Stealth Group Holdings Ltd. · ASX:SGI
Stealth — H1 2026 Earnings Presentation
49 slides from Stealth's earnings presentation, Feb 25, 2026
Slide 1: Half-Year 2026 Results
A Diversified Australian Distribution Company of Hardware, Industrial, Safety, Workplace & Consumer Everyday Products. Half-Year 2026 Results 1H26 - Investor Presentation 25 February 2026
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer This document has been prepared by Stealth Group Holdings Ltd (the Company) and is provided for information purposes To the maximum extent permitted by law, each Limited Party expressly disclaims any and all liability, including, without limitation, only. This documen
Slide 3: Agenda
Agenda 1 Performance & strategy update 4 2 HY26 Financial Performance 19 3 Value Creation - Today & Beyond 27 4 Trading Update and Outlook 38 5 Appendices 43 - Appendix A – Historical Results Summary Table - Appendix B – Capital Management - Appendix C – FY28 growth catalysts – execution roadmap - A
Slide 4: Performance & strategy update
1 Section Performance strategy update Performance & strategy update Stealth Group Holdings | 2026 Half-year results 4
Slide 5: Four key messages today
Four key messages today 1 2 3 4 Delivered record Strong compelling We’ve invested to create Creating long-term financial performance, opportunities in a large a position of strength to shareholder value competitive advantages highly fragmented drive significant sales delivering through a & different
Slide 6: Corporate Information
ASX : SGI - Corporate Information KEY FUNDAMENTALS SHARE PRICE CHART Source: ASX 31 December 2025 Market Cap ($m) $198.9m Total Shareholder Return 1-year ~130% Total Shareholder Return 3-year CAGR ~137% Share Price (31 Dec 2025) $1.33 Total Shares 149,557,089 Current Holders (19/02/26) 1,110 Top Hol
Slide 7: HY26 financial highlights
HY26 financial highlights Our recent investments have paid off, supporting strong financial results. Sales EBITDA1 increased 11.8% to increased 17.5% to $82.2m $5.4m Hardware, Industrial & Safety up 16.8% and Consumer 2% NPAT Cash Balance increased 51.4% to increased 212.5% to $1.6m $32.5m Net Debt
Slide 8: Record performance across key metrics
Record performance across key metrics Our recent investments have paid off, supporting strong financial results. Sales Growth ($m) EBITDA1 ($m) NPAT ($m) 16.2% CAGR 30.2% CAGR 75.0% CAGR 160 12 4 145.1 3.1 140 9.9 71.6 3 2.0 10 5.4 120 111.0 113.7 3 8 57.2 58.6 100 6.4 2 80 6 5.5 3.5 82.2 2 1.4 73.5
Slide 9: HY26 Investment Highlights
EIGHT KEY OUTCOMES DELIVERED HY26 Investment Highlights 1 2 Delivered Record Half-Year Compelling Transformational Performance Scale Achieved (Nov25) “Structural inflection delivered to Acquired Hardware & Building Traders (HBT) Strongest result in Company history; portfolio activities, reflected in
Slide 10: HY26 Investment Highlights (continued)
EIGHT KEY OUTCOMES DELIVERED HY26 Investment Highlights (continued) 5 6 Balance Sheet Strengthened Resilient End-Market – $19.5m Capital Raise Exposure “Structural inflection delivered to completed in November 2025 – Strong presence across resources, portfolio activities, reflected in construction,
Slide 11: We have a strong history of strategic growth activity
We have a strong history of strategic growth activity Sales Growth ($ millions) We are one of Australia’s largest diversified distribution companies. Hardware | Industrial | Safety | Automotive | Workplace | Consumer | Building 500 $500m 2028 400 target 300 Acquired 200 Brand Launch New Bus iness SU
Slide 12: Our strategy is to maximise the enormous growth runway ahead
Our strategy is to maximise the enormous We are one of Australia’s largest growth runway ahead, and secure clear #2 distributors of hardware, industrial, in the total market. safety, and consumer products — essential, everyday categories. We are the clear #1 leading independent alternative to the ma
Slide 13: Stealth Group Holdings TODAY
Stealth Group Holdings TODAY #1 scaled independent alternative to the majors in Australian Hardware, Industrial, Safety & Consumer Tech We are a Wholesaler, Distributor and Retailer Summary • We provide a wide range of products and solutions, made for everyone, used every day. • Wide-range of produc
Slide 14: Distinct competitive advantages
Distinct competitive advantages We are Australia’s #1 independent alternative wholesaler, distributor, and retailer in Hardware, Industrial & Safety and Consumer technology accessories AUSTRALIA’S LARGEST BUYING SCALE WIDE PRODUCT RANGE PEOPLE & CULTURE NETWORK INTEGRATED +4,700 STORE LOCATIONS DIGI
Slide 15: We created a position of strength – platform, scale & network
We created a position of strength – platform, scale & network to drive significant sales and earnings growth Advanced our position as the leading independent alternative to the majors More than More than More than 1,200 3,500 1,300 >1 million products offered hardware & industrial consumer reseller
Slide 16: Where we play - five core business engines
Where we play - five core business engines. One integrated model. Operating banner INDEPENDENT OPERATORS Business Consumer retail Buying group Wholesale distribution B2B distribution Retail & Trade model distribution Activity Sourcing & Buying Distributor of brands, Broad-range supplier Retailer Dis
Slide 17: We also continued to progress our strategy on products and services
We also continued to progress our strategy on products and services We also continued to progress our strategy on products and services • Exclusive and own brands – New exclusive agreements won in July25 with consumer electronics brands Casetify, Belkin, Ember. All brands tracking to plan. – Rivo sa
Slide 18: 1H26 Financial Performance
2 Section 1H26 Financial Performance 1H26 Financial Performance Stealth Group Holdings | 2026 Half-year results 18
Slide 19: HY26 Record Performance
HY26 Record Performance • Financial Highlights – Record sales of $82.2m, up 11.8% on 1H-2025 – Gross profit of $21.2m, with margin percentage 29.4% – Cost of doing business reduced to $15.8m, a 4.2% improvement – EBITDA: $5.4m (+17%) – NPAT: $1.6m (+51%) • Balance sheet strengthened – $19.5 capital
Slide 20: Total Sales
Total Sales of $82.2 million, up +11.8% pcp. SALES ($m) • Sales Performance. 1st-Half 2nd-Half – Total sales +11.8% to $82.2m, excluding $0.5m FX impact (vs 1H25) 82.2 73.51 71.6 – Hardware, Industrial & Safety: +16% growth, representing 73% of total net sales • Resilient exposure to structural grow
Slide 21: Group Performance Financial Summary
Group Performance Financial Summary HY26 - 31 December 2025 ($m) unless shown otherwise 1H26 1H25 Growth (%) Key financials Gross Sales 82.2 73.5 11.8 Revenue1 72.0 68.8 4.7 Gross Profit 21.2 21.0 0.5 EBITDA2 5.3 4.5 18.8 NPAT2 1.6 1.1 51.4 Return on capital employed (%)3 10.1% 18.8% (46.3) Cash Ope
Slide 22: Income Statement
Income Statement Results demonstrate our focus on disciplined growth Half-year ended 31 December ($m) 1H26 1H25 Variance (%) Record Sales, increased 11.8% Sales 82.2 73.5 11.8 • Record sales, continues unbroken 12-year period of growth. Revenue 1 72.0 68.8 4.7 Gross profit 21.2 21.0 0.5 • Driven by
Slide 23: Working Capital, Cash Flow
Working Capital, Cash Flow Net working capital cash movement Half-year ended 31 December ($m) 1H26 1H25 Statutory EBITDA 5.3 5.0 3.7 3.9 Continued focused and disciplined approach to capital Cash flow from operations management. Interest (1.0) (1.0) Cash in bank Transaction/ growth/ rightsizing cost
Slide 24: Balance Sheet
Balance Sheet Robust – reflects capital light nature of our business Half-year ended 31 December ($m) 1H26 1H25 Working Capital Cash 32.5 10.4 Trade and other receivables 18.6 17.6 • Strong Balance Sheet and disciplined capital management provides us with flexibility to take advantage of market cond
Slide 25: Debt Management
Debt Management Debt summary ($m) 1H26 FY25 FY24 FY23 Gross debt 39.8 21.2 20.9 14.9 • Net debt $7.3m (FY25: $6.8m / HY25: $11.0m). Cash and equivalents (32.5) (14.4) (10.1) (7.7) • Gross debt increased with acquisition facility on HBT, net debt maintained following the November 2025 Capital raise.
Slide 26: Value Creation – Today & Beyond
3 Value Creation – Today Beyond Section Value Creation – Today & Beyond Stealth Group Holdings | 2026 Half-year results 26
Slide 27: Recap on the HBT acquisition transaction
Recap on the HBT acquisition transaction • Divisional Performance. – Acquisition price: ~$22m (cash + deferred) – FY25 revenue ~$6.9m | EBITDA ~$3.7m – ~$645m purchase volume FY25 – ~1,165 members – ~490 suppliers – ~$30m annual rebates processed – ~50 H Hardware banner stores (license model) • Stra
Slide 28: The model now scales
The model now scales allowing us to grow Market Share with Businesses, organisations, trade and retail consumers • HBT = structural leverage Diversified Australian Distribution Company – ~1,200 hardware & industrial locations, nationally – ~$800m+ procurement scale and relevance • ($1.3bn retail sal
Slide 29: Our operating platform across two scaled divisions
Our operating platform across two scaled divisions HARDWARE, INDUSTRIAL & SAFETY Contributing 77% of HY26 group sales A scaled national wholesale, B2B distribution and retail platform, supplying a broad-range of hardware, building, industrial, tooling, safety, automotive and workplace products and r
Slide 30: We play in a large and highly fragmented market
We play in a large and highly fragmented market Highly fragmented $93b Australian Home Living & Building Environment (retail sales) We are well positioned to pursue opportunities and go after the $90B+ of home living & building market share we don’t have today • Largest player is Bunnings ~20%-25%,
Slide 31: Group combined scale fundamentals support long-term growth
Group combined scale fundamentals support long-term growth in Hardware, Industrial, Safety and Consumer 1 2 3 4 +$800m ~1,200 ~3,500 +50 Of purchase value – volume through Store locations, combined company- Consumer retail reseller store H Hardware branded stores across 1,300 suppliers across multip
Slide 32: Broad & deep product & category range
Broad & deep product & category range Significantly enhanced Category range across Hardware, Industrial & Safety from HBT acquisition Nov25 Access to 1 million+ products across multiple categories Stealth’s portfolio has expanded and strengthened, with a focus on everyday products for industry and c
Slide 33: Partnering with the best brands
Partnering with the best brands Access Long-term supplier partnerships across Hardware, Industrial & Safety – 1,300 suppliers the group holds strong long-standing relationships representing some of Australia’s, and global leading recognised brands – Largest product categories where purchases are mad
Slide 34: Partnering with the best brands – Consumer technology accessories
Partnering with the best brands – Consumer technology accessories Consumer retail distribution of brands 3,500 Consumer retail reseller stores Exclusive Own label range Non-Exclusive White-label – Major retailers include JB HiFi, 7-eleven, Coles, Officeworks, Good Guys, Retravision, PTC, Aldi. – Lar
Slide 35: A unique and scaled distribution platform
A unique and scaled distribution platform Large scale network of 4,700 locations Australia-wide 10 Company-owned Branch/Stores Independent Retail and Trade 1144 Stores (Individual Banners) 3500 Retail Resellers (major retail chains) 14 32 1 221 768 50 H Hardware Store Locations 7 1 7 86 421 2 1 167
Slide 36: Resilient structural demand drivers
Resilient structural demand drivers Strong macro fundamentals for our products across our core end markets • Attractive Core Customer Base with a broad diversification across customer segments • Resilient demand Across Core End Markets: – Strong exposure to Resources, Infrastructure investment, Cons
Slide 37: HY26 product sales into resilient end markets
…and our HY26 product sales into those resilient end markets HY26 Customer End-Markets HY26 Total Company Product Mix 39% Trade & Retail 54% Hardware & Industrial 31% Resources 27% Consumer Percentage 12% Infrastructure & Construction Percentage 13% Safety of 1H26 6% Manufacturing of 1H26 4% Workpla
Slide 38: Outlook
4 Section Outlook Outlook Stealth Group Holdings | 2026 Half-year results 38
Slide 39: 3-year sales growth bridge: ($145m → $500m+)
3-year sales growth bridge : ($145m → $500m+) updated February 2026 - structured key growth runway is large Illustrative Adjacent Value creation is structural M&A $500m + Sales multiple embedded earnings engines Network & Category • Attract new + members • Adjacent expansion HBT platform monetisatio
Slide 40: Trading Update & Outlook
Trading Update & Outlook Structural Scale. Disciplined Execution. Clear Momentum. HY26 marked the structural expansion of Stealth’s platform, establishing a capital-efficient national distribution model and the largest scaled independent alternative in our sector. • We enter 2H26 with operational mo
Slide 41: FY28 Guidance
FY28 Guidance Metric FY28 target FY25 result Confidence in delivery is high — Net sales $500+ million $145+ million and we expect to outperform. EBITDA 8% - 12% range 7.0% Our FY28 targets represent a clear growth bridge from NPAT 5% - 8% range 2.2% FY25 ~$150m to FY28 $500m in sales. Capital expend
Slide 42: Why invest in Stealth Group?
Why invest in Attractive investment thesis Stealth Group? We are a stronger, more agile Company today than we’ve ever been, well-positioned to capitalise on the 1 2 3 growth opportunities in our market. Industry leading Powerful customer Advantaged large alternative in large and value proposition, d
Slide 43: Appendices
5 Section Appendices Appendices Stealth Group Holdings | 2026 Half-year results 43
Slide 44: Appendix (a): Historical Results Summary Table
Appendix (a): Historical Results Summary Table Year ended 30 June ($m)1 1H26 2H25 1H25 2H24 1H24 Sales 82.2 71.5 73.5 57.2 56.5 Revenue 72.0 70.3 71.5 57.2 56.5 Gross Profit 21.2 19.7 21.0 17.1 16.6 EBITDA 5.3 4.9 5.0 3.3 2.8 NPAT 1 1.6 1.5 1.6 0.9 0.5 Return on capital employed (%) 2 10.1% 16.5% 18
Slide 45: Appendix (b): Capital Management
Appendix (b): Capital Management Disciplined Capital Management Appendix (b): Capital Management Disciplined Capital Management Operating Activities Investment Activities Financing Activities $1.6m ($18.6m) $35.0m 35.0 18.7 32.5 30.0 25.0 20.0 3.4 0.2 14.4 (1.0) 15.0 (1.0) (0.2) 17.3 10.0 5.0 - (17.
Slide 46: Appendix (c): FY28 growth catalysts – execution roadmap
Appendix (c): FY28 growth catalysts – execution roadmap Short + Medium purpose = capture economics, expand overlay, optimise & scale Phase HBT Asset Leveraged Value Drivers Core Levers Financial Outcome Short-Term • ~$800m Purchase • Procurement scale • Harmonise supplier terms ✓ Early synergy captu
Slide 47: Appendix (d): B2B Distribution is Omnichannel
Appendix (d): B2B Distribution is Omnichannel Appendix (d): B2B Distribution is Omnichannel INSTORE eCOMMERCE CATALOGUES & MARKETING OUTDOOR ADVERTISING IN-STORE & ONLINE TRADE EVENTS SOCIAL MEDIA & DIRECT MARKETING Features to assist customers seeking value • Weekly specials • Product Suggestions S
Slide 48: Appendix (e): Consumer Retail Distribution is Omnichannel
Appendix (e): Consumer Retail Distribution is Omnichannel INSTORE ONLINE & SOCIAL MEDIA PRINTED & DIGITAL CATALOGUES DIRECT EMAIL MARKETING IN-STORE DISPLAYS ECOMMERCE MARKETPLACES Stealth Group Holdings | 2026 Half-year results 48
Slide 49: LAST PAGE
LAST PAGE LAST PAGE Stealth Group Holdings | 2026 Half-year results 49
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