JB Hi-Fi (JBH) H2 2025 earnings summary

Executive summary

• Group revenue rose 10.0% to $10.55 billion, with all major brands contributing to growth and strong performance across JB Hi-Fi Australia, The Good Guys, and JB Hi-Fi New Zealand.

• EBIT increased 7.3% to $694.1 million; adjusted EBIT up 9.4% to $707.8 million excluding a $13.7 million one-off expense.

• Net profit after tax grew 5.4% to $462.4 million; adjusted NPAT up 8.5% to $476.1 million.

• Acquisition of 75% of e&s in September 2024 expanded the Group's premium appliance and bathroom segments.

• CEO Terry Smart to retire in October 2025, succeeded by Nick Wells.

Financial highlights

• Total sales increased by $962.4 million to $10.55 billion (+10.0% year-over-year), with group gross profit up 10.3% to $2.36 billion and gross margin at 22.36%.

• EBIT rose 7.3% to $694.1 million; NPAT up 5.4% to $462.4 million; EPS up 5.4% to 423.0 cents.

• Special dividend of 100 cents per share and final dividend of 105 cents per share declared, totaling $224 million to shareholders.

• Net cash position of $284.1 million at year-end, with no interest-bearing liabilities.

• Inventory increased 18.7% to $1.3 billion, supporting new stores and sales growth.

Outlook and guidance

• July 2025 sales update: JB Hi-Fi Australia up 6.1%, New Zealand up 38.1%, The Good Guys up 4.2%, e&s up 1.0%.

• Board to increase dividend payout ratio to 70-80% of NPAT from FY26.

• Focus areas for FY26 include supply chain optimization, retail execution, brand expansion, multichannel growth, and integration of e&s.

• Store expansion plans: JB Hi-Fi NZ (3 new stores), e&s (1 new store), JB Hi-Fi Australia (5 new, 1 closure), The Good Guys (2 relocations).