Supply Network Ltd. (SNL.AX): FY26 First Take: Consistent performance in challenging environment; Buy

研报英文原文证据摘录

Supply Network Ltd. (SNL.AX): FY26 First Take: Consistent performance in challenging environment; Buy

Equity Research

24 July 2026 | 3:17PM AEST

Supply Network Ltd. (SNL.AX): FY26 First Take: Consistent performance

in challenging environment; Buy

GS take: Supply Network (SNL) have navigated a challenging and uncertain macro Elijah Mayr

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

environment while completing significant internal operational investment and Goldman Sachs Australia Pty Ltd

capacity expansion to deliver earnings above consensus expectations. SNL continue Elise Bailey

to exhibit themselves as a proven, consistent and high-quality performer with a long +61(3)9679-1344Goldman Sachs Australia| elise.bailey@gs.comPty Ltd

run-way for growth supported by embedded structural trends and controlled

capacity expansion, in our view. Buy.

Key takeaways.

n FY26 Npat +4%/+3% above GSe/consensus. SNL have reported preliminary

FY26 revenue of A$403.1m (GSe/consensus A$401.6/403.6m) and Npat of

A$47.7m (A$45.9/46.4m).

n FY27 revenue guidance (+A$50m) broadly in line with GSe/consensus. SNL

have provided revenue guidance for FY27 of +A$50m on FY26 to c.A$453m

(A$454/459m). Given SNL’s track record of out performance versus targets we

consider the FY27 target to be relatively low risk.

n Australia to benefit from IT upgrades. SNL have phased development and

implementation of major IT systems including improved sales interface, new

warehouse capabilities and a transition to a new ERP system. New systems

operating since April and providing immediate benefits with further

opportunities to reduce CoDB and improve efficiency/service.

n Australian network capacity continues to expand in key, high-growth region.

Including: 3x capacity in Eagle Farms (1-3Q27); 2x capacity Canberra (1-4Q27);