Metcash First Take

Metcash reported FY26 earnings guidance in line with consensus, as strong Food and Liquor margins offset substantial margin compression in Hardware. The company announced a new A$25m cost-out program for FY27.

Key Takeaways

• 1.FY26 EBIT and NPAT guidance aligned with consensus at the midpoint, presenting a 'better than feared' outlook.
• 2.Severe Hardware EBIT margin weakness in 2H26 was mitigated by margin-driven beats in the Food and Liquor segments.
• 3.A new A$25m cost-out program is scheduled for FY27 to support future earnings and adjust to market conditions.

Table of Contents

• GS view
• Metcash 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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