Brambles Limited (BXB) Q4 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and welcome to Bramble's full year results presentation for the 2026 financial year. I'll start with an overview of our FY26 performance, including financial highlights and our key areas of focus this year. I'll then cover the operating environment and our response to the repair capacity constraints that emerged in our US business during the fourth quarter. I'll also provide an update on Brambles of the Future and Serialisation Plus before handing over to Joaquin for a more detailed view of our financial performance. Let's start with a review of the highlights for FY26. We delivered a resilient financial result while advancing the customer, operational and sustainability initiatives that strengthen our long-term competitive advantage. For the full year, revenue increased 2%, reflecting strong new business growth across the group and price realisation. These increases more than offset lower like-for-like volumes from softer consumer demand in most regions. Underlying profit increased 4%, including a US$90 million adverse impact associated with US repair capacity constraints. Excluding the US repair capacity impact, underlying profit increased 11%, with price realisation, cost management initiatives and productivity improvements more than offsetting inflation and strategic investments across the group. Free cash flow before dividends exceeded US$1 billion for the second consecutive year, demonstrating the progress we have made in reducing the capital intensity of the business. This supported the 16% increase in total dividends declared for FY26 to US$46.15 per share. Together with the US$509 million of share buybacks completed in FY26, this brought the total cash returns to shareholders to approximately US$1.2 billion for the year. These financial...