Sigma Healthcare Ltd · ASX:SIG
Sigma Healthcare — FY2025 Earnings Presentation
27 slides from Sigma Healthcare's earnings presentation, Aug 27, 2025
Slide 1: 2025 Full Year Results Presentation
2025 Full Year Results Presentation 27 August 2025 Vikesh Ramsunder – CEO & Managing Director Mark Davis – CFO For more information contact: Gary Woodford Head of Corporate Affairs gary.woodford@sigmahealthcare.com.au www.sigmahealthcare.com.au
Slide 2: Agenda
Agenda Sigma is a stronger, more integrated healthcare business — one with scale, capability, market reach and growth 1. Highlights 2. Financial performance 3. Operational highlights and strategic execution 4. FY26 Outlook 5. Q&A
Slide 3: FY25 highlights – executing the growth strategy
FY25 highlights – executing the growth strategy ✓ Network growth ✓ Improving product mix ✓ Efficiencies and synergies • 20+ years of consecutive growth - • Execution of margin enhancing own • Synergies target upgraded to $100m now 674 Chemist Warehouse (CW) and exclusive label strategy per annum by
Slide 4: FY25 financial highlights – normalised EBIT up 41.4%
FY25 financial highlights – normalised EBIT up 41.4% Normalised 1 Pro-forma 3 $6.0 bn $9.6 bn Revenue - up 82% Revenue $834.5 m $903.4 m EBIT – up 41% EBIT $579.1 m $752.2 m 2 NPAT – up 40% Net Debt (excluding leases) – 0.85 x EBITDA (normalised) 1 Normalised EBIT represents 12 months CW Group Holdi
Slide 5: FY25 Financial performance
4 FY25 Financial performance 1% Sigma Healthcare
Slide 6: CFO FY25 overview
CFO FY25 overview Strong financial performance with Normalised revenue up ✓ 82.3%, Normalised EBIT up 41.4% and Pro-forma EBIT of $903.4m ✓ High cash flow funds growth strategy and shareholder returns Conservative Balance Sheet – Net Debt to Normalised ✓ EBITDA of 0.85x ✓ $1.5bn debt facility secure
Slide 7: Financial performance
Financial performance 23 Statutory 2 Normalised Commentary $m FY25 FY25 FY24 Change • Multiple revenue growth drivers o Sigma onboarding of CWG PBS volumes from 1July Revenue 6,001.8 6,008.5 3,294.4 2,714.1 2024 Gross profit 1,440.3 1,447.0 1,043.0 404.0 o CWG offer resonating with more customers ac
Slide 8: FY25 Pro-forma P&L - assumes merger completed July 2024
FY25 Pro-forma P&L - assumes merger completed 1 July 2024 Pro-forma Commentary FY24 • Pro-forma results include 12-months contributions from CWG and Sigma $m FY25 Prospectus1 • Pro-forma Revenue $9.6bn compared to FY25 Normalised revenue of Revenue 9,591.3 6,655.7 $6.0bn Gross profit 1,698.6 1,312.3
Slide 9: Strong revenue growth across all major markets
Strong revenue growth across all major markets Pro-forma Pro-forma commentary FY25 3 FY24 4 • Key driver of FY25 revenue growth relates to: $m Change % Pro-forma Prospectus 1 o Commencement of PBS supply arrangements for Chemist Sale of goods 8,784.9 5,955.5 47.5% 2 Warehouse Network from 1 July 202
Slide 10: Disciplined cost control drives operating leverage
Disciplined cost control drives operating leverage Pro-forma Pro-forma Commentary 1 2 FY25 FY24 $m Change % Pro-forma Prospectus • Operating expenses up 9.4% supporting 44.1% increase in Warehouse & Distribution 286.0 263.7 8.5% Pro-forma revenue Marketing & Sales Administration & General 124.1 372.
Slide 11: Cash flow – strong operating cash flow
Cash flow – strong operating cash flow Statutory cash flow ($m) Commentary Operating Investing • Operating cash flow $599m +$599m +$266m • High cash conversion 83% (pre-tax operating cash flow / Normalised EBIT) • Opportunities for working capital improvements in FY26 • Group Capex of $53m (payments
Slide 12: Balance Sheet and FY25 final Dividend
Balance Sheet and FY25 final Dividend Statutory balance sheet ($m) Commentary $m FY25 FY24 Change • Conservative leverage - net debt to Normalised EBITDA of Cash and cash equivalents 139 273 (134) 0.85x Trade and other receivables 1,575 695 880 Inventories 1,020 600 420 • New three-year A$1.5bn debt
Slide 13: Operational highlights and strategic execution
Operational highlights and strategic execution
Slide 14: Key strategic growth pillars
Key strategic growth pillars DOMESTIC INTERNATIONAL PRODUCT EFFICIENCIES AND GROWTH EXPANSION STRATEGY SYNERGIES Enhance margins Group-wide efficiency and Maintain market leadership Cultivate profitable growth through expanding our synergy program including to drive like for like sales in existing C
Slide 15: Ongoing domestic store rollout – over 880 franchise stores across Australia
Growth Pillar 1 Ongoing domestic store rollout – over 880 franchise stores across Australia Current Australian Retail Network1 Growth opportunity Continue to expand Chemist Warehouse franchise store network with long-term runway consistent with historical run rate Under penetration in certain states
Slide 16: Key earnings drivers – Global network sales and store growth
Key earnings drivers – Global network sales and store growth Chemist Warehouse Retail Network1 growth continues - 20+ years of consecutive growth CW Retail Network Sales evolution ($m)2,3,4 CW Retail Network evolution (no. of stores)2,5 10-year avg. new 5-year avg. new stores p.a.: stores p.a.: 33 3
Slide 17: International expansion focused on profitable growth
Growth Pillar 2 International expansion focused on profitable growth 35 42 50 61 Highly scalable business model transportable into new geographies New 14 24 Zealand FY20 FY21 FY22 FY23 FY24 FY25 NZ store network almost doubled in the last three years 10 14 demonstrating strong execution capability 4
Slide 18: Product strategy
Growth Pillar 3 Product strategy Proven ability to originate and develop new concepts – over 3,000 own and exclusive label products in portfolio Key product launches – over 260 Wagner health generics medicines launched in November 2024, with further products in the pipeline Own and exclusive label p
Slide 19: Efficiencies and synergies – synergy target upgraded to $100m
Growth Pillar 4 Efficiencies and synergies – synergy target upgraded to $100m Best in class distribution infrastructure supports Synergies target upgraded to $100m. Continuing growth and provides opportunity for efficiencies to evaluate further opportunities. • $100m pa upgraded from $60m to be deli
Slide 20: Execution priorities and FY26 Outlook
Execution priorities and FY26 Outlook • Successful merger - results demonstrate Sigma is a stronger more integrated healthcare business – one with scale, capability, market reach and growth • Long-term growth runway - anticipate rolling out CW franchise stores in Australia and International at a con
Slide 21: Questions
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Slide 22: Appendices
4 Appendices 1% Sigma Healthcare
Slide 23: 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 24: Financial performance – Reconciliation to Pro-forma
APPENDIX 2 - Financial performance – Reconciliation to Pro- forma Commentary Statutory to Normalised adjustment reflects: FY25 FY25 FY25 $m Statutory Adj Normalised Adj Pro forma • $46.6m of merger related costs Revenue 6,001.8 6.7 6,008.5 3,582.8 9,591.3 • $12.7m of integration costs including Gros
Slide 25: Key measures
APPENDIX 3 - Key measures Growth vs. FY25 FY24 PCP Chemist Warehouse (CW) Retail Network Sales ($m) Australia 8,968.9 7,909.9 13.4% International 1,299.6 1,092.0 19.0% Total Chemist Warehouse Retail Network Sales ($m) 10,268.5 9,001.9 14.1% Like-For-Like CW Retail Network Sales Growth (%) Australia
Slide 26: 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 full year period ending 30 June 2025; and • a high level overview of aspects
Slide 27: Thank you
5 Sigma Thank you Healthcare