Wesfarmers Limited · ASX:WES
Wesfarmers — FY2026 Earnings Presentation
67 slides from Wesfarmers's earnings presentation, Aug 27, 2026
Slide 1: Wesfarmers 2026 Full-Year Results Briefing Presentation
7 Wesfarmers 2026 Full-Year Results Briefing Presentation To be held on 27 August 2026
Slide 2: Presentation outline
Presentation outline 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 Scott – Managing Direc
Slide 3: Rob Scott, Managing Director
Rob Scott Managing Director Wesfarmers Limited
Slide 4: Wesfarmers Way
Wesfarmers Way 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 environment only possible to a
Slide 5: 2026 Full-year results
Maintained focus on 2026 Full-year driving long-term shareholder returns results Revenue NPAT (ex. significant items) Invested to strengthen existing up 3.4% to up 8.3% to businesses and advance key growth projects $47.3b $2.9b Result highlights the quality of the Group’s businesses and teams Operat
Slide 6: Investing for the long term
Investing for the long term Investing in our businesses Building new businesses Expanding addressable markets Mt Holland expansion2 through disciplined range renewal and category expansion announced to double spodumene concentrate production, lower unit operating costs and accelerate cash flows Supp
Slide 7: Divisional highlights
Divisional highlights Bunnings Group Kmart Group WesCEF Officeworks Health Industrial and Safety • Lowest-price • Strong value • Delivered major • Commenced • Consumer business1 • Blackwoods grew positioning supported credentials resonated capacity expansions in transformation program, performed wel
Slide 8: Committed to long-term value creation
Committed to long-term value creation CLIMATE AND PEOPLE COMMUNITIES ENVIRONMENT FY26 FY26 FY26 21.9% 9.1 $102m reduction in Scope 1 and Scope 2 Group total recordable injury frequency rate direct and indirect community contributions (market-based) emissions (TRIFR) compared to 9.5 in FY25 17.2% 4.0
Slide 9: Group performance summary
Group performance summary Year ended 30 June1 ($m) 2026 2025 Var % Revenue 47,274 45,700 3.4 EBIT 4,493 4,465 0.6 EBIT (excl. significant items)2 4,493 4,186 7.3 EBIT (after interest on lease liabilities) 4,184 4,210 (0.6) EBIT (after interest on lease liabilities, excl. significant items)2 4,184 3,
Slide 10: Anthony Gianotti, Chief Financial Officer
Anthony Gianotti Chief Financial Officer Wesfarmers Limited
Slide 11: Divisional sales performance
Divisional sales performance Comp. Total sales sales 2H26 sales Year ended 30 June1 ($m) 2026 2025 growth (%) growth (%) growth2 (%) Bunnings Group 20,331 19,560 3.9 3.7 3.9 • Retail sales growth reflected market-leading value propositions and resilience of the offer Kmart Group 11,655 11,341 2.8 2.
Slide 12: Divisional earnings performance
Divisional earnings performance Earnings $m ROC % Year ended 30 June1 2026 2025 Var % 2026 Var (ppt)2 Performance summary • Continued commercial and consumer sales growth Bunnings Group 2,455 2,336 5.1 69.2 (2.3) • Disciplined execution of strategic agenda supported continued Excl. net property cont
Slide 13: Other business performance summary
Other business performance summary Year ended 30 June ($m) Holding % 2026 2025 Var % Share of profit/(loss) of associates and JVs Other EBT result includes: BWP Group 23.44 96 59 62.7 • Favourable property revaluations in BWP Group Other associates and joint ventures1,2 Various 10 5 100.0 • Other re
Slide 14: Working capital and cash flow
Working capital and cash flow NET WORKING CAPITAL CASH MOVEMENT • Group operating cash flows decreased 6.5% to $4,272m reflecting temporary decisions to strengthen availability to customers given volatile market conditions Year end 30 June ($m)1 2026 2025 – Investment in additional fertiliser invent
Slide 15: Capital expenditure
Capital expenditure CAPITAL EXPENDITURE • Gross capital expenditure of $1,194m, up 4.1% Year end 30 June1 ($m) 2026 2025 Var % – WesCEF capex reflects its 50% share of spend on the Covalent lithium project and expansion of the sodium cyanide facility Bunnings 359 416 (13.7) – Bunnings capex reflects
Slide 16: Balance sheet and debt management
Balance sheet and debt management DEBT MATURITY PROFILE1 • Continued focus on cost of funds and debt maturity $m – Weighted average cost of debt of 3.75% for the year (FY25: 3.83%) 2,000 – Weighted average debt term to maturity of 4.3 years (FY25: 5.0 years) 1,500 1,000 • Maintained significant flex
Slide 17: Shareholder distributions
Shareholder distributions SHAREHOLDER DISTRIBUTIONS1 Capital management initiative • Distribution of $1.50 per share paid in December 2025, comprising a capital $/share return of $1.10 per share and a fully-franked special dividend of $0.40 per share 4.00 3.72 • Consistent with the Group’s focus on
Slide 18: Rob Scott, Managing Director
Rob Scott Managing Director Wesfarmers Limited
Slide 19: Significant contribution to Australian prosperity
Significant contribution to Australian prosperity Team members Businesses Community Government Shareholders $6.6b 2.3m $102m $1.6b $4.2b paid to team members B2B customers direct and paid in taxes2 shareholder indirect community distributions3 contributions1 One of Australia’s Serving small, Support
Slide 20: Well positioned to deliver returns through the cycle
Well positioned to deliver returns through the cycle Portfolio of high-quality, Advancing our growth and Growth platforms and new resilient businesses productivity agenda earnings streams Retailers with strong value Digitising operations through Growing demand in lithium, credentials and industrial
Slide 21: Group outlook
Group outlook • Well positioned to deliver • The Group’s retail divisions are • Wesfarmers and its joint venture • Higher costs of doing business are satisfactory returns to well positioned to grow profitably partner remain focused on the expected to persist, driven by shareholders over the long ram
Slide 22: Wesfarmers
< oe) Wesfarmers
Slide 23: Appendix: Divisional Summaries
Appendix: Divisional Summaries
Slide 24: Michael Schneider, Managing Director Bunnings Group
Michael Schneider Managing Director Bunnings Group
Slide 25: Bunnings Group performance summary
Bunnings Group performance summary Year ended 30 June1 ($m) 2026 2025 Variance % Revenue 20,399 19,595 4.1 EBITDA 3,448 3,290 4.8 Depreciation and amortisation (826) (818) (1.0) EBIT 2,622 2,472 6.1 Interest on lease liabilities (167) (136) (22.8) EBT 2,455 2,336 5.1 Net property contribution - (2)
Slide 26: Bunnings Group performance overview
Bunnings Group performance overview • Revenue growth of 4.1% to $20,399m – Total store sales growth of 4.0% and store-on-store sales growth of 3.7% – Sales growth across consumer and commercial customers, and all product categories and regions – Consumer sales growth was supported by demand across h
Slide 27: Bunnings Group progress on strategy
Bunnings Group progress on strategy Team and community Stores and offer Productivity Data, loyalty and online • Continued improvement in safety • Expanded addressable market by • Progressed productivity agenda, • Launched AI-powered shopping and performance entering new categories (e.g. rural, inclu
Slide 28: Bunnings Group outlook
Bunnings Group outlook • Bunnings remains well positioned to deliver sustainable long-term sales and earnings growth – Resilient operating model – Lowest Prices, Widest Range, Best Experience – Large and expanding addressable market, with favourable long-term demand drivers – Diverse offer, customer
Slide 29: Aleksandra Spaseska, Managing Director Kmart Group
Aleksandra Spaseska Managing Director Kmart Group
Slide 30: Kmart Group performance summary
Kmart Group performance summary Year ended 30 June1 ($m) 2026 2025 Variance % Revenue 11,751 11,429 2.8 EBITDA 1,727 1,645 5.0 Depreciation and amortisation (518) (515) (0.6) EBIT 1,209 1,130 7.0 Interest on lease liabilities (100) (84) (19.0) EBT 1,109 1,046 6.0 EBT margin (%) 9.4 9.2 ROC (R12) (%)
Slide 31: Kmart Group performance overview
Kmart Group performance overview • Revenue increased by 2.8% to $11,751m – Kmart Group continues to benefit from strong value credentials with customer numbers and transaction volumes growing on the prior year – Prices were dropped on more than 2,500 items, while product innovation in Anko’s ‘one-up
Slide 32: Kmart Group progress on strategy
Kmart Group progress on strategy • Kmart Group continued to make good progress on strategic initiatives – 20 stores now trading in the new Kmart Plan C+ format, and the launch of a new K Home trial store, with innovations in format helping expand addressable market and enhance cross-shop between dep
Slide 33: Kmart Group outlook
Kmart Group outlook • Kmart Group remains well positioned to deliver sustained growth in sales and earnings, leveraging the strength of its world-class product development capabilities to maintain a competitive advantage • Delivering low prices for customers remains a strategic priority for Kmart Gr
Slide 34: Aaron Hood, Managing Director WesCEF
Aaron Hood Managing Director Wesfarmers Chemicals, Energy & Fertilisers
Slide 35: Chemicals, Energy and Fertilisers performance summary
Chemicals, Energy and Fertilisers performance summary Year ended 30 June1 ($m) 2026 2025 Variance % Revenue2 3,138 2,962 5.9 EBITDA 654 562 16.4 Depreciation and amortisation (177) (162) (9.3) EBIT 477 400 19.3 Interest on lease liabilities (4) (1) n.m. EBT 473 399 18.5 Lithium 40 (59) n.m. EBT (exc
Slide 36: Chemicals, Energy and Fertilisers performance overview
Chemicals, Energy and Fertilisers performance overview • Revenue increased by 5.9% to $3,138m, driven by higher prices for • Lithium earnings of $40m, compared to a prior year loss of $59m fertilisers and spodumene concentrate ‒ Earnings uplift driven by higher market pricing on 151kt of spodumene •
Slide 37: Chemicals, Energy and Fertilisers key commodity pricing
Chemicals, Energy and Fertilisers key commodity pricing Ammonia Price – CFR Far East1 Lithium Price3 • Ammonia pricing increased significantly due to the conflict in the Middle • Lithium prices increased sharply throughout FY26 due to strong demand East and supply disruptions • Higher ammonia prices
Slide 38: Chemicals, Energy and Fertilisers outlook
Chemicals, Energy and Fertilisers outlook Growth and focus areas WesCEF outlook • Sodium cyanide expansion to be completed in 1H27, increasing • Chemicals earnings dependent on pricing of global commodities and capacity by c.35ktpa to c.130ktpa successful execution of major shutdowns • FID has been
Slide 39: John Gualtieri, Managing Director Officeworks
John Gualtieri Managing Director Officeworks
Slide 40: Officeworks performance summary
Officeworks performance summary Year ended 30 June1 ($m) 2026 2025 Variance % Revenue 3,698 3,565 3.7 EBITDA 334 375 (10.9) Depreciation and amortisation (150) (144) (4.2) EBIT 184 231 (20.3) Interest on lease liabilities (19) (19) - EBT 165 212 (22.2) EBT margin (%) 4.5 5.9 ROC (R12) (%) 13.0 17.9
Slide 41: Officeworks performance overview
Officeworks performance overview • Revenue grew 3.7% to $3.7b, demonstrating resilience amid a more challenging 2H26 – Sales growth across key categories, including technology, Print & Create and stationery, art and education – The ‘Price Dropped’ campaign, in which Officeworks lowered prices on c.2
Slide 42: Officeworks progress on strategy
Officeworks progress on strategy Get the fundamentals right Accelerate growth Become a low-cost Reset merchandise and Create inspiring Win as the first choice for Be the market leader in operator value fundamentals omnichannel experiences complete tech solutions B2B and Education • Progressed to the
Slide 43: Officeworks outlook
Officeworks outlook • Officeworks is built on strong foundations – Trusted brand, loyal customers and a passionate team • On track to complete our transformation journey in CY27 – Complete the support office operating model reset – Complete the next stage of the instore service model transformation,
Slide 44: Emily Amos, Managing Director Wesfarmers Health
Emily Amos Managing Director Wesfarmers Health
Slide 45: Health performance summary
Health performance summary Year ended 30 June1 ($m) 2026 2025 Variance % Revenue 6,474 5,933 9.1 EBITDA 168 150 12.0 Depreciation and amortisation2 (80) (78) (2.6) EBIT2 88 72 22.2 Interest on lease liabilities (12) (8) (50.0) EBT2 76 64 18.8 EBT (excluding PPA adjustments) 92 82 12.2 EBT margin (%)
Slide 46: Health performance overview
Health performance overview • Revenue increased 9.1% and earnings increased 18.8% – Reflects strong execution of the transformation program and growing operating leverage, with continued growth in the higher-margin Consumer business • Consumer business continued to deliver strong performance – Price
Slide 47: Health progress on strategy
Health progress on strategy Investing in and leveraging Improving performance in Growing share and unique loyalty, data and Wholesale and reducing scale in Consumer digital assets costs across the business • Opened 23 new Priceline Pharmacy stores • Grew Sister Club to more than 10.4m • Improved cus
Slide 48: Health outlook
Health outlook • Wesfarmers Health is well positioned to continue improving earnings and returns by executing its transformation program and capitalising on trends in the large and growing health and beauty market ‒ Priceline Pharmacy will continue to invest in value, a differentiated range and serv
Slide 49: Tim Bult, Managing Director Wesfarmers Industrial & Safety
Tim Bult Managing Director Wesfarmers Industrial & Safety (retired July 2026)
Slide 50: Industrial and Safety performance summary
Industrial and Safety performance summary 2025 Year ended 30 June1 ($m) 2026 2025 Variance % ex. Coregas Variance %3 Revenue 1,758 1,998 (12.0) 1,735 1.3 EBITDA2 146 191 (23.6) 131 11.5 Depreciation and amortisation (65) (83) 21.7 (62) (4.8) EBIT2 81 108 (25.0) 69 17.4 Interest on lease liabilities
Slide 51: Industrial and Safety performance overview
Industrial and Safety performance overview • Revenue increased 1.3% to $1,758m (excluding Coregas) – Blackwoods’ revenue increased, driven by strategic customers across mining, manufacturing, utilities and construction sectors in Australia, partially offset by lower demand in New Zealand – Workwear
Slide 52: Industrial and Safety outlook
Industrial and Safety outlook • On 1 July 2026, Blackwoods and Workwear Group transitioned into the Bunnings Group – Transition is expected to strengthen the commercial customer value proposition and unlock further long-term growth opportunities, particularly in the SME segment – The Industrial and
Slide 53: Leah Balter, Executive General Manager OneDigital
Leah Balter Executive General Manager OneDigital
Slide 54: Leading omnichannel assets and capabilities
Leading omnichannel assets and capabilities Large scale, trusted retail and health brands with extensive physical and digital reach $36b+ #1 and #3 1,900+ $4.0b+ Group retail sales1 most trusted brands in Australia2 stores across Australia and NZ Group digital retail sales1 Leading fulfilment assets
Slide 55: Group data and digital progress review and outlook
Group data and digital progress review and outlook • OnePass members remain the Group's most engaged customers – Member engagement drove strong incrementality through digital channels – In June, OnePass was awarded Canstar's 2026 Most Satisfied Customers for a rewards program • The Group’s shared da
Slide 56: Appendix: Supplementary information
Wesfarmers 2026 Full-year results | 56
Slide 57: Bunnings Group pro-forma performance summary
Bunnings Group pro-forma performance summary On 1 July 2026, the Industrial and Safety businesses, Blackwoods and Workwear Group, transitioned into Bunnings Group. The table below details pro-forma FY26 financials for the combined Bunnings Group. 2026 2026 Year ended 30 June1 ($m) Pro-Forma Reported
Slide 58: Divisional return on capital
Divisional return on capital 2026 2025 Cap Emp1 Cap Emp1 Rolling 12 months to 30 June EBT ($m) ROC (%) EBT ($m) ROC (%) Var (ppt) ($m) ($m) Bunnings Group 2,455 3,547 69.2 2,336 3,266 71.5 (2.3) Kmart Group 1,109 1,624 68.3 1,046 1,548 67.6 0.7 WesCEF2 473 3,750 12.6 399 3,563 11.2 1.4 Officeworks 1
Slide 59: Group management balance sheet
Group management balance sheet ($m)1,2 FY26 1H26 FY25 Inventories3 6,558 6,771 6,038 Receivables and prepayments 2,656 2,391 2,455 Trade and other payables (5,810) (6,149) (5,440) Other 155 185 245 Net working capital 3,559 3,198 3,298 Property, plant and equipment 6,097 6,010 5,580 Goodwill and int
Slide 60: Movements in net financial debt
Movements in net financial debt Movements in net financial debt ($b) 0.8 (0.6) 5.3 4.2 1.7 (4.3) 2.4 1.1 Net financial debt Operating cash flows Lease payments Dividends paid Capital management Net capex Other Net financial debt 30 June 2025 30 June 2026 • Net financial debt position of $5.3b as at
Slide 61: Management of lease portfolio
Management of lease portfolio • Lease liabilities totalled $7.1b and represented 56% of Group fixed financial obligations as at 30 June 2026 Lease liabilities ($m) FY26 FY25 • Average remaining committed lease term of 4.1 years1 Bunnings Group 3,755 3,350 (FY25: 3.9 years) Kmart Group 2,343 2,242 –
Slide 62: Revenue reconciliation – Kmart Group
Revenue reconciliation – Kmart Group Year ended 30 June1 ($m) 2026 2025 Segment revenue (Gregorian) 11,751 11,429 Less: Non-sales revenue (66) (62) Headline sales (Gregorian) 11,685 11,367 Add: Gregorian adjustment2 (30) (26) Headline sales revenue (Retail) 11,655 11,341 1. Refer to slide 64 for rel
Slide 63: Retail store networks
Retail store networks As at 30 June 2026 1,959 locations across Australia and New Zealand Brand NSW/ACT VIC QLD SA WA TAS NT NZ Total Bunnings Group Warehouse 81 66 52 19 29 7 3 31 288 Smaller format 18 13 11 3 9 - - 11 65 Trade 6 2 4 2 3 1 - 8 26 Tool Kit Depot 2 1 2 5 6 1 - - 17 Beaumont Tiles1 32
Slide 64: Retail calendars
Retail calendars Business Retail sales period Bunnings and Officeworks Full-year 2026 1 Jul 2025 to 30 Jun 2026 (12 months) Full-year 2025 1 Jul 2024 to 30 Jun 2025 (12 months) Full-year 2024 1 Jul 2023 to 30 Jun 2024 (12 months) Kmart Full-year 2026 30 Jun 2025 to 28 Jun 2026 (52 weeks) Full-year 2
Slide 65: Glossary of terms (1 of 2)
Glossary of terms (1 of 2) Term AI Artificial intelligence Australian Light Minerals. ALM is the company holding WesCEF’s 50 per cent share in Covalent Lithium and is responsible for the sales and marketing ALM of lithium products as well as undertaking exploration activities in existing and adjacen
Slide 66: Glossary of terms (2 of 2)
Glossary of terms (2 of 2) Term ktpa Kilotonnes per annum ktCO2e Kilotonnes of carbon dioxide equivalent LNG Liquefied natural gas LPG Liquefied petroleum gas m Million n.m. Not meaningful Interest-bearing loans and borrowings less cash at bank and on deposit and held in joint operation, net of cros
Slide 67: Wesfarmers
NY] Wesfarmers