Metcash Limited (MTS) Earnings Call Transcripts

Metcash Limited's Latest Earnings Call - June 22, 2026

Metcash Limited reported its FY '26 results on June 22, 2026, revealing a revenue of $19.6 billion, a 3.8% increase excluding tobacco, and EBITDA growth of 3.5% to $774 million. The company maintained a strong cash conversion ratio of 104.2% and a disciplined capital management approach, declaring a final dividend of $0.095 per share. Management signaled a cautious outlook for FY '27, anticipating a $10 million headwind from the removal of the accelerated tobacco excise program, while emphasizing ongoing investments in technology and retail ownership to enhance competitiveness and earnings quality.

Reported metrics

Guidance from management

Management expects a $10 million headwind in Food earnings due to the removal of the accelerated tobacco excise program in FY '27. CapEx is projected at approximately $150 million, excluding acquisitions.

What management said

Shaun, thanks for the question. So firstly, no, we don't include that Ritchies' minority holding in that calculation. Just to be clear, that chart on whatever slide it was that we showed you indicates a steady progression of approximately 10 to 15 stores per year. And that would take us to the 25% to 30% in around 5 to 6 years. The reality, though, is that we would expect what will actually happen is that it will be ...

So those are one-off, one-off means one-off. We won't repeat them. We may have some -- we've told you that we're going to have some restructuring costs already, but they are of a different nature. And the reality is, as I said, when we spoke to you guys in May, cost out and making sure that we invest people, time, resources in the right places is an ongoing discipline for us, not a once in a 5-year event. But no more...

What analysts pressed on

Analysts expressed concerns about the sustainability of hardware margins given the current market conditions and the impact of rising costs on independent retailers. There were also questions regarding the effectiveness of the retail ownership strategy amidst competitive pressures in the market.

Main topics on the call

• Revenue Growth — Metcash's revenue reached $19.6 billion, up 3.8% year-over-year, excluding tobacco. Management noted, "the business delivered growth, excluding strategy and integration costs, which are one-off in nature."
• Earnings Resilience — EBITDA grew by 3.5% to $774 million, reflecting solid execution and a diversified earnings base. Management stated, "the results reflect solid execution with the factors impacting performance understood and actively mana...
• Cash Generation — Operating cash flow increased to $558 million, supported by strong trading and a focus on working capital. The 3-year cash realization ratio remains at 104.2%, well above the target range.
• Tobacco Impact — Management highlighted a $10 million headwind for FY '27 due to the removal of the accelerated tobacco excise program, stating, "this time last year, we told you that we expected it to be $5 million."

Read the full Metcash Limited transcript (June 22, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 1 Metcash Limited earnings call transcript on record, spanning June 22, 2026 to June 22, 2026. The most recent call on file is dated June 22, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

MTS

Exchange

ASX

Country

AU

Sector

Consumer Staples

Industry

Consumer Staples Distribution and Retail

Calls on record

1

First call

June 22, 2026

Most recent

June 22, 2026