Metcash Limited · ASX:MTS
Metcash — FY2026 Earnings Presentation
60 slides from Metcash's earnings presentation, Jun 22, 2026
Slide 1: FY26 Full Year Results Presentation (ASX cover letter)
METCASH LIMITED ABN 32 112 073 480 1 THOMAS HOLT DRIVE MACQUARIE PARK 22 June 2026 NSW 2113 AUSTRALIA PO BOX 557 MACQUARIE PARK NSW 1670 AUSTRALIA PHONE: 02 9741 3000 Market Announcements Office FAX: 02 9741 3399 WEB: www.metcash.com Australian Securities Exchange Limited Level 27, 39 Martin Place S
Slide 2: FY26 Full Year Results
FY26 FULL YEAR RESULTS Metcash FY 2026 Results Update WINNING WITH INDEPENDENTS Group Financials Food Liquor Hardware & Tools Appendix
Slide 3: Acknowledgement of Country
ACKNOWLEDGEMENT OF COUNTRY We acknowledge the Traditional Custodians of the land on which we are all connecting today. We are connecting from Wallumedegal Country and pay our respects to elders across Country, past, present and emerging. Pg 2 Metcash Results Report FY 2026
Slide 4: Contents
CONTENTS page STRATEGY UPDATE 4 FY26 RESULTS Group overview 12 Financials 18 Pillar results 26 Trading update and outlook 44 APPENDIX 46 Pg 3 Metcash Results Report FY 2026
Slide 5: Investment Thesis
INVESTMENT THESIS A unique combination of scaled assets and capabilities that generate resilient, quality cashflows, underpinning reliable shareholder returns Large, growing Market leader in Indispensable link Attractive, stable Total Addressable supply to independent powering the growth returns wit
Slide 6: Our Sustainable Competitive Advantage
OUR SUSTAINABLE COMPETITIVE ADVANTAGE Three mutually reinforcing elements plus incremental growth opportunities Unmatched Differentiated, Competitive Scale Trusted Capabilities Networks SERVICES FOOD ~105,000 Customers Procurement & Supplier Management Digital Supply IGA Friendly Grocer Solutions Ch
Slide 7: Well Positioned in Attractive Markets
WELL POSITIONED IN ATTRACTIVE MARKETS FOOD LIQUOR HARDWARE & TOOLS #1 #1 #1 Supplier to independent Supplier to small/medium home Supplier to independent bottle builders supermarkets and convenience shops and on-premise venues stores In professional tools ~$180bn Total addressable ~$22bn Total addre
Slide 8: Consistent, Complementary Strategies
CONSISTENT, COMPLEMENTARY STRATEGIES FOOD LIQUOR HARDWARE & TOOLS Shared strategies Extensive suite of Scaled, flexible supply chain supplier services Competitive networks Diversified customer base Key strategic objectives shared and executed across all pillars Pg 7 Metcash Results Report FY 2026 Up
Slide 9: Clear Progress Against Strategy
CLEAR PROGRESS AGAINST STRATEGY Lifting resilience, improving competitiveness, extending growth options and strengthening the platform Pursuing successful growth strategies Key achievements ✓ Improved pricing position across all pillars – core IGA network more competitive than ever Delivering unique
Slide 10: Our AI-Ready Technology Sets Metcash Apart
OUR AI-READY TECHNOLOGY SETS METCASH APART A modern, AI-ready technology suite leveraging Microsoft’s broad enterprise stack AI-ready from Deepest Microsoft Evergreen cloud ERP – the ground up partnership in reduced legacy drag Australian retail Microsoft Fabric AI platform live: $3M+ Microsoft co-i
Slide 11: Investing to Extend Our Competitive Advantages
INVESTING TO EXTEND OUR COMPETITIVE ADVANTAGES Expanding network scale, deepening capability and improving the Metcash platform Total Tools Truganina DC Foodservice & Convenience Split case grocery pick rate Network sales EBIT CAGR +50% Metcash Foodservice +121% +17.1% Capacity to absorb QSR volume
Slide 12: Expanding Growth Options
EXPANDING GROWTH OPTIONS Further diversifying the earnings base with opportunity to grow margins Retail Retail Media Ownership Sorted Australia’s largest Marketplace live in B2B marketplace Supermarkets, Campbells & 760+ 630+ First supermarket ~$5.9bn Convenience, Liquor Screens rolled out Advertisi
Slide 13: FY26 Results Group Overview
FY26 RESULTS GROUP OVERVIEW DOUG JONES Group Chief Executive Officer Pg 12 Metcash Results Report FY 2026
Slide 14: Operational Summary
OPERATIONAL SUMMARY Solid results through resilience of Food and Liquor, our diversified portfolio and disciplined execution ▪ Continued disciplined execution of Metcash platform strategy – more products and services to more Australian businesses ▪ Resilient performance of Food and Liquor in competi
Slide 15: Group Financial Overview
GROUP FINANCIAL OVERVIEW Strong profit and cash performance and balance sheet flexibility Group Revenue1 Group EBITDA Group EBIT Reported PAT $19.6BN $761.7M $503.7M $279.1M 0.7% 1.9% 0.8% 1.5% (+3.8% ex-tobacco) (+3.5% ex one-off (+1.6% ex one-off (Underlying $268.8m) strategy and integrati
Slide 16: Results Overview by Pillar
RESULTS OVERVIEW BY PILLAR FY26 ($M) FY25 ($M) % Sales Revenue 19% (including charge-through1) 18% Food 10,543.0 10,608.52 (0.6) Liquor 5,374.6 5,321.7 1.0 54% 55% 27% 27% Hardware & Tools 3,710.8 3,559.1 4.3 Total sales revenue 19,628.4 19,489.3 0.7 (including charge-through sales1) FY26 FY25 Less:
Slide 17: Results Overview by Revenue Stream
RESULTS OVERVIEW BY REVENUE STREAM FY26 ($M) FY25 ($M) % Sales Revenue 13% (including charge-through1) 12% 12% Wholesale 14,655.0 14,932.0 (1.9) 11% Retail 2,311.5 2,223.1 4.0 Foodservice & Convenience 2,661.9 2,334.22 14.0 77% Total sales revenue 75% 19,628.4 19,489.3 0.7 (including charge-through
Slide 18: Revenue Streams Growth
REVENUE STREAMS GROWTH Continuing to build on dependable, high-quality wholesale base EBIT ($m) by revenue stream 91% FY19 EBIT ($m) by pillar and revenue stream 600 76% FY26 600 Wholesale % of 35% group earnings 500 Wholesale 500 growth FY19–FY26 400 400 300 300 200 200 100 100 0 0 1 FY19 FY20 FY21
Slide 19: Group Financials
GROUP FINANCIALS DEEPA SITA Group Chief Financial Officer Pg 18 Metcash Results Report FY 2026
Slide 20: Financial Overview
FINANCIAL OVERVIEW Resilient earnings and strong cash generation ▪ Resilient earnings and strong cash generation o Revenue (ex-tobacco) and earnings growth excluding strategy and integration costs o 3yr CRR 104.2% o Strong balance sheet and disciplined capital management o Debt leverage 1.0x – low e
Slide 21: Capital Management Framework
CAPITAL MANAGEMENT FRAMEWORK Maximise long-term shareholder value Investment Discipline Deliver returns above cost of capital through disciplined capital allocation STRATEGIC FIT • Aligned to strategy and value drivers Financial Foundation • Builds scale, differentiated capabilities and networks • S
Slide 22: Capital Management Outcomes
CAPITAL MANAGEMENT OUTCOMES Disciplined capital management underpinning cash generation and growth capacity FY26 FY25 Operating cashflow of $558m, supporting capital deployment OPERATING CASHFLOW $558m $539m and returns $244m Investment spend moderated following prior-year M&A CAPEX & M&A1 $552m act
Slide 23: Profit and Loss
PROFIT AND LOSS FY26 ($M) FY25 ($M) % Sales revenue including charge-through sales 19,628.4 19,489.3 0.7 Charge-through sales (2,274.4) (2,166.3) 5.0 Sales revenue per statutory accounts 17,354.0 17,323.0 0.2 EBITDA 774.1 747.8 3.5 1 Depreciation and amortisation (258.0) (240.0) (7.5) 2 EBIT pre-str
Slide 24: Cashflows
CASHFLOWS FY26 ($M) FY25 ($M) Operating cashflows 558.0 539.0 Investing cashflows1, net (242.7) (523.9) Capital expenditure2 (including Program Horizon, DC upgrades and store upgrades) (175.2) (148.5) Acquisitions of businesses3 (68.9) (403.8) Net loan repayments and other investing activities 1.4 2
Slide 25: Balance Sheet
BALANCE SHEET Balance sheet strength underpinning disciplined growth and returns FY26 ($M) FY25 ($M) Trade and other receivables and prepayments 2,135.6 2,096.0 Capital expenditure ($m)2 Inventories 1,514.8 1,542.8 500 20 19 Trade payables and provisions (3,221.1) (3,182.1) 400 18 Net working capita
Slide 26: Debt Management
DEBT MANAGEMENT Strong access to funding markets supported by lender demand Committed debt facility maturity profile1 Group cash movements and for FY26 ($m) 200 DLR DLR DLR 500 0.96x 1.01x 1.37x 400 0 300 -200 (175) (69) (9) $m 200 -400 100 (151) (577) 558 -600 0 (194) (617) FY27 FY28 FY29 FY30 FY31
Slide 27: Group Results
GROUP RESULTS DOUG JONES Group Chief Executive Officer Pg 26 Metcash Results Report FY 2026
Slide 28: Food
FOOD Metcash FY 2026 Results Update Group Financials Food Liquor Hardware & Tools Appendix
Slide 29: Food Sales
FOOD SALES Resilient sales growth on wholesale model and diversified customer base More customers across diverse Solid performance in highly competitive market channels mean more occasions Supermarkets ▪ Value proposition maintained in environment of increased promotional activity and continued shop
Slide 30: Food Earnings
FOOD EARNINGS Diversification and resilience underpin high quality earnings Continued earnings growth despite Continued growth significant tobacco sales impact ▪ Strong performance underpinned by growth in both Supermarkets and FY26 ($M) FY25 ($M) % Foodservice & Convenience EBITDA (normalised1) 378
Slide 31: Food - Earnings Diversification and Resilience
FOOD - EARNINGS DIVERSIFICATION AND RESILIENCE Sustained EBIT margin improvement 300 3.0% Acquisition of Superior Foods 2.5% EBIT $m 250 2.0% 200 1.5% 1.0% 150 0.5% 100 0.0% FY20 FY21 FY22 1 FY23 FY24 FY25 FY26 Supermarkets FS&C EBIT margin (RHS) 1. FY22 on a 52 week basis Pg 30 Metcash FY 2026 Resu
Slide 32: Food - Tobacco Sales
FOOD - TOBACCO SALES Early signs of improved sales where enforcement enacted ▪ Instances of immediate sales recovery where enforcement occurs; QLD well ahead with other states progressing Metcash tobacco sales ($m) - Metcash tobacco sales ($m) - State Channel o Sales growth ~3% in QLD H2 vs ~30% dec
Slide 33: Food - Supermarkets Price Gap
FOOD - SUPERMARKETS PRICE GAP IGA core network more price competitive than ever ▪ Continued narrowing of price gap between IGA and chains ▪ Price gap of large IGA stores narrowed to 2.1% (3.4% end FY25) IGA Price Gap All IGA stores (1,238 stores) ▪ IGA stores on Extra Specials program (121 stores) e
Slide 34: Food - Retail Ownership
FOOD - RETAIL OWNERSHIP Accelerating growth and further lifting competitiveness of retail network ▪ Clear strategic rationale for disciplined acquisition of high-quality IGA Targeted range of store acquisitions supermarkets 120 o Accelerate network growth by enabling faster rollout of greenfield and
Slide 35: Liquor
LIQUOR Metcash FY 2026 Results Update Group Financials Food Liquor Hardware & Tools Appendix
Slide 36: Liquor Sales and Earnings
LIQUOR SALES AND EARNINGS Sales growth and diversified customer base delivered further share gains Steady, reliable earnings founded on Ongoing resilience reflects quality of business independents’ agility and shopper-led range, value and service Sales FY26 ($M) FY25 ($M) % ▪ Continued growth in mor
Slide 37: Liquor
LIQUOR Flexible supply chain and channel diversification deliver earnings resilience Liquor EBIT ($m) and EBIT margin 120 2.0% 100 80 1.5% 60 1.0% 40 0.5% 20 0 0.0% 1 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Wholesale Retail Liquor EBIT margin (RHS) 1. FY22 on a 52 week basis Pg 36 Metcash FY 2026 Results
Slide 38: Liquor - Consistent Delivery of Market Share Gains
LIQUOR Consistent delivery of market share gains 40% ALM share (ex on-premise) +570bps ALM revenue growth contribution 6 +6.7% 35% 31.5% 31.9% 32.3% CAGR 30.3% 30% 27.2% 28.4% 26.6% 5.5 1.2 5.4 25% 5 20% $bn 15% 4.5 10% 0.2 4 0.3 5% 3.7 0% 3.5 FY20 FY21 FY22 FY23 FY24 FY25 FY26 3 FY20 Volume CPI/ Pr
Slide 39: Hardware & Tools
HARDWARE & TOOLS Metcash FY 2026 Results Update Group Financials Food Liquor Hardware & Tools Appendix
Slide 40: Hardware & Tools Sales
HARDWARE & TOOLS Leading market positions, quality team and strong execution Facing into current market challenges and Gaining momentum in Tools, weakness now predominantly positioned to capitalise on market improvement in owned hardware sites in VIC and TAS Sales ▪ Growth momentum accelerated in 2H
Slide 41: Hardware & Tools Earnings
HARDWARE & TOOLS Leading market positions, quality team and strong execution Facing into current market challenges and Earnings growth in Tools, signs of early recovery in Hardware positioned to capitalise on market improvement EBIT ▪ Growth in Tools earnings more than offset by decline in Hardware
Slide 42: Hardware & Tools - Resilient Wholesale Base
HARDWARE & TOOLS Resilient and growing wholesale base with retail leveraged to Trade recovery Hardware & Tools EBIT ($m) and EBIT margin Private Dwelling Commencements vs RBA Cash Rate (%) 250 v TTHG Retail EBIT rate (%) 6.0% 33,000 8.0 31,000 6.0 200 29,000 5.0% 27,000 4.0 25,000 2.0 23,000 150 4.0
Slide 43: Strategy Reset to Support Return to Mid-Cycle Economics
STRATEGY RESET TO SUPPORT RETURN TO MID-CYCLE ECONOMICS Core offer well received, improved value proposition driving sales momentum STRATEGIC OBJECTIVE INITIATIVES PROGRESS Best Stores in Town ▪ Retail excellence across the store network with the right ▪ 17 Sapphire upgrades completed range, price a
Slide 44: Hardware & Tools - Value Drivers
HARDWARE & TOOLS - VALUE DRIVERS Est. mid- FY26 cycle margin3 Sales1 $2,333m Wholesale Hardware EBIT margin 2.7%2 2.7%-3.0% Sales $1,463m Retail Frame & Truss Sales $147m EBIT margin 2.5%2 3.0%-4.0% Network sales $1,229m Franchisor Franchisor and EB income $48.7m Tools 4.0% 4.0%-4.5%4 EBIT margin (%
Slide 45: Group Trading Update and Outlook
GROUP TRADING UPDATE AND OUTLOOK DOUG JONES Group Chief Executive Officer Pg 44 Metcash Results Report FY 2026
Slide 46: Trading Update and Outlook
TRADING UPDATE AND OUTLOOK Commentary FY27 Revenue – first 7 weeks ▪ Group sales have made a steady start to FY27, reflecting softer trading Group conditions in May followed by a clear improvement in June ▪ Total sales ex tobacco +2.4% (+1.9% incl. tobacco) ▪ Food and Liquor experienced a subdued Ma
Slide 47: Appendices
APPENDICIES Dividends ESG Highlights Retail Media Sorted Technology – Horizon Technology – Microsoft Partnership Supplier conversions to Metcash Wholesale Model Metcash System in Action Financial History Put options maturity - Total Tools Food – Additional data Liquor – Additional data Hardware & To
Slide 48: Dividends
DIVIDENDS Moderate increase above target payout ratio of ~70% of UPAT Dividend Total dividend 18.0cps fully franked ▪ Final Dividend 9.5cps o Ex dividend date: 14 July 2026 o Record date: 15 July 2026 o Payment date: 26 August 2026 Dividend reinvestment plan ▪ Suspended until further notice Pg 47 Me
Slide 49: ESG Progress
ESG PROGRESS Group People Planet Impact Dow Jones Best-in-class Indicies Gender Achieved Interim 2030 Donations through IGA community Emissions Target for FY26 chest program 88th percentile FY25: 90th percentile FY24: 89th percentile 50% Female representation NEDs; 56% Group Leadership Team 22.7% ~$
Slide 50: Retail Media
RETAIL MEDIA Screen rollout target achieved – building scalable, high-margin growth driver Update Why it matters ▪ 761 digital in-store screens deployed, with ~100 additional by end 2026 ▪ Enhances and leverages the Metcash platform ▪ 630+ advertising campaigns executed in FY26 ▪ Increases scale, bu
Slide 51: Sorted
SORTED Digitising the B2B customer interface to strengthen core capability Update Why it matters ▪ Campbells online +10% since joining Sorted in March 2025 ▪ Stronger customer retention - Centralised ordering platform increases ▪ ALM’s $4.1bn online business to Sorted completed in Jan 2026 reliance
Slide 52: Technology - Horizon
TECHNOLOGY - HORIZON Steady progress through test phases, first deployment planned 2H CY26 Program Summary Progress Upcoming planned milestones ▪ Replacement of legacy Food and Liquor ERP to Successfully implemented: ▪ Customer Master deployment – Aug 26 across suite of Microsoft and ‘best of breed’
Slide 53: Metcash Platform in Action
METCASH PLATFORM IN ACTION Shopper, retailer, supplier and Metcash benefit $29m $113m $10m sales sales sales FOOD - CHOBANI LIQUOR - LION LIQUOR – MOUNTAIN CULTURE • National • South Australia • National Transition • April 2025 • February 2025 • March 2026 Shopper/ • Better availability • One
Slide 54: Financial History
FINANCIAL HISTORY FY26 FY25 FY24 FY23 FY22 Financial Performance Sales revenue ($m) 17,354.0 17,323.0 15,912.4 15,803.4 15,164.8 Sales revenue (including charge-through sales) ($m) 19,628.4 19,489.3 18,179.1 18,052.4 17,405.7 EBITDA ($m) 761.7 747.8 688.3 675.8 648.2 Underlying EBIT ($m) 503.7 507.8
Slide 55: Put Options - Maturity
PUT OPTIONS - MATURITY Put option maturity at FY26 Number of stores Financial Year Put option Statement of Financial Position value $m Total Tools JV Stores Between May 2026 and July 2026 2 FY27 7.3 Between May 2027 and July 2027 23 FY28 36.4 Between May 2028 and July 2028 9 FY29 3.8 Between May 202
Slide 56: Food Additional Data
FOOD ADDITIONAL DATA FY26 FY25 Supermarkets wholesale price inflation 2.0% 1.4% (ex tobacco and produce) Retail Lfl scan (ex tobacco) 0.6% 2.7% Foot traffic (ex tobacco) (1.9%) 0.3% Basket size (ex tobacco) 2.5% 2.4% Private label sales growth rate 1.4% 7.6% Teamwork score (ex tobacco) 71.2% 69.7% N
Slide 57: Liquor Additional Data
LIQUOR ADDITIONAL DATA FY26 FY25 ALM connect (now on Sorted) – products on platform 11,046 9,371 ALM connect (now on Sorted) – suppliers on platform 680 538 Percentage of sales through Sorted ~80% nm Platinum store participation 305 251 Platinum compliance and execution standards met ~98% ~98% Loyal
Slide 58: Hardware & Tools Additional Data
HARDWARE & TOOLS ADDITIONAL DATA FY26 FY25 % TTHG wholesale and franchised sales Owned stores 1,030.1 999.6 3.1% Third parties 1,489.5 1,406.1 5.9% TTHG owned retail sales 2,221.3 2,153.0 3.2% Hardware 1,609.9 1,582.4 1.7% Total Tools 611.4 570.6 7.2% TTHG network sales 4,732.4 4,535.2 4.3% Hardware
Slide 59: Bannered Store Numbers
BANNERED STORE NUMBERS Store movement in period April 2026 open / joined closed / left April 2025 banner group banner group Supermarkets1 Large format IGA 243 249 Medium format IGA 616 628 Small format IGA 379 395 Total IGA bannered stores 1,238 21 (55) 1,272 Total Supermarket Network (all banners)
Slide 60: Winning with Independents
Metcash FY 2026 Results Update WINNING WITH INDEPENDENTS Group Financials Food Liquor Hardware & Tools Appendix