Breville Group (BRG.AX): Undemanding valuation vs Australia discretionary peers with Gross Margin/US sales tailwinds; Buy

研报英文原文证据摘录

Breville Group (BRG.AX): Undemanding valuation vs Australia discretionary peers with Gross Margin/US sales tailwinds; Buy

Goldman Sachs Breville Group (BRG.AX)

Beverage appliance growth, noting the Café Luxe became the number one selling

Espresso maker in the US in 3Q 2025, less than a year after launch. This success helped

lift SharkNinja’s coffee category market share from 9% in F2024 to 14% in 2025 (Exhibit

12).

Exhibit 11: Shark Ninja commentary on Coffee category and launches since first Nespresso product launch

Date Market Event / Announcement Key Commentary & Coffee Category Developments

SharkNinja officially entered the super-premium espresso segment with a 3-in-1 machine (espresso, drip, and cold

July 2024 Ninja Luxe Café US Launch

brew) featuring "Barista Assist Technology" to eliminate consumer guesswork.

Management described the coffee segment as a "big opportunity" to expand in Europe; identified that traditional

August 2024 Q2 2024 Earnings Call

espresso machines were too intimidating and expensive for most consumers.

Reported "steady and growing" coffee business for many years; noted Luxe Café results were exceeding

October 2024 Q3 2024 Earnings Call

expectations due to strong demand in the UK, Germany, and France.

Highlighted coffee as a "global white space"; stated they are expanding the category rather than just capturing

February 2025 Q4 2024 Earnings Call

share by offering large-format drip and cold brew alongside espresso.

Management highlighted the strong pricing power of the Ninja Luxe Café, noting that the company strategically

May 2025 Q1 2025 Earnings Call

raised the price from $499 to $549 with no degradation in consumer demand

Announced the launch of the Luxe Café Pro series with enhanced automation; described the platform as a