EBOS Group (EBO) H2 2025 earnings summary

Executive summary

• Achieved solid organic growth in FY25, supported by new customer wins in pharmacy wholesale and expansion in medical technology and animal care, with all growth objectives met and EBITDA delivered within guidance.

• Ongoing organic growth driven by ~$385m revenue from new pharmacy wholesale customers and double-digit growth in Southeast Asia Medical Technology.

• Completed five strategic acquisitions, including SVS and Next Generation Pet Foods, enhancing manufacturing, market reach, and expanding into high-growth pet treat categories.

• Maintained focus on cost management, delivering AUD 30 million in savings and progressing the Distribution Center Renewal program.

• Portfolio well-positioned for long-term growth across pharmaceutical, medical technology, and animal care markets, maintaining leadership in Australia, New Zealand, and Southeast Asia.

Financial highlights

• Underlying revenue grew 12% year-over-year to AUD 12.3 billion (ex-CWA); underlying EBITDA rose 7.5% to AUD 585 million (ex-CWA), with underlying EPS at AUD 1.313 per share.

• Statutory revenue was AUD 12,267m (-7.0%), statutory EBITDA AUD 556m (-8.3%), and statutory EPS 109.7c (-22.4%).

• Net profit after tax (Underlying) was AUD 258m; statutory NPAT AUD 215m.

• Full year dividend maintained at NZ 118.5c per share, payout ratio 83.8% of Underlying NPAT.

• Cash flow before capex was AUD 448m, with underlying free cash flow at AUD 302m and cash realization at 109%.

Outlook and guidance

• Targeting underlying EBITDA of AUD 615m–635m in FY26, a 7% uplift at midpoint.

• Expect growth in both healthcare and animal care segments, with similar drivers as FY25.

• CapEx for FY26 expected at AUD 130m–140m, with future annual CapEx to reduce by ~30% post-DC Renewal program.

• Net finance costs projected at AUD 110m–120m; effective tax rate ~28%.

• Leverage expected to remain within target range, with sufficient liquidity for growth initiatives.