McPherson's Limited (ASX:MCP): How Did Brand Availability and Distribution Affect FY26 Earnings?

Aditi Sarkar

29 October 2026 05:09 PM AEDT

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Key Highlights

As of 29 October 2026, MCP shares were priced at A$0.138, up 1.85% on the day. Coverage focuses on FY26 revenue, underlying EBITDA, distribution disruption, brand availability and cash balances.
Underlying EBITDA declined 41.4% to A$4.3 million, and statutory NPAT was a A$20.3 million loss.
Net cash at year-end was A$4.5 million, compared with A$8.8 million in FY25.

McPherson's Limited (ASX:MCP) operates within the consumer and agricultural products market and reported results and operating developments across its latest disclosure period.. On 29 October 2026, MCP traded at A$0.138; its reported daily movement was up 1.85%. Continuing-operations revenue fell 14.9% to A$118.3 million in FY26. Coverage focuses on FY26 revenue, underlying EBITDA, distribution disruption, brand availability and cash balances.

Revenue and earnings comparison

McPherson's reported FY26 revenue of A$118.3 million from continuing operations, down 14.9% from A$139.0 million in FY25. Core Brand revenue was A$110.5 million, an 11.3% decline. Underlying EBITDA fell to A$4.3 million from A$7.3 million, while the company reported an underlying net loss after tax of A$0.5 million. The statutory net loss widened to A$20.3 million from A$15.0 million. The company distinguished these adjusted measures from statutory earnings in its results presentation.

Product availability and sales channels

The company identified transition and execution challenges affecting its FY26 sales. Changes to its route to market disrupted activity, particularly in independent pharmacies. Product availability issues involving Dr. LeWinn's reduced opportunities for promotional activity and sales. Management also reported that its promotional programmes did not produce the level of demand anticipated. These operational factors were reported alongside weaker sales at Fusion Health, another part of the core brand portfolio.

Core brands and category exposure

McPherson's portfolio includes brands in health, beauty and personal care. Its FY26 presentation separated core brand revenue from the total for continuing operations, allowing a clearer comparison of the established portfolio with other activities. Core Brand revenue decreased by A$14.1 million from the previous financial year. The company described Dr. LeWinn's stock availability and Fusion Health performance as distinct sources of pressure, rather than attributing the full revenue decline to a single cause.

Balance sheet and profitability measures

The group ended FY26 with net cash of A$4.5 million, down A$4.3 million from A$8.8 million in FY25. Net cash was defined as cash and equivalents less borrowings, excluding lease liabilities. Underlying EBITDA is a non-IFRS measure and excludes specified material items. The difference between the statutory A$20.3 million loss and the smaller underlying loss means the two figures should not be used interchangeably. The presentation outlined reconciliations for these measures.

Business priorities

McPherson's identified work to address channel execution, improve availability of products and rebuild brand activity during FY27. The results followed a year in which route-to-market changes coincided with declines in consolidated revenue and underlying profitability. Management's priorities included better implementation of sales programmes and restoring product availability, without guaranteeing the pace of any recovery. The company's FY26 results therefore cover both its reported financial outcome and the operational changes outlined for the following year.

Key Insights

McPherson’s FY26 report records lower continuing-operations revenue and underlying EBITDA, a statutory loss and reduced net cash. The company identified disruptions in pharmacy distribution, product availability and promotional execution, alongside measures directed at its core brands.

FAQs

Q: What was FY26 revenue from continuing operations?

A: A$118.3 million, down 14.9%.

Q: What was underlying EBITDA?

A: A$4.3 million, down 41.4%.

Q: What was the reported statutory net result?

A: A A$20.3 million loss after tax.

Q: How much did core-brand revenue reach?

A: Core-brand revenue from continuing operations was A$110.5 million in FY26.

Q: What did the company report for year-end net cash?

A: Net cash at FY26 year-end was A$4.5 million.

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