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26 February 2026 1H26 RESULTS PRESENTATION Vikesh Ramsunder – CEO & Managing Director Richard Murray – CFO For more information contact: Gary Woodford Head of Corporate Affairs and Investor Relations gary.woodford@sigmahealthcare.com.au www.sigmahealthcare.com.au For personal use only
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Agenda 1. Highlights 2. Financial performance 3. Strategy and operational highlights 4. Execution priorities and FY26 Outlook 5. Q&A Sigma is an integrated healthcare business with scale, capability, market reach and growth opportunities For personal use only
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1H26 Financial Highlights 3 $582.9m Normalised EBIT 1 + 18.7% $392.0m Normalised NPAT 1 + 19.2% $5.5bn Revenue 1 +14.9% Strong 1H26 results demonstrate the strength and the complementary nature of the Sigma and Chemist Warehouse (CW) businesses Australian CW branded store sales up 17.2% and like-for- like (LFL) sales up 15.0% Growth accelerated in international markets with network sales up 24.5% and LFL sales up 11.1% Transformation and integration programs tracking to plan with $13m synergies achieved 2.0 cps Dividend DPR ~ 60% 1 1H26 financial information are presented on a normalised basis. Excludes one-off costs relating to the merger and integration. 1H26 financial information is compared against 1H25 Pro-forma (Income Statement), and FY25 Normalised (Balance Sheet). Pro-forma numbers assume the merger took place for the full period commencing 1 July 2024, adopting the same approach to normalisation adjustments. ✓ ✓ ✓ ✓ Results compared to 1H25 Normalised Pro-forma Sigma Healthcare Limited | 1H26 results announcement For personal use only
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Executing the growth strategy – key contributors in 1H26 4 Pillar 1 Domestic – CW Branded Store Sales $5.1bn up 17.2% • 13 Australian CW branded stores added – now 550 • 18 CW stores refurbished by franchisees in 1H26 • CW Branded stores LFL sales up 15.0% • Reinvigoration of Amcal and DDS brands is underway Pillar 3 Product differentiation – owned/excl. label sales up 15.7% • Over 400 owned and exclusive label products launched in 1H26 • Owned and exclusive label sales approaching 10% of CW branded store sales • We continue to expand and build a portfolio of owned brands Pillar 4 Operating leverage – delivering benefits from scale • Combined support centres into Preston office • Distribution Centre (DC) volumes grew 5.1% with warehouse and logistics costs flat • Synergies on track Pillar 2 International – Store Sales $0.8bn up 24.5% • 12 International stores opened - now 97 • International stores LFL sales growth 11.1% • Continuing to invest in our global supply chain Chemist Warehouse Australian Open tennis (AO26) activation ✓ ✓ ✓ ✓ Sigma Healthcare Limited | 1H26 results announcement For personal use only
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CFO 1H26 overview 5 Conservative Balance Sheet – Net Debt to Normalised EBITDA ratio of 0.6x Capex of $13.7 million – supporting international store openings, DC infrastructure, IT investment and integration ✓ Highly scalable business model with attractive long term growth pathways across multiple markets ✓ Operating leverage drives Normalised earnings growth – EBIT +18.7%, EBIT Margin +34 bps, EPS +19.4% ✓ Strong financial performance with Normalised revenue up 14.9%✓ ✓ Sigma Healthcare Limited | 1H26 results announcement For personal use only
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1H26 Financial performance 6 Normalised 1 CommentaryStatutory • Revenue growth exceeded expense growth, with multiple revenue growth drivers: o CW offer resonating with more customers across more markets o Contributions from new and recently opened stores o Wholesale supports revenue growth • GP Margin of 18.3% for 1H26, driven by mix and supplier support • Other income lower, impacted by one-off benefits in the prior corresponding period (pcp) • Normalised EBIT up 18.7% with EBIT margin growing 34 bps driven by scale benefits and efficiencies in distribution and supplier arrangements, noting first half is usually stronger than second half • Normalised EPS 3.4 cps, +19.4%, and 2.0 cps interim dividend, representing a circa 60% DPR $m 1H26 1H26 1H25 Pro-forma Change % Revenue 5,508.5 5,508.5 4,796.2 14.9% Gross profit 1,007.8 1,007.8 873.7 15.3% Gross profit % 18.3% 18.3% 18.2% 8 bps Share of profits using equity method and other income 26.9 26.9 28.7 (6.3%) Operating expenses (427.6) (418.4) (379.1) 10.4% EBITDA 607.1 616.3 523.3 17.8% D&A (42.4) (33.4) (32.3) 3.4% EBIT 564.6 582.9 491.0 18.7% Net finance costs (27.7) (27.4) (25.2) 8.7% Income tax expense (157.9) (163.5) (136.9) 19.4% NPAT 379.1 392.0 328.9 19.2% EPS 2 3.3 3.4 2.9 19.4% CODB as % of sales 3 7.8% 7.6% 7.9% 31 bps EBIT Margin 10.3% 10.6% 10.2% 34 bps 1 Normalised results reflect Statutory results adjusted for merger related costs, integration costs, and non-cash P&L charges associated with merger purchase price accounting 2 Weighted Average Number of shares used to calculate EPS is 11,501,765,000 3 CODB excludes depreciation and amortisation Sigma Healthcare Limited | 1H26 results announcement For personal use only
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Disciplined cost control drives operating leverage 7 $m 1H26 1H25 Pro-forma Change % Warehouse & Distribution 150.9 150.4 0.3% Marketing & Sales 69.5 59.5 16.8% Administration & General 198.0 169.2 17.0% Operating expenses (excl D&A) 418.4 379.1 10.4% D&A 33.4 32.3 3.4% Total operating expenses 451.8 411.5 9.8% EBIT 582.9 491.0 18.7% EBIT Margin 10.6% 10.2% 34 bps CODB as a % of sales 7.6% 7.9% 31 bps Commentary • Total operating expenses up 9.8% supporting 14.9% increase in Pro-forma revenue • Strong operating leverage delivered, with Warehouse and Distribution costs flat as we start benefitting from consolidating supply chains • Marketing & sales and admin & general costs as a percentage of revenue are flat on pcp. Changes reflect: o Employee growth in new international stores o Operating expenditure to support both domestic and international growth • Normalised expense excludes $18.3m of integration and PPA costs in 1H26 Normalised Operating Expenses & Earnings Sigma Healthcare Limited | 1H26 results announcement For personal use only
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Cash flow – strong operating cash flow 8 Statutory cash flow ($m) • Prior period comparison reflects CW Group standalone and is not directly reflective of the merged group • Working capital impacted by the combination of our wholesale and retail businesses • Net cash flow from operations was $317.4m • Payments for PPE of $23.5m largely reflects a combination of both maintenance and growth capex • Net repayment of borrowings of $97.4m primarily reflects a reduction in drawings under the Facility Agreement, consistent with the Group’s cash requirements during the period • Dividends paid of $149.6m relates to the year ended 30 June 2025 fully franked final dividend paid in September 2025 • Income tax paid is impacted by timing at the half which will normalise over the next 12 months 1 Free cash flow - Net cashflow from operations less purchases of PPE, receipts from lease receivables and repayment of lease liabilities 1H26 1H25 (CW only) EBITDA 607.1 457.6 Change in working capital (218.5) 44.0 Net interest received / (paid) (25.6) (1.2) Income tax paid (51.5) (71.7) Other 6.0 - Net cash flow from operations 317.4 428.7 Purchases of PPE (23.5) (29.1) Receipts from lease receivables 69.5 61.2 Loans provided to other entities, net of repayments (11.8) (14.4) Other (2.6) 0.9 Net cash flow from investing 31.6 18.6 (Repayments) / proceeds from borrowings (97.4) 0.4 Repayment of lease liabilities (78.8) (66.2) Dividends paid (149.6) (148.9) Other (1.5) - Net cash flow from financing (327.3) (214.8) Net change in cash position 21.7 232.5 Effect of exchange rates 0.1 0.8 Cash at the end of the period 160.5 506.4 Free cash flow1 284.6 462.9 Sigma Healthcare Limited | 1H26 results announcement Commentary For personal use only
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Balance Sheet – strength and flexibility to self fund growth 9 Statutory balance sheet ($m) $m 1H26 FY25 Change % Cash and cash equivalents 160.5 138.8 15.7% Trade and other receivables 1,845.6 1,575.1 17.2% Inventories 1,114.3 1,019.8 9.3% Intangible assets 3,857.0 3,860.5 (0.1%) Lease receivables 974.4 961.3 1.4% Other assets 785.5 732.3 7.3% Total assets 8,737.3 8,287.8 5.4% Borrowings 795.6 890.9 (10.7%) Trade and other payables 1,493.8 1,323.6 12.9% Lease liability 1,206.9 1,179.8 2.3% Other liabilities 350.3 232.9 50.4% Total liabilities 3,846.6 3,627.2 6.0% Net assets 4,890.7 4,660.6 4.9% Net debt 635.1 752.1 (15.6%) Net debt to Normalised EBITDA 0.61 0.85 (27.9%) Commentary • Conservative leverage - Net Debt to Normalised EBITDA of 0.6x • Inventory was up 9.3% which is below revenue growth, as we look to optimise working capital over time • Debt facilities reduced from $1.5bn to $1.4bn while maintaining sufficient headroom • Net Debt of $635.1m at 1H26 down from $752.1m at FY25, after funding FY25 final dividend • Working capital movements are influenced by seasonality • Dividend of 2.0 cps, payable on 20 March Sigma Healthcare Limited | 1H26 results announcement For personal use only
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Key strategic growth pillars – consistent execution drives enduring growth 10 Pillar 3 Product differentiation Expand our owned and exclusive label products Drive enhanced differentiation & margin Pillar 4 Operating leverage Deliver efficiencies and the synergy program Leverage the combined scale of the business Supported by Pillar 1 Domestic Maintain market leadership Drive like-for-like sales growth Expand the pharmacy franchise network Pillar 2 International Drive profitable growth in international operations Assess and seed new markets Positive domestic population demographics Highly regulated health environment Strong supplier partnerships Value proposition resonating with customers Benefits of scale World-class execution capability Sigma Healthcare Limited | 1H26 results announcement For personal use only
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Pillar 1 Domestic – growth continues 860 franchise stores across Australia Current Australian Retail Network 1 Growth opportunity 11 Northern Territory Western Australia South Australia Victoria Tasmania Australian Capital Territory New South Wales Queensland 9 182 87 46 189 10 308 29 9 stores 43 stores 44 stores 31 stores 15 stores 219 stores 89 stores 99 stores 83 stores 126 stores 63 stores 5 stores 5 stores 18 stores 11 stores • All My Chemist stores converted to Amcal or DDS • Reinvigoration of Amcal and DDS brands • Anticipate adding 15 franchisees to the network in 2H26 • Anticipate adding 9 CW branded stores to the network in 2H26 • 18 stores planned to be refurbished by franchisees in 2H26 Long term franchise network targets ~ 900 CW ~ 300 Amcal ~ 150 DDS 1 “Other” includes Amcal, Discount Drug Stores, Optometrist Warehouse and Pipeline Stores. Pipeline stores are stores that have been acquired by a pharmacist with the intention of becoming a Chemist Warehouse franchisee in due course. Other Other Other Other Other Other Other Sigma Healthcare Limited | 1H26 results announcement For personal use only
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0.0 0.1 0.2 0.4 0.5 0.8 1.1 1.3 1.7 2.0 2.3 2.9 3.5 4.0 4.4 4.8 5.0 5.1 5.9 6.7 7.6 8.8 5.1 0 100 200 300 400 500 600 700 800 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26 CW Brand Domestic Sales (LHS) CW Brand Domestic Stores (RHS) CW Brand store sales evolution ($bn) – domestic1 Chemist Warehouse branded stores - 20+ years of consecutive growth 1 Based on Chemist Warehouse management information (unaudited). CW Brand (domestic) comprises Chemist Warehouse franchised ret ail pharmacies in Australia. CW Brand domestic sales are not revenue of Sigma Healthcare; however, the relevance of this metric is that inventory sold by CW Brand domestic stores is often purchased from Sigma Healthcare. 2 Other Brand domestic stores comprise Australian franchised retail pharmacies operating under the My Chemist, Amcal, and Discount Drug Store brands, as well as Pipeline stores, and Optometrist Warehouse stores. 3 CW Brand International stores include partly owned retail pharmacies in New Zealand, Ireland and UAE, and the Chemist Warehou se stores operated in China through service agreements with local companies. 12 Pillar 1 (continued) - Domestic A global network positioned to grow – 957 domestic and international stores 10-year CAGR 12% to FY25 479 503 517 537 550 375 390 365 344 310 44 54 70 86 97 0 200 400 600 800 1,000 1,200 FY22 FY23 FY24 FY25 1H26 CW Brand Domestic Stores Other Brand Domestic Stores CW Brand International Stores 2 3 Sigma Healthcare Limited | 1H26 results announcement For personal use only
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China Pillar 2 International - growth accelerating 97 stores 13 New Zealand Ireland Dubai +12 store openings in core 1 international markets in 1H26 Refining our strategy - shift to profitable online sales Network stores China store network closure program expected to be completed by FY29 14 24 35 42 50 56 61 70 FY20 FY21 FY22 FY23 FY24 1H25 FY25 1H26 0 2 4 6 10 12 14 17 FY20 FY21 FY22 FY23 FY24 1H25 FY25 1H26 0 0 0 0 0 2 2 2 FY20 FY21 FY22 FY23 FY24 1H25 FY25 1H26 1 4 5 6 10 11 9 8 FY20 FY21 FY22 FY23 FY24 1H25 FY25 1H26 1 Core International markets excludes China Sales up 49.6% in Ireland, 22.4% in NZ, with growth expected to continue in 2H26 Anticipate 11 stores to open in 2H26 Assessing supply chain requirements in NZ Sigma Healthcare Limited | 1H26 results announcement For personal use only
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Pillar 3 Product – differentiation continues 14 Sales of owned and exclusive label products up 15.7% Sale of own label products now ~ 10% of CW branded store sales Newness – over 400 new product lines added in 1H26 Over 3,000 owned and exclusive label products in the portfolio ✓ ✓ ✓ ✓ Wagner generics represent 39% of our recommended generic range✓ Sigma Healthcare Limited | 1H26 results announcement “Chemist Warehouse is and will remain a house of brands” For personal use only
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Pillar 4 Operating leverage – driving synergies 15 Best in class supply chain drives efficiencies 262k 1 Aggregate capacity (sqm) of 13 DCs in Australia 298m Units distributed by Sigma to pharmacies (6 months to 31 Dec 25) Synergies $100m target by FY29 Darwin 1,000 sqm Townsville 2,200 sqm Eagle Farm 26,000 sqm Berrinba 15,000 sqm South Guildford Canning Vale 15,000 sqm Pooraka 10,000 sqm Port Adelaide 10,000 sqm Hobart 4,000 sqm Somerton 57,000 sqm Kemps Creek 40,000 sqm Huntingwood 34,000 sqm Truganina 40,000 sqm 1 As announced in August 2025, Sigma will close the South Guildford DC and Port Adelaide DC in FY27, as highlighted in orange. Supply chain efficiencies: • DC consolidation • Transport efficiencies • Leveraging wholesale automation Rationalising our technology systems and applications Consolidating CW supplier relationships and franchisee services to support the growth of Amcal and DDS Integration progressing to plan with $13.0m YTD benefit realised in 1H26, and is on track to achieve $100m p.a. by FY29 ✓ ✓ ✓ ✓ Sigma Healthcare Limited | 1H26 results announcement Ai usage being enabled across the business to deliver operational efficiencies ✓ For personal use only
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FY26 priorities and outlook 16 Momentum continues in 2H26 In 2H26, we expect to onboard 9 CW pharmacies and 15 Amcal franchisees in Australia, and 11 CW stores in our international markets $100m p.a. synergy target is on track to be fully achieved by FY29 Domestic trading YTD including the first 7-weeks of 2H26 remains strong with CW branded store sales up 16.6% and LFL sales up 14.4% as we start to cycle GLP-1 sales from the prior period ✓ ✓ ✓ ✓ Sigma Healthcare Limited | 1H26 results announcement Executing targeted investments that support scale and efficiency✓ For personal use only
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Questions For personal use only
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Appendices For personal use only
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APPENDIX 1 - Approach to Sigma’s financial reporting 19 Legal acquiror Accounting acquiror • CWG accounts became continuing accounts of Merged Group (at historical cost) • Sigma was recognised at fair value on date of acquisition (12 February 2025) • Sigma consolidated into CWG accounts from 12 February 2025 • Financial year end of the Merged Group became 30 June • Sigma has released results for the financial year ending 30 June 2025 and financial results for the half-year ending 31 December 2025 (and so on in each period thereafter) Sigma FY25 results 12 months to 30-Jun-25 12 months of CWG financial information and Sigma financial information from 12-Feb-25 Prior comparable period is CWG standalone for 12 months to 30- Jun-24 Sigma 1H26 results 6 months to 31-Dec-25 6 months of CWG and Sigma financial information Prior comparable period is CWG standalone for 6 months to 31- Dec-24 Aug-25 Feb-26 Presented today Accounting for the Transaction Near-term future financial reporting Sigma FY26 results 12 months to 30-Jun-26 12 months of CWG financial information and 12 months of Sigma financial information Prior comparable period is CWG for 12 months to 30-Jun-25 and Sigma for 12-Feb-25 to 30-Jun-25 Aug-26 Sigma Healthcare Limited | 1H26 results announcement For personal use only
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Important Notice The information contained in this presentation about Sigma Healthcare Limited and its subsidiaries (Sigma) is designed to provide: • an overview of the financial and operational highlights for Sigma for the half year period ending 31 December 2025; and • a high-level overview of aspects of the operations of Sigma, including comments about Sigma’s expectations of the outlook for FY2026 and future years, as at 26 February 2026. This presentation contains forward-looking statements relating to operations of Sigma that are based on management’s current expectations, estimates and projections about matters relevant to Sigma’s future financial performance. Any forward-looking statements, assumptions, projections, estimates and outcomes contained in this presentation should not be relied upon as a representation or warranty, express or implied by Sigma. They are not an assurance or guarantee of future performance nor should be taken to be, and involve known and unknown risks, uncertainties and other factors which are beyond the control of Sigma in relation to the future business performance or results of Sigma or the likelihood that the assumptions, estimates or outcomes will be achieved. While Sigma, its officers and management have made every effort to ensure the accuracy of the information in this presentation, this presentation is provided for information only. Neither Sigma, its directors, officers, agents, employees or advisors make any representation, or given any warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, forward-looking statements, opinions, estimates, projections, outcomes and conclusions contained in this presentation. Accordingly, to the maximum extent permitted by law, Sigma, its directors, officers, agents, employees and advisors exclude and disclaim any liability, whether direct or indirect, in respect of the accuracy or completeness of the information or any other opinions contained in this presentation or errors, omissions, statements or for any loss, howsoever arising, from anything done in reliance or the use of this presentation. Sigma assumes no obligation to update or revise any forward-looking statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer, invitation, solicitation or other recommendation to sell or buy any securities or otherwise engage in any investment activity in Sigma Healthcare Limited. Investors should make their own enquiries and seek their own professional advice (including financial and legal advice) before dealing in securities of Sigma Healthcare Limited. 20 Sigma Healthcare Limited | 1H26 results announcement For personal use only
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Thank you For personal use only