Temple & Webster Group (TPW) H1 2026 earnings summary

Executive summary

• Revenue grew 20% year-over-year in H1 FY26, reaching AUD 376 million ($375.9m), with market share at a record 2.9% and growth driven by both new and repeat customers.

• EBITDA was $13.5m (3.6% margin), or $14.9m (4.0% margin) excluding New Zealand start-up costs, within guidance.

• Free cash flow reached AUD 23 million ($22.9m), with cash on hand at AUD 161 million ($160.6m) and no debt.

• Strategic focus remains on scaling to AUD 1 billion ($1bn) in revenue by FY28, prioritizing growth and online market leadership.

• Active customers reached up to 1.4 million, up 14% year-over-year, with repeat orders now 62% of total.

Financial highlights

• Revenue grew 20% year-over-year to AUD 376 million ($375.9m), with delivered margin at 30.5% and gross margin at 31.4% (down from 34.0%).

• EBITDA margin was 4% (excluding NZ investment), within the 3%-5% guidance range.

• Free cash flow was AUD 23 million ($22.9m), and cash on hand increased to AUD 161 million ($160.6m).

• Net profit after tax was $5.8m, down 35.8% year-over-year, impacted by start-up and one-off costs.

• Fixed costs as a percentage of revenue declined to 9.4%, a 110 bps improvement.

Outlook and guidance

• FY26 EBITDA margin guidance reiterated at 3%-5%, including New Zealand startup costs.

• Delivered margin expected to remain within 30%-32% for the full year.

• Mid-term goal of AUD 1 billion ($1bn+) annual revenue by FY28, with market share and revenue growth as key priorities.

• Early results from New Zealand operations are outperforming expectations.