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Adairs (ADH) investor relations material
Adairs H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Group sales grew 6.5% to $618m, with record results for Adairs (+9.5%) and Mocha/Mocka (+14.7%), while Focus on Furniture sales declined 6.5%.
Underlying group EBIT increased 1.4% to $55.2m, driven by 21%+ EBIT growth in Adairs and Mocha/Mocka, offset by a 36%+ EBIT decline in Focus.
Vision 2030 strategy launched, focusing on customer engagement, brand distinctiveness, operational excellence, technology, and long-term foundations.
Leadership renewal and new governance structure implemented.
Net debt increased to $67.6m, with gearing at 1.0x EBITDA.
Financial highlights
Group sales reached $618m, up 6.5% year-over-year; Adairs $442m (+9.5%), Mocha/Mocka up 14.7%, Focus $117.9m (-6.5%).
Group underlying EBIT $55.2m, in line with guidance and slightly ahead of last year.
Group gross margin declined 140bps to 58.9%; EBIT margin fell 50bps to 8.9%.
Inventories increased 14.7% to $96m, with excess stock being cleared in Q1 FY26.
Final fully franked dividend of 4c/share, total FY25 dividend 10.5c/share (72% payout).
Outlook and guidance
FY26 is a foundation/transition year for Vision 2030, focusing on sustainable growth, operational efficiency, and productivity improvements.
Q1 FY26 group sales up 22.6% year-over-year; Adairs +26.6%, Focus +6.7%, Mocha Australia +52%, Mocha NZ +22%.
Group gross margin in Q1 FY26 expected to be 300bps below last year, with improvement anticipated in Q2 as promotions normalize.
Store expansion: Adairs to open 3–5 new stores and upsize 3–4; Focus to add 3–5 stores and refurbish 3–5; Mocha/Mocka to open first standalone store.
FY26 capex expected at $12–15m, plus $13–15m for Adairs technology upgrade; 75% of FY26 USD purchases hedged at US$0.64.
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