Sigma Healthcare (SIG) H1 2026 earnings summary

Executive summary

• Revenue grew 14.9%–15% year-over-year for the half, driven by strong network demand, robust domestic and international sales, and successful integration and synergy realization post-merger.

• Chemist Warehouse branded Australian network sales rose 17%–17.2%, with like-for-like sales up 15%.

• International network sales increased 24.5%, with like-for-like sales up 11%.

• Normalized EBIT rose 18.7% to AUD 582.9 million, and normalized NPAT up nearly 20%, reflecting solid operating momentum and cost management.

• Integration program delivered AUD 13 million in synergy benefits in the first half.

Financial highlights

• Revenue reached $5.5bn, up 14.9% year-over-year, outpacing operating expense growth of 9.8%–10.4%.

• Normalized EBIT was AUD 582.9 million, up 18.7%, with EBIT margin expanding 34 basis points to 10.6%.

• Free cash flow was AUD 284.6 million; net debt reduced by AUD 117 million.

• Gross profit margin steady at 18.3%; normalized EPS up 19.4% to AUD 0.034 per share.

• Dividend declared at AUD 0.02 per share, payout ratio close to 60%.

Outlook and guidance

• Momentum sustained into the second half, with Australian CW branded store sales up 16.6% year-to-date.

• Plans to open 9 CW domestic stores, 15 Amcal stores, and 11 international stores in the second half.

• Integration program on track to deliver AUD 100 million annual synergies by FY29, weighted to years three and four.

• Continued focus on disciplined network expansion and operational leverage.

• Directors resolved to pay a fully franked interim dividend of 2.0 cents per share, ex-dividend date 4 March 2026, payable 20 March 2026.