EBOS Group (EBO) H1 2025 earnings summary

Executive summary

• Achieved strong underlying revenue and EBITDA growth in H1 FY25, with underlying revenue up 9.5% to just under AUD 6 billion and underlying EBITDA up 7% to AUD 291 million, excluding the Chemist Warehouse Australia (CWA) contract and one-off costs.

• Interim dividend maintained at NZ 57.0c per share, reflecting board confidence in future growth.

• Disciplined capital allocation with strategic investments in Southeast Asian medtech, including full ownership of Transmedic and acquisition of Pacific Surgical Inc.

• CEO John Cullity announced retirement effective 30 June, with Adam Hall appointed as successor.

• Signed First Pharmaceutical Wholesaler Agreement, supporting sustainable wholesale remuneration.

Financial highlights

• Underlying earnings per share was AUD 0.675, up 7.1% (ex. CWA); statutory EPS 56.9c, down 19.8%.

• Net working capital reduced by AUD 89 million year-over-year, reflecting the full release from the CWA contract.

• Net debt just over AUD 1 billion; net debt-to-EBITDA ratio at 2.07, within target range.

• Underlying payout ratio of 77.3% for the interim dividend.

• Cost savings of AUD 15 million realized in H1, on track for AUD 25–50 million per annum by FY26.

Outlook and guidance

• Reiterated FY25 underlying EBITDA guidance of AUD 575–600 million, representing 5–10% growth year-over-year, excluding CWA.

• Full-year guidance supported by 7.1% underlying EBITDA growth in H1.

• Continued focus on organic growth, operational excellence, and M&A, especially in Southeast Asia and medtech.