Breville Group De Longhi 1Q26 Results Analysis

Goldman Sachs views De’Longhi's 1Q26 results as an incremental positive for Breville Group (BRG.AX) due to robust growth in the Americas and coffee machine categories. BRG remains Buy-rated with a target price of A$37.60.

Key Takeaways

• 1.De'Longhi's strong performance in the Americas (+18.2% cc) serves as a positive leading indicator for Breville Group, which derives nearly half of its revenue from that region.
• 2.De'Longhi reiterated its CY26 guidance of mid-single-digit revenue growth and €640–660m adjusted EBITDA.
• 3.Trading momentum recovered in February and March after a weak January caused by trade overstocking.

Table of Contents

• Key Takeaways
• Price Target Risks & Methodology - Breville Group (Buy)
• GS Forecast
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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