Ansell Limited (ASX:ANN) shares were priced at $45.08 on 6 October 2026, up 0.20% on the day, and are up 39.52% over the past twelve months. The global safety solutions provider released its full year results for the year ended 30 June 2026 on 24 August 2026, with all amounts in the release reported in US dollars unless stated otherwise.

Across the broader market, the S&P/ASX 200 Health Care index [XHJ] (INDEXASX: XHJ) stood at 31,982.20, up 0.63% (+200.50 points) as of 6 October, and is down 16% over the past year. Meanwhile, the S&P/ASX 200 stood at 8,735.70, up 0.57% (+49.30 points) at the same time, and is down 2.74% over the year.

Business Model and Operational Footprint

Ansell designs and sells protective products across two reporting segments. The Industrial segment accounted for 44% of segment sales and 50% of segment adjusted EBIT in FY26, covering Mechanical products such as the HyFlex cut-protection range and Chemical products for hand and body protection. The Healthcare segment accounted for the remaining 56% of segment sales and 50% of segment adjusted EBIT, spanning Exam and Single Use gloves, Surgical products and Cleanroom solutions used in pharmaceutical, medical device and semiconductor production.

The company employs more than 15,000 people and serves tens of thousands of customers worldwide. Its Supply chain includes sourcing from several Manufacturing countries, and the company described Mexico and the United States among the markets affected by Tariff settings during the year. Nathalie Ahlström, who joined as Managing Director and CEO during the period, set out three priorities: commercial excellence, a focus on strategic markets and operational excellence through simplification of products, brands and the supply chain.

Sector Dynamics

Safety and protective equipment makers operated in a changing cost and trade environment in FY26. Ansell reported that higher United States tariffs and cost Inflation linked to the Middle East crisis required sourcing changes and price increases. A US Supreme Court ruling in February 2026 led the company to apply for refunds of tariffs paid earlier, and about $12 million had been received by July, with the timeline for the remaining amount described as uncertain.

Demand patterns also moved by end market. The company noted higher activity in scientific and cleanroom applications, aerospace and defence, and United States industrial markets, while customers increased inventories of exam and single use products ahead of price rises, a Factor the company described as temporary order pattern favourability of about $15 million.

FY26 Results Update

Sales were $2,140.2 million, up 6.8% on a reported basis and up 5.0% on an organic constant currency basis, or 5.7% when temporary order pattern effects were excluded. Adjusted EBIT rose 14.1% to $321.9 million, and the adjusted EBIT Margin moved from 14.1% to 15.0%. Statutory EBIT was $320.5 million, up 74.3%, and statutory NPAT was $208.6 million, up 105.3%. Adjusted NPAT was $212.3 million, up 15.8%, while adjusted EPS was US148.6 cents, up 17.8%. The company noted that adjusted EPS included a net non-recurring benefit of US3.3 cents.

By segment, Industrial sales were $947.3 million, up 3.3% organically, with adjusted EBIT of $170.6 million. Within it, Mechanical sales grew 6.5% on an adjusted basis while Chemical sales grew 0.5%. Healthcare sales were $1,192.9 million, up 6.4% organically, with adjusted EBIT of $170.7 million, up 23.5% organically. Cleanroom sales rose 10.0%, Surgical 6.4% and Exam and Single Use 5.6% on an adjusted basis.

Operating cash flow was $270.1 million, up 156.3%, with cash conversion of 113%. Net Debt to adjusted EBITDA was 1.3 times, and Liquidity stood at $752 million of cash and undrawn facilities. The company bought back $118.4 million of shares under its $200 million program and plans to continue it in FY27. The full year Dividend was US68.1 cents, up 35.7%, including a final unfranked dividend of US41.5 cents with a 17 September 2026 payment date. On the cost side, a net foreign exchange loss of $13.8 million was recorded on hedge contracts, compared with $0.9 million in FY25, and currency movements overall were unfavourable to EBIT by $4.3 million. The Accelerated Productivity Investment Program reached its $50 million recurring pre-tax savings target, with total one-off cash costs still expected at $85 million to $90 million.

Growth Catalysts and Critical Operating Risks

For FY27, Ansell guided to adjusted EPS of US158 cents to US170 cents, compared with US148.6 cents in FY26. The outlook assumes constant currency sales growth from volumes and completed pricing actions, a foreign exchange benefit of about $9 million, net interest cost of about $43 million, a book tax rate of 23.5% to 24.5%, Capital Expenditure of $45 million to $55 million and one-off pre-tax costs of about $15 million, mainly for ERP implementation. The ERP rollout is planned to begin with North America in FY27. Growth is to be prioritised in the United States, scientific markets and select industrial segments.

Several operating risks are identified in the release. Tariff rates and policy could change, requiring further price adjustments. The Middle East crisis continues to evolve, with supply constraints and cost effects still under assessment. Recovery of the remaining tariff refunds has no confirmed timeline. Customer stocking that lifted FY26 exam and single use sales may not recur, and hedge book losses and legal costs linked to a Shareholder class action were among items treated as significant items. Ansell's Annual General Meeting is scheduled for 9 November 2026.

The Bottom Line

Ansell enters FY27 with a share price up 39.52% over the year, a stated EPS range of US158 cents to US170 cents, and a Business split between industrial and healthcare safety products. The FY26 figures include gains in sales, EBIT, cash flow and dividends, alongside a larger hedge loss, an unfavourable currency effect on EBIT and a 0.5% increase in Chemical sales. Tariff outcomes, cost conditions linked to the Middle East and the ERP program are the items the company has pointed to for the year ahead.