitive manner.
2. To create close, long-term links
between the Company’s senior
management and our shareholders,
underpinned through the
opportunity to accumulate shares
regularly under the Company’s variable
remuneration plans.
3. To support our need to compete for,
attract and retain talent in international
markets, notably the US and, as far
as possible, have alignment in our
remuneration approach between
Executive Directors and other
senior management.
Approach to shareholder
engagement and how the proposals
were shaped by investor feedback
The Committee has engaged extensively
with shareholders in developing and
finalising these proposals. We contacted
many of the Company’s largest
shareholders (covering more than 55% of
the shareholder register as at 30 June
2025) to consult on the proposed changes
to the Remuneration Policy and solicit
feedback. We are very grateful for the
level engagement on this and the
constructive feedback received.
Investors were broadly supportive of the
initial proposals, recognising that Genus’
remuneration needs to more closely reflect
competitive marketing norms where we
operate and our executives are based,
and in which we compete for talent.
Investors were appreciated that the
aggregate variable remuneration
maximum was not being increased.
In response to the feedback received
during the consultation, we made
refinements to the original proposals as
we outline below. Although some of these
changes would not be seen in a
conventional US remuneration structure,
the Committee recognises the need to be
sensitive to certain remuneration
governance norms because of Genus’
Key feedback from investors on our remuneration policy proposals
Original proposal Investor feedback How we have responded and refined our proposals
Restricted Share Units (‘RSU’) to have a
three-year cliff vesting with a two year
post-vesting holding period
However, the holding period would be
disapplied if an Executive Director had
met their shareholding requirement
Investors noted that US RSUs typically
have phased vesting over three or four
years, without a holding period.
However, an aggregate five-year vesting
and holding period is considered best
practice in the UK and a feature of the
Corporate Governance Code
There will now be a five-year time horizon
on the RSU irrespective of the Executive
Directors’ shareholding. In other words,
all RSUs will have typically a three-year
vesting and a two-year post vesting
holding period
The RSU would vest after three years
subject to a) continued employment
and b) malus and clawback
Consistent with US practice, the
RSUs would not be subject to
performance conditions
Investors noted that, in the US, RSUs do
not have any performance conditions
However, several investors indicated their
expectation that vesting should be
subject to some performance
assessment, to ensure alignment with
shareholders
We will introduce a discretionary underpin
for the RSU reviewed at vesting by the
Committee, to mitigate the risk of
rewarding for failure
The annual bonus deferral would be
reduced from one-third to zero, if an
Executive Director had met their
shareholding requirement
Several investors indicated that
a preference for the deferral to be
reduced rather than eliminated
The annual bonus deferral will now
be reduced from one-third to 20%,
if an Executive Director has met their
shareholding requirement
PSP measures: 15% of the PSP is subject
to TSR measured relative to the FTSE250
(excluding investment trusts)
We received feedback around the
relative TSR measure, with several
investors providing conflicting
suggestions. Feedback included:
• Increase relative TSR weighting
• Remove relative TSR with replace with
an absolute share price measure
• Measure TSR relative to a comparator
group of US peers
We have decided to keep the weighting
at 15% and retain the TSR measure as
originally envisaged
Relative TSR remains one of the most
common measures in UK and US PSPs.
It is difficult to identify appropriate
companies (whether in the UK or US)
as many peers are not listed
On balance, we feel it is simpler and less
subjective to measure TSR performance
against an index reflecting where Genus’
shares listed rather than a bespoke
comparator group
Remuneration Committee Report continued
Section B – Overview of The Proposed Remuneration Policy
87
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
listing in the UK.
Summary of the key Policy changes (as they relate to Executive Directors)
Element Proposed policy Rationale
Shareholding
requirement (SHR)
Increase from 200% to 250% of salary
Post-termination shareholding requirement increased
as well: the lower of holding on exit and 250% of salary
Reinforces the importance placed on alignment
between executives and investors.
The increase also reflects that shareholding
requirements are typically higher in the US than
in the UK.
Annual bonus
deferral
Deferral maintained at one-third for three years
However, deferral is reduced to 20% if Executive
Director has met their SHR by the end of the relevant
financial year
Once ED has shareholder alignment through SHR,
reducing deferral enables a better alignment with
practice among US peers where annual bonus plans
are typically cash only
LTI structure RSU to operate alongside PSP
Normal annual awards will split two-thirds PSP and
one-third RSU
The Committee may make adjustments to RSU
vesting levels (including to nil) based on the
Committee’s assessment of underlying financial and
non-financial performance over the vesting period
Malus and clawback to apply to RSU (as well the PSP)
Provides a balanced suite of LTIs that gives better
alignment with
• shareholders
• the Genus remuneration framework below
the Board
• typical practice in the US
Long-term incentive
(LTI) opportunity
No change The Committee has consciously not applied a
discount to the RSU awards.
The rationale for this is that headline aggregate face
value of long-term incentives is unchanged
There is only a modest increase in fair value of total
target remuneration of circa 9% (based on 47% and
85% fair value for the PSP and RSU respectively).
LTI vesting period PSP – No change. Remains three years
RSU – Three year vesting period
Although post-vesting holding periods are not a
feature of US based incentives, it is recognised that
an aggregate five-year vesting and holding period is
considered best practice in the UK and a feature of
the Corporate Governance Code
LTI holding period PSP – No change. Remains three years
RSU – Two-year post-vesting holding period
Total target remuneration ($’000)
US sector comparators – UQ
US sector comparators – median
US sector comparators – LQ
FTSE UK comparator group – UQ
FTSE UK comparator group – LQ
FTSE 250 – UQ
FTSE 250 – LQ
FTSE 250 – median
Genus CEO – proposed
Genus CEO – current
F
TSE UK comparator group – median
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000
88
GENUS PLC / Annual Report 2025
Remuneration Committee Report continued
Section B – Overview of The Proposed Remuneration Policy
Background on benchmarking
The Committee reviewed Executive
Director remuneration in the relevant
markets focussing on three benchmark
categories (as set out below). Our review
highlighted that
1. Against the UK reference points, the
CEO’s remuneration appears broadly
competitive, and the fixed, short-term
and long-term elements comprising
roughly equal proportions of his target
package (mirroring FTSE norms).
2. Against the US comparator group, the
CEO’s salary is around lower quartile,
and his target bonus opportunity
(expressed as a % of salary) is around
median. However, there is a significant
difference in LTI opportunities between
the UK and US which results in the
CEO’s Total Target Direct pay being
bottom quartile. Typically, around
three-quarters of target remuneration
for the US comparator group is granted
through long-term incentives.
3. In relation to the CFO, his total
remuneration is broadly aligned to
the FTSE 250, both in terms of quantum
and the structure (i.e. weighting of
fixed, short-term and long-term
elements) but like the CEO, is below
relevant US benchmarks.
The proposed Policy changes do not
materially alter total remuneration
(on a fair value basis): there is an increase
of circa $200k i.e. 9%. Total target
remuneration for the CEO remains
substantially below the US market
benchmarks: approximately 55% lower
than the lower quartile US benchmark.
Notes
1. Fair values of 47% and 85% have been used for PSP and RSU respectively.
2. The Committee reviewed Executive Director remuneration in the relevant markets
focussing on three benchmark categories.
a. A pan-sector group of companies drawn from the FTSE250 index who derive most
of their revenues from outside of the UK (excluding companies in the financial
services sector).
b. US sector comparators drawn from the S&P Composite 1500 index and operating in
the same or similar industries to Genus, including bio-technology, pharmaceuticals,
specialty chemicals and food ingredient providers (i.e. companies with an
R&D/FDA focus); reflecting that c.40% of the Group’s revenues are derived from
North America and this is where the CEO and majority of the management team
are based. As company size is typically strongly correlated with executive
remuneration, our advisers used a size-adjustment methodology to ensure that
benchmarks were not distorted by the inclusion of much larger or smaller
companies than Genus.
c. Given Genus’ UK-listed status, we assessed our proposals in the context of the
overall FTSE 250.
3. For the purposes of the analysis above, the Genus CEO’s salary is USD858,000 under
both the current and proposed scenario.
89
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
Frequently asked questions
What is the rationale for the change
in the bonus deferral structure?
Under the current Policy, one-third of the
annual bonus is deferred in shares for
three years.
We are proposing to reduce the level of
mandatory bonus deferral from 33.33% to
20% for Executive Directors who have met
their minimum shareholding requirement
at the end of the relevant financial year,
while maintaining the current default
deferral level for those who have not yet
achieved this threshold.
The Policy change helps to better align
our remuneration practices with US peers
where annual bonus plans are typically
cash only. The proposal is aligned with
recent guidelines issued by UK based
shareholder advisory bodies.
The Committee has recently reviewed
its malus and clawback provisions
and is satisfied that they are robust
and enforceable.
What was the thinking around the level
of awards under the PSP and RSU?
The aggregate headline face value
remains unchanged at 200% for both
Executive Directors. However,
• two-thirds will be delivered as PSP
(meaning the maximum annual PSP
award opportunity falls from 200%
to 133.33% of salary).
• one-third will be in the form of RSUs
(i.e. a maximum 66.67% of salary).
The two-thirds/one third split mirrors the
split typically found among US companies.
The Committee has consciously not
applied a discount to the RSU awards.
The rationale for this is that headline
aggregate face value of long-term
incentives is unchanged and there is
only a modest increase in fair value of
total target remuneration of circa 9%
(based on 47% and 85% fair value for the
PSP and RSU respectively).
The proposed total target remuneration
remains within FTSE 250 norms albeit
below relevant US benchmarks
(see commentary below).
Why are the PSP measures changing?
Currently 80% of the PSP vests based
on EPS. The Committee is mindful of the
unintended consequences associated
of having vesting largely dependent on
one measure.
We have reflected on market practice in
the UK and US in terms of performance
measure selection, and what might be
appropriate for the Company as we
execute the next phase of our strategy.
Introducing a second financial measure
allows us to reward a combination of
growth (through EPS) and value creation/
capital efficiency (through ROIC).
We already report and use return adjusted
invested capital to measure our ability to
efficiently invest our capital and this gives
us a sense of how well we are using our
resources to generate returns.
Relative TSR is still viewed by many
investors as a helpful way of aligning
stakeholder interests, and we have
received investor feedback over the last
18 months encouraging us to adopt such
a measure. Relative TSR is also common
measure in both UK and US PSPs.
Going forward we plan to have a
single ESG related measure, genetic
improvement, with a 15% weighting
(up from 10% currently). Emissions remain
a business focus, but it does not need
to be a formal PSP measure. Genetic
improvement is at the heart of what we
do and provides a strong connection to
our business strategy and value creation.
Increasing its prominence reinforces
this. Genetic improvement leads to
production efficiencies which in turn
support emissions reduction.
What is the rationale for the
changes in shareholding requirements
and post-vesting holding period
We are mindful of the importance that our
executives have long-term shareholdings
to ensure alignment with our investors.
Given the proposed changes in the
structure of LTI (through the introduction
of RSUs), we also proposing increasing
our shareholding requirements for
Executive Directors from 200% to 250%
of salary. The increase also reflects that
shareholding requirements are typically
higher in the US than in the UK.
Although post-vesting holding periods are
not a feature of US based incentives, we
recognise that an aggregate five-year
vesting and holding period is considered
best practice in the UK and a feature of
the Corporate Governance Code.
Accordingly, a two-year post-vesting
holding period will apply to RSU awards.
The two-year post-vesting holding period
continues to apply to the PSP awards.
90
GENUS PLC / Annual Report 2025
Remuneration Committee Report continued
Section C – Remuneration at a Glance
WHAT EXECUTIVE DIRECTORS WERE
PAID IN YEAR ENDING JUNE 2025
For more detail please see pages 103 to 107
Chief Executive
Jorgen Kokke
Former Chief
Financial Officer
Alison Henriksen
1
Salary and core benefits
• Benefits included
a car allowance
• Pension allowance
of 6% of salary
$90,484
$856,223
1
2
1
Salary
2
Pension and Benefits
£44,943
£480,930
1
2
1
Salary
2
Pension and Benefits
2
Annual bonus 2025
• Metrics used and weighting:
Group (excl. PIC China)
adjusted operating profit,
PIC China operating profit,
cash conversion and
strategic measures
• One third is deferred in
shares for three years
Maximum
$1,716,000
FINAL OUTCOME = 98.25% OF MAXIMUM
$1,685,970
Maximum Opportunity
200% of salary
98.25%
Maximum
£841,628
FINAL OUTCOME = 98.25% OF MAXIMUM
£826,899
Maximum Opportunity
175% of salary
98.25%
Operating profit (excl China PIC)
Operating profit (China PIC)
Cash conversion
Strategic objectives (CEO)
100%
100%
93%
93%
100%
10%
15%
25%
25%
50%
Performance measures – outcome (as % of max)
Weighting
% of maximum award
0%
100%
Strategic objectives (former CFO)
3
PSP (granted in 2022)
The performance measures
attached to the awards
granted in 2022 were partially
met. 20% of the award will vest
and the balance will lapse on
14 September 2025
N/A
Maximum
£836,393
TOTAL £112,129
1 Calculated based on the average share
price for the three months ending
30 June 2025 (1,901p)
Indicative value
1
20%
4
Remuneration breakdown
$0
$2,632,677
1
2
$90,484
$1,685,970
3
4
$856,223
5
1
Total
2
PSP vesting
3
Annual bonus
4
Pension and benefits
5 Salary
£112,129
£1,464,901
1
2
£44,943
£826,899
3
4
£480,930
5
1
Total
2
PSP vesting
3
Annual bonus
4
Pension and benefits
5 Salary
91
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
Chief Executive
Jorgen Kokke
Chief Financial
Officer
Andy Russell
(Appointed to
the Board on
1 August 2025)
Former Chief
Financial Officer
Alison Henriksen
(Stepped down
from the Board
on 31 July 2025)
1
Salary and benefits
• Increase in salary for Jorgen Kokke effective 1 September
2025, in line with the all-employee salary budget in the US
of 3.3%
• Benefits include a car allowance ($20,000 for Jorgen Kokke
and £12,000 for Andy Russell and Alison Henriksen)
• The pension allowance is 6% of salary
Salary
$886,250
(3.3% increase)
Salary
£430,000
Salary
£480,930
(unchanged
from prior year)
2
Annual bonus for FY26
• Metrics used and weighting: Genus Group Operating Profit
exc. PIC China (50%), PIC China (10%), Cash conversion (15%),
Strategic measures (25%)
• One-third is deferred in shares for three years. However,
deferral to be reduced to 20% if the Executive Director
has met their shareholding requirement
• As Jorgen Kokke’s salary is denominated in US dollars,
a currency conversion is completed ahead of making any
share awards (e.g. deferred shares, performance shares)
to convert any US dollar denominated value into GB pounds
to determine the number of Genus shares to be awarded.
A prevailing exchange rate prior to grant is used
Maximum bonus
opportunity =
200% of salary
Maximum bonus
opportunity =
175% of salary
N/A
3
PSP (to be awarded in September 2025)
• Awards vest after three years subject to performance
against identified measures.
• 35% linked to adjusted EPS
• 35% linked to return on adjusted invested capital
• 15% linked to Genus TSR relative to FTSE 250 (excluding
investment trusts)
• 15% linked to core strategic metric (genetic improvement)
• Two-year post-vesting holding period
133.33% of salary 133.33% of salary N/A
4
RSU (to be awarded post November AGM)
• Awards vest subject to continued employment and
Committee assessment of an underpin
• Two-year post-vesting holding period
66.67% of salary 66.67% of salary N/A
Our performance measures and their alignment to strategy
Element
FY26
annual bonus
2025
PSP Alignment to strategy/rationale for selection
Profit growth • A key performance indicator of Group performance
• Sharing in value created to deliver returns for shareholders
Cash conversion
• Generation of cash for reinvestment and dividends
Delivery of strategic objectives
• A focus on specific factors aligned with Genus’ short- and medium-
term priorities that provide the foundation for future growth
Adjusted earnings per share growth
• A key performance indicator of underlying performance
• Alignment to our stated medium-term growth aspirations
Genetic improvement within porcine,
bovine and dairy
• At the heart of our business: ‘Pioneering animal genetic improvement
to sustainably nourish the world’. Helping farmers produce more
output with fewer inputs
Return on adjusted invested capital
• Measures our ability to efficiently invest our capital and gives us a
sense of how well we are using our resources to generate returns
Relative total shareholder return
• A key measure of Genus’ return to shareholders through the cycle
WHAT EXECUTIVE DIRECTORS CAN EARN
IN YEAR ENDING JUNE 2026 (AND HOW):
(subject to approval of the new remuneration policy at the
Annual General Meeting in November 2025)
For more detail please see pages 108 to 110
92
GENUS PLC / Annual Report 2025
Remuneration Committee Report continued
Section D – Remuneration and Performance Statement
Genus’s strategy and its link to performance-related pay
Our strategy and the way this is linked to variable remuneration is shown below.
Strategic measures in the
annual bonus: these focus on
key activities in pursuit of our
defined longer-term strategy
Strategic objectives recognise
wider progress than financial
measures alone
Measured through the profit
element in the Annual Bonus
Over the longer term will flow into
EPS and ROIC, both PSP measures
Measured through the cash
element of the Annual Bonus
R&D and business innovation
Proprietary genetic improvement
and dissemination positions
Volume growth
Operating profit
Cash conversion
Increasing genetic control
and product differentiation
Targeting key markets
and segments
Sharing in the
value delivered
Success measured by
Link to remuneration policy
Performance components and their impact on remuneration
2024 2025
Movement
% Impact on remuneration
Adjusted results
Revenue £668.8m £672.8m 1% Input to Annual Bonus profit and earnings per share in PSP
Adjusted operating profit incl. JVs £78.1m £93.1m 19% Profit is an Annual Bonus measure
Cash conversion incl. JVs 71% 114% 61%pts Cash conversion is an Annual Bonus measure
Adjusted earnings per share 65.5p 81.8p 25% PSP performance condition
Dividend per share 32.0p 32.0p 0% Executives rewarded via dividends on vested shares post exercise
Share price at year end 1,650p 2,045p 24% Influences the vested value of deferred bonuses and long-term
incentive awards. From FY26, total shareholder return is a PSP
performance condition
Values in the table are in actual currency as shown in the Annual Report. Adjustments can be made to these for the purposes of
calculating awards under the variable remuneration plans as described in this report and/or in line with the Remuneration Policy.
Executive Directors’ alignment to share price
The table below shows the value of shares currently held by those individuals who were Executive Directors during FY25 and those
awarded certain unexercised share awards (on a post-tax basis). It does not include unvested Performance Share Plan (‘PSP’) awards
subject to future Company performance, which have the potential to significantly increase the alignment of the individuals, subject to
the resulting level of vesting.
Shares owned
Shares
awarded
(post-tax)
1,2
Total share
exposure
Indicative value
on
30 June 2025
(£)
3
Impact of a
+/- 10% share
price change
(£) Commentary
Jorgen Kokke 83,058 16,292 99,350 1,888,651 188,865 Significant alignment to Genus through his ordinary
shareholding, in-flight and through his future
variable remuneration opportunity
Alison Henriksen 5,375 18,556 23,931 454,935 45,494 CFO continues to be aligned through her ordinary
shareholding and in-flight share awards. Remains
subject to a post-cessation holding requirement
1 Includes unexercised Deferred Share Bonus Plan (‘DSBP’) awards and vested but unexercised PSP awards and, in the case of Jorgen Kokke, 15,298 shares granted in May 2023
on joining the Company as part of his buyout arrangements, of which 7,649 shares under option have vested but not yet been exercised.
2 For the purposes of this disclosure, the effective tax rates for Jorgen Kokke and Alison Henriksen are 40% and 47% respectively
3 Value calculated using the average share price for the final quarter of the financial year ended 30 June 2025 (1,901p)
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CORPORATE GOVERNANCE
How the operation of our Directors’ remuneration approach addresses the key features set out in the UK Corporate
Governance Code (‘Code’)
The following table summarises how our remuneration approach fulfils the factor set in provision 40 of the Code:
Clarity
Implementation of the strategy is
monitored through KPIs including those
used within the Annual Bonus and PSP. This
ensures alignment between strategy
execution and reward outcomes.
The Committee is committed to providing
open and transparent disclosures to
shareholders and colleagues on its
executive remuneration arrangements.
Colleagues are able to express their views
through regular surveys and feedback as
well as through the designated NEDs for
the workforce.
Simplicity
We look to describe the structure
of remuneration clearly to both
participants and shareholders through
effective disclosures, so all stakeholders
are clear on the underlying remuneration
principles and the way reward outcomes
are determined.
Alignment to culture
The primary objective of the remuneration
approach is to support growth and our
long-term success.
The remuneration approach aligns to
our business model and focuses on the
experience of customers and employees.
Measures linked to culture are used within
variable plans, alongside delivery of
long-term sustainable performance.
Predictability
Variable remuneration is delivered
primarily through share-based awards.
The value of awards is, therefore, closely
aligned to share price movement and the
shareholder experience.
The potential value and composition of
the Executive Directors’ remuneration at
below threshold, target and maximum
scenarios are provided within the report.
These scenarios demonstrate the way that
different performance levels change
remuneration for Executive Directors and
the associated impact of Company share
price movement.
Proportionality
A significant proportion of the total
remuneration opportunity is performance-
driven, with clear linkage between business
measures and remuneration outcomes
through clear targets and use of KPIs.
Shares form the majority of variable
remuneration and Executive Directors are
required to develop and maintain a
material shareholding in the business to
fully align to the shareholder experience.
Risk
The Committee retains ultimate
discretion to vary outcomes from
formulaic results if they do not judge this
outcome to accurately reflect underlying
business performance.
Malus and clawback provisions
apply to all awards and we operate
post-cessation shareholding requirements
to further align Executive Directors to
long-term business performance.
In accordance with Code Provision 41, the Directors’ Remuneration Report also describes the work of the Committee, including those
areas mentioned in that provision. The table below highlights some of those areas:
Provision Approach
Operation of policy The Committee believes that the Remuneration Policy operates as intended in terms of
Genus’ performance and the quantum of remuneration delivered.
Shareholder engagement We undertook substantial engagement with our shareholders as part of the development
of the Remuneration Policy in the run-up to the AGM in 2022. We further engaged leading
investors in 2025 (over 55% of the register as at 30 June 2025) on our proposed changes
to the Remuneration Policy. We are grateful for this feedback and subsequent input
received that has shaped our thinking and decision-making.
We will continue to engage stakeholders in the run-up to the 2025 AGM when we seek
approval for both the remuneration report and the new Remuneration Policy.
Workforce engagement An outline of our approach to workforce engagement in set out on page 32.
94
GENUS PLC / Annual Report 2025
Remuneration Committee Report continued
Section E – Directors’ Remuneration Policy
Introduction
As outlined in the Committee Chair’s statement, Genus plc (the Company) is proposing a new Directors’ Remuneration Policy (‘Policy’),
as set out below. Subject to shareholder approval at the Annual General Meeting to be held on 19 November 2025, this Policy will take
effect from the date of that AGM and, if approved, will apply for up to three years.
In developing our proposed new Policy, we carried out a full review to consider the effectiveness of the existing Policy and the extent to
which the stated aims of the current Policy agreed in 2022 had been achieved through implementation and remained applicable for the
business. The new Remuneration Policy ensures continued regulatory compliance and alignment with evolving best practice.
Overview of the key changes
This section sets out the proposed key Policy changes from the current Policy approved by shareholders in 2022.
A number of minor changes have also been made to ensure that the Policy remains appropriately flexible and to reflect market best
practice. This includes updating language to reflect that the Company has Executive Directors and Non-Executive Directors based
outside the UK.
Area of policy Description of the key changes
Annual bonus Ability to reduce the bonus deferral from one-third to 20% if an Executive Director has met
their shareholding requirement
Long-term incentive (‘LTI’) plan The aggregate face value of the LTI in normal circumstances remains 200% of salary.
However, the Committee may deliver one-third of the LTI in the form of restricted share
units (RSU), rather than exclusively in performance shares
The RSU will normally vest after three years subject to continued employment and an
underpin. The Committee will consider, on vesting, whether a discretionary adjustment
should be applied to reduce the number of RSUs vesting based on the Committee’s
assessment of underlying financial and non-financial performance over the vesting period
The RSU will have a two-year post-vesting holding period
Shareholding requirement Increase in the level from 200% to 250% of salary
Post-termination shareholding requirement updated to the lower of the Executive
Director’s holding on exit and 250% (rather than 200%) of salary
Non-Executive Directors’ fees Flexibility to deliver part or all of the base fee in shares (as well as cash)
Proposed Remuneration Policy – Executive Directors
Fixed remuneration
Component Description
Salary
Purpose and link to strategy Salary is part of the total proposition at Genus, including career and growth
opportunities and long term reward. We aim to set pay at a level which enables us
to attract and retain the right calibre of colleagues, with the required level of skills,
experience and cultural alignment
Operation Salaries for Executive Directors are reviewed annually by the Remuneration Committee
with any increase usually taking effect from 1 September. When determining salary levels,
the Committee considers factors which may include:
• Relevant external market data and alignment to market-competitive levels
• Scope and size of role
• Individual’s skills, expertise and experience and ability to grow with the role
and organisation
• Salary increases across Genus
• Economic factors, e.g. inflation and affordability
Maximum potential Salary increases in percentage terms for Executive Directors will normally be in line with
increases awarded to other colleagues, but there may be instances where a higher
amount is agreed at the discretion of the Committee, including, but not limited to,
where there has been a clear increase in the scope of role or change in responsibilities
Performance measures There are no performance measures related specifically to salary
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CORPORATE GOVERNANCE
Component Description
Pension
Purpose and link to strategy The pension arrangements comprise part of a competitive remuneration package and
facilitate long-term retirement savings for Executive Directors, and without exposing
Genus to any unnecessary financial risk or unacceptable cost
Operation Paid as a cash allowance and/or contribution to a defined contribution plan
Maximum potential The pension allowance will be in line with employer contribution for the majority of the
workforce in the UK and/or the relevant jurisdiction in which the executive director is based
Performance measures There are no performance measures related specifically to pension contributions
Benefits
Purpose and link to strategy We support the health, wellbeing and security of our Executive Directors through
additional core benefits
Operation A range of benefits may be provided, including standard benefits such as holiday and
sick pay, and may also include the provision of a car, private medical and dental
insurances, health screening, life insurance, income protection, and tax preparation and
tax return assistance. Benefits can be provided in kind and/or in cash in lieu of the benefit
Other benefits may be offered if considered appropriate and reasonable by
the Committee
Executive Directors are reimbursed for expenses, such as travel and subsistence, and any
associated tax incurred in the performance of their duties
Additional benefits may be provided in certain circumstances including, but not limited
to, relocation. The level of the relocation package will be assessed on a case by case
basis but may include, for example, a housing allowance/support, school fees, periodic
trips home, family travel, and the tax thereon
Executive Directors also have access to additional voluntary benefits which are available
to colleagues in the relevant jurisdiction, such as our Share Incentive Plan (SIP), employee
discounts and salary sacrifice arrangements
Maximum potential The maximum opportunity will vary according to the market, individual circumstances
and other factors
Benefits are set at an appropriate level by the Committee based on the role and
individual circumstances
The cost may fluctuate from year to year even if the level of benefit provided remains
unchanged. The value of insured benefits will vary each year, based on the cost of the
premiums paid, and will be reflected within the relevant single figure table
Performance measures There are no performance measures related specifically to benefits
96
GENUS PLC / Annual Report 2025
Remuneration Committee Report continued
Section E – Directors’ Remuneration Policy
Variable remuneration
Component Description
Annual bonus
Purpose and link to strategy To incentivise annual financial and non-financial performance, which contribute towards
the delivery of Genus’s strategy
Operation Determined based on Genus and individual performance over the preceding
financial year
One-third of the annual bonus is deferred into Company shares for a period of three
years, subject to continued service. The remaining award is payable in cash. However,
once an Executive Director has met their minimum shareholding requirement, bonus
payouts will normally be delivered 80% in cash and 20% in deferred shares
The Committee can, in specified circumstances, apply malus or clawback to all or part
of annual bonus
Deferred annual bonus will be granted as conditional share awards and/or nil-cost options
A dividend equivalent provision enables dividends to be paid (in cash or shares) on
deferred shares that vest
Maximum potential Up to 200% of salary for a financial year (50% of maximum for target performance)
Performance measures The determination of the annual bonus is made by the Committee based on an
assessment of a balanced scorecard containing a mix of financial and other long-term
strategic measures and/or personal performance
Financial measures will comprise a majority of the scorecard. The targets, together with an
assessment of performance against those targets, will be disclosed retrospectively
For financial performance targets are based on a graduated scale. The level of payment
at threshold is set annually but will not normally exceed 25% of maximum
The Committee will review the scorecard annually and may vary the measures,
weightings and targets each year
Discretion may be exercised by the Committee to ensure that the bonus outcome is a fair
and accurate reflection of business and individual performance (but it will not exceed the
maximum opportunity). This includes adjusting measures and targets (after they have
been set) to ensure that the plan for that given year operates as originally intended).
Any adjustment will be disclosed within the following Annual Report on Remuneration
Performance Share Plan (PSP)
Purpose and link to strategy To incentivise long-term financial and non-financial performance, which contribute
towards the delivery of Genus’s strategy and to retain key individuals and align them with
shareholder interests
Operation Executive directors considered for PSP awards on an annual basis
Awards will normally vest three years from grant, subject to continued employment and
satisfaction of long-term performance, measured over a period of at least three years.
Delivered in shares and following vesting the post-tax number of vested shares must be
held for at least a further two-year period
The Committee can, in specified circumstances, apply malus or clawback to all or part of
PSP awards
PSP awards will be granted as conditional share awards and/or nil-cost options
A dividend equivalent provision enables dividends to be paid (in cash or shares) on shares
that vest
Maximum potential Maximum annual award of 133.33% of salary (266.67% of salary in exceptional
circumstances, such as recruitment)
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GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
Component Description
Performance measures The long-term performance measures may be a mix of financial measures and other
long-term strategic measures
Financial measures will comprise at least 50% of the performance measures. Weightings
and targets will be set in advance of each grant by the Committee and disclosed
prospectively, and performance against those measures will be disclosed retrospectively
For financial measures, vesting will be on a sliding scale basis between threshold and
maximum with no more than 20% per cent vesting at threshold performance
Discretion may be exercised by the Committee to ensure that the PSP outcome is a fair
and accurate reflection of business and individual performance (but it will not exceed the
maximum opportunity). This includes adjusting measures and targets (after they have
been set) to ensure that the PSP for that given year operates as originally intended. Any
adjustment will be disclosed within the following Annual Report on Remuneration
Restricted Share Units (RSU)
Purpose and link to strategy To attract and retain executive directors, and to build a stronger underlying business with
sustainable long-term shareholder value creation
Operation Executive Directors considered for RSU awards on an annual basis.
Awards will normally vest three years from grant, subject to continued employment and
assessment of a discretionary underpin. Delivered in shares and following vesting the
post-tax number of vested shares must be held for at least a further two-year period
The Committee can, in specified circumstances, apply malus or clawback to all or part of
RSU awards
RSU awards will be granted as conditional share awards and/or nil-cost options
A dividend equivalent provision enables dividends to be paid (in cash or shares) on shares
that vest
Maximum potential Maximum annual award of 66.67% of salary
(133.33% of salary in exceptional circumstances, such as recruitment)
Performance measures Vesting is subject to a discretionary underpin which may result in a downward adjustment
to the number of shares vesting based on the Committee’s assessment of underlying
financial and non-financial performance over the vesting period
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GENUS PLC / Annual Report 2025
Remuneration Committee Report continued
Section E – Directors’ Remuneration Policy
Remuneration approach when appointing new Executive Directors
The Committee’s approach to recruitment is to attract diverse experience and expertise by paying competitive remuneration enabling
us to attract and retain key talent from the marketplace. Any new Executive Director’s remuneration package would include the same
elements and be subject to the same variable remuneration maximums as those for the existing executive directors. The policy is
summarised below.
Element Details
Salary Base salary will be determined by virtue of the individual’s role, experience and
responsibility. External market commentary will also be considered
If the salary is initially set at a discount to those offered in companies of a similar size,
geographical reach and complexity, the salary will be increased over a period of time
to bring the salary to the desired level, subject to individual performance
Benefits and Pension Dependent on circumstances but will be set in line with the Policy for existing
Executive Directors
Where the new Executive Director is required to relocate, Genus may also provide
relocation support. The level of the relocation package will be assessed on a case by
case basis but may include, for example, a housing allowance/support, school fees,
periodic trips home, family travel, and the tax thereon, as well as reflecting cost of
living differences
Annual bonus The maximum annual bonus opportunity for the performance period in which the
Executive Director joined would be determined by the Policy and the Committee would
consider whether it is appropriate to reduce the opportunity level, subject to time in role
In addition, the Committee may exercise discretion to adopt different measures,
weighting and targets for the new Executive Director in certain instances (e.g. an
Executive Director joins with just a few months left in the performance period)
Long-term incentive (performance shares
and restricted stock units)
The maximum variable remuneration opportunity for the performance period in which the
Executive Director joined would be determined by the Policy. Normally the maximum limit
is 200% of salary but in exceptional circumstances in the first year this may be increased
up to 400% of salary (split 266.67% for PSP and 133.33% for RSU). The Committee would
consider whether it is appropriate to reduce the award, subject to time in role
Where an individual joins after the start of the incentive grant, an award may be made
to bring the Executive onto the ‘in-flight’ cycle, subject to the limits set out in the Policy
Shareholding requirement In line with the policy for existing Executive Directors
Buyout The Committee may consider buying out forfeited remuneration and forfeited
opportunities and/or compensating for losses incurred as a result of joining Genus
subject to proof of forfeiture or loss
The value of any buy-out award will not exceed, in broad terms, the fair value of the
remuneration forfeited. The value of buy-out awards is not included within the maximum
variable remuneration level where it relates to forfeited remuneration from a previous role
or employer
Any award will be structured within the requirements of the applicable remuneration
regulations, and will be no more generous overall than the remuneration forfeited in terms
of the existence of performance measures, timing of vesting and form of delivery
Legacy matters Where a senior executive is promoted to the Board, their existing contractual
commitments agreed prior to their appointment may still be honoured in accordance
with the terms of the relevant commitment, including vesting of any pre-existing deferred
or long-term incentive awards
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CORPORATE GOVERNANCE
Other policy matters
Component Description
Shareholding requirement
Purpose and link to strategy A requirement for Executive Directors to hold a specified value of shares for alignment
with the interests of shareholders during employment
Operation Executive Directors are required to hold a specified level of shares, to be built up over a
period of five years commencing from the date of appointment as an executive director
(or, if later, from the date of any changes to the terms of the shareholding requirement)
On implementation of the Policy, in 2025, Executive Directors will be required to build up a
holding equivalent to 250% of salary
The shareholding requirement is reviewed by the Committee as appropriate. Executive
Directors are expected to retain at least half of the shares vesting under the deferred
share bonus plan (or equivalent) and any long-term incentive (such as the PSP and RSU)
(net of tax and payment of any nominal exercise price) until such time as this shareholding
requirement has been met. Shares that count towards the requirement include beneficially
owned shares, vested share awards subject to a post-vesting holding period, unvested
share awards for which there are no performance conditions and unexercised share awards
for which performance conditions have been satisfied (all measured, as appropriate,
on a net-of-tax basis)
Executive Directors are expected to maintain the shareholding requirement (or their actual
shareholding at date of leaving, if lower) for two years post-employment. For awards
granted from the commencement of this policy, Genus will enforce this by way of a
contractual requirement
Contractual arrangements
Purpose and link to strategy Executive Directors to have appropriate arrangements consistent with attracting
high-calibre individuals which reflect their experience, knowledge and seniority
Operation Service agreements contain a maximum of twelve and six months’ notice from the
employer and the Executive Director respectively
May be required to work and/or serve a period of garden leave during the notice period
and/or may be paid in lieu of notice if not required to remain in employment for the whole
notice period
Legacy arrangements
Purpose and link to strategy Honour existing commitment
Operation Any previous commitments or arrangements entered into with current or former executive
directors will be honoured, including remuneration arrangements entered into under the
previously approved directors’ remuneration policy
The Committee reserves the right to make any remuneration payment and/or payments
for loss of office notwithstanding that they are not in line with the Policy set out in this
report, where the terms of the payment were determined before the Policy or any
previous policy came into effect, or if the individual was not a Director at the date the
remuneration was determined and the remuneration was not set in consideration or in
anticipation of becoming a Director
External roles
Purpose and link to strategy To encourage self-development and allow for the introduction of external insight
and practice
Operation Executive Directors are permitted to accept an appointment on a Board or Committee of
a listed company, subject to approval of the Board. When reviewing the appropriateness
of an external appointment, the Board will consider whether the appointment would
interfere or conflict with Genus’s business
Any fees received in respect of these appointments can be retained directly by the
relevant Executive Director
100
GENUS PLC / Annual Report 2025
Remuneration Committee Report continued
Section E – Directors’ Remuneration Policy
Remuneration on or after termination
Component Description
Salary and benefits The Executive Director is entitled to be given notice of termination of the relevant length
and receive their normal base salary and benefits in that time. Genus has discretion to
make a payment in lieu of base salary in respect of any unexpired notice period and may
decide to pay this in instalments, subject to reduction if the Executive Director finds
alternative employment
Benefits continue until the last day of contractual employment and the accrued but
unused holiday will be paid out
Variable remuneration Variable remuneration may accrue during a notice period, however (unless decided
otherwise by the Committee at its discretion) the Executive Director usually has to be
employed at the date that any variable remuneration is paid or awarded in order to be
eligible to receive it. No variable remuneration is payable after termination and previous
unvested variable remuneration deferred into share awards will usually lapse
However, if the Executive Director leaves for the reasons detailed in the relevant variable
remuneration plan rules (e.g. ill health, retirement with the agreement of the employer,
sale of the employing company out of the group, redundancy or death) or in other
circumstances at the Committee’s discretion, their award under that plan will usually
continue on the same terms (subject to malus and clawback) and usually vest at the
normal time provided any performance conditions are met with a time pro rata reduction
of PSP and RSU awards. Proration does not ordinarily apply for deferred share bonus
plan awards
The Committee may, at its discretion, determine that awards may vest, subject to
performance, before the normal vesting date. If an individual dies, awards will ordinarily
vest, subject to performance, on the date of death unless the Committee decides they
should vest on the normal vesting date
Pension Pension contributions continue to be made during the notice period. No further payment
in lieu of pension or pension contributions can be made after termination. Any benefits
will become payable in the normal course in accordance with the rules of the scheme.
There is no right to early payment of pension benefits unless this can be done without
additional contribution from Genus
Post-employment
shareholding requirement
Executive Directors will be required to maintain the lower of the in-employment
shareholding requirement or the level achieved at the cessation date for a period
of two years post-cessation
Other Executive Directors’ contracts can be terminated by the Company or the Executive
Director on giving twelve and six months respectively
On termination, additional payments can be made by way of damages for breach of
any legal obligation or by way of settlement or compromise of any claim raised by the
Executive Director
The Committee may pay reasonable reimbursement of professional fees, such as legal
fees and tax advice (and any associated tax), in connection with such termination
arrangements. Career transition (or outplacement) support may also be provided,
as well relocation support for them and their family
In the event of a settlement agreement, the Committee may make payments it considers
reasonable in settlement of potential legal claims, including potential entitlement to
compensation in respect of statutory rights under employment protection legislation
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Notes to the remuneration policy for executive directors
Committee’s judgement and discretion
In addition to assessing performance and making judgements on the appropriate levels of annual bonus, PSP and RSU awards, the
Committee has certain operational discretions that it may exercise when considering executive directors’ remuneration, including but
not limited to:
i. determining whether a leaver is an eligible leaver under Genus’s share plans and treatment of remuneration arrangements
ii. following a corporate event the Committee may amend any performance conditions applicable to variable remuneration awards if
any event occurs which causes the Committee to consider an amended performance condition would be more appropriate and not
materially less difficult to satisfy
iii. deciding whether to apply malus or clawback to an award.
In the event of a variation of Genus’s share capital or a demerger, special dividend or any other event that may affect Genus’s share
price, the number of shares subject to an award and/or any exercise price applicable to the award, may also be adjusted.
On the occurrence of corporate events and other reorganisation events, the Committee may apply discretion to adjust the vesting of
any deferred, restricted and/or performance share awards and/or the number of shares under a deferred, restricted share unit and/or
performance share award.
Ability for the Committee to amend the policy for emerging and future regulatory requirements
The Committee will follow any statutory requirements when operating the Policy and may make minor amendments to the Policy for
regulatory, tax, exchange control, or administrative purposes without obtaining shareholder approval for that minor amendment.
The Committee retains the discretion to make reasonable and proportionate changes to the remuneration policy if the Committee
considers this appropriate to respond to changing legal or regulatory requirements or guidelines. Where proposed changes are
considered by the Committee to be material, Genus will engage with its major shareholders and any changes would be formally
incorporated into the policy when it is next put to shareholders for approval.
Executive Directors’ remuneration opportunity under the proposed remuneration policy
The following charts set out the remuneration scenarios under proposed Policy for the Executive Directors. The charts show potential
remuneration outcomes for each Executive Director under four performance scenarios: minimum, on-target, maximum and maximum
with 50 per cent share price appreciation, in line with reporting requirements.
These charts reflect projected remuneration for the financial year ending 30 June 2026 (on an annualised basis). The percentages shown
in each bar represent the amount of remuneration provided by each pay element.
USD or GBP ’000
5,000
4,000
2,000
3,000
1,000
0
Fixed
$978
100% 32%
29%
19%
19%
22%
39%
13%
26%
19%
35%
12%
35%
$4,522
$5,113
Target
Chief Executive (USD ’000s)
Maximum MaximumFixed
£470
100% 33%
27%
20%
20%
23%
36%
14%
28%
20%
32%
12%
36%
£1,419
£2,082
Target
Chief Financial Officer (GBP ’000s)
Maximum +
50% share
price growth
Maximum +
50% share
price growth
Fixed pay Annual bonus Restricted share units
$3,045
£2,369
Performance Share Plan
In illustrating potential reward opportunities, the following assumptions have been made:
• Fixed – Shows the value of fixed pay using a salary value of $886,000 for the Chief Executive and £430,000 for the Chief Financial
Officer. Benefits per the 2024 single figure value or in the case of the new CFO, an estimated cost. Pension contributions are shown
based on 6% of salary for illustration. Assumes no awards under variable plans.
• Target – Calculation as per fixed with awards of 50% of maximum under the Annual Bonus (assuming 200% and 175% of salary
opportunity for CEO and CFO respectively), 100% vesting under the RSU (assuming a 66.67% opportunity) and 50% vesting under the
PSP (assuming a 133.33%% opportunity).
• Maximum – Calculation as per fixed with full awards under the Annual Bonus and maximum vesting under the RSU and PSP.
• Maximum plus share price growth – Same as maximum but assumes a 50% share price increase between grant and vesting of PSP
awards. The impact of share price changes on the value of the RSUs and mandatory bonus deferrals into the DBP has been excluded
from all scenarios.
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GENUS PLC / Annual Report 2025
Chair and independent non-executive directors’ remuneration policy
Element Details
Fees – Purpose and strategy link Attract a Chair and NEDs who, together with the Board as a whole, have a broad range
of skills and experience to determine Genus’s strategy and oversee its implementation
Fees – Operation The NEDs are paid a fee for being a member of the Board. NEDs may also receive
additional fees for their involvement on Board committees and other additional
responsibilities (including the Senior Independent Director role)
Fees are set at a level which reflect the duties, time commitment and contribution
expected from the Chair and NEDs, and are appropriately positioned against peers and
other companies of a similar scale and complexity
Fees may be paid in cash and/or shares. The Chair and NED fees are reviewed periodically.
The Board sets NED fees and the Committee sets the Chair’s fees. The Chair and NEDs
recuse themselves from any discussion on their fees
Benefits – Purpose and strategy link Appropriate benefits to support the Chair and NEDs to carry out their duties effectively
Benefits – Operation Non-Executive Directors do not participate in any pension, bonus or long term incentive
arrangements or receive any other benefits
Travel and expenses incurred in the normal course of business, e.g. in relation to
attendance at Board and Committee meetings, are met by Genus. Any tax arising on
those expenses will typically be settled by Genus
In exceptional circumstances the Chair and other NEDs may be accompanied by their
spouse or partner to meetings or events. Such costs (and any associated tax) are paid
by Genus
Fees on recruitment Will be set in line with the Policy for the Chair and existing Non-Executive Directors
Contractual Appointment letters for the Non-Executive Directors provide for a notice period of one
month, during which time they are entitled to be paid their normal fees or payment in lieu
without liability for compensation
All Non-Executive Directors have specific terms of engagement. Their appointment is for
a fixed term of three years subject to annual re-election at the Company’s AGM in
accordance with the UK Corporate Governance Code
Other When appointing any new Non-Executive Directors to the Board, the Nomination
Committee will consider any regulatory guidance relating to outside appointments and
whether the candidate can devote sufficient time to their Board roles
Statement of consideration of shareholder views
The Committee welcomes shareholders’ views on executive remuneration and seeks to maintain an active and open dialogue with
investors regarding any changes to Genus’s executive remuneration arrangements. The Directors have regular open discussions with
investors and are available for feedback on reward matters.
We are committed to constructive ongoing dialogue with the Company’s shareholders on remuneration. We are grateful to all
shareholders who took the time to engage with us, and for their comments and perspectives. We were pleased with the support
indicated through this consultation process, the response to the changes we are proposing, and the challenges that can be faced
in setting remuneration in Genus, given the evolution of the business and the international scope of its activities.
As part of the review of the new Remuneration Policy, the Committee engaged with shareholders during the year in order that they
could express their views on the proposals. The Committee takes very seriously the view of shareholders when making any changes
to executive remuneration and will continue to acknowledge any feedback in reviewing our policy in future.
Consideration of employment conditions elsewhere in Genus and workforce engagement
As a Committee we review the progress on our gender pay position within Genus Breeding Limited, our largest UK subsidiary. We also
receive periodic updates on the approach to remuneration across the Group including the competitiveness of our remuneration in our
markets and our proposed salary budgets for the forthcoming year.
While the Company does not directly consult employees on matters of Directors’ remuneration, the Committee does take account
of the approach for employees across the workforce when determining its policy approach for Directors.
The Committee is presented information on the remuneration structures and approach across the organisation including the way
remuneration levels are set with reference to internal and external factors, and how performance measures align with those used for
Genus Executive Leadership Team members (including Executive Directors).
The Board receives feedback obtained through staff engagement surveys that include questions on pay, as well as consulting
employees informally on their views of the current overall remuneration approach. Additionally, discussions on remuneration have
formed part of dialogue between the nominated Non-Executive Directors and employees as part of wider engagement activity as
outlined elsewhere in the Annual Report. This forms part of the feedback provided to the Committee and can be used to assess the
Remuneration Policy’s ongoing effectiveness and any changes that should be made.
When setting the Executive Directors’ salaries, the Committee considers the salary increases proposed for each Executive Director with
those proposed for employees in their geographical location and, as appropriate, in the UK.
Remuneration Committee Report continued
Section E – Directors’ Remuneration Policy
103
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
Remuneration Committee Report continued
Section F – Annual Report on Remuneration
Introduction
This section of the Directors’ Remuneration Report is subject to an advisory vote at the November 2025 AGM. Remuneration in respect of
the year ending June 2025 was determined in line with our Remuneration Policy agreed by over 93% of shareholders at the AGM in 2022.
The detailed Policy can be found in our 2022 Annual Report (pages 77 to 85) which is available from our website at www.genusplc.com.
We have split this section into the following chapters to balance our formal disclosure obligations with our desire to have a clear and
understandable report:
1. Remuneration outcomes for Executive Directors for 2025.
2. How we will implement and operate the Remuneration Policy in 2026.
3. The Remuneration Committee membership, advisers and its operation.
4. Comparison of the Chief Executive’s remuneration to historical shareholder returns and to employees’ remuneration.
5. The Chairman and Non-Executive Directors’ fees.
6. Directors’ shareholdings and rights to shares.
7. Current Executive Directors’ contracts and Non-Executive Directors’ letters of appointment.
1. Remuneration outcomes for Executive Directors for year ending June 2025
Executive Directors’ single total remuneration figure (audited)
The following table shows a single total figure of remuneration for the 2025 financial year for each of the Executive Directors and
compares this figure to the prior year.
Year Salary Benefits
1
Pension
2
Fixed
remuneration Annual bonus
3
PSP
4
Variable
remuneration Total
Executive Directors with remuneration denominated in USD (figures in $000s)
Jorgen Kokke 2025 856 39 51 946 1,686 – 1,686 2,632
2024 825 49 50 924 833 – 833 1,757
Executive Directors with remuneration denominated in GBP (figures in £000s)
Alison Henriksen 2025 481 16 29 526 827 112 939 1,465
2024 481 14 29 524 425 0 425 949
1. Jorgen Kokke’s benefits include an annual car allowance of $20,000 plus the value of standard country executive benefits such as private medical and dental insurance and
life assurance cover. Alison Henriksen receives an annualised car allowance of £12,000 and non-cash insured benefits such as private medical insurance that are taxable in
the UK, as well as life assurance cover
2. Executive Directors may receive a cash allowance in lieu of pension, which is also shown in the pension column
3. Annual bonus includes the part of the award which is deferred into Company shares. Deferred share bonus awards are not subject to any further performance conditions
4. The value of the PSP is determined by the number of awards vesting in relation to performance ending in the relevant financial year. Dividend equivalents are not added to
unvested awards made under the PSP
How the Executive Directors’ bonuses for year ending June 2025 were calculated
Overview
Jorgen Kokke and Alison Henriksen were eligible to participate in the Annual Bonus for 2025. Awards were calculated by reference to
performance against a challenging sliding scale of profit, cash conversion and strategic measures. The following results were achieved
for each element of the annual bonus incentive.
Bonus target
1
Weighting
Actual 2025
performance
2
Threshold
(20% award)
Target
(50% award)
Stretch
(full award)
Extent to which
targets were
met
(%)
Adjusted operating profit (excluding PIC China) 50% £92.9m £75.5m £83.2m £90.9m 100%
Adjusted operating profit (PIC China) 10% £8.6m £3.8m £4.5m £7.1m 100%
Cash conversion including JVs 15% 114% 70.8% 75.5% 80.1% 100%
Strategic measures 25% See next
page
Jorgen Kokke 93%
Alison Henriksen 93%
1 The financial elements of the bonus are payable on a straight-line basis between each threshold, target and stretch level
2 Bonuses calculated in constant currency, and include an approach as to how any budgeted contingency is attributed across individual businesses for bonus purposes.
This may explain any difference between the figures shown above and any adjusted operating profit figures shown elsewhere in the Report and Accounts
3 As outlined in the Committee chair’s letter, Group adjusted operating profit includes a net PRP milestone payment of £3.7m from our Chinese partner, Beijing Capital
Agribusiness. This income and the cost of PRP are part of operating profit (consistent with the receipt of previous milestone payments). As such the Committee considered both
elements should have an impact on FY25 bonus outcomes. Committee noted that the work in relation to the PRP gene edit (which culminated in the FDA approval in April 2025)
had begun nearly ten years ago
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GENUS PLC / Annual Report 2025
Assessment of strategic measures under the 2025 annual bonus
The Committee reviewed and discussed achievement against objectives set for strategic measures for each Executive Director in
determining overall award levels. Performance against these objectives is disclosed retrospectively, as follows:
Theme Objective Key achievements in year
Jorgen Kokke
Strategy
development and
execution
Strengthen M&A pipeline seeking
opportunities for value creation
De Novo joint venture acquisition in October 2024 delivering improvements
in proprietary genetic product development
Explored potential opportunities for joint ventures, mergers or acquisitions
and concluded that none were right for us as a company at this time
Leadership
and culture
Improve gender diversity at
manager level
Further year on year increase in female representation at managerial
levels, now at 35%
Improve health and safety culture Achieved a 5% year-on-year reduction in recordable injury frequency rate
Build Culture leveraging our
refreshed Values
Successful launch of Genus Values with more than 50 events globally
reaching over 3,000 colleagues directly
Innovation and
sustainability
PRRS-resistant pig
regulatory approval
In April 2025, US Food and Drug approval issued its landmark approval for
the Group’s PRP gene edit to be used in the US food supply chain. To date
Canadian approval from two out of three required regulatory bodies;
good continuing progress with the last Canadian regulatory body and
regulators in Mexico, Japan and other international jurisdictions
Advance value creating Innovation Benefits of strategic review of R&D activities have resulted in a sharpened
focus of R&D portfolio and stronger alignment with business divisions
Climate Smart Genetics;
achieve annual corporate
sustainability goals
Genetic improvement targets for porcine, bovine and dairy achieved.
Primary Intensity Ratio improved, falling from 6.46 to 5.32
Commercial
and operational
excellence
Deliver financial performance
in line with budget
Group FY25 adjusted operating profit (incl. JVs) exceed target
(£93.1m in actual currency). A record and an increase year on year of 19%.
Record cash conversion and free cash flow in the year
Restore PIC China to growth PIC China performed well, with adjusted operating profit increasing
by 126%, driven predominantly by lower supply chain costs as a result
of increased by-product revenue.
New commercial strategy is paying off with 25 new royalty customer
signed over last 24 months
Put ABS business on track to earn
cost of capital (>10%) by FY26
Value Acceleration Programme (‘VAP’) Phase 2 successfully completed,
delivering run-rate adjusted operating profit benefit of £10m with £8m
realised in FY25; VAP Phase 3 initiatives identified and being actioned.
ABS operating profit beat target, a record £19.5m (actual currency).
VAP initiatives were the primary driver of ABS’s strong adjusted operating
profit growth
Alison Henriksen
Strategy
development
and execution
Support M&A ensuring value
creation, including partnership
with BCA
De Novo joint venture acquisition in October 2024 delivering improvements
in proprietary genetic product development
Explored potential opportunities for joint ventures, mergers or acquisitions
and concluded that none were right for us as a company at this time
Remuneration Committee Report continued
Section F – Annual Report on Remuneration
105
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
Theme Objective Key achievements in year
Alison Henriksen (cont.)
Leadership
and culture
Improve gender diversity at
manager level
Further year on year increase in female representation at managerial levels,
now at 35%
Redesign Group support
organisation of Finance and IT
(Sapphire)
Organisation design agreed and implementation now commenced,
including applying Safe Agile. Significant value identified including
procurement savings to be delivered from FY26
Innovation and
sustainability
Support the rollout of the
Company’s IT priorities plan
Rollout of final GenusOne implementation in the Philippines delivered on time
Significant restructure of the IT organisation to deliver enhanced support to
the Group. However, full benefits of IT restructure and organisational
change still to materialise in FY26
Support the Sustainability Plan Genetic improvement targets for porcine, bovine and dairy achieved
Commercial
and operational
excellence
Deliver financial performance
in line with plan
Group FY25 adjusted operating profit (incl. JVs) exceed target (£93.1m in
actual currency). A record and an increase year on year of 19%. Record cash
conversion and free cash flow in the year
Ensure compliance with
regulatory changes
Rollout of new financial and non-financial controls framework in readiness
for Corporate Governance changes
Drive fundamental changes in
cash management processes
Cash conversion at 114% (significantly ahead of target and up 61%pts on
FY24). Improved processes in relation to working capital management
including our supplier management, collections and ABS inventory
Engagement with investors and
markets, particularly in relation to
PICC and PRRS commercialisation
Positive reaction to interim results and FDA approval.
Share price growth in the year to 30 June 2025 was 20%, closing at 2,045p,
with significant subsequent movement during July and August 2025)
Delever balance sheet Net debt of £228.1m down £20.6m from prior year, and a year-end net debt
to adjusted EBITDA ratio of 1.5x1 (30 June 2024: 2.0x1). Driven by stronger
free cash flow and improved debt facility terms through re-finance exercise
completed in June 2025
Support ABS’s delivery of budget
and VAP
Value Acceleration Programme (‘VAP’) Phase 2 successfully completed,
delivering run-rate adjusted operating profit benefit of £10m with £8m
realised in FY25; VAP Phase 3 initiatives identified and being actioned.
ABS operating profit beat target, a record £19.5m (actual currency).
VAP initiatives were the primary driver of ABS’s strong adjusted operating
profit growth
Finalisation of individual annual bonus outcomes
Jorgen
Kokke
Alison
Henriksen
Maximum award (% of salary) 200% 175%
Salary eligible for FY25 bonus $858,000 £480,930
Maximum $1,716,000 £841,628
Formulaic assessment of performance under the scorecard (financial and strategic) 98.25% 98.25%
Discretion applied (+/- % pts) 0.00% 0.00%
Final outcome for FY25 bonus
– as a % of maximum 98.25% 98.25%
– as a % of salary 196.50% 171.94%
– as an amount $1,685,970 £826,899
Amount in cash $1,123,980 £551,266
Amount to be deferred in Genus shares
1
$561,990 £275,633
1 The number of shares awarded will be calculated prior to the grant in September 2025. For Jorgen Kokke his US dollar-denominated bonus value is converted into sterling
using a prevailing rate before determining the number of Genus shares to be awarded
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GENUS PLC / Annual Report 2025
How the PSP figure was calculated in the single figure of total remuneration table (audited)
2025 single figure of total remuneration
In September 2022, Alison Henriksen was granted a PSP award over 29,492 shares, with vesting subject to three performance conditions.
The Committee has assessed the performance outcome under each of these conditions as follow:
Measure Description Weighting Threshold Maximum Outcome
% of award
vesting
Earnings per
share (EPS)
Adjusted EPS growth over calculated on a simple
average annual growth rate after the cost of share-
based payments
80% 4% 12% No growth
(note 2)
0%
Genetic
improvement
Improvement (expressed in standard deviations of
improvement per generation) of genetics in Porcine,
Bovine and Dairy
Target of one standard deviation of genetic
improvement per generation across Dairy and Bovine,
and 0.75 standard deviations of improvement per
generation in Porcine
10% Vesting determined by
Committee having
reviewed progress in
each of the respective
species against
assessment guidelines
Assessed as
strong
progress
(note 3)
100%
Greenhouse
Gas Reduction
Reduction in overall primary intensity ratio of our
operations for the three-year period commencing 1 July
2022 and ending 30 June 2025
10% 3% 10% >23%
(note 4)
100%
Total 100% 20%
Notes
1. For both EPS and Greenhouse Gas Reduction measure straight line vesting between threshold and maximum points shown above
2. The adjusted 2025 earnings per share after the cost of share-based payments was 74.1p. This represents a reduction in adjusted earnings per share (‘EPS’) compared to the
comparable 2022 adjusted EPS figure of 78.5p. The resulting level of vesting is 0% of maximum, as the threshold has not been met
3. The Committee assessed that there had been at or above target performance across all species. Therefore, in line with the genetic improvement guidelines (see 2022 Annual
Report (page 92), this translated into an indicative vesting of 80-100% of this portion of the award. The Committee noted the following
a. In FY23 (see page 56 of the 2023 Annual Report), the Porcine target had been achieved and both Dairy and bovine targets had been exceeded
b. In FY24 (see page 56 of the 2024 Annual Report), the Porcine, Dairy and Bovine targets had all been exceeded
c. In FY25, the position was as follows:
Target FY25 outcome Status
Continue increasing porcine genetic improvement index
by 0.75 standard deviation per generation
Achieved 1.03 standard deviation of genetic gain in the PIC porcine
genetic improvement index (achieved 20.5 index points)
Exceeded FY25 target
Continue increasing dairy genetic improvement index
by one standard deviation per generation.
Achieved 1.28 standard deviation of genetic gain ($83.59 gain per year
over the generation)
Exceeded FY25 target
Continue increasing beef genetic improvement index
by one standard deviation per generation
Achieved 1.10 standard deviation of genetic gain ($11.11 gain per year) Exceeded FY25 target
4. The Committee assessed that over the three-year measurement period there had been a sustained reduction in emissions. The cumulative reduction in the Primary Intensity
Ratio since 2022 was 1.66. This represented a 23.7% reduction against the initial baseline (FY22: 6.98).
Year Prior year Outcome
Fall/
(Increase)
2023 6.98 6.04 0.94
2024 6.04 6.46 (0.42)
2025 6.46 5.32 1.12
Cumulative 1.66
Remuneration Committee Report continued
Section F – Annual Report on Remuneration
107
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
As a consequence, Alison Henriksen’s 2022 PSP has a 20% performance vesting outcome. Based on a share price of 1,901p for
three months to 30 June 2025, the indicative vested value of the 2022 PSP is £112,129 which has been shown in the single figure
of total remuneration.
The Committee confirmed that the 20% vesting level was consistent with the business performance over the three year period.
Value at award (£) £836,393
Percentage of award lapsing 80%
Value of award lapsing £669,114
Adjusted value of award £167,279
Share price growth -33%
Current indicative value £112,129
Share price at grant £28.36
Share price three months to 30 June 2025 £19.01
Share price change over the period -33%
£900,000
£800,000
£700,000
£400,000
£300,000
£600,000
£500,000
£200,000
£100,000
£0
Value at award
£836,393
£167,279
-£49, 311
Original value of
shares lapsed
Original value of
shares vesting
Final value at
30 June 2025
£112,129
Reduction in value of
shares vesting
£669,114
The values in next year’s Annual Report will be restated to reflect the actual share price at the point of vesting.
2024 single figure of total remuneration
No restatement of the 2024 PSP value for Alison Henriksen is required as the amount vesting was zero and her award lapsed in 2024.
Material contracts
There were no other contracts or arrangements during the financial year in which a Director of the Company was materially interested
and/or which were significant in relation to the Group’s business.
Payments for loss of office and payments to former Directors (audited)
Payments for loss of office
Alison Henriksen stepped down from the Board on 31 July 2025 and remained employed until 31 August 2025 to assist with an orderly
handover to her successor. Details of the remuneration arrangements relating to Alison’s retirement were published on our website in
November 2024. Between 1 July and 31 August 2025, Alison continued to receive her normal monthly salary, pension and other benefits.
Details of the fixed remuneration payable during these two months will be disclosed in next year’s directors’ remuneration report.
However, for reference, the value of salary, pension and benefits are estimated to be £80,160, £4,809 and £2,670 respectively.
The Committee noted that Alison was retiring following a successful time with the Company. Therefore, the Committee determined that
Alison would be treated as a good leaver for the purposes of any unvested deferred share and performance share plan awards. These
awards continue to vest over the original vesting period, i.e. there is no acceleration of vesting, and in the case of the PSP awards
subject to the outcome of performance conditions, a pro rata adjustment for time served and a two-year holding period. The awards
remain subject to malus and clawback.
Alison remains subject to a post-cessation shareholding requirement meaning she must hold onto shares for 24 months following her
cessation of employment in line with the Remuneration Policy.
There were no other payments for loss of office in the year.
Payments to former Directors
As outlined in last year’s Annual Report, Stephen Wilson was afforded good leaver status for certain unvested share awards when he
retired as an Executive Director. His PSP award granted in September 2022 was subject to the achievement of performance conditions
and pro rating based on his service up to his retirement on 30 September 2023. Based on the projected vesting outcome of 20 per cent,
2,900 shares are expected to vest in September 2025. The estimated value of this outcome is £55,129 based on the three month average
share price to 30 June 2025 of 1,901p.
There were no other payments to former Directors of the Company in FY25.
Discretion
No discretion was applied by the Committee during the year.
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GENUS PLC / Annual Report 2025
2. How we will implement and operate the Policy in 2026
Remuneration for the Executive Directors and Non-Executive Directors in 2025 will be in line with our new directors’ Remuneration Policy
as detailed on pages 94 to 102 of this report, subject to shareholder approval at the AGM in November 2025.
Executive Directors
Element of remuneration Commentary Application in 2026
Salary Salaries for Executive Directors are reviewed
annually by the Committee with any increase
usually taking effect from 1 September
Following a review by the Committee
the following salaries will apply from
September 2025
Jorgen Kokke $886,250 a 3.3% increase
Andy Russell £430,000 (unchanged)
Benefits Executive Directors receive benefits including
a car allowance, life assurance, an annual
medical screen and private medical insurance.
The Company will also provide tax support
assistance for preparation of foreign tax
returns for Jorgen Kokke as required, as well as
tax equalisation provision as required for any
employment income taxable outside of the US
Car allowances remain $20,000 and £12,000
for CEO and CFO respectively
Eligibility to other benefits unchanged
Pension Executive Directors receive a pension
allowance worth 6% of salary, to align rates
for the wider workforce
Paid as a cash allowance and/or contribution
to a defined contribution plan
Unchanged at 6%
Annual bonus Determined by an assessment of
the balanced scorecard outcome and
personal performance.
Delivered mainly in cash with a maximum
of one-third deferred in shares vesting after
three years
Maximum opportunity remains 200% and 175%
of salary for CEO and CFO respectively
Proposed measures and targets are set below
in the subsequent sections
Bonus deferral maintained at one-third for
three years but reduced to 20% if Executive
Director has met their shareholding
requirement by the end of FY26
PSP Awards will be in the form of nil/nominal cost
options or conditional awards of shares
Awards will usually have performance assessed
on the third anniversary of grant or, if later,
when the Committee determines that the
performance conditions have been satisfied.
Performance measures and weighting will be
aligned to the Company’s strategy
Vesting after three years, subject to a two-
year post vesting holding period
Clawback and malus provisions will apply to
these awards as outlined within our
Remuneration Policy
Maximum opportunity 133.33% of prevailing
salary as at date of grant
Proposed measures and targets are set below
in the subsequent sections
Performance measures will be assessed
independently of each other
RSU Awards will be in the form of nil/nominal cost
options or conditional awards of shares
Subject to a two-year post vesting
holding period
Clawback and malus provisions will apply
to these awards as outlined within our
Remuneration Policy
Maximum opportunity 66.67% of prevailing
salary as at date of grant
Vesting is subject to a discretionary underpin
which may result in a downward adjustment
to the number of shares vesting based on
the Committee’s assessment of underlying
financial and non-financial performance over
the vesting period
Remuneration Committee Report continued
Section F – Annual Report on Remuneration
109
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
FY26 annual bonus measures and weightings
The FY26 scorecard reflects our strategic priorities. The targets are set annually by the Committee, considering Genus’ annual financial
plan, strategy and its priorities for the next few years within the context of the economic environment. The Committee considers
financial and operational targets to be commercially sensitive and that it would be detrimental to the Company’s interests to disclose
them before the end of the financial year.
Measure Weighting Measure type Target
Genus Group operating profit (excluding PIC China) 50% Financial Disclosed retrospectively
PIC China operating profit 10% Financial Disclosed retrospectively
Cash conversion 15% Financial Disclosed retrospectively
Sub-total (financial) 75%
Strategic personal measures 25% Strategic Disclosed retrospectively
Total 100%
PSP measures and targets for awards to be granted in September 2025
Executive Directors may be granted an award under the PSP. Any awards made will be subject to the satisfaction of the below
performance conditions over a three-year performance period.
2025 PSP Weighting Threshold (20% payout) Maximum (100% payout)
Adjusted earnings per share growth calculated on a simple average annual
growth rate
35% 4% 12%
Return on adjusted invested capital calculated as a simple average of the
rate for three financial years in the performance period
35% 14.5% 16.5%
Total shareholder return relative to the FTSE 250 (excluding investment trusts) 15% Median against peers Upper quartile or above
Improvement (expressed in standard deviations of genetic improvement
per generation) of genetics in Porcine, Bovine and Dairy
15% Target of one standard deviation of
improvement per generation in Dairy and
Bovine, and 0.75 standard deviation of
improvement per generation in Porcine
Overall Genetic Improvement assessment guidelines
(Final award will be determined having reviewed progress in each of the
respective species)
Indicative vesting
(% of max)
Performance at or exceeding target over period across all species or
significant outperformance in one or more species with no ‘weak’ progress
80-100%
Progress overall in line with stated target 50-70%
Robust performance in one or two species, slower progress elsewhere 20-40%
Progress below target each year in all species No award
1. The Committee retains discretion to scale back overall vesting if it does not consider the vesting result to be consistent with the
progress achieved against the Company’s strategy during the performance period. This is considered appropriate to broaden the
Executive team’s focus beyond financial performance
2. The Committee also recognises that changes in the Company share price can materially change the number of shares that are
awarded through PSP grants. The Committee will grant these awards in the usual way and will review the ultimate level of vesting and
associated business performance. In the event that the share price used to determine awards was not felt to be representative then
the Committee has the ability to adjust ultimate vesting levels to prevent windfall gains on vesting
3. Inevitably there are several factors which cannot be known at the time targets are originally set and could impact the 2025 PSP.
These factors might include the impact of corporate activity, material regulatory or tax changes, joint ventures and accounting
changes. In each case the Committee retains discretion whether and, if so, how a) to adjust targets post grant and/or b) to take
impact into account when determining performance outcome
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GENUS PLC / Annual Report 2025
Policy implementation – Non-Executive Directors
Policy area 2026 implementation
The Board may review fee levels during the year in line with
the proposed Policy
It is necessary to provide compensation that attracts
high-calibre individuals and reflects their experience and
knowledge. Fees are based on the time commitments
involved in each role and set with reference to the fees paid
in other similarly sized UK-listed companies
Effective 1 September 2025
• Company Chairman’s fee increased by 3.5% from £239,200
to £247,550
• NED base fee increased from £57,200 to £60,000
• Additional fee for chairing the Audit & Risk Committee and
Remuneration Committee increased from £11,000 to £12,000
• Consistent with market practice, introduction of an additional fee
(£12,000) for being Senior Independent Director
3. Remuneration Committee membership, advisers and its operation
The Committee complies with the UK Corporate Governance Code. It makes recommendations to the Board, within agreed terms of
reference, on remuneration for the Executive Directors and other members of GELT. The Committee’s full terms of reference are available
on the Company’s website at www.genusplc.com.
Committee membership
During the year ending 30 June 2025, the Committee comprised Lesley Knox (as Chair), Jason Chin (until his retirement from the Board
on 31 May 2025), Iain Ferguson, Lysanne Gray and Ralph Heuser. A consolidated table of Director attendance at all Board committee
meetings is set out earlier in the corporate governance section.
None of the Committee members has any personal financial interest (other than as shareholders), conflicts of interests arising from
cross-directorships or day-to-day involvement in running the business.
Advice to the Committee
The Committee seeks advice from independent external advisers as appropriate. As reported last year, the Committee appointed
Ellason LLP, effective 1 July 2024, as its adviser. Ellason were appointed by the Committee after a competitive tender process was
undertaken. The Committee is satisfied that there are no conflicts of interest resulting from Ellason’s appointment, from inside and
outside the Group.
The Chief Executive and the Chief Financial Officer attend meetings at the Committee’s invitation. Internal support was provided by the
Group HR Director, the Company’s executive reward consultant and other senior leadership from the Finance and Company Secretariat
teams as appropriate. No individual was present when their own remuneration was discussed.
During its meeting in July 2025 (as part of the annual review of its advisers performance and independence), the Committee considered
Ellason’s advice of value, objective and independent. Ellason’s fees for the year ending June 2025 were £34,485 for its remuneration
advice to the Committee, based primarily on a fixed retainer.
Ellason’s performance and independence as advisers is regularly reviewed. Ellason are members of the Remuneration Consultants
Group and comply with its Code of Conduct.
Remuneration Committee Report continued
Section F – Annual Report on Remuneration
111
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CORPORATE GOVERNANCE
What the Committee discussed at its meetings
During the year to 30 June 2025, the Committee met five times (including an ad hoc meeting in February 2025) and discussion included
the following matters:
Committee activities
July
2024
September
2024
November
2024
February
2025
April
2025
Directors’ remuneration
Review of the directors’ remuneration policy and implementation
Review of individual performance, fixed and variable remuneration
Senior management remuneration
Contractual terms, joiners and leavers
Review of individual performance, fixed and variable remuneration
All colleague remuneration
Annual salary review approach
Incentive measures, targets and outcomes. Scorecard review
Share awards, pension and benefits
Pay transparency
Broader people activity e.g. diversity targets
Reward governance
Review investor and market developments
Remuneration disclosures (such as DRR and gender pay gap)
Review investor feedback
Review of executive shareholdings and dilution limits
Terms of reference, Committee evaluation, advisers
Shareholder voting and how their views are considered
At the Annual General Meeting in November 2024, shareholders approved the Directors’ Remuneration Report published in the
Company’s Annual Report and Financial Statements, receiving a strong vote in favour.
Details of recent shareholder votes on remuneration are shown below.
Item For no. For % Against no. Against %
Votes
withheld
Directors’ Remuneration Report – Nov 2024 44,982,186 95.4 2,150,030 4.6 2,411,673
Directors’ Remuneration Policy – Nov 2022 46,353,666 93.1 3,433,110 6.9 8,806
The Committee greatly values the continued dialogue with our shareholders and engages with shareholders and representative bodies
to take their views into account when setting and implementing our remuneration policies. The Directors have regular open discussions
with investors and are available for feedback on remuneration matters.
We have undertaken engagement with shareholders as part of the development of the latest Remuneration Policy. We are grateful for
the feedback and input received during this time and the Committee looks forward to engaging with shareholders in the run-up to the
forthcoming AGM.
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GENUS PLC / Annual Report 2025
4. Comparison of Chief Executive’s remuneration to historical shareholder returns and to employees’ remuneration
Total shareholder return
The following graph shows the Company’s performance measured by total shareholder return (‘TSR’), compared with the TSR
performance of the FTSE 250 Index. The FTSE 250 Index was selected as it represents a broad equity market of which the Company
is a member.
Ten years of total shareholder return
TSR (rebased) (£)
FTSE 250
June 15 June 16 June 17 June 18 June 19 June 23 June 24
June 25
June 20 June 21 June 22
500
100
50
200
250
150
300
350
400
450
0
Genus
As required under the reporting regulations, the table below shows the ‘single figure’ pay for the Chief Executive over the same period,
to allow comparison between variability in remuneration and the shareholder experience over the same period.
Karim Bitar Stephen Wilson Jorgen Kokke
2016 2017 2018 2019 2020 2020 2021 2022 2023 2024 2025
Total remuneration (000s) £1,704 £2,856 £2,549 £815 £183 £2,161 £2,948 £1,380 £1,166 $1,757 $2,632
Annual Bonus (% of max) 78% 59%
1
64%
1
Nil
2
Nil
2
91% 95% 18% 23% 51% 98%
PSP vesting (% of max) 34% 79% 56% Nil
3
Nil
3
44.9% 81.2% 41.4% 36% N/A
4
N/A
4
1 Includes the award under the Company Milestone element of the Annual Bonus under a previous remuneration policy
2 No awards were payable following the decision of Karim to resign from the business
3 Vesting was nil as Karim’s employment cessation date was before scheduled vesting of PSP awards
4 Jorgen was not in role at the time the 2021 and 2022 PSP awards were granted (which would, when vested, be reflected in the 2024 and 2025 columns above)
Director remuneration compared to Genus employees
Change in remuneration received
To comply with the Shareholder Rights Directive, the table below shows the percentage change in the annual remuneration of Directors
from 2021 onwards.
The percentage increases or decreases in the table below will reflect changes in populations year-on-year or, in the case of Directors,
changes in responsibilities, e.g. committee memberships, or that the individual was not a Director for the whole year. Percentages for
Directors are calculated using the respective figures in the single total figure for the remuneration.
Salary/fees (% change) Benefits (% change) Bonus (% change)
2025 2024 2023 2022 2021 2025 2024 2023 2022 2021 2025 2024 2023 2022 2021
Jorgen Kokke
1
4 588 n/a n/a n/a -20 880 n/a n/a n/a 102 102 n/a n/a n/a
Alison Henriksen 0 15 0 2 2 14 8 0 3 0 95 65 -22 -72 7
Iain Ferguson 4 0 0 46 n/a 0 0 0 0 n/a n/a n/a n/a n/a n/a
Jason Chin
2
-7 0 15 0 n/a 0 0 0 0 n/a n/a n/a n/a n/a n/a
Lysanne Gray 7 5 8 0 0 0 0 0 0 0 n/a n/a n/a n/a n/a
Ralph Heuser
2
104 n/a n/a n/a n/a 0 n/a n/a n/a n/a n/a n/a n/a n/a n/a
Lesley Knox 5 0 8 0 -5 0 0 0 0 0 n/a n/a n/a n/a n/a
UK comparators
3
7 5.8 5.1 2.5 2.6 0 0 0 0 0 47 42 51 -66 24
1 Jorgen was appointed to the Board in May 2023. Remuneration in 2023 is for less than two months compared to a full year in 2024
2 Jason retired from the Board in May 2025, hence the reduction between 2024 and 2025. Ralph joined the Board in January 2024, hence the significant increase between 2024
and 2025
3 UK comparator includes all employees of Genus plc on 30 June 2025 (excluding Executive Directors) and calculating on an FTE basis changes in salary, benefits and bonus
compared to the previous year
Remuneration Committee Report continued
Section F – Annual Report on Remuneration
113
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
Distribution statement
2024 2025 % change
Employee costs £235m £229m -3%
Distributions to shareholders (including dividends and share buybacks) £21m £21m –
5. The Chairman and Non-Executive Directors’ fees
Fees payable to the Non-Executive Directors per annum effective from 1 September 2025 are as follows:
Position 2025 fees 2026 fees
Chairman £239,200 £247,550
Base Non-Executive Director fee £57,200 £60,000
Additional fee for Senior Independent Director
1
n/a £12,000
Additional fee for Chair of Audit & Risk Committee/Remuneration Committee £11,000 £12,000
Additional fee for Scientific Adviser to R&D Global Portfolio Steering Committee (‘GPSC’)
2
£10,000 £10,000
Additional fee for Chair of Scientific Advisory Board
2
£10,000 £10,000
Additional fee for membership of Sustainability Committee
3
£5,000 £5,000
1 New fee introduced with effect from 1 September 2025, following a review of market practice
2 Roles held by Jason Chin prior to his retirement from the Board
3 Role held by Lysanne Gray with a fee introduced effective 1 November 2023
Total single figure of remuneration (audited) for 2024 and 2025
Fees
(£000s)
Total
(£000s)
Iain Ferguson 2025 238 238
2024 230 230
Jason Chin
1
2025 70 70
2024 75 75
Lysanne Gray 2025 73 73
2024 68 68
Ralph Heuser
2
2025 57 57
2024 28 28
Lesley Knox 2025 68 68
2024 65 65
Total 2025 506 506
2024 466 466
1 Jason Chin stepped down from the Board on 31 May 2025
2 Ralph Heuser was appointed to the Board on 1 January 2024
3 There were no benefits (or taxable expenses) received in 2025
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GENUS PLC / Annual Report 2025
6. Directors’ shareholdings and rights to shares
Directors’ shareholdings (audited)
At the year end, the Directors had the following interests in the Company’s shares:
Ordinary shares
as at 30 June
2025 Number
1
% of salary
held
2
Shareholding
requirement
3
Shareholding
requirement
met
Unvested
awards (no
performance
conditions)
as at
30 June 2025
4
Unvested
Performance
Share awards
held at
30 June 2025
5
Ordinary
shares as at
30 June 2024
Number
Jorgen Kokke
6
83,058 286% 200% Yes 19,505 197,293 0
Alison Henriksen
6
5,375 94.6% 200% No 12,503 128,354 5,375
Iain Ferguson 20,000 n/a n/a n/a n/a n/a 10,000
Jason Chin 0 n/a n/a n/a n/a n/a 0
Lysanne Gray 0 n/a n/a n/a n/a n/a 0
Ralph Heuser 0 n/a n/a n/a n/a n/a 0
Lesley Knox 4,800 n/a n/a n/a n/a n/a 2,000
Total 113,233 32,008 325,647 17,375
1 Or date of retirement from the Board if earlier
2 Based on the combined number of beneficially held shares, the net of tax DSBP awards (or nil-cost options) held and the net of tax vested PSP awards held. An average
closing share price over the three months to 30 June 2025 of 1,901p has been used
3 Executive Directors are expected to work towards achieving a shareholding of 200% of salary as set out in our Remuneration Policy
4 Includes DSBP awards and nil-cost options which do not have performance conditions attached to them
5 Performance Shares or PSP awards have performance conditions attached to them
6 Jorgen Kokke also holds vested nil-cost options over 7,649 shares. Alison Henriksen also holds vested DSBP and PSP awards over 6,627 and 15,882 shares respectively (as set
out on the subsequent pages)
There were no changes in the Directors’ interests between 30 June 2025 and the date of this report.
Exchange rates and share prices used in the Remuneration Report
The market price of the Company’s shares on 30 June 2025 was 2,045p and the lowest and highest share prices during the financial
year were 1,424p and 2,160p respectively. The average share price for the three months to 30 June 2025 was 1,901p.
The GBP:USD rate as at 30 June 2025 was 1.3731 and the average rate throughout the financial year was 1.2992.
Share awards granted in financial year ending 30 June 2025 (audited)
Executive
Nature of
award
1,2
Date of grant
Number of
shares
comprising
award
Face/maximum value of
awards at grant date
(% salary)
3
% of award
vesting at
threshold Performance period
Jorgen Kokke PSP 11-09-24 73,251 £1,311,925 (200%) 20 01.07.24–30.06.27
Jorgen Kokke DSBP 11-09-24 11,856 £212,341 N/A N/A
Alison Henriksen PSP 11-09-24 53,705 £961,857 (200%) 20 01.07.24–30.06.27
Alison Henriksen DSBP 11-09-24 7,910 £141,668 N/A N/A
1 PSP awards granted as nil-cost share options and vesting will be subject to achievement against Company performance targets as set out below
2 DSBP awards are not subject to any further performance conditions (as they represent FY24 annual bonus deferral). They will normally vest after three years subject to
continued service
3 The closing average share price over the three days prior to the award being granted has been used to determine the maximum face value of the awards which was 1,791p
(awards granted on 11 September 2024)
Performance conditions on PSP awards granted in September 2024 (audited)
Earnings per share (weighting 80% of the total PSP award)
The adjusted earnings per share growth performance target for the above awards is:
Average annual growth in adjusted earnings per share
1
Vesting
(% award)
Less than 4% per annum 0%
4% per annum 20%
12% per annum 100%
1 Growth in adjusted earnings per share over the three-year performance period will be calculated on a simple average annual growth rate after the cost of share-based payments
2 Straight-line vesting between performance points
Remuneration Committee Report continued
Section F – Annual Report on Remuneration
115
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
Genetic improvement (weighting 10% of the total PSP award)
Measured using standard deviations of genetic improvement per generation of genetics in Porcine, Bovine and Dairy. Assessment
determined by the Committee having reviewed progress in each of the respective species against a target of 1 standard deviation
of improvement per generation in Dairy and Bovine, and 0.75 standard deviations of improvement per generation in Porcine.
Greenhouse gas reduction (weighting 10% of the total PSP award)
Measured using reduction in overall primary intensity ratio of our operations for the three years ending 30 June 2026 against the
following scale:
% reduction across three years ending 30 June 2026
1
Vesting
(% award)
Below 3% 0%
3% (Threshold) 20%
10% (Stretch) 100%
1 Reduction is measured relative to overall primary intensity ratio for FY24 as set out in the sustainability report on page 45
2 Straight-line vesting between performance points
Summary of scheme interests (audited)
As at 30 June 2025, the Executive Directors had the following beneficial interests in share awards and share options:
Grant date Award Vesting period
Share price at
grant
At
30 June 2024
Granted in year
(number)
Lapsed in year
(number)
Exercised
in year (number)
At
30 June 2025
1
Jorgen Kokke
02.05.23 Nil-cost options 02.05.23 to 23.02.24 2,878p 59,055 – – 59,055
4
–
02.05.23 Nil-cost options 02.05.23 to 02.05.24 2,878p 7,649 – – 7,649 –
02.05.23 Nil-cost options 02.05.23 to 28.02.25 2,878p 44,933 – – 44,933
5
–
02.05.23 Nil-cost options 02.05.23 to 02.05.25 2,878p 7,649 – – – 7,649
02.05.23 Nil-cost options 02.05.23 to 04.05.26 2,878p 7,649 – – – 7,649
13.09.23 PSP 13.09.23 to 13.09.26 2,130p 124,042 - – – 124,042
11.09.24 PSP 11.09.24 to 11.09.27 1,791p – 73,251 – – 73,251
11.09.24 DSBP 11.09.24 to 11.09.27 1,791p – 11,856 – – 11,856
Total 250,977 85,107 - 111,637 224,447
Alison Henriksen
07.04.20 PSP 07.04.20 to 11.09.22 3,120p 9,288 – – – 9,288
14.09.20 PSP 14.09.20 to 14.09.23 3,898p 6,594 – - – 6,594
14.09.20 DSBP 14.09.20 to 14.09.23 3,898p 2,536 – – – 2,536
15.09.21 PSP 15.09.21 to 15.09.24 5,613p 13,037 – -13,037 – –
15.09.21 DSBP 15.09.21 to 15.09.24 5,613p 4,091 – – – 4,091
14.09.22 PSP 14.09.22 to 14.09.25 2,836p 29,492 – – – 29,492
14.09.22 DSBP 14.09.22 to 14.09.25 2,836p 2,257 – – – 2,257
13.09.23 PSP 13.09.23 to 13.09.26 2,130p 45,157 – – – 45,157
13.09.23 DSBP 13.09.23 to 13.09.26 2,130p 2,336 – – – 2,336
11.09.24 PSP 11.09.24 to 11.09.27 1,791p – 53,705 – – 53,705
11.09.24 DSBP 11.09.24 to 11.09.27 1,791p – 7,910 – – 7,910
Total 114,788 61,615 13,037 – 163,366
1 Or date of retirement from the Board, if earlier
2 For the share awards to Jorgen Kokke and Alison Henriksen granted in September 2024, the closing average share price over the three trading days prior to 11 September 2024
(the grant date) of 1,791p was used to determine the number of shares comprising individual awards
3 As disclosed in last year’s Directors’ remuneration report, awards were granted to Jorgen Kokke in May 2023 as nil-cost options over ordinary shares on substantially similar
terms to the Genus 2019 Performance Share Plan, albeit not subject to Company performance conditions. The awards were determined to be a fair value for awards that were
forfeited at Ingredion, with vesting dates designed to mirror the operation of those awards where applicable. The share price was based on the average Genus share price for
the 60 days prior to appointment
4 The price on the date of exercise (16 September 2024) was 1,956.97p
5 The price on the date of exercise (28 February 2025) was 1,730.51p
6 Description of the performance measures and targets applying to the PSP awards made during the year are as described above
116
GENUS PLC / Annual Report 2025
Dilution
The aggregate dilution of all relevant share incentives is 4.34% as at 30 June 2025, which is less than the permissible 10% in ten years
dilution limit.
Malus and clawback provisions
There is an increased focus on malus and clawback in the updated UK Corporate Governance Code, which for Genus will be effective
for FY26. We believe that this is an area in which the Company is already aligned with market expectations, and the provisions were
reviewed during the year by the Committee.
Malus and clawback were not utilised in the last reporting period.
Malus and clawback provisions exist under our variable remuneration plans and are also referenced in offer letters. The provisions give
the ability for the Company to adjust or reduce the number of shares under relevant awards. The circumstances where malus and
clawback may apply on share awards are summarised in the table below. Malus and clawback may be applied to all or part of an
award at the Committee’s discretion. Malus is applied during the vesting period of the relevant share award. Clawback can be applied
prior to the third set of audited accounts being published following the date on which a share award vests.
In addition, the Committee may also i. apply clawback to cash bonus payments and ii. prior to the payment of a cash bonus and/or
grant of the relevant share award make an adjustment (known as an ‘in-year adjustment’).
Malus and clawback criteria under the PSP and DSBP
Individual level • Found to have committed an act or omission which i. would have justified summary dismissal or notice of
termination of employment on the grounds of misconduct or ii. caused or contributed to a material
extent to either the censure of any Group Company by any regulatory authority or a significant
detrimental impact to the reputation of any Group Company
• Calculation error leading to inaccurate award or vesting level
Business unit and/or
Group level
• Restatement of the relevant accounts used in making i. the initial calculation of the award or ii. the basis
on which any performance condition was satisfied
• Material failure in risk management
• Entering involuntary administration or insolvency process
The clawback period of three years is considered appropriate as it allows enough time for matters to come to light and be considered
by the Committee. The Committee also can reduce future awards such that the full value of any identified overpayment is recouped
from the individual.
7. Executive Directors’ contracts and Non-Executive Directors’ letters of appointment
Director Appointment date Current contract date Expiry date Notice period (months)
Executives
Jorgen Kokke 2 May 2023 2 April 2023 n/a 12 from employer and 6 from employee
Andy Russell 1 August 2025 12 March 2025 n/a 12 from employer and 6 from employee
Non-Executives
Iain Ferguson 1 July 2020 1 July 2023 1 July 2026 1 month
Lysanne Gray 1 April 2016 1 April 2025 1 April 2028 1 month
Ralph Heuser 1 January 2024 1 January 2024 1 January 2027 1 month
Lesley Knox 1 June 2018 1 June 2024 1 June 2027 1 month
Executive Directors’ service contracts are available for inspection at the AGM or at the Company’s registered office.
Executive Directors are entitled to receive fees from external appointments. Jorgen Kokke and the former Chief Financial Officer, Alison
Henriksen, did not hold any external appointments at other listed companies for the last reported financial year.
Remuneration Committee Report continued
Section F – Annual Report on Remuneration
117
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
Remuneration Committee Report continued
Section G – Wider Workforce Remuneration
Introduction
The Committee is directly responsible for the remuneration of the Executive Directors and the executives on the Genus Executive
Leadership Team (‘GELT’). The Committee is also given regular updates and, as required, takes key decisions on Group-wide
remuneration plans. It takes changes in workforce remuneration into account when making decisions on executive remuneration.
All-employee approach to remuneration
The Committee developed the current Remuneration Policy having reviewed the wider remuneration framework across the organisation
and the way that this drives alignment of individuals towards organisational goals. It receives updates annually on any material
changes to wider workforce arrangements and additionally considers employee feedback on remuneration matters. This is from
Group-wide mechanisms (such as our Your Voice survey) but additionally from direct interaction between designated Non-Executive
Directors and employees.
Our remuneration principles apply to all employees and are designed to ensure we can attract, motivate and retain people
fundamental to achieving our vision, and be part of a global organisation. We want employees engaged and delivering because they
are excited by our vision, the part they can play in this, and the difference they can make.
These principles are applied as consistently as we can, such that remuneration is standardised wherever possible, and delivered in line
with our values. While the quantum may vary between roles, the principle of aligning reward outcomes with performance is fundamental
to the way we operate.
Remuneration element Our approach
Base salary Pay rates are determined with reference to the skill set and experience of the individual. All pay rates are
reviewed annually across the Group, with adjustments with reference to individual performance levels,
market pay competitiveness and overall business affordability.
Benefits The countries we operate in display different practices in terms of benefit provision. Typical benefits include
access to life insurance, pension or retirement provision and may include medical cover. Our approach is
typically driven by local market factors (which may include legislative requirements) rather than a single
common benefit offering globally. On some people policies we have established global minimum levels of
benefit provision that should apply (e.g. our Family Leave Policy) to Genus employees.
Variable pay We operate a range of annual variable remuneration plans and most of our employees participate in one of
the following three arrangements.
Annual Bonus
• Based on a combination of financial performance and non-financial metrics assessed through our
performance management processes (which all employees participate in).
• Financial metrics based around profitability and cash performance.
• Where metrics are consistent with those used for Executive Directors or GELT members, then the same
target/performance scale is used for everyone to drive alignment.
Production facilities – KPI plans
• Linked to the balanced scorecard of local KPIs for facility, covering metrics such as production output
levels and health and safety.
Commissions
• Derived from individual sales performance of the individual.
In addition, we make discretionary share awards across the business to eligible employees, reflecting the
contribution of the individual and to drive future alignment with our performance.
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GENUS PLC / Annual Report 2025
Our CEO pay ratio for year ending June 2025
Our CEO pay ratio is shown in the table below. In addition, the graph shows the relationship between movement in the CEO pay ratio
and share price over the last seven years.
Total pay and benefits
Year ended
Calculation
methodology
CEO single
figure (£’000s)
25th percentile Median 75th percentile
Median ratio vs
target CEO
single figure
FTE
reward Ratio
FTE
reward Ratio
FTE
reward Ratio
30 June 2025 A £2,026 £32,742 62:1 £39,482 51:1 £54,125 37:1 57:1
30 June 2024 A £1,396 £30,561 46:1 £35,648 39:1 £49,476 28:1 57:1
30 June 2023 A £1,166 £30,345 38:1 £35,924 32:1 £50,199 23:1 51:1
30 June 2022 A £1,380 £27,774 50:1 £33,999 41:1 £44,818 31:1 54:1
30 June 2021 A £2,948 £27,374 108:1 £32,464 91:1 £43,796 67:1 54:1
30 June 2020
3
A £2,161 £25,230 86:1 £31,748 68:1 £42,426 51:1 56:1
30 June 2019 A £815 £24,638 33:1 £31,867 26:1 £41,792 20:1 57:1
30 June 2018 A £2,549 £24,204 105:1 £30,759 83:1 £40,203 63:1 59:1
1 Where appropriate, the CEO single figure has been restated to reflect the actual value of PSP awards at the point they vested
2 For the purposes of calculating the 2025 pay ratio, the CEO’s single figure of total remuneration has been converted into sterling using an average exchange rate for FY25
3 CEO single figure of remuneration in 2020 reflects the change in CEO during the year and includes salary and benefits for Karim Bitar through to his resignation and all
applicable remuneration elements for Stephen Wilson from the date of his appointment as CEO (13 September 2019) to 30 June 2020
60
45
50
55
40
20
25
30
35
15
2018
83
2019
26
2020
68
2021
91
2022 20252023
41
51
2024
39
32
Share price £ (three-month closing average)CEO to median pay ratio (to 1)
The respective quartiles were calculated using the Option A methodology which the Committee considers the most
straightforward approach.
Three colleagues were identified whose full-time equivalent (‘FTE’) total remuneration places them at the 25th, 50th and 75th percentiles.
We are confident that the colleagues identified at the lower, median and upper quartiles are remunerated in line with our wider policies
on colleague pay, reward and progression.
25th percentile Median
75th
percentile
Salary (FTE) £30,583 £35,833 £47,783
Total pay and benefits £32,742 £39,482 £54,125
Understanding our CEO pay ratio
There has been an increase in the pay ratio between 2024 and 2025. The primary reason for this increase is that Jorgen’s 2025 bonus
was higher than in 2024, reflecting stronger relative Company performance over the last 12 months.
In the pay ratio table above, we detail the potential ratio based on the CEO’s target remuneration, as set out under the remuneration
policy. It is important to note that a high proportion of the CEO remuneration is based on performance against the short- and long-term
incentive plans, and that payouts can significantly change year-on-year, significantly affecting the ratio going forward. This is the
primary reason why the pay ratio has varied since 2018, both above and below the potential ratio based on the CEO’s target
remuneration. However, in the previous three years, the actual median pay ratio has been in a range of 32:1 to 41:1, in each case below
the notional ratio based on the CEO’s target remuneration.
The Committee is satisfied that the individuals identified within each relevant percentile appropriately reflect the employee
pay profiles at those quartiles and that the overall picture presented by the ratios is consistent with our approach to colleague
remuneration. Pay relativities are just one of the factors that are taken into consideration in developing an appropriate remuneration
framework within Genus.
Remuneration Committee Report continued
Section G – Wider Workforce Remuneration
119
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
Method of calculation
Under the pay ratio regulations, companies are required to identify the individuals with remuneration at the 25th, 50th and 75th
percentiles of all UK employees for the relevant financial year and compare with total remuneration for the CEO as set out in the single
figure of total remuneration.
The Company has chosen to use Option A to identify the employees at the 25th, 50th and 75th percentiles and their respective
remuneration, as it is recognised that this is the most appropriate and accurate approach.
UK employees as at the year-end have been included in the reporting with employees ranked based on their 2024-25 remuneration.
The following data assumptions for the year end 30 June 2025 have been used:
Element Description
Salary Full-time equivalent salary as at the year end
Allowances Includes any functional, role-based, shift and car allowances
Benefits Value of cash benefits
Incentives Incentive payouts for the relevant financial year are included. In some cases, the decision on the level
of bonuses is not made until after the publication of this report so a provisional figure may be used
Analysis excludes the value of any PSP vesting in the year
Gender pay gap reporting
Genus Breeding Limited, our largest subsidiary in the UK, published its latest Gender Pay Gap Report in April 2025. This report shows
that on a median basis, the 2024 gender pay gap was 13.9% (2023: 13.3%). Over the medium-term (three years) the pay gap has fallen
by 4.5% points.
Our pay gap compares with a national average gender pay gap of 13.1% across all industries, calculated by the Office of National
Statistics in November 2024.
Small changes in the total pay gap are expected each year due to changes in the composition of the workforce and hiring patterns,
which can vary between men and women year-on-year.
Approved by the Board and signed on its behalf by:
Lesley Knox
Chair of the Remuneration Committee
3 September 2025
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GENUS PLC / Annual Report 2025
Information incorporated
by reference
The following information, required to be
included in an Annual Financial Report in
accordance with the UK Financial Conduct
Authority’s Listing Rule 6.6.1R and in a
Directors’ Report, is provided elsewhere in
the Annual Report and is incorporated into
the Directors’ Report by cross-reference
as appropriate.
Content Page
Business model 6 to 9
Key performance
indicators 16 to 17
Directors 60 to 61
Dividends 31
Principal risks 52 to 55
Financial results 28 to 31
Audit & Risk Committee 75 to 79
Greenhouse gas
emissions and energy
consumption 34 to 48
Research and
development activities 26 to 27
Financial risk
management 28 to 31
Future developments
in the business 18 to 27
Going concern and
viability statement 56
Directors’ interests 114 to 116
Engagement with
employees, customers,
suppliers and others 49
Long-term
incentive schemes 182 to 183
Equal opportunities and employees
with disabilities
Genus values diversity and aims to make
best use of everyone’s skills and abilities.
We are therefore committed to equal
opportunities at every stage of our
employees’ careers. Our policy on
employees with disabilities is to fully and
fairly consider people with disabilities for
all vacancies.
We interview and recruit people with
disabilities and endeavour to retain
employees if they become disabled while
they work for us. Where possible, we will
retrain employees who become disabled
and adjust their working environment,
so they can maximise their potential.
Political contributions
The Group does not make political
contributions.
Share capital
Note 31 gives details of the Company’s
issued share capital and any movements
in the issued share capital during the year.
The Directors may only issue shares to the
extent authorised by the shareholders in
general meeting. The current power to
allot shares was granted by shareholder
resolution at the 2024 AGM and a new
authority is being sought at the 2025 AGM,
within the limits set out in the notice of
meeting, that is up to a nominal value
of £4,402,496.90 (representing two-thirds
of the Company’s current issued
share capital).
The Company has one class of ordinary
share, with the rights set out in the Articles
of Association. All issued shares are fully
paid and each share has the right to one
vote at the Company’s general meetings.
There are no specific restrictions either on
the size of a holding or on the transfer of
shares, which are both governed by our
Articles of Association and prevailing
legislation. No person has any special
rights of control over the Company’s
share capital.
Details of the Company’s employee share
schemes are set out in note 30. In
connection with these schemes, the Genus
plc Employee Benefit Trust holds shares
in the Company from time to time and
abstains from voting in respect of any
such shares.
For additional information on capital risk
management including financial
instruments, see note 26.
Directors’ Report
Lucie Grant
General Counsel and Company Secretary
121
GENUS PLC / Annual Report 2025
CORPORATE GOVERNANCE
Authority to acquire the
Company’s own shares
The Directors may only buy back shares to
the extent authorised by the shareholders
in general meeting. The current power to
buy back shares was granted by
shareholder resolution at the 2024 AGM
and a new authority is being sought at the
2025 AGM within the limits set out in the
notice of meeting, that is up to a nominal
value of £660,374.50 (representing 10% of
the Company’s current issued share
capital).
The Company did not buy back any shares
under the authority granted at the 2024
AGM, from the date of that AGM up to the
date of this report.
Substantial shareholdings
As at 29 August 2025, we were aware of
the following material interests in the
Company’s ordinary shares:
Fund Manager Shareholding %
Baillie Gifford 5,022,633 7.61
BlackRock 4,601,484 6.97
Vanguard Group 3,522,839 5.33
Aberdeen 3,497,437 5.30
Wellington
Management 3,314,852 5.02
JNE Partners 3,231,774 4.89
Devon Equity
Management 2,608,155 3.95
Capital Group 1,990,595 3.01
There have been no material changes
in shareholdings since 30 June 2025.
No other person has notified an interest
in the Company’s ordinary shares which
is required to be disclosed to us.
Provision of information to the
Company’s auditor
Each of the Directors at the date
of approval of this Annual Report
confirms that:
• so far as the Director is aware, there is
no relevant audit information of which
the Company’s auditor is unaware; and
• the Director has taken all the steps that
he or she ought to have taken as a
Director in order to make himself or
herself aware of any relevant audit
information and to establish that
the Company’s auditor is aware of
that information.
This confirmation is given and should
be interpreted in accordance with the
provisions of section 418 Companies
Act 2006.
Appointment of auditor
The Board is recommending the
reappointment of PwC as external
auditor for the year ending 30 June 2026.
A resolution to appoint PwC will be
proposed at the forthcoming AGM.
Directors’ indemnities
The Company has made qualifying
third-party indemnity provisions for the
benefit of its Directors, which were made
during the year and remain in force at the
date of this report.
Conflicts of interest
The Company has procedures for
managing conflicts of interest. If a Director
becomes aware that they or any of their
connected parties have an interest in an
existing or proposed transaction with
Genus, they should notify the Chairman
and the Company Secretary in writing or
at the next Board meeting. Controls are in
place to ensure that any related-party
transactions involving Directors, or their
connected parties, are conducted on an
arm’s length basis. Directors have an
ongoing duty to update the Board on any
changes to these conflicts.
Approved by the Board and signed on its
behalf by:
Lucie Grant
Group General Counsel and
Company Secretary
3 September 2025
122
GENUS PLC / Annual Report 2025
The Directors are responsible for keeping
adequate accounting records that
are sufficient to show and explain the
Company’s transactions and disclose
with reasonable accuracy at any time the
financial position of the Company and
enable them to ensure that the Financial
Statements comply with the Companies
Act 2006. They are also responsible for
safeguarding the assets of the Company
and hence for taking reasonable steps for
the prevention and detection of fraud and
other irregularities.
The Directors are responsible for the
maintenance and integrity of the
corporate and financial information
included on the Company’s website.
Legislation in the UK governing the
preparation and dissemination of
Financial Statements may differ from
legislation in other jurisdictions.
Directors’ responsibility statement
We confirm that to the best of
our knowledge:
• the Financial Statements, prepared in
accordance with the relevant financial
reporting framework, give a true and fair
view of the assets, liabilities, financial
position and profit or loss of the
Company and the undertakings
included in the consolidation taken
as a whole;
• the Strategic Report includes a fair
review of the development and
performance of the business and
the position of the Company and
the undertakings included in the
consolidation taken as a whole,
together with a description of the
principal risks and uncertainties that
they face; and
• the Annual Report and Financial
Statements, taken as a whole, are fair,
balanced and understandable, and
provide the information necessary for
shareholders to assess the Company’s
position, performance, business model
and strategy.
Approved by the Board and signed on its
behalf by:
Jorgen Kokke
Chief Executive
3 September 2025
Andrew Russell
Chief Financial Officer
3 September 2025
Directors’ Responsibilities
The Directors are responsible for preparing
the Annual Report and the Financial
Statements in accordance with applicable
law and regulations.
Company law requires the Directors to
prepare financial statements for each
financial year. Under that law the Directors
are required to prepare the Group
Financial Statements in accordance with
international accounting standards in
conformity with the requirements of the
Companies Act 2006.
The Directors have chosen to prepare the
Parent Company Financial Statements
in accordance with Financial Reporting
Standard 101 ‘Reduced Disclosure
Framework’. Under company law, the
Directors must not approve the financial
statements unless they are satisfied that
they give a true and fair view of the state
of affairs of the Company and of the profit
or loss of the Company for that period.
In preparing the Parent Company
Financial Statements, the Directors are
required to:
• select suitable accounting policies and
then apply them consistently;
• make judgements and accounting
estimates that are reasonable and
prudent;
• state whether Financial Reporting
Standard 101 ‘Reduced Disclosure
Framework’ has been followed, subject
to any material departures disclosed
and explained in the Financial
Statements; and
• prepare the Financial Statements on
the going concern basis, unless it is
inappropriate to presume that the
Company will continue in business.
In preparing the Group Financial
Statements, International Reporting
Standard 1 requires that Directors:
• properly select and apply
accounting policies;
• present information, including
accounting policies, in a manner that
provides relevant, reliable, comparable
and understandable information;
• provide additional disclosures when
compliance with the specific
requirements in IFRSs are insufficient to
enable users to understand the impact
of particular transactions, other events
and conditions on the entity’s financial
position and financial performance; and
• make an assessment of the Company’s
ability to continue as a going concern.
123
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
123
GENUS PLC / Annual Report 2025
IN THIS SECTION
Independent Auditor’s Report 124
Group Income Statement 130
Group Statement of
Comprehensive Income
131
Group Statement of Changes
in Equity
132
Group Balance Sheet 133
Group Statement of Cash Flows 134
Notes to the Group Financial
Statements
135
Parent Company Balance Sheet 194
Parent Company Statement of
Changes in Equity
195
Notes to the Parent Company
Financial Statements
196
Five-Year Record –
Consolidated Results
206
Alternative Performance
Measures Glossary
207
Glossary 215
Advisers 216
Financial
Statements
124
GENUS PLC / Annual Report 2025
Independent Auditor’s Report
To the members of Genus plc
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
OPINION
In our opinion:
• Genus plc’s Group financial statements and Company financial statements (the “financial statements”) give a true and fair view of the
state of the Group’s and of the Company’s affairs as at 30 June 2025 and of the Group’s profit and the Group’s cash flows for the year
then ended;
• the Group financial statements have been properly prepared in accordance with UK-adopted international accounting standards as
applied in accordance with the provisions of the Companies Act 2006;
• the Company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework”), and applicable law; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Report (the “Annual Report”), which comprise: the Group
Balance Sheet and the Parent Company Balance Sheet as at 30 June 2025; the Group Income Statement, the Group Statement
of Comprehensive Income, the Group Statement of Changes in Equity, the Group Statement of Cash Flows, the Parent Company
Statement of Changes in Equity for the year then ended; and the notes to the financial statements, comprising material accounting
policy information and other explanatory information.
Our opinion is consistent with our reporting to the Audit & Risk Committee.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our
responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of
our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, which includes the FRC’s Ethical Standard, as applicable to listed public interest entities, and we have fulfilled our
other ethical responsibilities in accordance with these requirements.
To the best of our knowledge and belief, we declare that non-audit services prohibited by the FRC’s Ethical Standard were not provided.
Other than those disclosed in Note 8, we have provided no non-audit services to the Company or its controlled undertakings in the
period under audit.
Our audit approach
Context
2025 is our first year as independence auditors of the Group. As part of our audit transition, we carried out procedures over opening
balances at 1 June 2024 by shadowing the predecessor auditor, reviewing the predecessor auditor’s working papers and re-evaluating
the predecessor auditor’s conclusions in respect of key judgements included in the opening Group balance sheet.
Overview
Audit scope
• We conducted full scope audit work in the United Kingdom over Pig Improvement Company UK Limited, Genus Breeding Limited, in
the United States over PIC USA Inc. and ABS Global Inc., in Mexico over Pig Improvement Company de Mexico, S. de R.L. de C.V, and in
China over PIC Ankang Agriculture Science and Technology Co., Ltd., Liao Ning PIC Agriculture Science and Technology Company
Limited and PIC (Shanghai) Agriculture Science and Technology Company Limited.
• We performed full scope financial statement line item audits over Revenue, Accounts Receivable and Inventory at Pecplan ABS Imp. e.
Exp, Ltda (Brazil), over Inventory, Property Plant and Equipment and Other Intangibles at PIC Canada Limited (Canada), over Revenue
at Pig Improvement Company Espana, S.A. (Spain) and over Cash and cash equivalents at PIC (Zhangjiagang) Pig Improvement Co.,
Ltd (China), Genus Breeding India Private Limited (India), PIC Genetics LLC and LLC Genus ABS Rus (Russia).
• A component team in Brazil performed a full scope audit over the Agroceres PIC Genética de Suinos Ltda joint venture.
• The Group engagement team audited the Company and other centralised functions and balances including those covering the
Group treasury operations, corporate taxation, post-retirement benefits, share-based payments, IFRS 16 lease accounting,
borrowings, consolidation and certain intangible asset and goodwill impairment assessments.
• The components on which we performed full scope and financial statement line item audit procedures, together with the work performed
by the Group engagement team as identified above, accounted for 71% of Revenue and 73% of profit before taxation.
Key audit matters
• Valuation of Biological Assets under IAS 41‘Agriculture’ (Group)
• Impairment of investments in subsidiary undertakings (Parent)
Materiality
• Overall Group materiality: £2,660,000 based on 5% of adjusted profit before tax.
• Overall Company materiality: £5,100,000 based on 1% of total asset (capped at component Group overall materiality allocations –
£2,416,500).
• Performance materiality: £1,995,000 (Group) and £1,812,375 (Company).
The scope of our audit
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements.
125
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
Key audit matters
Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud)
identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the
audit; and directing the efforts of the engagement team. These matters, and any comments we make on the results of our procedures
thereon, were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
This is not a complete list of all risks identified by our audit.
Key audit matter How our audit addressed the key audit matter
Valuation of Biological Assets under IAS 41 ‘Agriculture’ (Group)
IAS 41 – Valuation of biological assets
Refer to Note 4 (Critical accounting judgements and key sources
of estimation uncertainty) and Note 16 (Biological assets) for
details of key estimation uncertainty identified. The Audit and Risk
Committee report explains how they have considered key
judgements in the Group, including that of the IAS 41 valuation.
Genus plc carries biological assets at fair value in accordance
with IAS 41 ‘Agriculture’. As at 30 June 2025, the Group held total
biological assets (excluding those recognised in Inventory) of
£253.7m (FY24 restated: £288.6m). The movement in the IAS 41
valuation has a material impact on statutory results each year.
Certain assumptions included within the valuation models are
subject to estimation uncertainty, and accordingly, require the
exercise of judgement. In planning our audit, we identified the
following assumptions as being the most significant in the
determination of the valuation of each species:
• Bovine:the growth rates over the forecast period of proven and
genomic semen sales, growth in unit prices, the discount rate
applied to the forecast cash flows and the Biological Asset
Value (BAV) factor used.
• Porcine: the portion of animals held for breeding sales and the
discount rate applied to the model.
During the year ended 30 June 2025, and as described in Note 2,
the Group has revised its approach to calculating the pre-tax
discount rates used in the IAS 41 valuation. This has resulted in a
net reduction to the 30 June 2024 net assets of £30.4m. The
comparative financial information has been restated accordingly.
We developed a granular understanding of Genus’ business model
and in testing the IAS 41 valuation, we have:
• Obtained an understanding of the processes and controls
relevant to the preparation, review and approval of the valuation
of biological assets;
• Assessed the appropriateness of the logic and mechanical
accuracy of the valuation models prepared and the methodology
applied by the Group for compliance with the requirements of IAS
41 ‘Agriculture’;
• Made enquiries of management to understand the rationale
applied in the determination of key assumptions and any
changes year on year;
• Challenged the appropriateness of key assumptions applied
within the underlying forecasts, with consideration given to
historical forecasting accuracy and third-party benchmarking
data (where available), historical transactional data and other
comparable sources;
• Tested inputs in the valuation model back to supporting
evidence;
• Involved our valuation experts in our consideration as to the
appropriateness of the discount rates applied by the Directors in
determining the fair value of biological assets; and
• Assessed the completeness and accuracy of disclosures made
within the financial statements in accordance with applicable
standards; and
• Reviewed management’s rationale for revising the approach to
calculating the pre-tax discount rates used, ensuring that the
revised rates fall within our expected ranges. We are comfortable
that the restatement is appropriate.
We found the valuation of biological assets and disclosures thereof
to be appropriate.
Impairment of investments in subsidiary undertakings (Parent)
Refer to Note C5 (Investments in subsidiaries) for an explanation of
movements in the carrying value of investments in subsidiary
undertakings.
The Company has investments of £307.6m in its subsidiary
undertakings. Annually, the Directors consider whether any events
or circumstances have occurred that could indicate that the
carrying amount of the investment in subsidiaries may not be
recoverable. If such circumstances are identified, an impairment
review is undertaken to establish whether the carrying amount of
the investments exceeds its recoverable amount, being the higher
of fair value less costs to sell or value in use.
Impairment assessments of this nature require significant
judgement and there is a risk that a potential impairment trigger
may not be identified by management and in the event that there
is an impairment trigger identified, there is a risk that the
calculation of the recoverable amount of the investment is
incorrect and therefore the value of the investment may be
misstated.
During the year ended 30 June 2025, the Company has
recognised a £11.6m impairment against the investment held in
ABS Brazil.
We have evaluated management’s consideration of impairment
triggers through performing our own independent assessment,
which has included;
• Comparing the carrying value of the investment to the carrying
value of the underlying net assets;
• Assessing the overall financial performance of the Group to
identify any indicators of impairment;
• Considering other information gathered during the course of our
audits of the Group and components and assessing whether
there are any other indicators of impairment; and
• Testing the impairment recognised for reasonableness,
considering and incentive to manipulate the figure, recalculating
the impairment and reviewing the resulting disclosures.
We found management’s impairment assessment to have been
conducted in accordance with IAS 36 and we concur that the
impairment recognised in respect of the ABS Brazil investment is
appropriate and that no further impairments are necessary.
126
GENUS PLC / Annual Report 2025
Independent Auditor’s Report continued
To the members of Genus plc
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial statements
as a whole, taking into account the structure of the Group and the Company, the accounting processes and controls, and the industry in
which they operate.
We conducted full scope audit work over Genus Breeding Limited, Pig Improvement Company UK Limited, PIC USA Inc., ABS Global Inc.,
Genus plc, Pig Improvement Company de Mexico, S. de R.L. de C.V, PIC Ankang Agriculture Science and Technology Co., Ltd., Liao Ning
PIC Agriculture Science and Technology Company Limited and PIC (Shanghai) Agriculture Science and Technology Company Limited.
The only components considered significant to the Group are Genus Breeding Limited, PIC USA Inc., ABS Global Inc., Genus plc, Pig
Improvement Company de Mexico, S. de R.L. de C.V. and Agroceres PIC Genética de Suinos Ltda.
The audit of Genus Breeding Limited and Pig Improvement Company UK Limited are performed in the United Kingdom, the audit of ABS
Global Inc. and PIC USA Inc. are performed by component teams based in the United States, the audit of PIC Ankang Agriculture
Science and Technology Co., Ltd., PIC (Shanghai) Agriculture Science and Technology Company Limited, and Liao Ning PIC Agriculture
Science and Technology Company Limited are performed by component teams in China, the audit of Pig Improvement Company de
Mexico, S. de R.L. de C.V is performed by component teams in Mexico, the audit of Genus plc is performed by the Group team and the
audit of Agroceres PIC Genética de Suinos Ltda. is performed by a component team in Brazil, respectively. This provides sufficient
coverage over all financial statement balances, except revenue, accounts receivables and inventory and central balances audited by
the Group team.
We performed additional procedures over Revenue, Accounts Receivables and Inventory balances at Pecplan ABS Imp. e Exp. Ltda to
ensure sufficient coverage over those financial statement line items. Pecplan ABS Imp. e Exp. Ltda is located in Brazil and work was
performed by our local component team.
We performed additional procedures over Inventory, Property plant and equipment and other Intangibles at PIC Canada Limited
(Canada), over Revenue at Pig Improvement Company Espana, S.A. (Spain), over Cash and cash equivalents at PIC (Zhangjiagang) Pig
Improvement Co., Ltd (China), Genus Breeding India Private Limited (India), PIC Genetics LLC and LLC Genus ABS Rus (Russia) to ensure
sufficient coverage over those financial statement line items. The work was performed by the Group audit team.
A component team in Brazil has performed a full scope audit over the Agroceres PIC Genética de Suinos Ltda joint venture.
In addition to the above, we performed analytical procedures on the remaining entities to understand key balances and transactions in
the year and performed additional procedures on any unusual balances identified.
The audit procedures performed over the financial information of full scope components, Genus Breeding Limited, ABS Global Inc, PIC
Do Brasil Empreendimentos e Participacoes Ltd, PIC Ankang Agriculture Science and Technology Co Ltd, PIC (Shanghai) Agriculture
Science and Technology Co Ltd, Liao Ning PIC Agriculture Science and Technology, Pig Improvement Company de Mexico, S. de. R.L.
de C.V, Pig improvement Company UK Limited, PIC USA, Inc, Genus plc, accounted for 61% of consolidated Group revenue and 73% of
underlying profit before taxation.
The full scope audits plus the additional audit procedures over revenue, accounts receivable and inventory in Pecplan ABS Imp. e Exp.
Ltda, resulted in coverage of 71% of consolidated Group revenue and 82% of total Group assets.
The combination of the work referred to above, together with additional procedures performed at a Group level, including testing of
significant journals posted within the consolidation, significant adjustments made to the financial statements, goodwill, intangible
assets, share-based payments, pensions, IFRS 16 lease accounting, taxation and borrowings gave us the evidence required for our
opinion on the financial statements as a whole.
The Group engagement leader discussed and agreed the audit plan with our component audit teams, in addition to agreeing the
format and content of communications. We determined that the level of involvement we were able to have in the audit work at our
reporting entities was sufficient, and appropriate audit evidence had been obtained, to enable us to form our opinion on the financial
statements as a whole. The Group engagement team visited our local component team and/or the local management team in the
United States, Mexico, UK and China as part of our planning procedures. We maintained regular dialogue throughout the audit process
with our component audit teams through the use of video conferencing. We also supervised the work performed by all component
teams through the review of component team working papers and we concluded that sufficient and appropriate procedures have been
performed.
The Company audit was performed by the Group audit team. The Parent Company is incorporated in England, United Kingdom and
there are no branches or other locations to be considered when scoping the audit. The Company is audited on a stand-alone basis,
and hence, testing has been performed on all material financial statement line items.
The impact of climate risk on our audit
As part of our audit we made enquiries of management to understand the extent of the potential impact of climate risk on the Group’s
financial statements, and we remained alert when performing our audit procedures for any indicators of the impact of climate risk. In
particular, we challenged management on any potential risks to forecast cash flows arising from physical and environmental issues. Our
procedures did not identify any material impact as a result of climate risk on the Group’s and Company’s financial statements.
Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These,
together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our
audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both
individually and in aggregate on the financial statements as a whole.
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GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Financial statements – Group Financial statements – Company
Overall materiality £2,660,000. £2,416,500.
How we determined it 5% of adjusted profit before tax 1% of total asset – (capped at component Group
overall materiality allocation).
Rationale for
benchmark applied
Adjusted profit is one of the primary measures used
by the shareholders in assessing the performance
of the Group, and is a generally accepted auditing
benchmark. It is considered appropriate to exclude
specific adjusting items due to the nature of these
balances as disclosed in note 7 (Exceptional items) of
the financial statements.
Total assets is one of the primary measures used by
the shareholders in assessing the performance of
the Company, and is a generally accepted auditing
benchmark.
For each component in the scope of our Group audit, we allocated a materiality that is less than our overall Group materiality. The
range of materiality allocated across components was between £2,416,500 and £500,000.
We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and
undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope of our
audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example in determining
sample sizes. Our performance materiality was 75% of overall materiality, amounting to £1,995,500 for the Group financial statements
and £1,812,375 for the Company financial statements.
In determining the performance materiality, we considered a number of factors – the history of misstatements, risk assessment and
aggregation risk and the effectiveness of controls – and concluded that an amount in the middle of our normal range was appropriate.
We agreed with the Audit & Risk Committee that we would report to them misstatements identified during our audit above £134,250
(Group audit and Company audit) as well as misstatements below those amounts that, in our view, warranted reporting for qualitative
reasons.
Conclusions relating to going concern
Our evaluation of the Directors’ assessment of the Group’s and the Company’s ability to continue to adopt the going concern basis of
accounting included:
• We obtained management’s FY26 budget and forecast beyond that date. We have held discussions with management to
understand the budgeting process and the key assumptions made in the forecasting process including reviewing management’s
downside scenarios;
• Using our own knowledge from the audit and assessment of previous forecasting accuracy, we calculated sensitivities to apply to
management’s cash flow forecasts. These procedures confirmed headroom in management’s forecasts; and
• We assessed the adequacy of disclosures in the Annual Report and found these appropriately reflect our understanding of the
conclusions reached.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Group’s and the Company’s ability to continue as a going concern for a
period of at least twelve months from when the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Group’s and the
Company’s ability to continue as a going concern.
In relation to the Directors’ reporting on how they have applied the UK Corporate Governance Code, we have nothing material to
add or draw attention to in relation to the Directors’ statement in the financial statements about whether the Directors considered it
appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this
report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report
thereon. The Directors are responsible for the other information. Our opinion on the financial statements does not cover the other
information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any
form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are
required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material
misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of
this other information, we are required to report that fact. We have nothing to report based on these responsibilities.
With respect to the Strategic report and Directors’ report, we also considered whether the disclosures required by the UK Companies
Act 2006 have been included.
128
GENUS PLC / Annual Report 2025
Independent Auditor’s Report continued
To the members of Genus plc
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and
matters as described below.
Strategic report and Directors’ report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and Directors’
report for the year ended 30 June 2025 is consistent with the financial statements and has been prepared in accordance with
applicable legal requirements.
In light of the knowledge and understanding of the Group and Company and their environment obtained in the course of the audit, we
did not identify any material misstatements in the Strategic report and Directors’ report.
Directors’ Remuneration
In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the
Companies Act 2006.
Corporate governance statement
The Listing Rules require us to review the Directors’ statements in relation to going concern, longer-term viability and that part of the
Corporate Governance Statement relating to the Company’s compliance with the provisions of the UK Corporate Governance Code
specified for our review. Our additional responsibilities with respect to the Corporate Governance Statement as other information are
described in the Reporting on other information section of this report.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate
governance statement is materially consistent with the financial statements and our knowledge obtained during the audit, and we have
nothing material to add or draw attention to in relation to:
• The Directors’ confirmation that they have carried out a robust assessment of the emerging and principal risks;
• The disclosures in the Annual Report that describe those principal risks, what procedures are in place to identify emerging risks and an
explanation of how these are being managed or mitigated;
• The Directors’ statement in the financial statements about whether they considered it appropriate to adopt the going concern
basis of accounting in preparing them, and their identification of any material uncertainties to the Group’s and Company’s ability to
continue to do so over a period of at least twelve months from the date of approval of the financial statements;
• The Directors’ explanation as to their assessment of the Group’s and Company’s prospects, the period this assessment covers and
why the period is appropriate; and
• The Directors’ statement as to whether they have a reasonable expectation that the Company will be able to continue in operation
and meet its liabilities as they fall due over the period of its assessment, including any related disclosures drawing attention to any
necessary qualifications or assumptions.
Our review of the Directors’ statement regarding the longer-term viability of the Group and Company was substantially less in scope
than an audit and only consisted of making inquiries and considering the Directors’ process supporting their statement; checking
that the statement is in alignment with the relevant provisions of the UK Corporate Governance Code; and considering whether the
statement is consistent with the financial statements and our knowledge and understanding of the Group and Company and their
environment obtained in the course of the audit.
In addition, based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate
governance statement is materially consistent with the financial statements and our knowledge obtained during the audit:
• The Directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced and understandable, and provides
the information necessary for the members to assess the Group’s and Company’s position, performance, business model and
strategy;
• The section of the Annual Report that describes the review of effectiveness of risk management and internal control systems; and
• The section of the Annual Report describing the work of the Audit & Risk Committee.
We have nothing to report in respect of our responsibility to report when the Directors’ statement relating to the Company’s compliance
with the Code does not properly disclose a departure from a relevant provision of the Code specified under the Listing Rules for review
by the auditors.
Responsibilities for the financial statements and the audit
Responsibilities of the Directors for the financial statements
As explained more fully in the Directors’ Responsibilities, the Directors are responsible for the preparation of the financial statements in
accordance with the applicable framework and for being satisfied that they give a true and fair view. The Directors are also responsible
for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s and the Company’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
Directors either intend to liquidate the Group or the Company or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a
high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
129
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and
regulations related to General Data Protection Regulations (GDPR), Employment laws, Environmental regulations, Health and Safety
regulations, UK Bribery Act 2010 and UK Economic Crime & Corporate Transparency Act 2023 and sanctions in relation to Russia and
we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered
those laws and regulations that have a direct impact on the financial statements such as tax legislation and the Companies Act 2006.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk
of override of controls), and determined that the principal risks were related to posting of inappropriate journal entries to manipulate
revenue and/or EBITDA and management bias in significant accounting estimates and judgements. The Group engagement team
shared this risk assessment with the component auditors so that they could include appropriate audit procedures in response to such
risks in their work. Audit procedures performed by the Group engagement team and/or component auditors included:
• Discussions with management, internal legal counsel, and the Audit & Risk Committee throughout the year and since the year end,
including consideration of known or suspected instances of non-compliance with laws and regulation or fraud;
• Reviewing minutes of meetings of those charged with governance to identify any instances of non-compliance that have been
discussed;
• Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations
• Challenging assumptions and judgements made by management in their significant accounting estimates and judgements;
• Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws
and regulations.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-
compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also,
the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud
may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing
techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We
will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to
enable us to draw a conclusion about the population from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/
auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with Chapter 3
of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for
any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by
our prior consent in writing.
OTHER REQUIRED REPORTING
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• we have not obtained all the information and explanations we require for our audit; or
• adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from
branches not visited by us; or
• certain disclosures of Directors’ remuneration specified by law are not made; or
• the Company financial statements and the part of the Directors’ remuneration report to be audited are not in agreement with the
accounting records and returns.
We have no exceptions to report arising from this responsibility.
Appointment
We were appointed by the members on 20 November 2024 to audit the financial statements for the year ended 30 June 2025 and
subsequent financial periods. This is therefore our first year of uninterrupted engagement.
OTHER MATTER
The Company is required by the Financial Conduct Authority Disclosure Guidance and Transparency Rules to include these financial
statements in an annual financial report prepared under the structured digital format required by DTR 4.1.15R – 4.1.18R and filed on the
National Storage Mechanism of the Financial Conduct Authority. This auditors’ report provides no assurance over whether the structured
digital format annual financial report has been prepared in accordance with those requirements.
David Beer (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Southampton
4 September 2025
130
GENUS PLC / Annual Report 2025
Group Income Statement
For the year ended 30 June 2025
| 2025 | 2024 | ||
| Note | £m | £m | |
REVENUE | 5, 6 | ||
Adjusted operating profit | 5 | ||
| Adjusting items: | |||
– Net IAS 41 valuation movement on biological assets | 16 | ( | ( |
– Amortisation of acquired intangible assets | 15 | ( | ( |
– Impairment of goodwill | 14 | ( | |
– Share-based payment expense | 30 | ( | ( |
( | ( | ||
Exceptional items (net) | 7 | ( | ( |
Total adjusting items | ( | ( | |
OPERATING PROFIT | 8 | ||
Share of post-tax profit of joint ventures and associates retained | 18 | ||
Other gains and losses | 41 | ( | ( |
Finance costs | 10 | ( | ( |
Finance income | 10 | ||
PROFIT BEFORE TAX | |||
Taxation | 11 | ( | ( |
PROFIT FOR THE YEAR | |||
| ATTRIBUTABLE TO: | |||
Owners of the Company | |||
Non-controlling interest | ( | ||
| EARNINGS PER SHARE | |||
Basic earnings per share | 12 | ||
Diluted earnings per share | 12 | ||
| 2025 | 2024 | ||
| Note | £m | £m | |
| Alternative Performance Measures | |||
Adjusted operating profit | |||
Adjusted operating loss attributable to non-controlling interest | |||
Pre-tax share of profits from joint ventures and associates excluding net IAS 41 valuation movement | |||
Adjusted operating profit including joint ventures and associates | |||
Net finance costs | 10 | ( | ( |
Adjusted profit before tax | |||
| Adjusted earnings per share | |||
Basic adjusted earnings per share | 12 | ||
Diluted adjusted earnings per share | 12 |
Adjusted results are the Alternative Performance Measures (‘APMs’) used by the Board to monitor underlying performance at a Group
and operating segment level, which are applied consistently throughout. These APMs should be considered in addition to statutory
measures, and not as a substitute for or as superior to them. For more information on APMs, see APM Glossary.
131
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
Group Statement of Comprehensive Income
For the year ended 30 June 2025
| 2025 | 2025 | 2024 | 2024 | ||
| Note | £m | £m | £m | £m | |
PROFIT FOR THE YEAR | |||||
| Items that may be reclassified subsequently to profit or loss | |||||
Foreign exchange translation differences | ( | ( | |||
Fair value movement on net investment hedges | 26 | ( | |||
Fair value movement on cash flow hedges | ( | ( | |||
Tax relating to components of other comprehensive (expense)/income | 11 | ( | ( | ||
| Items that may not be reclassified subsequently to profit or loss | ( | ( | |||
Actuarial loss on retirement benefit obligations | 29 | ( | ( | ||
Movement on pension asset recognition restriction | 29 | ||||
Interest restriction on IFRIC 14 | 29 | ||||
Loss on equity instruments measured at fair value | ( | ||||
Tax relating to components of other comprehensive (expense)/income | 11 | ( | ( | ||
( | ( | ||||
OTHER COMPREHENSIVE EXPENSE FOR THE YEAR | ( | ( | |||
TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR | ( | ( | |||
| ATTRIBUTABLE TO: | |||||
Owners of the Company | ( | ( | |||
Non-controlling interest | ( | ( | |||
( | ( |
132
GENUS PLC / Annual Report 2025
Group Statement of Changes in Equity
For the year ended 30 June 2025
| Called-up | Share | Trans- | Non- | |||||||
| share | premium | Own | lation | Hedging | Retained | controlling | Total | |||
| capital | account | shares | reserve | reserve | earnings | Total | interest | equity | ||
| Note | £m | £m | £m | £m | £m | £m | £m | £m | £m | |
| BALANCE AT 1 July 2023 (as previously | ||||||||||
reported) | ( | ( | ||||||||
Prior period restatement (see note 2) | ( | ( | ( | |||||||
BALANCE AT 1 July 2023 (restated) 1 | ( | ( | ||||||||
Foreign exchange translation differences, net of tax | ( | ( | ( | |||||||
| Fair value movement on net investment | ||||||||||
hedges, net of tax | ||||||||||
Fair value movement on cash flow hedges, net of tax | ( | ( | ( | |||||||
Loss on equity instruments measured at fair value, net of tax | ( | ( | ( | |||||||
| Actuarial loss on retirement benefit | ||||||||||
obligations, net of tax | ( | ( | ( | |||||||
| Movement on pension asset recognition | ||||||||||
restriction, net of tax | ||||||||||
Interest restriction on IFRIC 14, net of tax | ||||||||||
| Other comprehensive (expense)/income | ||||||||||
for the year | ( | ( | ( | ( | ( | |||||
Profit/(loss) for the year | ( | |||||||||
| Total comprehensive (expense)/income | ||||||||||
for the year | ( | ( | ( | ( | ( | |||||
Recognition of share-based payments, net of tax | ||||||||||
Dividends | 13 | ( | ( | ( | ||||||
Adjustment arising from change in non- controlling interest and written put option | ||||||||||
BALANCE AT 30 June 2024 (restated) 1 | ( | ( | ||||||||
Foreign exchange translation differences, net of tax | ( | ( | ( | ( | ||||||
| Fair value movement on net investment | ||||||||||
hedges, net of tax | ( | ( | ( | |||||||
Fair value movement on cash flow hedges, net of tax | ( | ( | ( | |||||||
| Actuarial loss on retirement benefit | ||||||||||
obligations, net of tax | ( | ( | ( | |||||||
| Movement on pension asset recognition | ||||||||||
restriction, net of tax | ||||||||||
Interest restriction on IFRIC 14, net of tax | ||||||||||
Other comprehensive (expense)/income for the year | ( | ( | ( | ( | ( | ( | ||||
Profit for the year | ||||||||||
Total comprehensive (expense)/income for the year | ( | ( | ( | ( | ( | |||||
Recognition of share-based payments, net of tax | ||||||||||
Dividends | ( | ( | ( | |||||||
Adjustment arising from change in non- controlling interest and written put option | ( | ( | ||||||||
BALANCE AT 30 June 2025 | ( | ( | ( | ( |
1 See note 2 for details of the prior period restatement
133
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
Group Balance Sheet
As at 30 June 2025
(restated) 1 | (restated) 1 | |||
| 2025 | 2024 | 2023 | ||
| Note | £m | £m | £m | |
| ASSETS | ||||
Goodwill | 14 | |||
Other intangible assets | 15 | |||
Biological assets | 16 | |||
Property, plant and equipment | 17 | |||
Interests in joint ventures and associates | 18 | |||
Other investments | 19 | |||
Derivative financial assets | 26 | |||
Other receivables | 21 | |||
Deferred tax assets | 11 | |||
TOTAL NON-CURRENT ASSETS | ||||
Inventories | 20 | |||
Biological assets | 16 | |||
Trade and other receivables | 21 | |||
Cash and cash equivalents | 22 | |||
Income tax receivable | ||||
Derivative financial assets | 26 | |||
TOTAL CURRENT ASSETS | ||||
TOTAL ASSETS | ||||
| LIABILITIES | ||||
Trade and other payables | 23 | ( | ( | ( |
Interest-bearing loans and borrowings | 27 | ( | ( | ( |
Provisions | 25 | ( | ( | ( |
Deferred consideration | 38 | ( | ( | |
Obligations under leases | 28 | ( | ( | ( |
Tax liabilities | ( | ( | ( | |
Derivative financial liabilities | 26 | ( | ( | ( |
TOTAL CURRENT LIABILITIES | ( | ( | ( | |
Trade and other payables | 23 | ( | ( | |
Interest-bearing loans and borrowings | 27 | ( | ( | ( |
Retirement benefit obligations | 29 | ( | ( | ( |
Provisions | 25 | ( | ( | ( |
Deferred consideration | 38 | ( | ( | ( |
Deferred tax liabilities | 11 | ( | ( | ( |
Derivative financial liabilities | 26 | ( | ( | ( |
Obligations under leases | 28 | ( | ( | ( |
TOTAL NON-CURRENT LIABILITIES | ( | ( | ( | |
TOTAL LIABILITIES | ( | ( | ( | |
NET ASSETS | ||||
| EQUITY | ||||
Called-up share capital | 31 | |||
Share premium account | ||||
Own shares | 31 | ( | ( | ( |
Translation reserve | 31 | ( | ||
Hedging reserve | 31 | ( | ||
Retained earnings | ||||
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY | ||||
Non-controlling interest | 39 | ( | ||
Put option over non-controlling interest | 39 | ( | ( | ( |
TOTAL NON-CONTROLLING INTEREST | ( | ( | ( | |
TOTAL EQUITY |
1 See note 2 for details of the prior period restatement
134
GENUS PLC / Annual Report 2025
Group Statement of Cash Flows
For the year ended 30 June 2025
| 2025 | 2024 | ||
| Note | £m | £m | |
NET CASH FLOW FROM OPERATING ACTIVITIES | 32 | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
Dividends received from joint ventures and associates | 18 | ||
Joint venture and associate loan investment | 18 | ( | |
Disposal of subsidiary investment | 18 | ||
Sale of other investments | |||
Acquisition of Xelect Limited | ( | ||
Acquisition of other investments | ( | ||
Payment of deferred consideration | 38 | ( | |
Purchase of property, plant and equipment | ( | ( | |
Purchase of intangible assets | ( | ( | |
Proceeds from sale of property, plant and equipment | |||
NET CASH OUTFLOW FROM INVESTING ACTIVITIES | ( | ( | |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
Drawdown of borrowings | |||
Repayment of borrowings | ( | ( | |
Payment of lease liabilities | ( | ( | |
Equity dividends paid | ( | ( | |
Purchase of non-controlling interest in De Novo Genetics LLC | ( | ||
Dividend to non-controlling interest | ( | ||
Debt issue costs | ( | ||
NET CASH OUTFLOW FROM FINANCING ACTIVITIES | ( | ( | |
NET INCREASE IN CASH AND CASH EQUIVALENTS | |||
Cash and cash equivalents at start of the year | |||
Net increase in cash and cash equivalents | |||
Effect of exchange rate fluctuations on cash and cash equivalents | ( | ( | |
TOTAL CASH AND CASH EQUIVALENTS AT 30 JUNE | 22 |
135
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
Notes to the Group Financial Statements
For the year ended 30 June 2025
1. REPORTING ENTITY
Act 2006. Its company number is 02972325 and its registered office is Matrix House, Basing View, Basingstoke, Hampshire RG21 4FF . The
Group Financial Statements for the year ended 30 June 2025 comprise the Company and its subsidiaries (together referred to as the
‘Group’). We have used the equity method to account for the Group’s interests in joint ventures and associates. Our business model on
pages 8 to 9 explains the Group’s operations and principal activities.
| (as reported) | Impact of | (restated) | |
| 2024 | restatement | 2024 | |
| £m | £m | £m | |
| Non-current assets | |||
Biological assets | 297.4 | (41.1) | 256.3 |
| Non-current liabilities | |||
Deferred tax liabilities | (66.3) | 10.7 | (55.6) |
Net assets | 543.9 | (30.4) | 513.5 |
136
GENUS PLC / Annual Report 2025
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
3. MATERIAL ACCOUNTING POLICY INFORMATION APPLIED IN THE CURRENT REPORTING PERIOD THAT RELATES TO THE FINANCIAL
STATEMENTS AS A WHOLE
This section sets out our material accounting policy information as it relates to the Financial Statements as a whole. Where an
accounting policy is generally applicable to a specific note to the Financial Statements, the policy has been described in that note.
We have also detailed below the new accounting pronouncements that we will adopt in future years and our current view of the impact
they will have on our financial reporting.
Accounting convention
We prepare the Group Financial Statements under the historical cost convention, except for our biological assets, share-based
payment expense, pension liabilities and derivative financial instruments. In accordance with IFRS, we measure biological assets at fair
value less point-of-sale costs, which represent distribution costs and selling expenses, and share-based payment expense, pension
liabilities, and certain financial instruments at fair value.
Average | Closing | |||||
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |
US Dollar/£ | 1.30 | 1.26 | 1.21 | 1.37 | 1.27 | 1.27 |
Euro/£ | 1.19 | 1.17 | 1.15 | 1.17 | 1.18 | 1.16 |
Brazilian Real/£ | 7.46 | 6.35 | 6.20 | 7.46 | 7.07 | 6.08 |
Mexican Peso/£ | 25.83 | 21.69 | 22.84 | 25.75 | 23.12 | 21.74 |
Chinese Yuan/£ | 9.35 | 9.06 | 8.44 | 9.84 | 9.19 | 9.21 |
Russian Rouble/£ | 118.29 | 115.46 | 86.29 | 107.38 | 108.18 | 112.79 |
137
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
3. MATERIAL ACCOUNTING POLICY INFORMATION APPLIED IN THE CURRENT REPORTING PERIOD THAT RELATES TO THE FINANCIAL
STATEMENTS AS A WHOLE CONTINUED
138
GENUS PLC / Annual Report 2025
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY CONTINUED
Estimates and assumptions | Observable/unobservable | Source | |
Bovine | Long-term dairy volume growth rate | Unobservable | n/a |
Short-term dairy volume growth rate | Unobservable | n/a | |
Value at point of production 1 | Unobservable | n/a | |
Current unit prices | Observable | Readily obtainable | |
Growth in unit prices 1 | Unobservable | n/a | |
Animals’ useful lifespan | Observable | Readily obtainable | |
Percentage of new dairy bulls to be produced internally each year | Unobservable | n/a | |
Age profile of bulls | Unobservable | n/a | |
Risk-adjusted discount rate 1 | Unobservable | n/a | |
| Porcine | |||
(non pure line herds) | Animals’ useful lifespan | Observable | Readily obtainable |
The proportion of animals that go to slaughter | Observable | Readily obtainable | |
The mix of boars and gilts | Observable | Readily obtainable | |
Risk-adjusted discount rate | Unobservable | n/a | |
| Porcine | |||
(pure line herds) | Number of future generations attributable to the current herds | Observable | Readily obtainable |
Fair value prices achieved on sales | Observable | Open market prices | |
Animals’ expected useful lifespan and productivity | Observable | Readily obtainable | |
The proportion of animals that go to breeding sales 1 | Observable | Readily obtainable | |
Risk-adjusted discount rate 1 | Unobservable | n/a |
139
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY CONTINUED
5. SEGMENTAL INFORMATION
IFRS 8 ‘Operating Segments’ requires operating segments to be identified on the basis of internal reports about components of the
Group that are regularly reviewed by the Chief Executive and the Board, to allocate resources to the segments and to assess their
performance. The Group’s operating and reporting structure comprises three operating segments: Genus PIC, Genus ABS and Genus
Research and Development. These segments are the basis on which the Group reports its segmental information. The principal activities
of each segment are as follows:
• Genus PIC – our global porcine sales business;
• Genus ABS – our global bovine sales business; and
• Genus Research and Development – our global spend on research and development.
140
GENUS PLC / Annual Report 2025
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
5. SEGMENTAL INFORMATION CONTINUED
A segmental analysis of revenue, operating profit, depreciation, amortisation, non-current asset additions, segment assets and
liabilities and geographical information is provided below. We do not include our adjusting items in the segments, as we believe these
do not reflect the underlying performance of the segments. The accounting policies of the reportable segments are the same as the
Group’s accounting policies, as described in the Financial Statements.
| 2025 | 2024 | |
| Revenue | £m | £m |
Genus PIC | 362.9 | 352.5 |
Genus ABS | 307.7 | 314.9 |
Central | 2.2 | 1.4 |
672.8 | 668.8 |
Adjusted operating profit by segment is set out below and reconciled to the Group’s adjusted operating profit. A reconciliation of
adjusted operating profit to profit for the year is shown on the face of the Group Income Statement.
| 2025 | 2024 | |
| Adjusted operating profit | £m | £m |
Genus PIC | 100.3 | 93.8 |
Genus ABS | 19.1 | 12.7 |
Genus Research and Development | (16.5) | (21.8) |
Adjusted segment operating profit | 102.9 | 84.7 |
Central | (21.8) | (17.7) |
Adjusted operating profit | 81.1 | 67.0 |
Our business is not highly seasonal and our customer base is diversified, with no individual customer generating more than 2% of revenue.
Exceptional items of £11.4m net expense (2024: £24.6m net expense). Genus ABS £8.7m net expense (2024: £16.4m net expense),
Genus PIC £0.3m expense (2024: £0.6m), Genus Research and Development £nil expense (2024: £0.7m) and our Central segment
£2.4m net expense (2024: £6.9m net expense). Note 7 provides details of these exceptional items.
We consider share-based payment expenses on a Group-wide basis and do not allocate them to reportable segments.
Other segmental information
| Additions to non-current | ||||||
| assets (excluding deferred | ||||||
| taxation and financial | ||||||
Depreciation | Amortisation | instruments) | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| £m | £m | £m | £m | £m | £m | |
Genus PIC | 12.0 | 14.1 | 4.7 | 4.8 | 10.3 | 41.8 |
Genus ABS | 17.8 | 18.0 | 5.3 | 5.0 | 21.4 | 20.0 |
Genus Research and Development | 0.6 | 0.9 | – | – | 0.8 | 0.4 |
Segment total | 30.4 | 33.0 | 10.0 | 9.8 | 32.5 | 62.2 |
Central | 1.4 | 1.7 | 2.9 | 2.5 | 1.7 | 12.5 |
Total | 31.8 | 34.7 | 12.9 | 12.3 | 34.2 | 74.7 |
Segment assets | Segment liabilities | |||||
(restated) 1 | (restated) 1 | (restated) 1 | (restated) 1 | |||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |
| £m | £m | £m | £m | £m | £m | |
Genus PIC | 500.8 | 556.8 | 505.8 | (113.2) | (147.9) | (113.9) |
Genus ABS | 334.8 | 357.7 | 396.6 | (59.2) | (49.3) | (90.8) |
Genus Research and Development | 4.0 | 6.7 | 9.1 | (2.9) | (3.7) | (2.5) |
Segment total | 839.6 | 921.2 | 911.5 | (175.3) | (200.9) | (207.2) |
Central | 59.4 | 66.6 | 54.9 | (247.7) | (273.4) | (222.4) |
Total | 899.0 | 987.8 | 966.4 | (423.0) | (474.3) | (429.6) |
1 See note 2 for details of the prior period restatement
141
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
5. SEGMENTAL INFORMATION CONTINUED
| 2025 | 2024 | |
| £m | £m | |
North America | 265.0 | 263.5 |
Latin America | 107.3 | 109.9 |
UK | 94.0 | 92.3 |
Rest of Europe, Middle East, Russia and Africa | 109.8 | 114.8 |
Asia | 96.7 | 88.3 |
Total revenue | 672.8 | 668.8 |
(restated) 1 | (restated) 1 | ||
| 2025 | 2024 | 2023 | |
| £m | £m | £m | |
North America | 385.1 | 441.7 | 467.5 |
Latin America | 76.9 | 75.5 | 69.6 |
UK | 59.5 | 70.1 | 71.5 |
Rest of Europe, Middle East, Russia and Africa | 47.6 | 45.4 | 43.8 |
Asia | 44.6 | 54.7 | 33.6 |
Non-current assets (excluding deferred taxation and financial instruments) | 613.7 | 687.4 | 686.0 |
142
GENUS PLC / Annual Report 2025
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
6. REVENUE CONTINUED
| 2025 | 2024 | |
| £m | £m | |
Genus PIC | 185.3 | 175.1 |
Genus ABS | 294.5 | 301.5 |
Central | – | – |
Sale of animals, semen, embryos and ancillary products and services | 479.8 | 476.6 |
Genus PIC | 177.6 | 177.4 |
Genus ABS | 0.5 | 0.4 |
Central | – | – |
Royalties | 178.1 | 177.8 |
Genus PIC | – | – |
Genus ABS | 12.7 | 13.0 |
Central | 2.2 | 1.4 |
Consulting services | 14.9 | 14.4 |
Total revenue | 672.8 | 668.8 |
| 2025 | 2024 | |
| £m | £m | |
Genus PIC | 357.9 | 347.0 |
Genus ABS | 269.0 | 283.5 |
Central | – | – |
Recognised at a point in time | 626.9 | 630.5 |
Genus PIC | 5.0 | 5.5 |
Genus ABS | 38.7 | 31.4 |
Central | 2.2 | 1.4 |
Recognised over time | 45.9 | 38.3 |
Total revenue | 672.8 | 668.8 |
143
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
| 2025 | 2024 | |
| Operating (expense)/credit | £m | £m |
ABS restructuring | (8.8) | (6.0) |
Corporate transactions | (1.9) | (7.4) |
Litigation | (0.9) | (10.4) |
R&D restructuring | – | (0.7) |
Other | 0.2 | (0.1) |
Net exceptional items | (11.4) | (24.6) |
144
GENUS PLC / Annual Report 2025
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
| 2025 | 2024 | |
| £m | £m | |
Other costs of goods sold | (284.2) | (284.4) |
Net IAS 41 valuation movement on biological assets | (13.3) | (23.2) |
Amortisation of multiplier contract intangible assets | (1.0) | (1.0) |
Cost of goods sold | (298.5) | (308.6) |
| Other cost of sales, excluding product development and amortisation expense | (118.2) | (129.1) |
Product development expenses | (50.2) | (50.9) |
Amortisation of customer relationship intangible assets | (1.5) | (1.5) |
Other cost of sales | (169.9) | (181.5) |
Research and Development expenditure | (15.6) | (21.8) |
Amortisation and impairment of technology, software and licences and patents | (6.1) | (6.0) |
Research and Development costs | (21.7) | (27.8) |
Administrative expenses (excluding exceptional items) | (120.0) | (109.1) |
Other Income | 4.1 | – |
Impairment of goodwill | (1.5) | – |
Share-based payment expense | (6.9) | (7.0) |
Amortisation of software, licences and patents | (4.6) | (3.8) |
Net exceptional items within administrative expenses | (11.4) | (24.6) |
Total administrative expenses | (140.3) | (144.5) |
Total operating costs | (630.4) | (662.4) |
| 2025 | 2024 | |
| £m | £m | |
Net foreign exchange losses | 0.9 | 0.6 |
Depreciation of owned fixed assets (see note 17) | 17.6 | 18.4 |
Depreciation of right-of-use assets (see note 17) | 14.2 | 16.3 |
Profit on disposal of fixed assets and right-of-use assets | 0.5 | 1.1 |
Impairment of goodwill (see note 14) | 1.5 | – |
Impairment of owned fixed assets (see note 17) | – | 1.7 |
Rental expense for short-term leases | 0.1 | 0.1 |
Employee costs | 225.1 | 233.7 |
Net increase in expected credit losses (see notes 21 and 24) | 0.3 | 1.2 |
Increase of inventory impairment | 1.0 | 1.0 |
Cost of inventories recognised as an expense | 76.3 | 110.4 |
| 2025 | 2024 | |
| £m | £m | |
Fees payable to the Company’s auditor and its associates for the audit of the Company’s Annual Report and Financial Statements | 0.9 | 0.8 |
Fees payable to the Company’s auditor and its associates for the audit of the Company’s subsidiaries | 0.8 | 0.6 |
Total audit fees | 1.7 | 1.4 |
Total fees to the Group’s auditor | 1.7 | 1.4 |
Fees payable to other auditors of Group companies | – | – |
145
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
9. EMPLOYEE COSTS
This note shows the total employment costs and the average number of people employed by segment during the year.
Employee costs, including Directors’ remuneration, amounted to:
| 2025 | 2024 | |
| £m | £m | |
Wages and salaries (including bonuses and sales commission) | 196.5 | 201.7 |
Social security costs | 17.8 | 18.8 |
Contributions to defined contribution pension plans | 7.7 | 8.1 |
Share-based payment expense (excluding National Insurance) | 6.7 | 6.8 |
228.7 | 235.4 |
The employee costs above include £0.6m (2024: £1.7m) which has been capitalised into intangible assets as part of the development of
GenusOne and other digital projects. Additionally, they include £3.6m (2024: £3.7m) of staff redundancies as part of an ongoing
strategic global Value Acceleration Programme and strategic review of Research and Development.
The average monthly number of employees and full-time equivalent employees, including Directors, was as follows:
Number of employees | Full-time equivalent | |||
| 2025 | 2024 | 2025 | 2024 | |
| Number | Number | Number | Number | |
Genus PIC | 909 | 951 | 877 | 924 |
Genus ABS | 2,258 | 2,451 | 2,164 | 2,348 |
Research and Development | 63 | 95 | 62 | 94 |
Central | 77 | 84 | 67 | 73 |
3,307 | 3,581 | 3,170 | 3,439 | |
| Included in the totals above: | ||||
UK | 795 | 883 | 706 | 806 |
The Directors’ Remuneration Report sets out details of the Directors’ remuneration, pensions and share options.
| 2025 | 2024 | |
| £m | £m | |
Interest payable on bank loans and overdrafts | (17.0) | (17.8) |
Amortisation of debt issue costs | (0.9) | (0.9) |
Other interest payable | (0.7) | (0.2) |
Unwinding of discount on put options | (0.1) | (0.2) |
Net interest cost in respect of pension scheme liabilities | (0.3) | (0.3) |
Interest on lease liabilities | (2.4) | (2.8) |
Total interest expense | (21.4) | (22.2) |
Interest income on bank deposits | 0.8 | 0.6 |
Net interest income on derivative financial instruments | 1.8 | 3.3 |
Total interest income | 2.6 | 3.9 |
Net finance costs | (18.8) | (18.3) |
146
GENUS PLC / Annual Report 2025
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
| 2025 | 2024 | |
| £m | £m | |
| Current tax expense | ||
Current period | 14.4 | 20.3 |
Adjustment for prior periods | (0.7) | 1.3 |
Total current tax expense in the Group Income Statement | 13.7 | 21.6 |
| Deferred tax expense | ||
Origination and reversal of temporary differences | (3.0) | (14.0) |
Adjustment for prior periods | (1.5) | (4.5) |
Total deferred tax credit in the Group Income Statement | (4.5) | (18.5) |
Total income tax expense excluding share of income tax of equity-accounted investees | 9.2 | 3.1 |
Share of income tax of equity-accounted investees (see note 18) | 2.0 | 5.7 |
Total income tax expense in the Group Income Statement | 11.2 | 8.8 |
| 2025 | 2025 | 2024 | 2024 | |
| % | £m | % | £m | |
Profit before tax | 28.5 | 5.5 | ||
Add back share of income tax of equity-accounted investees | 2.0 | 5.7 | ||
Profit before tax excluding share of income tax of equity-accounted investees | 30.5 | 11.2 | ||
Income tax at UK corporation tax rate of 25.0% (2024: 25.0%) | 25.0 | 7.6 | 25.0 | 2.8 |
Effect of overseas tax rates and foreign exchange differences | 7.2 | 2.2 | 46.4 | 5.2 |
Non-deductible expenses | 7.2 | 2.2 | 51.8 | 5.8 |
Tax-exempt income and incentives | (15.1) | (4.6) | (17.9) | (2.0) |
Change in tax rate | 9.2 | 2.8 | 1.8 | 0.2 |
Movements in recognition of tax losses | (3.3) | (1.0) | (8.0) | (0.9) |
Change in unrecognised temporary differences | 16.4 | 5.0 | 27.7 | 3.1 |
Tax over provided in prior periods | (7.3) | (2.2) | (28.5) | (3.2) |
Change in provisions | (2.6) | (0.8) | (15.2) | (1.7) |
Tax on undistributed reserves | – | – | (4.5) | (0.5) |
Total income tax expense in the Group Income Statement | 36.7 | 11.2 | 78.6 | 8.8 |
147
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
11. TAXATION AND DEFERRED TAXATION CONTINUED
| 2025 | 2024 | |
| £m | £m | |
Financial instruments | (0.2) | 0.4 |
Foreign exchange differences on long-term intra-Group currency loans and balances | (0.2) | (0.1) |
Gain on equity instruments measured at fair value | – | – |
Actuarial movement on retirement benefit obligations | (0.1) | (0.1) |
Foreign exchange differences on translation of biological assets, intangible assets and leases | (4.7) | (0.4) |
Income tax recognised directly in the Statement of Comprehensive Income and Statement of Changes in Equity | (5.2) | (0.2) |
| Income tax recognised directly to the Statement of Changes in Equity | ||
Share-based payment (income)/expense | (0.7) | 0.1 |
Income tax recognised directly to the Statement of Changes in Equity | (0.7) | 0.1 |
| Expiring within | ||||
| 1–10 years | 11–20 years | Unlimited | Total | |
| £m | £m | £m | £m | |
Losses for which a deferred tax asset is recognised | 0.1 | – | 12.4 | 12.5 |
Losses for which no deferred tax asset is recognised | – | – | 4.7 | 4.7 |
Total tax losses | 0.1 | – | 17.1 | 17.2 |
| Expiring within | ||||
| 1–10 years | 11–20 years | Unlimited | Total | |
| £m | £m | £m | £m | |
Losses for which a deferred tax asset is recognised | 0.6 | – | 15.9 | 16.5 |
Losses for which no deferred tax asset is recognised | – | – | 4.8 | 4.8 |
Total tax losses | 0.6 | – | 20.7 | 21.3 |
148
GENUS PLC / Annual Report 2025
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
11. TAXATION AND DEFERRED TAXATION CONTINUED
(restated) 1 | ||
| 2025 | 2024 | |
| £m | £m | |
Deferred tax assets | (30.9) | (28.1) |
Deferred tax liabilities | 25.8 | 33.7 |
Net deferred tax (assets)/liabilities | (5.1) | 5.6 |
| Changes in tax | Prior year | |||||||
| rate | adjustments | |||||||
| (restated) | Recognised in | recognised in | recognised in | Foreign | ||||
| As at 1 July | Income | Income | Income | Recognised in | Acquisitions/ | exchange | As at 30 June | |
| 2024 | Statement | Statement | Statement | equity | (disposals) | difference | 2025 | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
Property, plant and equipment | 3.8 | 0.4 | 0.2 | (2.6) | – | 0.5 | (0.8) | 1.5 |
Intangible assets | 4.9 | (0.4) | (0.3) | (0.6) | – | (3.0) | (0.1) | 0.5 |
Biological assets | 55.6 | (2.9) | (0.6) | 0.5 | (4.9) | 1.5 | – | 49.2 |
Retirement benefit obligations | (1.2) | 0.1 | – | – | (0.1) | – | – | (1.2) |
Share-based payment expense | (2.4) | (0.6) | – | 0.1 | (0.7) | – | – | (3.6) |
Short-term timing differences | (38.6) | (1.2) | (1.5) | 1.4 | (0.2) | (2.0) | 3.1 | (39.0) |
Tax loss carry-forwards | (16.5) | 4.5 | (0.6) | (0.3) | – | – | 0.4 | (12.5) |
Net deferred tax liabilities/(assets) | 5.6 | (0.1) | (2.8) | (1.5) | (5.9) | (3.0) | 2.6 | (5.1) |
| Prior year | ||||||||
Changes in tax | adjustments | |||||||
(restated) 1 | Recognised in rate recognised | recognised in | Foreign | (restated) 1 | ||||
| As at 1 July | Income | in Income | Income | Recognised in | Acquisitions/ | exchange | As at 30 June | |
| 2023 | Statement | Statement | Statement | equity | (disposals) | difference | 2024 | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
Property, plant and equipment | 3.7 | 0.4 | 0.2 | (0.5) | – | – | – | 3.8 |
Intangible assets | 5.0 | (0.7) | – | 0.1 | – | 0.5 | – | 4.9 |
Biological assets | 57.0 | (1.0) | 0.1 | (0.1) | (0.3) | – | (0.1) | 55.6 |
Retirement benefit obligations | (1.3) | – | – | – | 0.1 | – | – | (1.2) |
Share-based payment expense | (2.2) | (0.1) | – | – | (0.1) | – | – | (2.4) |
Short-term timing differences | (25.6) | (9.5) | (1.0) | (2.3) | (0.1) | – | (0.1) | (38.6) |
Tax loss carry-forwards | (12.6) | (1.3) | – | (2.8) | – | – | 0.2 | (16.5) |
Net deferred tax liabilities/(assets) | 24.0 | (12.2) | (0.7) | (5.6) | (0.4) | 0.5 | – | 5.6 |
12. EARNINGS PER SHARE
Basic earnings per share is the profit generated for the financial year attributable to equity shareholders, divided by the weighted
average number of shares in issue during the year.
Basic earnings per share from continuing operations
| 2025 | 2024 | |
| (pence) | (pence) | |
Basic earnings per share | 29.3 | 12.0 |
The calculation of basic earnings per share from continuing operations is based on the net profit attributable to owners of the
Company from continuing operations of £19.3m (2024: £7.9m) and a weighted average number of ordinary shares outstanding of
65,910,000 (2024: 65,686,000), which is calculated as follows:
Weighted average number of ordinary shares (basic)
| 2025 | 2024 | |
| 000s | 000s | |
Issued ordinary shares at the start of the year | 66,033 | 66,027 |
Effect of own shares held | (125) | (345) |
Shares issued on exercise of stock options and share incentive plans | 2 | 4 |
Shares issued in relation to Employee Benefit Trust | – | – |
Weighted average number of ordinary shares in year | 65,910 | 65,686 |
149
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
12. EARNINGS PER SHARE CONTINUED
Diluted earnings per share from continuing operations
| 2025 | 2024 | |
| (pence) | (pence) | |
Diluted earnings per share | 28.9 | 11.9 |
The calculation of diluted earnings per share from continuing operations is based on the net profit attributable to owners of the
Company from continuing operations of £19.3m (2024: £7.9m) and a weighted average number of ordinary shares outstanding,
after adjusting for the effects of all potential dilutive ordinary shares, of 66,839,000 (2024: 66,174,000), which is calculated as follows:
Weighted average number of ordinary shares (diluted)
| 2025 | 2024 | |
| 000s | 000s | |
Weighted average number of ordinary shares (basic) | 65,910 | 65,686 |
Dilutive effect of share awards and options | 929 | 488 |
Weighted average number of ordinary shares for the purposes of diluted earnings per share | 66,839 | 66,174 |
Adjusted earnings per share from continuing operations
| 2025 | 2024 | |
| (pence) | (pence) | |
Adjusted earnings per share | 81.8 | 65.5 |
Diluted adjusted earnings per share | 80.6 | 65.0 |
Adjusted earnings per share is calculated on profit before the net IAS 41 valuation movement on biological assets, amortisation of
acquired intangible assets, impairment of goodwill, share-based payment expense, other gains and losses and exceptional items,
after charging taxation associated with those profits, of £53.9m (2024: £43.0m), which is calculated as follows:
| 2025 | 2024 | |
| £m | £m | |
Profit before tax from continuing operations | 28.5 | 5.5 |
| Add/(deduct): | ||
Net IAS 41 valuation movement on biological assets (see note 16) | 13.3 | 23.2 |
Amortisation of acquired intangible assets (see note 15) | 5.6 | 5.8 |
Impairment of goodwill (see note 14) | 1.5 | – |
Share-based payment expense (see note 30) | 6.9 | 7.0 |
Exceptional items (see note 7) | 11.4 | 24.6 |
| Other gains and losses (see note 26) | 4.2 | 1.7 |
Net IAS 41 valuation movement on biological assets in joint ventures (see note 18) | 0.9 | (14.6) |
Tax on joint ventures and associates (see note 18) | 2.0 | 5.7 |
Attributable to non-controlling interest | – | 0.9 |
Adjusted profit before tax | 74.3 | 59.8 |
Adjusted tax charge | (20.4) | (16.8) |
Adjusted profit after tax | 53.9 | 43.0 |
Effective tax rate on adjusted profit | 27.5% | 28.1% |
150
GENUS PLC / Annual Report 2025
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
12. EARNINGS PER SHARE CONTINUED
Reconciliation of effective tax rate
| 2025 | 2025 | ||
| Profit/loss | Tax | 2025 | |
| £m | £m | % | |
Profit before tax excluding share of income tax of equity-accounted investees | 30.5 | 11.2 | 36.7 |
Net IAS 41 valuation movement on biological assets | 13.3 | 4.2 | 31.6 |
Amortisation of acquired intangible assets | 5.6 | (0.3) | (5.4) |
Impairment of goodwill | 1.5 | – | – |
Share-based payment expense | 6.9 | 1.5 | 21.7 |
Other gains and losses | 4.2 | 0.2 | 4.8 |
Exceptional items (see note 7) | 11.4 | 2.7 | 23.7 |
Net IAS 41 valuation movement on biological assets in joint ventures | 0.9 | 0.9 | 100.0 |
Attributable to non-controlling interest | – | – | – |
Adjusted profit before tax | 74.3 | 20.4 | 27.5 |
| 2024 | 2024 | ||
| Profit/loss | Tax | 2024 | |
| £m | £m | % | |
Profit before tax excluding share of income tax of equity-accounted investees | 11.2 | 8.8 | 78.6 |
Net IAS 41 valuation movement on biological assets | 23.2 | 4.7 | 20.3 |
Amortisation of acquired intangible assets | 5.8 | 1.5 | 25.9 |
Share-based payment expense | 7.0 | 0.7 | 10.0 |
Other gains and losses | 1.7 | 0.4 | 23.5 |
Exceptional items (see note 7) | 24.6 | 3.9 | 15.9 |
Net IAS 41 valuation movement on biological assets in joint ventures | (14.6) | (3.2) | (21.9) |
Attributable to non-controlling interest | 0.9 | – | – |
Adjusted profit before tax | 59.8 | 16.8 | 28.1 |
13. DIVIDENDS
Dividends are one type of shareholder return, historically paid to our shareholders in late November/early December and late March.
Amounts recognised as distributions to equity holders in the year
| 2025 | 2024 | |
| £m | £m | |
| Final dividend | ||
Final dividend for the year ended 30 June 2024 of 21.7 pence per share | 14.3 | – |
Final dividend for the year ended 30 June 2023 of 21.7 pence per share | – | 14.3 |
| Interim dividend | ||
Interim dividend for the year ended 30 June 2025 of 10.3 pence per share | 6.8 | – |
Interim dividend for the year ended 30 June 2024 of 10.3 pence per share | – | 6.7 |
Total dividend | 21.1 | 21.0 |
The Directors have proposed a final dividend of 2 1.7 pence per share for 2025. This is subject to shareholders’ approval at the AGM and
we have therefore not included it as a liability in these Financial Statements. The total proposed and paid dividend for year ended
30 June 2025 is 32.0 pence per share (2024: 32.0 pence per share).
151
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
14. GOODWILL CONTINUED
| Genus PIC | Genus ABS | Xelect | Total | |
| £m | £m | £m | £m | |
| Cost | ||||
Balance at 1 July 2023 | 76.2 | 31.6 | – | 107.8 |
Business combination | – | – | 4.0 | 4.0 |
Effect of movements in exchange rates | (0.7) | (0.8) | – | (1.5) |
Balance at 30 June 2024 | 75.5 | 30.8 | 4.0 | 110.3 |
Effect of movements in exchange rates | (4.1) | (1.9) | – | (6.0) |
Balance at 30 June 2025 | 71.4 | 28.9 | 4.0 | 104.3 |
| Accumulated impairment losses | ||||
Balance at 1 July 2023 and 30 June 2024 | – | – | – | – |
Impairment losses | – | – | (1.5) | (1.5) |
Balance at 30 June 2025 | – | – | (1.5) | (1.5) |
| Carrying amounts | ||||
At 30 June 2025 | 71.4 | 28.9 | 2.5 | 102.8 |
At 30 June 2024 | 75.5 | 30.8 | 4.0 | 110.3 |
152
GENUS PLC / Annual Report 2025
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
14. GOODWILL CONTINUED
| Risk premium used to adjust | Short-term profit growth rates | Long-term market growth | ||||
| discount rate | (CAGR) | rates | ||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Genus PIC | nil–15% | nil–17% | nil–67% | nil–72% | 2.5% | 2.5% |
Genus ABS | nil–15% | nil–21% | nil–16% | nil–16% | 2.5% | 2.5% |
Xelect | nil–11% | nil–5% | nil–71% | nil–18% | 2.5% | 2.5% |
| Weighted average risk-adjusted | Weighted average risk-adjusted | Weighted average short-term | ||||
| pre-tax discount rate | post-tax discount rate | profit growth rates (CAGR) | ||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Genus PIC | 12.9% | 12.2% | 10.3% | 9.8% | 10.9% | 13.1% |
Genus ABS | 12.9% | 12.2% | 10.3% | 9.8% | 10.5% | 23.6% |
Xelect | 14.5% | 19.0% | 11.5% | 15.0% | 39.6% | 17.6% |
| Change required to eliminate | ||||
2025 | 2024 | Sensitivity | headroom | |
| Weighted average risk- | 10.3% | 9.8% | Increase of 1% in the discount rate would decrease the | Increase by 3.2% |
| adjusted discount rate | recoverable amount by £49.2m | |||
| Weighted average short-term | 10.5% | 23.6% | Decrease of 1% in the CAGR would decrease the | Decrease by 8.2% |
| profit growth rates (CAGR) | recoverable amount by £16.9m | |||
Long-term market growth rate | 2.5% | 2.5% | Decrease of 1% in the long-term growth rate would | Decrease by 4.5% |
| decrease the recoverable amount by £38.4m |
| Change required to eliminate | ||||
2025 | 2024 | Sensitivity | headroom | |
| Weighted average risk- | 11.5% | 15.0% | Increase of 1% in the discount rate would decrease the | N/a |
| adjusted discount rate | recoverable amount by £0.5m | |||
| Weighted average short-term | 39.6% | 17.6% | Decrease of 1% in the CAGR would decrease the | N/a |
| profit growth rates (CAGR) | recoverable amount by £0.1m | |||
Long-term market growth rate | 2.5% | 2.5% | Decrease of 1% in the long-term growth rate would | N/a |
| decrease the recoverable amount by £0.3m |
153
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
15. INTANGIBLE ASSETS CONTINUED
| Brands, | Separately | |||||||
| Porcine | multiplier | identified | ||||||
| and bovine | contracts and | acquired | Patents, | |||||
| genetics | customer | intangible Assets under | licences and | |||||
| technology | relationships | assets | Software | construction | IntelliGen | other | Total | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
| Cost | ||||||||
Balance at 1 July 2023 | 56.3 | 98.9 | 155.2 | 34.5 | 7.0 | 25.7 | 4.4 | 226.8 |
Additions | – | – | – | 0.1 | 9.9 | – | – | 10.0 |
Business combination | – | 1.9 | 1.9 | – | – | – | 0.1 | 2.0 |
Transfers | – | – | – | 8.1 | (8.1) | – | – | – |
Effect of movements in exchange rates | (0.5) | (1.0) | (1.5) | – | – | – | – | (1.5) |
Balance at 30 June 2024 | 55.8 | 99.8 | 155.6 | 42.7 | 8.8 | 25.7 | 4.5 | 237.3 |
Additions | – | – | – | – | 4.6 | – | 0.6 | 5.2 |
Transfers | – | – | – | 3.5 | (9.1) | 5.6 | – | – |
Disposals | – | – | – | (0.2) | – | – | – | (0.2) |
Effect of movements in exchange rates | (0.4) | (6.3) | (6.7) | (0.6) | (0.1) | (2.5) | (0.1) | (10.0) |
Balance at 30 June 2025 | 55.4 | 93.5 | 148.9 | 45.4 | 4.2 | 28.8 | 5.0 | 232.3 |
| Amortisation and impairment losses | ||||||||
Balance at 1 July 2023 | 42.5 | 81.2 | 123.7 | 18.2 | – | 14.4 | 4.3 | 160.6 |
Amortisation for the year | 3.3 | 2.5 | 5.8 | 3.8 | – | 2.6 | 0.1 | 12.3 |
Effect of movements in exchange rates | (0.3) | (0.7) | (1.0) | – | – | – | – | (1.0) |
Balance at 30 June 2024 | 45.5 | 83.0 | 128.5 | 22.0 | – | 17.0 | 4.4 | 171.9 |
Amortisation for the year | 3.2 | 2.4 | 5.6 | 4.5 | – | 2.8 | – | 12.9 |
Disposals | – | – | – | (0.1) | – | – | – | (0.1) |
Effect of movements in exchange rates | (0.2) | (5.4) | (5.6) | (0.5) | – | (1.6) | – | (7.7) |
Balance at 30 June 2025 | 48.5 | 80.0 | 128.5 | 25.9 | – | 18.2 | 4.4 | 177.0 |
| Carrying amounts | ||||||||
At 30 June 2025 | 6.9 | 13.5 | 20.4 | 19.5 | 4.2 | 10.6 | 0.6 | 55.3 |
At 30 June 2024 | 10.3 | 16.8 | 27.1 | 20.7 | 8.8 | 8.7 | 0.1 | 65.4 |
154
GENUS PLC / Annual Report 2025
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
155
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FINANCIAL STATEMENTS
16. BIOLOGICAL ASSETS CONTINUED
(restated) 1 | (restated) 1 | (restated) 1 | |
| Bovine | Porcine | Total | |
| Fair value of biological assets | £m | £m | £m |
Balance at 30 June 2023 (as previously reported) | 99.3 | 242.7 | 342.0 |
Prior period adjustment (see note 2) | (11.6) | (29.5) | (41.1) |
Balance at 30 June 2023 (restated) 1 | 87.7 | 213.2 | 300.9 |
Non-current biological assets | 87.7 | 189.4 | 277.1 |
Current biological assets | – | 23.8 | 23.8 |
Balance at 30 June 2023 (restated) 1 | 87.7 | 213.2 | 300.9 |
Increases due to purchases | 18.8 | 200.0 | 218.8 |
Decreases attributable to sales | – | (214.8) | (214.8) |
Decrease due to harvest | (11.7) | (32.2) | (43.9) |
Changes in fair value less estimated sale costs | (39.1) | 67.6 | 28.5 |
Effect of movements in exchange rates | 0.4 | (1.3) | (0.9) |
Balance at 30 June 2024 (restated) 1 | 56.1 | 232.5 | 288.6 |
Non-current biological assets | 56.1 | 200.2 | 256.3 |
Current biological assets | – | 32.3 | 32.3 |
Balance at 30 June 2024 (restated) 1 | 56.1 | 232.5 | 288.6 |
Increases due to purchases | 15.4 | 208.5 | 223.9 |
Decreases attributable to sales | – | (226.8) | (226.8) |
Decrease due to harvest | (9.0) | (26.2) | (35.2) |
Changes in fair value less estimated sale costs | (14.9) | 42.6 | 27.7 |
Loss of control (note 18) | – | (5.2) | (5.2) |
Effect of movements in exchange rates | (3.2) | (16.1) | (19.3) |
Balance at 30 June 2025 | 44.4 | 209.3 | 253.7 |
Non-current biological assets | 44.4 | 174.6 | 219.0 |
Current biological assets | – | 34.7 | 34.7 |
Balance at 30 June 2025 | 44.4 | 209.3 | 253.7 |
156
GENUS PLC / Annual Report 2025
16. BIOLOGICAL ASSETS CONTINUED
Risk-adjusted rates of between 21.9% and 22.7% (2024 restated: 22.1% and 22.9%) have been used to discount future net cash flows from
the expected output of the pure line porcine herds. The number of future generations which have been taken into account is seven
(2024: seven) and their estimated useful lifespan is 1.4 years (2024: 1.4 years).
Year ended 30 June 2025
| Bovine | Porcine | Total | |
| £m | £m | £m | |
Changes in fair value of biological assets | (14.9) | 42.6 | 27.7 |
Inventory transferred to cost of sales at fair value | 3.3 | (26.2) | (22.9) |
Biological assets transferred to cost of sales at fair value | – | (16.2) | (16.2) |
(11.6) | 0.2 | (11.4) | |
Fair value movement in related financial derivative | – | (1.9) | (1.9) |
Net IAS 41 valuation movement on biological assets 1 | (11.6) | (1.7) | (13.3) |
Year ended 30 June 2024
(restated) 2 | (restated) 2 | ||
| Bovine | Porcine | Total | |
| £m | £m | £m | |
Changes in fair value of biological assets | (39.1) | 67.6 | 28.5 |
Inventory transferred to cost of sales at fair value | 1.1 | (32.2) | (31.1) |
Biological assets transferred to cost of sales at fair value | – | (21.3) | (21.3) |
(38.0) | 14.1 | (23.9) | |
Fair value movement in related financial derivative | – | 0.7 | 0.7 |
Net IAS 41 valuation movement on biological assets 1 | (38.0) | 14.8 | (23.2) |
1 This represents the difference between operating profit prepared under IAS 41 and operating profit prepared under historical cost accounting, which forms part of the
reconciliation to adjusted operating profit (see APMs)
2 See note 2 for details of prior period restatement
Fair value measurement
All of the biological assets inputs fall under Level 3 of the hierarchy defined in IFRS 13. Significant increases/(decreases) in any of these
inputs in isolation would result in a significantly lower or higher fair value measurement.
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
157
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FINANCIAL STATEMENTS
16. BIOLOGICAL ASSETS CONTINUED
Unobservable inputs and key sources of estimation uncertainty
2025 | 2024 | Sensitivity | |
| Bovine | |||
| Risk-adjusted | Dairy 22.1% | Dairy 23.2% | 1 percentage point increase in the discount rate would |
discount rate 1 | Beef 16.0% | Beef 17.0% | result in approximately a £0.8m (2024 restated: £1.0m) |
| reduction in value. | |||
| Value at point of | 31.3% | 32.4% | 1 percentage point decrease in the rate would result in |
production 1 | approximately a £4.1m (2024: £4.5m) reduction in value. | ||
| Percentage of new | FY26 78% | FY25 75% | If percentage remained at FY25 level of 66% (2024: 73%) |
| dairy bulls to be | FY27 72% | FY26 69% | there would be an decrease in value of approximately |
| produced internally | FY28 72% | FY27 71% | £0.2m (2024: £0.2m decrease). |
| in future years | FY29 and thereafter 72% | FY28 and thereafter 69% | |
| Age profile of Holstein | FY26 – avg age 3.7 yrs | FY25 – avg age 3.8 yrs | If age profile remains at FY25 average age of 4.0 years |
| bulls generating | FY27 – avg age 3.7 yrs | FY26 – avg age 3.8 yrs | (2024: 3.9 years), there would be an increase in value of |
| future sales | FY28 – avg age 3.7 yrs | FY27 – avg age 3.8 yrs | approximately £0.7m (2024: £0.7m increase). |
| FY29 and thereafter – | FY28 and thereafter – | ||
| avg age 3.7 yrs | avg age 3.8 yrs | ||
| Age profile of US | FY26 – avg age 5.1 yrs | FY25 – avg age 4.7 yrs | If age profile remains at FY25 average age of 5.8 years |
| beef-on-dairy bulls | FY27 – avg age 5.1 yrs | FY26 – avg age 4.7 yrs | (2024: 5.4 years), there would be an increase in value of |
| generating future sales | FY28 – avg age 5.1 yrs | FY27 – avg age 4.7 yrs | approximately £0.9m (2024: £0.6m increase). |
| FY29 and thereafter – | FY28 and thereafter – | ||
| avg age 5.1 yrs | avg age 4.7 yrs | ||
| Long-term dairy | (0.8%) | (0.6%) | 1 percentage point decrease in the Holstein growth rate |
| volume growth rate | would result in approximately a £0.1m (2024: £0.1m) | ||
| reduction in value. | |||
| Short-term dairy | (0.9%) | 0.5% | 1 percentage point decrease in the Holstein growth rate |
| volume growth rate | would result in approximately a £0.7m (2024: £0.8m) | ||
| reduction in value. | |||
Growth in unit prices 1 | 1.4% | 2.7% | 1 percentage point increase in the forecasted unit price |
| growth would result in approximately a £3.1m increase | |||
| in value (2024: £3.4m). | |||
| Porcine | |||
| Risk-adjusted discount | 21.9% to 22.7% | 22.1% to 22.9% | 1 percentage point increase in the discount rate would |
rate – pure line herd 1 | result in approximately a £2.1m (2024 restated: £2.4m) | ||
| reduction in value. Any additional increase in the | |||
| percentage would lead to a linear impact. | |||
| Proportion of | Gilts – 7.4% to 10.3% | Gilts – 9.1% to 9.9% | 1 percentage point increase in the go to breeding sales |
| animals that go | would result in approximately a £7.2m (2024 restated: | ||
to breeding sales 1 | £8.1m) increase in value. | ||
Boars – 7.6% to 10.1% | Boars – 8.7% to 9.9% | 1 percentage point increase in the go to breeding sales | |
| would result in approximately a £7.5m (2024 restated: | |||
| £8.0m) increase in value. |
1 Key sources of estimation uncertainty
Additional information | 2025 | 2024 |
| Bovine | ||
| Quantities at period end | ||
Number of bulls in production | 809 | 720 |
Number of bulls under development (including calves) | 827 | 999 |
Total number of bulls | 1,636 | 1,719 |
Number of doses of semen valued in inventory | 11.1m | 13.3m |
| Amounts during the year | ||
Fair value of agricultural produce – semen harvested during the period | £9.0m | £11.7m |
| Porcine | ||
| Quantities at period end | ||
Number of pigs (own farms) | 115,762 | 138,481 |
Number of pigs, excluding parent gilts, despatched on a royalty basis and valued at fair value | 81,149 | 61,807 |
| Amounts during the year | ||
Fair value of agricultural produce – semen harvested during the period | £26.2m | £32.2m |
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GENUS PLC / Annual Report 2025
| Plant, motor | Total | Plant, motor | Total | |||||
| Land and | vehicles and | Assets under | owned | Land and | vehicles and | right-of-use | ||
| buildings | equipment | construction | assets | buildings | equipment | assets | Total | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
| Cost or deemed cost | ||||||||
Balance at 1 July 2023 | 111.2 | 119.7 | 16.9 | 247.8 | 31.7 | 31.6 | 63.3 | 311.1 |
Additions | 1.4 | 2.3 | 12.8 | 16.5 | 32.7 | 8.8 | 41.5 | 58.0 |
Business combination | – | 0.3 | – | 0.3 | 0.4 | – | 0.4 | 0.7 |
Transfers | 11.3 | 8.4 | (19.7) | – | – | – | – | – |
Disposals | (0.2) | (5.4) | – | (5.6) | (2.5) | (2.1) | (4.6) | (10.2) |
Effect of movements in exchange rates | (1.3) | (1.2) | 0.1 | (2.4) | (1.1) | 0.5 | (0.6) | (3.0) |
Balance at 30 June 2024 | 122.4 | 124.1 | 10.1 | 256.6 | 61.2 | 38.8 | 100.0 | 356.6 |
Additions | 1.5 | 1.8 | 11.0 | 14.3 | 2.3 | 12.4 | 14.7 | 29.0 |
Transfers | 6.3 | 7.0 | (13.3) | – | – | – | – | – |
Loss of control (note 18) | – | (0.1) | – | (0.1) | (8.3) | – | (8.3) | (8.4) |
Disposals | (0.1) | (8.1) | – | (8.2) | (0.5) | (3.9) | (4.4) | (12.6) |
Effect of movements in exchange rates | (9.7) | (9.4) | (0.5) | (19.6) | (3.4) | (0.6) | (4.0) | (23.6) |
Balance at 30 June 2025 | 120.4 | 115.3 | 7.3 | 243.0 | 51.3 | 46.7 | 98.0 | 341.0 |
| Depreciation and impairment losses | ||||||||
Balance at 1 July 2023 | 34.5 | 79.8 | – | 114.3 | 15.3 | 17.1 | 32.4 | 146.7 |
Depreciation for the year | 5.5 | 12.9 | – | 18.4 | 8.9 | 7.4 | 16.3 | 34.7 |
Disposals | (0.1) | (3.9) | – | (4.0) | (2.3) | (0.9) | (3.2) | (7.2) |
Impairment | 1.5 | 0.2 | – | 1.7 | – | – | – | 1.7 |
Effect of movements in exchange rates | (0.4) | (0.7) | – | (1.1) | (0.7) | 0.5 | (0.2) | (1.3) |
Balance at 30 June 2024 | 41.0 | 88.3 | – | 129.3 | 21.2 | 24.1 | 45.3 | 174.6 |
Depreciation for the year | 6.5 | 11.1 | – | 17.6 | 6.1 | 8.1 | 14.2 | 31.8 |
Loss of control (note 18) | – | – | – | – | (2.2) | – | (2.2) | (2.2) |
Disposals | (0.1) | (7.5) | – | (7.6) | (0.2) | (2.2) | (2.4) | (10.0) |
Effect of movements in exchange rates | (3.9) | (7.0) | – | (10.9) | (1.1) | (1.5) | (2.6) | (13.5) |
Balance at 30 June 2025 | 43.5 | 84.9 | – | 128.4 | 23.8 | 28.5 | 52.3 | 180.7 |
| Carrying amounts | ||||||||
At 30 June 2025 | 76.9 | 30.4 | 7.3 | 114.6 | 27.5 | 18.2 | 45.7 | 160.3 |
At 30 June 2024 | 81.4 | 35.8 | 10.1 | 127.3 | 40.0 | 14.7 | 54.7 | 182.0 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
159
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
| 2025 | 2024 | |
| £m | £m | |
Balance at 1 July | 60.5 | 53.5 |
Share of post-tax retained profits of joint ventures and associates | 9.1 | 19.1 |
Additions | 0.9 | – |
Shareholder loan repayments | (0.1) | – |
Retained 40% interest in PIC (Qiannan) Agriculture Science and Technology Co. Ltd | 1.5 | – |
Acquisition of controlling interest of Xelect Limited | – | (2.5) |
Long-term loan investment | – | 2.2 |
Dividends received from Agroceres – PIC Genética de Suínos Ltda (Brazil) | (6.1) | (3.2) |
Dividends received from Società Agricola GENEETIC S.r.l (Italy) | – | (0.2) |
Dividends received from Zhidan – Yan’an Xinyongxiang Technology Co., Ltd (China) | – | (1.3) |
Effect of other movements including exchange rates | (3.0) | (7.1) |
Balance at 30 June | 62.8 | 60.5 |
Transaction value | Balance outstanding | |||
| 2025 | 2024 | 2025 | 2024 | |
| £m | £m | £m | £m | |
Sale of goods and services to joint ventures and associates | – | – | – | – |
Purchase of goods and services from joint ventures and associates | 9.1 | 7.7 | (0.5) | (2.5) |
160
GENUS PLC / Annual Report 2025
18. EQUITY-ACCOUNTED INVESTEES CONTINUED
| Other | Non- | Non- | Inception | |||||||||
| current | current | Biological | Total | Current | current | Total | Net | fair value | Carrying | |||
| Cash | assets | assets | assets | assets | liabilities | liabilities | liabilities | assets | uplift | value | ||
Net assets | Ownership | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m |
| Agroceres – PIC Genética | ||||||||||||
de Suínos Ltda (Brazil) | 49% | 8.0 | 11.6 | 36.3 | 20.5 | 76.4 | (19.2) | – | (19.2) | 57.2 | – | 57.2 |
| Inner Mongolia Haoxiang | ||||||||||||
| Pig Breeding Co. Ltd. | ||||||||||||
(China) 1 | 49% | 0.4 | 1.4 | 4.8 | (0.4) | 6.2 | (0.4) | (4.4) | (4.8) | 1.4 | – | 1.4 |
| Chitale Genus ABS (India) | ||||||||||||
Private Limited (India) | 50% | 0.1 | 1.2 | – | 0.7 | 2.0 | – | (0.1) | (0.1) | 1.9 | – | 1.9 |
| Yan’an Xinyongxiang | ||||||||||||
| Technology Co., Ltd | ||||||||||||
(China) 1 | 49% | 0.7 | 0.9 | 0.7 | (0.6) | 1.7 | (0.8) | – | (0.8) | 0.9 | – | 0.9 |
| PIC (Qiannan) Agriculture | ||||||||||||
| Science and Technology | ||||||||||||
Co., Ltd. | 40% | 0.5 | 0.7 | 2.4 | (0.6) | 3.0 | (0.1) | (2.4) | (2.5) | 0.5 | 0.3 | 0.8 |
| Società Agricola | ||||||||||||
GENEETIC S.r.l. (Italy) 1 | 33% | – | 0.6 | – | 0.3 | 0.9 | (0.4) | – | (0.4) | 0.5 | – | 0.5 |
| Società Agricola | ||||||||||||
| GENEETIC Service S.r.l. | ||||||||||||
(Italy) 1 | 33% | – | 0.1 | – | – | 0.1 | – | – | – | 0.1 | – | 0.1 |
Net assets/(liabilities) | 9.7 | 16.5 | 44.2 | 19.9 | 90.3 | (20.9) | (6.9) | (27.8) | 62.5 | 0.3 | 62.8 |
| Net IAS 41 | |||||||
| valuation | |||||||
| movement on | |||||||
| biological | Operating | Profit /(loss) | |||||
| Revenue | assets | Expenses | profit/(loss) | Taxation | after tax | ||
Income Statement | Ownership | £m | £m | £m | £m | £m | £m |
Agroceres – PIC Genética de Suínos Ltda (Brazil) | 49% | 41.6 | 1.3 | (29.5) | 13.4 | (2.0) | 11.4 |
| Inner Mongolia Haoxiang Pig Breeding Co. Ltd. | |||||||
(China) 1 | 49% | 4.5 | – | (4.7) | (0.2) | – | (0.2) |
Yan’an Xinyongxiang Technology Co., Ltd (China) 1 | 49% | 3.4 | (0.7) | (3.9) | (1.2) | – | (1.2) |
| PIC (Qiannan) Agriculture Science and Technology | |||||||
Co., Ltd. | 40% | 2.0 | (1.5) | (1.9) | (1.4) | – | (1.4) |
Chitale Genus ABS (India) Private Limited (India) | 50% | 0.6 | – | (0.3) | 0.3 | – | 0.3 |
Società Agricola GENEETIC S.r.l. (Italy) 1 | 33% | 1.1 | – | (0.9) | 0.2 | – | 0.2 |
Società Agricola GENEETIC Service S.r.l. (Italy) 1 | 33% | 0.1 | – | (0.1) | – | – | – |
Profit/(loss) | 53.3 | (0.9) | (41.3) | 11.1 | (2.0) | 9.1 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
161
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
18. EQUITY-ACCOUNTED INVESTEES CONTINUED
| Other | |||||||||
| Cash and cash | current | Non-current | Biological | Total | Current | Total | Net | ||
| equivalents | assets | assets | assets | assets | liabilities | liabilities | assets | ||
Net assets | Ownership | £m | £m | £m | £m | £m | £m | £m | £m |
| Agroceres – PIC Genética | |||||||||
de Suínos Ltda (Brazil) | 49% | 2.9 | 13.5 | 37.3 | 19.1 | 72.8 | (18.3) | (18.3) | 54.5 |
| Inner Mongolia Haoxiang | |||||||||
| Pig Breeding Co. Ltd. | |||||||||
(China) 1 | 49% | 0.3 | 1.6 | 5.2 | (0.4) | 6.7 | (0.4) | (4.9) | 1.8 |
| Chitale Genus ABS (India) | |||||||||
Private Limited (India) | 50% | 0.3 | 0.9 | – | 0.5 | 1.7 | – | (0.1) | 1.6 |
| Yan’an Xinyongxiang | |||||||||
| Technology Co., Ltd | |||||||||
(China) 1 | 49% | 1.2 | 1.1 | 0.9 | 0.1 | 3.3 | (1.0) | (1.0) | 2.3 |
| Società Agricola GENEETIC | |||||||||
S.r.l. (Italy) 1 | 33% | – | 1.1 | – | – | 1.1 | (0.9) | (0.9) | 0.2 |
| Società Agricola GENEETIC | |||||||||
Service S.r.l. (Italy) 1 | 33% | – | – | – | 0.1 | 0.1 | – | – | 0.1 |
Net assets/(liabilities) | 4.7 | 18.2 | 43.4 | 19.4 | 85.7 | (20.6) | (25.2) | 60.5 |
| Net IAS 41 | |||||||
| valuation | |||||||
| movement on | |||||||
| biological | Operating | Profit/(loss) | |||||
| Revenue | assets | Expenses | profit/(loss) | Taxation | after tax | ||
Income Statement | Ownership | £m | £m | £m | £m | £m | £m |
Agroceres – PIC Genética de Suínos Ltda (Brazil) | 49% | 26.1 | 14.4 | (14.5) | 26.0 | (5.7) | 20.3 |
| Inner Mongolia Haoxiang Pig Breeding Co. Ltd. | |||||||
(China) 1 | 49% | 1.1 | (0.3) | (2.3) | (1.5) | – | (1.5) |
Yan’an Xinyongxiang Technology Co., Ltd (China) 1 | 49% | 4.1 | 0.5 | (4.7) | (0.1) | – | (0.1) |
Chitale Genus ABS (India) Private Limited (India) | 50% | 0.5 | – | (0.3) | 0.2 | – | 0.2 |
Società Agricola GENEETIC S.r.l. (Italy) 1 | 33% | 0.9 | – | (0.7) | 0.2 | – | 0.2 |
Società Agricola GENEETIC Service S.r.l. (Italy) 1 | 33% | 0.1 | – | (0.1) | – | – | – |
Profit/(loss) | 32.8 | 14.6 | (22.6) | 24.8 | (5.7) | 19.1 |
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GENUS PLC / Annual Report 2025
19. OTHER INVESTMENTS CONTINUED
| 2025 | 2024 | |
| Investments carried at fair value | £m | £m |
Listed equity shares – Caribou Biosciences, Inc. | 0.1 | 0.2 |
Unlisted equity shares – Dairy LLC (‘BoviSync’) | – | – |
Unlisted equity shares – Labby, Inc. | 0.5 | 0.5 |
Unlisted equity shares – SwineTech, Inc. | 2.6 | 0.4 |
Unlisted equity shares – Other | – | – |
Other investments | 3.2 | 1.1 |
| 2025 | 2024 | |
| £m | £m | |
Biological assets’ harvest classed as inventories | 14.6 | 20.0 |
Sexed Semen | 12.4 | 15.7 |
Bovine Semen | 27.0 | 35.7 |
Raw materials and consumables | 4.0 | 4.5 |
Goods held for resale | 15.2 | 16.9 |
Inventories | 46.2 | 57.1 |
| 2025 | 2024 | |
| £m | £m | |
Trade receivables | 88.4 | 94.9 |
Less expected credit loss allowance | (4.8) | (4.7) |
Trade receivables net of impairment | 83.6 | 90.2 |
Other debtors | 4.8 | 7.3 |
Prepayments | 6.4 | 9.6 |
Contract assets net of impairment (see note 24) | 20.9 | 25.0 |
Other taxes and social security | 3.5 | 3.1 |
Current trade and other receivables | 119.2 | 135.2 |
Other debtors | 4.3 | 4.9 |
Contract assets net of impairment (see note 24) | 6.0 | 6.9 |
Non-current other receivables | 10.3 | 11.8 |
Trade and other receivables | 129.5 | 147.0 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
163
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
21. TRADE AND OTHER RECEIVABLES CONTINUED
| Latin | |||||
| North America | America | EMEA | Asia | ||
2025 | Risk premium (%) | 1.6% | 4.5% | 2.4% | 2.0% |
Trade receivables (£m) | 19.4 | 20.1 | 34.1 | 14.8 | |
2024 | Risk premium (%) | 1.7% | 4.5% | 2.6% | 2.3% |
Trade receivables (£m) | 20.6 | 21.8 | 37.5 | 15.0 |
| 2025 | 2024 | |
| £m | £m | |
Balance at the start of the year | 4.7 | 3.9 |
Change in loss allowance due to new trade and other receivables originated net of those derecognised due to settlement | 4.3 | 5.8 |
Amounts written off as uncollectable | (0.3) | (1.2) |
Impairment losses reversed | (4.0) | (3.6) |
Effect of movements in exchange rates | 0.1 | (0.2) |
Balance at the end of the year | 4.8 | 4.7 |
| Trade receivables net of | ||||
| Trade receivables | impairment | |||
| 2025 | 2024 | 2025 | 2024 | |
| Days past due | £m | £m | £m | £m |
Not yet due | 59.4 | 64.5 | 57.7 | 62.6 |
0–30 days | 13.0 | 14.1 | 12.7 | 13.8 |
31–90 days | 9.5 | 8.2 | 9.3 | 7.9 |
91–180 days | 3.5 | 5.4 | 3.2 | 5.0 |
Over 180 days | 3.0 | 2.7 | 0.7 | 0.9 |
88.4 | 94.9 | 83.6 | 90.2 |
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| 2025 | 2024 | |
| £m | £m | |
Cash at bank and in hand | 48.0 | 42.5 |
| 2025 | 2024 | |
| Counterparties with external credit ratings | £m | £m |
A to AA- | 29.8 | 31.8 |
BBB- to BBB | 2.3 | 3.9 |
B- to BB+ | 4.0 | 0.7 |
CCC to CCC- | 2.7 | 1.1 |
No ratings | 9.2 | 5.0 |
Cash at bank and in hand | 48.0 | 42.5 |
| 2025 | 2024 | |
| £m | £m | |
Trade payables | 25.3 | 34.0 |
Other payables | 7.1 | 11.2 |
Accrued expenses | 59.6 | 62.6 |
Contract liabilities (see note 24) | 6.7 | 8.1 |
Other taxes and social security | 9.0 | 7.3 |
Current trade and other payables | 107.7 | 123.2 |
Other payables | – | 4.0 |
Contract liabilities (see note 24) | 0.1 | 0.2 |
Non-current trade and other payables | 0.1 | 4.2 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
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FINANCIAL STATEMENTS
| 2025 | 2024 | |
| £m | £m | |
Current contract assets net of impairment | 20.9 | 25.0 |
Non-current contract assets net of impairment | 6.0 | 6.9 |
Contract assets net of impairment (see note 21) | 26.9 | 31.9 |
Current contract liabilities | (6.7) | (8.1) |
Non-current contract liabilities | (0.1) | (0.2) |
Contract liabilities (see note 23) | (6.8) | (8.3) |
| Contract | Contract | |
| assets | liabilities | |
| £m | £m | |
Balance at 1 July 2023 | 27.6 | (9.8) |
Increases as a result of performance in advance of billing | 283.1 | – |
Transfers to receivables during the year | (278.5) | – |
Increases as a result of billing ahead of performance | – | (82.1) |
Decreases as a result of revenue recognised in the year | – | 83.4 |
Decreases as a result of change in loss allowance | (0.4) | – |
Effect of movements in exchange rates | 0.1 | 0.2 |
Balance at 30 June 2024 | 31.9 | (8.3) |
Increases as a result of performance in advance of billing | 350.4 | – |
Transfers to receivables during the year | (351.7) | – |
Increases as a result of billing ahead of performance | – | (97.4) |
Decreases as a result of revenue recognised in the year | – | 98.6 |
Decreases as a result of change in loss allowance | (0.2) | – |
Effect of movements in exchange rates | (3.5) | 0.3 |
Balance at 30 June 2025 | 26.9 | (6.8) |
| Latin | |||||
| North America | America | EMEA | Asia | ||
2025 | Risk premium (%) | 1.6% | 3.5% | 2.0% | 2.0% |
Contract assets (£m) | 8.0 | 2.9 | 11.1 | 4.9 | |
2024 | Risk premium (%) | 1.7% | 3.2% | 2.4% | 2.6% |
Contract assets (£m) | 9.2 | 2.9 | 15.0 | 4.8 |
| 2025 | 2024 | |
| £m | £m | |
Balance at the start of the year | 0.4 | – |
Change in loss allowance | 0.2 | 0.4 |
Effect of movements in exchange rates | – | – |
Balance at the end of the year | 0.6 | 0.4 |
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| ST | Share | Other | ||
| litigation | forfeiture | provisions | Total | |
| £m | £m | £m | £m | |
Balance at 1 July 2023 | 9.7 | 0.3 | 2.1 | 12.1 |
Additional provision in the year | – | – | 0.4 | 0.4 |
Utilisation of provision | (9.8) | – | (0.2) | (10.0) |
Release of provision | – | (0.1) | (1.1) | (1.2) |
Effect of movement in exchange rates | 0.1 | – | – | 0.1 |
Balance at 30 June 2024 | – | 0.2 | 1.2 | 1.4 |
Additional provision in the year | – | – | 0.3 | 0.3 |
Utilisation of provision | – | – | (0.6) | (0.6) |
Release of provision | – | (0.2) | (0.1) | (0.3) |
Effect of movement in exchange rates | – | – | (0.1) | (0.1) |
Balance at 30 June 2025 | – | – | 0.7 | 0.7 |
| 2025 | 2024 | |
| £m | £m | |
Current | 0.4 | 1.0 |
Non-current | 0.3 | 0.4 |
0.7 | 1.4 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
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FINANCIAL STATEMENTS
26. FINANCIAL INSTRUMENTS CONTINUED
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26. FINANCIAL INSTRUMENTS CONTINUED
(restated) 1 | ||
| 2025 | 2024 | |
| £m | £m | |
Debt (see note 27) | 265.9 | 291.2 |
Interest bearing deferred consideration (see note 38) | 10.3 | – |
Cash and cash equivalents (see note 22) | (48.0) | (42.5) |
Net debt (see note 32) | 228.2 | 248.7 |
Equity (restated) 1 | 476.1 | 517.8 |
Net debt to equity ratio | 48% | 48% |
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
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FINANCIAL STATEMENTS
26. FINANCIAL INSTRUMENTS CONTINUED
2025 | Carrying value | 2024 | Carrying value | |||||
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
| Financial assets | ||||||||
Other investments | 0.1 | – | 3.1 | 3.2 | 0.2 | – | 0.9 | 1.1 |
Trade receivables and other debtors, excluding prepayments | – | 123.1 | – | 123.1 | – | 137.4 | – | 137.4 |
Cash and cash equivalents | – | 48.0 | – | 48.0 | – | 42.5 | – | 42.5 |
Derivative instruments in non- designated hedge relationships | – | 0.1 | – | 0.1 | – | 0.9 | – | 0.9 |
| Derivative instruments in designated | ||||||||
hedge accounting relationships | – | – | – | – | – | 2.2 | – | 2.2 |
0.1 | 171.2 | 3.1 | 174.4 | 0.2 | 183.0 | 0.9 | 184.1 | |
| Financial liabilities | ||||||||
| Trade and other payables, excluding | ||||||||
| other taxes and social security (see | ||||||||
note 23) | – | (98.8) | – | (98.8) | – | (120.1) | – | (120.1) |
Loans and overdrafts (see note 27) | – | (218.8) | – | (218.8) | – | (233.1) | – | (233.1) |
Leasing obligations (see note 28) | – | (47.1) | – | (47.1) | – | (58.1) | – | (58.1) |
Derivative instruments in non-designated hedge relationships | – | (1.7) | – | (1.7) | – | (0.6) | – | (0.6) |
| Derivative instruments in designated | ||||||||
hedge accounting relationships | – | (0.6) | – | (0.6) | – | – | – | – |
Put option over non-controlling interest | – | (0.9) | – | (0.9) | – | (7.4) | – | (7.4) |
Deferred consideration (see note 38) | – | – | (10.5) | (10.5) | – | – | (0.8) | (0.8) |
– | (367.9) | (10.5) | (378.4) | – | (419.3) | (0.8) | (420.1) |
Liabilities | Assets | |||
| 2025 | 2024 | 2025 | 2024 | |
| £m | £m | £m | £m | |
US Dollar | (80.4) | (101.8) | 2.3 | 0.8 |
Euro | (40.9) | (30.1) | 2.8 | 0.7 |
Canadian Dollar | (0.1) | (0.2) | – | – |
New Zealand Dollar | – | – | 0.1 | 0.1 |
Chilean Peso | – | – | 0.7 | 0.1 |
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26. FINANCIAL INSTRUMENTS CONTINUED
20% currency movement | 10% currency movement | |||
(restated ) 1 | (restated ) 1 | |||
| 2025 | 2024 | 2025 | 2024 | |
| £m | £m | £m | £m | |
Euro | 3.9 | 3.5 | 2.0 | 1.8 |
US Dollar | 6.9 | 6.4 | 3.5 | 3.2 |
Brazilian Real | 2.6 | 2.7 | 1.3 | 1.3 |
Mexican Peso | 3.4 | 3.9 | 1.7 | 1.9 |
Chinese Yuan | 1.9 | (0.9) | 1.0 | (0.4) |
Russian Rouble | 1.0 | 0.9 | 0.5 | 0.5 |
| Average exchange rate | Contract value | Fair value | |||||
| Foreign | 2025 | 2024 | 2025 | 2024 | |||
2025 | 2024 | currency | £m | £m | £m | £m | |
| Outstanding contracts | |||||||
Buy CHF | 0.91 | 0.87 | CHF | 0.4 | 0.4 | – | – |
Buy CNY | 9.75 | – | CNY | – | – | – | – |
Sell CNY | – | 9.07 | CNY | – | 2.0 | – | – |
Buy AUD | 2.09 | 1.91 | AUD | 2.6 | 2.3 | – | – |
Buy PHP | – | – | PHP | – | – | – | – |
Sell PHP | 76.82 | 74.62 | PHP | 0.4 | – | – | – |
Buy EUR | 1.17 | 1.18 | EUR | 14.3 | 5.6 | 0.1 | (0.1) |
Buy MXN | 26.39 | 23.38 | MXN | 8.6 | 23.5 | – | 0.4 |
Buy USD | 1.36 | 1.27 | USD | 9.7 | 5.1 | (0.1) | – |
Sell BRL | – | – | BRL | – | – | – | – |
Sell INR | 117.59 | – | INR | 0.1 | – | – | – |
Sell CAD | 1.86 | – | CAD | 0.6 | – | – | – |
Sell RUB | 110.45 | 117.18 | RUB | 0.1 | 0.1 | – | – |
Sell PLN | – | 5.05 | PLN | – | 0.2 | – | – |
Buy USD/Sell NZD | – | 1.62 | NZD | – | 0.2 | – | – |
Buy USD/Sell UAH | – | – | UAH | – | – | – | – |
Buy USD/Sell BRL | 5.60 | 5.36 | BRL | 4.0 | 3.1 | – | 0.1 |
Buy USD/Sell CNY | – | 7.13 | CNY | – | 4.1 | – | – |
Buy CLP/Sell USD | 927.98 | 916.63 | CLP | 0.2 | 0.2 | – | – |
Buy PHP/Sell USD | 55.92 | 58.90 | PHP | 2.7 | 3.6 | – | – |
Buy USD/Sell CAD | – | 1.37 | CAD | – | 2.6 | – | – |
Buy CAD/Sell USD | 1.36 | – | CAD | 2.7 | – | – | – |
Buy USD/Sell EUR | 1.17 | 1.07 | EUR | 2.2 | 1.2 | – | – |
Buy USD/Sell RUB | – | 90.55 | RUB | – | 0.8 | – | – |
Buy USD/Sell INR | 85.61 | 83.55 | INR | 0.6 | 0.6 | – | – |
Buy USD/Sell ZAR | 17.81 | 18.29 | ZAR | 0.1 | 0.1 | – | – |
Buy USD/Sell ARS | 1,212.30 | 949.50 | ARS | 0.5 | 0.4 | – | – |
Buy USD/Sell MXN | 19.04 | – | MXN | 0.3 | – | – | – |
Buy MXN/Sell USD | – | 18.51 | MXN | – | 0.4 | – | – |
Buy COP/Sell USD | 4,108.7 | – | COP | 0.7 | – | – | – |
– | 0.4 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
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FINANCIAL STATEMENTS
26. FINANCIAL INSTRUMENTS CONTINUED
| Average contract fixed | ||||||
interest rate | Notional principal amount | Fair value | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Outstanding receive-floating, pay-fixed interest rate swaps | % | % | £m | £m | £m | £m |
| USD interest rate swaps | ||||||
One to five years | 4.49 | 4.09 | 72.1 | 67.2 | (0.3) | 0.4 |
| EUR interest rate swaps | ||||||
One to five years | 2.15 | 0.36 | 10.7 | 21.2 | (0.1) | 0.5 |
| GBP interest rate swaps | ||||||
One to five years | 3.45 | 3.45 | 60.0 | 60.0 | (0.1) | 0.8 |
| 2025 | 2024 | |
| £m | £m | |
Gain at the start of the year | 0.8 | 2.4 |
Effective (losses)/gains recognised in equity in period | (1.2) | (1.6) |
Balance carried forward in equity as effective (losses)/gains | (0.4) | 0.8 |
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26. FINANCIAL INSTRUMENTS CONTINUED
Average price | Notional principal amount | Fair value | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Commodity hedge | US$ | US$ | £m | £m | £m | £m |
| Open commodity contracts as at June | ||||||
Lean hog | 0.92 | 0.84 | 12.2 | 14.9 | (1.1) | 0.9 |
Corn | 4.58 | 4.71 | (6.0) | (9.4) | (0.3) | (0.4) |
Soybean meal | 315.48 | 353.10 | (4.1) | (3.4) | (0.3) | (0.1) |
2.1 | 2.1 | (1.7) | 0.4 |
| 2025 | 2024 | |
| £m | £m | |
Loss at the start of the year | – | (0.5) |
Effective (losses)/gains recognised in equity in period | (0.5) | 0.5 |
Balance carried forward in equity as effective losses | (0.5) | – |
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
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FINANCIAL STATEMENTS
26. FINANCIAL INSTRUMENTS CONTINUED
| Weighted | |||||||
| average | |||||||
| effective | Less than | 3 months– | |||||
| interest rate | 1 month | 1–3 months | 1 year | 1–5 years | 5+ years | Total | |
| % | £m | £m | £m | £m | £m | £m | |
| 2025 | |||||||
Loans and borrowings | 4.54 | 9.5 | 1.7 | 9.4 | 260.5 | – | 281.1 |
Lease liabilities | 4.76 | 2.4 | 3.3 | 9.8 | 31.1 | 7.5 | 54.1 |
Deferred consideration | – | – | – | 2.6 | 7.9 | – | 10.5 |
Variable interest rate instruments | 4.65 | 11.9 | 5.0 | 21.8 | 299.5 | 7.5 | 345.7 |
| 2024 | |||||||
Loans and borrowings | 5.67 | 6.9 | 2.3 | 12.3 | 230.7 | – | 252.2 |
Lease liabilities | 4.27 | 1.7 | 3.0 | 11.1 | 36.7 | 11.4 | 63.9 |
Deferred consideration | – | – | 0.6 | – | 0.2 | – | 0.8 |
Variable interest rate instruments | 5.37 | 8.6 | 5.9 | 23.4 | 267.6 | 11.4 | 316.9 |
| Weighted | |||||||
| average | |||||||
| effective | Less than | 3 months– | |||||
| interest rate | 1 month | 1–3 months | 1 year | 1–5 years | 5+ years | Total | |
| % | £m | £m | £m | £m | £m | £m | |
| 2025 | |||||||
Variable interest rate instruments | 2.11 | 48.0 | – | – | – | – | 48.0 |
| 2024 | |||||||
Variable interest rate instruments | 1.17 | 42.5 | – | – | – | – | 42.5 |
| Less than | 3 months– | |||||
| 1 month | 1–3 months | 1 year | 1–5 years | 5+ years | Total | |
| £m | £m | £m | £m | £m | £m | |
| 2025 | ||||||
Foreign exchange contracts | (0.1) | 0.1 | – | – | – | – |
Commodity swaps | (0.5) | (0.4) | (0.8) | – | – | (1.7) |
Interest rate swaps | (0.2) | (0.2) | 0.7 | 0.2 | – | 0.5 |
| 2024 | ||||||
Foreign exchange contracts | 0.4 | – | – | – | – | 0.4 |
Commodity swaps | (0.1) | 0.1 | 0.4 | – | – | 0.4 |
Interest rate swaps | (0.3) | (0.4) | (2.2) | 0.8 | – | (2.1) |
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| 2025 | 2024 | |
| £m | £m | |
| Non-current liabilities | ||
Unsecured bank loans | 215.9 | 228.2 |
Obligations under leases | 33.8 | 44.1 |
249.7 | 272.3 | |
| Current liabilities | ||
Unsecured bank loans and overdrafts | 2.9 | 4.9 |
Obligations under leases | 13.3 | 14.0 |
16.2 | 18.9 | |
Total interest-bearing liabilities | 265.9 | 291.2 |
| 2025 | 2025 | 2024 | ||
| Currency | Interest rate | £m | £m | |
Revolving credit facility and overdraft | GBP | 6.1% | 105.1 | 104.0 |
Revolving credit facility, term loan and overdraft | USD | 6.2% | 72.1 | 94.8 |
Revolving credit facility and overdraft | EUR | 3.8% | 41.0 | 30.1 |
Obligations under leases | USD | 4.8% | 47.1 | 58.1 |
Other unsecured bank borrowings | Other | 5.4% | 0.6 | 4.2 |
Total interest-bearing liabilities | 265.9 | 291.2 |
| 2025 | 2024 | |
| Loans and borrowings (excluding leases) comprise amounts falling due: | £m | £m |
In one year or less or on demand | 3.8 | 5.1 |
In more than one year but not more than two years | – | 228.2 |
In more than two years but not more than five years | 217.6 | – |
221.4 | 233.3 | |
Less: unamortised issue costs | (2.6) | (0.2) |
218.8 | 233.1 | |
Current liabilities | (2.9) | (4.9) |
Non-current liabilities | 215.9 | 228.2 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
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FINANCIAL STATEMENTS
| 2025 | 2024 | |
| £m | £m | |
Balance at the start of the year | 58.1 | 31.9 |
Leases entered into during the year | 14.7 | 41.2 |
Business combination | – | 0.4 |
Loss of control | (6.4) | – |
Leases terminated early | (2.5) | (1.2) |
Payments made | (16.5) | (16.5) |
Interest | 2.4 | 2.8 |
Effect of movements in exchange rates | (2.7) | (0.5) |
Balance at the end of the year | 47.1 | 58.1 |
Current | 13.3 | 14.0 |
Non-current | 33.8 | 44.1 |
47.1 | 58.1 |
| 2025 | 2024 | |
| £m | £m | |
FY25 | – | 15.8 |
FY26 | 15.5 | 13.5 |
FY27 | 12.0 | 10.6 |
FY28 | 8.6 | 8.0 |
FY29 | 6.1 | 4.6 |
FY30 | 4.4 | 3.8 |
FY31 | 3.5 | 3.6 |
FY32 | 2.0 | 2.1 |
After FY33 | 2.0 | 1.9 |
54.1 | 63.9 | |
| Presented as: | ||
Current | 15.5 | 15.8 |
Non-current | 38.6 | 48.1 |
54.1 | 63.9 |
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GENUS PLC / Annual Report 2025
| 2025 | 2024 | |
| £m | £m | |
The Milk Pension Fund – Genus’s share | – | – |
The Dalgety Pension Fund | – | – |
National Pig Development Pension Fund | – | (0.6) |
Post-retirement healthcare | 0.5 | 0.5 |
Other funded and unfunded schemes | 6.4 | 6.7 |
Overall net pension liability | 6.9 | 6.6 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
177
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FINANCIAL STATEMENTS
29. RETIREMENT BENEFIT OBLIGATIONS CONTINUED
178
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29. RETIREMENT BENEFIT OBLIGATIONS CONTINUED
| 2025 | 2024 | |
| £m | £m | |
Present value of funded obligations (includes Genus’s 86% share of MPF (2024: 86%)) | 266.7 | 722.8 |
Present value of unfunded obligations | 6.9 | 7.4 |
Total present value of obligations | 273.6 | 730.2 |
Fair value of plan assets (includes Genus’s 86% share of MPF (2024: 86%)) | (286.7) | (760.0) |
Restricted recognition of asset (MPF and DPF) | 20.0 | 36.4 |
Recognised liability for defined benefit obligations | 6.9 | 6.6 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
179
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FINANCIAL STATEMENTS
29. RETIREMENT BENEFIT OBLIGATIONS CONTINUED
| Level 1 | Level 2 | Level 3 | 2025 | Level 1 | Level 2 | Level 3 | 2024 | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
Diversified growth funds | – | 68.7 | – | 68.7 | – | 102.0 | – | 102.0 |
Liability-driven investments | – | 123.5 | – | 123.5 | – | 108.7 | – | 108.7 |
Gilts and corporate bonds | – | 29.8 | – | 29.8 | – | 34.1 | – | 34.1 |
Cash and cash equivalent | 2.1 | 5.1 | – | 7.2 | 1.4 | 1.6 | – | 3.0 |
Property | – | – | 19.7 | 19.7 | 1.6 | – | 20.8 | 22.4 |
Direct lending | – | 0.2 | 19.0 | 19.2 | – | 1.1 | 26.3 | 27.4 |
Bulk annuity policy | – | – | 18.6 | 18.6 | – | – | 462.4 | 462.4 |
2.1 | 227.3 | 57.3 | 286.7 | 3.0 | 247.5 | 509.5 | 760.0 |
| 2025 | 2024 | |
| £m | £m | |
Liability for defined benefit obligations at the start of the year | 730.2 | 754.2 |
Benefits paid by the plans | (56.0) | (57.7) |
Current service costs and interest | 36.1 | 38.0 |
Actuarial losses/(gains) recognised on fund liabilities arising from changes in demographic assumptions | 2.3 | (3.8) |
Actuarial (gains)/losses recognised on fund liabilities arising from changes in financial assumptions | (20.9) | 1.9 |
Actuarial losses/(gains) recognised on fund liabilities arising from experience other | 3.1 | (2.3) |
Settlement of annuity contracts in DPF | (421.3) | – |
Exchange rate adjustment | 0.1 | (0.1) |
Liability for defined benefit obligations at the end of year | 273.6 | 730.2 |
| 2025 | 2024 | |
| £m | £m | |
Fair value of plan assets at the start of the year | 760.0 | 787.6 |
Administration expenses | (0.3) | (0.3) |
Contributions paid into the plans | 0.7 | 0.8 |
Benefits paid by the plans | (56.0) | (57.7) |
Interest income on plan assets | 37.6 | 39.8 |
Settlement of annuity contracts in DPF | (421.3) | – |
Actuarial losses recognised in equity | (34.0) | (10.2) |
Fair value of plan assets at the end of the year | 286.7 | 760.0 |
| 2025 | 2024 | |
| £m | £m | |
Deficit in schemes at the start of the year | (6.6) | (6.9) |
Administration expenses | (0.3) | (0.3) |
Contributions paid into the plans | 0.7 | 0.8 |
Net pension finance cost | (0.3) | (0.3) |
Actuarial losses recognised during the year | (18.5) | (6.0) |
Movement in restriction of assets | 16.4 | 3.9 |
Interest restriction on IFRIC 14 | 1.8 | 2.1 |
Exchange rate adjustment | (0.1) | 0.1 |
Deficit in schemes at the end of the year | (6.9) | (6.6) |
180
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29. RETIREMENT BENEFIT OBLIGATIONS CONTINUED
| 2025 | 2024 | |
| £m | £m | |
Administrative expenses | 0.3 | 0.3 |
Interest obligation | 36.1 | 38.0 |
Interest income on plan assets | (37.4) | (39.8) |
Interest on additional liability | 1.6 | 2.1 |
0.6 | 0.6 |
| 2025 | 2024 | |
| £m | £m | |
Administrative expenses | 0.3 | 0.3 |
Net finance charge | 0.3 | 0.3 |
0.6 | 0.6 |
| 2025 | 2024 | |
| £m | £m | |
Cumulative loss at the start of the year | 59.1 | 59.2 |
Actuarial losses recognised during the year | 18.5 | 6.0 |
Movement in restriction of assets | (16.4) | (3.9) |
Interest restriction on IFRIC 14 | (1.8) | (2.1) |
Exchange rate adjustment | 0.1 | (0.1) |
Cumulative loss at the end of the year | 59.5 | 59.1 |
2025 | 2024 | |
Discount rate | 5.50% | 5.15% |
Consumer Price Index | 2.55% | 2.55% |
Retail Price Index | 2.90% | 2.90% |
| 2025 | 2024 | ||
| Years | Years | ||
Retiring at balance sheet date at age 65 | Male | 22.1 | 22.1 |
Female | 24.2 | 24.1 | |
Retiring at age 65 in 20 years’ time | Male | 23.8 | 23.7 |
Female | 26.0 | 25.9 |
| 2025 | 2024 | |
| Years | Years | |
Weighted average duration of the defined benefit obligations | 9.9 | 10.1 |
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
181
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
29. RETIREMENT BENEFIT OBLIGATIONS CONTINUED
Discount rate | Rate of inflation | Life expectancy | ||||
| Decrease | Increase | Decrease | Increase | Decrease | Increase | |
| by 0.5% | by 0.5% | by 0.5% | by 0.5% | by 1 year | by 1 year | |
| £m | £m | £m | £m | £m | £m | |
Increase/(decrease) in present value of defined obligation | 12.2 | (12.0) | (8.0) | 9.3 | (9.3) | 9.3 |
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| £m | £m | £m | £m | £m | |
Present value of the defined benefit obligation | 273.6 | 730.2 | 754.2 | 866.0 | 1,106.6 |
Fair value of plan assets | (286.7) | (760.0) | (787.6) | (936.3) | (1,147.2) |
Restrict recognition of asset and recognition of additional liability | 20.0 | 36.4 | 40.3 | 78.6 | 51.7 |
Deficit in the plans | 6.9 | 6.6 | 6.9 | 8.3 | 11.1 |
Experience adjustments arising on plan liabilities (%) | 12.3 | 1.0 | 17.2 | 21.0 | 2.1 |
Experience adjustments arising on plan assets (%) | 11.8 | 0.9 | 16.3 | 19.3 | 2.4 |
182
GENUS PLC / Annual Report 2025
| Number of | Number of | |
| awards | awards | |
| 2025 | 2024 | |
Outstanding at the start of year | 1,014,981 | 821,681 |
Exercised during the year | (207,544) | (109,299) |
Forfeited during the year | (92,940) | (153,545) |
Granted during the year | 475,201 | 456,144 |
Outstanding at 30 June | 1,189,698 | 1,014,981 |
Exercisable at 30 June | 15,882 | 28,586 |
| Number of | Number of | |
| awards | awards | |
| 2025 | 2024 | |
Outstanding at the start of year | 45,962 | 48,728 |
Exercised during the year | (29,336) | (18,151) |
Forfeited during the year | (210) | – |
Granted during the year | 56,967 | 15,385 |
Outstanding at 30 June | 73,383 | 45,962 |
Exercisable at 30 June | 7,744 | – |
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
183
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
| 2025 | 2024 | 2025 | 2024 | |
| Number | Number | £m | £m | |
| Issued and fully paid | ||||
Ordinary shares of 10 pence | 66,036,776 | 66,032,782 | 6.6 | 6.6 |
| 2025 | 2024 | 2025 | 2024 | |
| Number | Number | £m | £m | |
Issued under the Executive Share Option Plan | – | 1,319 | – | – |
Issued to Employee Benefit Trust | – | – | – | – |
Issued to Genus plc Share Incentive Plan | 3,994 | 4,253 | – | – |
3,994 | 5,572 | – | – |
| 2025 | 2025 | 2024 | 2024 | ||
| Number | Option price | Number | Option price | ||
Executive Share Option Plan | – | – | 1,319 | 141 | 3.00p |
| 2025 | 2024 | 2025 | 2024 | |
| Number | Number | £m | £m | |
Shares allocated but not vested | 32,732 | 252,384 | 0.7 | 4.2 |
Unallocated shares | 92,334 | 92,334 | 1.9 | 1.5 |
125,066 | 344,718 | 2.6 | 5.7 |
184
GENUS PLC / Annual Report 2025
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
31. CAPITAL AND RESERVES CONTINUED
| Hedging | Translation | |
| reserve | reserve | |
| £m | £m | |
Balance at 30 June 2023 | 2.0 | 26.7 |
Exchange differences on translation of overseas operations | – | (16.0) |
Gain recognised on net investment hedges | – | 0.4 |
Loss recognised on cash flow hedges – interest rate swaps and cross-currency swaps | (1.6) | – |
Income tax related to net losses recognised in other comprehensive income | 0.5 | (0.6) |
Balance at 30 June 2024 | 0.9 | 10.5 |
Exchange differences on translation of overseas operations | – | (35.7) |
Gain recognised on net investment hedges | – | (0.5) |
Loss recognised on cash flow hedges – interest rate swaps and cross-currency swaps | (1.4) | – |
Income tax related to net losses recognised in other comprehensive income | 0.2 | (5.1) |
Balance at 30 June 2025 | (0.3) | (30.8) |
32. NOTES TO THE CASH FLOW STATEMENT
| 2025 | 2024 | |
| £m | £m | |
Profit for the year | 19.3 | 2.4 |
| Adjustment for: | ||
Net IAS 41 valuation movement on biological assets | 13.3 | 23.2 |
Amortisation of acquired intangible assets | 5.6 | 5.8 |
Impairment of goodwill | 1.5 | – |
Share-based payment expense | 6.9 | 7.0 |
Share of profit of joint ventures and associates | (9.1) | (19.1) |
Other gains and losses | 4.2 | 1.7 |
Finance costs (net) | 18.8 | 18.3 |
Income tax expense | 9.2 | 3.1 |
Exceptional items (net) | 11.4 | 24.6 |
Adjusted operating profit from continuing operations | 81.1 | 67.0 |
Depreciation of property, plant and equipment | 31.8 | 34.7 |
(Profit)/loss on disposal of plant and equipment | (0.5) | 0.8 |
Loss on disposal of intangible asset | 0.1 | – |
Amortisation and impairment of intangible assets | 7.3 | 6.4 |
Adjusted earnings before interest, tax, depreciation and amortisation | 119.8 | 108.9 |
Cash impact of exceptional items relating to operating activities | (24.2) | (17.9) |
Other movements in biological assets and harvested produce | 1.3 | (9.6) |
Decrease in provisions | (0.7) | (1.0) |
Additional pension contributions in excess of pension charge | (0.4) | (0.5) |
Other | (0.4) | 0.1 |
Operating cash flows before movement in working capital | 95.4 | 80.0 |
Increase/(decrease) in inventories | 2.0 | (1.3) |
Increase/(decrease) in receivables | 11.4 | (10.1) |
(Decrease)/increase in payables | (2.1) | 0.2 |
Cash generated by operations | 106.7 | 68.8 |
Interest received | 0.6 | 0.5 |
Interest and other finance costs paid | (15.7) | (14.5) |
Interest on leased assets | (2.4) | (2.8) |
Cash flow from derivative financial instruments | (1.3) | (0.7) |
Income taxes paid | (20.7) | (21.5) |
Net cash from operating activities | 67.2 | 29.8 |
185
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
32. NOTES TO THE CASH FLOW STATEMENT CONTINUED
| Other | |||||
| At 1 July | Net | Foreign | non-cash | At 30 June | |
| 2024 | cash flows | exchange | movements | 2025 | |
| £m | £m | £m | £m | £m | |
Cash and cash equivalents (see note 22) | 42.5 | 6.8 | (1.3) | – | 48.0 |
Interest-bearing loans – current (see note 27) | (4.9) | 2.8 | 0.1 | (0.9) | (2.9) |
| Interest-bearing deferred consideration – current (see note 38) | – | 2.6 | – | (5.2) | (2.6) |
Lease liabilities – current (see note 28) | (14.0) | 14.1 | 0.7 | (14.1) | (13.3) |
(18.9) | 19.5 | 0.8 | (20.2) | (18.8) | |
Interest-bearing loans – non-current (see note 27) | (228.2) | 5.9 | 6.4 | – | (215.9) |
Interest-bearing deferred consideration – non-current (see note 38) | – | – | 0.3 | (8.0) | (7.7) |
Lease liabilities – non-current (see note 28) | (44.1) | – | 2.0 | 8.3 | (33.8) |
(272.3) | 5.9 | 8.7 | 0.3 | (257.4) | |
Total debt financing | (291.2) | 25.4 | 9.5 | (19.9) | (276.2) |
Net debt | (248.7) | 32.2 | 8.2 | (19.9) | (228.2) |
| Other | |||||
| At 1 July | Net | Foreign | non-cash | At 30 June | |
| 2023 | cash flows | exchange | movements | 2024 | |
| £m | £m | £m | £m | £m | |
Cash and cash equivalents (see note 22) | 36.3 | 7.7 | (1.5) | – | 42.5 |
Interest-bearing loans – current (see note 27) | (4.2) | 0.2 | – | (0.9) | (4.9) |
Lease liabilities – current (see note 28) | (10.0) | 13.7 | 0.3 | (18.0) | (14.0) |
(14.2) | 13.9 | 0.3 | (18.9) | (18.9) | |
Interest-bearing loans – non-current (see note 27) | (196.0) | (32.1) | (0.1) | – | (228.2) |
Lease liabilities – non-current (see note 28) | (21.9) | – | 0.6 | (22.8) | (44.1) |
(217.9) | (32.1) | 0.5 | (22.8) | (272.3) | |
Total debt financing | (232.1) | (18.2) | 0.8 | (41.7) | (291.2) |
Net debt | (195.8) | (10.5) | (0.7) | (41.7) | (248.7) |
| 2025 | 2024 | |
| £m | £m | |
In less than one year | 1.3 | 1.2 |
Between one and five years | 2.6 | – |
In more than five years | – | – |
3.9 | 1.2 |
186
GENUS PLC / Annual Report 2025
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
36. DIRECTORS AND KEY MANAGEMENT COMPENSATION
In accordance with IAS 24 ‘Related Party Disclosures’, key management personnel are those having authority and responsibility for
planning, directing and controlling the activities of the Group, directly or indirectly. Key management personnel comprise the Directors
and the other members of GELT.
| 2025 | 2024 | |
| £m | £m | |
Salaries and short-term employee benefits | 7.9 | 6.7 |
Post-employment benefits | 0.2 | 0.1 |
Share-based payment expense | 3.8 | 3.8 |
11.9 | 10.6 |
Directors
Further details of Directors’ compensation are included in the Directors’ Remuneration Report.
Other transactions with key management personnel
Other than remuneration, there were no transactions with key management personnel.
| % of share | |||||||||
| capital/voting | |||||||||
| rights held by | |||||||||
| Country of | Direct/indirect | Group | |||||||
Name of undertaking | Registered address | incorporation | Group interest | Share class | companies | ||||
| ABS (Beijing) International | B16 | 08, Lucky Tower, No. 3, East 3rd Ring North Road, | China | Indirect | No Par Value | 100% | |||
| Trade Co., Ltd. | Chaoyang District, Beijing, 100027, China | Common Stock | |||||||
ABS Argentina S.A. | A. | Castellanos 1169, (3080) | Esperanza, | Sante Fe, | Argentina | Direct | ARS1 Ordinary | 100% | |
| Argentina | |||||||||
ABS Chile Limitada | Avenida del Parque #4161 office #601, Huechuraba, | Chile | Direct | CLP0.10 | 100% | ||||
| Santiago, Chile | Common Stock | ||||||||
| ABS Genetics South Africa | Prestige Park Block B, Unit No. 5B, Pastorale Street, | South Africa | Indirect | ZAR1 Ordinary | 100% | ||||
| (Pty) Ltd | Durbanville Industrial Park, Durbanville, 7550, South | ||||||||
| Africa | |||||||||
ABS Global (Canada) Inc. | 1525 | Floradale Road, Elmira ON N3B 2Z1, Canada | Canada | Indirect CAD1 Common | 100% | ||||
ABS Global, Inc. | 1525 | River Road, De Forest WI 53532, United States | United States | Indirect | USD0.01 | 100% | |||
| Common | |||||||||
ABS Italia S.r.l. | Via Bastida nr. 6, loc. Cavatigozzi, 26100, Cremona, | Italy | Indirect | €1 Quota | 100% | ||||
| Italy | |||||||||
ABS México, S.A. de C.V. | 6, 746 | Independencia, New Los Angeles, Torreon, | Mexico | Direct | MXN10 Class 1 | 100% | |||
27 | 140, Mexico | MXN10 Class 2 | |||||||
ABS Polska Sp. z o.o. | Szafirowa 22A, 82-300 Gronowo Górne, Poland | Poland | Indirect | PLN1,000 | 100% | ||||
| Ordinary | |||||||||
187
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
| % of share | |||||||
| capital/voting | |||||||
| rights held by | |||||||
| Country of | Direct/indirect | Group | |||||
Name of undertaking | Registered address | incorporation | Group interest | Share class | companies | ||
Bovec SASU | 69 Chemin des Molières, PA du Charpenay, 69210, | France | Indirect | €10 Ordinary | 100% | ||
| Lentilly, France | |||||||
| Chitale Genus ABS (India) | Gat No 29, Bramha Facility, Burungwadi | India | IndirectINR100 Ordinary | 50% 1 | |||
| Private Limited | Near Bhilawadi Railway Station, Taluka Palus, | ||||||
| Maharashtra, Sangli, 416303, India | |||||||
De Novo Genetics LLC | 1286 | Oriole Drive, New Albin IA 52160, United States | United States | Indirect | No Par Value | 100% | |
| LLC Units | |||||||
Genus ABS (NZ) Limited | Generate Accounting Group Limited, Level 1, 317 New | New Zealand | Indirect | NZD1 Ordinary | 100% | ||
| North Road, Kingsland, Auckland, 1021, New Zealand | |||||||
Genus ABS Colombia SAS | Calle 127, 70g-78 OF 406, Bogota, Colombia | Colombia | Indirect | COP10,000 | 100% | ||
| Ordinary | |||||||
Genus ABS Netherlands B.V. | Hoogoorddreef 15, Amsterdam, 1101BA, Netherlands | Netherlands | Indirect | EUR1 Ordinary | 100% | ||
Genus Australia Pty Ltd | 15 Scholar Drive, Bundoora VIC 3083, Australia | Australia | Indirect | AUD1.388 | 100% | ||
| Ordinary | |||||||
| Genus Breeding India Private | 5th FLOOR, C WING, ETERNIA PREMISES CO-OP SOC, | India | Indirect | INR10 Ordinary | 100% | ||
| Limited | NEAR DA UNIT NO 505, 506, DAGDI BUNGLOW, | ||||||
| WAKDEWADI, Maharashtra, Pune, 411005, India | |||||||
| Genus Breeding Limited | Matrix House, Basing View, Basingstoke, Hampshire, | UK | Direct | £1 Ordinary | 100% | ||
(01192037) 2 | RG21 4FF, United Kingdom | ||||||
‘Genus Ukraine’ LLC | Pidlisna str., 1, KYIV 03164, Ukraine | Ukraine | Indirect | No Par Value | 100% | ||
| Common Stock | |||||||
JBI Genetics LLC | 130 | North Kelsey Street, Visalia CA 93291, United | United States | Indirect | No Par Value | 100% | |
| States | LLC Units | ||||||
LLC Genus ABS Rus | Zheleznodorozhnaya Street, House 51, Letter Zh, | Russian | Indirect | RUB1 Ordinary | 100% | ||
| Premises 2, Tula, 300062 Russian Federation | Federation | ||||||
| Millwood Products Ltd | Matrix House, Basing View, Basingstoke, Hampshire, | UK | Indirect | £1 Ordinary | 100% | ||
(08662101) 2 | RG21 4FF, United Kingdom | ||||||
Pecplan ABS Imp. e Exp. Ltda. | Rod. BR 050 Km 196 + 150metros, Zona Rural, Delta, | Brazil | Indirect | BRL1 Ordinary | 100% | ||
| MG – 38108-000, Brazil | |||||||
| St Jacobs Animal Breeding | 1525 | River Road, De Forest WI 53532, United States | United States | Indirect | No Par Value | 100% | |
| Corp. | Common | ||||||
Zitery S.A. | Maximo Tajes 7286, Uruguay | Uruguay | Indirect | No Par Value | 100% | ||
| Common | |||||||
| % of share | |||||
| capital/voting | |||||
| rights held by | |||||
| Country of | Direct/indirect | Group | |||
Name of undertaking | Registered address | incorporation | Group interest | Share class | companies |
| Agroceres PIC Genética de | Rua 1 JN, n˚ 1411, Sala 16 – Jardim Novo, Rio Claro/SP | Brazil | Indirect | BRL1 Ordinary | 49% 1 |
| Suínos Ltda | – CEP, 13.502-741, Brazil | ||||
Agroceres PIC Suínos Ltda | Rua 1 JN, n˚ 1411, Sala 17 – Jardim Novo, Rio Claro/SP | Brazil | Indirect | BRL1 Ordinary | 49% 1 |
| – CEP, 13.502-741, Brazil | |||||
GENEETIC Service S.R.L. | Viale Europa 71, Belluno, 32100, Italy | Italy | Indirect | €1 Ordinary | 33% 1 |
| Inner Mongolia Genus | 337, E2, 3rd Floor West, Intelligent Manufacturing | China | Indirect | CNY1 | 100% |
| Biotechnology Co., Ltd | Industrial Park, Inner Mongolia, Helinger New Area, | Ordinary | |||
| China | |||||
| Inner Mongolia Haoxiang Pig | Jintang Village, Jinding Town, Zhidan County, Yan An | China | Indirect | CNY1 | 49% 1 |
| Breeding Co. Ltd | Municipality, Shaanxi Province, China | Ordinary | |||
| Liao Ning PIC Agriculture | Gunzigou Village, Gao Guan Town, Benxi County, | China | Indirect | CNY1 | 100% |
Science and Technology Co., Ltd | Benxi City, Liaoning Province, China | Ordinary |
37. GROUP ENTITIES continued
188
GENUS PLC / Annual Report 2025
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
| % of share | |||||||
| capital/voting | |||||||
| rights held by | |||||||
| Country of | Direct/indirect | Group | |||||
Name of undertaking | Registered address | incorporation | Group interest | Share class | companies | ||
| PIC (Qiannan) Agriculture | Rongxiang Village, Luokun Town, Luodian County, | China | Indirect | CNY1 | 40% | ||
Science and Technology Co., Ltd. | Qiannan Prefecture, Guizhou Province, China | Ordinary | |||||
| PIC (Shanghai) Agriculture | Office 803A-305, Building 1, Hongqiao Pingan | China | Indirect | CNY1 | 100% | ||
| Science and Technology | Fortune Center, Lane 1588, Shenchang Road, | Ordinary | |||||
| Company Limited | Minhang District, Shanghai, 201100, China | ||||||
| PIC (Zhangjiagang) Pig | Office 1210, International Finance Tower, 20 Jingang | China | Indirect | CNY1 | 100% | ||
| Improvement Co., Ltd. | Road, Zhangjiagang Bonded Zone, Zhangjiagang | Ordinary | |||||
| City, Jiangsu Province, China | |||||||
PIC Andina SpA | Avenida del Parque #4161 office #601, Huechuraba, | Chile | Indirect | CLP1 | 100% | ||
| Santiago, Chile | Ordinary | ||||||
| PIC Ankang Agriculture | Shishubian Village, Hanbin District, Shaanxi Province, | China | Indirect | CNY1 | 100% | ||
| Science and Technology | Ankang, China | Ordinary | |||||
| Co., Ltd. | |||||||
PIC Canada Ltd. | Borden Ladner Gervais LLP, Centennial Place, East | Canada | Indirect | CAD1 | 100% | ||
Tower, 1900, | 520 – 3rd Ave SW, Calgary, AB, T2P 0R3, | Ordinary | |||||
| Canada | |||||||
PIC France SA | 69 Chemin des Molières, PA du Charpenay, Lentilly, | France | Indirect | €17 Ordinary | 100% | ||
692 | 10, France | ||||||
| PIC Genetics Designated | Riverside One, Sir John Rogerson’s Quay, Dublin 2, | Ireland | Indirect €1.27 Ordinary | 100% | |||
| Activity Company | D02 X576, Ireland, Europe | €1.27 | |||||
| Redeemable | |||||||
| preference | |||||||
| shares | |||||||
PIC Genetics LLC | 79 Narodniy Boulevard, 308000, Belgorod, Russian | Russian | Indirect RUB1 Ordinary | 100% | |||
| Federation | Federation | ||||||
| Pig Improvement Company | Wenceslao de la Barquera No.7, Col. Villas del Sur, | Mexico | Indirect | No Par Value | 100% | ||
| de México, S. de R.L. de C.V. | 76040 | Queretaro, Queretaro, Mexico | Common Stock | ||||
| Pig Improvement Company | Lorbeerrosenweg 10, Isernhagen, 30916, Germany | Germany | Indirect | No Par Value | 100% | ||
| Deutschland GmbH | Common Stock | ||||||
| Pig Improvement Company | C/Pau Vila, 22 2 0 puerta 6, 08174 | Sant Cugat del | Spain | Indirect | €25 Ordinary | 100% | |
| España, S.A. | Valles, Barcelona, Spain | ||||||
| Pig Improvement Company | Matrix House, Basing View, Basingstoke, Hampshire, | UK | Indirect £0.10 Ordinary | 100% | |||
UK Limited (00716304) 2 | RG21 4FF, United Kingdom | ||||||
PIC Italia S.r.l. | Strada dei Loggi 22, 06135, Ponte San Giovanni, | Italy | Indirect | €1 Ordinary | 85% | ||
| Perugia, Italy | |||||||
PIC Philippines, Inc. | Unit 2101-2103 and 2203, Jollibee Plaza, F. Ortigas, Jr. | Philippines | Indirect | PHP100 | 100% | ||
| Rd., Ortigas Center, Pasig City, 1605, Philippines | Ordinary | ||||||
PIC USA, Inc. | 100 | BlueGrass Commons Blvd, Suite 2200, | United States | Indirect USD1 Ordinary | 100% | ||
| Hendersonville, TN 37075, United States | |||||||
RenOVAte Biosciences, Inc. | 6874 | Caravan Ct, Columbia MD 21044, United States | United States | Direct | USD0.001 | 33% 1 | |
| Series Seed | |||||||
| Preferred | |||||||
| Società Agricola GENEETIC | Via Marche n. 2, Reggio Emilia, 42122, Italy | Italy | Indirect | €1 Ordinary | 33% 1 | ||
| S.R.L. | |||||||
| Yan’an Xinyongxiang | Jintang Village, Jinding Town, Zhidan County, Yan An | China | Indirect CNY1 Ordinary | 49% 1 | |||
| Agriculture Technology | Municipality, Shaanxi Province, China | ||||||
| Co., Ltd. | |||||||
37. GROUP ENTITIES CONTINUED
189
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
| % of share | |||||||
| capital/voting | |||||||
| rights held by | |||||||
| Country of | Direct/indirect | Group | |||||
Name of undertaking | Registered address | incorporation | Group interest | Share class | companies | ||
| Accounting & Managerial | Kansas No. 2028, Quintas Campestre, 31214, | Mexico | Indirect | MXN1 Class 1 | 100% | ||
| Services S. de R.L. de C.V. | Chihuahua, Chih., Mexico | ||||||
ABS International, Inc. | 1525 | River Road, De Forest WI 53532, United States | United States | Indirect USD1 Ordinary | 100% | ||
ABS Pecplan Ltda. | Rod. BR 050 Km 196 + 150metros, Zona Rural, Delta, | Brazil | Direct | BRL1 Ordinary | 100% | ||
| MG – 38108-000, Brazil | |||||||
| Brazilian Holdings Limited | Matrix House, Basing View, Basingstoke, Hampshire, | UK | Indirect | £1 Ordinary | 100% | ||
(00479048) 2 | RG21 4FF, United Kingdom | ||||||
Brazilian Properties Limited | Matrix House, Basing View, Basingstoke, Hampshire, | UK | Direct | £1 Ordinary | 100% | ||
| RG21 4FF, United Kingdom | |||||||
Busby Participações Ltda. | Av. Leopoldino de Oliveira, 4.113, Sala 303, Centro, | Brazil | Indirect | BRL1 Ordinary | 100% | ||
| CEP: 38010-000, UBERABA-MG, Brazil | |||||||
| Cannavarro Participações | Av. Leopoldino de Oliveira, 4.113, Sala 303, Centro, | Brazil | Indirect | BRL1 Ordinary | 100% | ||
| Ltda. | CEP: 38010-000, UBERABA-MG, Brazil | ||||||
Dalco Exportadora Ltda. | Av. Leopoldino de Oliveira, 4113 – Sala 303, Uberaba, | Brazil | Indirect | BRL1 Ordinary | 100% | ||
| Minas Gerais, CEP 38010-000, Brazil | |||||||
Dalgety Pension Trust Limited | Matrix House, Basing View, Basingstoke, Hampshire, | UK | Indirect | £1 Ordinary | 100% | ||
| RG21 4FF, United Kingdom | |||||||
Fyfield (SM) Limited (01026475) 2 | Matrix House, Basing View, Basingstoke, Hampshire, | UK | Indirect | £1 Ordinary | 100% | ||
| RG21 4FF, United Kingdom | |||||||
Fyfield Dormant | Matrix House, Basing View, Basingstoke, Hampshire, | UK | Indirect | £1 Ordinary | 100% | ||
| RG21 4FF, United Kingdom | |||||||
Fyfield Holland B.V. | Matrix House, Basing View, Basingstoke, Hampshire, | Netherlands | Indirect | €1 Ordinary | 100% | ||
| RG21 4FF, United Kingdom | |||||||
| Fyfield Ireland Unlimited | Riverside One, Sir John Rogerson’s Quay, Dublin 2, | Ireland | Indirect | €0.001 ‘A’ | 100% | ||
| Company | DO2 X576, Ireland | Ordinary | |||||
| €0.001 ‘B’ | |||||||
| Ordinary | |||||||
| Genus Investments Limited | Matrix House, Basing View, Basingstoke, Hampshire, | UK | Direct | £1 Ordinary | 100% | ||
(02028517) 2 | RG21 4FF, United Kingdom | ||||||
Genus Quest Trustees Limited | Matrix House, Basing View, Basingstoke, Hampshire, | UK | Direct | £1 Ordinary | 100% | ||
| RG21 4FF, United Kingdom | |||||||
Genus R&D, Inc. | 1525 | River Road, De Forest WI 53532, United States | United States | Indirect | US$0.01 | 100% | |
| Common | |||||||
Genus Trustees Limited | Matrix House, Basing View, Basingstoke, Hampshire, | UK | Direct | £1 Ordinary | 100% | ||
| RG21 4FF, United Kingdom | |||||||
GIL Finance S.à.r.l. | 31, rue de Hollerich, L-1741, Luxembourg | Luxembourg | Indirect USD1 Ordinary | 100% | |||
| PIC Do Brasil Empreendimentos | Rua 1 JN, no. 1411, Sala 13, Jardim Novo, Rio Claro, | Brazil | Indirect | BRL0.01 | 100% | ||
| e Participações Ltda. | Estado De São Paulo, CEP 13.502.741, Brazil | Ordinary | |||||
PIC Fyfield Limited (00019739) 2 | Matrix House, Basing View, Basingstoke, Hampshire, | UK | Indirect | £1 Ordinary | 100% | ||
| RG21 4FF, United Kingdom | |||||||
| Pig Improvement Company | Matrix House, Basing View, Basingstoke, Hampshire, | UK | Indirect | £1 Ordinary | 100% | ||
Overseas Limited (01583814) 2 | RG21 4FF, United Kingdom | ||||||
Pigtales Limited (00723762) 2 | Matrix House, Basing View, Basingstoke, Hampshire, | UK | Indirect | £1 Ordinary | 100% | ||
| RG21 4FF, United Kingdom | |||||||
| Promar International Limited | Matrix House, Basing View, Basingstoke, Hampshire, | UK | Direct | £1 Ordinary | 100% | ||
(03004562) 2 | RG21 4FF, United Kingdom | ||||||
Skogluno Participações Ltda. | Av. Leopoldino de Oliveira, 4.113, Sala 303, Centro, | Brazil | Indirect | BRL1 Ordinary | 100% | ||
| CEP: 38010-000, UBERABA-MG, Brazil | |||||||
Spillers Limited | Matrix House, Basing View, Basingstoke, Hampshire, | UK | Indirect £0.25 Ordinary | 100% | |||
| RG21 4FF, United Kingdom | |||||||
| Spillers Overseas Limited | Matrix House, Basing View, Basingstoke, Hampshire, | UK | Indirect £0.25 Ordinary | 100% | |||
(00069723) 2 | RG21 4FF, United Kingdom | ||||||
37. GROUP ENTITIES continued
190
GENUS PLC / Annual Report 2025
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
| % of share | ||||||||
| capital/voting | ||||||||
| rights held by | ||||||||
| Country of | Direct/indirect | Group | ||||||
Name of undertaking | Registered address | incorporation | Group interest | Share class | companies | |||
Sygen, Inc. | 100 | BlueGrass Commons Blvd, Suite 2200, | United States | Indirect | USD1 | 100% | ||
| Hendersonville, TN 37075 United States | Common | |||||||
| Sygen International Limited | Matrix House, Basing View, Basingstoke, Hampshire, | UK | Direct | £0.10 | 100% | |||
(03215874) 2 | RG21 4FF, United Kingdom | Ordinary | ||||||
Sygen Investimentos Ltda. | Av. Leopoldino de Oliveira, 4113 – Sala 303, Uberaba, | Brazil | Indirect | BRL0.63 | 100% | |||
| Minas Gerais, CEP 38010-000, Brazil | Ordinary | |||||||
Usicafé SA | c/o Cabinet Mayor, avocats, Rue Jean-Gabriel | Switzerland | Indirect | CHF1,000 | 100% | |||
Eynard | 6, | 1205 | Genève, Switzerland | Ordinary | ||||
Xelect Limited (SC438223) 2 | Horizon House, Abbey Walk, St Andrews, Fife, | UK | Indirect | £0.001 | 100% | |||
| KY16 9LB, Scotland | Ordinary | |||||||
37. GROUP ENTITIES continued
191
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
| Contingent | Interest-bearing | |||
| deferred | Deferred | deferred | ||
| consideration | consideration | consideration | Total | |
| £m | £m | £m | £m | |
| Balance at 1 July 2023 | 0.4 | 0.2 | – | 0.6 |
Business combination | 0.6 | – | – | 0.6 |
Release of contingent deferred consideration | (0.4) | – | – | (0.4) |
Transfer | (0.6) | 0.6 | – | – |
Effect of movement in exchange rates | – | – | – | – |
Balance at 30 June 2024 | – | 0.8 | – | 0.8 |
Release of contingent deferred consideration | – | – | – | – |
Acquisition of non-controlling interest (see note 39) | 13.2 | 13.2 | ||
Payment of consideration | – | (0.6) | (2.6) | (3.2) |
Transfer | – | – | – | – |
Effect of movement in exchange rates | – | – | (0.3) | (0.3) |
Balance at 30 June 2025 | – | 0.2 | 10.3 | 10.5 |
Current | – | – | 2.6 | 2.6 |
Non-current | – | 0.2 | 7.7 | 7.9 |
Balance at 30 June 2025 | – | 0.2 | 10.3 | 10.5 |
Current | – | 0.6 | – | 0.6 |
Non-current | – | 0.2 | – | 0.2 |
Balance at 30 June 2024 | – | 0.8 | – | 0.8 |
| Contingent | Interest-bearing | ||||
| deferred | Deferred | deferred | |||
| Fiscal year of | consideration | consideration | consideration | Total | |
| transaction | £m | £m | £m | £m | |
T.A.C. – Laboratório de Reprodução Animal Ltda. | 2022 | – | 0.2 | – | 0.2 |
De Novo Genetics LLC | 2025 | – | – | 10.3 | 10.3 |
Balance at 30 June 2025 | – | 0.2 | 10.3 | 10.5 |
192
GENUS PLC / Annual Report 2025
Notes to the Group Financial Statements continued
For the year ended 30 June 2025
39. NON-CONTROLLING INTEREST
| 2025 | 2024 | |
| £m | £m | |
Non-controlling interest | 0.4 | 1.2 |
Put option over non-controlling interest at inception | (0.5) | (5.5) |
Total non-controlling interest | (0.1) | (4.3) |
Summarised financial information in respect of each of the Group’s subsidiaries that has a material non-controlling interest is set out
below before intra-Group eliminations.
| 2025 | 2024 | |
| £m | £m | |
Balance at 1 July | (4.3) | (7.7) |
Total comprehensive expense attributable to the non-controlling interest | – | (5.5) |
De Novo capital injection | – | 8.9 |
Acquisition of De Novo Genetics LLC non-controlling interest | 4.5 | – |
Dividends paid by PIC Italia S.r.l | (0.1) | – |
Effect of exchange rates | (0.2) | – |
Balance at 30 June | (0.1) | (4.3) |
On 19 September 2024, the Group purchased the remaining 49% share of De Novo Genetics LLC for a consideration of £13.2m. £2.6m of
the consideration was paid on signing, the remaining consideration (see note 38) will be settled in four equal payments ending on 1 July
2029. The outstanding balance attracts interest at 180-day SOFR + 2%. On acquisition, the previous put option was derecognised, and a
loss of £3.6m has been recognised in Other Gains & Losses.
| De Novo | PIC Italia | ||
| Genetics LLC | S.r.l. | 2025 | |
| £m | £m | £m | |
Revenue | 0.4 | 3.7 | 4.1 |
Expenses | (0.9) | (2.5) | (3.4) |
Total comprehensive (expense)/income for the year | (0.5) | 1.2 | 0.7 |
Total comprehensive (expense)/income attributable to owners of the Company | (0.3) | 1.0 | 0.7 |
Total comprehensive (expense)/income attributable to the non-controlling interest | (0.2) | 0.2 | – |
Biological assets | – | 1.3 | 1.3 |
| Current assets | – | 1.6 | 1.6 |
Other non-current assets | – | – | – |
Current liabilities | – | (0.5) | (0.5) |
Net assets | – | 2.4 | 2.4 |
Equity attributable to owners of the Company | – | 2.0 | 2.0 |
Non-controlling interest | – | 0.4 | 0.4 |
Dividends of £0.1m were paid to non-controlling interests (2024: £nil).
| De Novo | PIC Italia | ||
| Genetics LLC | S.r.l. | 2024 | |
| £m | £m | £m | |
| Revenue | 3.4 | 3.6 | 7.0 |
Expenses | (14.8) | (2.8) | (17.6) |
Total comprehensive (expense)/income for the year | (11.4) | 0.8 | (10.6) |
Total comprehensive (expense)/income attributable to owners of the Company | (5.8) | 0.7 | (5.1) |
Total comprehensive (expense)/income attributable to the non-controlling interest | (5.6) | 0.1 | (5.5) |
Biological assets | 6.9 | – | 6.9 |
Current assets | – | 1.9 | 1.9 |
Other non-current assets | 0.6 | 1.1 | 1.7 |
Current liabilities | (7.2) | (1.0) | (8.2) |
Net assets | 0.3 | 2.0 | 2.3 |
Equity attributable to owners of the Company | 0.6 | (1.7) | (1.1) |
Non-controlling interest | 0.9 | 0.3 | 1.2 |
193
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
41. OTHER GAINS AND LOSSES
| 2025 | 2024 | ||
| Note | £m | £m | |
Release of contingent deferred consideration | 38 | – | 0.4 |
| Loss on purchase of non-controlling interest in De Novo Genetics LLC | 39 | (3.6) | – |
Gain on loss of control of subsidiary | 18 | 0.3 | – |
Loss on derivative | 26 | (0.9) | (2.1) |
Other gains and losses | (4.2) | (1.7) |
Included with other gains and losses is a £0.9m (2024: £2.1m) loss on the mark-to-market valuation (‘MTM’) in relation to £60m of SONIA
interest rate swaps executed in April 2023. Whilst the interest rate swaps are a perfect commercial hedge of a similar amount of our
GBP borrowings for at least a three-year period, as the executing banks have a written option at the three-year point to unilaterally
terminate the swaps at no cost, the transaction does not qualify for hedge accounting treatment. Accordingly, the MTM loss on the
valuation of these swaps as at 30 June 2025 is recognised in the Group Income Statement.
42. POST BALANCE SHEET EVENT
On 3 September 2025, Genus plc has updated its strategic porcine collaboration in China with Beijing Capital Agribusiness Co. Ltd
(‘BCA’), the Group’s domestic state-backed partner.
Under the terms of the updated agreements:
• Genus’s PIC China business and BCA’s Future Bio-Tech business will be combined to form a joint venture that is 51% owned by BCA
and 49% owned by Genus, in line with the original agreements;
• Genus will receive a gross cash payment of US$160m (estimated US$140m, net of withholding tax and transaction costs), and subject
to any further working capital and net debt adjustments);
• Genus will receive US$7.5m from BCA, upon receipt of regulatory approvals for the joint venture, in lieu of remaining milestone
payments under the original agreements; and
• Genus will receive intellectual property royalties from the joint venture for PRRS-Resistant Pig (‘PRP’) sales in China after regulatory
approval and launch of the product.
Net assets of Genus’s PIC China business being sold is £32m at 30 June 2025.
The transaction is expected to complete in calendar year 2026, following satisfaction of conditions to the transaction, including
customary Chinese regulatory approvals. Following completion, PIC China will be deconsolidated from Genus’s financial results and
Genus’s 49% interest in the joint venture will be equity accounted.
194
GENUS PLC / Annual Report 2025
Parent Company Balance Sheet
As at 30June 2025
Note
2025
£m
2024
£m
Non–current assets
Intangible assets C3 12.1 13.5
Property, plant and equipment C4 0.5 0.7
Investments in subsidiaries C5 307.6 313.6
Other receivables C6 65.5 71.2
Derivative financial asset C14 – 1.2
Deferred tax asset C7 13.5 16.3
399.2 416.5
Current assets
Other receivables C6 117.8 136.0
Cash and cash equivalents 1.5 3.9
119.3 139.9
Current liabilities
Current payables C8 (42.3) (70.9)
Provisions C10 (0.1) (0.3)
(42.4) (71.2)
Net current assets 76.9 68.7
Total assets less current liabilities 476.1 485.2
Non–current liabilities
Non–current payables C9 (214.5) (228.6)
Provisions C10 (0.1) (0.1)
(214.6) (228.7)
Net assets 261.5 256.5
Equity
Called–up share capital C15 6.6 6.6
Share premium account 179.1 179.1
Own shares (0.1) (0.1)
Retained earnings 76.2 70.3
Hedging reserve (0.3) 0.6
Total equity 261.5 256.5
The Company recognised profit for the year of £20.7m (2024: £4.2m profit).
The Financial Statements were approved and authorised for issue by the Board of Directors on 3 September 2025.
Signed on behalf of the Board of Directors.
Jorgen Kokke
Chief Executive
Company number: 02972325
195
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
Called-up
share capital
£m
Share premium
account
£m
Own
shares
£m
Retained
earnings
£m
Hedging
reserve
£m
Total
equity
£m
Balance at 1 July 2023 6.6 179.1 (0.1) 80.3 1.8 267.7
Fair value of movement on cash flow hedges, net of tax – – – – (1.2) (1.2)
Gain on equity instruments measured at fair value, net of tax – – – 0.1 – 0.1
Actuarial loss on retirement benefit obligations, net of tax – – – (0.4) – (0.4)
Movement on pension asset recognition restriction, net of tax – – – 0.4 – 0.4
Other comprehensive (expense)/income for the year – – – 0.1 (1.2) (1.1)
Total profit for the financial year – – – 4.2 – 4.2
Total comprehensive income/(expense) for the financial year – – – 4.3 (1.2) 3.1
Dividends paid – – – (21.0) – (21.0)
Share-based payment expense, net of tax – – – 6.7 – 6.7
Balance at 30 June 2024 6.6 179.1 (0.1) 70.3 0.6 256.5
Fair value of movement on cash flow hedges, net of tax – – – – (0.9) (0.9)
Loss on equity instruments measured at fair value, net of tax – – – (0.4) – (0.4)
Actuarial loss on retirement benefit obligations, net of tax – – – (1.4) – (1.4)
Movement on pension asset recognition restriction, net of tax – – – 1.4 – 1.4
Other comprehensive expense for the year – – – (0.4) (0.9) (1.3)
Total profit for the financial year – – – 20.7 – 20.7
Total comprehensive income for the financial year – – – 20.3 (0.9) 19.4
Dividends paid – – – (21.1) – (21.1)
Share-based payment expense, net of tax – – – 6.7 – 6.7
Balance at 30 June 2025 6.6 179.1 (0.1) 76.2 (0.3) 261.5
For information on dividends see note 13, on cash flow hedges see note 26 and on share-based payment expense see note 30, in the
Group financial statements.
Parent Company Statement of Changes in Equity
For the year ended 30 June 2025
196
GENUS PLC / Annual Report 2025
C1. ACCOUNTING INFORMATION AND POLICIES
Basis of preparation
The Parent Company Financial Statements have been prepared in accordance with Financial Reporting Standard 101 ‘Reduced
Disclosure Framework’ (‘FRS 101’) and the Companies Act 2006 (the ‘Act’). FRS 101 sets out a reduced disclosure framework for a
‘qualifying entity’ as defined in the standard, which addresses the financial reporting requirements and disclosure exemptions in the
individual financial statements of qualifying entities that otherwise apply the recognition, measurement and disclosure requirements
of the Companies Act 2006. The Group Financial Statements have also been prepared in accordance with International Financial
Reporting Standards as issued by the IASB.
The Company Financial Statements have been prepared using the historical cost convention, as modified by the revaluation of certain
financial assets and financial liabilities and in accordance with the Act. The Financial Statements have been prepared on a going
concern basis, as set out in note 2 of the Consolidated Financial Statements of Genus plc. The accounting policies set out below and
stated in the relevant notes have been applied consistently to all periods presented in these Financial Statements.
The Company has taken advantage of the disclosure exemptions available under FRS 101 in relation to share-based payments, business
combinations, financial instruments, presentation of comparative information in respect of certain assets, presentation of a cash flow
statement, standards issued not yet effective, impairment of assets and related-party transactions. Where required, equivalent
disclosures are given in the Consolidated Financial Statements of Genus plc.
As permitted by section 408 of the Act, the Company has not presented its own Income Statement in this Annual Report.
The functional currency of the Company is Sterling.
Critical accounting judgements and key sources of estimation uncertainty
Preparing company financial statements in conformity with FRS 101 requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and
the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The
estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the
revision affects both current and future periods.
Impairment of investment held in subsidiaries (see note C5)
Determining whether the carrying value of the investment held in subsidiaries is impaired requires us to consider specific impairment
indicators and estimate the value in use of the cash-generating units (‘CGU’). This estimation involves projecting future cash flows from
the CGU, selecting an appropriate discount rate, and determining growth rates to calculate the present value.
Significant accounting policies applied in the current reporting period that relate to the Financial Statements as a whole
This section sets out our significant accounting policies that relate to the Financial Statements as a whole. Where an accounting policy
is generally applicable to a specific note to the Financial Statements, the policy has been described in that note.
Other income and deferred income
The Company has entered into a strategic collaboration with Beijing Capital Agribusiness (‘BCA’) under which BCA will establish and
fund a collaboration-specific entity (‘BCA Future Bio-Tech’) which will use Genus’s intellectual property and know-how to pursue the
PRRS-resistance regulatory and development work in China. Genus will receive consideration after meeting certain milestones in the
development programme.
Each milestone is considered to be either a separate performance obligation, or a set of separate performance obligations, under this
agreement and milestones are unbundled in the contractual arrangement as if they are distinct from one another.
We assess each separate performance obligation relating to the milestone payments, and upon completion of those performance
obligations recognise the fair value of amounts earned in other income. Some performance obligations, such as the transfer of
know-how, are recognised at a point in time whereas others, such as the provision of technical services, are recognised over time.
We recognise any received but unearned consideration as deferred income.
We will apply the same accounting policy to any other comparable agreements.
Pensions
A number of our employees are members of defined contribution pension schemes. We charge contributions to profit and loss as they
become payable under the schemes’ rules. We show differences between the contributions payable and the amounts actually paid as
either accruals or prepayments in the Balance Sheet. The schemes’ assets are held separately from those of the Company.
Certain former employees of the Company are members of one of the Group’s defined benefit pension schemes, details of which are
given in note 29 to the Group Financial Statements. The schemes are all multi-employer defined benefit schemes, whose assets and
liabilities are held independently from the Group but within their sponsored Group company.
Taxation
We provide for current tax, including UK corporation tax and foreign tax, at the amounts we expect to pay or recover, using the tax rates
and the laws enacted or substantively enacted at the balance sheet date.
Deferred tax is tax we expect to pay or recover due to the differences between the carrying amounts of our assets and liabilities in our
Financial Statements and the corresponding tax bases used in calculating out taxable profit. We account for deferred tax using the
balance sheet liability method.
Notes to the Parent Company Financial Statements
For the year ended 30 June 2025
197
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
C1. ACCOUNTING INFORMATION AND POLICIES CONTINUED
Foreign currencies
We record transactions in foreign currencies at the rate ruling at the transaction date. We retranslate monetary assets and liabilities
denominated in foreign currencies at the prevailing rate of exchange at the balance sheet date. All differences are taken to the
Income Statement.
Own shares
The Company has adopted FRS 101, which requires us to recognise the assets and liabilities associated with the Company’s investment
in its own shares in the Company’s Financial Statements, where there is de facto control of the assets and liabilities.
The Company’s own shares held by a Qualifying Employee Share Ownership Trust remain deducted from shareholders’ funds until they
vest unconditionally with employees.
Employee share schemes
The Company’s Executive Directors and Chief Operating Officers receive part of their remuneration in the form of share awards, which
vest upon meeting performance criteria over a three-year period.
We measure the cost of these awards by reference to the shares’ fair value at the award date. At the end of each financial reporting
period, we estimate the extent to which the performance criteria will be met at the end of three years and record an appropriate charge
in the profit and loss account, together with a corresponding credit to profit and loss reserves. Changes in estimates of the number of
shares vesting may result in charges or credits to the profit and loss account in subsequent periods.
Share-based payments
We have implemented the generally accepted accounting principle for accounting for share-based payments with subsidiary
undertakings under FRS 101, whereby the Company has granted rights to its shares to employees of its subsidiary undertakings under
an equity-settled arrangement, and the subsidiaries have not reimbursed the Company for these rights. Under this arrangement, the
Company treats the share-based payment recognised in the subsidiary’s financial statements as a cost of investment in the subsidiary
and credits equity with an equal amount.
Derivative financial instruments and hedging
Our activities expose us primarily to the financial risks of changes in foreign currency exchange rates and interest rates.
We use interest rate swaps to hedge interest rate risk. We also use forward foreign currency contracts, implemented through a medium-
term US Dollar cross-currency borrowing and related interest rate swap, to hedge exposure to translation risk associated with US Dollar
net assets of subsidiaries. Forward foreign currency contracts do not qualify for hedge accounting in the Parent Company Financial
Statements, as the hedged item is not in its Balance Sheet.
Our use of financial derivative instruments is governed by the Group’s policies, which are approved by the Board of Directors. The notes
to the Group Financial Statements include information about the Group’s financial risks and their management, and its use of financial
instruments and their impact on the Group’s risk profile, performance and financial condition.
The fair value of the US Dollar and interest rate swaps is the estimated amount that we would receive or pay to terminate the swap at
the balance sheet date, taking into account current interest rates and the creditworthiness of the swap counterparties.
The fair value of forward exchange contracts is their quoted market price at the balance sheet date, which is the present value of the
quoted forward price.
Cash flow hedges
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and
qualify as cash flow hedges is recognised in Other Comprehensive Income and accumulated under the heading of cash flow hedging
reserve, and limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to
the ineffective portion is recognised immediately in the Income Statement, and is included in the ‘other gains and losses’ line item.
Amounts previously recognised in Other Comprehensive Income and accumulated in equity are reclassified to the Income Statement
in the periods when the hedged item affects the Income Statement, in the same line as the recognised hedged item. However, when
the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses
previously recognised in Other Comprehensive Income and accumulated in equity are removed from equity and included in the initial
measurement of the cost of the non-financial asset or non-financial liability. This transfer does not affect Other Comprehensive Income.
Furthermore, if the Company expects that some or all of the loss accumulated in the cash flow hedging reserve will not be recovered in
the future, that amount is immediately reclassified to the Income Statement.
The Company discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying
criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised.
The discontinuation is accounted for prospectively. Any gain or loss recognised in Other Comprehensive Income and accumulated in
the cash flow hedging reserve at that time remains in equity and is reclassified to the Income Statement when the forecast transaction
occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedging reserve is
reclassified immediately to the Income Statement.
Under interest rate swap contracts, the Company agrees to exchange the difference between fixed and floating rate interest amounts
calculated on agreed notional principal amounts. Such contracts enable the Company to mitigate the risk of changing interest rates on
the fair value of issued fixed-rate debt held and the cash flow exposures on the issued variable-rate debt held. The fair value of interest
rate swaps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the
credit risk inherent in the contract. The average interest rate is based on the outstanding balances at the end of the financial year.
198
GENUS PLC / Annual Report 2025
Notes to the Parent Company Financial Statements continued
For the year ended 30 June 2025
C1. ACCOUNTING INFORMATION AND POLICIES CONTINUED
As the critical terms of the interest rate swap contracts and their corresponding hedged items are the same, the Company performs
a qualitative assessment of effectiveness and it is expected that the value of the interest rate swap contracts and the value of the
corresponding hedged items will systematically change in opposite directions, in response to movements in the underlying interest rates.
The main source of hedge ineffectiveness in these hedge relationships is the effect of the counterparty and the Company’s own credit
risk on the fair value of the interest rate swap contracts, which is not reflected in the fair value of the hedged item attributable to the
change in interest rates. No other sources of ineffectiveness emerged from these hedging relationships.
C2. EMPLOYEES
Staff costs including Directors’ remuneration during the year amounted to:
2025
£m
2024
£m
Wages and salaries 8.7 7.5
Social security costs 0.8 0.9
Pension costs 0.2 0.2
Share-based payment expense 1.2 1.2
10.9 9.8
The Directors’ Remuneration Report sets out details of the Directors’ remuneration, pensions and share options.
The average monthly number of employees including Directors during the year was as follows:
2025
Number
2024
Number
Administration 46 47
C3. INTANGIBLE ASSETS
Accounting policies
Patents, licences and software are stated at acquisition cost less accumulated amortisation. The amortisation period is determined by
reference to expected useful life, which is reviewed at least annually. Amortisation is charged to the Income Statement on a straight-line
basis over the estimated useful life. Changes in the expected useful life or the expected pattern of consumption of future economic
benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as
changes in accounting estimates.
See note 15 for useful economic life. We do not amortise assets under construction.
Software
£m
Patents and
licences
£m
Assets under
construction
£m
Total
£m
Cost
Balance at 1 July 2023 13.1 3.7 2.3 19.1
Additions – – 3.2 3.2
Transfers 5.3 – (5.3) –
Balance at 30 June 2024 and 1 July 2024 18.4 3.7 0.2 22.3
Additions – – 0.4 0.4
Transfers 0.6 – (0.6) –
Balance at 30 June 2025 19.0 3.7 – 22.7
Amortisation
Balance at 1 July 2023 3.6 3.7 – 7.3
Amortisation for the year 1.5 – – 1.5
Balance at 30 June 2024 and 1 July 2024 5.1 3.7 – 8.8
Amortisation for the year 1.8 – – 1.8
Balance at 30 June 2025 6.9 3.7 – 10.6
Carrying amounts
At 30 June 2025 12.1 – – 12.1
At 30 June 2024 13.3 – 0.2 13.5
At 30 June 2023 9.5 – 2.3 11.8
Included within the software class of assets is £12.1m (2024: £13.3m) and included in assets in the course of construction is £nil (2024: £0.2m)
that relate to the ongoing development costs of GenusOne, our single global enterprise system.
199
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
C4. PROPERTY, PLANT and EQUIPMENT
Accounting policies
We state property, plant and equipment at cost, together with any incidental acquisition expenses, or at their latest valuation, less
depreciation and any provision for impairment. We calculate depreciation on a straight-line basis, to write the assets down to their
estimated residual values over their estimated useful lives. The rates of annual depreciation on tangible fixed assets are as follows:
• Leasehold improvements period of lease
• Leased buildings period of lease
• Equipment 3 to 10 years
We review the carrying value of fixed assets for impairment, if events or changes in circumstances indicate that the carrying value may
not be recoverable.
Right-of-use assets
Right-of-use assets are measured initially at cost based on the value of the associated lease liability, adjusted for any payments
made before inception, initial direct costs and an estimate of the dismantling, removal and restoration costs required in the terms of the
lease. Subsequent to initial recognition, we record an interest charge in respect of the lease liability. The related right-of-use asset is
depreciated over the term of the lease or, if shorter, the useful economic life (‘UEL’) of the leased asset. The lease term shall include the
period of an extension option where it is reasonably certain that the option will be exercised. Where the lease contains a purchase
option, the asset is written off over the useful life of the asset when it is reasonably certain that the purchase option will be exercised.
Leasehold
improvements
£m
Equipment
£m
Owned
assets
£m
Right-of-use
leased
buildings
£m
Total
£m
Cost
Balance at 1 July 2024 and 30 June 2025 0.5 0.3 0.8 1.2 2.0
Depreciation
Balance at 1 July 2024 0.4 0.2 0.6 0.7 1.3
Depreciation for the year – – – 0.2 0.2
Balance at 30 June 2025 0.4 0.2 0.6 0.9 1.5
Carrying amounts
At 30 June 2025 0.1 0.1 0.2 0.3 0.5
At 30 June 2024 0.1 0.1 0.2 0.5 0.7
C5. INVESTMENTS IN SUBSIDIARIES
Accounting policies
Shares in subsidiary undertakings are stated at cost less any provision for impairment.
The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of
an investment may not be recoverable. If any such indication of impairment exists, then we estimate the recoverable amount. If the
recoverable amount of the cash-generating unit is less than the value of the investment, it is considered to be impaired and we write
it down to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account.
Shares in
subsidiary
undertakings
£m
Cost
Balance at 1 July 2024 534.9
Additions 5.6
Balance at 30 June 2025 540.5
Provision for impairment
Balance at 1 July 2024 221.3
Provided during the year 11.6
Balance at 30 June 2025 232.9
Carrying amounts
At 30 June 2025 307.6
At 30 June 2024 313.6
Additions relate to increasing our investments in Genus Investments (£5.4m) and ABS Argentina S.A. (£0.2m).
200
GENUS PLC / Annual Report 2025
Notes to the Parent Company Financial Statements continued
For the year ended 30 June 2025
C5. INVESTMENTS IN SUBSIDIARIES CONTINUED
The Company considers the relationship between its invested capital and the carrying value of its investments, among other factors,
when reviewing for indicators of impairment. As at 30 June 2025, the net investment in five of the Company’s subsidiary undertakings
exceeded the Company’s share of the net assets. Each of these subsidiaries are denominated in Latin American currencies, all of which
have seen significant weakening against Sterling during the year ended 30 June 2025. For each of these undertakings, the recoverable
value has been estimated using the Board-approved forecasts. There were no significant indicators of impairment for the Company’s
other subsidiary undertakings.
The key assumptions for the value in use calculation are those regarding the discount rate, growth rates and expected trading performance.
Management estimates discount rates that reflect current market assessments of the time value of money and the risks specific to the
Group. The pre-tax discount rates are derived from the Group’s post-tax weighted average cost of capital (‘WACC’), which has been
calculated using the capital asset pricing model, the inputs of which include a country risk-free rate, equity risk premium, Group size
premium and a risk adjustment (beta). This equates to a pre-tax discount rate of 12.9% (2024: 12.2%). Cash flows beyond the five-year
period are extrapolated using a long-term growth rate of 2.5% (2024: 2.5%).
During the year, £11.6m was recognised against the investment held in ABS Brazil to reflect a reduction in the net assets of those
companies and expected future trading performance.
Principal subsidiary undertakings
The Company’s principal subsidiaries and their main activities are given in note 37 to the Group Financial Statements.
Sensitivity to changes in assumptions
Management has performed the following sensitivity analysis:
• changing the key assumptions, with other variables held constant;
• simultaneously changing the key assumptions.
Management has concluded that no reasonably possible changes in any of the key assumptions would lead to a material impairment in
the carrying amounts of investments in subsidiaries, except for Brazil.
There are reasonably possible changes to key assumptions that could cause the carrying value of the ABS Brazil investment to exceed
its recoverable amount based on our value in use calculations.
Management has identified the following assumptions as key sources of estimation uncertainty within the ABS Brazil value in use
calculation (see note C1).
2025 2024 Sensitivity
Weighted average risk-adjusted discount rate 14.0% 12.5% Increase of 1% in the discount rate would decrease the
recoverable amount by £0.2m
Weighted average short-term growth rate (CAGR) 9.7% 10.4% Decrease of 1% in the CAGR would decrease the recoverable
amount by £0.4m
Long-term growth rate 2.5% 2.5% Decrease of 1% in the long-term growth rate would decrease
the recoverable amount by £0.1m
C6. OTHER RECEIVABLES
Accounting policies
We state other receivables at their amortised cost less any impairment losses.
Note
2025
£m
2024
£m
Amounts due within one year
Amounts owed by Group undertakings 111.1 129.7
Corporation tax recoverable 3.9 1.6
Prepayments 1.8 1.6
Other receivables 0.9 1.2
Derivative financial asset C14 0.1 1.9
117.8 136.0
Amounts due after one year
Amounts owed by Group undertakings 65.5 71.2
65.5 71.2
At the balance sheet date, the total amounts owed by Group undertakings were £176.6m (2024: £200.9m). The carrying amount of these
assets approximates their fair value. Of the amounts owed by Group undertakings, £166.6m (2024: £176.6m) is interest bearing and any
interest charged is at current market rates.
201
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
C7. DEFERRED TAXATION
Accounting policies
We recognise deferred taxation in respect of all timing differences that have originated but not reversed at the balance sheet date,
where transactions or events that result in an obligation to pay more tax in future or a right to pay less tax in future have occurred at the
balance sheet date.
We only recognise deferred taxation assets if we consider it more likely than not that we will have suitable profits from which we can deduct
the future reversal of the underlying timing differences. Timing differences are differences arising between the Company’s taxable
profits and its results as stated in the Financial Statements, and which are capable of reversing in one or more subsequent periods.
We only recognise deferred taxation in respect of the future remittance of retained earnings of overseas subsidiaries to the extent that,
at the balance sheet date, dividends have been accrued as receivable.
We measure deferred taxation on a non-discounted basis, at the tax rates we expect to apply in the periods in which we expect the
timing differences to reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
At the balance sheet date, the Company had a deferred tax asset of £13.5m (2024: £16.3m) and a deferred tax liability of £0.1m (2024: £nil).
The analysis of deferred tax balances is set out below:
2025
£m
2024
£m
Deferred tax assets 13.5 16.3
Deferred tax liabilities (0.1) –
Net deferred tax assets 13.4 16.3
The movements in deferred taxation are as follows:
2025
£m
2024
£m
At the start of the year 16.3 6.8
Recognised in the Income Statement (3.2) 9.2
Recognised in equity 0.3 0.3
At the end of the year 13.4 16.3
The amounts provided are as follows:
2025
£m
2024
£m
Share-based payment expense 0.9 0.8
Other timing differences 6.6 6.0
Losses 5.9 9.5
13.4 16.3
At the balance sheet date, the Company had unused tax losses available for offset against future profits, with a potential tax benefit of
£5.9m (2024: £9.5m). We have recognised a deferred tax asset in respect of this benefit, as we expect these losses to be offset against
future profits of the UK tax group in the near term.
The decrease in the deferred tax asset relating to tax losses of £3.6m is the result of transferring and additional £0.4m of carry-forward tax
losses within the UK subsidiaries to the Company following elections made in the computations submitted during the year. The remaining
£3.2m derives from the current year activities of the Company and the UK tax group.
The deferred tax liability of £0.1m relates to the change in fair value of the commodity hedge on IAS 41.
202
GENUS PLC / Annual Report 2025
Notes to the Parent Company Financial Statements continued
For the year ended 30 June 2025
C8. CURRENT PAYABLES
Accounting policies
Trade payables are not interest bearing and are stated at their nominal value.
Note
2025
£m
2024
£m
Bank loans and overdrafts C11 4.6 3.6
Trade payables 1.8 2.7
Other payables 0.7 0.3
Amounts owed to Group undertakings 28.3 54.6
Accruals 4.2 8.6
Deferred tax liability C7 0.1 –
Deferred income 0.2 0.3
Obligations under leases C12 0.2 0.2
Derivative financial liabilities C14 2.2 0.6
42.3 70.9
Included within amounts owed to Group undertakings are amounts of £16.7m (2024: £28.7m) which are unsecured, repayable on demand
and any interest charged is at current market rates.
There are no outstanding contributions due to defined contribution pension schemes for the benefit of the employees (2024: £nil).
C9. NON-CURRENT PAYABLES
Note
2025
£m
2024
£m
Bank loans and overdrafts C11 214.2 228.2
Obligations under leases C12 0.2 0.4
Derivative financial liabilities C14 0.1 –
214.5 228.6
C10. PROVISIONS
2025
£m
2024
£m
Provisions due within one year 0.1 0.3
Provisions due after more than one year 0.1 0.1
0.2 0.4
Additional disclosure on provisions can be found in note 25 to the Group Financial Statements.
C11. LOANS AND BORROWINGS
Accounting policies
We initially state debt at the amount of the net proceeds, after deducting issue costs. The carrying amount is increased by the finance
cost in respect of the accounting period and reduced by payments made in the period.
We charge the finance costs of debt to the profit and loss account over the debt term, at a constant rate on the carrying value of the
debt to which they relate.
2025
£m
2024
£m
Loans and borrowings comprise amounts falling due:
In one year or less or on demand 5.5 3.8
In more than one year but not more than two years – 228.2
In more than two years but not more than five years 215.9 –
221.4 232.0
Less: unamortised issue costs (2.6) (0.2)
218.8 231.8
Amounts falling due within one year (4.6) (3.6)
Amounts falling due after more than one year 214.2 228.2
203
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
C11. LOANS AND BORROWINGS CONTINUED
On 10 June 2025, the Company renewed its Facilities Agreement with a group of eight banks and at the balance sheet date, the
Company’s credit facilities under this agreement comprised a £220m multi-currency revolving credit facility (‘RCF’) and a USD 150m RCF.
The term of the new facility is for four years maturing on 9 June 2029. The facility includes two one-year extension options, exercisable not
more than 60 days, nor less than 30 days, prior to the first and second anniversaries of the signing date of 10 June 2025. The facility also
includes an uncommitted £100m accordion feature for future business development opportunities. In addition to the RCF facilities, the
Company has approximately £13m of unilateral facilities supporting its GBP, EUR, and USD pooling arrangements. The Company had
headroom of £119.4m in its combined facilities at 30 June 2025.
As part of its interest rate hedging strategy, the Company has entered into interest rate swaps to hedge variable interest rates. During
the year to 30 June 2025, bank loan and overdrafts included borrowings of USD 89.7m fixed at 4.08%, borrowings of £60m fixed at 3.45%,
borrowings of EUR 12.5m fixed at 0.96%, and average borrowings of USD 11.1m, swapped via a cross-currency swap into EUR 10m, fixed at
0.36%, excluding applicable bank margins. Approximately 66% of total facility borrowings are covered by these interest rate swaps as at
30 June 2025 with an average maturity of 14 months.
Terms and debt repayment schedule
The terms and conditions of outstanding loans and overdrafts were as follows:
Currency Interest rate
2025
£m
2024
£m
RCF and overdraft GBP 6.1% 105.0 104.0
RCF, term loan and overdraft USD 6.2% 72.1 94.8
RCF and overdraft EUR 3.8% 41.0 30.1
Other unsecured bank borrowings Other 5.4% 0.7 2.9
Total interest-bearing liabilities 218.8 231.8
The above RCFs are unsecured.
C12. OBLIGATIONS UNDER LEASES
A lease is a commitment to make a payment in the future, primarily in relation to property, plant and machinery and motor vehicles.
Accounting policies
In accordance with IFRS 16, we recognise as an expense any payments made in respect of short-term leases (those with a term of less
than 12 months) and for low-value items on a straight-line basis over the life of the lease.
For all other leases we recognise a liability at the date at which the leased asset is made available for use, and a corresponding
right-of-use asset is recognised and depreciated over the term of the lease (see note C4).
Lease liabilities are measured at the present value of the future lease payments, excluding any payments relating to non-lease
components. Future lease payments include fixed payments, in-substance fixed payments, and variable lease payments that are
based on an index or a rate, less any lease incentives receivable. Lease liabilities also take into account amounts payable under residual
value guarantees and payments to exercise options, to the extent that it is reasonably certain that such payments will be made. The
payments are discounted at the rate implicit in the lease or, where that cannot be measured, at an incremental borrowing rate.
We remeasure the lease liability (and make a corresponding adjustment to the related right-of-use asset) whenever:
• The lease term has changed or there is a change in the assessment of the exercise of a purchase option, in which case the lease
liability is remeasured by discounting the revised lease payments using a revised discount rate.
• The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value,
in which case the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the
lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used).
• A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is
remeasured by discounting the revised lease payments using a revised discount rate.
The Company did not make any such adjustments during the periods presented.
204
GENUS PLC / Annual Report 2025
Notes to the Parent Company Financial Statements continued
For the year ended 30 June 2025
C12. OBLIGATIONS UNDER LEASES CONTINUED
The changes in the lease liabilities are as follows:
2025
£m
2024
£m
Balance at the start of the year 0.6 0.8
Payments made (0.2) (0.2)
Leases entered into during the year – –
Balance at the end of the year 0.4 0.6
In accordance with the reduced disclosure exemptions included in FRS 101, a maturity analysis has not been presented. The maturity
analysis of the Group’s lease obligations is included in note 28 to the Group Financial Statements.
C13. OPERATING LEASES
Accounting policies
For short-term leases (those with a term of less than 12 months) and low-value items, we charge the rentals payable to the Income
Statement on a straight-line basis over the lease term.
The Company has elected not to apply IFRS 16 to contracts where the right-of-use asset would be recognised as an intangible asset
(e.g. software licences).
Total of future minimum lease payments under non-cancellable operating leases which expire:
2025
£m
2024
£m
In less than one year 1.3 1.2
Between one and five years 2.6 –
3.9 1.2
Operating lease rentals charged in the year:
2025
£m
2024
£m
Other 1.2 1.2
C14. DERIVATIVES AND OTHER FINANCIAL INSTRUMENTS
Additional disclosures on financial instruments can be found in note 26 to the Group Financial Statements.
C15. CAPITAL AND RESERVES
Share capital
2025
Number
2024
Number
2025
£m
2024
£m
Issued and fully paid
Ordinary shares of 10 pence 66,036,776 66,032,782 6.6 6.6
There is no authorised share capital limit.
The holders of ordinary shares are entitled to receive dividends, as declared from time to time.
The movement in share capital for the period was as follows:
2025
Number
2024
Number
2025
£m
2024
£m
Issued under the Executive Share Option Plan – 1,319 – –
Issued to Employee Benefit Trust – – – –
Issued to Genus plc Share incentive Plan 3,994 4,253 – –
3,994 5,572 – –
205
GENUS PLC / Annual Report 2025
FINANCIAL STATEMENTS
C15. CAPITAL AND RESERVES CONTINUED
Shares issued under the Executive Share Option Plan were issued at option prices as follows:
2025 2024
Number Option price Number Option Price
Executive Share Option Plan
– – 1,319 1413.00p
Reserve for own shares
The Company’s shares are held by a QUEST, which is an employee benefit trust established to facilitate the operation of our long-term
incentive scheme for senior management. The reserve amount represents the deduction in arriving at shareholders’ funds for the
consideration the trust paid for the Company’s shares, which had not vested unconditionally at the balance sheet date. The number
and market value of the ordinary shares held by the Employee Benefit Trust and the QUEST were:
2025
Number
2024
Number
2025
£m
2024
£m
Shares allocated but not vested 32,732 252,384 0.7 4.2
Unallocated shares 92,334 92,334 1.9 1.5
125,066 344,718 2.6 5.7
The shares have a nominal value of £12,507 (2024: £34,472).
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments net
of taxation – see note 26.
C16. RELATED PARTY TRANSACTIONS
The Company is exempt under FRS 101 from disclosing transactions with other members of the Group. There are no other related
party transactions.
C17. CAPITAL AND OTHER COMMITMENTS
At 30 June 2025, outstanding contracted capital expenditure amounted to £nil (2024: £nil).
C18. PENSIONS, GUARANTEES AND CONTINGENCIES
The NMR pension assigned to Genus plc under the Flexible Apportionment Agreement recorded an actuarial loss of £0.5m, which has
decreased the asset restriction made in previous years. As the Company does not have unilateral right to this surplus, as required in
accordance with IFRIC 14 it is restricted to £nil. For additional information on the MPF pension scheme, of which NMR was one of the
participating employers, please see note 29.
The retirement benefit obligations referred to in note 29 to the Group Financial Statements include obligations relating to the MPF
defined benefit scheme. Genus, together with other participating employers, is joint and severally liable for the scheme’s obligations.
Genus has accounted for its section and its share of any orphan assets and liabilities, collectively representing approximately 86% (2024:
86%) of the MPF. As a result of the joint and several liability, Genus has a contingent liability for the scheme’s obligations that it has not
accounted for. The total deficit of the MPF scheme from the most recent triennial valuation can be found in note 29.
Certain UK subsidiaries, which are detailed in note 37 to the Group Financial Statements, will take advantage of the audit exemption set
out within section 479A of the Companies Act 2006 for the year ended 30 June 2024. The Company has given a statutory guarantee
over all of the liabilities held by those UK subsidiaries for the year ended 30 June 2024. The Company has assessed the probability of
loss under the guarantee as remote.
At 30 June 2025, the Company had entered into bank guarantees totalling £nil (2024: £nil).
206
GENUS PLC / Annual Report 2025
The information included in the five-year record below is in accordance with IFRS as adopted for use under the Companies Act 2006.
Financial results
2025
£m
(restated)
2
2024
£m
(restated)
2
2023
£m
2022
£m
2021
£m
Revenue from continuing operations 672.8 668.8 689.7 593.4 574.3
Adjusted operating profit from continuing operations
1
81.1 67.0 74.6 68.8 76.9
Adjusted operating profit including joint ventures and associates
1
93.1 78.1 85.8 77.7 89.8
Adjusted profit before tax
1
74.3 59.8 71.5 71.5 84.8
Basic adjusted earnings per share
1
81.8p 65.5p 84.8p 82.7p 100.9p
Diluted adjusted earnings per share
1
80.7p 65.0p 84.2p 82.3p 100.1p
Operating profit from continuing operations 42.4 6.4 40.5 49.4 47.7
Profit before tax from continuing operations 28.5 5.5 39.4 48.4 55.8
Profit after tax from continuing operations 19.3 2.4 31.8 36.7 46.8
Net profit attributable to owners of the Company 19.3 7.9 33.3 40.9 47.3
Basic earnings per share 29.3p 12.0p 50.8p 62.5p 72.6p
Diluted earnings per share 28.9p 11.9p 50.5p 62.2p 72.0p
Net assets (restated)
2
476.0 513.5 536.8 572.1 496.6
Net debt
1
228.2 248.7 195.8 185.0 105.6
1 Refer to APM glossary
2 See note 2 for details of prior period restatement
Five-Year Record – Consolidated Results
207
GENUS PLC / Annual Report 2025
ADDITIONAL INFORMATION
The key APMs that the Group uses include:
Alternative performance
measures
Calculation methodology and closest equivalent IFRS measure (where
applicable)
Reasons why we believe the APMs are
useful
Income Statement measures
Adjusted operating profit
exc JVs
Adjusted operating profit
inc JVs
Adjusted operating profit
inc JVs after tax
Adjusted profit before tax
Adjusted profit after tax
Adjusted operating profit is operating profit with the net IAS 41
valuation movement on biological assets, amortisation of
acquired intangible assets, impairment of goodwill, share-based
payment expense and exceptional items added back and
excludes JV and associate results.
Closest equivalent IFRS measure: Operating profit
1
See reconciliation on page 210.
Including adjusted operating profit from JV and associate results.
See reconciliation on page 210.
Adjusted operating profit including JV less adjusted effective tax.
See reconciliation on page 210.
Adjusted operating profit including JVs less net finance costs.
See reconciliation on page 210.
Adjusted profit including JVs before tax less adjusted effective
tax.
See reconciliation on page 210.
Allows the comparison of underlying
financial performance by excluding the
impacts of adjusting items and is a
performance indicator against which
short-term and long-term incentive
outcomes for our senior executives
are measured:
• net IAS 41 valuation movements on
biological assets – these movements
can be materially volatile and do not
directly correlate to the underlying
trading performance in the period.
Furthermore, the movement is
non-cash-related and many
assumptions used in the valuation
model are based on projections
rather than current trading;
• amortisation of acquired intangible
assets – excluding this improves the
comparability between acquired
and organically grown operations,
as the latter cannot recognise
internally generated intangible
assets. Adjusting for amortisation
provides a more consistent basis for
comparison between the two but
it is also a measure excluded from
our management’s remuneration
assessment, as well as our debt
agreements and banking covenants.
It is also one requested and used
by our investor group to evaluate
our performance;
• impairment of goodwill – this
represents a non-cash accounting
adjustment recognised when the
carrying value of goodwill exceeds
its recoverable amount. Excluding
this item improves comparability
across periods, as impairment
charges can be significant
and are often driven by
long-term assumptions;
• share-based payments – this
expense is considered to be
relatively volatile and not fully
reflective of the current period
trading, as the performance
criteria are based on EPS
performance over a three-year
period and include estimates of
future performance; and
• exceptional items – these are items
which due to either their size or their
nature are excluded, to improve the
understanding of the Group’s
underlying performance.
Alternative Performance Measures Glossary
The Group tracks a number of APMs in
managing its business, which are not
defined or specified under the
requirements of IFRS because they
exclude amounts that are included in, or
include amounts that are excluded from,
the most directly comparable measure
calculated and presented in accordance
with IFRS, or are calculated using financial
measures that are not calculated in
accordance with IFRS.
The Group believes that these APMs, which
are not considered to be a substitute for or
superior to IFRS measures, provide
stakeholders with additional helpful
information on the performance of the
business. These APMs are consistent with
how business performance is planned and
reported within the internal management
reporting to the Board and GELT. Some of
these APMs are also used for the purpose
of setting remuneration targets.
These APMs should be viewed as
supplemental to, but not as a substitute
for, measures presented in the
consolidated financial information relating
to the Group, which are prepared in
accordance with IFRS. The Group believes
that these APMs are useful indicators of its
performance. However, they may not be
comparable to similarly titled measures
reported by other companies, due to
differences in the way they are calculated.
208
GENUS PLC / Annual Report 2025
Alternative Performance Measures Glossary continued
Alternative performance
measures
Calculation methodology and closest equivalent IFRS measure (where
applicable)
Reasons why we believe the APMs are
useful
Adjusted effective
tax rate
Total income tax charge for the Group excluding the tax impact
of adjusting items, divided by the adjusted operating profit.
Closest equivalent IFRS measure: Effective tax rate
See reconciliation on page 210.
Provides an underlying tax rate to
allow comparability of underlying
financial performance, by excluding
the impacts of net IAS 41 valuation
movement on biological assets,
amortisation of acquired intangible
assets, impairment of goodwill,
share-based payment expense and
exceptional items.
Adjusted basic
earnings per share
Adjusted profit after tax profit divided by the weighted basic
average number of shares.
Closest equivalent IFRS measure: Earnings per share
See calculation on page 210.
On a per share basis, this allows the
comparability of underlying financial
performance by excluding the
impacts of adjusting items.
Adjusted diluted earnings
per share
Underlying attributable profit divided by the diluted weighted
basic average number of shares.
Closest equivalent IFRS measure: Diluted earnings per share
See calculation on page 211.
Adjusted earnings cover Adjusted earnings per share divided by the expected dividend for
the year.
See calculation on page 211.
The Board’s dividend policy targets
adjusted earning cover to be
between 2.5–3 times.
Adjusted EBITDA –
calculated in accordance
with the definitions used
in our financing facilities
This is adjusted operating profit, adding back cash received
from our JVs, depreciation of property, plant and equipment,
depreciation of the historical cost of biological assets,
operational amortisation (i.e. excluding amortisation of
acquired intangibles) and deducting the amount attributable
to minority interest.
Closest equivalent IFRS measure: Operating profit
1
See reconciliation on page 211.
This APM is presented because it is
used in calculating our ratio of net
debt to EBITDA and our interest
cover, which we report to our banks
to ensure compliance with our
bank covenants.
Adjusted operating
margin
Adjusted operating profit (including JVs) divided by revenue. Allows for the comparability of
underlying financial performance
by excluding the impacts of
exceptional items.
Adjusted operating
margin (exc JVs)
Adjusted operating profit divided by revenue.
Constant currency basis The Group reports certain financial measures on both a reported
and constant currency basis and retranslates the current year’s
results at the average actual exchange rates used in the
previous financial year.
The Group’s business operates in
multiple countries worldwide and its
trading results are translated back
into the Group’s functional currency of
Sterling. This measure eliminates the
effects of exchange rate fluctuations
when comparing year-on-year
reported results.
Balance Sheet measures
Net debt Net debt is gross debt, made up of unsecured bank loans and
overdrafts and obligations under finance leases, with a deduction
for cash and cash equivalents.
See reconciliation on page 212.
This allows the Group to monitor its
levels of debt.
Net debt – calculated
in accordance with the
definitions used in our
financing facilities
Net debt excluding the impact of adopting IFRS 16 and adding
back guarantees and deferred purchase arrangements.
See reconciliation on page 212.
This is a key metric that we report to
our banks to ensure compliance with
our bank covenants.
209
GENUS PLC / Annual Report 2025
ADDITIONAL INFORMATION
Alternative performance
measures
Calculation methodology and closest equivalent IFRS measure (where
applicable)
Reasons why we believe the APMs are
useful
Cash flow measures
Change in alternative performance measures
During the period a review was undertaken of the cash flow APMs utilised by the Group to measure performance. Following this review
the definitions of ‘Cash conversion’ and ‘Free cash flow’ were amended, and additionally a new APM ‘Adjusted cash from operating
activities’ was created. The Directors believe that these measures more accurately reflect the cash management and return on
invested capital. These revised measures are aligned with the way performance targets are set and assessed internally.
Cash conversion Adjusted cash from operating activities as a percentage of
adjusted operating profit excluding JVs.
See calculation on page 213.
This is used to measure how
much operating cash flow we are
generating and how efficient we are
at converting our operating profit into
cash and is used to set performance
targets internally.
Free cash flow Net cash from operating activities after capital expenditure
(including capital payments for leased assets) including cash
received from our joint ventures.
Closest IFRS measure: Net cash from operating activities
See calculation on page 213.
This is used to measure the amount
of cash retained in the business
before net investing activities, debt
repayments and dividend payments.
Adjusted cash from
operating activities
Net cash from operating activities after capital expenditure
(including leased assets) including cash received from our joint
ventures, excluding net interest paid, exceptional cash, pension
charges, movements in provisions and other cash outflows.
Closest IFRS measure: Net cash from operating activities
See calculation on page 213.
This is used to measure the amount of
cash that is generated by our
operating activities and is used to set
performance targets internally.
Other measures
Interest cover The ratio of adjusted net finance costs, calculated in accordance
with the definitions used in our financing facilities, is net finance
costs with a deduction for pension interest, interest from adopting
IFRS 16, unwinding of discount on put options and amortisation of
refinancing fees, to adjusted EBITDA.
Closest equivalent IFRS components for the ratio: The equivalent IFRS
components are finance costs, finance income and operating profit
See calculation and reconciliation on page 213.
This APM is used to understand our
ability to meet our interest payments
and is also a key metric that we report
to our banks to ensure compliance
with our bank covenants.
Ratio of net debt to
adjusted EBITDA
The ratio of net debt, calculated in accordance with the
definitions used in our financing facilities, is gross debt, made up
of unsecured bank loans and overdrafts and obligations under
finance leases, with a deduction for cash and cash equivalents
and adding back amounts related to guarantees and deferred
purchase arrangements, to adjusted EBITDA.
Closest equivalent IFRS components for the ratio: The equivalent
IFRS components are gross debt, cash and cash equivalents and
operating profit
See calculation on page 214.
This APM is used as a measurement of
our leverage and is also a key metric
that we report to our banks to ensure
compliance with our bank covenants.
Return on adjusted
invested capital
The Group’s return on adjusted invested capital is measured on the
basis of adjusted operating profit including JVs after tax, which is
operating profit with the pre-tax share of profits from JVs and
associates, net IAS 41 valuation movement on biological assets,
amortisation of acquired intangible assets, impairment of goodwill,
share-based payment expense and exceptional items added back,
net of amounts attributable to non-controlling interest and tax.
The adjusted operating profit including JVs after tax is divided
by adjusted invested capital, which is the equity attributable to
owners of the Company adding back net debt, pension liability
net of related deferred tax and deducting biological assets
(less historical cost) and goodwill, net of related deferred tax.
Closest equivalent IFRS components for the ratio: Return on
invested capital
See calculation and reconciliation on page 214.
This APM is used to measure our
ability to efficiently invest our
capital and gives us a sense of how
well we are using our resources to
generate returns.
1 Operating profit is not defined per IFRS. It is presented in the Group Income Statement and is shown as profit before tax, finance income/costs and share of post-tax profit of
JVs and associates retained
210
GENUS PLC / Annual Report 2025
Alternative Performance Measures Glossary continued
THE TABLES BELOW RECONCILE THE CLOSEST EQUIVALENT IFRS MEASURE TO THE APM OR OUTLINE THE CALCULATION OF THE APM
INCOME STATEMENT MEASURES
Adjusted operating profit exc JVs
Adjusted operating profit inc JVs
2025 2024
£m £m £m £m Reference
Operating profit 42.4 6.4 Group Income Statement
Add back:
Net IAS 41 valuation movement on biological assets 13.3 23.2 Group Income Statement
Amortisation of acquired intangible assets 5.6 5.8 Group Income Statement
Impairment of goodwill 1.5 – Group Income Statement
Share-based payment expense 6.9 7.0 Group Income Statement
Exceptional items 11.4 24.6 Group Income Statement
Adjusted operating profit exc JVs 81.1 67.0 Group Income Statement
Amounts attributable to non-controlling interest – 0.9 Group Income Statement
Operating profit from JVs and associates 9.1 19.1 Group Income Statement
Tax on JVs and associates 2.0 5.7 Note 11 – Income tax expense
Net IAS 41 valuation movement in JVs 0.9 (14.6) Note 18 – Equity-accounted
investees
Adjusted operating profit from JVs 12.0 10.2
Adjusted operating profit inc JVs 93.1 78.1
Adjusted operating profit inc JVs after tax
2025 2024
£m £m Reference
Adjusted operating profit inc JVs 93.1 78.1 See APM
Effective tax rate 27.5% 28.1% Note 12 – Earnings per share
Adjusted tax (25.6) (21.9) No direct reference
Adjusted operating profit inc JVs after tax 67.5 56.2
Adjusted profit before tax
Adjusted profit after tax
2025 2024
£m £m Reference
Adjusted operating profit inc JVs 93.1 78.1 See APM
Less net finance costs (18.8) (18.3) Note 10 – Net finance costs
Adjusted profit before tax 74.3 59.8
Adjusted tax (20.4) (16.8) Note 12 – Earnings per share
Adjusted profit after tax 53.9 43.0
Adjusted effective tax £m/rate
2025 2024
£m % £m % Reference
Adjusted effective tax £m/rate 20.4 27.5 16.8 28.1 Note 12 – Earnings per share
Exceptional items (2.7) (23.7) (3.9) (15.9) Note 12 – Earnings per share
Share-based payment expense (1.5) (21.7) (0.7) (10.0) Note 12 – Earnings per share
Other gains and losses (0.2) (4.8) (0.4) (23.5) Note 12 – Earnings per share
Amortisation of acquired intangible assets 0.3 5.4 (1.5) (25.9) Note 12 – Earnings per share
Net IAS 41 valuation movement on biological assets (4.2) (31.6) (4.7) (20.3) Note 12 – Earnings per share
Net IAS 41 valuation movement on biological assets in
joint ventures (0.9) (100.0) 3.2 21.9 Note 12 – Earnings per share
Effective tax £m/rate 11.2 36.7 8.8 78.6 Note 11 – Taxation and
deferred taxation
Adjusted basic earnings per share
2025 2024 Reference
Adjusted profit after tax (£m) 53.9 43.0 See APM
Weighted average number of ordinary shares (000s) 65.910 65.686 Note 12 – Earnings per share
Adjusted basic earnings per share (pence) 81.8 65.5
211
GENUS PLC / Annual Report 2025
ADDITIONAL INFORMATION
Adjusted diluted earnings per share
2025 2024 Reference
Adjusted profit after tax (£m) 53.9 43.0 See APM
Weighted average number of diluted ordinary shares (000s) 66.839 66.174 Note 12 – Earnings per share
Adjusted diluted earnings per share (pence) 80.6 65.0
Adjusted earnings cover
2025 2024
pence times pence times Reference
Adjusted earnings per share 81.8 65.5 See APM
Dividend for the year 32.0 32.0 Note 13 – Dividends
Adjusted earnings cover 2.6 2.0
Adjusted EBITDA – as calculated under our financing facilities
2025 2024
£m £m £m £m Reference
Operating profit 42.4 6.4 Group Income Statement
Add back:
Net IAS 41 valuation movement on biological assets 13.3 23.2 Group Income Statement
Amortisation of acquired intangible assets 5.6 5.8 Group Income Statement
Impairment of goodwill 1.5 – Group Income Statement
Share-based payment expense 6.9 7.0 Group Income Statement
Exceptional items 11.4 24.6 Group Income Statement
Adjusted operating profit exc JVs 81.1 67.0 Group Income Statement
Adjust for:
Cash received from JVs 6.1 4.7 Group Statement of Cash
Flows
Less share of JVs losses (0.7) (1.7) No direct reference
Depreciation: property, plant and equipment 31.8 34.7 Note 17 – Property, plant and
equipment
Operational lease payments (16.5) (16.5) Note 28 – Obligations under
leases
Depreciation: historical cost of biological assets 16.4 15.3 See Financial Review
Amortisation and impairment (excluding separately
identifiable acquired intangible assets) 7.3 6.5 Note 15 – Intangible assets
Amounts attributable to non-controlling interest – 0.9 Group Income Statement
Adjusted EBITDA – as calculated under our
financing facilities 125.5 110.9
212
GENUS PLC / Annual Report 2025
Alternative Performance Measures Glossary continued
BALANCE SHEET MEASURES
Net debt
Net debt as calculated under our financing facilities
2025 2024
£m £m £m £m Reference
Current unsecured bank loans and overdrafts 2.9 4.9 Group Balance Sheet
Non-current unsecured bank loans and overdrafts 215.9 228.2 Group Balance Sheet
Unsecured bank loans and overdrafts 218.8 233.1 Group Balance Sheet
Current interest-bearing deferred consideration 2.6 – Note 38 – Deferred
Consideration
Non-current interest-bearing deferred consideration 7.7 – Note 38 – Deferred
Consideration
Total interest-bearing deferred consideration 10.3 – Group Balance Sheet
Current obligations under finance leases 13.3 14.0 Group Balance Sheet
Non-current obligations under finance leases 33.8 44.1 Group Balance Sheet
Obligations under finance leases 47.1 58.1 Group Balance Sheet
Total debt financing 276.2 291.2 Note 32 – Notes to the cash
flow statement
Deduct:
Cash and cash equivalents (48.0) (42.5) Group Balance Sheet
Net debt 228.2 248.7
Deduct:
Lower of obligations under finance leases or £60m (47.1) (30.0) Note 28 – Obligations under
leases
Add back:
Guarantees 0.8 0.6 Note 35 – Contingencies and
bank guarantees
Cash not available 7.1 0.9 Note 22 – Cash and cash
equivalents
Cash subject to exchange controls – 0.8 No direct reference
Net debt – as calculated under our financing facilities 189.0 221.0
213
GENUS PLC / Annual Report 2025
ADDITIONAL INFORMATION
CASH FLOW MEASURES
Free cash flow & Adjusted cash from operating activities
2025 2024
£m £m £m £m Reference
Net cash from operating activities 67.2 29.8 Group Statement of Cash
Flows
Purchase of property, plant and equipment (13.4) (14.8) Group Statement of Cash
Flows
Purchase of intangible assets (5.2) (9.9) Group Statement of Cash
Flows
Proceeds from sale of property, plant and equipment 0.4 0.7 Group Statement of Cash
Flows
Dividends received from joint ventures and associates 6.1 4.7 Group Statement of Cash
Flows
Dividend to non-controlling interest (0.1) – Group Statement of Cash
Flows
Payment of lease liabilities (14.1) (13.7) Group Statement of Cash
Flows
Free cash flow 40.9 (3.2)
Add back:
Interest received (0.6) (0.5) Note 32 – Notes to the cash
flow statement
Interest and other finance costs paid 15.7 14.5 Note 32 – Notes to the cash
flow statement
Interest on leased assets 2.4 2.8 Note 32 – Notes to the cash
flow statement
Cash flow from derivative financial instruments 1.3 0.7 Note 32 – Notes to the cash
flow statement
Income taxes paid 20.7 21.5 Note 32 – Notes to the cash
flow statement
Cash impact of exceptional items relating to operating
activities
24.2 17.9 Note 32 – Notes to the cash
flow statement
Additional pension contributions in excess of pension
charge
0.4 0.5 Note 32 – Notes to the cash
flow statement
Decrease in provisions 0.7 1.0 Note 32 – Notes to the cash
flow statement
Other 0.5 (0.1) No direct reference
Adjusted cash from operating activities 106.2 55.1
Cash conversion
2025 2024
£m % £m % Reference
Adjusted operating profit inc JVs 93.1 78.1 Group Income Statement
Adjusted cash from operating activities 106.2 55.1 See APM
Cash conversion 114% 71%
OTHER MEASURES
Interest cover
2025 2024
£m Times £m Times Reference
Finance costs 21.4 22.2 Group Income Statement
Finance income (2.6) (3.9) Group Income Statement
Net finance costs 18.8 18.3 Note 10 – Net finance costs
Deduct:
Pension interest (0.3) (0.3) Note 10 – Net finance costs
Interest on lease liabilities (2.4) (2.8) Note 10 – Net finance costs
Unwinding discount on put options (0.1) (0.2) Note 10 – Net finance costs
Amortisation of debt issue costs (0.9) (0.9) Note 10 – Net finance costs
Adjusted net finance costs 15.1 14.1
Adjusted EBITDA – as calculated under our financing
facilities 125.5 110.9 See APM
Interest cover 8.3 7.9
214
GENUS PLC / Annual Report 2025
Ratio of net debt to adjusted EBITDA
2025 2024
£m Times £m Times Reference
Net debt – as calculated under our financing facilities 189.0 221.0 See APM
Adjusted EBITDA – as calculated under our financing
facilities 125.5 110.9 See APM
Ratio of net debt to adjusted EBITDA 1.5 2.0
Return on adjusted invested capital
2025
(restated)
1
2024
£m % £m % Reference
Adjusted operating profit inc JVs after tax 67.5 56.2 See APM
Equity attributable to owners of the Company 476.1 517.8 Group Balance Sheet
Add back:
Net debt 228.2 248.7 Note 32 – Notes to the cash
flow statement
Pension liability 6.9 6.6 Group Balance Sheet
Related deferred tax (1.2) (1.2) Note 11 – Taxation and
deferred taxation
Adjust for:
Biological assets – carrying value (253.7) (288.6) Note 16 – Biological assets
Biological assets’ harvest classed as inventories (14.6) (20.0) Note 20 – Inventories
Biological assets – historic cost 72.0 80.9 See Financial Review
Goodwill (102.8) (110.3) Group Balance Sheet
Related deferred tax 49.2 55.6 Note 11 – Taxation and
deferred taxation
Adjusted invested capital 460.1 489.5
Return on adjusted invested capital 14.7% 11.5%
Return on invested capital
2025
(restated)
1
2024
£m % £m % Reference
Return on adjusted invested capital 14.7% 11.5% See APM
Adjusted operating profit inc JVs after tax 67.5 56.2 See APM
Tax rate 25.6 27.5% 21.9 28.1% Note 12 – Earnings per share
Adjusted operating profit inc JVs 93.1 78.1 Group Income Statement
Adjusted operating profit attributable
to non-controlling interest – (0.9) Group Income Statement
Pre-tax share of profits from JVs exc net IAS 41 valuation
movement (12.0) (10.2) Group Income Statement
Adjusted operating profit exc JVs 81.1 67.0 Group Income Statement
Fair value movement on biological assets (13.3) (23.2) Group Income Statement
Amortisation of acquired intangibles (5.6) (5.8) Group Income Statement
Impairment of goodwill (1.5) – Group Income Statement
Share-based payment expense (6.9) (7.0) Group Income Statement
Exceptional items (11.4) (24.6) Group Income Statement
Share of post-tax profit of JVs 9.1 19.1 Group Income Statement
Other gains and losses (4.2) (1.7) Group Income Statement
Finance costs (18.8) (18.3) Group Income Statement
Profit before tax 28.5 5.5 Group Income Statement
Tax (9.2) (3.1) Group Income Statement
Profit 19.3 2.4 Group Income Statement
Equity attributable to owners of the Company 476.1 517.8 Group Balance Sheet
Return on invested capital 4.1% 0.5%
1 See note 2 for details of prior period restatement
Alternative Performance Measures Glossary continued
215
GENUS PLC / Annual Report 2025
ADDITIONAL INFORMATION
Glossary
AGM – Annual General Meeting.
Artificial insemination (‘AI’) – Using semen
collected from a bull or boar to impregnate
a cow or sow when in oestrus. Artificial
insemination allows a genetically superior
male to be used to mate with many more
females than would be possible with
natural mating.
ASF – African Swine Fever.
Biosecurity – The precautions taken
to reduce the chance of transmitting
disease agents from one livestock
operation to another.
Boar – A male pig.
BRD – Bovine Respiratory Disease, a
complex bacterial and viral infection that
causes lung disease in cattle (particularly
calves) and is often fatal.
CBV Max – Crossbred Breeding Value
(‘CBV’) Max is a value-added programme
available to PIC customers that pay an
additional fee to have access to the very
best terminal sire genetics available. The
additional fee is calculated based on the
genetic index value delivered, which results
in increased profit potential per market pig
and positive return on investment for CBV
Max customers.
CPI – Consumer Price Index.
CRISPR-Cas 9 – Technology which
accurately targets and cuts DNA to
produce precise and controllable changes
to the genome.
DSBP – Deferred Share Bonus Plan.
EPS – Earnings per share.
Farrow – When a sow gives birth to piglets.
GELT – Genus Executive Leadership Team.
Gender skew – The ability to influence
the proportion of offspring being of a
particular sex.
Genetic gain – The change of the
genetic make-up of a particular animal
population in response to having selected
parents that excelled genetically for
important traits.
Genetic lag – The amount of time required
to disseminate genetic gain from a nucleus
herd to the commercial customer.
Genetic nucleus – A specialised pig herd,
where Genus PIC keeps its pure lines. Pigs
are genetically tested at the nucleus to
select the best animals to produce the
next generation.
Genomic bull – A bull which has been
assessed through genomic testing. This
typically refers to bulls which have not
been progeny-tested.
Genomically tested – An animal that has
been DNA profiled.
Genomics – The study of the genome,
which is the DNA sequence of an
animal’s chromosomes.
Gilt – A young female pig, which has not
yet given birth.
GMS – ABS’s Genetic Management
System, which creates a genetic solution
tailored to each individual dairy producer
to obtain improved herd genetics.
Grandparent – The relationship of a
breeding pig to the generation of terminal
market pigs. A grandparent produces
parents, who in turn produce the
commercial generation of terminal pigs.
Group – Genus plc and its subsidiary
companies.
In vitro fertilisation (‘IVF’) – The fertilisation
of an oocyte with semen (outside an
animal) in a laboratory for transfer into a
surrogate.
Index/Indices – A formula incorporating
economically important traits for ranking
the genetic potential of animals as parents
of the next generation.
Integrated pork producer – Producers of
pork typically involved in raising animals to
slaughter weight all the way through to
packaged and/or branded pork products.
IntelliGen – The technology platform
used to process sexed bovine semen
for ABS and third-party customers and
commercialised by ABS globally as Sexcel.
IP – Intellectual property.
IPR – Inter Partes Review before the
US Patent and Trademark Office.
JV – Joint venture.
LCA – Life cycle assessments (LCA), also
known as life cycle analysis, assess the
potential impacts throughout a product’s
life cycle (i.e. cradle-to-grave) from raw
materials acquisition and through
production, use and disposal. They
generally categorise the environmental
impacts in terms of resource use, human
health, and ecological consequence.
Line – Multiple animals that have been
mated together in a closed breeding
population. Pure lines can have their origins
in one founding breed or in several breeds.
Market pig equivalents (‘MPE’) – Refers to
a standardised measure of our customers’
production of slaughter animals that
contain our genetics with genes from each
of the sow and boar counting for half of
the animal.
Multiplier – A producer whose farm
contains grandparent sows. The farm
crosses together two lines of grandparents,
multiplying the number of genetically
improved parents that are available
for sale.
Net Present Value (‘NPV’) – a financial tool
that helps to assess future value in today’s
terms. NPV is calculated with an assumed
discount rate over a given amount of time
and the calculation considers the amount
and timing of the free cash flows.
NuEra – The ABS beef breeding
programme and index designed to drive
the customer’s genetic improvement and
deliver total system profitability for the
beef supply chain.
PQA – Pork Quality Assurance.
Progeny-tested – Elite animals whose
genetic value as a parent has been tested
and validated through the performance of
their offspring.
PRP – PRRS-resistant pig.
PRRS – Porcine Reproductive and
Respiratory Syndrome Virus.
PSP – Performance Share Plan.
PTAB – Patent Trial and Appeal Board
before the US Patent and Trademark Office.
R&D – Research and development.
RMS – ABS’s Reproductive Management
System, which is a systematic approach to
maximising pregnancy production and its
contribution to herd profitability.
RPI – Retail Price Index.
RWD – ABS’s Real World Data system of
observed performance data from many
dairy herds.
Russian sanctions – legislation introduced
by the UK, EU or US (as appropriate) which
imposes financial, trade, transport,
immigration or other sanctions for the
purposes of encouraging Russia to cease
actions which destabilise Ukraine, or
undermine or threaten the territorial
integrity, sovereignty or independence
of Ukraine.
Sexcel – The ABS brand of sexed bovine
genetics produced using IntelliGen.
Sire – The male parent of an animal.
Sire line – The male line selected for traits
desirable for the market.
Sow – A female pig which has given birth
at least once.
Straw – A narrow tube used to package
frozen bull semen.
Stud – Locations where bulls or boars are
housed and their semen collected,
evaluated, diluted into multiple doses/
straws and packaged, ready for shipping
to farms.
Terminal boars – The male pig that is used
to mate with a parent female to produce a
terminal pig.
Trait – A measurable characteristic that
may be a target for genetic selection.
TransitionRight – Genus ABS’s patent-
pending genetic selection tool to
help prevent multiple post-calving
metabolic disorders that occur during
the transition period.
Unit – A straw of frozen bull semen or
tube/bag of fresh boar semen sold to
a customer.
216
GENUS PLC / Annual Report 2025
Advisers
SECRETARY AND REGISTERED OFFICE
Lucie Grant
Matrix House
Basing View
Basingstoke
Hampshire RG21 4FF
Registered Number 02972325
FINANCIAL ADVISER
J.P. Morgan Securities plc
25 Bank Street
Canary Wharf
London E14 5JP
AUDITOR
PricewaterhouseCoopers LLP
40 Clarendon Road
Watford
Hertfordshire WD17 1JJ
STOCKBROKERS
Peel Hunt
100 Liverpool Street
London EC2M 2AT
Liberum Capital Limited
Ropemaker Place Level 12
25 Ropemaker Street
London EC2Y 9LY
J.P. Morgan Securities plc
25 Bank Street
Canary Wharf
London E14 5JP
SOLICITOR
Herbert Smith Freehills Kramer LLP
Exchange House
Primrose Street
London EC2A 2EG
BANKER
Barclays Bank PLC
2nd Floor
90–92 High Street
Crawley
West Sussex RH10 1BP
COMPANY REGISTRAR
Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex BN99 6DA
Telephone: +44 (0) 371 384 2290
Please use the country code when calling
from outside the UK
Lines open 8:30am to 5:30pm (UK time),
Monday to Friday (excluding public
holidays in England and Wales).
You can also contact Equiniti by using the
Relay UK website at www.relayuk.bt.com
Please see www.help.shareview.co.uk for
additional information
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GENUS PLC / Annual Report 2025
GENUS PLC
Matrix House, Basing View, Basingstoke, Hampshire RG21 4FF
T: +44 (0)1256 347100 F: +44 (0)1256 477385
www.genusplc.com
GENUS PLC / Annual Report 2025