Slide 1: 2026 Half-Year Results Briefing Presentation
2026 HALF-YEAR RESULTS BRIEFING PRESENTATION To be held on 19 February 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 9 Outlook Rob Scott – Managing Director, Wesfarmers Limited 17 Q&A Rob Scott – Managing Direct
Slide 3: Group Performance Overview
GROUP PERFORMANCE OVERVIEW 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. competitive goods and services fulfilling work environment We believe it is only possible to a
Slide 5: 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 $1.6b operational performance businesses and advance and disciplined execution growth projects • Strong earnings contributions f
Slide 6: Divisional highlights
Divisional highlights BUNNINGS GROUP KMART GROUP WESCEF OFFICEWORKS • Sales growth across all categories, • Benefited from strong value • Continued strong demand for AN by • Commenced a significant business regions and in both consumer and credentials and unique Anko ranges WA mining customers trans
Slide 7: Focus on long-term value, consistent with our objective
CLIMATE AND ENVIRONMENT Focus on 1H26 long-term value, 27.8% 22.6% 73.5% consistent with reduction in Scope 1 and Scope 2 (market-based) increase in rooftop solar capacity, with an of operational waste diverted from landfill our objective emissions additional 58 systems installed PEOPLE 1H26 9.6 4.1
Slide 8: Group performance summary
Group performance summary Half-year ended 31 December ($m)1 2025 2024 Var % Revenue 24,212 23,490 3.1 EBIT 2,493 2,299 8.4 EBIT (after interest on lease liabilities) 2,347 2,176 7.9 NPAT 1,603 1,467 9.3 Basic earnings per share (cps) 141.4 129.4 9.3 Return on equity (excluding significant items)2 (R
Slide 9: Financial Performance
FINANCIAL PERFORMANCE Anthony Gianotti Chief Financial Officer Wesfarmers Limited
Slide 10: Divisional sales performance
Divisional sales performance Total sales Comp. sales Half-year ended 31 December ($m)1 2025 2024 growth (%) growth (%) Bunnings Group 10,675 10,263 4.0 4.2 • Retail divisions’ sales growth supported by strong value credentials and market-leading offers Kmart Group 6,407 6,207 3.2 2.8 • Bunnings with
Slide 11: Divisional earnings performance
Divisional earnings performance Earnings $m ROC % Half-year ended 31 December1 2025 2024 Var % 2025 Var (ppt)2 Performance summary • Continued sales growth in consumer and commercial segments Bunnings Group 1,388 1,322 5.0 70.8 (0.7) • Strong cost discipline and structural productivity improvements
Slide 12: Other business performance summary
Other business performance summary Half-year ended 31 December1 ($m) Holding % 2025 2024 Var % Share of profit of associates and JVs Other EBT result includes: 48.6 • Favourable property revaluations in BWP Trust BWP Trust 23.52 52 35 • Improved performance in Gresham, Flybuys Other associates and j
Slide 13: 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 14: 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 80.3 Kmar
Slide 15: Balance sheet and debt management
Balance sheet and debt management • Net financial debt position of $4.9b as at 31 December 2025, compared to net DEBT MATURITY PROFILE1 financial debt position of $4.2b as at 30 June 2025 $m 2,000 – Increase reflects the impact of the $1.7b capital management initiative and 1,500 $1.3b in fully-fran
Slide 16: 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 $0.40 per share 5.00 • Consistent with the Group’s focus on provi
Slide 17: Outlook
OUTLOOK Rob Scott Managing Director Wesfarmers Limited
Slide 18: Well positioned to deliver long-term shareholder returns
Well positioned to deliver long-term shareholder returns Portfolio of high-quality Accelerating execution of Strong balance sheet with businesses with a unique attractive, long-term growth flexibility to deploy and mix of growth and resilience and efficiency opportunities reallocate capital Supporte
Slide 19: Accelerating growth and productivity agenda
Wesfarmers is accelerating its growth and productivity agenda ‘People-First, Digitally-Enabled’ approach Accelerating existing strategies People-First Supporting team members with training and tools Helping team members develop new skills and work smarter Deepening customer engagement Improving the
Slide 20: Leveraging AI to accelerate key strategies
Leveraging AI to accelerate key strategies Focused on the responsible use of AI to enhance the customer experience, support team member productivity and engagement and drive long-term earnings growth Agentic and conversational AI assistants for team members Strategic commerce partnerships Increase t
Slide 21: Group outlook
Group outlook • Well positioned to deliver • The retail divisions are • At WesCEF, performance of the • The divisions will maintain their satisfactory returns to well positioned to drive Covalent Lithium joint venture’s focus on cost discipline and shareholders over the long term profitable growth r
Slide 22: Q&A
Q&A
Slide 23: Appendix: Divisional Summaries
APPENDIX: DIVISIONAL SUMMARIES Wesfarmers 2026 Half-year results | 23
Slide 24: Bunnings Group
BUNNINGS BUNNINGS GROUP GROUP Michael Schneider Managing Director Bunnings MICHAEL Group SCHNEIDER Managing Director Bunnings Group
Slide 25: Bunnings Group performance summary
Bunnings Group performance summary Half-year ended 31 December1 ($m) 2025 2024 Variance % Revenue 10,713 10,280 4.2 EBITDA 1,873 1,799 4.1 Depreciation and amortisation (408) (411) 0.7 EBIT 1,465 1,388 5.5 Interest on lease liabilities (77) (66) (16.7) EBT 1,388 1,322 5.0 Net property contribution (
Slide 26: Bunnings Group performance overview
Bunnings Group performance overview • Revenue growth of 4.2% to $10,713m ‒ Total store sales growth of 4.1% and store-on-store sales growth of 4.2% ‒ Growth across all product categories and operating regions ‒ Strong consumer sales growth supported by lowest prices, resilient demand for repairs and
Slide 27: Bunnings Group progress on strategy
Bunnings Group progress on strategy • Care ‒ Sustained improvement in safety performance ‒ Investment in team driving stronger engagement and improved customer experience ‒ Continued growth in community contributions ‒ Good progress towards 2030 net zero Scope 1 and 2 (market-based) emissions target
Slide 28: Bunnings Group outlook
Bunnings Group outlook • Bunnings remains well positioned to deliver sustainable sales and earnings growth over the long term ‒ Resilient operating model – Lowest Prices, Widest Range, Best Experience ‒ Large and expanding addressable market, with attractive long-term demand drivers ‒ Diverse offer,
Slide 29: Kmart Group
KMART KMART GROUP GROUP Aleksandra Spaseska Managing Director Kmart Group IAN BAILEY Managing Director Kmart Group
Slide 30: Kmart Group performance summary
Kmart Group performance summary Half-year ended 31 December1 ($m) 2025 2024 Variance % Revenue 6,307 6,108 3.3 EBITDA 992 947 4.8 Depreciation and amortisation (259) (262) 1.1 EBIT 733 685 7.0 Interest on lease liabilities (50) (41) (22.0) EBT 683 644 6.1 EBT margin (%) 10.8 10.5 ROC (R12) (%) 69.8
Slide 31: Kmart Group performance overview
Kmart Group performance overview • Revenue increased by 3.3% to $6,307m ‒ Strong value credentials and the uniqueness of Anko products in a competitive environment delivered growth in customer numbers ‒ Product innovation in Anko’s ‘one-up’ and ‘two-up’ price tiers generated strong customer demand a
Slide 32: Kmart Group progress on strategy
Kmart Group progress on strategy • Kmart Group continued to make good progress on its strategic initiatives: – Seven stores now trading in the new Kmart Plan C+ format – Advanced digitisation of store processes through the expansion of RFID 1 capabilities – Strong engagement with Kmart’s digital pla
Slide 33: Kmart Group outlook
Kmart Group outlook • Kmart Group remains well positioned to deliver sustained growth in sales and earnings, leveraging the strength of its world-class product development capabilities to maintain a competitive advantage • Delivering low prices for customers remains a strategic priority, with furthe
Slide 34: WesCEF
WESCEF Aaron Hood Managing Director Wesfarmers Chemicals, Energy & Fertilisers
Slide 35: Chemicals, Energy and Fertilisers performance summary
Chemicals, Energy and Fertilisers performance summary Half-year ended 31 December1 ($m) 2025 2024 Variance % Revenue2 Chemicals3 739 704 5.0 Energy 203 260 (21.9) Fertilisers 229 246 (6.9) Total 1,171 1,210 (3.2) EBITDA 291 255 14.1 Depreciation and amortisation (81) (77) (5.2) EBIT 210 178 18.0 Int
Slide 36: Chemicals, Energy and Fertilisers performance overview
Chemicals, Energy and Fertilisers performance overview • Revenue of $1,171m decreased by 3.2%, primarily due to the sale of the • Fertilisers: Earnings increased, driven by improved margins, partially offset LPG and LNG distribution businesses in 1H25 by lower sales volumes due to seasonal timing •
Slide 37: Lithium – market and Mt Holland mine and concentrator update
Lithium – market and Mt Holland mine and concentrator update Mt Holland production and recovery1 Lithium price2 • Mine and concentrator performed well during the half, with production • Lithium pricing significantly improved in 2Q26, supported by strong reaching nameplate capacity demand for Battery
Slide 38: Chemicals, Energy and Fertilisers outlook
Chemicals, Energy and Fertilisers outlook • Chemicals earnings will continue to depend on • Lithium: • WesCEF continues to progress its key global commodity pricing strategic focus areas – Following strong performance, WesCEF’s – AN earnings are anticipated to benefit from share of spodumene concent
Slide 39: Officeworks
OFFICEWORKS OFFICEWORKS John Gualtieri Managing Director Officeworks SARAH HUNTER Managing Director Officeworks
Slide 40: Officeworks performance summary
Officeworks performance summary Half-year ended 31 December1 ($m) 2025 2024 Variance % Revenue 1,842 1,760 4.7 EBITDA 152 166 (8.4) Depreciation and amortisation (74) (70) (5.7) EBIT 78 96 (18.8) Interest on lease liabilities (10) (9) (11.1) EBT 68 87 (21.8) EBT margin (%) 3.7 4.9 ROC (R12) (%) 15.6
Slide 41: Officeworks performance overview
Officeworks performance overview • Officeworks commenced a significant transformation program during 1H26 (see following slide) – Transitioning to a low-cost operating model to support low prices and sustainable earnings growth – Initiatives will weigh on short-term earnings, but successful executio
Slide 42: Officeworks progress on strategy
Officeworks progress on strategy Significant transformation program underway Good progress on existing strategies • Commenced the transition to a low-cost operating model in 1H26 • Transforming the technology offer and service model • The transformation program includes – Increased the range of AI-e
Slide 43: Officeworks outlook
Officeworks outlook • Officeworks will continue to execute initiatives to support its transformation program – Further to the actions undertaken in 1H26, the program is expected to incur c.$25m of one-off costs in 2H26, including restructuring and ERP-related costs – The transformation program will
Slide 44: Wesfarmers Health
WESFARMERS HEALTH Emily Amos Managing Director Wesfarmers Health
Slide 45: Health performance summary
Health performance summary Half-year ended 31 December1 ($m) 2025 2024 Variance % Revenue 3,276 3,022 8.4 EBITDA 82 68 20.6 Depreciation and amortisation2 (39) (37) (5.4) EBIT2 43 31 38.7 Interest on lease liabilities (5) (3) (66.7) EBT2 38 28 35.7 EBT (excluding PPA adjustments and restructuring co
Slide 46: Health performance overview
Health performance overview • Revenue increased 8.4% and earnings increased 35.7% – Excluding PPA adjustments and restructuring costs in 1H25, earnings increased 9.8% – Pleasing result reflects strong execution of the transformation program • Consumer business delivered continued strong performance
Slide 47: Health progress on strategy
Health progress on strategy Investing in and Improving performance in Growing share and scale leveraging unique loyalty, Wholesale and reducing in Consumer data and digital assets costs across the business • Opened 13 new Priceline Pharmacy stores • Grew Sister Club to 10m members, Australia’s • Imp
Slide 48: Health outlook
Health outlook • Wesfarmers Health is well positioned to improve long-term earnings and returns by executing its transformation program and capitalising on favourable structural trends in health and beauty • The focus remains on growing share and scale in the higher-margin and less capital-intensive
Slide 49: Industrial & Safety
INDUSTRIAL & SAFETY Tim Bult Managing Director Wesfarmers Industrial & Safety
Slide 50: Industrial and Safety performance summary
Industrial and Safety performance summary 2024 Variance %3 Half-year ended 31 December1 ($m) 2025 2024 Variance % ex. Coregas Revenue 869 990 (12.2) 858 1.3 EBITDA 67 88 (23.9) 58 15.5 Depreciation and amortisation (33) (41) 19.5 (31) (6.5) EBIT2 34 47 (27.7) 27 25.9 Interest on lease liabilities (2
Slide 51: Industrial and Safety performance overview
Industrial and Safety performance overview • The prior corresponding period includes the contribution from Coregas and $7m of restructuring costs – Sale of Coregas completed on 1 July 2025 – Proactive restructuring activities undertaken in FY25 supported the businesses through difficult trading cond
Slide 52: Industrial and Safety outlook
Industrial and Safety outlook • Trading conditions are expected to remain challenging in 2H26 due to subdued activity in the sector • The Industrial and Safety businesses remain focused on providing high-quality customer service by working with customers to better meet their needs while driving prod
Slide 53: Group Data and Digital
GROUP DATA AND DIGITAL es Wesfarmers
Slide 54: Significant omnichannel assets and capabilities across the Group
Significant omnichannel assets and capabilities across the Group Large Extensive scale, trusted retail and health brands with extensive physical and digital reach physical network and digital reach c.$19b #1 and #3 1,900+ c.$1.8b Group retail sales in 1H261 most trusted brands in Australia2 stores a
Slide 55: Group data and digital progress review and outlook
Group data and digital progress review and outlook • Increased the responsible use of AI to accelerate existing strategies – New strategic partnerships with Microsoft and Google Cloud will provide access to new technologies and expertise to upskill team members and transform business processes • One
Slide 56: Appendix: Supplementary Information
APPENDIX: SUPPLEMENTARY INFORMATION Wesfarmers 2026 Half-year results | 56
Slide 57: Divisional return on capital
Divisional return on capital 2025 2024 Cap Emp1 Cap Emp1 Rolling 12 months to 31 December EBT ($m) ROC (%) EBT ($m) ROC (%) Var (ppt) ($m) ($m) Bunnings Group 2,402 3,394 70.8 2,291 3,203 71.5 (0.7) Kmart Group 1,085 1,555 69.8 1,001 1,519 65.9 3.9 WesCEF2 431 3,622 11.9 445 3,472 12.8 (0.9) Officew
Slide 58: Group management balance sheet
Group management balance sheet ($m)1,2 1H26 FY25 1H25 Inventories 6,771 6,038 6,548 Receivables and prepayments 2,391 2,455 2,299 Trade and other payables (6,149) (5,440) (5,951) Other 185 245 243 Net working capital 3,198 3,298 3,139 Property, plant and equipment 6,010 5,580 5,748 Intangibles 4,938
Slide 59: Movements in net financial debt
Movements in net financial debt Movements in net financial debt ($b) 0.3 (0.7) 4.9 4.2 1.7 (2.5) 1.3 0.6 Net financial debt Operating Lease Ordinary Capital Net capex Other Net financial debt 30 June 2025 cash flows payments dividends management 31 December 2025 • Net financial debt position of $4.9
Slide 60: 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 61: Revenue reconciliation – Kmart Group
Revenue reconciliation – Kmart Group Half-year ended 31 December1 ($m) 2025 2024 Segment revenue (Gregorian) 6,307 6,108 Less: Non-sales revenue (31) (31) Headline sales (Gregorian) 6,276 6,077 Add: Gregorian adjustment2 131 130 Headline sales revenue (Retail) 6,407 6,207 1. Refer to slide 63 for re
Slide 62: Retail store networks
Retail store networks As at 31 December 2025 1,962 locations across Australia and New Zealand Brand NSW/ACT VIC QLD SA WA TAS NT NZ Total Bunnings Group Warehouse 81 65 52 19 29 7 3 31 287 Smaller format 18 14 11 3 9 - - 11 66 Trade 6 2 5 2 3 1 - 9 28 Tool Kit Depot 2 1 1 5 6 1 - - 16 Beaumont Tiles
Slide 63: Retail calendars
Retail calendars Business Retail sales period Bunnings & Officeworks Half-year 2026 1 Jul 2025 to 31 Dec 2025 (6 months) Half-year 2025 1 Jul 2024 to 31 Dec 2024 (6 months) Half-year 2024 1 Jul 2023 to 31 Dec 2023 (6 months) Kmart Half-year 2026 30 Jun 2025 to 4 Jan 2026 (27 weeks) Half-year 2025 1
Slide 64: Glossary of terms (1 of 2)
Glossary of terms (1 of 2) Term AASB Australian Accounting Standards Board Australian Light Minerals. ALM is the company holding WesCEF’s 50 per cent share in Covalent Lithium and is responsible for the sales and ALM marketing of lithium products as well as undertaking exploration activities in exis
Slide 65: Glossary of terms (2 of 2)
Glossary of terms (2 of 2) Term ktCO2e Kilotonnes of carbon dioxide equivalent LiOH Lithium hydroxide 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 held in joint operation, ne
Slide 66: Wesfarmers
Ws Wesfarmers