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Metcash (MTS) investor relations material

Metcash H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary30 Nov, 2025

Executive summary

  • Delivered solid results in 1H26, maintaining momentum across core businesses despite challenging market conditions and accelerated tobacco decline.

  • Net profit after tax attributable to shareholders was $142.2 million for 1H26, up slightly from $141.8 million in 1H25.

  • Diversification and disciplined execution supported resilience, with strong cash generation and positive EBITDA leverage.

  • Integration of acquisitions and expansion of digital and retail media platforms advanced strategic positioning.

  • No material subsequent events occurred after the reporting period.

Financial highlights

  • Group revenue reached $9.6bn, up 0.4% year-over-year (+4.5% ex-tobacco).

  • EBITDA rose to $380.2 million from $367.0 million, and EBIT was $257.6 million versus $262.9 million in 1H25.

  • Underlying profit after tax was $126.7m, down 5.9% year-over-year.

  • Operating cash flow increased 60% to $262m; 3-year rolling cash realisation ratio at 105.9%.

  • Interim dividend of 8.5cps declared, ~74% of UPAT.

Outlook and guidance

  • Growth momentum (ex-tobacco) continued into 2H26, with positive trends in Supermarkets and Total Tools.

  • Program Horizon, a major technology upgrade, is progressing and expected to complete in FY27.

  • Planning for sustained sales momentum, leveraging business diversity and disciplined strategy execution.

  • Tobacco sales expected to remain under pressure; mitigation includes new supply contracts.

  • No new accounting standards materially impacted the results; outlook remains stable.

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Frequently asked questions

Metcash Limited (MTS) is an Australian wholesaler and distributor operating across food, liquor, and hardware sectors. It provides a broad spectrum of wholesale distribution and marketing services, primarily catering to independent retailers and businesses. The company's offerings encompass a diverse range of products and services aimed at supporting the operational, marketing, and merchandising needs of its clients. Metcash operates under several divisions, including Food & Grocery, Liquor (through Australian Liquor Marketers), and Hardware (via the Independent Hardware Group), to deliver comprehensive solutions to independent supermarkets, convenience stores, liquor retailers, and hardware stores. The company is headquartered in Macquarie Park, New South Wales, and its shares are listed on the ASX.

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