MTS +2.7%: Delivered a strong FY25 result broadly in line with expectations. Underlying profit was slightly down on the year prior, however the struggling Hardware segment showed strong signs of a turnaround.
- Sales of $17.32 billion, +8.9% y/y, estimate $17.93 billion
- Hardware revenue $2.68 billion, +8.3% y/y, estimate $2.64 billion
- Final fully franked dividend of 9.5 cents per share
Food was the clear outperformer with strength across the IGA network, while Hardware benefited from strong trade and DIY demand. The business is showing positive signs of momentum with total group sales increasing 4.7% in the first seven weeks of FY26 (operating in a May-April financial year).
- We are pleased by the momentum and continue to hold the stock in our Active Income portfolio.
MM remains long and bullish MTS
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