ARB Corp Ltd (ARB.AX): Thoughts after visiting the first BCF/Ironman partnership store

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ARB Corp Ltd (ARB.AX): Thoughts after visiting the first BCF/Ironman partnership store

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29 Jul 2026 18:00:00 ET │ 12 pages

ARB Corp Ltd (ARB.AX)

Thoughts after visiting the first BCF/Ironman partnership store

CITI'S TAKE

Neutral Our visit today to BCF Cannington in Perth, the first store that is powered

by Ironman (ARB competitor), made us incrementally more cautious to Price (29 Jul 26 16:00) A$19.70

ARB primarily due to the increased brand awareness that the Target price A$17.40

BCF/Ironman partnership is giving to Ironman. However, this risk is Expected share price return -11.7%

dwarfed in our view compared to the ongoing mix shift in the Australian Expected dividend yield 3.5%

car parc. Expected total return -8.2%

Market Cap A$1,648M

Background points US$1,149M

• Last Friday, the 4x4 accessory showroom opened at BCF Cannington which

Sam TeegerAC

has a material amount of ARB product. The 4x4 fitment centre (the first in

+61-2-8225-4319

the BCF network) is surprisingly not ready and appears to be several weeks sam.teeger@citi.com

behind schedule with lifts and parts not visibly present, and when these

Eileen Li arrive, they would need tradesmen to install. It is unclear whether fitting

staff (Ironman will provide) are available; however, we note fitment staff

availability has been a meaningful headwind to ARB over recent years. At

this point in time, fitment of any accessories is being directed to the nearby

Ironman store until the capability is ready at BCF. We understand that BCF

is targeting 50+ fitment locations over time.

• We think the partnership provides significant brand advertising for Ironman

with the brand prominently displayed inside and outside the store.

• It is too early to assess how the partnership is performing, given the