BlueScope, SGH and Amcor FY26 Results: What Drove Profits and Cash Flow?

Sonal Goyal

21 October 2026 11:06 PM AEDT

BlueScope, SGH and Amcor FY26 Results: What Drove Profits and Cash Flow?

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Key highlights

BlueScope (ASX:BSL) reported FY2026 underlying EBIT of $1,273.4 million and NPAT of $802.0 million.
SGH (ASX:SGH) reported FY26 EBIT of $1,554 million, 64 cents of dividends and a buy-back of up to $500 million.
Amcor (ASX:AMC) reported FY2026 net sales of $23.5 billion, up 57%, and adjusted EBITDA of $3,673 million.

Materials and industrial groups reported annual results shaped by steel spreads, construction and equipment demand, acquisitions and cost programs. This article reviews the latest annual results of BlueScope Steel Limited (ASX:BSL), SGH Ltd (ASX:SGH) and Amcor plc (ASX:AMC).

Sector context

Steel, building materials, equipment and packaging companies are exposed to Commodity spreads, construction activity, raw material costs, currency and integration of acquisitions. The releases refer to Asian steel spreads, US demand, higher raw material costs and a major packaging acquisition.

BlueScope Steel Limited (ASX:BSL)

BlueScope reported FY2026 results on 17 August 2026. Reported NPAT was $802.0 million, an 857% increase, underlying NPAT was $851.2 million, and underlying EBIT was $1,273.4 million, with underlying EBIT ROIC of 10.7%. The company said results benefited from higher US spreads, record Southeast Asia performance and record despatches of COLORBOND and TRUECORE steel in Australia, despite sustained low Asian steel spreads.

BlueScope announced a final ordinary Dividend of 65.0 cents per share and referred to a plan to deliver $3 per share of Shareholder returns. It fully delivered an initial $200 million cost and productivity program, expects at least $150 million of additional cost benefits in FY2027, and said its New Zealand electric arc furnace and a new Erskine Park coating line are moving into ramp-up.

SGH Ltd (ASX:SGH)

SGH reported FY26 results on 11 August 2026. Revenue was $10.6 billion, EBIT was $1,554 million, up 1%, with the Margin up 40 basis points to 14.7%, and underlying NPAT was $920 million, broadly flat. Statutory NPAT was $655 million, up 35%. Boral EBIT was $535 million, up 14%, WesTrac EBIT was $647 million, up 1%, and Coates EBIT was $270 million, down 7%.

Operating cash flow was $2.1 billion, a 99% EBITDA cash conversion, and adjusted net Debt to EBITDA improved to 1.8 times. Fully franked dividends were 64 cents per share, up 3%, and an on-market buy-back of up to $500 million was announced.

Amcor plc (ASX:AMC)

Amcor filed its Form 8-K for the three and twelve months ended 30 June 2026 on 12 August 2026. For the year, net sales were US$23.5 billion, up 57% largely because of the Berry acquisition, Net Income was US$1,106 million compared with US$511 million, and adjusted EBITDA was US$3,673 million, up 68%. Free cash flow rose 41% to US$1,303 million.

For the fourth quarter, net sales were US$6.4 billion, up 26% on the Berry Acquisition and the pass-through of higher raw material costs, net income was US$389 million compared with a loss of US$39 million, and adjusted EBITDA was US$1,045 million, up 32%.

Summing up the three results

BlueScope’s Earnings rose on US spreads and cost programs, SGH reported margin gains with a larger buy-back, and Amcor’s figures were driven by acquisition effects. Amcor reports in US dollars and has a different structure from the two Australian-dollar reporters.

FAQs

Q: What was BlueScope’s (ASX:BSL) underlying EBIT?

A:$1,273.4 million in FY2026.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.