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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.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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