Joyce Corporation (JYC) H2 2026 earnings summary

Executive summary

• Achieved record FY26 results with NPAT attributable to shareholders up 31.6% year-over-year on a normalised basis, driven by revenue growth, EBIT margin expansion, and strong cash generation.

• Strategy focused on organic growth, operational efficiency, and network expansion in both KWB and Bedshed segments.

• Maintained a capital-light business model and resilient operations despite challenging consumer and macroeconomic conditions.

• Maintained a robust balance sheet with $48.5M net cash and no debt at year-end.

• Delivered a fully franked ordinary dividend of 30 cents per share, up from 22 cents in FY25.

Financial highlights

• Group revenue rose 14.7% year-over-year to $169.9M, with normalised EBIT up 31.8% to $31.5M.

• Normalised NPAT attributable to shareholders increased 31.6% to $10.8M.

• Group EBITDA reached $41.1M, up 25.4% on a normalised basis.

• Normalised EBITDA margin improved to 24.2% from 22.1% in FY25.

• Cost of doing business reduced to 25% of revenue, down from 28% in FY25.

Outlook and guidance

• Entering FY27 with a robust balance sheet and clear operating priorities, but near-term trading conditions remain challenging due to subdued housing activity and cost-of-living pressures.

• Significant opportunity for further network expansion in both KWB and Bedshed, targeting 55+ KWB showrooms and 65+ Bedshed stores.

• Forward order book and resilient conversion rates provide revenue coverage into FY27.

• Management prioritises protecting performance, managing costs, and positioning for sustainable long-term growth.