Slide 1: JB Hi-Fi Limited HY26 Results Presentation
JB Hi-Fi Limited HY26 Results Presentation
Slide 2: Agenda
Agenda 1. Group Overview 2. HY26 Financial Performance 3. Balance Sheet and Cash Flow 4. FY26 Trading Update 5. Group Focus Areas 6. Investment Checklist Nick Wells David Giansalvo Group CEO Group CFO JB HI-FI LIMITED PAGE 2
Slide 3: Group Overview
1. Group Overview
Slide 4: The group model
https://www.thegoodguys.com.au/wcsstore/AUOnlineSAS/images/good-guys-logo.svg The group model Three iconic retail brands Help people with better ways to Help people find the perfect appliance Purpose live, learn, work, and play Help families live better for less to improve life in their home Leading
Slide 5: The group model: key competitive advantages
The group model Underpinned by 4 key competitive advantages 1 Scale & Diversification 2 Low Cost Operating Model 3 Multichannel Capability 4 People and Culture Scale ▪ Constant focus on productivity and ▪ Focus on providing the customer with an ▪ Knowledgeable and passionate ▪ #1 player in Australia
Slide 6: Generating sustainable long-term growth
Generating sustainable long-term growth The Group is committed to having a positive impact on our people, our community and our environment OUR PEOPLE OUR COMMUNITIES OUR ENVIRONMENT Health, Safety & Wellbeing Community Investment Climate Action Create and maintain a safe and healthy Make a positive
Slide 7: HY26 Financial Performance
2. HY26 Financial Performance
Slide 8: Group HY26 Performance
Group HY26 Performance 1 AUD HY26 HY25 Growth Total sales ($m) 6,085.3 5,670.4 415.0 7.3% ▲ Earnings before interest and tax ($m) 454.0 419.9 34.1 8.1% ▲ Net profit after tax ($m) 2 305.8 285.4 20.4 7.1% ▲ 2 Earnings per share (basic ¢) 279.7 261.1 +19 cps 7.1% ▲ Dividend per share (¢) 210.0 170.0 +
Slide 9: Group HY26 Performance
Group HY26 Performance Growth HY26 HY25 $m % Sales ($m) - JB HI-FI Australia 4,120.5 3,875.2 245.3 6.3% ▲ - JB HI-FI New Zealand (NZD) 268.6 202.5 66.1 32.6% ▲ - The Good Guys 1,581.0 1,518.8 62.2 4.1% ▲ - e&s 144.8 92.3 52.5 56.8% ▲ Total Sales (AUDm) 6,085.3 5,670.4 415.0 7.3% ▲ EBIT ($m) - JB HI-
Slide 10: JB HI-FI Australia HY26 Performance
JB HI-FI Australia HY26 Performance AUD HY26 HY25 Growth Sales ($m) 4,120.5 3,875.2 6.3% ▲ Gross Profit ($m) 904.5 846.4 6.9% ▲ Gross Margin (%) 21.95% 21.84% +11 bps ▲ Cost of Doing Business (%) 11.81% 11.76% +5 bps ▲ EBITDA ($m) 417.8 390.6 7.0% ▲ EBITDA Margin (%) 10.14% 10.08% +6 bps ▲ EBIT ($m)
Slide 11: JB HI-FI Australia HY26 Performance
JB HI-FI Australia HY26 Performance HY26 Sales SALES GROWTH BY QUARTER ▪ Total sales increased by 6.3% to $4.12 billion, with comparable sales up Total 5.0%, driven by continued customer demand for technology and consumer electronics products, and strong promotional execution Comp 6.5% 6.3% ▪ The ke
Slide 12: JB HI-FI New Zealand HY26 Performance
JB HI-FI New Zealand HY26 Performance NZD HY26 HY25 Growth Sales ($m) 268.6 202.5 32.6% ▲ Gross Profit ($m) 45.8 34.5 32.8% ▲ Gross Margin (%) 17.05% 17.03% +2 bps ▲ Cost of Doing Business (%) 12.73% 13.83% (110 bps) ▼ EBITDA ($m) 11.6 6.5 79.2% ▲ EBITDA Margin (%) 4.33% 3.20% +112 bps ▲ EBIT ($m) 4
Slide 13: JB HI-FI New Zealand HY26 Performance
JB HI-FI New Zealand HY26 Performance HY26 Sales SALES GROWTH BY QUARTER ▪ Total sales increased by 32.6% to NZD268.6 million, with comparable sales up 20.2%, as the business continues to resonate with customers and expand its reach Total Comp ▪ The key growth categories were Mobile Phones, Computer
Slide 14: The Good Guys HY26 Performance
The Good Guys HY26 Performance AUD HY26 HY25 Growth Sales ($m) 1,581.0 1,518.8 4.1% ▲ Gross Profit ($m) 368.8 351.1 5.0% ▲ Gross Margin (%) 23.32% 23.12% +20 bps ▲ Cost of Doing Business (%) 13.58% 13.58% (1 bps) ▼ EBITDA ($m) 154.1 144.8 6.4% ▲ EBITDA Margin (%) 9.75% 9.54% +21 bps ▲ EBIT ($m) 107.
Slide 15: The Good Guys HY26 Performance
The Good Guys HY26 Performance HY26 Sales SALES GROWTH BY QUARTER ▪ Total sales increased by 4.1% to $1.58 billion, with comparable sales up 4.0%, driven by continued customer demand for home appliance products, and supported by well-executed Black Friday and Boxing Day promotional periods Total 5.3
Slide 16: e&s HY26 Performance
e&s HY26 Performance 1 AUD HY26 HY25 Growth Sales ($m) 144.8 92.3 56.8% ▲ Gross Profit ($m) 43.4 25.3 71.8% ▲ Gross Margin (%) 29.96% 27.35% +261 bps ▲ Cost of Doing Business (%) 25.26% 22.43% +283 bps ▲ EBITDA ($m) 6.8 4.6 49.1% ▲ EBITDA Margin (%) 4.70% 4.94% (24 bps) ▼ EBIT ($m) 1.7 1.9 (11.3%) ▼
Slide 17: e&s HY26 Performance
e&s HY26 Performance HY26 Sales SALES GROWTH BY QUARTER ▪ Total sales for the six months to 31 December 2025 were $144.8 million Total ▪ In HY25, the Group consolidated four months’ sales and as a result, on a Comp statutory basis, sales were up 56.8% 4.1% ▪ For comparative purposes for the full six
Slide 18: Balance Sheet and Cash Flow
3. Balance Sheet and Cash Flow
Slide 19: Group Balance Sheet and Cash Flow
Group Balance Sheet and Cash Flow Group Balance Sheet AUDm HY26 FY25 HY25 ▪ Inventory was $1.41 billion, up 6.7% or $88.4 million year on Cash 489.5 284.1 556.4 year, in line with sales growth Receivables 242.1 186.5 205.5 Inventories 1,408.9 1,298.5 1,320.5 ▪ Inventory turnover was down 21 bps to 6
Slide 20: Group Balance Sheet and Cash Flow
Group Balance Sheet and Cash Flow Group Cash Flow Statement Group Performance Indicators AUDm HY26 HY25 HY26 HY25 EBITDA 589.0 545.9 Fixed Charge Ratio 3 3.9x 3.9x Change in working capital 141.7 229.4 Interest Cover 3 566.6x 412.7x Net interest received / (paid) on borrowings 3.6 5.6 Gearing Ratio
Slide 21: Capital Management: Interim Dividend
Group Balance Sheet and Cash Flow INTERIM DIVIDEND Capital Management UP 23.5% TO 210 CPS ▪ As announced in August 2025, from FY26 the Board increased the dividend payout ratio from 65% to a range of 70-80% of NPAT1 ▪ The interim dividend is 210 cents per share (cps) fully franked, up 40 cps or 23.5
Slide 22: FY26 Trading Update
4. FY26 Trading Update
Slide 23: Group FY26 Trading Update
Group FY26 Trading Update January 2026 sales update JANUARY SALES GROWTH The Group provides the following sales update for the period 1 January 2026 to 31 January 2026 ▪ Total sales growth for JB HI-FI Australia was 4.0% with comparable sales 26.4% 16.7% growth of 2.4% 4.0% ▪ Total sales growth for
Slide 24: Group Focus Areas
5. Group Focus Areas
Slide 25: Group Focus Areas
Group Focus Areas The Group continues to leverage and evolve its unique offer and capabilities Group FY26 Focus Areas Retail Execution Supply Chain ▪ Delivery options - create best in class customer ▪ Prove value - actively promote and demonstrate value experiences ▪ Keep it simple - focus on the me
Slide 26: Investment Checklist
6. Investment Checklist
Slide 27: Investment Checklist
Investment Checklist Unique team culture and unrivalled Unique and relevant brands customer service Flexible business model – history of Multichannel capability built category growth and development around high-quality store portfolio Diverse and resilient product categories across brands
Slide 28: Appendices
Appendices
Slide 29: Appendix I: Group Profit and Loss – Breakdown
Appendix I Group Profit and Loss – Breakdown HY26 HY25 JB HI-FI JB HI-FI The Good JB HI-FI JB HI-FI The Good Growth e&s Group e&s Group AUDm AUST NZ (NZD) Guys AUST NZ (NZD) Guys \ Sales 4,120.5 268.6 1,581.0 144.8 6,085.3 3,875.2 202.5 1,518.8 92.3 5,670.4 7.3% ▲ Gross Profit 904.5 45.8 368.8 43.4
Slide 30: Appendix II: Group Profit and Loss
Appendix II a) 5 year Group Profit and Loss AUDm HY26 HY25 HY24 HY23 HY22 Sales 6,085.3 5,670.4 5,162.1 5,278.5 4,861.8 Gross Profit 1,357.4 1,254.2 1,146.8 1,201.8 1,064.4 Gross Margin 22.31% 22.12% 22.21% 22.77% 21.89% EBITDA 589.0 545.9 505.2 592.6 529.0 Depreciation on Fixed Assets 32.0 29.6 29.
Slide 31: Appendix II: JB HI-FI Australia Profit and Loss
Appendix II b) 5 year JB HI-FI Australia Profit and Loss AUDm HY26 HY25 HY24 HY23 HY22 Sales 4,120.5 3,875.2 3,615.1 3,588.8 3,290.5 Gross Profit 904.5 846.4 795.6 820.0 716.3 Gross Margin 21.95% 21.84% 22.01% 22.85% 21.77% EBITDA 417.8 390.6 366.6 412.2 361.4 Depreciation on Fixed Assets 18.3 18.0
Slide 32: Appendix II: JB HI-FI New Zealand Profit and Loss
Appendix II c) 5 year JB HI-FI New Zealand Profit and Loss NZDm HY26 HY25 HY24 HY23 HY22 Sales 268.6 202.5 168.7 160.6 138.4 Gross Profit 45.8 34.5 28.2 25.9 24.2 Gross Margin 17.05% 17.03% 16.70% 16.12% 17.49% EBITDA 11.6 6.5 2.5 5.7 7.4 Depreciation on Fixed Assets 2.1 1.1 0.4 0.0 0.2 Depreciation
Slide 33: Appendix II: The Good Guys Profit and Loss
Appendix II d) 5 year The Good Guys Profit and Loss AUDm HY26 HY25 HY24 HY23 HY22 Sales 1,581.0 1,518.8 1,390.9 1,544.0 1,439.4 Gross Profit 368.8 351.1 325.0 358.4 324.9 Gross Margin 23.32% 23.12% 23.37% 23.21% 22.58% EBITDA 154.1 144.8 136.2 175.2 160.5 Depreciation on Fixed Assets 10.8 10.1 9.7 8
Slide 34: Appendix II: Group Balance Sheet
Appendix II e) 5 year Group Balance Sheet AUDm HY26 HY25 HY24 HY23 HY22 Cash 489.5 556.4 488.0 391.2 844.5 Receivables 242.1 205.5 178.2 174.3 133.1 Inventories 1,408.9 1,320.5 1,163.8 1,211.4 1,064.8 Other 59.2 50.9 43.9 37.2 32.0 Total Current Assets 2,199.7 2,133.3 1,873.9 1,814.1 2,074.4 Fixed A
Slide 35: Appendix II: Group Cash Flow
Appendix II f) 5 year Group Cash Flow AUDm HY26 HY25 HY24 HY23 HY22 EBITDA 589.0 545.9 505.2 592.6 529.0 Change in working capital 141.7 229.4 217.2 208.1 482.3 Net interest received / (paid) on borrowings 3.6 5.6 4.7 0.8 (0.1) Interest on lease liabilities (19.2) (16.8) (13.9) (9.4) (9.7) Income ta
Slide 36: Appendix II: Group CODB reconciliation
Appendix II g) 5 year Group CODB reconciliation AUDm HY26 HY25 HY24 HY23 HY22 Other income (ex interest revenue) (2.9) (0.2) (1.0) (1.6) (1.8) Sales and marketing expenses 644.6 595.2 532.7 504.5 448.3 Occupancy expenses 184.7 170.5 166.6 160.0 148.5 less depreciation, amortisation & impairment (128
Slide 37: Appendix III: Stores across Australia and New Zealand
Appendix III 352 stores across Australia and New Zealand1 Group store reconciliation HY26 FY25 Opened Closed Total 1 JB Hi-Fi Australia 206- 3 (1) 208 2 24 JB Hi-Fi New Zealand 23- 1 - 24 14 41 24 The Good Guys 107 - - 107 5 14 30 e&s 12 1 - 13 61 3 TOTAL 348 5 (1) 352 5 28 58 11 1 2 24 3 1 1 As at
Slide 38: Important Notice and Disclaimer
Important Notice and Disclaimer The material in this presentation is general background information about JB Hi-Fi Limited (ACN 093 220 136) (JB Hi-Fi) and its activities current as at the date of the presentation, 16th February 2026. It is information given in summary form and does not purport to b