Slides
Page 1
Sigma Healthcare Limited FY26 Results presentation 27 August 2026
Page 2
Sigma Healthcare Limited Agenda 1. Group highlights 2. Financial performance 3. Strategy and operational highlights 4. Execution priorities and Outlook 5. Q&A FY26 results announcement 2 Proudly powering pharmacy Vikesh Ramsunder – CEO and Managing Director Mark Conway – Chief Strategy and Business Development Officer For more information contact: Gary Woodford Head of Corporate Affairs and Investor Relations gary.woodford@sigmahealthcare.com.au www.sigmahealthcare.com.au
Page 3
Sigma Healthcare Limited FY26 Financial Highlights – translating scale into earnings growth • Revenue growth converted to faster earnings growth: Normalised EBIT increased 20.6% on revenue growth of 15.5%, and EBIT margin expanding 43 bps to 10.1%. • Four value-creation pillars continue to underpin the investment case: domestic network growth, international expansion, growth in own and exclusive label product, and operating leverage. • Conservative leverage - Net Debt to Normalised EBITDA2 0.57x (down from 0.85x in pcp). • Capital-light business model in Australia. • Strong margin profile with Normalised Return on Invested Capital (ROIC)4 of 19.3%. • Normalised EPS 6.4 cps, +21.5%3, and 2.0 cps final dividend fully franked, taking full year dividends to 4.0 cps, representing a 63.0% DPR for FY26. FY26 results announcement 3 Revenue1 ($bn) $10.8bn +15.5% EBIT1 ($m) $1,090.0m +20.6% NPAT1 ($m) $732.3m +22.3% 1 Normalised for one-off merger, integration and other costs. FY24 is based on pro-forma historical financials from the Prospectus. FY25 is based on pro-forma assuming Sigma and Chemist Warehouse Group (CWG) were merged from 1 July 2024. 2 FY25 pcp Net Debt to Normalised EBITDA of 0.85x is calculated using FY25 reported normalised EBITDA. This metric is not presented on a pro-forma basis. 3 Comparison to Normalised EPS FY25 pro-forma 4 ROIC is defined as pre-tax ROIC, based on Normalised EBIT divided by the aggregate of Total Equity plus Net debt Sigma is not simply larger after the merger – it is structurally stronger.“ ” $605.5m $903.4m $1,090.0m 9.1% 9.6% 10.1% FY24 FY25 FY26 $6.7bn $9.4bn $10.8bn FY24 FY25 FY26 $521.8m $598.8m $732.3m FY24 FY25 FY26
Page 4
Sigma Healthcare Limited FY26 Operational Highlights – value creation pillars FY26 results announcement 4 Pillar 1 Domestic CW Branded Network Sales1 $10.2bn Up 15.9% 24 Australian CW branded stores added – now 561 18 CW branded stores refurbished by franchisees in FY26 CW Branded retail network LFL sales1 up 13.4% Reinvigoration of Amcal and DDS brands is underway Pillar 2 International Store Sales1 $1.6bn Up 23.3% 20 International stores opened – network now at 98 International stores LFL sales up 12.2% Investing in store roll out and our Distribution Centres in Ireland and New Zealand Pillar 3 Product Differentiation Owned/Excl. Label Sales ~$1.0bn Up 15.0% Over 470 new own and exclusive label products launched in FY26 Own and exclusive label sales approaching 10% of CW branded store sales1 We continue to expand and build a portfolio of own brands Pillar 4 Operating Leverage Delivering Benefits from Scale >579m units Up 6.5% Combined support centres into office and DC consolidation well progressed Total cost per unit reduced after absorbing increased fuel costs Synergies on track with $32.6m contribution in FY26 1 Based on Chemist Warehouse management information (unaudited).
Page 5
Sigma Healthcare Limited Mark Conway Chief Strategy and Business Development Officer
Page 6
Sigma Healthcare Limited Group financial performance – converting growth to quality earnings Normalised 1 Statutory • Revenue growth of 15.5% exceeded expense growth, with multiple revenue drivers and disciplined expense management. • Gross margin of 18.1% for FY26, driven by mix and strong category management • Share of profits up 25.7%, driven by growth and performance of NZ stores • Normalised EBIT up 20.6% with EBIT margin growing +43 bps driven by scale benefits and efficiencies in distribution and supplier arrangements $m FY26 FY26 FY25 Pro-forma Change % Revenue 10,835.0 10,835.0 9,380.1 15.5% Gross profit 1,956.9 1,956.9 1,698.6 15.2% Gross margin 18.06% 18.06% 18.11% (5) bps Share of profits using equity method 4 38.0 38.0 30.2 25.7% Other income 26.9 23.2 22.7 2.5% Operating expenses (879.8) (860.4) (782.9) (9.9%) EBITDA 1,141.9 1,157.6 968.5 19.5% D&A (85.0) (67.6) (65.1) (3.9%) EBIT 1,056.9 1,090.0 903.4 20.6% Net finance costs (51.8) (51.1) (55.2) 7.5% Income tax expense (296.4) (306.6) (249.4) (22.9%) NPAT 708.7 732.3 598.8 22.3% EPS 2 6.2 6.4 5.2 21.5% CODB as % of sales 3 8.90% 8.57% 9.04% +47 bps EBIT Margin 9.75% 10.06% 9.63% +43 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. FY25 Pro-forma assumes Sigma and CWG were merged for the full year. 2 Weighted Average Number of shares used to calculate EPS is 11,502,226,234 3 CODB as a % of sales includes depreciation and amortisation 4 Share of profits of associates and joint ventures accounted for using the equity method FY26 results announcement 6
Page 7
Sigma Healthcare Limited Total Australia International $m FY26 FY25 PF Change % FY26 FY25 PF Change % FY26 FY25 PF Change % Revenue 10,835.0 9,380.1 15.5 10,413.6 9,063.2 14.9 421.4 316.9 33.0 Gross profit 1,956.9 1,698.6 15.2 1,827.9 1,611.2 13.5 128.9 87.4 47.6 Share of profits using equity method 38.0 30.2 25.7 1.4 0.7 107.3 36.5 29.5 23.8 Other income 23.2 22.7 2.5 21.1 20.0 5.4 2.1 2.6 (20.5) Warehouse & Distribution (306.6) (286.0) (7.2) (298.9) (277.6) (7.7) (7.7) (8.4) 9.3 Marketing & Sales (142.9) (124.1) (15.2) (89.2) (82.4) (8.2) (53.7) (41.6) (29.0) Administration & General (411.0) (372.8) (10.2) (370.4) (338.3) (9.5) (40.6) (34.5) (17.6) Operating expenses (excl D&A) (860.4) (782.9) (9.9) (758.5) (698.3) (8.6) (102.0) (84.6) (20.6) D&A (67.6) (65.1) (3.9) (57.8) (59.3) 2.6 (9.8) (5.8) (70.3) Cost of Doing Business (CODB) (928.1) (848.0) (9.4) (816.3) (757.7) (7.7) (111.8) (90.3) (23.7) EBIT 1,090.0 903.4 20.6 1,034.2 874.3 18.3 55.8 29.2 91.3 Gross Margin 18.06% 18.11% (5) bps 17.55% 17.78% (23) bps 30.60% 27.57% +303 bps EBIT Margin 10.06% 9.63% +43 bps 9.93% 9.65% +28 bps 13.23% 9.20% +403 bps CODB - % of sales2 8.57% 9.04% +47 bps 7.84% 8.36% +52 bps 26.52% 28.51% +199 bps • Total group revenue grew 15.5% with Australia contributing 92.8% of the growth from pro-forma FY25. • Australia: Revenue and earnings increased due to store network expansion, robust retail network performance, increased LFL sales, operating leverage, and the strong CW value proposition. • International: Strong results in NZ demonstrating the strength of the CW value proposition. Growing contribution from new and recently opened stores in other markets, increased LFL sales and Ireland turning profitable. • Cost control is strong with employee costs well managed. • Group EBIT Margin 10.1% (+43 bps) with growth achieved in both Australia and International segments. FY26 results announcement Strong growth – an established and consistent outcome 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. FY25 Pro-forma assumes Sigma and CWG were merged for the full year. 2 CODB - % of sales includes depreciation and amortisation 7 Normalised 1
Page 8
Sigma Healthcare Limited Australia $m FY26 FY25 PF Change % Revenue 10,413.6 9,063.2 14.9 Gross profit 1,827.9 1,611.2 13.5 Share of profits using equity method 1.4 0.7 107.3 Other income 21.1 20.0 5.4 Warehouse & Distribution (298.9) (277.6) (7.7) Marketing & Sales (89.2) (82.4) (8.2) Administration & General (370.4) (338.3) (9.5) Operating expenses (excl D&A) (758.5) (698.3) (8.6) D&A (57.8) (59.3) 2.6 Cost of Doing Business (CODB) (816.3) (757.7) (7.7) EBIT 1,034.2 874.3 18.3 Gross Margin 17.55% 17.78% (23) bps EBIT Margin 9.93% 9.65% +28 bps CODB - % of sales2 7.84% 8.36% +52 bps Australian segment – core engine still compounding • Australia continued its strong performance with many drivers supporting growth underpinned by the increase in the retail store network, sales momentum, stronger CW branded LFL network sales (up 13.4%), and continued demand for GLP -1 medicines. • Total CODB up 7.7%, supporting 14.9% increase in revenue. • Warehouse & Distribution costs increased by 7.7%, reflecting: o Core warehouse and distribution costs up 4.6% o Three EBAs negotiated and concluded in the period • Marketing & Sales costs up 8.2% and Admin & General costs up 9.5%, key drivers: o Employee costs well constrained – up 2.7% o Business and customer acquisition costs – up 6.7% o Other (subscription /licencing costs) – up 8.8% • Revenue growth of 14.9% outpacing CODB growth of 7.7%, driving operating leverage and +28bps of margin expansion • Normalised expense excludes $33.8m of integration and Purchase Price Allocation (PPA) costs in FY26 FY26 results announcement 8 Normalised 1 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. FY25 Pro-forma assumes Sigma and CWG were merged for the full year. 2 CODB - % of sales includes depreciation and amortisation
Page 9
Sigma Healthcare Limited International $m FY26 FY25 PF Change % Revenue 421.4 316.9 33.0 Gross profit 128.9 87.4 47.6 Share of profits using equity method 36.5 29.5 23.8 Other income 2.1 2.6 (20.5) Warehouse & Distribution (7.7) (8.4) 9.3 Marketing & Sales (53.7) (41.6) (29.0) Administration & General (40.6) (34.5) (17.6) Operating expenses (excl D&A) (102.0) (84.6) (20.6) D&A (9.8) (5.8) (70.3) Cost of Doing Business (CODB) (111.8) (90.3) (23.7) EBIT 55.8 29.2 91.3 Gross Margin 30.60% 27.57% +303 bps EBIT Margin 13.23% 9.20% +403 bps CODB - % of sales2 26.52% 28.51% +199 bps FY26 results announcement International – meaningful growth to deliver scale benefits • Revenue growth exceeded expense growth, with multiple drivers: o CW value proposition resonating with more consumers across more markets o Contributions from new and recently opened stores • Gross margin of 30.6% (+303 bps) for FY26, driven by mix and supplier support • Share of profits using equity method increased 23.8% driven by continued growth in NZ stores • Normalised EBIT up 91.3% with EBIT margin growing +403 bps driven by scale benefits and efficiencies in distribution, supplier arrangements and Ireland becoming profitable for the first time • CODB up 23.7%, supporting 33.0% increase in revenue • Warehouse and Distribution costs decreased by 9.3% due to scale and reduction of stores in China • Marketing & Sales and Admin & General costs increased respectively by 29.0% and 17.6%, reflecting: o Employee costs reflecting network growth – up $9.1m o Increased advertising and promotional expenditure – up $4.6m o Other (including NZ DC, China exit) – up $4.5m 9 Normalised 1 1 Normalised results reflect Statutory results adjusted for merger related costs, integration costs, and non-cash P&L charges associated with merger purchase price accounting. FY25 Pro-forma assumes Sigma and CWG were merged for the full year. 2 CODB - % of sales includes depreciation and amortisation
Page 10
Sigma Healthcare Limited Balance Sheet – strength and flexibility to fund growth Statutory balance sheet ($m) $m FY26 FY25 Change % Cash and cash equivalents 131.1 138.8 (5.5) Trade and other receivables 1,851.2 1,575.1 17.5 Inventories 1,245.8 1,019.8 22.2 Intangible assets 3,851.3 3,860.5 (0.2) Lease receivables 1,015.5 961.3 5.6 Other assets 813.0 732.3 11.0 Total assets 8,908.0 8,287.8 7.5 Borrowings 794.4 890.9 (10.8) Trade and other payables 1,449.1 1,323.6 9.5 Lease liabilities 1,226.2 1,179.8 3.9 Other liabilities 448.9 232.8 92.8 Total liabilities 3,918.5 3,627.2 8.0 Net assets 4,989.5 4,660.6 7.1 Net debt 663.2 752.2 (11.8) Net debt to Normalised EBITDA 0.57x 0.85x -0.28x • Receivables increased 17.5% to $1.85bn, reflecting higher operating activity and strong revenue growth of 15.5% across the Group • Inventory increased 22.2%, reflecting: o sales growth; o investment in own and exclusive label product; and o moving a strategic supplier from direct to pharmacy to distribute through our DC network. • Other liabilities increased by $216.1m, due to higher current tax liabilities which will unwind in 1HY27. • Conservative leverage maintained - Net Debt of $663.2m down from $752.2m in prior year, with Net Debt to Normalised EBITDA ratio of 0.57x down from 0.85x • Debt facilities reduced to $1.4bn with a weighted average maturity of 3.2 years, whilst maintaining sufficient headroom • Dividend of 2.0 cps, payable on 22 September 2026 FY26 results announcement 10
Page 11
Sigma Healthcare Limited Cash flow – funding our growth agenda FY26 FY251 EBITDA 1,141.9 826.0 Investment in working capital (376.6) (79.7) Net interest received / (paid) (47.7) (24.1) Income tax paid (114.2) (93.7) Other (28.8) (29.7) Net cash flow from operations 574.6 598.8 Purchases of PPE (56.7) (52.6) Subsidiaries (net of cash acquired) (6.3) 149.4 Receipts from lease receivables 142.9 127.7 Loans provided to other entities, net of repayments (20.1) (11.2) Proceeds from sale of investment - 55.8 Other 2.9 (2.6) Net cash flow from investing 62.6 266.5 (Repayments) / proceeds from borrowings (107.2) 323.9 Repayment of lease liabilities (160.4) (139.8) Dividends paid (378.8) (486.0) Cash distributions - (700.0) Other 1.2 0.8 Net cash flow from financing (645.2) (1,001.1) Net change in cash position (7.9) (135.8) Effect of exchange rates 0.3 1.5 Cash at the end of the period 131.1 138.8 Free cash flow2 500.4 534.1 Closing net debt 663.2 752.2 • Prior period comparison is not directly reflective of the merged group, as FY25 includes 12 months of Chemist Warehouse and only 4.5 months of Sigma cash flows1. • Net cash flow from operations was $574.6m, impacted by temporary movements in working capital. Opportunities to optimise working capital over time is expected to translate into improved cash conversion and stronger operating cash flow. • Income tax paid reflects timing differences expected to normalise over the coming year. • Group Capex of $56.7m (payments for PPE) reflects investments in Australian and international stores and DC infrastructure, with FY27 capex expected to be at a similar level 1 FY25 reflects 12 months of Chemist Warehouse and 4.5 months of Sigma cash flows from merger date of 12 February 2025. 2 Free cash flow = Net cash flow from operations less purchases of PPE, receipts from lease receivables and repayments of lease liabilities. 11FY26 results announcement
Page 12
Sigma Healthcare Limited Working capital management FY26 results announcement 12 $’m FY26 FY25 Receivables 1,851.2 1,575.1 Inventory 1,245.8 1,019.8 Payables 1,449.1 1,323.6 Net working capital 1,647.9 1,271.3 days FY26 FY25 PF5 DSO 1 62.4 61.3 DIO 2 51.2 48.5 DPO 3 59.6 62.9 CCC Days 4 54.0 46.9 1 DSO = Days Sales Outstanding, calculated as: Trade Receivables / Revenue x 365 2 DIO = Days Inventory Outstanding, calculated as: Inventory / COS x 365 3 DPO = Days Payable Outstanding, calculated as: Trade Payables / COS x 365 4 CCC = Cash Conversion Cycle, calculated as: DSO + DIO - DPO 5 FY25 revenue and cost of sales denominators are calculated on a pro forma merged-group basis to support period comparability. • Cash Conversion Cycle (CCC) increased from 46.9 days to 54.0 days, driven by increased inventory levels • Inventory levels were increased due to: o own and exclusive label growth, including Wagner; o bringing a direct to pharmacy supplier into our wholesale supply chain; and o increased network sales and high value of GLP-1 lines. • The Group will focus on optimising inventory holdings and improving cash generation. • Each 1-day improvement in CCC is estimated to release approximately $30m of cash, plans have been put into place to realise these benefits.
Page 13
Sigma Healthcare Limited Vikesh Ramsunder CEO and Managing Director
Page 14
Sigma Healthcare Limited Four Pillars of Strategic Growth – the value creation engine FY26 results announcement 14 Pillar 1 Domestic Maintain market leadership Drive like-for-like sales growth Expand the pharmacy franchise network Pillar 2 International Drive profitable store growth in international operations Assess and seed new markets Pillar 3 Product Differentiation Expand our own and exclusive label products Drive enhanced differentiation & margin Pillar 4 Operating Leverage Sigma Healthcare Limited Supported by Positive domestic population demographics Customer value focus Highly regulated environment Scale benefits Strong supplier partnerships Our people Deliver efficiencies and the synergy program Leverage the combined scale of the business
Page 15
Sigma Healthcare Limited FY26 results announcement 15 Pillar 1 Domestic Growth Continues Growth Opportunity – three brand strategy opens opportunities in under penetrated locations The leading discount pharmacy operator in Australia with 561 stores, strong execution capabilities and customer value proposition, and a pipeline of growth We have reinvigorated the Amcal and DDS brands with franchisees and customers set to benefit from stronger retail execution and a return to network growth with 82 new stores in FY27. Long term franchise network targets ~900 ~300 ~150 9 83 46 177 196 10 306 29 Northern Territory 9 storesWestern Australia 43 Stores 30 Stores 9 Stores Other1 1 Store Queensland 103 Stores 31 Stores 38 Stores Other1 5 Stores New South Wales 129 Stores 36 Stores 22 Stores Other1 9 Stores Australian Capital Territory 5 stores 1 Store 4 Stores South Australia 31 Stores 13 Stores 1 Store Other1 1 Store Victoria 222 Stores Other1 64 stores 11 Stores 9 Stores Tasmania 19 Stores 9 Stores 1 Store 1 “Other” includes Optometrist Warehouse, Astrid 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.
Page 16
Sigma Healthcare Limited 3.5 4.0 4.4 4.8 5.0 5.1 5.9 6.7 7.6 8.8 10.2 0 100 200 300 400 500 600 700 800 0 2 4 6 8 10 12 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 $bn CW Brand Domestic Sales (LHS) CW Brand Domestic Stores (RHS) CW branded stores 561 +24 in FY26 CW branded network sales1 $10.2bn domestic network CW LFL sales1 +13.4% FY26 Pillar 1 Domestic Chemist Warehouse core growth market • Sales growth: CW delivering 11.3% CAGR over the last 10-years, supported by store openings and like-for-like (LFL) growth • LFL sales growth: Above average growth in CW of 13.4% achieved through 18 store refurbishments, product newness, and increased GLP-1 prescriptions • Pipeline is strong: We anticipate opening 13 CW branded stores in 1H27 with 12 refurbishments also planned 1H27 pipeline stores 13 CW branded stores 1H27 planned refurbishments 12 CW branded stores 10-year CAGR: 11.3% 1 Based on Chemist Warehouse management information (unaudited). 1 16FY26 results announcement Advantage Group survey of suppliers recognised Chemist Warehouse as the #1 pharmacy retailer in Australia, with globally leading supplier engagement related especially to planning collaboration, retail media effectiveness and capability of the teams
Page 17
Sigma Healthcare Limited FY26 results announcement 17 Pillar 2 International Growth Accelerating 20 store openings2 in international markets in FY26, Ireland now profitable, and entry into the UK market in FY27 +45.0% Sales growth in Ireland in FY26 +20.3% Sales growth in New Zealand in FY26 19 New stores expected in 1H27 Network stores: Core international markets New Zealand Ireland UAE Refining our strategy – shift to profitable online sales China1 0 2 4 6 10 14 18 FY20 FY21 FY22 FY23 FY24 FY25 FY26 0 0 0 0 0 2 3 FY20 FY21 FY22 FY23 FY24 FY25 FY26 1 China store network closure program expected to be completed by FY28. 2 One additional store opened in China and was subsequently closed during the financial year. Chemist Warehouse Ireland store 14 24 35 42 50 61 75 FY20 FY21 FY22 FY23 FY24 FY25 FY26 1 4 5 6 10 9 2 FY20 FY21 FY22 FY23 FY24 FY25 FY26
Page 18
Sigma Healthcare Limited FY26 results announcement 18 Pillar 3 Product Differentiation and structural margin lever Own and exclusive label sales up 15.0% in FY261 Own and exclusive label products approaching $1.0 billion (~10%) of CW branded store network sales 1 Almost 63m units of own and exclusive label products sold across the CW branded store network Newness – over 470 new product lines added in FY26 Wagner generics medicines achieved 88% customer adoption across Chemist Warehouse network Chemist Warehouse is and will remain a house of brands. “ ” 1 Based on Chemist Warehouse management information (unaudited).
Page 19
Sigma Healthcare Limited Berrinba 15,000 sqm Darwin 1,000 sqm Townsville 2,200 sqm Pooraka 10,000 sqm Truganina 40,000 sqm Somerton 57,000 sqm Eagle Farm 26,000 sqm Huntingwood 34,000 sqm Kemps Creek 40,000 sqm Hobart 4,000 sqm Canning Vale 15,000 sqm Pillar 4 Operating Leverage Volume driving efficiency gains FY26 results announcement >240k aggregate capacity (sqm) across 11 DCs In Australia >600K Deliveries across Australia >579m Units distributed to pharmacies, up 6.5% Distribution Centre efficiencies: • South Guildford DC in WA closed in May 2026 • Port Adelaide DC in SA set to close in 1Q2027 • Upgrading Townsville DC and Hobart DC to enhance service levels and efficiencies Logistics efficiencies: • Route optimisation and consolidation of transport providers • Leveraging wholesale automation and IT systems to deliver 2% reduction in cost per unit • Delivered in Full (DIF) 99.5% and Delivered On Time (DOT) 97.5% Consolidating Chemist Warehouse supplier relationships and franchisee services to support the growth of Amcal and DDS Ranked #1 wholesaler in the fourth quarter annual Advantage Group supplier survey 19
Page 20
Sigma Healthcare Limited FY26 results announcement 20 Pillar 4 Operating Leverage $100m p.a. synergies on track Year 1 FY26 $32.6m synergies realised, and $25.9m one-off integration costs • Established the framework to identify the synergy targets • Support centre merged in Preston • Standalone eCommerce DC closed • CW Western Australia DC closed May 2026 Year 2 FY27 Continued execution of change management program • CW South Australian DC set to close in 1Q27 • Rationalising our technology systems and applications • AI usage being implemented across the business to enhance decision making and help drive efficiencies Year 3 FY28 Anticipate full realisation of $100m p.a. synergies during FY29, with phasing based on timing of implementation • Progress IT integration planning and implementation to enhance business operational performance and efficiencies • Rationalising our technology systems and applications • Better buying across the organisation Year 4 FY29
Page 21
Sigma Healthcare Limited Execution priorities and Outlook FY26 results announcement Chemist Warehouse Palmerston North, New Zealand The investment case: a defensive and differentiated healthcare platform with a high growth earnings profile. • Growing scale – a circa 1,000-store global pharmacy network in less- discretionary healthcare segment, with structural GLP-1 tailwinds • Australian CW branded network – FY27 LFL sales is continuing double digit growth (trading update to be provided at the AGM in October) • Execution focus remains unchanged – • Expanding our Australian network in 1H27 - expect to open 13 CW branded stores, 27 Amcal stores and 15 DDS stores • 19 international stores in 1H27 (including first UK entry), • Continued investment in own and exclusive-label product to enhance margin • Ongoing scale benefits delivering operating leverage • EBIT margin enhancement – synergy target on track for $100m p.a. FY29 • Capital-light model – with a conservative 0.57x net debt to Normalised EBITDA, we have the strength and flexibility to fund both growth and dividends • Compounding earnings – anticipate delivering double-digit revenue and earnings growth in 1H27 as we continue to execute our strategy 21
Page 22
Sigma Healthcare Limited Q & A Appendices
Page 23
Sigma Healthcare Limited APPENDIX 1 - Approach to Sigma’s financial reporting 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 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 FY26 results announcement International store sales International store sales are generated from partially owned entities which operate stores in New Zealand, Ireland, UAE, and stores operated in China through services agreements with local companies. The Ireland, UAE and China entities are subsidiaries of the Group and their revenue is consolidated in the Group’s results. The New Zealand store network is equity accounted and, accordingly, its retail sales are not included in the Group’s consolidated revenue. 23
Page 24
Sigma Healthcare Limited APPENDIX 2 - Key CW measures FY26 FY25 Growth vs. PCP Chemist Warehouse (CW) Brand Network Sales1 ($m) Australia (CW Brand) 10,152.8 8,761.9 15.9% International (CW Brand) 1,602.1 1,299.6 23.3% Like-For-Like CW Brand Sales1 Growth (%) Australia (CW Brand) 13.4% 12.5% +90 bps International (CW Brand) 12.2% 8.1% +410 bps Retail Network (at period end) Number of Australian (CW Brand) stores 561 537 24 Number of International (CW Brand) stores (net) 98 86 12 Number of geographies 5 5 - 1 Based on Chemist Warehouse management information (unaudited). 24FY26 results announcement
Page 25
Sigma Healthcare Limited Important Notice FY26 results announcement 25 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 full year period ending 30 June 2026; and • a high-level overview of aspects of the operations of Sigma, including comments about Sigma’s expectations of the outlook for FY27 and future years, as at 27 August 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. Due to rounding, numbers presented throughout this presentation may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
Page 26
Sigma Healthcare Limited Thank you