GWA Group (GWA) H2 2026 earnings summary

Executive summary

• Achieved revenue, volume, and earnings growth across Australia, New Zealand, and the UK despite challenging market conditions and headwinds.

• Maintained operational and cost discipline, resulting in a 2.5% increase in normalized EBIT and improved EBIT margin.

• Strategic focus on 'Win the Plumber', customer-first initiatives, and plumber engagement drove sales and engagement.

• Continued investment in safety, digital initiatives, and new product launches, including AI-enabled leak protection solutions.

• Delivered 11% increase in statutory net profit and 6.5% increase in full-year dividend.

Financial highlights

• Group revenue up 0.9% to $422.3 million year-over-year; Australia up 1%, New Zealand up 1.3% (AUD) and 7.1% (local), UK up 0.8%.

• Normalized EBIT increased 2.5% to $78.2 million, with EBIT margin rising to 18.5%.

• Normalized NPAT up 4.9% to $48.8 million; statutory NPAT up 10.6% to $48.0 million.

• Fully franked full-year dividend increased 6.5% to 16.5 cents per share.

• Earnings per share grew 6.9%, supported by share buyback.

Outlook and guidance

• Anticipates modest improvement in Australian residential completions, with renovation sector subdued and multi-residential/commercial segments stable or growing.

• New Zealand market recovery constrained by high interest rates; focus on merchant partnerships and product launches.

• UK R&R segment to remain challenging; focus on affordable and social housing.

• Cash conversion expected to return to 80–85% target range in FY27 as inventory unwinds.

• Strategy targets core business strength and new growth opportunities in healthcare, aged care, and social housing.