Bapcor Ltd · ASX:BAP
Bapcor — H1 2026 Earnings Presentation
35 slides from Bapcor's earnings presentation, Feb 26, 2026
Slide 1: 1H26 Results Presentation
1H26 Results Presentation 26 February 2026 1
Slide 2: Disclaimer
Disclaimer IMPORTANT: You must read the following before continuing Not for release or distribution in the United States (other than in presentations to a limited number of "qualified institutional buyers" as set out below). The information contained in this presentation ("Presentation") has been pr
Slide 3: Not an Offer
Not an Offer This Presentation is not and should not be considered an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any securities in Bapcor (including New Shares). This Presentation has been made available for information purposes
Slide 4: Risk Factors
These factors may include, but are not limited to, funding, servicing and liquidity risk, strategic execution and transformation risk, changes in commodity and energy prices, foreign exchange fluctuations and general economic conditions, capital market conditions, increased costs, a reduction in dem
Slide 5: Disclaimer
Disclaimer No party other than Bapcor has authorised or caused the issue, lodgement, submission, dispatch or provision of this Presentation, or takes any responsibility for, or makes or purports to make, any statements, representations or undertakings in this Presentation. Neither the lead manager a
Slide 6: Industry Data
Industry data Certain market and industry data used in connection with or referenced in this Presentation may have been obtained from public filings, research, surveys or studies made or conducted by third parties, including as published in industry-specific or general publications. Third party indu
Slide 7: Disclosure
Disclosure This Offer is underwritten by the Lead Manager. A summary of the key terms of the underwriting agreement between Bapcor and the Lead Manager is provided in the Equity Raising Presentation released to the ASX by Bapcor on or around the date of this Presentation. The Lead Manager, together
Slide 8: Acknowledgement of Country
Acknowledgement of Country Bapcor would like to acknowledge the Traditional Custodians of country throughout Australia. We pay our respect to elders past and present. We recognise the continued connection of all First Nations people with country across Australia, in particular, on all the land where
Slide 9: Contents
Contents 1 Group Highlights 2 Segment Summaries 3 Financial Summary 4 Summary & Outlook 5 Q&A 6 Appendices 9
Slide 10: About Bapcor
About Bapcor A leading ANZ provider of aftermarket vehicle parts, accessories, equipment, service and solutions $973M Our customers 1H26 Generalist Total revenue mechanics 39% of revenue 1 32% of revenue 21% of revenue 8% of revenue ~900 Truck & We sell to independent We have a collection We sell to
Slide 11: Summary of 1H26 results
Summary of 1H26 results 1H26 impacted by lower revenues and higher costs. New management NPAT – Statutory NPAT – Underlying team in place to deliver the turnaround • Statutory Loss of $104.8M includes $110.3M (post-tax) of significant items • Group Revenue of $973.0M down 2.3% on pcp ($104.8)M $5.5M
Slide 12: Initial CEO observations
Initial CEO observations Our Strengths Our Challenges Our Opportunities • Fundamentally a good business • Business still overly complex and • Rebuild capability and knowledge with solid foundations more work is required to simplify in team members by providing and integrate our operations the right
Slide 13: Get the engine running
Get the engine running Enhance Optimise Capital Return to profitability CODB efficiency growth Improved discounting Removal of non-value add Range and merchandising Stabilising Team controls activities across the Group review Rectify price position Improved branch level Group wide revi
Slide 14: 1H26 progress on existing strategic imperatives
1H26 progress on existing strategic imperatives 1. Optimised network 2. One supply chain 3. Customer focus • Improved management of customer • Commenced portfolio reviews across key • Implemented company-wide NPS calls in Trade segment with upgrade of wholesale categories to optimise capability to e
Slide 15: 1H26 progress on existing strategic imperatives
1H26 progress on existing strategic imperatives 4. Digitalise the business 5. Store fitness 6. Simplify the business • Enhanced EzyParts platform (Trade & • Built team capability: • Eliminated intercompany sales and New Zealand on-line parts catalogue) • Piloted manager training program margin betwe
Slide 16: 1H26 Segment Summaries
1H26 Segment Summaries Chris Wilesmith Chief Executive Officer & Managing Director 16 16
Slide 17: 1H26 segment overview
1H26 segment overview Revenue 2 EBITDA Revenue by type 8% 9% 3% 10% Trade 39% 21% 15% 11% Specialist Wholesale 48% Retail New Zealand 76% 28% 32% Non discretionary – Trade & Wholesale Revenue 1 1H26 V 1H25 EBITDA 1 1H26 V 1H25 Non discretionary – Retail Segment ($M) 1H26 1H25 % 1H26 1H25 % Discretio
Slide 18: Trade
Trade • Trade revenue decreased 1.7%: • Parts revenue down -1.1% on pcp driven by increased Performance impacted by competitive market, cost and competition combined with high turnover of store manager inflationary pressures roles. • Tools & Equipment revenue down -9.1%, driven largely by weakness i
Slide 19: Networks
Networks 1 • Revenue down 2.4% • Specialist Networks revenue declined 3% driven by JAS Auto Focusing on building performance after integration Electrical. Sales per day have grown month on month for 5 consecutive months to December, post FY25 restructure. CVG disruption revenue recently impacted by
Slide 20: Retail
Retail • Revenue declined 1.9% impacted by challenging macro environment and competitor activity. Trading improved in Q2 following strong Black Early signs of revenue improvement although impacted by Friday and pre-Christmas performance cost pressures • EBITDA decline driven by cost pressures, inves
Slide 21: New Zealand
New Zealand • Revenue down 5.9% in AUD (down 3.9% in NZD) impacted by challenging macro economic conditions which impacted volumes Recent revenue improvements while macroeconomic and increased competition. Sales improved in November and headwinds continue December supported by strong promotional act
Slide 22: 1H26 Financial Summary
1H26 Financial Summary Kim Kerr Chief Financial Officer 22
Slide 23: Income Statement
Income Statement 1H25 $M1, 2 1H26 % change Restated 2 Key points Revenue 973.0 995.8 -2.3% • Statutory loss of $104.8M includes $110.3M post-tax significant Cost of Goods Sold (COGS) (535.7) (532.9) 0.5% items detailed on slide 31 Gross Margin 437.3 462.9 -5.5% Cost of Doing Business (CODB) (360.4)
Slide 24: Cash Flow
Cash Flow $M1 1H26 1H25 Key points EBITDA – Underlying 76.9 132.5 Operating Cash Flow 71.8 143.7 • Lower operating cash flow 1H26 largely relates to lower EBITDA Cash conversion % 93.4% 108.5% • Cash conversion at 93.4% is reflective of weaker operating Interest (bank & lease) (19.0) (18.3) performa
Slide 25: Balance Sheet
Balance Sheet 30 Jun 25 31 Dec 24 $M 31 Dec 25 Restated Restated Key points Cash 39.3 58.6 89.5 Trade and other receivables 178.9 191.6 190.8 • Higher inventory driven by lower sales than forecast and the Inventories 547.3 545.1 576.1 seasonal increase in inventory in preparation for supplier Income
Slide 26: Net Debt and maturity profile
Net Debt and maturity profile as at 31 December 2025 $387.3M >$339M ~2.75 years 3.39x NET BANK DEBT UNDRAWN COMMITTED AVERAGE REMAINING NET LEVERAGE RATIO 3 FACILITIES TENOR • Approval received in December 2025 from the lender syndicate to temporarily amend covenants increase net leverage ratio cove
Slide 27: Summary & Outlook
Summary & Outlook Chris Wilesmith Chief Executive Officer & Managing Director 27
Slide 28: January trading update
January trading update Positive momentum continues in Networks, Retail and New Zealand Like-for-Like • Trade – continuation of challenging trading conditions experienced in January 2026 versus pcp sales growth 1 Q2 with actions being implemented across Q3 to improve sales performance Trade -2.4% • N
Slide 29: Summary & outlook
Summary & outlook Creating a platform for sustainable growth Outlook • Bapcor expects to deliver: › Underlying FY26 EBITDA of $150M - $160M (post AASB16) › Underlying FY26 EBITDA of $74M - $79M (pre AASB16) Post Equity Raising › Proforma leverage ratio of 1.70 x at 31 December 2025 (3.39x as at 31 D
Slide 30: Appendices
Appendices 30
Slide 31: 1H26 significant items breakdown
1H26 significant items breakdown Externally facilitated detailed examination of the balance sheet undertaken during 1H26 1H26 1H26 1H25 $M Commentary Pre tax Post tax Restated Impairment of goodwill due to further deterioration in the macro-economic New Zealand impairment 99.9 99.9 - conditions in N
Slide 32: Statutory to Underlying reconciliation
Statutory to Underlying reconciliation 1H26 Consolidated 1H25 Consolidated – Restated 3, 4 $M Statutory Significant Items 1 Underlying $M Statutory Significant Items 2 Underlying Revenue 973.0 - 973.0 Revenue 1,012.4 (16.5) 995.8 EBITDA 65.9 11.0 76.9 EBITDA 123.9 5.2 129.2 D&A (49.8) 0.0 (49.8) D&A
Slide 33: Leverage calculation reconciliation
Leverage calculation reconciliation The following tables reconcile statutory to net debt, statutory EBITDA to pre-AASB16 EBITDA and the Net Leverage calculation. Consolidated Consolidated 31 Dec 25 30 June 25 1H 26 1H 25 $M $M (last 12 months) Cash and cash equivalents 39.3 58.6 Statutory EBITDA 120
Slide 34: Our team
Our team Chris Wilesmith Craig Magill Dean Austin Martin Storey Recruitment underway Chief Executive Officer & Executive General Executive General Executive General Executive General Managing Director Manager, Trade Manager, Retail Manager, New Zealand Manager, Networks George Sakoufakis Jon Adams K
Slide 35: A leading ANZ aftermarket provider
A leading ANZ aftermarket provider of vehicle parts, accessories, equipment, service and solutions 35