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Wesfarmers (WES) investor relations material
Wesfarmers H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue increased 3.1% year-over-year to $24.2 billion, with net profit after tax up 9.3% to $1.6 billion, driven by strong performances in Bunnings, Kmart Group, and WesCEF, supported by productivity and digital initiatives.
Interim fully-franked dividend rose 7.4% to $1.02 per share, and a $1.50 per share capital management distribution was paid in December.
Sustainability progress included a 27.8% reduction in Scope 1 and 2 emissions, 100% renewable energy in retail, and increased rooftop solar capacity.
All divisions except Officeworks grew earnings; Officeworks' decline was due to transformation program costs.
Investments in technology, sustainability, and climate resilience advanced, with improved safety metrics.
Financial highlights
EBIT increased 8.4% to $2,493 million; basic EPS rose 9.3% to 141.4 cents.
Free cash flow increased 35.6% to $2,745 million, mainly from asset sales.
Net financial debt increased to $4.9 billion, with Debt/EBITDA at 1.9x.
Return on equity (excluding significant items) improved to 32.7%.
Operating cash flows decreased 3.3% to $2,491 million due to higher tax paid.
Outlook and guidance
Retail divisions are expected to drive profitable growth, leveraging value credentials and omnichannel investments.
Bunnings and Officeworks sales growth in early 2H in line with 1H; Kmart Group sales growth stronger.
Lithium JV refinery ramp-up extended due to odour issues, but 2H earnings expected to be slightly above 1H; excess spodumene to be sold profitably.
Net capital expenditure for FY26 expected between $1 billion and $1.3 billion, excluding BPI sale proceeds.
Health division to focus on consumer business growth and wholesale improvements.
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