Sigma Healthcare (SIG) H1 2026 earnings summary

Executive summary

• Revenue grew 14.9%–15% year-over-year for the half, driven by strong domestic and international sales and successful integration and synergy realization post-merger.

• Chemist Warehouse branded Australian network sales rose 17%–17.2%, with like-for-like sales up 15%.

• International network sales increased 24.5%, with like-for-like sales up 11%.

• Integration program on track, delivering AUD 13 million in synergy benefits in the first half and targeting AUD 100 million annually by FY29.

• Completed merger with Chemist Warehouse, accounted for as a reverse acquisition, aligning financial reporting to 30 June year-end.

Financial highlights

• Revenue reached $5.5bn, up 14.9%–180.5% year-over-year, with normalised EBIT of AUD 582.9 million, up 18.7%–30.7%.

• Normalised NPAT up 19.2% to $392.0m; statutory NPAT attributable to owners was $379.8m, up 22.6%.

• Gross profit margin steady at 18.3%; gross profit increased 48.8% to $1,007.8 million.

• Free cash flow of AUD 284.6 million; net debt reduced by AUD 117 million.

• Dividend declared at AUD 0.02 per share, payout ratio close to 60%, fully franked.

Outlook and guidance

• Momentum sustained into the second half, with Australian CW branded store sales up 16.6% year-to-date.

• Plans to open 9 CW domestic stores, 15 Amcal stores, and 11 international stores in H2.

• Integration program progressing as planned, reaffirming AUD 100 million annual synergy target by FY29.

• Directors resolved to pay a fully franked interim dividend of 2.0 cents per share, ex-dividend date 4 March 2026.

• Continued focus on disciplined network expansion and operational leverage.