Stock Analysis

• Management set FY27 targets for group cash EBTDA of $340 million, up about 26% on FY26, anOperating Marginof 20% to 22%, US TTV growth of more than 30% in US dollars and a group revenue margin of around 8%.

• Operating cash outflow was A$15.2m and investing outflow was A$22.5m, mainly from theAcquisitionof contextflow and anInvestmentin RevealDx.

• The segment revenue growth of 6.4% was stated in constant currency, which isolates underlying growth from currency translation.

• It sells through its own retail stores, through independent stockists and to vehicle manufacturers as original equipment, and it exports internationally, with exports at 38.2% of FY26 sales.

• NetDebtwas A$151.6 million, higher than the previous year because ofCapital Investmentand restructuring spending.

• Global Product, which designs and sells the Breville, Sage, Baratza, Lelit and related brands, generated A$1,611.8 million of FY26 revenue, up 7.4% (9.7% in constant currency), with grossMarginof 36.3% compared with 37.2%.

• Underlying NPAT, which excludes those items, was $121.6 million, up 4.0%.