EBOS Group (EBO) H1 2026 earnings summary

Executive summary

• Revenue for HY26 grew 13% year-over-year to $6.77 billion, with disciplined execution, strong Healthcare and Animal Care segment growth, and contributions from recent acquisitions such as MediAdvice and SVS.

• Underlying EBITDA increased 3.2% to $300 million, with Healthcare EBITDA up 1.3% to $254 million and Animal Care EBITDA up 15.1% to $68 million.

• Statutory NPAT rose 13% to $125 million, with underlying NPAT at $125 million and EPS of 61.4c (underlying) and 61.1c (statutory).

• Major DC Renewal Program progressing, with Kemps Creek fully operational and most sites completed; productivity and utilization ramping up.

• Interim dividend maintained at NZ 57.0c per share, payout ratio 82% of underlying NPAT, with a 2% DRP discount.

Financial highlights

• Revenue increased 13% year-over-year to $6.77 billion; underlying EBITDA up 3.2% to $300 million; statutory EBITDA up 9.7% to $303 million.

• Underlying NPAT was $125 million, with statutory NPAT up 13% to $125 million; underlying EPS was 61.4c, statutory EPS 61.1c.

• ROCE at 12.9%, impacted by ongoing capital investment; leverage ratio at 2.2x, within target range.

• Net finance costs were $58 million; effective tax rate 27.5%.

• Interim dividend maintained at NZ 57.0c per share, with an 82% payout ratio.

Outlook and guidance

• FY26 EBITDA guidance reaffirmed at $615–$635 million, with expectations to finish at the top end of the range and growth weighted to H2.

• H2 FY26 underlying EBITDA expected at $315–$335 million, driven by full-period contributions from acquisitions and productivity gains.

• CapEx to reduce by ~30% in FY27 as the capital cycle ends, supporting deleveraging and reinvestment.

• Margin improvement anticipated as DCs reach steady state and high-margin businesses expand.

• Board expects continued growth, supported by recent acquisitions and expanded product offerings.