Big River Industries (BRI) H1 2026 earnings summary

Executive summary

• Revenue for the half-year ended 31 December 2025 was AUD 206.0 million, down 2.6% year-over-year, but up 6.4% sequentially, reflecting early market stabilisation and subdued residential activity.

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

• Gross profit margin increased by 20 basis points to 26.6%, driven by disciplined pricing, improved product mix, and supplier alignment.

• Net profit after tax was AUD 1.4 million, a turnaround from a AUD 17.0 million loss in the prior period, mainly due to the non-recurrence of prior impairments.

• Acquisition of Johns Building Supplies (JBS) in Perth, WA, for up to AUD 17.1 million in December 2025 expanded the WA footprint and contributed to intangibles and contingent consideration.

Financial highlights

• Group revenue for the half was AUD 206.0 million, down 2.6% year-over-year; like-for-like revenue declined 1.4%.

• Gross profit margin increased 20 basis points to 26.6%; gross profit was AUD 54.8 million, down 1.6%.

• Underlying EBITDA was AUD 14.5 million, down 2% year-over-year, with EBITDA margin up 10 basis points to 7.1%.

• Net profit after tax before significant items was AUD 2.3 million, down 8.0% year-over-year.

• Interim dividend of AUD 0.02 per share declared, fully franked, with an 81% payout ratio on underlying NPAT.

Outlook and guidance

• Market conditions remain variable; residential housing expected to stay uneven over the next 12 months, with commercial and formwork more resilient.

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

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

• Positioned to capture operating leverage and deliver sustainable earnings growth as volumes recover.

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