Higher operating expenses, especially domestic costs, continue to present challenges for many Australian businesses. To mitigate these impacts, the divisions will continue to maintain cost discipline and execute productivity initiatives, including ongoing investments to digitise operations and increase the use of data and AI. As indicated, new strategic partnerships with leading global technology companies are expected to accelerate the Group’s progress in these areas. 

2026-half-year-results .News Release

2026-half-year-results. Slides

Keeping the shareholder happy: Special Divi 40cps

AI gets a mention:

Comment:

Bunnings is expected to remain a key driver of growth, supported by new categories and format expansions. Kmart's growth will continue to be supported by Anko, though returns on capital are expected to stabilise. Officeworks' growth and health contributions remain immaterial, while widening lithium losses are clear earnings drag in the short to medium term.

Management highlighted that sales momentum has accelerated into FY26 compared to 2H25, pointing to a positive near-term trajectory.

ROE is growing

Net profit Margin: 6.2% (Retail is lower than Aristocrat )

Free Cash Flow is growing

Dividend Payout ratio ~ 80%

Return (inc div)   1yr: 12.55%   3yr: 22.43% pa   5yr: 13.79% pa

Shares trade lower today on announcement

Free cash flows Free cash flows of $3,446 million increased 6.9 per cent on the prior year, supported by the divisional operating cash flow result and the cycling of the Group’s acquisitions of SILK and InstantScripts in the prior year.

https://hotcopper.com.au/threads/ann-2025-full-year-results-briefing-presentation.8736514/

Just checking the WesCEF - performance

Return (inc div)   1yr: 22.87%   3yr: 28.30% pa   5yr: 17.38% pa