Metcash Limited · ASX:MTS
Metcash — 1H26 Earnings Presentation
39 slides from Metcash's earnings presentation, Dec 1, 2025
Slide 1: FY26 Half Year Results Presentation ASX cover letter
Metcash Limited ABN 32 112 073 480 1 Thomas Holt Drive Macquarie Park NSW 2113 Australia For personal use only 1 December 2025 Market Announcements Office Australian Securities Exchange Limited 39 Martin Place Sydney NSW 2000 Dear Sir/Madam METCASH LIMITED – FY26 HALF YEAR RESULTS PRESENTATION Pleas
Slide 2: 1H26 Results
rsonal use only 1H26 Results 1 December 2025
Slide 3: Acknowledgement of country
rsonal use only Acknowledgement of country We acknowledge the Traditional Custodians of the land on which we are all connecting today. We are connecting from Wallumedegal Country and pay respects to Elders across Country, past, present and emerging. 2
Slide 4: Group overview and divisional results
rsonal use only Group overview and divisional results Doug Jones Group Chief Executive Officer
Slide 5: Aspiration
Aspiration rsonal use only The #1 partner fuelling an unstoppable network of independents Purpose Winning with independents Values Champion Customers Results Matter Better Together Give a Damn Back Local Brilliance
Slide 6: Metcash
Metcash The leading wholesaler and service provider to independent businesses in Australia rsonal use only 03 02 01 Supply chain and logistics Our flywheel 01 capability, reach, reliability and efficiency The centre of Retail networks operated in our business Our core 02 partnership with independent
Slide 7: Group overview
Group overview Continued strategic and operating discipline underpin solid results rsonal use only Continued momentum across Disciplined operational Attractive growth core, in challenging conditions and strategic execution prospects, on strong core • Independent networks healthy and • Core operation
Slide 8: Metcash – a quality business in attractive markets
Metcash – a quality business in attractive markets Last 5yrs: diversification + investment in core + new growth options Market Actions Outcomes Looking ahead rsonal use only • Group EBIT +22%2 vs 1H FY21 • Increased competition across all • Diversification for resilience and quality • Well-positione
Slide 9: Continued progress on extending through the value chain
Continued progress on extending through the value chain Opportunity to expand addressable markets and Group margin rsonal use only • Growth across all revenue models • Revenue diversification strategy on track – balance across value chain Revenue4 contribution continues to improve FY20 FY25 • Wholes
Slide 10: Group financial overview
Group financial overview Strong cash performance and balance sheet flexibility rsonal use only Group Revenue1 Group EBITDA Group EBIT Reported PAT $9.6bn $367.2m $240.2m $142.2m +0.4% +2.0% -2.4% +0.3% +4.5% ex tobacco +4.3% ex one-off integration and +1.0% ex one-off integration and (Underlying $12
Slide 11: Results overview by pillar
Results overview by pillar 1H26 $m 1H25 $m % rsonal use only Sales Revenue (including charge-through ) 1 Food 5,164.2 5,207.22 (0.8) 19% 19% Liquor 2,571.1 2,536.4 1.4 54% Hardware & Tools 1,873.7 1,828.0 2.5 27% 54% 27% Total sales revenue 9,609.0 9,571.6 0.4 (including charge-through sales1) Less:
Slide 12: Food sales
Food sales Delivering structural growth on continued diversification and resilience rsonal use only Supermarkets ex tobacco 1H26 $m 1H25 $m % • Differentiated and localised offer continues to resonate with shoppers, particularly impulse, top up and weekly shopping missions Total revenue as per Statu
Slide 13: Food earnings
Food earnings Delivering structural growth on continued diversification and resilience rsonal use only Food 1H26 $m 1H25 $m % • EBITDA increase reflects strong trading in both Supermarkets (ex tobacco) and Foodservice & Convenience EBITDA (excl integration and strategy costs) 182.7 163.6 11.7 • D&A
Slide 14: Liquor
Liquor Continued market outperformance rsonal use only Sales 1H26 $m 1H25 $m % • Continued shopper preference for convenience, quality and value in independents’ differentiated offer Total revenue as per Statutory Accounts 2,563.1 2,529.3 1.3 • Market share gains in more competitive market Charge-th
Slide 15: Hardware & Tools
Hardware & Tools Continued strong execution in challenging market rsonal use only Sales 1H26 $m 1H25 $m % • Continued modest improvement in subdued Trade market, DIY steady Total revenue as per Statutory Accounts 1,390.2 1,351.1 2.9 • Traded well in more competitive market • Growth in both Hardware
Slide 16: Group financials
rsonal use only Group financials Deepa Sita Group Chief Financial Officer
Slide 17: Financial overview
Financial overview Strong cash performance – balance sheet flexibility rsonal use only • Revenue growth and reported profit broadly flat • Strong cash performance • 3 yr CRR of ~106% – half year CRR subject to timing/seasonality • Effective cost and working capital management • Includes one-off inte
Slide 18: Capital Management Framework
Capital Management Framework 1H26 Outcomes Consistent and disciplined application of capital framework rsonal use only Cash from Cash for Net interest 1H26 1H25 operating investing & lease activities activities payments Operating cashflow $262m $164m Cash realisation Core capex Service obligations C
Slide 19: Profit and Loss
Profit and Loss 1H26 ($m) 1H25 ($m) % rsonal use only Sales revenue including charge-through sales 9,609.0 9,571.6 0.4 Charge-through sales (1,131.5) (1,100.7) 2.8 Sales revenue per statutory accounts 8,477.5 8,470.9 0.1 EBITDA 367.2 360.0 2.0 1 Depreciation and amortisation (127.0) (113.9) (11.5) 2
Slide 20: Cashflows
Cashflows 1H26 ($m) 1H25 ($m) rsonal use only Operating cashflows 262.3 164.0 Investing cashflows , net 1 (101.6) (465.5) Capital expenditure (including Program Horizon, DC upgrades and store upgrades) 2 (83.3) (71.0) Acquisitions of businesses 3 (21.0) (400.1) Net loan repayments and other investin
Slide 21: Balance Sheet
Balance Sheet 2 31 Oct 25 ($m) 30 Apr 25 ($m) Capital expenditure ($m) % rsonal use only Trade and other receivables and prepayments 2,171.0 2,096.0 Sales ($bn) 1,743.4 1,542.8 20 Inventories 400 19 Trade payables and provisions (3,484.4) (3,182.1) 18 300 17 Net working capital 430.0 456.7 16 200 15
Slide 22: Debt Management
Debt Management 1 Debt facility maturity profile Group cash movements and DLR for 1H26 ($m) rsonal use only 600 300 400 200 200 DLR DLR DLR 0.96x 0.99x 1.32x $m 100 0 -200 0 262 FY26 FY27 FY28 FY29 FY30 FY31 FY32 -400 (83) (21) (5) Working capital Syndicated facility (72) -600 (577) (103) (599) -800
Slide 23: Group trading update and outlook
Group trading update rsonal use only and outlook Doug Jones Group Chief Executive Officer
Slide 24: Trading update and outlook
Trading update and outlook Commentary Pillar Pillar sales sales – first – first 4 weeks 4 weeks of 2H26 of 2H26 rsonal use only Group Group • Growth momentum (ex tobacco) has continued into 2H26 with the rate of growth • Total sales ex tobacco +2.9% (-1.1% incl. tobacco) lifting in Supermarkets and
Slide 25: Trading update and outlook (cont.)
Trading update and outlook (cont.) Commentary Pillar sales – first 4 weeks of 2H26 rsonal use only Liquor Liquor • Flat sales in more challenging market reflects success of multi-channel strategy • Total Liquor sales +0.1% • Acceleration in sales to on-premise customers underpinned by more buoyant s
Slide 26: Ajuo asn yeuosie
Ajuo asn yeuosie
Slide 27: Appendices
Appendices Accounting & disclosure Strategic rsonal use only 1 Dividends 6 Sorted 2 Financial history 7 Retail Media 3 Additional pillar data 8 Program Horizon 4 Put options maturity Total Tools 9 Bannered store numbers 5 ESG highlights
Slide 28: Dividends
Dividends rsonal use only 01. Dividend • Interim dividend 8.5cps o Ex dividend date: 12 December 2025 o Record date: 15 December 2025 o Payment date: 28 January 2026 Dividend reinvestment plan • No discount dd • Participation deadline: 16 December 2025 • Pricing period: 5 January 2026 – 16 January 2
Slide 29: Financial history
Financial history 02. 1H26 1H25 1H24 1H23 1H22 Financial Performance rsonal use only Sales revenue ($m) 8,477.5 8,470.9 7,837.7 7,737.8 7,150.6 Sales revenue (including charge-through sales) ($m) 9,609.0 9,571.6 9,000.9 8,862.7 8,129.1 EBITDA ($m) 367.2 360.0 340.8 341.0 316.2 Underlying EBIT ($m) 2
Slide 30: Food additional data
Food additional data 03a. 1H26 1H25 rsonal use only Notes Supermarkets wholesale price inflation 2.2% 1.8% November 2.6% (ex tobacco and produce) Retail Lfl scan (ex tobacco) 1.2% 2.2% Impact on non-tobacco product sales as tobacco transactions decline Foot traffic (ex tobacco) -1.5% +0.2% Impact on
Slide 31: Liquor additional data
Liquor additional data 03b. 1H26 1H25 rsonal use only Notes ALM connect (now on Sorted) – products 50% increase in orders in H1 vs PY with further opportunities to unlock value and service experience on >9,600 ~8,900 Sorted on platform ALM connect (now on Sorted) – suppliers >600 >450 on platform P
Slide 32: Hardware & Tools additional data
Hardware & Tools additional data 03c. 1H26 1H25 % TTHG wholesale and franchised sales 1,283.7 1,247.4 2.9 rsonal use only Owned stores 526.3 505.6 4.1 Third parties 757.3 741.8 2.1 TTHG owned retail sales 1,116.5 1,086.2 2.8 Total Tools Value Driver Analysis Hardware 810.0 786.0 3.1 expansion 306.5
Slide 33: Put options – maturity
Put options – maturity rsonal use only 04. Number Financial Put option Put option maturity at 1H26 of stores Year value $m Statement of Financial Position Total Tools JV Stores Between May 2026 and July 2026 2 FY27 7.6 Between May 2027 and July 2027 26 FY28 47.9 Between May 2028 and July 2028 9 FY29
Slide 34: Continued good progress on ESG
Continued good progress on ESG 05. Group People Planet Impact rsonal use only GRI disclosure reporting roadmap 18.3 TRIFR score as of October, including 7% reduction target p.a. (vs previous target 4.2%) Continued support of local communities complete: advanced TRIFR new acquisitions (Updated pathwa
Slide 35: Sorted
Sorted 06. Wholesale modernisation through leading digital marketplace rsonal use only Annual turnover through platform $1.3bn $1.8bn $3.8bn $6.1bn Supermarkets C-Store Campbells Supermarkets Horizon Charge Contract SME ALM Food & Liquor Warehouse Integration Through Customers Food Service Apr 2021
Slide 36: Retail Media
Retail Media 07. Strong progress, LocalEyes asset build out well advanced rsonal use only • National and unique Retail Media Network – a first for independent’s spanning across Supermarkets, Liquor, Hardware and Tools • A range of media assets for advertising - benefits suppliers, retailers, and sho
Slide 37: Program Horizon
Program Horizon 08. Continued steady progress, balancing cost, time, quality and risk rsonal use only Program Summary Progress against milestones Risks and risk management • Moving from legacy ERP to suite of • Core D365 and integrations build • Program Horizon is a large and complex Microsoft and b
Slide 38: Bannered store numbers
Bannered store numbers 09. Store movement in period October 2025 April 2025 rsonal use only opened / joined closed / left banner group banner group Supermarkets Large format IGA 245 249 Medium format IGA 625 628 Small Format IGA 376 395 Total IGA bannered stores 1,246 10 (36) 1,272 Total Supermarket
Slide 39: Ajuo asn yeuosie
Ajuo asn yeuosie