Collins Food Ltd. (CKF.AX): FY26 investor session takeaways: Focus on growth initiatives and labour costs; Buy

研报英文原文证据摘录

Collins Food Ltd. (CKF.AX): FY26 investor session takeaways: Focus on growth initiatives and labour costs; Buy

Equity Research

2 July 2026 | 4:37PM AEST

Collins Food Ltd. (CKF.AX): FY26 investor session takeaways: Focus on

growth initiatives and labour costs; Buy

We hosted an investor session with Collins Foods (CKF): Xavier Simonet (Managing Elijah Mayr

+61(2)9321-8995 | elijah.mayr@gs.com

Director and CEO), Andrew Leydon (CFO), Krystal Zugno (GM Australia), Chris Goldman Sachs Australia Pty Ltd

Johnson (GM Europe), and Andreas Lundberg (Investor Relations). Key Elise Bailey

takeaways are outlined within. +61(3)9679-1344Goldman Sachs Australia| elise.bailey@gs.comPty Ltd

GS take: We consider the FY26 result to be solid amidst a challenging operating

environment, with adjusted Npat growth (+17.6% YoY) coming in at the midpoint of

guidance and in line with GSe/consensus, as stronger SSSg offset margin compression

in 2H26. KFC Australia has started 1H27 positively (SSSg +4.0% in the first eight

weeks) with Collins rolling out multiple initiatives in FY27 targeting SSSg as the

primary lever to offset elevated and sustained labour inflation. Trading at an

undemanding multiple with the negative impacts of cost inflation priced in, we see

upside risk if Collins can demonstrate execution and mitigation of costs through

productivity and SSSg initiatives. Maintain Buy.

Key takeaways from the result can be accessed here (FY26 Result Review).

Takeaways from the investor session:

n Labor costs elevated, commodity costs subdued. Heading into FY27, labour

remains the primary challenge (+4.75% minimum wage from 1 July 2026; first

tranche of youth wage increases 1 December 2026) with commodity inflation

forecast by Collins to remain broadly stable. Given commodity inputs