Sigma Healthcare’s (ASX:SIG) Next Growth Phase: Key Insights From Its Latest Annual Report

Sonal Goyal

20 October 2026 04:52 PM AEDT

Sigma Healthcare’s (ASX:SIG) Next Growth Phase: Key Insights From Its Latest Annual Report

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Key highlights

Sigma reported Revenue of $10.8 billion, up 15.5%, and normalised EBIT of $1,090.0 million, up 20.6%, on 27 August 2026.
Normalised NPAT was $732.3 million, with net Debt of $663 million and a debt to normalised EBITDA ratio of 0.57 times.
Integration synergies of $32.6 million were delivered, with a target of $100 million per annum by FY29.

Sigma Healthcare Limited (ASX:SIG) released its results for the year ended 30 June 2026 on 27 August 2026. It was the company’s first full financial year following its Merger with the Chemist Warehouse Group, and the release covered growth in revenue and earnings, integration progress and network expansion.

About Sigma Healthcare

Sigma is a pharmacy wholesaler and retail network operator. Following the merger with Chemist Warehouse Group it describes a network approaching 1,000 pharmacies globally. Its Australian brands include Chemist Warehouse, Amcal and Discount Drug Stores, and it also operates stores internationally, including in Ireland.

FY26 financial results

Revenue was $10.8 billion, up 15.5%. Normalised EBIT was $1,090.0 million, up 20.6%, with the Margin up to 10.1%, and normalised NPAT was $732.3 million, up 22.3%. Comparisons are with normalised pro-forma FY25. Net debt was reduced to $663 million, equal to 0.57 times normalised EBITDA.

The company said that normalised pro-forma EBIT at the time of the merger, for FY24, was $605.5 million, and that FY26 EBIT of almost $1.1 billion is up over 80% on that figure.

Australia and international segments

The Australian segment delivered revenue growth of 14.9% and normalised EBIT growth of 18.3%. Segment gross margin was 17.6%. The company added 24 Chemist Warehouse branded stores to reach 561 in Australia and refurbished 18. It is working to reinvigorate its Amcal and Discount Drug Stores brands and expects the number of stores across the network to return to growth in FY27.

International segment EBIT rose 91.3% to $55.8 million, and Ireland became profitable for the first time. The company opened 20 stores offshore, and network sales to consumers from its 98 international stores exceeded $1.6 billion, up 23.3%.

Integration and synergies

Integration synergies of $32.6 million were delivered, and the company is on track to reach $100 million per annum by FY29. The company noted that, as it cycles elevated early-period sales growth, it expects some moderation in the pace of growth.

Risks to consider

The company states that growth is expected to moderate as it cycles elevated early-period sales growth following the merger. Integration and synergy delivery remain works in progress.

Pharmacy margins are exposed to regulatory and pricing changes, and international expansion carries execution risk. Prior-year comparisons use normalised pro-forma figures, which differ from statutory results.

Catalysts to watch

Items to watch include progress towards $100 million in annual synergies by FY29, store openings in Australia and overseas, the return to growth of the Amcal and Discount Drug Stores network in FY27, and international profitability.

FAQs

Q: What was Sigma’s FY26 normalised EBIT?

A:$1,090.0 million, up 20.6%.

Q: What is the synergy target?

A:$100 million per annum by FY29, with $32.6 million delivered in FY26.

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