EBOS Group (EBO) H1 2026 earnings summary

Executive summary

• Revenue for H1 FY26 grew 13% year-over-year to AUD 6.77 billion, driven by strong Healthcare and Animal Care performance and recent acquisitions.

• Underlying EBITDA increased 3.2% to AUD 300 million, with statutory EBITDA up 9.7% to AUD 303 million; NPAT was AUD 125 million (statutory +13%).

• Interim dividend maintained at NZD 0.57 per share, payout ratio 82% of underlying NPAT, payable 27 March 2026.

• Bolt-on acquisitions totaling AUD 70 million were completed, expanding Medical Technology and pharmacy reach, with early positive trading results.

• The business is well-positioned for FY 2027, with revenue momentum from network growth, innovation, and regional expansion.

Financial highlights

• Revenue grew 13% year-over-year to AUD 6.8 billion for the half, reflecting strong momentum in both Healthcare and Animal Care.

• Underlying EBITDA increased to AUD 300 million (+3.2%), and underlying NPAT was AUD 125 million, slightly down due to DC Renewal Program impacts.

• Statutory NPAT rose 13% to AUD 125 million, benefiting from reduced non-recurring costs.

• Underlying EPS was AUD 0.614; ROCE at 12.9%, impacted by ongoing capital investment.

• Net cash inflow from operating activities was AUD 46.6 million, down from AUD 189.8 million year-over-year.

Outlook and guidance

• FY26 underlying EBITDA guidance reaffirmed at AUD 615–635 million, with growth weighted to H2 and expectations to finish at the top end.

• CapEx for the half was AUD 70 million; full-year CapEx guidance unchanged, with a 30% reduction expected in FY27 as the capital cycle ends.

• Second half of FY26 expected to see EBITDA of AUD 315–335 million, driven by full-period contributions from acquisitions and productivity gains.

• Margin improvement and cash flow growth anticipated in FY27 as DCs reach steady state and D&A and interest normalize.

• Board expects continued growth, supported by recent acquisitions and expanded product offerings.