Wesfarmers Limited · ASX:WES
Wesfarmers — Debt Investor Presentation (2026)
21 slides from Wesfarmers's debt investor presentation, 2026
Slide 1: 2026 Half-Year Results Debt Investor Update
2026 HALF-YEAR RESULTS Debt Investor Update
Slide 2: Group Performance Overview
QUESTIONS GROUP PERFORMANCE OVERVIEW
Slide 3: 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. competitive goods and services fulfilling work environment We believe it is only possible to a
Slide 4: 2026 Half-year highlights
2026 Half-year highlights Maintained focus on long-term shareholder value creation Revenue NPAT up 3.1% to up 9.3% to Results reflect strong Investing to strengthen $24.2b $1.6b operational performance businesses and advance and disciplined execution growth projects • Strong earnings contributions f
Slide 5: Divisional highlights
Divisional highlights Bunnings Kmart Group WesCEF Officeworks Sales Earnings1 Sales Earnings Revenue Earnings Sales Earnings2 $10.7b $1,389m $6.4b $683m $1.2b $209m $1.8b $68m ↑ 4.0% ↑ 5.0% ↑ 3.2% ↑ 6.1% ↓ 3.2% ↑ 18.1% ↑ 4.7% ↓ 21.8% • Sales growth across all categories, • Benefited from strong valu
Slide 6: Focus on long-term value, consistent with our objective
CLIMATE AND ENVIRONMENT Focus on 1H26 long-term value, 27.8% 22.6% 73.5% consistent with reduction in Scope 1 and Scope 2 (market-based) increase in rooftop solar capacity, with an of operational waste diverted from landfill our objective emissions additional 58 systems installed PEOPLE 1H26 9.6 4.1
Slide 7: Working capital and cash flow
Working capital and cash flow NET WORKING CAPITAL CASH MOVEMENT • Divisional cash realisation remained solid at 103% Half-year end 31 December ($m)2 2025 2024 • Divisional operating cash flows broadly in line with 1H25 Receivables and prepayments 51 165 – Reflects disciplined net working capital man
Slide 8: Capital expenditure
Capital expenditure CAPITAL EXPENDITURE • Gross capital expenditure increased 4.2% to $619m Half-year end 31 December1 ($m) 2025 2024 Var % – Largely due to both Kmart Group and Officeworks commencing investment in Bunnings Group 229 234 (2.1) new omnichannel supply chain facilities 119 66 Kmart Gro
Slide 9: Wesfarmers is accelerating its growth and productivity agenda
Wesfarmers is accelerating its growth and productivity agenda ‘People-First, Digitally-Enabled’ approach Accelerating existing strategies People-First Supporting team members with training and tools Helping team members develop new skills and work smarter Deepening customer engagement Improving the
Slide 10: Group outlook
Group outlook • Well positioned to deliver • The retail divisions are • At WesCEF, performance of the • The divisions will maintain their satisfactory returns to well positioned to drive Covalent Lithium joint venture’s focus on cost discipline and shareholders over the long term profitable growth r
Slide 11: Balance Sheet and Debt Management
QUESTIONS BALANCE SHEET AND DEBT MANAGEMENT
Slide 12: Strong and resilient balance sheet
Strong and resilient balance sheet Key principles NET FINANCIAL DEBT • Maintaining a prudent capital structure and strong credit rating is important to $b Wesfarmers 6 3.0 • Strong credit ratings 5 2.5 – Moody’s A3 (stable outlook) 4 3 – S&P A- (stable outlook) 2.0 2 1 1.5 Half-year update 0 • Maint
Slide 13: Proactive debt management
Proactive debt management • Continued focus on optimising debt capacity, maturity profile and cost of funds: DEBT MATURITY PROFILE1 $m – Increased bank facilities, maintaining liquidity headroom whilst managing 2,000 borrowing costs 1,500 – Extended existing bank facilities to lengthen and spread-ou
Slide 14: Debt capital markets diversity
Debt capital markets diversity DCM GEOGRAPHICAL SOURCES1 DEBT BY TYPE1 36% 45% 55% 64% Capital Markets Sustainability-linked Financing Drawn Bank Facilities Other funding sources • Ongoing commitment to maintain access to a diverse range of funding sources, including the domestic and international d
Slide 15: Sustainable finance update
Sustainable finance update March 2020 June 2021 October 2021 HY26 Update A$400m sustainability-linked loan A$1b sustainability-linked bond €600m sustainability-linked bond • Achieving proportional • Increasing the use of renewable electricity in the Group’s retail divisions (Bunnings Group, Kmart •
Slide 16: Management of lease portfolio
Management of lease portfolio • Lease liabilities totalled $7.2b and represented 56% of the Group’s fixed Lease liabilities ($m) 1H26 FY25 1H25 financial obligations as at 31 December 2025 Bunnings Group 3,890 3,350 3,555 • Average remaining committed lease term of 4.2 years (FY25: 3.9 years) Kmart
Slide 17: Shareholder distributions
Shareholder distributions Key principles SHAREHOLDER DISTRIBUTIONS1 • Dividend distributions determined based on franking credit availability, current earnings, cash flows, future cash flow requirements and targeted credit metrics • Focus is on maximising value of franking credits for shareholders.
Slide 18: Additional resources
Additional resources • Wesfarmers debt investor website https://www.wesfarmers.com.au/investor-centre/debt-investors • Wesfarmers sustainable finance website https://www.wesfarmers.com.au/investor-centre/debt-investors/sustainable-finance • Please email to the below address if you would like to be a
Slide 19: Glossary of terms (1 of 2)
Glossary of terms (1 of 2) Term AN Ammonium nitrate b Billion Cash realisation ratio Operating cash flows as a percentage of net profit after tax, before depreciation and amortisation CO2e Carbon dioxide equivalent Covalent Lithium Wesfarmers’ 50 per cent owned joint venture with Socíedad Química y
Slide 20: Glossary of terms (2 of 2)
Glossary of terms (2 of 2) Term ktCO2e Kilotonnes of carbon dioxide equivalent LiOH Lithium hydroxide 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 cross-currency interest rate swaps and Net financial debt int
Slide 21: Wesfarmers
NY] Wesfarmers