Harvey Norman Holdings Ltd · ASX:HVN
Harvey Norman — H1 2026 Earnings Presentation
19 slides from Harvey Norman's earnings presentation, Feb 27, 2026
Slide 1: Half Year Results Presentation
HARVEY NORMAN ® PROUDLY SUPPORTING THE NEXT GENERATION OF WINTER PARA-ATHLETES SEAN POLLARD TARYN DICKENS PARA-SNOWBOARD ETHAN JACKSON PARA-BIATHLON & PARA-ALPINE SKIING PARA-CROSS LYNN MAREE CULLEN COUNTRY SKIING GEORGIA GUNEW PARA-BIATHLON & PARA-ALPINE SKIING PARA-CROSS COUNTRY SKIING HALF YEAR R
Slide 2: Contents
2 Contents 1H26 Key Highlights 3 Australian Franchisee Aggregated Sales Revenue 12 1H26 Results for Announcement to the Market 4-5 Franchising Operations Segment 13 An Integrated Retail, Franchise, Property & Digital System 6 Overseas Company-Operated Retail Segment 14-15 Segment Analysis 7 Property
Slide 3: 1H26 Key Highlights
3 1H26 KEY HIGHLIGHTS Strong double-digit earnings & EPS growth Solid momentum from Australian Franchisees & overseas company-operated stores drives +6.9% system sales growth to Profit Before Tax up 16.5% to $466.31M $5.16BN Profit Before Tax (excluding AASB16 net impact & net 20.1% to $372.79M Aggr
Slide 4: 1H26 Results for Announcement to the Market
4 1H26 RESULTS FOR ANNOUNCEMENT TO THE MARKET Total System Sales Revenue EBITDA EBIT $667.88m +14.9% $527.53m +14.4% $5.16 bn +6.9% Aggregated headline franchisee sales revenue* $3.50bn $86.46m or 14.9% from $581.42m in 1H25 $66.27m or 14.4% from $461.26m in 1H25 Company-operated sales revenue $
Slide 5: 1H26 Results for Announcement to the Market (continued)
1H26 RESULTS FOR ANNOUNCEMENT TO THE MARKET (continued) 5 • $466.31m reported PBT, up $66.02m (+16.5%) compared with 1H25, driven by improved earnings from Australian franchising operations, stronger performance across overseas company-operated retail businesses and stable income from the Group’s pr
Slide 6: An Integrated Retail, Franchise, Property and Digital System
AN INTEGRATED RETAIL, FRANCHISE, PROPERTY AND DIGITAL SYSTEM 6 Australia New Zealand Singapore Slovenia Ireland Malaysia Croatia United Kingdom 196 43 12 5 16 39 3 3 franchised complexes stores stores stores stores stores stores stores We operate an integrated retail, franchise, property and digital
Slide 7: Segment Analysis
SEGMENT ANALYSIS 7 The consolidated entity operates an integrated retail, franchise, property and digital system, comprising three main strategic pillars: 1. Franchise — 2. Retail — 3. Property complemented by sustained investment in technology, digital transformation and IT infrastructure assets. F
Slide 8: Review of the Balance Sheet
REVIEW OF THE BALANCE SHEET 8 Increase / (Decrease) Increase / (Decrease) 31 DECEMBER 2025 31 DECEMBER 2024 $ % Total assets $8.77bn $8.25bn $519.27m 6.3% Total liabilities $3.82bn $3.54bn $286.50m 8.1% Equity $4.95bn $4.72bn $232.76m 4.9% • $265.38m increase in the value of the freehold investment
Slide 9: Review of the Balance Sheet (continued)
REVIEW OF THE BALANCE SHEET (continued) 9 Composition of Total Assets of $8.77bn $250.69m $977.33m $688.20m Other Receivables Inventory $419.65m Plant & equipment $594.27m $786.12m Property, plant & $385.35m $4,671.30m Investment properties: equipment: Cash Tangible property assets Leasehold right-o
Slide 10: Review of the Statement of Cash Flows
REVIEW OF THE STATEMENT OF CASH FLOWS 10 Increase / (Decrease) Increase / (Decrease) 31 DECEMBER 2025 31 DECEMBER 2024 $ % Net cash flows from operating activities $392.88m $448.10m ($55.22m) (-12.3%) Net cash flows used in investing activities ($126.92m) ($125.14m) ($1.78m) (-1.4%) Net cash flows u
Slide 11: Aggregated System Sales Revenue
AGGREGATED SYSTEM SALES REVENUE 11 Aggregated System Sales increase / (decrease) in local currencies: Total Sales Local Currency 1H26 vs 1H25 Australian Franchisees* $ AUD 4.8% New Zealand $ NZD 8.1% Slovenia & Croatia € EURO 13.5% Ireland € EURO 5.9% United Kingdom £ GBP 84.9% Total System Sales Re
Slide 12: Australian Franchisee Aggregated Sales Revenue
AUSTRALIAN FRANCHISEE AGGREGATED SALES REVENUE* 12 • Australian franchisee sales for 1H26 increased by 4.8% to $3.50bn for 1H26 • Comparable franchisee sales revenue for 1H26 was $3.47bn, an increase of 4.7% from 1H25 Total franchisee sales* • Franchisee sales momentum was strong through the early a
Slide 13: Franchising Operations Segment
FRANCHISING OPERATIONS SEGMENT 13 Increase / (Decrease) Increase / (Decrease) 1H26 1H25 $ % Franchising operations segment revenue $588.30m $540.94m $47.37m 8.8% Aggregated franchisee headline sales revenue* $3.50bn $3.34bn $159.63m 4.8% Franchising operations segment PBT $205.93m $180.28m $25.65m 1
Slide 14: Overseas Company-Operated Retail Segment
OVERSEAS COMPANY-OPERATED RETAIL SEGMENT 14 Increase / (Decrease) Increase / (Decrease) Overseas retail segment PBT result 1H26 1H25 $ % Retail – New Zealand $47.06m $35.57m $11.49m 32.3% Retail – Singapore & Malaysia $27.92m $21.82m $6.10m 27.9% Retail – Ireland $25.08m $17.92m $7.17m 40.0% Retail
Slide 15: Overseas Company-Operated Retail Segment (continued)
OVERSEAS COMPANY-OPERATED RETAIL SEGMENT (continued) 15 New Zealand Singapore & Malaysia • Sales for 1H26 increased by $28.38m (+5.8%) to $516.25m for 1H26, from $487.87m in 1H25. • Aggregated sales revenue for Asia combined was $407.87m, an increase of $44.24m (+12.2%) from $363.63m in 1H25. • Sale
Slide 16: Property Segment
PROPERTY SEGMENT 16 Increase / (Decrease) Increase / (Decrease) 31 December 2025 31 December 2024 $ % Property segment revenue $277.03m $260.00m $17.04m 6.6% Net property revaluation adjustments $95.80m $84.71m $11.09m 13.1% Property segment EBITDA $204.64m $191.29m $13.35m 7.0% Property segment res
Slide 17: Freehold Property Portfolio
FREEHOLD PROPERTY PORTFOLIO 17 Net Increase / # of Owned # of Owned Net Increase / (Decrease) December Retail Other (Decrease) Composition of freehold property segment assets in Fair Value 2025 Property Property in Fair Value [Income Assets Assets [Equity] Statement] (1) Investment Properties (Freeh
Slide 18: Leasehold Property Portfolio
LEASEHOLD PROPERTY PORTFOLIO 18 Composition of the Leasehold Property Portfolio: Right-of-Use Lease # of Leased # of Leased Composition of leasehold property portfolio Assets Liabilities Retail Other Dec 2025 Dec 2025 Property Assets Property Assets (1) Leases of Properties Sub-Leased to External Pa
Slide 19: Outlook
OUTLOOK 19 • In Australia, we intend to relocate 1 franchised complex to a new freehold site in 2H26 and intend to complete 3 further franchised complex relocations in FY27. We intend to open 1 new franchised complex in FY27. During 1H26, the refit program has continued, with 3 refits currently in p
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