Big River Industries (BRI) H1 2026 earnings summary

Executive summary

• Revenue for the half-year ended 31 December 2025 was $206.0 million, down 2.6% year-over-year, with like-for-like revenue down 1.4%, but up 6.4% sequentially, indicating early market stabilization.

• Gross profit margin expanded by 20bps to 26.6%, supported by disciplined pricing, improved product mix, and supplier alignment.

• Underlying EBITDA was $14.5 million, down 2.0% year-over-year, with EBITDA margin improving to 7.1% (+10bps), driven by cost discipline and operational efficiencies.

• Statutory net profit after tax improved to $1.4 million from a $17.0 million loss in the prior year, mainly due to the non-recurrence of prior period impairments.

• Acquisition of Johns Building Supplies (JBS) in Perth, WA, for up to $17.1 million, completed in December 2025, funded by an oversubscribed $10 million entitlement offer.

Financial highlights

• Revenue: $206.0 million (down 2.6% year-over-year); like-for-like revenue down 1.4%.

• Underlying EBITDA: $14.5 million (down 2.0% year-over-year); EBITDA margin at 7.1% (+10bps).

• Net profit after tax: $1.4 million (vs. $17.0 million loss in 1HFY25); underlying NPAT: $2.3 million (down 8.0%).

• Gross profit margin: 26.6% (+20bps year-over-year); gross profit: $54.8 million (down 1.6%).

• Interim dividend of 2.0c per share declared, fully franked, with an 81% payout ratio on underlying NPAT.

Outlook and guidance

• Market conditions remain mixed and variable, with residential housing subdued but commercial and formwork activity resilient.

• Western Australia and South Australia expected to remain strong; Victoria and New Zealand remain soft, while Queensland offers attractive medium-term fundamentals.

• Continued disciplined investment in targeted growth initiatives, higher-value segments, and selective acquisitions.

• Positioned for operating leverage and sustainable earnings growth as volumes recover.

• Early signs of market stabilization observed, with sequential revenue growth.