Breville Group (BRG) H2 2025 earnings summary

Executive summary

• Achieved record sales of $1,696.6 million in FY25, with double-digit top-line growth and strong performance across all regions and the coffee category.

• Full-year EBIT reached $204.6 million, at the top end of guidance, with 10.2% EBIT growth and 14.6% NPAT growth year-over-year.

• Coffee segment led strong performance, supported by new product launches and geographic expansion.

• US-China tariff impact was largely mitigated by inventory pull forward, cost management, and manufacturing diversification.

• Maintained a net cash position despite increased inventory and CapEx for manufacturing diversification.

Financial highlights

• Revenue rose 10.9% year-over-year to $1,696.6 million; gross profit up 11.4% to $620.5 million.

• Global products segment revenue grew 12.3% (11.4% in constant currency), with gross profits up 11.1% year-over-year.

• Double-digit revenue growth in all three geographic theatres: Americas, EMEA, and APAC.

• Coffee category delivered strong double-digit growth; cooking saw high single-digit growth; food preparation grew gross margin but had a small single-digit revenue decline.

• Gross margin held steady at 36.6% (vs 36.4% prior year); EBIT margin stable at 12.1%.

Outlook and guidance

• FY26 expected to see a material step up in US input costs due to tariffs; mitigants being pursued include manufacturing relocation, supplier negotiations, channel adjustments, and selective price increases.

• Most markets expected to remain stable in FY26, with macroeconomic headwinds offset by company-specific tailwinds.

• Capex and elevated inventory levels to continue through FY26, with normalization in unit holdings but higher cost per unit.

• Too early to provide detailed FY26 guidance due to tariff and price elasticity uncertainties; guidance expected with first half results.