Sigma Healthcare Ltd · ASX:SIG
Sigma Healthcare — H1 2026 Earnings Presentation
21 slides from Sigma Healthcare's earnings presentation, Feb 26, 2026
Slide 1: 1H26 Results Presentation
1H26 RESULTS PRESENTATION 26 February 2026 Vikesh Ramsunder – CEO & Managing Director Richard Murray – CFO For more information contact: Gary Woodford Head of Corporate Affairs and Investor Relations gary.woodford@sigmahealthcare.com.au www.sigmahealthcare.com.au
Slide 2: Agenda
Agenda 1. Highlights 2. Financial performance Sigma is an integrated 3. Strategy and operational highlights healthcare business with scale, capability, market 4. Execution priorities and FY26 Outlook reach and growth opportunities 5. Q&A
Slide 3: 1H26 Financial Highlights
1H26 Financial Highlights ✓ Strong 1H26 results demonstrate the strength and the Results compared to 1H25 Normalised Pro-forma complementary nature of the Sigma and Chemist Warehouse (CW) businesses $5.5bn $582.9m 1 1 Australian CW branded store sales up 17.2% and like-for- Revenue Normalised EBIT ✓
Slide 4: Executing the growth strategy – key contributors in 1H26
Executing the growth strategy – key contributors in 1H26 Pillar 1 Domestic – CW Branded Store Sales $5.1bn up 17.2% • 13 Australian CW branded stores added – now 550 ✓ • 18 CW stores refurbished by franchisees in 1H26 • CW Branded stores LFL sales up 15.0% • Reinvigoration of Amcal and DDS brands is
Slide 5: CFO 1H26 overview
CFO 1H26 overview Strong financial performance with Normalised revenue up ✓ 14.9% Operating leverage drives Normalised earnings growth – ✓ EBIT +18.7%, EBIT Margin +34 bps, EPS +19.4% Conservative Balance Sheet – Net Debt to Normalised ✓ EBITDA ratio of 0.6x ✓ Capex of $13.7 million – supporting int
Slide 6: 1H26 Financial performance
1H26 Financial performance 1 Statutory Normalised Commentary 1H25 $m 1H26 1H26 Pro-forma Change • Revenue growth exceeded expense growth, with % multiple revenue growth drivers: Revenue 5,508.5 5,508.5 4,796.2 14.9% o CW offer resonating with more customers across Gross profit 1,007.8 1,007.8 873.7
Slide 7: Disciplined cost control drives operating leverage
Disciplined cost control drives operating leverage Normalised Operating Expenses & Earnings Commentary $m 1H26 1H25 Change % • Total operating expenses up 9.8% supporting 14.9% Pro-forma increase in Pro-forma revenue Warehouse & Distribution 150.9 150.4 0.3% Marketing & Sales 69.5 59.5 16.8% • Stron
Slide 8: Cash flow – strong operating cash flow
Cash flow – strong operating cash flow Statutory cash flow ($m) 1H26 1H25 Commentary (CW only) EBITDA 607.1 457.6 • Prior period comparison reflects CW Group standalone and is not directly reflective of the merged group Change in working capital (218.5) 44.0 Net interest received / (paid) (25.6) (1.
Slide 9: Balance Sheet – strength and flexibility to self fund growth
Balance Sheet – strength and flexibility to self fund growth Statutory balance sheet ($m) Commentary $m 1H26 FY25 Change % • Conservative leverage - Net Debt to Normalised Cash and cash equivalents 160.5 138.8 15.7% EBITDA of 0.6x Trade and other receivables 1,845.6 1,575.1 17.2% Inventories 1,114.3
Slide 10: Key strategic growth pillars – consistent execution drives enduring growth
Key strategic growth pillars – consistent execution drives enduring growth Pillar 1 Pillar 2 Pillar 3 Pillar 4 Domestic International Product Operating leverage differentiation Maintain market leadership Drive profitable growth in Expand our owned and Deliver efficiencies and the Drive like-for-like
Slide 11: Pillar 1 Domestic – growth continues
Pillar 1 Domestic – growth continues 860 franchise stores across Australia Current Australian Retail Network1 Growth opportunity Northern Territory Queensland 9 stores 99 stores Other 83 stores 9 • Anticipate adding 9 CW branded stores to the network in 2H26 • 18 stores planned to be refurbished by
Slide 12: Pillar 1 (continued) - Domestic
Pillar 1 (continued) - Domestic Chemist Warehouse branded stores - 20+ years of A global network positioned to grow – consecutive growth 957 domestic and international stores CW Brand store sales evolution ($bn) – domestic1 1,200 10.0 800 10-year CAGR 9.0 12% to FY25 8.8 1,000 700 54 70 86 97 8.0 7.
Slide 13: Pillar 2 International - growth accelerating
Pillar 2 International - growth accelerating 97 stores 1 +12 store openings in core international markets in 1H26 Network stores 50 56 61 70 24 35 42 14 New Zealand Sales up 49.6% in Ireland, 22.4% in NZ, with growth FY20 FY21 FY22 FY23 FY24 1H25 FY25 1H26 expected to continue in 2H26 14 17 6 10 12
Slide 14: Pillar 3 Product – differentiation continues
Pillar 3 Product – differentiation continues ✓ Sales of owned and exclusive label products up 15.7% ✓ Sale of own label products now ~ 10% of CW branded store sales ✓ Over 3,000 owned and exclusive label products in the portfolio ✓ Newness – over 400 new product lines added in 1H26 ✓ Wagner generics
Slide 15: Pillar 4 Operating leverage – driving synergies
Pillar 4 Operating leverage – driving synergies Best in class supply chain drives efficiencies Synergies $100m target by FY29 1 298m Supply chain efficiencies: 262k • DC consolidation Aggregate capacity (sqm) of 13 DCs in Units distributed by Sigma to ✓ Australia pharmacies (6 months to 31 Dec 25) •
Slide 16: FY26 priorities and outlook
FY26 priorities and outlook Domestic trading YTD including the first 7-weeks of 2H26 remains strong ✓ with CW branded store sales up 16.6% and LFL sales up 14.4% as we start to cycle GLP-1 sales from the prior period In 2H26, we expect to onboard 9 CW pharmacies and 15 Amcal franchisees ✓ in Austral
Slide 17: Questions
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Slide 18: Appendices
4 Appendices 1% Sigma Healthcare
Slide 19: Approach to Sigma's financial reporting
APPENDIX 1 - Approach to Sigma’s financial reporting Accounting for the Transaction Near-term future financial reporting Sigma FY25 results Sigma FY26 results Legal acquiror 12 months to 30-Jun-25 12 months to 30-Jun-26 12 months of CWG financial 12 months of CWG financial information and Sigma fina
Slide 20: Important Notice
Important Notice The information contained in this presentation about Sigma Healthcare Limited and its subsidiaries (Sigma) is designed to provide: • an overview of the financial and operational highlights for Sigma for the half year period ending 31 December 2025; and • a high-level overview of asp
Slide 21: Thank you
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