ANN +9.57%: Posted a strong FY26 result, beating expectations on both revenue and earnings while demonstrating that pricing actions have successfully offset tariff and geopolitical pressures.
Key results:
- Revenue of US$2.14bn, up 6.8% and ~3% ahead of US$2.07bn expected.
- Net profit of US$208.6m, more than doubling and ~9% ahead of US$191.5m expected.
- Final dividend of 5cps.
- FY27 adjusted EPS guidance of US$1.58–1.70, implying another ~6–14% growth.
- ANN will continue its US$200m buyback, with US$118.4m completed in FY26.
The important takeaway is that Ansell appears to be winning the battle between inflation/tariffs and pricing. Management successfully pushed through price increases without derailing volumes and expects FY27 constant-currency sales growth to come from both higher volumes and the full benefit of FY26 pricing actions. There may have been some customer stocking ahead of price increases, which is worth watching, but the underlying earnings progression is difficult to fault. Further tariff refunds provide some potential upside, while productivity initiatives should complement top-line growth.
MM’s view: This was the sort of result ANN needed to deliver to convince the market that recent external pressures are manageable rather than structural. Revenue beat, earnings beat and FY27 guidance points to another year of growth, while the buyback adds another lever for EPS. ANN has shifted the conversation from managing headwinds back toward delivering earnings growth – a meaningful improvement.
MM is positive toward ANN
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