Brambles (BXB) +3.74%: Held guidance unchanged despite softer volumes — the market rewarded evidence that margins and costs are being managed tightly through a subdued demand environment.
1H26 Highlights
- Underlying profit: US$792m (constant FX +7%)
- Net income: US$510.8m – consensus US$480m
- Sales (constant FX): +2% (FY sales growth nudged to +3–4%)
- FY outlook: underlying profit +8% to +11% maintained & FCF US$950m–US$1.10bn
Maintaining guidance was the key here with the market concerned ahead of the result about a possible downgrade. Margin resilience is offsetting softer sales.
MM is now bullish BXB ~$24
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