JB Hi Fi Commentary on Nintendo Switch 2 Headwind

Goldman Sachs maintains a Sell rating on JB Hi-Fi, highlighting that the lapping of the June 2025 Nintendo Switch 2 launch will cause 4Q26 LFL sales to turn negative. They forecast 2H26 EPS to be 9% below consensus.

Key Takeaways

• 1.Lapping the Nintendo Switch 2 launch from June 2025 will create a difficult year-over-year comparison for JB Hi-Fi in 4Q26.
• 2.Goldman Sachs forecasts JBH Australia's LFL sales growth to decline by 2% in 4Q26, significantly missing consensus expectations of positive growth.
• 3.The resulting 2H26 EPS estimate is 9% below market consensus.

Table of Contents

• Exhibit 1: We expect JB Hi-Fi Australia LFL sales growth to turn negative in the Jun-26 quarter
• Price Target Risks and Methodology - JB Hi-Fi Ltd.
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• General disclosures

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