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