Highlights

  • Ebos Group reported FY26 Revenue of $13.5 billion, up 9.9% on the prior year, with Underlying EBITDA rising 5.0% to $614 million
  • Underlying NPAT declined 3.1% to $250 million, reflecting higher depreciation, Amortisation and financing costs from the group's Investment cycle
  • Statutory NPAT increased 4.7% to $225 million, and the final Dividend was maintained at NZ61.5 cents per share
  • The company completed its four-year, $360 million distribution centre renewal program during FY26

Ebos Group Limited (NZX: EBO, ASX:EBO) is a New Zealand-headquartered healthcare and animal care products and services company, with operations spanning wholesale pharmaceutical distribution, community pharmacy, medical technology and animal care. This article reviews the company's FY26 full-year results, its core operations, sector context and developments shareholders are monitoring for FY27.

The share price was AUD 16.31 during the Trading session on 17 September 2026. The stock moved up by 0.12% during the trading session on 17 September 2026.

Company Business

Ebos Group operates across several divisions, with Healthcare as its largest Earnings contributor, encompassing wholesale pharmaceutical distribution, community pharmacy services and retail pharmacy brands, medical technology distribution, and contract logistics services. The Retail Pharmacy Network, which includes brands such as TerryWhite Chemmart, operates across a network that reached 780 stores during FY26. The company's Animal Care division supplies branded and distributed animal health and nutrition products. Ebos is headquartered in Christchurch, New Zealand, with a significant Australian presence including operations based in Docklands, Victoria.

Sector Context

The healthcare distribution and community pharmacy sector is shaped by government funding arrangements for community service obligations, competitive dynamics in wholesale pharmaceutical distribution, and Demand trends across dispensary and retail pharmacy sales. The animal care sector, in which Ebos also operates, is influenced by consumer demand for pet health and nutrition products and ongoing consolidation activity. Companies operating distribution networks across Australia and New Zealand are also affected by input cost pressures, including fuel costs, and foreign exchange movements given cross-border operations between the two markets.

Recent Developments

Ebos Group released its FY26 full-year results for the twelve months ended 30 June 2026 to the NZX and ASX on 18 August 2026, reporting that all FY26 financial guidance metrics were delivered within the group's stated ranges. The company updated its FY26 Underlying EBITDA guidance on 22 April 2026 to reflect the impact of elevated fuel and broader energy costs. During FY26, the company completed its four-year, $360 million distribution centre renewal program, with its Kemps Creek Facility operating approximately 20% more productively than the previous site, and a target of a 30% uplift by the end of FY27. The company also executed a number of bolt-on acquisitions during the year, including Paringa Pet Foods and K-Talyst, deploying a combined $121 million across eight transactions.

Financial Performance

For FY26, Ebos Group reported revenue of $13.5 billion, up 9.9% from $12.3 billion in FY25. Underlying EBITDA rose 5.0% to $614 million. Underlying NPAT declined 3.1% to $250 million from $258 million, which the company attributed to higher depreciation, amortisation and financing costs associated with its recent investment cycle, with underlying Earnings Per Share down 7.3% to 121.7 cents. Statutory NPAT increased 4.7% to $225 million from $215 million, with statutory earnings per share broadly unchanged at 109.8 cents. The Healthcare division generated revenue of $12.6 billion, up 8.5%, with underlying EBITDA of $516 million, up 3.2%. The Animal Care division reported revenue of $907 million, up 34.6%, with underlying EBITDA of $138 million, up 11.6%. The final dividend was maintained at NZ61.5 cents per share, matching FY25, representing a Payout Ratio of 84.5% of Underlying NPAT. Free Cash Flow for the year was $204 million, and Capital Expenditure was $145 million.

Risks to Consider

Ebos Group's disclosures point to risks including elevated fuel and energy costs, which affected FY26 earnings and prompted a guidance update during the year, as well as foreign exchange movements given the group's operations across Australia and New Zealand. Product mix and competitive dynamics within community pharmacy and wholesale distribution were noted as ongoing factors affecting gross Operating Revenue margins. The company's earnings also reflect the impact of higher depreciation, amortisation and financing costs following its recent Capital Investment program, and integration risk associated with its bolt-on Acquisition strategy.

What to Watch Next

Ebos Group has indicated that capital expenditure is expected to normalise to approximately $100 million in FY27, down from $145 million in FY26, following the completion of its distribution centre renewal program. Shareholders are monitoring continued productivity gains at facilities such as Kemps Creek, ongoing growth across Healthcare, Retail Pharmacy Brands, Medical Technology and Animal Care, and further bolt-on acquisition activity, with the company noting approximately $150 million of additional acquisition capacity available. The company's half-year results for the six months to 31 December 2026 represent the next scheduled financial disclosure.

Key Insights

Ebos Group's FY26 results reflect strong revenue growth across its Healthcare and Animal Care divisions, achieved despite fuel cost and foreign exchange headwinds, alongside the completion of a major multi-year distribution centre investment program. While underlying NPAT declined due to higher depreciation, amortisation and financing costs, statutory NPAT increased, and the company has flagged lower capital expenditure and continued growth priorities as it heads into FY27.