McBride is a leading European manufacturer and supplier of private label and contract manufactured products for the domestic household and professional cleaning/hygiene markets. It manufactures from 17 factories (including 3 acquired with Eurotab): 15 across Europe and one each in Malaysia and Vietnam. McBride supplies 90% of the top 50 European grocery retailers, generating £927m revenues in FY25.

15 Sept 2026

Strategic strength; macro-economic uncertainty

McBride’s FY26 Adj. EBITDA of £80m and Adj. PBT of c.£49m have come in c.2% above recently revised estimates, evidence of the group’s resilience, market leadership and strategy.

Looking ahead, volumes in early FY27E are in-line with management’s expectations, but raw material costs are likely to rise further as geo-political tensions continue. Management is ready to mitigate inflation but in the meantime the group’s strategic acquisition of Eurotab and its significant contract manufacturing partnership with Vestacy illustrate the group’s multiple levers for growth.

Trading on only 7.5x our cal 2027 EPS, we believe McBride’s rating materially undervalues the group’s high 27% ROCE. We reiterate our 265p Fair Value, equating to c.10x cal 2027 PER.

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