Key Highlights

  • First-half FY26 revenue increased 19.8% to AUD 375.9 million.
  • Reported EBITDA reached AUD 13.5 million, including AUD 1.4 million of New Zealand start-up costs.
  • Active customers rose 14% to about 1.35 million, while repeat orders represented approximately 62% of orders.
  • Management guided FY26 revenue to AUD 665–675 million and EBITDA to AUD 20–22 million.

Temple & Webster Group (ASX:TPW) continues to expand sales and market share while deliberately reinvesting in growth. The online furniture retailer’s first-half revenue increased sharply, but lower statutory profit and New Zealand launch costs kept attention on the timing of stronger earnings.

An Online Model Built for Scale

Temple & Webster operates a largely drop-ship model, with suppliers delivering products directly to customers. This limits inventory and fixed capital while supporting a range exceeding 200,000 products.

Private and exclusive-label products reached a record 49% of sales in the December half, supporting differentiation and potential margin improvement.

Growth Outpaces Profit in the First Half

For the six months ended 31 December 2025, revenue rose 19.8% to AUD 375.9 million. Reported EBITDA was AUD 13.5 million, including about AUD 1.4 million of New Zealand start-up costs. Pre-New Zealand EBITDA increased 13% to AUD 14.9 million.

Statutory net profit declined about 36% as investment increased. Active customers reached approximately 1.35 million, repeat orders represented about 62% of orders and the company reported a 2.9% share of the Australian furniture and homewares market.

New Zealand Extends the Market

The New Zealand launch generated around AUD 1 million in sales from more than 3,000 orders during its opening months. Management estimated that the expansion increases Temple & Webster’s addressable market by about 10%.

Net Cash Provides Flexibility

Temple & Webster held about AUD 160.6 million in net cash at 31 December 2025 and carried no debt. First-half free cash flow was approximately AUD 22.9 million, compared with AUD 32.5 million a year earlier.

What May Be Watched Next

Management guided FY26 revenue to AUD 665–675 million and EBITDA to AUD 20–22 million. The August FY26 result, exclusive-label mix, New Zealand progress and the longer-term target of more than AUD 1 billion in FY28 revenue are key markers.

Key Risks

Profitability is being deferred while the company invests. Furniture demand remains exposed to consumer confidence and housing activity, while competition, execution in New Zealand and demanding market expectations could affect the recovery.

What does Temple & Webster sell?

It is an online retailer of furniture and homewares with a range exceeding 200,000 products.

How much first-half FY26 revenue did it report?

Revenue reached AUD 375.9 million, up 19.8%.

How much net cash did Temple & Webster hold?

Net cash was approximately AUD 160.6 million at 31 December 2025.

What is the FY26 guidance?

Management guided revenue of AUD 665–675 million and EBITDA of AUD 20–22 million.