Redox (RDX) H2 2026 earnings summary

Executive summary

• Sales revenue reached a record AUD 1.33 billion in FY26, up 6.9% year-over-year, driven by organic growth and contributions from acquisitions.

• Gross profit rose 11% to AUD 298 million, with margin up 0.8 percentage points to 22.4%, reflecting improved product mix and strong North American performance.

• Statutory NPAT increased 19.2% to AUD 92 million; pro forma EPS up 19.2% to AUD 0.175.

• North American revenue exceeded AUD 100 million for the first time, up 33.8% year-over-year, with significant new customer wins and expanded product range.

• Final dividend of AUD 0.065 per share, total FY26 dividend AUD 0.13 per share (up 4%), payout ratio 74%.

Financial highlights

• EBITDAFX increased 9.9% to AUD 134 million; conversion margin remained strong at 44.8%.

• Underlying NPATFX rose 9% to AUD 87 million.

• Free cash flow conversion improved to 62.5%, within the long-term target range.

• Net working capital at AUD 417 million, 31.4% of revenue, improved by 1.3 percentage points.

• Cash and equivalents at AUD 123 million; zero net debt position maintained.

Outlook and guidance

• Expectation of further price inflation in FY27, with higher replacement costs flowing into selling prices.

• Volume growth projected to remain strong, with anticipated 7-8% growth and additional benefit from price inflation.

• North America remains the primary focus for expansion, with ongoing assessment of bolt-on acquisitions in the $30–100 million revenue range.

• Positioned for continued growth through organic expansion, acquisitions, and geographic diversification.

• Market conditions remain dynamic, but diversified platform and strong balance sheet position the business well for future growth.