Bunzl plc (BNZL) Shares Slide After Pre‑Close Statement: 2025 Profit Guidance Reaffirmed, 2026 Margin Seen Slightly Lower

Bunzl plc (BNZL) reaffirmed 2025 adjusted operating profit guidance with an operating margin around 7.6%, but warned 2026 margins may dip slightly—sending shares lower and testing a 2,050p low on 17 December 2025. ^[1]

Bunzl plc (LSE: BNZL) shares fell on Wednesday after the FTSE 100 distributor reiterated its 2025 profit expectations but struck a more cautious tone on profitability for 2026, warning that operating margins are expected to be “slightly down” year-on-year. ^[2]

Below is all the key Bunzl (BNZL) news and market reaction reported today (17.12.2025)—including the company’s pre-close trading statement, the margin outlook that spooked investors, and what to watch next.

What happened today with Bunzl (BNZL): the headlines in one view

Bunzl issued a pre-close trading statement ahead of its closed period for the year ending 31 December 2025, reiterating its 2025 adjusted operating profit guidance. ^[3]
The group said 2025 revenue should rise 2%–3% at constant FX, with growth driven mainly by acquisitions and underlying revenue broadly flat. ^[4]
Bunzl expects 2025 operating margin around 7.6%, and said the year-on-year margin decline should moderate in H2 versus H1. ^[5]
The market focused on 2026: Bunzl expects moderate revenue growth but operating margin slightly down year-on-year—a contrast to expectations for a small improvement cited in analyst commentary. ^[6]
Shares fell as much as 8% intraday, with analysts warning of a potential “margin downcycle,” before recovering part of the move. ^[7]

Bunzl’s pre-close statement: 2025 outlook “in-line with expectations”

Bunzl described the update as a market statement issued before entering its closed period for the year ending 31 December 2025. ^[8]

Revenue: 2%–3% growth at constant FX, “broadly flat” underlying

The company reiterated that group revenue in 2025 is expected to grow between 2% and 3% at constant exchange rates, and be broadly flat at actual exchange rates. It also said the constant-currency increase is expected to be driven by acquisitions, while underlying revenue is expected to be broadly flat across the year. ^[9]

Profitability: operating margin around 7.6%

Bunzl said adjusted operating profit is expected to be in line with expectations, with operating margin around 7.6%. ^[10]

Management also signalled some improvement in trend as the year progressed, saying it expects a moderation in the year-on-year operating margin decline in the second half, helped by:

actions taken to improve performance in North America and Continental Europe,
easier comparatives in Continental Europe, and
Nisbets synergy benefits. ^[11]

The real market mover: Bunzl warns 2026 margins will be “slightly down”

While the 2025 guidance was broadly reaffirmed, the statement’s most market-sensitive line was Bunzl’s view of next year.

Bunzl said uncertainties in the economic and geopolitical landscape are expected to continue into 2026. It forecast moderate revenue growth in 2026 (at constant exchange rates), supported by some underlying revenue growth and a small benefit from announced acquisitions—but cautioned that group operating margin is expected to be slightly down year-on-year. ^[12]

That margin wording landed awkwardly against expectations embedded in the market. Alliance News noted that Bunzl’s “slightly down” margin view contrasts with consensus for 2026 to be slightly higher, citing consensus around 7.7% versus Bunzl’s 2025 margin forecast of 7.6%. ^[13]
Investing.com similarly highlighted that Bunzl’s comment jarred with expectations for a small improvement (and quantified analyst consensus as a slight margin improvement in 2026). ^[14]

BNZL share price reaction: down sharply, testing a new low

The margin outlook translated quickly into selling pressure.

Reuters reported Bunzl shares were down as much as 8% on the day after the company warned about margin pressure continuing into 2026. ^[15]

By mid-morning London time, Alliance News said shares were down 3.8% to 2,136p, making Bunzl the biggest faller in the FTSE 100 at that moment even as the wider index rose. ^[16]

Where did BNZL finish on 17.12.2025?

At the close (delayed pricing), Hargreaves Lansdown showed Bunzl around 2,160p, after trading as low as 2,050p—a level also shown as the stock’s year low on that data page. ^[17]

A 2,050p intraday low matters for sentiment because it reinforces the idea that investors are still debating how quickly Bunzl can stabilise margins and return to organic growth.

Why investors are focused on margins now

Bunzl is a specialist distributor of products such as packaging, cleaning and safety supplies, serving end markets including food service, retail and healthcare—businesses where pricing, volumes, and customer purchasing patterns can shift quickly in a tougher consumer backdrop. ^[18]

Reuters also pointed to the company’s efforts to offset pressures—describing cost actions and product-mix changes in North America, its biggest market—and highlighted that sentiment remained concentrated on whether Bunzl is entering a prolonged period of margin compression. ^[19]

Notably, Reuters reported RBC Capital Markets flagged concern that Bunzl may be in a “margin downcycle”, contrasting Bunzl’s 2026 caution with prior expectations for a slight improvement. ^[20]

Acquisitions and capital returns: Damito deal and the £200m buyback

Alongside guidance, Bunzl updated markets on M&A and capital allocation.

Bunzl confirmed it completed the acquisition of Damito s.r.o in October, a Slovakian distributor of cleaning & hygiene, PPE and packaging—bringing Bunzl a physical presence in Slovakia. The acquired business generated EUR 14 million (about £12 million) of revenue in 2024, according to the statement. ^[21]
The group said it has completed its £200 million 2025 share buyback, and expects leverage to be just over and towards 2.0x by the end of 2025. ^[22]

Bunzl’s CEO Frank van Zanten also indicated that, after a lower level of acquisition spend in 2025 (driven by timing and macro uncertainty), the group expects an improved year for acquisitions in 2026 while the pipeline remains active. ^[23]

Today’s conference call: investors were offered Q&A at 07:30 GMT

Bunzl said there would be a live analyst and investor conference call and Q&A from 07:30am (GMT), hosted by CFO Richard Howes, with a replay available later in the day. ^[24]

For traders, these calls can matter as much as the statement itself—because management tone and Q&A detail often shape expectations on how quickly margins can stabilise.

Broader market backdrop: FTSE up, Bunzl down

Bunzl’s decline came on a day when broader UK equities were stronger after inflation data supported expectations of a Bank of England rate cut, with Reuters noting Bunzl as a notable laggard even as the FTSE 100 rose. ^[25]

What to watch next for Bunzl (BNZL)

Here are the main catalysts investors are likely to track after today’s update:

Evidence of an organic growth return in 2026 (which management highlighted as an expectation), and whether that shows up early in the year. ^[26]
Margin stabilisation, especially in North America, where Bunzl has been taking actions to improve performance. ^[27]
Acquisition pace in 2026: management signalled stronger M&A activity could return after a slower 2025, but execution and integration will matter. ^[28]
Full-year results timing: Bunzl’s investor calendar lists results for the year ended 31 December 2025 on 2 March 2026. ^[29]

Quick FAQ for Google Discover

Why did Bunzl (BNZL) shares fall today?

Because Bunzl reaffirmed 2025 guidance but warned 2026 operating margin is expected to be slightly down year-on-year, which investors interpreted as continuing cost pressure and a slower margin recovery. ^[30]

What did Bunzl say about 2025 performance?

Bunzl expects 2%–3% revenue growth at constant FX, broadly flat underlying revenue, adjusted operating profit in line with expectations, and operating margin around 7.6%. ^[31]