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 network demand and successful integration post-merger, with Chemist Warehouse as the acquirer for accounting purposes.

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

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

• Integration and transformation programs are on track, delivering AUD 13 million in synergy benefits in the first half and targeting AUD 100 million annual synergies by FY29.

• Financial reporting now aligns with Chemist Warehouse's 30 June year-end, following ASIC relief and ASX confirmations.

Financial highlights

• Revenue reached $5.5bn, up 14.9% year-over-year; normalised EBIT increased 18.7% to $582.9m, and normalised NPAT up 19.2% to $392.0m.

• Gross profit margin was 18.3%, up 8 bps year-over-year; normalised EPS up 19.4% to 3.4 cents per share.

• Free cash flow was $284.6m; net debt reduced by $117m to $635.1m; net debt to normalised EBITDA at 0.6x.

• Dividend declared at 2.0 cents per share, payout ratio close to 60%, fully franked.

• CapEx for the half was $13.7m, supporting international expansion, DC infrastructure, IT, and integration.

Outlook and guidance

• Growth momentum continues into 2H26, with Australian CW branded store sales up 16.6% and LFL sales up 14.4% year-to-date.

• Plans to open 9 new CW domestic stores, 15 Amcal stores, and 11 international stores in the second half.

• Integration program on track to deliver AUD 100 million annual synergies by FY29, weighted to years three and four.

• Continued focus on disciplined network expansion, operational leverage, and efficiency gains.