Wesfarmers Limited · ASX:WES
Wesfarmers — Wesfarmers Ltd Old — FY2025 Earnings Presentation
67 slides from Wesfarmers's earnings presentation, Aug 28, 2025
Slide 1: 2025 Full-Year Results Briefing Presentation
For personal use only 2025 FULL-YEAR RESULTS BRIEFING PRESENTATION To be held on 28 August 2025
Slide 2: Presentation outline
Presentation outline For personal use only Item Presenter Slide Group performance overview Rob Scott – Managing Director, Wesfarmers Limited 3 Financial performance Anthony Gianotti – Chief Financial Officer, Wesfarmers Limited 10 Outlook Rob Scott – Managing Director, Wesfarmers Limited 18 Q&A Rob
Slide 3: Group Performance Overview
For personal use only GROUP PERFORMANCE OVERVIEW Rob Scott Managing Director Wesfarmers Limited
Slide 4: Wesfarmers Way
Wesfarmers Way For personal use only Wesfarmers’ primary objective Anticipating the needs of our Looking after our team is to deliver a satisfactory return customers and delivering members and providing a safe, to shareholders. We believe it is competitive goods and services fulfilling work environm
Slide 5: 2025 Full-year highlights
2025 Full-year highlights Maintained focus on driving long-term For personal use only shareholder returns Revenue Operating cash flows up 3.4% to down 0.6% to Result highlights the Strengthened existing $45.7b $4.6b quality of the Group’s businesses and teams businesses and advanced key growth initi
Slide 6: Divisional highlights
Divisional highlights For personal use only BUNNINGS GROUP KMART GROUP WESCEF OFFICEWORKS • Lowest-price positioning supported • Strong value credentials resonated • Strong operating performance • Continued investment in everyday value-conscious customers with customers • Completed construction of t
Slide 7: Portfolio actions demonstrate focus on shareholder returns
Portfolio actions demonstrate focus on shareholder returns For personal use only Sale of Coregas Catch wind down and transition Sale for $770m completed July 20251 Eliminated the losses associated with Catch Transferred FCs2 to strengthen Kmart Group’s online operations Sale of LPG and LNG distribut
Slide 8: Climate and environment
CLIMATE AND ENVIRONMENT Focus on FY25 long-term value, For personal use only 9.3% 19.6% 71.4% consistent with reduction in Scope 1 and Scope 2 (market-based) increase in rooftop solar capacity, with an of operational waste diverted from landfill our objective emissions additional 53 systems installe
Slide 9: Group performance summary
Group performance summary For personal use only Year ended 30 June ($m)1 2025 2024 Var % Revenue 45,700 44,189 3.4 EBIT 4,465 3,989 11.9 EBIT (excl. significant items)2 4,186 3,989 4.9 EBIT (after interest on lease liabilities) 4,210 3,753 12.2 EBIT (after interest on lease liabilities, excl. signif
Slide 10: Financial Performance
For personal use only FINANCIAL PERFORMANCE Anthony Gianotti Chief Financial Officer Wesfarmers Limited
Slide 11: Divisional sales performance
Divisional sales performance For personal use only Comp. Total sales sales 2H25 sales Year ended 30 June ($m)1 2025 2024 growth (%) growth (%) growth2 (%) • Retail sales results reflect strong execution from well-positioned businesses Bunnings Group 19,560 18,943 3.3 3.5 3.4 • Retail divisions’ lead
Slide 12: Divisional earnings performance
Divisional earnings performance For personal use only Earnings $m ROC % Year ended 30 June1 2025 2024 Var % 2025 Var (ppt)2 Performance summary • Continued commercial and consumer sales growth Bunnings Group 2,336 2,251 3.8 71.5 2.3 Excl. net property contribution • Ongoing cost discipline and execu
Slide 13: Other business performance summary
Other business performance summary For personal use only Year ended 30 June1 ($m) Holding % 2025 2024 Var % Share of profit/(loss) of associates and JVs Other EBT result includes: BWP Trust 22.32 59 40 47.5 • Favourable property revaluations in BWP Trust and BPI Other associates and joint ventures3,
Slide 14: Working capital and cash flow
Working capital and cash flow For personal use only NET WORKING CAPITAL CASH MOVEMENT • Divisional operating cash flows increased 2.3%, with divisional cash realisation Year end 30 June ($m)2 2025 2024 of 100%1 Receivables and prepayments (96) (153) – Reflects disciplined net working capital managem
Slide 15: Capital expenditure
Capital expenditure For personal use only CAPITAL EXPENDITURE • Gross capital expenditure of $1,147m, up 6.6% Year end 30 June1 ($m) 2025 2024 Var % – Higher capex largely due to higher spending on new store and expansion Bunnings 416 268 55.2 projects in Bunnings Kmart Group 136 136 - – WesCEF cape
Slide 16: Balance sheet and debt management
Balance sheet and debt management For personal use only • Continue to focus on cost of funds and debt maturity DEBT MATURITY PROFILE1 – Weighted average cost of debt of 3.83% for the year (FY24: 3.87%) $m 2,000 – Weighted average debt term to maturity of 5.0 years (FY24: 4.5 years) 1,500 • Maintaine
Slide 17: Shareholder distributions
Shareholder distributions For personal use only Dividend SHAREHOLDER DISTRIBUTIONS2 • Fully-franked ordinary final dividend of $1.11 per share – Takes full-year ordinary dividend to $2.06 per share $/share • Dividend record date 3 September 2025; dividend payable 7 October 2025 • Dividend investment
Slide 18: Outlook
For personal use only OUTLOOK Rob Scott Managing Director Wesfarmers Limited
Slide 19: Investments support national prosperity and resilience
Investments support national prosperity and resilience For personal use only Investment focus areas Investments over 5 years Supporting national prosperity and resilience Low prices Significant investment in For millions of Australians via EDLP at Bunnings, Kmart, Officeworks low prices Salaries, wa
Slide 20: Well positioned to deliver long-term shareholder returns
Well positioned to deliver long-term shareholder returns For personal use only $ 3.50 Portfolio of high-quality, Attractive long-term growth Optionality to deploy and resilient businesses and efficiency opportunities reallocate capital • Retailers with strong value • Opportunities to grow and expand
Slide 21: Group outlook
Group outlook For personal use only • Wesfarmers remains well • The Group’s retail divisions are • The performance of the Group’s • Domestic cost pressures are likely positioned to deliver well positioned to profitably grow industrial businesses remains to persist, driven by labour, energy satisfact
Slide 22: Q&A
For personal use only Q&A
Slide 23: Appendix: Divisional Summaries
For personal use only APPENDIX: DIVISIONAL SUMMARIES Wesfarmers 2025 Full-year results | 23
Slide 24: Bunnings Group
For personal use only BUNNINGS GROUP Michael Schneider Managing Director Bunnings Group
Slide 25: Bunnings Group performance summary
Bunnings Group performance summary For personal use only Year ended 30 June1 ($m) 2025 2024 Variance % Revenue 19,595 18,968 3.3 EBITDA 3,290 3,195 3.0 Depreciation and amortisation (818) (821) 0.4 EBIT 2,472 2,374 4.1 Interest on lease liabilities (136) (123) (10.6) EBT 2,336 2,251 3.8 Net property
Slide 26: Bunnings Group performance overview
Bunnings Group performance overview For personal use only • Revenue growth of 3.3% to $19.6b – Total store sales growth of 3.6% and store-on-store sales growth of 3.5% – Lowest price positioning underpinned growth across both consumer and commercial segments – Range innovation and expansion attracte
Slide 27: Bunnings Group progress on strategy
Bunnings Group progress on strategy For personal use only Care • Material improvement in safety performance compared to prior year • Achieved 100% renewable electricity target1 • Strong growth in community contributions, including from response to ex-Tropical Cyclone Alfred Grow • Lowest Prices, Wid
Slide 28: Bunnings Group outlook
Bunnings Group outlook For personal use only • Bunnings is well positioned to deliver sustainable sales and earnings growth over the long term – Resilient operating model – Lowest Prices, Widest Range, Best Experience – Large and expanding addressable market, with favourable long-term demand drivers
Slide 29: Kmart Group
For personal use only KMART GROUP Aleksandra Spaseska Managing Director Kmart Group
Slide 30: Kmart Group performance summary
Kmart Group performance summary For personal use only Year ended 30 June1 ($m) 2025 2024 Variance % Revenue 11,429 11,107 2.9 EBITDA 1,645 1,546 6.4 Depreciation and amortisation (515) (505) (2.0) EBIT 1,130 1,041 8.5 Interest on lease liabilities (84) (83) (1.2) EBT 1,046 958 9.2 EBT margin (%) 9.2
Slide 31: Kmart Group performance overview
Kmart Group performance overview For personal use only • Revenue increased by 2.9% to $11,429m – Kmart Group comparable sales grew by 3.0% – Kmart Group continues to benefit from its strong value credentials – In 2H25 comparable sales grew by 4.4%, with good performance across all key categories, pa
Slide 32: Kmart Group progress on strategy
Kmart Group progress on strategy For personal use only • Kmart Group continued to make good progress on its strategic priorities: – The new Plan C+ store format was rolled out to five stores, with positive early results – Ongoing digitisation of store processes through the expansion of RFID 1 capabi
Slide 33: Kmart Group outlook
Kmart Group outlook For personal use only • Kmart Group remains well positioned to deliver sustained growth in sales and earnings: – Leveraging the strength of its world-class product development capabilities to maintain a competitive advantage – Expanding addressable market through the launch of a
Slide 34: WesCEF
For personal use only WESCEF Aaron Hood Managing Director Wesfarmers Chemicals, Energy & Fertilisers
Slide 35: Chemicals, Energy and Fertilisers performance summary
Chemicals, Energy and Fertilisers performance summary For personal use only Year ended 30 June1 ($m) 2025 2024 Variance % Revenue2 Chemicals3 1,400 1,289 8.6 Energy 442 531 (16.8) Fertilisers 1,120 927 20.8 Total 2,962 2,747 7.8 EBITDA 562 578 (2.8) Depreciation and amortisation (162) (137) (18.2) E
Slide 36: Chemicals, Energy and Fertilisers performance overview
Chemicals, Energy and Fertilisers performance overview For personal use only • Revenue of $2,962m increased by 7.8%, driven by higher fertiliser sales • Fertilisers: Earnings increased, supported by higher sales volumes and volumes and spodumene concentrate sales improved margins due to a more stabl
Slide 37: Chemicals, Energy and Fertilisers key commodity pricing
Chemicals, Energy and Fertilisers key commodity pricing For personal use only Ammonia price – CFR Far East1 Lithium price2 • FY25 Ammonia earnings decreased on the prior year due to: • Pricing reduced further in the second half of FY25 – Lower average market index pricing • Demand remains strong for
Slide 38: Chemicals, Energy and Fertilisers outlook
Chemicals, Energy and Fertilisers outlook For personal use only • Chemicals earnings will continue to depend on • In Lithium: • WesCEF continues to progress its key global commodity pricing strategic focus areas: – In a key milestone, first product at the LiOH – AN earnings are anticipated to benefi
Slide 39: Officeworks
For personal use only OFFICEWORKS John Gualtieri Managing Director Officeworks
Slide 40: Officeworks performance summary
Officeworks performance summary For personal use only Year ended 30 June1 ($m) 2025 2024 Variance % Revenue 3,565 3,434 3.8 EBITDA 375 360 4.2 Depreciation and amortisation (144) (136) (5.9) EBIT 231 224 3.1 Interest on lease liabilities (19) (16) (18.8) EBT 212 208 1.9 EBT margin (%) 5.9 6.1 ROC (R
Slide 41: Officeworks performance overview
Officeworks performance overview For personal use only • Revenue growth of 3.8% to $3.6b – Growth across key categories including technology and Print & Create, partially offset by lower furniture sales – Pleasing Black Friday and End of Financial Year trading, and solid sales growth during the Back
Slide 42: Officeworks progress on strategy
Officeworks progress on strategy For personal use only Strengthening the omnichannel customer experience • Expanded the store network with two net new stores in FY25 • Enhanced delivery offer with expanded 2-hour, same-day and next-day delivery coverage • Created personalised customer experiences an
Slide 43: Officeworks outlook
Officeworks outlook For personal use only • Well positioned to support customers through continued investment in Low Prices, Wide Range, and Best Experience across every channel • Focused on executing strategies to deliver long-term returns: – Strengthening the omnichannel customer experience – Tran
Slide 44: Industrial & Safety
For personal use only INDUSTRIAL & SAFETY Tim Bult Managing Director Wesfarmers Industrial & Safety
Slide 45: Industrial and Safety performance summary
Industrial and Safety performance summary For personal use only Year ended 30 June1, 2 ($m) 20253 2024 Variance % Revenue3 1,998 2,022 (1.2) EBITDA2,3 191 195 (2.1) Depreciation and amortisation (83) (82) (1.2) EBIT2 108 113 (4.4) Interest on lease liabilities (4) (4) - EBT2, 3 104 109 (4.6) EBT (ex
Slide 46: Industrial and Safety performance overview
Industrial and Safety performance overview For personal use only • Revenue decreased 1.2% to $1,998m – Trading conditions were challenging, reflecting the economic conditions affecting customers – Blackwoods’ revenue decreased, driven by reduced demand from strategic mining and manufacturing custome
Slide 47: Industrial and Safety outlook
Industrial and Safety outlook For personal use only • The reset of the operating model in Blackwoods and Workwear Group is expected to help mitigate ongoing cost pressures, enhance the customer experience and improve competitive advantage, supporting long-term earnings growth • Trading conditions ar
Slide 48: Wesfarmers Health
For personal use only WESFARMERS HEALTH Emily Amos Managing Director Wesfarmers Health
Slide 49: Health performance summary
Health performance summary For personal use only Year ended 30 June1 ($m) 2025 2024 Variance % Revenue 5,933 5,624 5.5 EBITDA 150 133 12.8 Depreciation and amortisation (78) (78) - EBIT2 72 55 30.9 Interest on lease liabilities (8) (5) (60.0) EBT2 64 50 28.0 EBT (excluding purchase price allocation
Slide 50: Health performance overview
Health performance overview For personal use only • Revenue increased 5.5% and earnings increased 28.0% • The Consumer segment delivered strong sales and earnings growth – Priceline Pharmacy’s headline network sales increased 11.9%, including dispensary sales – Retail sales growth driven by network
Slide 51: Health progress on strategy
Health progress on strategy For personal use only Consumer Wholesale Leading health, beauty and wellness offering Pharmaceutical wholesaler of choice Retail • Expanded the network and opened 31 new stores • Executing program of work to mitigate higher supply chain costs • Prices reduced on c.150 key
Slide 52: Health outlook
Health outlook For personal use only • Wesfarmers Health is well positioned to improve long-term earnings and returns by capitalising on growing customer demand for health and wellness, and by executing its transformation program, which includes ongoing investment in systems and capabilities • The f
Slide 53: Group Data and Digital
For personal use only GROUP DATA AND DIGITAL
Slide 54: Significant omnichannel assets and capabilities across the Group
Significant omnichannel assets and capabilities across the Group For personal use only Large scale, trusted Extensive physical Leading fulfilment Complementary loyalty Deep customer insights retail and health network and digital assets and and membership through data assets of brands reach capabilit
Slide 55: Group data and digital progress review and outlook
Group data and digital progress review and outlook For personal use only • Divisions increased the use of data analytics and AI to further digitise their operations • The Group’s shared data asset, managed by OneData, includes c.12m customer records, and is supported by continued investment in secur
Slide 56: Appendix: Supplementary Information
For personal use only APPENDIX: SUPPLEMENTARY INFORMATION Wesfarmers 2025 Full-year results | 56
Slide 57: Significant items
Significant items For personal use only Year ended 30 June ($m) Pre-tax Gain on sale of Coregas 233 Pre-tax significant items of $279m (post-tax: $273m) include: • Gain on sale of Coregas of $233m (post-tax: Profit on the wind up of the BPI property structure 97 $233m), in line with previous guidanc
Slide 58: Divisional return on capital
Divisional return on capital For personal use only 2025 2024 Cap Emp1 Cap Emp1 Rolling 12 months to 30 June EBT ($m) ROC (%) EBT ($m) ROC (%) Var (ppt) ($m) ($m) Bunnings Group 2,336 3,266 71.5 2,251 3,254 69.2 2.3 Kmart Group 1,046 1,548 67.6 958 1,458 65.7 1.9 WesCEF2 399 3,563 11.2 440 3,292 13.4
Slide 59: Group management balance sheet
Group management balance sheet For personal use only ($m)1,2 FY25 1H25 FY24 Inventories 6,038 6,548 6,102 Receivables and prepayments 2,455 2,299 2,459 Trade and other payables (5,440) (5,951) (5,377) Other 245 243 351 Net working capital 3,298 3,139 3,535 Property, plant and equipment 5,580 5,748 5
Slide 60: Movements in net financial debt
Movements in net financial debt For personal use only Movements in net financial debt ($b) 4.3 (0.1) 1.1 (4.6) 2.3 4.2 1.2 Net financial debt Operating cash flows Lease payments Dividends paid Net capex Other Net financial debt 30 June 2024 30 June 2025 • Net financial debt position of $4.2b as at 3
Slide 61: Management of lease portfolio
Management of lease portfolio For personal use only • Lease liabilities totalled $6.4b and represented 58% of Group fixed financial Lease liabilities ($m) FY25 FY24 obligations as at 30 June 2025 Bunnings Group 3,350 3,402 • Average remaining committed lease term of 3.9 years1 (FY24: 4.0 years) Kmar
Slide 62: Revenue reconciliation – Kmart Group
Revenue reconciliation – Kmart Group For personal use only Year ended 30 June1 ($m) 2025 2024 Segment revenue (Gregorian) 11,429 11,107 Less: Non-sales revenue (62) (67) Headline sales (Gregorian) 11,367 11,040 Add: Gregorian adjustment (26) (67) Headline sales revenue (Retail) 11,341 10,973 1. Refe
Slide 63: Retail store networks
Retail store networks As at 30 June 2025 For personal use only 1,971 locations across Australia and New Zealand Brand NSW/ACT VIC QLD SA WA TAS NT NZ Total Bunnings Group Warehouse 80 64 52 19 29 7 3 31 285 Smaller format 19 15 11 2 9 - - 11 67 Trade 7 2 6 2 3 1 - 9 30 Tool Kit Depot 2 1 1 5 7 1 - -
Slide 64: Retail calendars
Retail calendars For personal use only Business Retail sales period Bunnings and Officeworks Full-year 2025 1 Jul 2024 to 30 Jun 2025 (12 months) Full-year 2024 1 Jul 2023 to 30 Jun 2024 (12 months) Full-year 2023 1 Jul 2022 to 30 Jun 2023 (12 months) Kmart Full-year 2025 1 Jul 2024 to 29 Jun 2025 (
Slide 65: Glossary of terms (1 of 2)
Glossary of terms (1 of 2) For personal use only Term AASB Australian Accounting Standards Board Australian Light Minerals. ALM is the company holding WesCEF’s 50 per cent share in the Covalent lithium project and is responsible for the sales ALM and marketing of lithium products as well as undertak
Slide 66: Glossary of terms (2 of 2)
Glossary of terms (2 of 2) For personal use only Term ktpa Kilotonnes per annum ktCO2e Kilotonnes of carbon dioxide equivalent LNG Liquefied natural gas LPG Liquefied petroleum gas m Million mw megawatt n.m. Not meaningful Interest-bearing loans and borrowings less cash at bank and on deposit and he
Slide 67: For personal use only
For personal use only